Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q1 2026 earnings summary

Executive summary

• Total passengers increased by 9% year-over-year in Q1 2026, reaching 9.83 million, with domestic growth outpacing international.

• Revenue grew 3.3% year-over-year to €642mn (TL 32.76bn), but costs rose faster, resulting in a net loss of €153mn (TL 7.76bn), compared to a €62mn loss in Q1 2025.

• EBITDA dropped sharply to €3mn from €42mn in Q1 2025, with EBITDA margin falling to 0.5% from 6.8%.

• Maintained a young, modern fleet of 129 aircraft with an average age of 5.3 years, supporting operational efficiency and network growth.

• Geopolitical instability, volatile demand, and pricing pressure impacted profitability.

Financial highlights

• Revenue: €642mn (+3% YoY); Net loss: €153mn (Q1 2025: €62mn loss); Gross loss: €61.8mn.

• RASK decreased by 5% YoY to €3.66; CASK increased by 2% YoY to €4.28; CASK non-fuel: €3.08.

• Ancillary revenue per passenger rose 1% YoY to €29.2; total ancillary revenue up 10% YoY; ancillary services contributed 45% of total revenue.

• Fuel costs increased 8% YoY, but fuel CASK fell 1% YoY; maintenance CASK up 27% YoY.

• Net debt at end of March 2026 was €3.04bn (TL 160.5bn); cash reserves at €1.54bn (TL 56.6bn).

Outlook and guidance

• Fleet size expected to reach 132 aircraft by end of 2026, with continued focus on new-generation, fuel-efficient models and ongoing Airbus and Boeing deliveries.

• Ongoing capacity expansion, digitalization, and efficiency gains from fleet modernization.

• Management highlights resilience in Turkish air travel demand despite geopolitical headwinds.

• Management prepared financials on a going concern basis, expecting to meet obligations and utilize assets effectively.