Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q2 2026 earnings summary

Executive summary

• Report covers the six-month period ended 30 June 2026, prepared in accordance with IFRS and presented in Euro as the functional currency.

• Operates as Türkiye's leading low-cost airline, serving 160 destinations in 56 countries with a modern fleet of 131 aircraft and 9,863 employees as of June 30, 2026.

• Strategic focus on innovation, efficiency, and financial resilience, with a business model emphasizing ancillary revenue and cost control.

• Esas Holding remains the controlling shareholder with a 52.81% stake.

Financial highlights

• Revenue for 1H 2026 was €1,506.7M, nearly flat year-over-year (€1,497.7M in 1H 2025); sales in local currency rose 27% to ₺78.47 billion.

• Net loss for 1H 2026 was €244.7M and ₺12.55 billion, compared to prior year profits.

• Gross loss of €43.8M and ₺2.22 billion in 1H 2026, versus prior year gross profits.

• Cash and cash equivalents at period end: €1,134.4M (up from €1,087.1M at 2025 year-end) and ₺60.23 billion, up 10%.

• Net debt position rose 12% to ₺172.96 billion.

Outlook and guidance

• Management expects higher revenue and operating profit in Q3 and Q4 due to seasonality and summer demand.

• Continued fleet expansion with firm orders for Airbus and Boeing aircraft, including 100 B737-10s for delivery from 2028.

• Focus on operational efficiency, digitalization, and sustainability to drive future growth.

• Geopolitical developments in the Middle East have led to temporary flight suspensions, with ongoing monitoring of operational and financial impacts.