**Summary**
DP Aircraft I Limited, a Guernsey-based company listed on the London Stock Exchange, released its interim report and accounts for the six-month period ended June 30, 2025. The company, established in 2013, invests in aircraft leasing, primarily through its subsidiaries. Key highlights include
1. **Financial Performance**
Profit after tax for the period was **US$2,007,115** (earnings per share: **US$0.00784**), compared to **US$2,647,707** in the same period in 2024.
Revenue from lease rentals was **US$4,340,631**, slightly down from **US$4,364,612** in 2024.
Net asset value (NAV) per share increased to **US$0.19428** from **US$0.18644** at the end of 2024.
2. **Lease Agreements**
The company’s two Boeing 787-8 aircraft are leased to **Thai Airways** until October/December 2026, with no extension planned.
New 12-year lease agreements have been signed with **LOT Polish Airlines**, commencing after the Thai leases expire.
3. **Thai Airways Update**
Thai Airways successfully exited its rehabilitation plan in June 2025, improving its financial position.
The company expects Thai Airways to return the aircraft in full-life condition by the end of the lease term.
4. **Debt Restructuring**
The company restructured its debt with **DekaBank** in February 2023, splitting it into two tranches: **Facility A** (amortizing) and **Facility B** (non-amortizing).
Interest rates on the loans are fixed, and lease payments are structured to prioritize debt repayment.
5. **Impairment and Valuation**
No impairment was recorded for the aircraft in 2025, as their fair value exceeded carrying value.
Independent valuations indicated stable aircraft values since December 2024.
6. **Dividend Policy**
Dividends remain suspended due to the impact of COVID-19 and the current lending arrangement with DekaBank.
7. **EnvironmentalSocialand Governance (ESG):**
The company operates fuel-efficient Boeing 787-8 aircraft, aligning with ESG goals.
Efforts to reduce travel and maximize virtual meetings have been implemented.
8. **Share Capital**
Total ordinary shares in issue are **256,000,000**, with a share price of **US$0.1250** as of June 30, 2025.
9. **Risks and Uncertainties**
Geopolitical risks, exposure to the aviation industry, and refinancing risks are highlighted.
The company is closely monitoring Thai Airways’ financial health and operational challenges related to Rolls-Royce engines.
10. **Future Outlook**
The company is exploring refinancing options for its debt facilities expiring in 2026.
The Board remains focused on maximizing shareholder value and evaluating strategic options.
Overall, DP Aircraft I Limited continues to navigate a challenging aviation environment while positioning itself for future growth through new lease agreements and debt management.