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Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) investor relations material

Pegasus Hava Tasimaciligi Anonim Sirketi Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Nov, 2025

Executive summary

  • Total passengers increased 16% YoY in Q3 2025, with international passengers also up 16% YoY, and total ASK rising 17% YoY.

  • Revenue for Q3 2025 was €1,103mn, up 1% YoY, and for the nine months ended 30 September 2025 reached €2.60 billion, up from €2.37 billion YoY.

  • Net income for Q3 2025 declined 25% YoY to €227mn, and net profit for the nine months was €286.5 million, down from €310.2 million.

  • Load factor reached 89.2% in Q3 2025, the highest since 2019, with international load factor at 86.8%.

  • Operating profit for the nine months was €233.1 million, down from €442.5 million YoY.

Financial highlights

  • EBITDA for Q3 2025 was €395mn, down 11% YoY, with an EBITDA margin of 35.9%.

  • Ancillary revenue per passenger was €29.7, down 1% YoY, but total ancillary revenues grew 14% YoY.

  • Total costs increased 12% YoY to €824mn, with CASK down 4% YoY to €3.72 cents.

  • RASK fell 14% YoY to €4.97 cents.

  • Gross profit for the nine months was €504.4 million, down from €566.9 million YoY.

Outlook and guidance

  • 2025 ASK growth is projected at 14–16%, with RASK expected to decline 6–8% and CASK to decrease 1–3%.

  • EBITDA margin is forecasted to be around 26% for 2025.

  • Ancillary revenue per passenger is expected to see low single-digit growth, and fuel CASK is projected to decrease by more than 10% in 2025.

  • Higher revenues are expected in Q2 and Q3 due to seasonality.

  • Deferred tax assets of €265.9 million recognized as of 30 September 2025 are expected to provide future tax advantages.

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Frequently asked questions

Pegasus Hava Taşımacılığı Anonim Şirketi, commonly known as Pegasus Airlines, is a Turkish low-cost airline providing domestic and international air travel services. The airline operates scheduled flights to various destinations across Europe, the Middle East, and Asia, focusing on affordable and efficient travel options. Pegasus Airlines offers a range of passenger services, including a budget-friendly fare structure with optional add-ons, such as baggage, seating, and onboard meals. The company’s main operational base is at Istanbul’s Sabiha Gökçen International Airport. Pegasus Airlines is headquartered in Istanbul, Turkey, and its shares are listed on the BIST.

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