Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached €876mn, up 15% year-over-year, with net income at €122mn, a 9% increase; for the first half of 2025, revenue was €1.50bn and net profit €59.8mn, up from €9.0mn year-over-year.

• Passenger numbers grew 14% year-over-year in Q2, with international passengers up 18% and ASK up 17%.

• Ancillary revenue per passenger increased 6% year-over-year to €29.7.

• Gross profit for H1 2025 rose to €180.4mn, while operating profit dropped to €16.1mn due to higher expenses.

• Paid-in share capital increased to €230mn, fully covered from share premiums in May 2024.

Financial highlights

• EBITDA for Q2 2025 was €254mn, up 11% year-over-year, with an EBITDA margin of 29.0% (down 1.1pp year-over-year).

• Total costs rose 18% year-over-year to €725mn; CASK remained flat at €3.65, while CASK non-fuel increased 12%.

• Cash and cash equivalents at period end were €849.1mn, down from €1.26bn at year-end 2024.

• Total assets stood at €7.51bn, with total equity of €2.09bn as of 30 June 2025.

• Net debt stood at €2.7bn as of June 2025, with cash reserves at €693mn after deducting bank loans.

Outlook and guidance

• 2025 ASK growth guidance revised up to 14–16%; EBITDA margin guidance revised down to 26–27%.

• RASK expected to decline mid-single digits, reflecting a soft yield environment and flattish load factor.

• Ancillary revenue per passenger expected to increase by low single digits; fuel CASK expected to decrease by over 10% in 2025.

• Management expects higher revenues in the second half of the year due to seasonality in air passenger transportation.

• Trade receivables and passenger flight liabilities increased as of 30 June 2025, reflecting growth in operations and summer season demand.