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

Executive summary

• Q2 revenue declined 1% YoY to €865mn as costs rose 24% to €899mn; EBITDA fell 69% to €80mn and the period ended with a €92mn net loss versus €122mn profit in Q2 2025.

• 1H 2026 revenue was €1,506.7M, nearly flat YoY, while net loss was €244.7M versus €59.8M net profit in 1H 2025.

• Middle East disruption reduced Q2 international passengers 11% YoY; redeployed capacity lifted domestic ASK 29% and passengers 16%.

Financial highlights

• Q2 net FX result was a €10mn loss versus a €45mn gain in Q2 2025; higher fuel expense contributed €125mn to the YoY deterioration in the bottom line.

• 1H gross loss was €43.8M versus gross profit of €180.4M; operating loss widened to €126.9M from €30.6M.

• Jan–June sales were ₺78.47bn, up 27% YoY; net loss was ₺12.55bn versus net profit of ₺2.50bn.

• Cash and cash equivalents were €1,134.4M at June 30, 2026, up from €1,087.1M at 2025 year-end.

Outlook and guidance

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

• Fleet size is planned to reach 132 aircraft by year-end 2026; seven A321neo aircraft are expected to join and two A320neo to exit during 2026.

• Fuel hedge coverage was 67% for FY2026 at Brent prices of $64–71 and 30% for FY2027 at $61–69, as of June 30, 2026.