- HIGHLIGHTS
- SUMMARY FIGURES
- ROUTE NETWORK & FLEET
Genel (Public)
2
Genel (Public)
Passengers
Total: +19% YoY
Int'l: +22% YoY
Revenues
€814mn
+8% YoY
Int'l pax per cycle
186 pax, +3% YoY
RASK:€c4.03 -10% YoY
Ancillary/pax: €29.3, -1% YoY
Load Factor
Total: 88.5%, +1.7pp YoY
Int'l: 86.2%, +1.4pp YoY
EBITDA
€148mn
-16% YoY
EBITDA margin: 18.1%
-5.3pp YoY
Net Income/Loss
€15mn
-71% YoY
ASK
Total: +20% YoY
Int'l +21% YoY
Share of Int'l ASK
83.0%, +0.5pp YoY
Costs
€788mn
+18% YoY
CASK:€c3.90, -2% YoY
CASK non-fuel: €c2.69, -3% YoY
KEY HIGHLIGHTS - 2025 Q4
EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses
3
4Q25 & 12M25 SUMMARY FIGURES
Genel (Public)
Traffic
Foreign visitor arrivals to Türkiye accelerated in Q4, up 4% YoY, which helped maintain 12M25 arrivals broadly in line with 12M24. Total air pax traffic in Türkiye grew solidly, rising 13% YoY in Q4 (+14% YoY in int'l pax) and delivering a 7% YoY increase in 12M25 (+8% YoY in int'l pax).
Pegasus outperformed the broader market, achieving 19% YoY total pax growth in Q4 (+22% YoY in int'l) and 15% YoY growth in 12M25 (+18% YoY in int'l). Total ASK increased 20% YoY in Q4 and 17% in 12M25, while int'l ASK rose 21% YoY in Q4 and 18% in 12M25. The blended LF reached 88.5% in Q4, +1.7pp YoY, while the int'l LF was at 86.2%, +1.4pp YoY, representing Pegasus' highest-ever Q4 read.
ASK increased by 17%, revenues grew by 9% YoY in 12M25.
EURmn | 2024 Q4 | 2025 Q4 | YoY % chg. | 2024 12M | 2025 12M | YoY % chg. |
Total Passengers (mn) | 9.5 | 11.3 | 19% | 37.5 | 43.3 | 15% |
International (mn) | 5.9 | 7.2 | 22% | 23.4 | 27.7 | 18% |
Total ASK (bn) | 16.8 | 20.2 | 20% | 66.8 | 78.3 | 17% |
International (bn) | 13.8 | 18.6 | 21% | 55.4 | 65.4 | 18% |
Load Factor | 86.7% | 88.5% | 87.7% | 87.7% | ||
International | 84.9% | 86.2% | 85.6% | 85.4% | ||
Revenues | 753 | 814 | 8% | 3,126 | 3,414 | 9% |
Costs | 666 | 788 | 18% | 2,578 | 3,014 | 17% |
Fuel costs | 202 | 244 | 21% | 873 | 907 | 4% |
EBITDA | 176 | 148 | -16% | 888 | 840 | -5% |
EBITDA margin | 23.4% | 18.1% | 28.4% | 24.6% | ||
Net Income/loss | 51 | 15 | -71% | 361 | 301 | -17% |
RASK (EURc) | 4.49 | 4.03 | -10% | 4.68 | 4.36 | -7% |
CASK (EURc) | 3.97 | 3.90 | -2% | 3.86 | 3.85 | 0% |
CASK non-fuel (EURc) | 2.77 | 2.69 | -3% | 2.55 | 2.69 | 5% |
International includes charter
4 EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses
Financial Performance
Revenues grew by 8% YoY in 4Q25 (+9% YoY in 12M25). Revenue growth lagged capacity expansion, as the demand stimulation measures taken especially in 2H softened the pax yields. Ancillary revenues grew 18% in Q4 (+20% in 12M25). RASK was down -10% in Q4 and -7% YoY in 12M25, inline with the management guidance.
