A $9 billion acquisition significantly expands the company's fleet, with plans to manage approximately 1,300 aircraft following the completion of additional management mandates.
Dubai – United Arab Emirates – Al Rehla
Dubai Aerospace Enterprise (DAE) reported a 13.2% increase in revenue to $1.4469 billion for the nine months ended September 30, 2026, compared with $1.2777 billion during the same period last year, supported by the expansion of its aircraft leasing business and the completion of its $9 billion acquisition of Macquarie AirFinance.
According to financial results released on November 10, 2026, profit before tax and exceptional items increased by 8.8% to $370.7 million, compared with $340.8 million a year earlier.
Acquisition Adds 290 Aircraft to the Fleet
DAE completed its acquisition of Macquarie AirFinance at the end of July 2026, adding 290 aircraft to its portfolio, including 272 owned aircraft and 18 managed aircraft.
The company's total fleet of owned, managed and committed aircraft reached 983, while its owned fleet increased to 716 aircraft.
Firoz Tarapore, Chief Executive Officer of Dubai Aerospace Enterprise, said the company's fleet had doubled over the past 24 months, making DAE the world's second-largest aircraft lessor by number of owned aircraft.
He added that the completion of previously announced management mandates with Blackstone and Neuberger could increase the combined portfolio of owned, managed, committed and mandated aircraft to approximately 1,300.
195 Leasing Agreements as Operating Cash Flow Declines
During the first nine months of 2026, DAE signed 195 aircraft leasing agreements, extensions and amendments, while selling 58 aircraft.
Despite revenue growth, operating cash flow declined to $1.088 billion from $1.127 billion a year earlier, while the adjusted pre-tax profit margin narrowed from 26.7% to 25.6%.
Total assets increased to $26.83 billion at the end of September, compared with $16.55 billion at the end of December 2025.
Net loans and borrowings stood at $16.75 billion, while available liquidity reached approximately $5.60 billion.
Serving More Than 200 Airlines Worldwide
DAE operates through two principal divisions: DAE Capital, which specializes in aircraft leasing, and DAE Engineering, which provides aircraft maintenance, repair and overhaul services.
The group serves more than 200 airlines across over 80 countries.
During the reporting period, its engineering division recorded approximately 900,000 man-hours and completed more than 170 aircraft maintenance checks.
The company also announced a sale-and-leaseback agreement involving four Boeing 777F freighter aircraft with Saudi Arabian Airlines.
Tarapore noted that engineering revenue remained below expectations due to continued airspace closures, although the company maintained a positive outlook for the upcoming Northern Hemisphere winter season.
Al Rehla Perspective | What Does the Expansion of Aircraft Leasing Companies Mean for Airlines?
DAE's financial results highlight the growing role of aircraft leasing companies in financing airline fleets and providing operational flexibility without requiring carriers to purchase every aircraft outright.
The expansion of DAE's portfolio strengthens its ability to serve airlines across multiple markets. However, a larger aircraft portfolio does not necessarily translate immediately into additional flights or greater passenger capacity.
The nine-month results also underline the importance of distinguishing revenue growth generated through acquisitions from underlying operational improvements, particularly when adjusted profit margins and operating cash flow are declining.
Completing the integration of Macquarie AirFinance, managing financing obligations and converting fleet expansion into sustainable operating returns will be among the key indicators to monitor in the coming reporting periods.
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