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.

• Report covers the three-month period ended 31 March 2025, prepared in accordance with IFRS and Euro as functional currency.

• 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 42% of total revenue, highlighting a diversified revenue model.

• The group operates as a single segment, focusing on low-cost airline services, with 9,020 employees as of 31 March 2025.

Financial highlights

• Revenue increased to €621.7 million, up from €518.7 million year-over-year.

• Net loss narrowed to €61.9 million from €103.0 million in Q1 2024, while EBITDA increased 10% to €42mn, with an EBITDA margin of 6.8%.

• 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%.

• Cash and cash equivalents at period end were €767.6 million, down from €1.26 billion at year-end 2024.

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.

• Higher revenues are expected in the second half of the year due to seasonality in air passenger transportation.

• 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.