Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q1 2025 earnings summary

Executive summary

• Total revenue rose 20% year-over-year to €622mn in Q1 2025, with ancillary revenue up 33% and international passenger growth of 17% outpacing the market.

• Achieved 11.9% year-over-year growth in passenger numbers to 9.02 million for Q1 2025, with international passenger growth outpacing domestic.

• Ancillary services contributed up to 42% of total revenue, highlighting a diversified revenue model.

• Net loss narrowed to €62mn from €103mn in Q1 2024, while EBITDA increased 10% to €42mn, with an EBITDA margin of 6.8%.

• Maintained position as Türkiye's leading low-cost airline, operating 119 aircraft with an average age of 4.70 years and serving 150 destinations in 53 countries as of March 31, 2025.

Financial highlights

• Q1 2025 sales reached TL 23.6 billion, up 36% year-over-year; gross loss increased 51% to TL 846 million.

• Ancillary revenue per passenger reached €29.1, up 18% year-over-year, now 34% of total revenue.

• CASK increased 6% to €4.20, with non-fuel CASK up 16% to €2.98; fuel CASK fell 14%.

• Net debt stood at €2.77bn and cash reserves at €683mn as of March 2025.

• Share price closed Q1 2025 at €257.75, up 21% year-to-date.

Outlook and guidance

• 2025 guidance maintained: ASK growth of 12–14%, mid-single-digit RASK and CASK increases, and flat or slightly higher EBITDA margin.

• Continued fleet expansion with firm orders for 100 Boeing 737-10 aircraft and options for 100 more, targeting deliveries from 2028 onward.

• Ongoing Airbus A321neo deliveries scheduled through 2034, supporting long-term growth and modernization.

• Lower fuel prices expected to offset non-fuel cost pressures; focus remains on high ancillary revenue growth.