Dubai Aerospace Enterprise (DAE) Ltd recorded a 19% increase in pre-tax profit for the three months ended 31 March 2026, reaching USD 120.4 million compared with USD 101.2 million in the same period of 2025, supported by quarterly revenue growth to a record USD 455.5 million.
The Dubai-based company announced that total revenue rose by 15% in the first quarter of 2026, compared with USD 395.9 million in the first quarter of last year, while the adjusted pre-tax profit margin reached 26.4%, compared with 25.6% in the comparative period, according to a press release published on the DAE website.
The company's operating cash flow reached USD 296.3 million in the first quarter of 2026, compared with USD 344.7 million in the same period of 2025, while the pre-tax return on equity remained stable at 13%.
In terms of financial position, DAE's total assets reached USD 16.34 billion at the end of March 2026, compared with USD 16.55 billion at the end of December 2025, while net loans and borrowings fell to USD 9.95 billion from USD 10.23 billion. Available liquidity rose to USD 4.55 billion, compared with USD 3.4 billion at the end of last year.
The net debt-to-equity ratio also improved to 2.50 times at the end of March 2026, compared with 2.58 times at the end of December 2025, the share of unsecured debt rose to 88.5%, and the liquidity coverage ratio reached 1,089%.
DAE acquired 9 aircraft during the first quarter and sold 15 aircraft, 12 owned and 3 managed, and signed 64 lease agreements, extensions and amendments, bringing the number of owned, managed and committed aircraft in its fleet to 663.
In the engineering division, the company recorded around 500,000 booked work hours and completed 69 checks, and also signed new long-term unsecured revolving credit facility agreements worth USD 2.8 billion.
The first quarter saw the signing of a definitive agreement to acquire all shares of Macquarie AirFinance Limited, in a deal valuing the company at around USD 7 billion. Once completed, the deal is expected to add around 350 owned and committed aircraft to DAE's fleet.
Firoz Tarapore, CEO of Dubai Aerospace Enterprise, explained that the first quarter of 2026 was an exceptional period for the company, adding that its strong and consistent financial performance over the past five years, along with continuous growth in business volume, helped raise the company's unsecured debt rating to A- by KBRA.
Tarapore added that the first-quarter results reflected the strength and resilience of the company's business model despite the uncertainty caused by the regional conflict, stressing that revenue reached record levels and profit margins widened, while engineering division revenue declined due to lower business volume in March as a result of the regional conflict and airspace closures.
DAE serves more than 200 airline customers in more than 80 countries through two main divisions: DAE Capital, for aircraft leasing, and DAE Engineering, for aircraft maintenance, repair and overhaul services.
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