Pegasus' net profit exceeded expectations

Pegasus Hava Taşımacılık A.Ş. announced its financial results for the third quarter of 2026. The company's revenue increased by 19 percent on an annual basis in the relevant period, reaching 1.3 billion euros, and remained above the market expectation of 1.2 billion euros. However, rising costs continued to put pressure on the company's operational performance.

The number of passengers served by Pegasus in the third quarter increased by 7 percent on an annual basis, reaching 13.1 million people. The company's occupancy rate decreased to 88.2 percent from 89.2 percent in the same period last year. Pegasus tried to support its revenues with the steps it took in ticket pricing against the jump in energy costs. However, the company's total costs increased by 25 percent, above the 19 percent increase in revenue. Fuel prices increased by 85 percent compared to the third quarter of 2025. Thanks to the company's hedging positions, the increase in Pegasus' fuel expenses was limited to 61 percent and fuel expenses amounted to 407 million euros. Pegasus' ancillary revenues per passenger reached a historical peak in the third quarter with 32.9 euros.

Pegasus' EBITDA increased by 2 percent on an annual basis in the third quarter, reaching 404 million euros, exceeding the market expectation of 363 million euros. EBITDA margin narrowed by 510 basis points on an annual basis, falling to 30.7 percent.

Pegasus's net profit for the third quarter was 205 million euros. Market expectation was that the company would announce a net profit of 160 million euros in this period. The company's net profit decreased by 10 percent annually in euro terms. Pegasus recorded a net loss of 40 million euros in the first nine months of 2026, due to the net loss announced in the first two quarters of the year. The company announced a net profit of 286 million euros in the same period last year.