Dubai Aerospace Enterprise (DAE) reported its financial results for the three months ended March 31, 2026.

For the quarter, DAE posted total revenue of $455.5 million, up from $395.9 million a year earlier.

Profit before tax rose to $120.4 million compared with $101.2 million in the same period last year.

Operating cash flow stood at $296.3 million versus $344.7 million in Q1 2025.

The company’s pre-tax profit margin improved to 26.4%, up from 25.6%, while pre-tax return on equity remained stable at 13.0%.

As of March 31, 2026, total assets were $16.34 billion, compared with $16.55 billion at the end of 2025.

Net loans and borrowings decreased to $9.95 billion from $10.23 billion, while available liquidity increased significantly to $4.55 billion from $3.40 billion.

DAE reported a net-debt-to-equity ratio of 2.50x, an improvement from 2.58x, while the unsecured debt percentage rose slightly to 88.5%.

The liquidity coverage ratio improved sharply to 1,089%, compared with 277% at year-end 2025.

Operationally, DAE acquired 9 aircraft and sold 15 aircraft during the quarter.

It signed 64 lease agreements, extensions, and amendments, bringing its owned, managed, and committed fleet to 663 aircraft.

DAE Engineering recorded approximately 500,000 man hours and completed 69 maintenance checks.

During the period, the company secured $2.8 billion in new long-term unsecured revolving credit facilities and signed a definitive agreement to acquire Macquarie AirFinance in a deal valued at approximately $7 billion.

 In addition, KBRA upgraded DAE’s senior unsecured debt rating to ‘A-’.

Firoz Tarapore, Chief Executive Officer of DAE, stated: “The first quarter of 2026 was an exceptional one for the DAE franchise. During the quarter, we signed a definitive agreement to acquire 100% of Macquarie AirFinance for an enterprise value of approximately $7 billion. When completed, the transaction will add approximately 350 owned and committed aircraft to our fleet. Our stellar financial performance over the last five years combined with our enhanced franchise scale led to an upgrade of our senior unsecured debt ratings to ‘A-’ by KBRA, a global full-service rating agency.”

Tarapore added: “Despite uncertainties created by the regional conflict, our strong financial performance in the first quarter reflected the strength of our franchise. Revenue rose to a record level, and margins expanded. Revenue at DAE Engineering declined, reflecting lower levels of business activity during March due to the regional conflict and related airspace closures.” 

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