DAE Announces Financial Results for the Three Months Ended March 31, 2025

| DAE Capital | DAE Group | Engineering

Revenue up 15%, Pre-Tax Profits Rise by 45%

Arabic version

Dubai, U.A.E., 30 April 2025 – Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today reported its financial results for the three months ended March 31, 2025. The consolidated financial statements can be found here.

Selected Financial Highlights:

Three Months Ended


US$ millions


Mar 31, 2025


Mar 31, 2024


Total Revenue 395.9 343.6
Profit before Tax 101.2 69.7
Operating Cash Flow 344.7 324.1
Pre-Tax Profit Margin 25.6% 20.3%
Pre-Tax Return on Equity 13.0% 9.7%
As at


US$ millions


Mar 31, 2025


Dec 31, 2024


Total Assets 13,102.0 13,033.3
Net Loans and Borrowings 7,991.0 7,999.7
Available Liquidity 3,018.0 3,785.6
Net-Debt-to-Equity 2.43x 2.42x
Unsecured Debt Percentage 80.1% 79.4%
Liquidity Coverage Ratio 213% 274%

Selected Business & Operational Highlights:

  • Number of aircraft acquired: 19 (owned: 13; managed: 6)
  • Number of aircraft sold: 15 (owned: 11; managed: 4)
  • Lease agreements, extensions, and amendments signed: 61 (owned: 46; managed: 15)
  • Owned portfolio contracted: 99%
  • Number of man hours booked (DAE Engineering): ~500,000
  • Number of checks performed (DAE Engineering): 102
  • KBRA affirmed rating of BBB+ and upgraded Outlook to Positive from Stable
  • Signed agreement to acquire Nordic Aviation Capital DAC; enterprise value of US$2.0 billion
  • Signed agreements to acquire 17 aircraft for US$1.0 billion

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “The first quarter of 2025 was an outstanding quarter from a financial and operational perspective. Our pre-tax profit margin exceeded 25% and our return on equity climbed to 13% as a result of a favorable operating environment and the scalability of our business model.

During the quarter, we entered into a definitive agreement to acquire Nordic Aviation Capital DAC (“NAC“) for an enterprise value of US$2.0 billion. When completed, the acquisition of NAC will add approximately 200 owned aircraft to our fleet, and approximately 25 aircraft on order from Airbus and ATR. We also signed definitive agreements to acquire 17 fuel efficient, next generation aircraft on lease to 11 airline customers in 10 countries for an additional investment of US$1.0 billion. We acquired an additional managed asset client to provide our full suite of aircraft life cycle management services.

DAE Engineering continued its exceptional performance with a strong financial results in the first quarter of 2025. Joramco revenue increased by 31% and profitability increased by 71%.”

Webcast and Conference Call

DAE will host its earnings call on Wednesday, April 30, 2025 at 09:00 EDT / 14:00 BST / 17:00 GST / 21:00 SGT to review its financial results for the three months ended March 31, 2025.

The webcast can be accessed by registering at www.dubaiaerospace.com/investors.

Or alternatively the call can be accessed live by dialing (UAE) 800 017 8030, (Ireland) +353 (0) 1 526 9444, (UK) +44 1 212 818 004, (USA) +1 718 705 8796, (Singapore) +65 3158 0246 and quote ‘Dubai Aerospace Enterprise’ when prompted.

Further information can be found on our website http://www.dubaiaerospace.com.

Forward Looking Statements

Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE’s current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE’s control.

 Non-IFRS Financial Information

This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes.

* ENDS *

About DAE

Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.

DAE Capital is an award-winning aircraft lessor with an owned, managed, and committed fleet of approximately 500 Airbus, ATR, and Boeing aircraft with a fleet value of US$20 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s website at www.dubaiaerospace.com.

For further information, please contact: 

Media Fixed Income Investors 
Omar Alziri Deion McCarthy
+971 4 428 9554 +971 4 428 9576
press.office@dubaiaerospace.com investorrelations@dubaiaerospace.com