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

Executive summary

• Total passengers increased 16% YoY in Q3 2025, reaching 31.94 million for Jan–Sept 2025, with international passengers up 16% YoY and ASK rising 17% YoY.

• Revenue for the nine months ended 30 September 2025 reached €2.60 billion, up from €2.37 billion YoY, with Q3 revenue at €1,103mn, while net income declined 25% YoY to €227mn in Q3 and net profit for nine months was €286.5 million.

• Operating profit for the nine months was €233.1 million, down from €442.5 million YoY, and EBITDA for Q3 2025 was €395mn, down 11% YoY.

• The company increased its paid-in share capital to €230 million, fully covered from share premiums, registered in May 2024.

• Fleet expanded to 127 aircraft with an average age of 4.88 years, serving 156 destinations in 54 countries.

Financial highlights

• EBITDA for Q3 2025 was €395mn, down 11% YoY, with an EBITDA margin of 35.9% (down 4.7 percentage points YoY).

• Ancillary revenue per passenger was €29.7, down 1% YoY, but total ancillary revenues grew 14% YoY; ancillary services contributed 36% of total revenue.

• Total costs increased 12% YoY to €824mn, with CASK (cost per ASK) down 4% YoY to €3.72 cents; CASK (non-fuel) recorded at €2.69.

• RASK (revenue per ASK) fell 14% YoY to €4.97 cents.

• Gross profit for the nine months was €504.4 million, down from €566.9 million YoY; net profit rose 18% YoY to ₺13.3 billion.

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.

• Continued fleet expansion with firm orders for Airbus and Boeing aircraft, including a major Boeing order for up to 200 B737-10s for delivery from 2028.

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