In 4Q25, CASK fell -2% YoY while CASK non-fuel fell -2%. For 12M25, CASK was flat YoY while CASK non-fuel was up 5% YoY, in line with the management guidance.
EBITDA was down -17% in 4Q25 and -5% in 12M25. EBITDA margin stood at 18.1% for Q4 and 24.6% for 12M25.
Net profit read EUR15mn for Q4 and EUR301mn for 12M25.
ROUTE NETWORK
International route network spans to 119 destinations currently. Announced additions to int'l route network (last 12M)
2012
27 Countries
60 Destinations
23 Domestic, 37 Int'l
Current
56 Countries
158 Destinations
39 Domestic, 119 Int'l
Istanbul Sabiha Gökçen
→ Algiers → Graz → Luxor → Ljubljana | → Atyrau → Bristol → Bilbao → Dushanbe | → Marsa Alam → Aktobe → Sulaymaniyah |
Ankara | ||
→ Basel | → Baku | → Sharm El-Sheikh |
→ Baghdad | → Dubai | |
Antalya | Izmir | |
→ Baku | → Madrid | → Barcelona |
Bodrum | Dalaman | |
→ Chisinau | → Beirut | → Chisinau |
Trabzon | Gaziantep | |
→ Medina | → Berlin | → London |
Çukurova | ||
→ Berlin | → Beirut | → London |
Ercan | Kayseri | Samsun |
→ Istanbul G.A. | → London | → Berlin |
Genel (Public)
5 5 * 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
6
6
FLEET
Owned | Financial Lease | Operational Lease | Total | |
Boeing 737-800 | 4 | 5 | 0 | 9 |
Airbus A320ceo | - | - | 6 | 6 |
Airbus A320neo | - | 29 | 17 | 46 |
Airbus A321neo | - | 65 | 1 | 66 |
Total | 4 | 99 | 24 | 127 |
ORDER BOOK |
FLEET (as of December 31, 2025)
FLEET INFORMATION
Youngest fleet in Türkiye and one of the youngest among LCCs globally: 5.1 years.
42 A320neo (all delivered) and 108 A321neo (65 delivered) on order.
Fleet size is planned to be 132 aircraft at the end of 2026.
7 A321neo will be added while 2 A320neo will exit the fleet in 2026.
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
Genel (Public)
the end of 2021.
A321neo
1
6
79
12
9
17
16
16
5
14
11
11
9
9
7
A320neo
2030-34
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
737-10
7
FLEET & EFFICIENCY
Increasing share of Neo seats in total is making significant contribution to efficiency gains.
Evolution of the A320neo and A321neo fleet
83%
57
41
25
7
8
38%
2
9 15 22
31 40 46 46 46 46
0%
46
66
100%
Fuel consumption per ASK
Genel (Public)
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2029E
6M18
12M18
6M19
12M19
6M20
12M20
6M21
12M21
6M22
12M22
6M23
12M23
6M24
12M24
6M25
12M25
A320neo A321neo Share of neo seats in total Share of A321neo seats in total8
Genel (Public)
•
•
OPERATING ENVIRONMENT
P&L + BS DETAILS
OPERATING ENVIRONMENT
International passengers of Pegasus grew by 22% in 4Q25 and 18% in 12M25, largely outperforming the market growth.
TÜRKİYE PAX. (mn)
Domestic
+7%
50.0
39.2
45.2
47.7
50.8
+12%
International
+9%
145.4
+15%
108.4
123.3
134.7
103.5
30.2 34.7
11.2
12.5
12M19 12M22 12M23 12M24 12M25 4Q24 4Q25
PEGASUS PAX. (mn)
Domestic
+11%
+14%
16.1
15.6
10.9
12.0
14.1
3.6
4.1
12M19 12M22 12M23 12M24 12M25 4Q24 4Q25
12M19 12M22 12M23 12M24 12M25 4Q24 4Q25
International
+18%
27.7
23.4
+22%
19.9
14.7
16.0
5.9
7.2
Genel (Public)
12M19 12M22 12M23 12M24 12M25 4Q24 4Q25
Türkiye passenger data is taken from General Directorate of State Airports Authority, domestic passengers are divided by 2 in order to avoid double counting.
