Interim / Quarterly Report • Aug 12, 2025
Interim / Quarterly Report
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
| PAGI | |
|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||
|---|---|---|---|---|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER | ||||||
| COMPREHENSIVE INCOME | 3 | |||||
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 4 | |||||
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 5 | |||||
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6-40 | |||||
| NOTE 1 | ORGANIZATION AND OPERATIONS OF THE GROUP | 6 | ||||
| NOTE 2 | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 6-10 | ||||
| NOTE 3 | INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD | 10 | ||||
| NOTE 4 | SEGMENT REPORTING | 11 | ||||
| NOTE 5 | RELATED PARTY TRANSACTIONS | 11-12 | ||||
| NOTE 6 | TRADE RECEIVABLES AND PAYABLES OTHER RECEIVABLES | 12-13 | ||||
| NOTE 7 | PREPAYMENTS, DEFERRED INCOME AND PASSENGER FLIGHT LIABILITIES | 14 | ||||
| NOTE 8 | PROPERTY AND EQUIPMENT | 15-16 | ||||
| NOTE 9 | INTANGIBLE ASSETS | 17 | ||||
| NOTE 10 | RIGHT OF USE ASSETS | 17 | ||||
| NOTE 11 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 18 | ||||
| NOTE 12 | COMMITMENTS | 19-20 | ||||
| NOTE 13 | EXPENSES BY NATURE | 21 | ||||
| NOTE 14 | SHAREHOLDERS' EQUITY | 21 | ||||
| NOTE 15 | REVENUE AND COST OF SALES | 22-23 | ||||
| NOTE 16 | GENERAL ADMINISTRATIVE EXPENSES AND SELLING AND MARKETING EXPENSES | 23-24 | ||||
| NOTE 17 | OTHER OPERATING INCOME AND EXPENSES | 24 | ||||
| NOTE 18 | INCOME AND EXPENSES FROM INVESTING ACTIVITIES | 25 | ||||
| NOTE 19 | FINANCIAL INCOME AND EXPENSES | 25 | ||||
| NOTE 20 | EARNINGS PER SHARE | 26 | ||||
| NOTE 21 | DERIVATIVE FINANCIAL INSTRUMENTS | 26 | ||||
| NOTE 22 | FINANCIAL INSTRUMENTS | 26-31 | ||||
| NOTE 23 | NATURE AND LEVEL OF RISKS DERIVING FROM FINANCIAL INSTRUMENTS | 31-34 | ||||
| NOTE 24 | FINANCIAL INSTRUMENTS (FAIR VALUE AND HEDGE ACCOUNTING DISCLOSURES) | 35-38 | ||||
| NOTE 25 | EVENTS AFTER REPORTING PERIOD | 38 | ||||
| NOTE 26 | INCOME TAX EXPENSE | 39 | ||||
| NOTE 27 | EXPLANATIONS RELATED TO STATEMENT OF CASH FLOW | 40 |
(Amounts are expressed in full Euros (EUR) unless otherwise stated.)
| Current period 30 June |
Prior period 31 December |
||
|---|---|---|---|
| Notes | 2025 | 2024 | |
| ASSETS | |||
| Current assets | 1.565.694.915 | 1.891.835.243 | |
| Cash and cash equivalents | 27 | 849.135.233 | 1.258.979.406 |
| Financial assets | 22 | 325.935.685 | 302.048.311 |
| Trade receivables | 6 | 104.546.028 | 73.467.728 |
| Trade receivables from third parties | 104.546.028 | 73.467.728 | |
| Other receivables | 6 | 19.496.437 | 2.892.392 |
| Other receivables from third parties | 19.496.437 | 2.892.392 | |
| Derivative financial instruments | 21 | - | 3.963.837 |
| Inventories | 41.721.938 | 41.520.211 | |
| Prepayments | 7 | 219.813.778 | 201.897.122 |
| Current income tax assets | 4.842.285 | 2.327.277 | |
| Other current assets | 203.531 | 4.738.959 | |
| Non-Current assets | 5.947.388.530 | 5.819.032.995 | |
| Financial assets | 22 | 138.977.221 | 125.770.276 |
| Other receivables | 6 | 77.010.967 | 84.911.131 |
| Other receivables from third parties | 77.010.967 | 84.911.131 | |
| Investments accounted by using the equity method | 3 | 20.230.894 | 21.115.937 |
| Property and equipment | 8 | 507.270.996 | 470.967.606 |
| Intangible assets | 9 | 30.521.614 | 24.046.619 |
| Right of use assets | 10 | 4.162.291.425 | 4.172.222.342 |
| Prepayments | 7 | 621.963.838 | 493.115.950 |
| Deferred tax assets | 26 | 389.121.575 | 426.883.134 |
| TOTAL ASSETS | 7.513.083.445 | 7.710.868.238 |
(Amounts are expressed in full Euros (EUR) unless otherwise stated.)
