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

Executive summary

• Q3 2024 revenue rose 13% YoY to €1,091mn and net income increased 19% YoY to €301mn; nine-month revenue reached €2.37bn (+15% YoY) with net profit at €310.2mn, slightly below the prior year's €321.1mn.

• Passenger numbers rose 9% YoY in Q3 and 18% YoY for the nine-month period, with international passengers up 9% YoY in Q3 and 17% YoY for 9M24.

• Load factor improved by 1.4pp YoY to 89.1% in Q3, with international load factor up 1.8pp to 86.6%.

• Operating profit for the nine months was €442.5mn, compared to €456.0mn in the same period last year.

• Paid-in capital increased from €60.5mn to €230.0mn, funded from share premiums.

Financial highlights

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

• Net income for Q3 was €301mn (+19% YoY); for 9M24, net income was €310mn (-3% YoY).

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

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

• Total costs increased 17% YoY in Q3, with personnel costs up 80% and maintenance up 55%.

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.

• CASK non-fuel is expected to see a low double-digit increase YoY.

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

• Higher revenues are expected in the second half of the year due to seasonality in air passenger transportation.