3Q25 FINANCIAL RESULTS PRESENTATION
November 2025
- HIGHLIGHTS
- SUMMARY FIGURES
- OUTLOOK
- ROUTE NETWORK & FLEET
Genel (Public)
2
KEY HIGHLIGHTS - 2025 Q3
Passengers
Total: +16% YoY
Int'l: +16% YoY
Revenues
€1,103mn
RASK:€c4.97, -14% YoY
Ancillary/pax: €29.7, -1% YoY
+1% YoY
Int'l pax per cycle
181 pax, +1% YoY
Costs
€824mn
ASK
Total: +17% YoY
Int'l +16% YoY
Share of Int'l ASK
84.1%, -0.4pp YoY
+12% YoY
CASK:€c3.72, -4% YoY
CASK non-fuel: €c2.58, flat YoY
Load Factor
Total: 89.2%, +0.1pp YoY
Int'l: 86.8%, +0.2pp YoY
Net Income/Loss
€227mn
-25% YoY
EBITDA
€395mn
-11% YoY
EBITDA margin: 35.9%
-4.7pp YoY
Genel (Public)
EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses 3
3Q25 SUMMARY FIGURES
Genel (Public)
Traffic
The complex market environment, shaped by macroeconomic and geopolitical challenges, persisted in 3Q25. While foreign visitor arrivals to Türkiye remained flat during Q3, total air pax traffic in the country grew by 8% YoY (+6% YoY in int'l), driven by increased travel among the Turkish population living both abroad and in Türkiye.
Pegasus sustained its strong traffic momentum into 3Q25, recording 17% YoY increase in total ASK and 16% rise in total pax number. Int'l ASK and pax volumes both expanded by 16% YoY in Q3. The blended LF stood at 89.2% (vs. 89.1% in 3Q24), while the int'l LF reached 86.8% (vs. 86.6% in 3Q24) - marking the highest quarterly levels since 2019.
EURmn | 2024 Q3 | 2025 Q3 | YoY % chg. | 2024 9M | 2025 9M | YoY % chg. |
Total Passengers (mn) | 10.5 | 12.2 | 16% | 28.0 | 31.9 | 14% |
International (mn) | 6.8 | 7.9 | 16% | 17.5 | 20.5 | 17% |
Total ASK (bn) | 19.0 | 22.2 | 17% | 50.0 | 58.1 | 16% |
International (bn) | 16.0 | 18.6 | 16% | 41.6 | 48.7 | 17% |
Load Factor | 89.1% | 89.2% | 88.0% | 87.4% | ||
International | 86.6% | 86.8% | 85.8% | 85.2% | ||
Revenues | 1,091 | 1,103 | 1% | 2,373 | 2,601 | 10% |
Costs | 734 | 824 | 12% | 1,912 | 2,226 | 16% |
Fuel costs | 244 | 252 | 3% | 671 | 663 | -1% |
EBITDA | 443 | 395 | -11% | 711 | 692 | -3% |
EBITDA margin | 40.6% | 35.9% | 30.0% | 26.6% | ||
Net Income/loss | 301 | 227 | -25% | 310 | 287 | -8% |
RASK (EURc) | 5.76 | 4.97 | -14% | 4.74 | 4.47 | -6% |
CASK (EURc) | 3.87 | 3.72 | -4% | 3.82 | 3.83 | 0% |
CASK non-fuel (EURc) | 2.59 | 2.58 | 0% | 2.48 | 2.69 | 8% |
International includes charter
4 EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses
Financial Performance
Revenues came in at EUR1.1bn in 3Q25 - revenue growth of 1% YoY lagged capacity expansion, as ongoing demand stimulation measures further softened passenger yields. Ancillary revenues grew 14% YoY with ancillary revenue/pax standing at EUR29.7 in 3Q25 (-1% YoY). RASK decreased by 14% YoY to EURc4.97.
CASK fell -4% YoY to EURc3.72 in 3Q25. CASK non-fuel stood flat at EURc2.58 while fuel CASK fell by 12% YoY.
EBITDA reached EUR395mn in 3Q25 (-11% YoY), corresponding to an
EBITDA margin of 35.9% in 3Q25.
