Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q3 2025 earnings summary

Executive summary

• Total passengers increased 16% YoY in Q3 2025, with international passengers also up 16% YoY, and total ASK rising 17% YoY.

• Revenue for Q3 2025 was €1,103mn, up 1% YoY, and for the nine months ended 30 September 2025 reached €2.60 billion, up from €2.37 billion YoY.

• Net income for Q3 2025 declined 25% YoY to €227mn, and net profit for the nine months was €286.5 million, down from €310.2 million.

• Load factor reached 89.2% in Q3 2025, the highest since 2019, with international load factor at 86.8%.

• Operating profit for the nine months was €233.1 million, down from €442.5 million YoY.

Financial highlights

• EBITDA for Q3 2025 was €395mn, down 11% YoY, with an EBITDA margin of 35.9%.

• Ancillary revenue per passenger was €29.7, down 1% YoY, but total ancillary revenues grew 14% YoY.

• Total costs increased 12% YoY to €824mn, with CASK down 4% YoY to €3.72 cents.

• RASK fell 14% YoY to €4.97 cents.

• Gross profit for the nine months was €504.4 million, down from €566.9 million YoY.

Outlook and guidance

• 2025 ASK growth is projected at 14–16%, with RASK expected to decline 6–8% and CASK to decrease 1–3%.

• EBITDA margin is forecasted to be around 26% for 2025.

• Ancillary revenue per passenger is expected to see low single-digit growth, and fuel CASK is projected to decrease by more than 10% in 2025.

• Higher revenues are expected in Q2 and Q3 due to seasonality.

• Deferred tax assets of €265.9 million recognized as of 30 September 2025 are expected to provide future tax advantages.