Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q4 2025 earnings summary

Executive summary

• Passenger numbers reached 43.26 million in 2025, up 15.4% year-over-year; Q4 passengers grew 19%, with international passengers up 22%.

• 2025 revenue rose 9% to €3,414mn, while net income fell 17% to €301mn; separate annual reporting showed sales up 38% to ₺154.1bn and net profit up 3% to ₺13.75bn.

• Q4 load factor reached a record 88.5%, up 1.7 percentage points year-over-year; full-year load factor was 87.7%.

• Network expanded to 158 destinations in 55 countries; new-generation aircraft accounted for 88% of the fleet, with an average age of 5.1 years.

• CO2 emissions intensity was down over 12% versus 2019, and the A- CDP Climate Change rating was maintained.

Financial highlights

• Q4 2025 revenue was €814mn (+8% YoY); 12M25 revenue was €3,414mn (+9% YoY).

• Q4 net income was €15mn (-71% YoY) and 12M25 net income was €301mn (-17%); annual net profit in separate reporting was ₺13.75bn (+3%).

• Q4 EBITDA was €148mn (-16% YoY), with an 18.1% margin (-5.3pp); full-year EBITDA margin was 24.6%.

• Ancillary revenue grew 18% in Q4 and 20% in 12M25; ancillary revenue per passenger reached €29.5 for 12M25 and accounted for 37% of total revenue.

• Total costs rose 18% in Q4 and 17% in 12M25; fuel costs increased 21% in Q4. Sales were ₺154.1bn (+38%) in annual reporting.

Outlook and guidance

• RASK and CASK trends were in line with guidance; RASK declined 10% in Q4 and 7% in 12M25.

• Fleet planned to reach 132 aircraft by end-2026, with continued focus on new-generation, fuel-efficient aircraft.

• Firm Airbus and Boeing orders support future fleet expansion; digitalization, AI and sustainability remain strategic priorities.

• IATA projected global RPK growth of 4.9% in 2026, with the Turkish market expected to outpace global averages.