2026 Q1 Investor Presentation

1Q26 FINANCIAL RESULTS PRESENTATION May 2026

• HIGHLIGHTS
• SUMMARY FIGURES
• ROUTE NETWORK & FLEET

Genel (Public)

2

Genel (Public)

Passengers

Total: +9% YoY

Int'l: +5% YoY

Revenues

€642mn

+3% YoY

Load Factor

Total: 86.3%, +0.2pp YoY

Int'l: 84.0%, -0.2pp YoY

EBITDA

€3mn

(1Q25:€42mn)

Net Income/Loss

€-153mn

(1Q25:€-62mn)

EBITDA margin: 0.5%

(1Q25: 6.8%)

Costs

€750mn

+11% YoY

KEY HIGHLIGHTS - 2026 Q1

ASK

Total: +9% YoY

Int'l +7% YoY

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

3

ASK increased by 9%, revenues grew by 3% YoY in 1Q26.

International includes charter

Traffic

• Geopolitical instability re-emerged in 1Q26, once again introducing volatility in demand patterns. Foreign visitor arrivals increased modestly by 2% YoY in Q1. Meanwhile, Türkiye's overall air passenger traffic remained resilient, with int'l pax growing by 6% and total pax increasing by 8% YoY.

• Domestic pax traffic of Pegasus rose by 15% YoY, while int'l pax growth was more moderate at 5%, reflecting the adverse impact of escalating geopolitical tensions. In the end, blended pax growth reached 9% YoY in Q1, standing above the broader market performance. Total ASK increased by 9% YoY in 1Q26, while int'l ASK rose by 7%. Load factor was stable, with the blended load factor at 86.3% (+0.2pp YoY). Int'l load factor stood at 84.0%, with a slight decline of -0.2pp YoY.

  Financial Performance

• Revenues grew by 3% YoY in 1Q26. Revenue growth lagged capacity expansion as pricing ability was adversely impacted by the challenging market environment and shorter booking windows. Ancillary revenues grew 10% in 1Q26 (ancillary revenue/pax +1% YoY to EUR29.2). RASK was down -5% in Q1.

• Elevated geopolitical tension drove fuel prices higher, but as the spot prices feed into the financials with a lag, fuel costs remained under control (fuel CASK -1% YoY). Maintenance CASK was up 27% YoY, reflecting a temporary timing difference in maintenance activity - the effect will normalize in the remainder of the year. CASK increased by 2% while CASK non-fuel rose by 3% YoY.

• EBITDA came in at EUR3mn in 1Q26 vs. EUR42mn recorded in 1Q25.

• The bottom-line resulted in a net loss of EUR-153mn in Q1.

  Genel (Public)

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

  
  
  

  International route network spans to 121 destinations currently. Announced additions to int'l route network (last 12M)

  Istanbul Sabiha Gökçen

  → Algiers	→ Atyrau	→ Marsa Alam
  → Graz	→ Bristol	→ Aktobe
  → Luxor	→ Bilbao	→ Sulaymaniyah
  → Ljubljana	→ Dushanbe	→ London-Gatwick
  → Uralsk	→ Alicante
  Ankara
  → Basel	→ Baku	→ Sharm El-Sheikh
  → Baghdad	→ Dubai
  Antalya	Izmir
  → Baku	→ Madrid	→ Barcelona
  Bodrum		Dalaman
  → Chisinau	→ Beirut	→ Chisinau
  Trabzon	Gaziantep
  → Medina	→ Berlin
  Çukurova
  → Berlin	→ Beirut	→ London
  Ercan	Kayseri	Samsun
  → Istanbul G.A.	→ London	→ Berlin

  Genel (Public)

  5 5

  2012

  27 Countries

  60 Destinations

  23 Domestic, 37 Int'l

  Current

  56 Countries

  160 Destinations

  39 Domestic, 121 Int'l

  
  
  

  Genel (Public)

  
  
  

  Share of new generation aircraft reached 88% of the total fleet size

  68 aircraft, 239 seats

  46 aircraft, 186 seats

  6 aircraft, 180 seats

  9 aircraft, 189 seats

6

6

FLEET (as of March 31, 2026)

Youngest fleet in Türkiye and one of the youngest among LCCs globally: 5.3 years.

