Pegasus Hava Tasimaciligi Anonim SirketiBIST: PGSUS

2025 Q2 Investor Presentation

· Issued by Pegasus Hava Tasimaciligi Anonim Sirketi






2Q25 FINANCIAL RESULTS PRESENTATION

August 2025





  • HIGHLIGHTS
  • SUMMARY FIGURES
  • OUTLOOK
  • ROUTE NETWORK & FLEET

Genel (Public)

2



KEY HIGHLIGHTS - 2025 Q2 Passengers

Total: +14% YoY

Int'l: +18% YoY

Revenues

€876mn

RASK:€c4.41, -2% YoY

Ancillary/pax: €29.7, +6% YoY

+15% YoY

Int'l pax per cycle

175 pax

Costs

€725mn

ASK

Total: +17% YoY

Int'l +19% YoY

Share of Int'l ASK

84.1%, +1.0pp YoY

+18% YoY

CASK:€c3.65, flat YoY

CASK non-fuel: €c2.57, +12% YoY

Load Factor Total: 86.4%, -1.1pp YoY Int'l: 84.2%, -1.2pp YoY Net Income/Loss

€122mn

+9% YoY

EBITDA

€254mn

+11% YoY

EBITDA margin: 29.0%

-1.1pp YoY

Genel (Public)

EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses 3



2Q25 SUMMARY FIGURES - TRAFFIC & KPIs

Genel (Public)

Traffic

  • In 2Q25, Türkiye's total air passenger volume grew 5% YoY (+6% YoY in international). Foreign visitor volume grew only by 1% YoY whereas the volume of Turkish travellers grew by a notable 12% YoY.

  • Strong traffic performance extended to 2Q25 with 17% YoY increase in total ASK, despite ongoing macroeconomic and geopolitical challenges. Total number of passengers grew 14% YoY, outperforming the market growth.

  • International ASK grew 19% while international pax volume increased 18% YoY in 2Q25.

  • The blended LF stood at 86.4% compared to 87.5% in 2Q24, while

International LF stood at 84.2%.

ASK increased by 17% while revenues grew by 15% YoY in 2Q25.

EURmn

2024

Q2

2025

Q2

YoY

% chg.

2024

6M

2025

6M

YoY

% chg.

Total Passengers (mn)

9.4

10.7

14%

17.4

19.7

13%

International (mn)

5.8

6.9

18%

10.7

12.6

17%

Total ASK (bn)

16.9

19.9

17%

31.1

36.0

16%

International (bn)

14.1

16.7

19%

25.6

30.0

17%

Load Factor

87.5%

86.4%

87.3%

86.3%

International

85.3%

84.2%

85.3%

84.2%

Revenues

763

876

15%

1,282

1,498

17%

Costs

615

725

18%

1,178

1,402

19%

Fuel costs

227

215

-6%

427

411

-4%

EBITDA

230

254

11%

268

297

11%

EBITDA margin

30.1%

29.0%

20.9%

19.8%

Deferred tax income

19

-48

22

-41

Net Income/loss

112

122

9%

9

60

562%

RASK

4.51

4.41

-2%

4.12

4.16

1%

CASK

3.64

3.65

0%

3.79

3.90

3%

CASK non-fuel

2.29

2.57

12%

2.41

2.75

14%

International includes charter

4 EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses

Financial Performance

  • Revenues amounted to EUR876mn in 2Q25 (+15% YoY). Ancillary revenues grew 21% YoY with ancillary revenue/pax reaching EUR29.7 in 2Q25 (+6% YoY). RASK decreased by 2% YoY EURc4.41.

  • CASK remained flat YoY at EURc3.65 in 2Q25. A 12% increase in CASK non-fuel to EURc2.57 was offset by the 20% decrease in fuel CASK.

  • EBITDA reached EUR254mn in 2Q25 (+11% YoY), corresponding to an

    EBITDA margin of 29.0% in 2Q25.

  • Bottom-line read EUR122mn net profit for 2Q25 (+9% YoY).



OUTLOOK 2025 ASK growth guidance revised up, EBITDA margin guidance revised down.

2025 Outlook

NEW

OLD

2024 Actual

Comment

Total ASK

14%-16% growth

12%-14% growth

66.8bn, +15% YoY

We expect to further extend our significant outperformance over the market growth.

RASK

'mid-single digit' decline

'mid-single digit' increase

EURc4.68, +2% YoY

'Lower RASK' is a reflection of complicated macro and geopolitics, leading to a 'soft yield environment' and 'flattish load factor' outlook. Ancillary revenue /pax is expected to increase by 'low-single-digit'.

CASK

CASK non-fuel

'low-single digit' decline

'low-single digit' increase

'mid-single digit' increase

'high-single digit' increase

EURc3.86, +4% YoY

EURc2.55, +13% YoY

Fuel CASK is expected to decrease by 'over 10%' in 2025, mitigating most of the pressure coming from the increase in non-fuel costs.

EBITDA margin

26%-27%

'flat/slightly higher'

%28.4

In 2025, we expect to rank once again among the best performers in the industry globally.

Genel (Public)

5