DUBAI, United Arab Emirates / AsiaWire.IO / – Dubai Aerospace Enterprise (DAE) reported a 13.2% rise in total revenue to $1.45 billion for the first nine months of 2026. Revenue reached $1.4469 billion, up from $1.2777 billion in the same period of 2025. Pre-tax profit excluding exceptional items rose to $370.7 million from $340.8 million. The aircraft lessor completed its $9 billion acquisition of Macquarie AirFinance during the period. The Dubai-based company is owned by the Investment Corporation of Dubai.
Operating cash flow reached $1.0881 billion, compared with $1.1274 billion a year earlier. The adjusted pre-tax profit margin stood at 25.6%, while pre-tax return on equity reached 11.8%. Reported profit for the period fell to $323.2 million from $566.7 million. That decline mainly reflected higher insurance recoveries booked in the first nine months of 2025. Revenue growth was driven largely by the larger fleet that followed the acquisition.
Total assets rose to $26.8343 billion at the end of September from $16.5477 billion at the end of 2025. The increase mainly reflects aircraft added through the Macquarie AirFinance deal. Net debt and borrowings stood at $16.7513 billion, while available liquidity reached $5.5985 billion. CEO Firoz Tarapore said liquidity and capital adequacy metrics remained strong after the acquisition.
Macquarie deal doubles fleet
DAE completed the acquisition of Macquarie AirFinance at the end of July. DAE announced the deal in February. The deal added 290 aircraft, made up of 272 owned and 18 managed aircraft. Tarapore said the combined owned, managed and committed fleet is now around 1,000 aircraft, double its size 24 months earlier. He said DAE’s owned fleet of 716 aircraft makes it the world’s second-largest aircraft lessor.
During the nine months, the company sold 58 aircraft and signed 195 lease agreements, extensions and amendments. Its owned, managed and committed fleet reached 983 aircraft at the end of September. DAE also announced a purchase and leaseback deal with Saudia covering four Boeing 777F freighters. Under a purchase and leaseback, a lessor buys aircraft from an airline and leases them back to the carrier. The functional integration of Macquarie AirFinance is complete, with full integration expected by the end of November 2026.
Mandates point to 1,300 aircraft
Tarapore said the acquisition, together with mandates from Blackstone and Neuberger, strengthens DAE’s ability to offer more complete solutions to airlines. It will also help the company deepen ties with suppliers and expand relationships with trading counterparties. Successful execution of the mandates puts DAE on track for a combined fleet of around 1,300 aircraft over the next three to five years. Mandated aircraft are counted in that figure alongside owned, managed and committed aircraft.
DAE Engineering recorded around 900,000 booked man-hours and completed more than 170 checks in the period. Tarapore said engineering revenue was below target because of persistent airspace closures, though the unit has a strong pipeline for the northern winter season. The Dubai-based group also plays a role in the UAE’s growing aircraft maintenance and repair sector.