Pegasus figures reflect booked passengers, int'l pax includes charter pax
10
10
REVENUES
Total RASK decreased by 7% in 12M25, in-line with the management guidance.
EURmn
2024
Q4
2025
Q4
YoY chg.
Domestic Sch. Pax (mn) Domestic Sch. Pax Yield (TL)
TOTAL REVENUES | 753 | 814 | 8% | |
Domestic scheduled | 95 | 93 | -1% | 1,289 |
International scheduled 365 378 4%
Ancillary 281 332 18%
Charter and Other 11 10 -8%
RASK (EURc) 4.49 4.03 -10%
12.0
14.1
15.6
3.6
4.1
1,031
973
1,116
677
2023 2024 2025 4Q24 4Q25
2023 2024 2025 4Q24 4Q25
EURmn
2024
12M
2025
12M
YoY chg.
TOTAL REVENUES 3,126 3,414 9%
Domestic scheduled 405 445 10%
International scheduled 1,606 1,646 3%
Ancillary 1,060 1,275 20%
Charter and Other 55 49 -12%
Genel (Public)
RASK (EURc) 4.68 4.36 -7%
Int'l Sch. Pax (mn)
27.3
19.5
22.9
5.9
7.2
2023 2024 2025 4Q24 4Q25
Int'l Sch. Pax Yield (EUR)
60
62
53
77 70
2023 2024 2025 4Q24 4Q25
11
ANCILLARY REVENUES
Ancillary revenue/pax stood at EUR29.5 level in 12M25.
% share in Total Revenues
Ancillary Revenues (EURmn)
26%
30%
34%
37%
1,275
1,060
810
626
198
281
332
12M22
12M23
12M24
12M25
35.0
30.0
Ancillary revenue per pax (EUR)
2023 12M
2024 12M
28.3
4Q23
4Q24
4Q25
2025 12M
29.5
25.0
20.0
15.0
2018 12M
11.6
2019 12M
14.9
2022 12M
23.3
25.4
2024 Q4
29.6
2025 Q4
29.3
10.0
Genel (Public)
12
COSTS
Costs (EURmn) | 2024 Q4 | 2025 Q4 | YoY % chg | 2024 12M | 2025 12M | YoY % chg |
Jet fuel | 202 | 244 | 21% | 873 | 907 | 4% |
Personnel | 153 | 160 | 5% | 505 | 618 | 22% |
Depreciation | 89 | 118 | 33% | 339 | 425 | 26% |
Maintenance | 28 | 30 | 6% | 109 | 121 | 11% |
Other DOC | 132 | 169 | 27% | 532 | 681 | 28% |
Other | 61 | 66 | 9% | 220 | 263 | 19% |
TOTAL COSTS | 666 | 788 | 18% | 2,578 | 3,014 | 17% |
Fuel CASK fell 11% YoY while CASK non-fuel increased by 5% YoY in 12M25, in-line with the management guidance.
RASK-CASK spread (annual, EURc)
Costs per ASK (€cent) | 2024 Q4 | 2025 Q4 | YoY % chg | 2024 12M | 2025 12M | YoY % chg |
Jet fuel | 1.20 | 1.21 | 1% | 1.31 | 1.16 | -11% |
Personnel | 0.91 | 0.79 | -13% | 0.76 | 0.79 | 4% |
Depreciation | 0.53 | 0.59 | 10% | 0.51 | 0.54 | 7% |
Maintenance | 0.17 | 0.15 | -12% | 0.16 | 0.15 | -6% |
Other DOC | 0.79 | 0.84 | 6% | 0.80 | 0.87 | 9% |
Other | 0.36 | 0.33 | -10% | 0.33 | 0.34 | 2% |
CASK | 3.97 | 3.90 | -2% | 3.86 | 3.85 | 0% |
CASK non fuel | 2.77 | 2.69 | -3% | 2.55 | 2.69 | 5% |
1.21
0.89
0.77
0.82
0.51
Avg.
2014-25*
0.53
Genel (Public)
2014
2015
2016
2017
2018
2019
2022
2023
2024
2025
*2020-2021 figures are excluded.