42 A320neo (all delivered) and 108 A321neo (67 delivered) on order.

Fleet size is planned to be 132 aircraft at the end of 2026.

A321neo

11

11

A320neo

2030-34

2029

2028

2027

2026

2025

2024

2023

2022

2021

2020

737-10

7

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

83%

57

41

25

7

8

38%

2

9 15 22

31 40 46 46 46 46

0%

100%

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 total

8

Genel (Public)

•

•

OPERATING ENVIRONMENT

P&L + BS DETAILS

International passengers of Pegasus grew by 5% in 1Q26.

TÜRKİYE PAX. (mn)

Domestic

+7%

International

+9%

145.4

+6%

108.4

123.3

134.7

103.5

24.5

26.0

50.0

39.2

45.2

47.7

50.8

+12%

10.4

11.6

12M19 12M22 12M23 12M24 12M25 1Q25 1Q26

PEGASUS PAX. (mn)

Domestic

+11%

12M19 12M22 12M23 12M24 12M25 1Q25 1Q26

International

+18%

+15%

16.1

15.6

10.9

12.0

14.1

3.3

3.8

Genel (Public)

12M19 12M22 12M23 12M24 12M25 1Q25 1Q26

27.7

23.4

19.9

+5%

14.7

16.0

5.7

6.0

12M19 12M22 12M23 12M24 12M25

1Q25 1Q26

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

Türkiye - Air Passenger Volumes (mn)

• 2025: Foreign visitor trends showed a negative trajectory in January-July 2025 (-2% YoY), reflecting macroeconomic challenges and heightened geopolitical tensions in the Middle

  145

Int'l

Dom

+8%

+9%

+4%

+5%

+7%

+8%

+7%

24

+8%

+6%

East during June and July. Starting in August, tensions began to ease, leading to a recovery in foreign visitor arrivals. This was also reflected in Türkiye's air passenger traffic, with international passengers increasing by 8% YoY and total passengers rising by 7% in 2025 overall.

• 1Q26: Geopolitical instability re-emerged and once again created volatility in demand patterns. Foreign visitor grew by a moderate 2% YoY in 1Q26. Direct travel demand from Turkish

  51

  +2%

  28

  48 +5%

  10 12

  +12%

  12M24 7M25 12M25 3M25 3M26

  Foreign visitors to Türkiye - 2025 & 2026 monthly trend, YoY chg
  
  

  nationals grew strongly, delivering close to double-digit YoY

  growth. In the end, Türkiye's total air passenger volumes proved to be resilient, posting 6% YoY increase in international passengers and 8% growth in total passengers.

  Genel (Public)

  May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec'25 Jan'26 Feb'26 Mar'26

  4M25

  4%

  5%

  12M25

  2%

  3%

  3.5%

  1%

  3M26

  2%

  0%

  -1%

  -2%

  11

  -3%

  -2%

  5%

  -2%

Breakdown of ASK (Quarterly)

Selected M.East destinations: Avg. number of daily

cycles operated

S.Arabia

Iran

Iraq

UAE

Lebanon

Oman

24

M.EAST

INTERNATIONAL

DOMESTIC

16

8

0

25-01

25-02

25-03

25-04

25-05

25-06

25-07

25-08

25-09

25-10

25-11

25-12

26-01

26-02

26-03

1Q25 2Q25 3Q25 4Q25 1Q26

resume starting from the first week of May.

12

REVENUES

Total RASK decreased by 5% in 1Q25.

Domestic Sch. Pax (mn)

Domestic Sch. Pax Yield (TL)

12.0

3.3

3.8

14.1 15.6

1,289

1,250

2023 2024 2025 1Q25 1Q26

Int'l Sch. Pax (mn)

27.3

19.5

22.9

5.7

6.0

Genel (Public)

2023 2024 2025 1Q25 1Q26

2023 2024 2025 1Q25 1Q26

1,031

975

677

Int'l Sch. Pax Yield (EUR)

60

47

43

77 70

2023 2024 2025 1Q25 1Q26

13

ANCILLARY REVENUES

Ancillary revenue/pax stood at EUR29.2 level in 1Q26.

