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

Executive summary

• Total passengers grew 19% year-over-year in Q4 2025 and 15% for the full year, with international passenger growth outpacing the market at 22% in Q4 and 18% in 12M25.

• Revenue increased 8% year-over-year in Q4 2025 and 9% for 12M25, reaching EUR 3.41 billion for the year, but net income dropped 71% in Q4 and 17% for the year to EUR 301.2 million.

• Load factor reached a record 88.5% in Q4, up 1.7 percentage points year-over-year.

• Consolidated financial statements for 2025 were audited and present fairly in all material respects in accordance with IFRS standards.

• The group operates as a low-cost airline with 127 aircraft, focusing on short- and medium-haul routes, and has expanded its subsidiaries and joint ventures in 2025.

Financial highlights

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

• Q4 2025 net income: €15mn (-71% YoY); 12M25 net income: €301mn (-17% YoY).

• EBITDA for Q4 2025: €148mn (-16% YoY); EBITDA margin: 18.1% (-5.3pp YoY).

• Ancillary revenues grew 18% in Q4 and 20% in 12M25; ancillary revenue per passenger reached €29.5 in 12M25.

• Total assets rose to EUR 8.13 billion from EUR 7.72 billion at year-end 2024.

Outlook and guidance

• Management indicated RASK and CASK trends were in line with guidance, with RASK down 10% in Q4 and 7% in 12M25.

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

• The group holds firm purchase commitments for 143 aircraft, with deliveries scheduled through 2034.

• Management continues to monitor the impact of Middle East airspace restrictions on operations and financial results.