Other DOC line consists of Handling, Navigation, Landing, Passenger
service & catering and short term wet-lease expenses
13
CURRENCY BREAKDOWN - OPERATIONAL PERSPECTIVE
Revenues and costs are mainly based on hard currencies.
Other; 4%
TL; 34%
US$; 50%
2023 2024 2025
Other; 3%
TL; 17%
Other; 2%
TL; 25%
Other; 2%
TL; 19%
Other; 2%
TL; 20%
Other; 2%
TL; 34%
US$; 34%
US$; 29%
US$; 28%
US$; 55%
US$; 44%
EUR; 47%
EUR; 49%
EUR; 50%
EUR; 18%
EUR; 13%
EUR; 20%
Revenues Costs * Revenues Costs * Revenues Costs *
Genel (Public)
* Costs excluding depreciation expenses
14
LIQUIDITY
Net debt stands at EUR2.94bn as of the end of December 2025.
EURmn | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
Cash & Equivalents | 1,114 | 1,687 | 1,562 |
Other Assets | 194 | 208 | 267 |
Pre-delivery payment | 274 | 180 | 237 |
Fixed Assets | 4,617 | 5,636 | 6,064 |
Total Assets 6,200 7,711 8,130
Liabilities | 852 | 1,146 | 1,192 |
Bank Loans & Debt Instruments | 602 | 860 | 965 |
Leasing Liabilities | 3,067 | 3,666 | 3,657 |
Shareholders' Equity | 1,678 | 2,039 | 2,316 |
Total Liab. & Sh. Equity | 6,200 | 7,711 | 8,130 |
Net Debt, EURmn | 2,418 | 2,749 | 2,942 |
Genel (Public)
Net Debt: Cash & equivalents + PDP/2 - Bank loans - Leasing liabilities Cash & equivalents include short and long-term financial assets
Breakdown of cash and financial debt
Euro; 27%
Other; 3%
TRY ; 7%
US$; 63%
> 5 years; 32%
1-5 years; 48%
< 1 year; 20%
US$; 30%
TRY & Other; 0%
Euro; 70%
Cash Currency Financial Debt currency Financial Debt maturity
15
CASH RESERVES
Positive cash reserves are at EUR597mn as of the end of December 2025.
Cash reserves vs. Loans
Cash reservesPositive cash after deducting bank loans
Bank loans and debt instruments (total)
965
860
1,687
1,562
Total cash reserves stood at EUR1,562mn at the end of
December 2025, compared to EUR1,687mn at 2024-end.
Positive cash reserve after deducting total short and long term bank loans and issued debt instruments is at EUR597mn as of the end of December 2025.
end-12M24 end-12M25
Genel (Public)
- Cash reserves include short and long term financial assets.
16
HEDGING & RISK MANAGEMENT
Fuel hedge ratio is at 61% for 2026.
HEDGE VOLUME AND PRICE HEDGE STRATEGY
2025FY | 2026FY | |
Hedge Ratio | 64% | 61% |
Hedged Price range, $/mt * | 744-850 | 710-780 |
Brent Price, $ | 68-77 | 65-71 |
Non-discretionary portion is limited with 50% at any annual budgeting period, which is executed regardless of the price levels utilizing layered-hedging strategy.
Discretionary portion is up to 20% of any annual budgeting period
pursuant to the approval of Hedge Committee.
Price ranges are calculated by using market data of December 31, 2025
* Brent price * 11
Hedging tenor for non-discretionary portion is 24 months.
Instruments: Vanilla Call Options, Zero Cost Collars and Swaps
Currency Risk Hedge Program to weather exchange rate fluctuations.
Genel (Public)
100% international ticket revenues which are filed in US$ but collected in TRY, EUR and GBP as well as up to 25% of domestic ticket revenues collected in TRY (if required) are converted to US$ in daily spot market.
