Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q1 2026 earnings summary

Executive summary

• Total passengers increased by 9% year-over-year in Q1 2026, with international passengers up 5% and domestic up 15%.

• Revenue grew 3.3% year-over-year to EUR 641.9 million, while costs rose faster, resulting in a net loss of EUR 153.1 million compared to a EUR 61.9 million loss in Q1 2025.

• EBITDA dropped sharply to EUR 3 million from EUR 42 million in Q1 2025, with EBITDA margin falling to 0.5% from 6.8%.

• Geopolitical instability and volatile demand patterns impacted pricing and profitability.

• Total assets reached EUR 8.25 billion, with equity at EUR 2.27 billion as of March 31, 2026.

Financial highlights

• Revenue: EUR 641.9 million (+3.3% YoY); Costs: EUR 750 million (+11% YoY); Net loss: EUR 153.1 million (Q1 2025: EUR 61.9 million loss).

• RASK decreased by 5% YoY to EUR 3.66; CASK increased by 2% YoY to EUR 4.28.

• Ancillary revenue per passenger rose 1% YoY to EUR 29.2; total ancillary revenue up 10% YoY.

• Fuel costs increased 8% YoY, but fuel CASK fell 1% YoY; maintenance CASK up 27% YoY.

• Cash and cash equivalents: EUR 1.11 billion at period end; net debt at end of March 2026 was EUR 3.04 billion.

Outlook and guidance

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

• Ongoing capacity expansion and efficiency gains from fleet modernization.

• Management prepared financials on a going concern basis, expecting to meet obligations and utilize assets effectively.

• No changes in accounting estimates or significant impact from new standards anticipated.

• Management highlights resilience in Turkish air travel demand despite geopolitical headwinds.