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

Executive summary

• Total revenue for Q2 2025 reached €876mn, up 15% year-over-year, with net income at €122mn, a 9% increase year-over-year.

• Revenue for the six months ended 30 June 2025 was €1.50 billion, up from €1.28 billion year-over-year, with net profit at €59.8 million, a significant increase from €9.0 million in the prior year period.

• Achieved 13.1% year-over-year growth in passenger numbers to 19.71 million for Jan–June 2025, with international passenger growth outpacing domestic.

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

• Expanded fleet to 124 aircraft with an average age of 4.87 years, maintaining a strong focus on operational efficiency and cost control.

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).

• Sales increased by 41% year-over-year to ₺62.0 billion for the first half of 2025.

• Net profit for the period was ₺2.50 billion, a significant turnaround from a loss of ₺270 million in the same period last year.

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

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

Outlook and guidance

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

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

• Ongoing fleet expansion with firm orders for Airbus and Boeing aircraft, including a major Boeing order for up to 200 B737-10s for delivery from 2028.

• Strategic focus on digitalization, technology investments, and corporate venture capital initiatives in AI and aviation technology.