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

Executive summary

• Total revenue reached €3,126mn in 2024, up 17% year-over-year, and ₺111.8 billion, up 59%, with Q4 revenue at €753mn, up 24% year-over-year.

• Net income was €361mn for 2024 and ₺13.3 billion, reflecting a significant decline from 2023 due to lower deferred tax income and higher costs.

• Passenger numbers grew 17% year-over-year to 37.5 million in 2024, with international passengers up 18% and network expanded to 146 destinations in 53 countries.

• EBITDA margin was 28.4% for 2024, with Q4 EBITDA at €176mn and margin at 23.4%.

• Achieved record ancillary revenue per passenger and continued strong ESG performance, including a 10.4% reduction in carbon emissions intensity since 2019.

Financial highlights

• ASK increased 15% year-over-year in both Q4 and 2024; international ASK up 16% in Q4.

• Load factor improved to 87.7% in 2024, with domestic at 91.4% and international at 85.3%.

• RASK rose 8% in Q4 and 2% for 2024; CASK (non-fuel) increased to €c2.55 from €c2.26 year-over-year.

• Personnel costs surged 45% year-over-year for 2024; jet fuel costs rose 5%.

• Net debt stood at €2.75bn at year-end 2024; cash reserves reached €1.69bn and cash and cash equivalents rose 188% to ₺46.3 billion.

Outlook and guidance

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

• RASK projected to increase by mid-single digits, driven by stable load factor and high-single-digit growth in ancillary revenue per passenger.

• Continued focus on fleet expansion, digital transformation, and sustainability targets, including a 20% reduction in carbon emissions intensity by 2030.

• Delivery of 9 A321neo aircraft in 2025 and first B737-10 deliveries expected from 2028.