3Q25 net profit read EUR227mn (vs EUR301mn net profit in 3Q24).
OUTLOOK
2025 Outlook | 2024 Actual | Comment | |
Total ASK | 14%-16% growth | 66.8bn, +15% YoY | In 2025, we will have outpaced market growth by more than twofold. |
RASK | 6%-8% decline | EURc4.68, +2% YoY | Lower RASK in 9M25 was primarily driven by a challenging macroeconomic and geopolitical environment, which necessitated targeted price stimulation measures. These initiatives have proven effective, as evidenced by strong load factors - 3Q25 recorded the highest quarterly load factor since 2019. The market environment remains unchanged in Q4. Ancillary revenue per passenger is expected to deliver low single-digit growth. |
CASK CASK non-fuel | 1%-3% decline 3%-5% increase | EURc3.86, +4% YoY EURc2.55, +13% YoY | Fuel CASK will decrease by 'more than 10%' in 2025, mitigating most of the pressure coming from the increase in non-fuel costs. |
EBITDA margin | Around 26% | %28.4 | In 2025, we will continue to rank among the best performers in the industry globally. |
Genel (Public)
5
ROUTE NETWORK International route network spans to 118 destinations currently. Announced additions to int'l route network for 2025
2012
27 Countries
60 Destinations
23 Domestic, 37 Int'l
Current
54 Countries
156 Destinations
38 Domestic, 118 Int'l
Istanbul Sabiha Gökçen
→ Algiers → Atyrau → Cluj
→ Graz → Bristol → Marsa Alam
→ Luxor → Bilbao → Aktobe
Ankara
→ Basel → Baku → Sharm El-Sheikh
→ Baghdad → Dubai
Antalya Izmir
→ Baku → Madrid → Barcelona
Samsun Gaziantep
→ Berlin → Berlin → London
Bodrum Trabzon Kayseri
→ Beirut → Ercan → London
Çukurova
→ Berlin → Beirut
Ercan
→ Hatay → Istanbul (IGA)
Genel (Public)
6 6 * Announced in 2025
FLEETGenel (Public)
Share of new generation aircraft reached 88% of the total fleet size
66 aircraft, 239 seats
46 aircraft, 186 seats
6 aircraft, 180 seats
9 aircraft, 189 seats
7
7
* Excluding the aircraft operated on wet-lease/damp lease
FLEET
FLEET (as of September 30, 2025)
Owned | Financial Lease | Operational Lease | Total | |
Boeing 737-800 | 6 | 3 | 0 | 9 |
Airbus A320ceo | - | - | 9 | 9 |
Airbus A320neo | - | 29 | 17 | 46 |
Airbus A321neo | - | 65 | 1 | 66 |
Total | 6 | 97 | 27 | 130 |
* 3 A320ceo operated on damp lease
ORDER BOOK
FLEET INFORMATION
Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.9 years.
42 A320neo (all delivered) and 108 A321neo (65 delivered) on order.
Fleet size is planned to be 127 aircraft at the end of 2025.
3 A320ceo currently operated on damp lease will exit the fleet until year-end.
Since 2021-end, all deliveries in the Airbus order book are of A321neo type.
Average seat count of the fleet will reach 228 at the end of 2029, from 191 at
the end of 2021.
1
6
17
16
16
9
9
8
13
11
11
5
9
12
79
Genel (Public)
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030-34
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FLEET & EFFICIENCY Increasing share of Neo seats in total is making significant contribution to efficiency gains.
Evolution of the A320neo and A321neo fleet
Fuel consumption per ASK
89%
81%
83%
57
41
25
55%
7
8
38%
43%
2
9 15 22
31 40 46 46 46 46
0%
46
66
100%
Genel (Public)
2016
2017
2018
2019
2020
2021
2022
2023
2024E
2025E
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025E
2029E
6M18
12M18
6M19
12M19
6M20
12M20
6M21
12M21
6M22
12M22
6M23
12M23
6M24
12M24
6M25
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OPERATING ENVIRONMENT
Genel (Public)
- P&L + BS DETAILS