Ancillary Revenues (EURmn)

1,060

810

626

281

262

287

1,275

12M22

12M23

12M24

12M25

35.0

30.0

Ancillary revenue per pax (EUR)

2023 12M

2024 12M

28.3

1Q24

1Q25

1Q25

2025 12M

29.5

25.0

20.0

15.0

2018 12M

11.6

2019 12M

14.9

2022 12M

23.3

25.4

2025 Q1

29.1

2026 Q1

29.2

10.0

Genel (Public)

14

COSTS

Fuel CASK fell -1% YoY while CASK non-fuel increased by 3% YoY in 1Q26.

RASK-CASK spread (annual, EURc)

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

15

CURRENCY BREAKDOWN - OPERATIONAL PERSPECTIVE

Revenues and costs are mainly based on hard currencies.

Other; 4%

TL; 34%

US$; 50%

2024 2025 1Q26

Other; 2%

TL; 19%

Other; 2%

TL; 20%

Other; 2%

TL; 34%

Other; 2%

TL; 23%

Other; 2%

TL; 36%

US$; 29%

US$; 28%

US$; 25%

US$; 44%

US$; 42%

EUR; 49%

EUR; 50%

EUR; 49%

EUR; 13%

EUR; 20%

EUR; 20%

Revenues Costs * Revenues Costs * Revenues Costs *

Genel (Public)

* Costs excluding depreciation expenses

16

Net debt stands at EUR3.04bn as of the end of March 2026.

Total Assets 7,711 8,130 8,253

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

> 5 years; 31%

1-5 years; 48%

< 1 year; 20%

TRY & Other; 0%

Euro; 71%

Cash Currency Financial Debt currency Financial Debt maturity

17

Positive cash reserves are at EUR632mn as of the end of March 2026.

Cash reserves vs. Loans

Cash reserves

Positive cash after deducting bank loans

Bank loans and debt instruments (total)

1,537

1,562

• Total cash reserves stood at EUR1,537mn at the end of

  March 2026, compared to EUR1,562mn at 2025-end.

• Positive cash reserve after deducting total short and long term bank loans (excluding the project finance loan raised for the hangar investment) and issued debt instruments is at EUR632mn as of the end of March 2026.

end-12M25 end-3M26

Genel (Public)

• Cash reserves include short and long term financial assets.

  18

  
  
  

  Fuel hedge ratio is at 62.5% for 2026.

  HEDGE VOLUME AND PRICE HEDGE STRATEGY

  	2026FY	2027FY
  Hedge Ratio	62.5%	26.4%
  Brent Price, $	64-71	60-69

  • 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.

As of March 31, 2026

• Hedging tenor for non-discretionary portion is 24 months.

• Instruments: Vanilla Call Options, Zero Cost Collars and Swaps

RISK MANAGEMENT POLICY

• Currency Risk Hedge Program to weather exchange rate fluctuations.

• 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

Genel (Public)

TRY (if required) are converted to US$ in daily spot market.

19

SUSTAINABILITY (ESG) UPDATE

Our 2025 Turkish Sustainability Reporting Standards (TSRS) Sustainability Report is published, reporting on Strategy, Governance, Risk Management & Metrics for Climate Change and other Sustainability Domains.

We continue to focus on our emissions intensity performance, having reached 56.9 grCO2/RPK in 2025, towards our 2030 target of reducing emission intensity by 20% (to 52.1) compared (65.1) to 2019. 57.2 grCO2/RPK in 2026Q1 was in line with 2025Q1, reflecting seasonal hurdles and increasing challenges caused by the Middle East War starting from March 2026.

We continue capacity building in compliance with our obligations under the ever-increasing regulations on sustainable aviation fuels (SAF) and emissions, e.g., CORSIA, ReFuelEU Aviation, EU/UK/Swiss ETS, EU Non-CO2 Reporting & Turkish SAF.

We complied our work on Diversity, Equality & Inclusion in 2025 in our 2025 Harmony Report and published it on our Sustainability Hub. This is the third year in a row that we publish our work on Diversity, Equality & Inclusion actions.

Volunteers from different business units continue to identify specific initiatives and targets and implement them, with specific focus on design, engagement and communication.

In 2026Q1, we continue our strong engagement with stakeholders to develop impactful collaborations, ahead of the UNFCCC's

Genel (Public)

31st Conference of the Parties (COP-31) to be held in Antalya, Türkiye in November 2026. On March 6, 2026, our CEO Güliz ÖZTÜRK was elected as the new Chair of the Board of UN Global Compact Türkiye for the 2026-2029 term.