17
Genel (Public)
SUSTAINABILITY (ESG) UPDATESUMMARY DATA
Genel (Public)
& FINANCIAL STATEMENTS19
Genel (Public)
OPERATIONAL & FINANCIAL HIGHLIGHTS2023 2023 2023 2023 Q1 Q2 Q3 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | Q4 YoY chg | 2023 2024 2025 12M 12M 12M | 12M YoY chg | ||
Total Revenue (€mn) | 442 657 962 609 | 519 | 763 | 1,091 | 753 | 622 | 876 | 1,103 | 814 | 8% | 2,670 3,126 3,414 | 9% | |
Ancillary Revenue (€mn) | 156 206 251 198 | 198 | 262 | 318 | 281 | 262 | 317 | 363 | 332 | 18% | 810 1,060 1,275 | 20% | |
EBITDA (€mn) * | 69 221 418 131 | 39 | 230 | 443 | 176 | 42 | 254 | 395 | 148 | -16% | 838 888 840 | -5% | |
EBITDA Margin | 15.5% 33.6% 43.4% 21.5% | 7.4% | 30.1% | 40.6% | 23.4% | 6.8% | 29.0% | 35.9% | 18.1% | -5.3pp | 31.4% 28.4% 24.6% | -3.8pp | |
Net profit/loss (€mn) | -22 91 253 469 | -103 | 112 | 301 | 51 | -62 | 122 | 227 | 15 | -71% | 321 310 301 | -3% | |
Passengers (mn) | 6.3 7.9 9.7 8.1 | 8.1 | 9.4 | 10.5 | 9.5 | 9.0 | 10.7 | 12.2 | 11.3 | 19% | 31.9 37.5 43.3 | 15% | |
Load Factor | 84.4% 81.3% 87.7% 85.2% | 87.2% | 87.5% | 89.1% | 86.7% | 86.1% | 86.4% | 89.2% | 88.5% | 1.7pp | 84.8% 87.7% 87.7% | 0.0pp | |
ASK (bn) | 11.0 15.2 17.5 14.6 | 14.2 | 16.9 | 19.0 | 16.8 | 16.1 | 19.9 | 22.2 | 20.2 | 20% | 58.2 66.8 78.3 | 17% | |
Avg. Fleet Size | 98 99 103 107 | 107 | 106 | 110 | 115 | 118 | 121 | 129 | 128 | 12% | 102 109 124 | 13% | |
Avg. Stage Length(km) | 1,473 1,574 1,583 1,531 | 1,533 | 1,580 | 1,601 | 1,530 | 1,538 | 1,606 | 1,617 | 1,578 | 3% | 1,546 1,563 1,587 | 2% | |
RASK (€c) | 4.04 4.32 5.51 4.17 | 3.66 | 4.51 | 5.76 | 4.49 | 3.86 | 4.41 | 4.97 | 4.03 | -10% | 4.59 4.68 4.36 | -7% | |
CASK (€c) | 4.10 3.36 3.60 3.86 | 3.97 | 3.64 | 3.87 | 3.97 | 4.20 | 3.65 | 3.72 | 3.90 | -2% | 3.69 3.86 3.85 | 0% | |
CASK non-fuel (€c) | 2.61 2.13 2.13 2.30 | 2.56 | 2.29 | 2.59 | 2.77 | 2.98 | 2.57 | 2.58 | 2.69 | -3% | 2.26 2.55 2.69 | 5% | |
Ancillary per Pax (€) | 24.9 26.2 25.9 24.3 | 24.5 | 28.0 | 30.2 | 29.6 | 29.1 | 29.7 | 29.7 | 29.3 | -1% | 25.4 28.3 29.5 | 4% | |
EUR/US$ rate (avg.) | 1.07 1.09 1.09 1.08 | 1.09 | 1.08 | 1.10 | 1.07 | 1.05 | 1.13 | 1.17 | 1.16 | 8% | 1.08 1.08 1.13 | 4% | |
EUR/TRY rate (avg.) | 20.21 22.64 29.12 30.63 | 33.52 | 34.79 | 36.75 | 36.82 | 38.04 | 43.84 | 47.52 | 49.07 | 33% | 25.65 35.47 44.62 | 26% | |
* EBITDA: Core EBIT+Depreciation expenses+55% of wet lease expenses 20