Doric Nimrod Air Three (DNA3) H1 2025 earnings summary

Executive summary

• All four Airbus A380 aircraft were sold to Emirates for a total of £131.91 million (USD 180 million), with sales completed between August and December 2025.

• The company is in the final stages of its lifecycle, with plans to distribute sale proceeds and remaining cash to shareholders in Q1 2026, followed by liquidation.

• Consistent quarterly dividends of 2.0625 pence per share were paid, with the last dividend in October 2025; no further dividends are expected.

Financial highlights

• Net profit for the period was £24.91 million, up from £22.02 million year-over-year.

• Total rental income for the period was £37.51 million, compared to £36.28 million in the prior year.

• Earnings per share rose to 11.32 pence from 10.01 pence year-over-year.

• Net asset value per share increased to 65.50 pence from 58.31 pence at March 2025.

• Cash and cash equivalents at period end were £81.53 million, up from £15.50 million at March 2025.

Outlook and guidance

• Capital distribution to shareholders is expected in Q1 2026, with liquidation to follow.

• No further dividends are anticipated post-October 2025.

• Trading of shares will cease after the capital return and share cancellation.