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Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) investor relations material
Pegasus Hava Tasimaciligi Anonim Sirketi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached €876mn, up 15% year-over-year, with net income at €122mn, a 9% increase; for the first half of 2025, revenue was €1.50bn and net profit €59.8mn, up from €9.0mn year-over-year.
Passenger numbers grew 14% year-over-year in Q2, with international passengers up 18% and ASK up 17%.
Ancillary revenue per passenger increased 6% year-over-year to €29.7.
Gross profit for H1 2025 rose to €180.4mn, while operating profit dropped to €16.1mn due to higher expenses.
Paid-in share capital increased to €230mn, fully covered from share premiums in May 2024.
Financial highlights
EBITDA for Q2 2025 was €254mn, up 11% year-over-year, with an EBITDA margin of 29.0% (down 1.1pp year-over-year).
Total costs rose 18% year-over-year to €725mn; CASK remained flat at €3.65, while CASK non-fuel increased 12%.
Cash and cash equivalents at period end were €849.1mn, down from €1.26bn at year-end 2024.
Total assets stood at €7.51bn, with total equity of €2.09bn as of 30 June 2025.
Net debt stood at €2.7bn as of June 2025, with cash reserves at €693mn after deducting bank loans.
Outlook and guidance
2025 ASK growth guidance revised up to 14–16%; EBITDA margin guidance revised down to 26–27%.
RASK expected to decline mid-single digits, reflecting a soft yield environment and flattish load factor.
Ancillary revenue per passenger expected to increase by low single digits; fuel CASK expected to decrease by over 10% in 2025.
Management expects higher revenues in the second half of the year due to seasonality in air passenger transportation.
Trade receivables and passenger flight liabilities increased as of 30 June 2025, reflecting growth in operations and summer season demand.
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