Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q4 2024 earnings summary

Executive summary

• Total revenue reached €3.13bn in 2024, up 17% year-over-year, driven by growth in international and domestic operations and ancillary services.

• Net income was €361mn for 2024, down from €789.9mn in 2023, reflecting higher costs and lower deferred tax income.

• Passenger numbers grew 17% year-over-year in 2024, with international passengers up 19% in Q4.

• Fleet expanded to 118 aircraft, with significant purchase commitments for 152 additional aircraft and a historic Boeing order.

• Share capital increased from €60.5mn to €230mn, fully covered from share premiums.

Financial highlights

• Operating profit reached €578.2mn, up from €489.2mn year-over-year; EBITDA was €888mn for 2024, with Q4 EBITDA margin at 23.4%.

• ASK increased 15% year-over-year in 2024; load factor improved to 87.7% (+2.9pp YoY).

• RASK rose 2% for 2024; CASK increased 4% for 2024; net profit margin declined to 11.6%.

• Personnel costs surged 45% year-over-year; jet fuel costs rose 5%.

• Cash and cash equivalents at year-end were €1.26bn; net debt stood at €2.75bn.

Outlook and guidance

• 2025 ASK growth planned at 12–14%, with EBITDA margin expected to be flat or slightly higher.

• RASK projected to increase by mid-single digits, with high-single-digit growth in ancillary revenue per passenger.

• CASK non-fuel expected to rise by high-single digits, with total CASK up mid-single digits.

• Firm orders for 152 aircraft, with deliveries through 2034, supporting continued fleet expansion.

• Focus remains on maximizing consolidated results and maintaining a low-cost model.