Dubai Aerospace Enterprise (DAE) has reported a sharp rise in earnings for the first nine months of 2025, driven by strong leasing demand, expanded maintenance capacity and the integration of aircraft lessor Nordic Aviation Capital (NAC), which it acquired earlier this year.
DAE said its profit before tax surged 100 per cent to $653 million for the nine-month period ended September 30, compared with $326.6 million a year earlier. Total revenue climbed to $1.28 billion from $1.02 billion, reflecting strong fleet utilisation and a broader global recovery in commercial aviation.
Operating cash flow increased to $1.13 billion from $904 million in the same period last year. The company’s adjusted pre-tax profit margin rose to 26.7 per cent, while adjusted pre-tax return on equity improved to 13.6 per cent. Total assets expanded to $16.36 billion from $13.03 billion at the end of 2024, following the integration of NAC’s portfolio.
Chief Executive Officer Firoz Tarapore said the performance underscored DAE’s strengthened position in the global leasing market. “The acquisition has now been fully integrated across all of our operating systems,” he said. “Revenue for the nine-month period surged 26 per cent, propelling a 100 per cent increase in profit before tax. Capital adequacy, funding and liquidity metrics remained comfortably within our internal and stakeholder targets.”
DAE’s fleet grew significantly, with 263 aircraft acquired during the period, including 249 purchased for its owned portfolio. The company sold 59 aircraft and signed 162 new lease agreements, extensions and amendments. The combined owned, managed and committed fleet now stands at 726 aircraft, with a 99 per cent contracted portfolio.
The group also continued to expand its engineering services arm, Joramco. Maintenance operations delivered around 1.3 million man-hours and completed 191 aircraft checks during the nine months. Revenue from engineering services rose 16.5 per cent to $155.5 million, while profitability increased 56.3 per cent to $46.1 million. The recent opening of a new five-bay heavy maintenance hangar increased capacity to 22 parallel lines and allows service of both wide-body and narrow-body aircraft.
On the financing front, DAE raised $2.75 billion from 21 regional and Asian banks, reinforcing its funding base. Available liquidity stood at $3.44 billion at the end of September.
The company said it sees continued momentum into 2026 as airlines accelerate fleet modernisation in response to rising passenger traffic worldwide.
