Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) investor relations material

Executive summary

• Q3 revenue reached €1,314mn (+19% YoY); EBITDA was €404mn (+2%) and net income €205mn (-10%).

• 9M sales rose 32% to ₺150.6bn; net results swung to a ₺1.3bn loss from ₺13.3bn net income. EUR-reported 9M revenue was €2,821mn (+8%) and net loss €40mn.

• Q3 passenger volume increased 7% to 13.1mn; Jan–Sep traffic rose 4.6% to 33.43mn, with 133 aircraft in the fleet at September-end.

• Smartwings Group acquisition closed October 1, 2026, for €142.3mn, after the reporting period.

Financial highlights

• Q3 total costs increased 25% to €1,028mn; 9M revenue rose 8% to €2,821mn while costs increased 20% to €2,677mn.

• Q3 EBITDA margin was 30.7% vs. 35.9%; 9M EBITDA fell 30% to €486mn, with a 17.2% margin.

• 9M gross profit was €297mn vs. €504mn; in TL terms, gross profit fell 27% to ₺16.5bn and operating profit fell 14% to ₺9.4bn.

• 9M pre-tax result was a ₺1.5bn loss vs. ₺15.8bn profit; net loss was ₺1.3bn vs. ₺13.3bn net income.

• Q3 TL revenue was ₺72.2bn vs. ₺52.4bn; operating profit was ₺15.9bn vs. ₺12.2bn and net profit ₺11.3bn vs. ₺10.8bn.

Outlook and guidance

• Year-end 2026 fleet plan: 132 aircraft, with seven A321neo additions and two A320neo exits during the year.

• Orders include 42 A320neo, 108 A321neo and 100 Boeing 737 MAX 10 aircraft; Boeing MAX 10 deliveries are expected to start in 2028.

• Fuel hedge coverage is 67% for FY2026 and 35% for FY2027, with a 24-month non-discretionary hedge tenor; fuel options cover 44.6% of estimated consumption within one year and 13.4% beyond.

• 2030 emissions-intensity target is 52.1 gCO2/RPK, 20% below 2019; 9M26 performance was 57.1 gCO2/RPK.