Dubai Aerospace Enterprise (DAE) has released its financial results for the nine months (Q3) ending September 30, 2025.
Financial Results:
Total revenue rose to US$ 1,277.7 million, up 25.6% from US$ 1,017.1 million in the same period last year, driven by incremental lease revenue from newly acquired aircraft and higher maintenance income. Profit for the period increased to US$ 566.7 million, compared with US$ 310.8 million a year earlier, an 82.3% rise, reflecting higher operating profit and insurance recoveries, partially offset by increased net finance costs and tax expenses.
Operating profit before exceptional items reached US$ 686.1 million, up 34.0% from US$ 512.1 million, supported by revenue growth and gains on aircraft disposals, partly offset by higher overall expenses. Total assets rose to US$ 16,359.1 million on September 30, 2025, from US$ 13,033.3 million on December 31, 2024, primarily due to aircraft acquisitions.
Available liquidity was US$ 3,439.3 million, slightly lower than US$ 3,785.6 million at the end of 2024, with a liquidity coverage ratio of 227% (down from 274%). The net debt-to-equity ratio increased to 2.60:1 from 2.42:1, reflecting higher leverage following the aircraft purchases. Overall, the results highlight robust growth, strengthened operational performance, and continued investment in fleet expansion.
Operational Highlights:
As of September 30, 2025, DAE’s fleet comprised 726 aircraft, up from 506 at the end of 2024. This included 530 owned aircraft (329 on December 31, 2024), 113 managed (110) and 83 committed aircraft (67). During the nine-month period, DAE purchased 249 owned aircraft, including those acquired through a business combination, and 14 managed aircraft, while selling 48 owned and 11 managed aircraft.
The weighted average age of the owned fleet was 6.8 years for passenger aircraft and 11.2 years for freighters, compared with 7.3 and 10.5 years respectively at the end of 2024. Weighted average remaining lease terms were 6.4 years for passenger aircraft and 9.1 years for freighters, slightly down from 6.5 and 7.2 years respectively, reflecting the integration of new aircraft.
On the financial side, the proportion of unsecured debt increased to 85.9% of total debt from 79.4% on December 31, 2024, signalling a continued reliance on flexible debt instruments. Overall, the fleet expansion and active management underline DAE’s growth strategy, maintaining a relatively young and well-leased portfolio while supporting financial optimisation.
