Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q3 2024 earnings summary

Executive summary

• Achieved strong growth in Q3 2024 with total revenue up 13% YoY to €1,091mn and net income up 19% YoY to €301mn.

• Revenue for the nine months ended 30 September 2024 reached €2.37 billion, up 15% YoY, with net profit at €310.2 million.

• Achieved significant growth in passenger numbers, fleet size, and network reach for the nine months ending September 30, 2024, with a focus on low-cost, efficient operations and ancillary revenue streams.

• Expanded fleet to 112 aircraft with an average age of 4.5 years, serving 138 destinations in 53 countries.

• The company increased its paid-in capital from €60.5 million to €230.0 million, funded from share premiums.

Financial highlights

• Q3 2024 revenues reached €1,091mn (+13% YoY), EBITDA €443mn (+6% YoY), and EBITDA margin 40.6%.

• Revenue rose to €2.37 billion from €2.06 billion YoY; gross profit increased to €583.4 million.

• Net profit for the period was €310.2 million, with earnings per share at €1.10.

• Ancillary revenue per passenger hit a record €30.2 in Q3 (+16% YoY).

• Cash and cash equivalents at period-end were €1.24 billion, up from €0.77 billion at year-end 2023.

Outlook and guidance

• Total ASK growth for 2024 is forecast at 12%-14%.

• RASK is expected to be slightly higher YoY, with a high single-digit increase in ancillary revenue per passenger.

• EBITDA margin for 2024 is projected in the 28%-30% range.

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

• Continued focus on expanding fleet and network, with ongoing Airbus deliveries scheduled through 2029.