| Current period 30 June |
Prior period 31 December |
||
|---|---|---|---|
| Notes | 2025 | 2024 | |
| LIABILITIES | |||
| Current liabilities | 1.469.817.407 | 1.482.289.523 | |
| Short term borrowings | 22 | 47.926.320 | 172.048.659 |
| Short term portion of long term borrowings | 22 | 117.711.357 | 218.212.572 |
| Short term portion of long term lease liabilities | 22 | 400.256.701 | 405.833.468 |
| Trade payables | 6 | 303.465.600 | 216.174.134 |
| Trade payables to related parties | 5 | 891.026 | 1.194.536 |
| Trade payables to third parties | 302.574.574 | 214.979.598 | |
| Employee benefit obligations | 21.264.011 | 14.704.364 | |
| Other payables | 6 | 18.178.356 | 12.519.590 |
| Other payables to third parties | 18.178.356 | 12.519.590 | |
| Contract liabilities | 7 | 394.066.125 | 333.941.687 |
| Derivative financial instruments | 21 | 16.038.240 | 4.645.693 |
| Deferred income | 7 | 87.453.816 | 40.016.533 |
| Short term provisions | 63.456.881 | 64.192.823 | |
| Short term provisions for employee benefits | 30.513.537 | 62.635.867 | |
| Other short term provisions | 32.943.344 | 1.556.956 | |
| Non-Current liabilities | 3.956.976.279 | 4.189.573.178 | |
| Long term borrowings | 22 | 455.810.108 | 469.797.544 |
| Long term lease liabilities | 22 | 3.111.883.442 | 3.260.356.410 |
| Derivative financial instruments | 21 | 2.327.180 | 364.343 |
| Deferred income | 7 | 205.467.297 | 202.964.552 |
| Long term provisions | 181.488.252 | 256.090.329 | |
| Long term provisions for employee benefits | 53.210.527 | 48.123.147 | |
| Other long term provisions | 128.277.725 | 207.967.182 | |
| SHAREHOLDERS' EQUITY | 2.086.289.759 | 2.039.005.537 | |
| Paid-in share capital | 14 | 230.037.951 | 230.037.951 |
| Share premiums on capital stock | 24.595.488 | 24.595.488 | |
| Other comprehensive income/expense | |||
| not to be reclassified to profit or loss | |||
| Actuarial losses on defined benefit plans | (4.470.990) | (4.263.048) | |
| Other comprehensive income/expense | |||
| to be reclassified to profit or loss | |||
| Currency translation differences | 7.053.926 | 8.451.525 | |
| Hedge fund | (13.774.065) | (3.757.527) | |
| Gain on financial assets measured at fair value | 929.881 | 1.816.800 | |
| Restricted profit reserves | 4.047.406 | 4.047.406 | |
| Retained earnings | 1.778.076.942 | 1.416.584.246 | |
| Net income for the period | 59.793.220 | 361.492.696 | |
| TOTAL LIABILITIES AND EQUITY | 7.513.083.445 | 7.710.868.238 |
| Current period 1 January- |
Prior period 1 January- |
Current period 1 April - |
Prior period 1 April - |
||
|---|---|---|---|---|---|
| Profit or loss | Notes | 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 |
| Revenue | 1 5 | 1.497.684.785 | 1.281.940.463 | 876.025.043 | 763.218.237 |
| Cost of sales (-) | 1 5 | (1.484.375.687) | (1.108.019.228) | (848.602.964) | (575.936.270) |
| Gross profit | 13.309.098 | 173.921.235 | 27.422.079 | 187.281.967 | |
| General administrative expenses (-) | 1 6 | 67.684.561 | (39.905.372) | 91.650.463 | (22.295.054) |
| Selling and marketing expenses (-) | 1 6 | 15.133.880 | (30.085.043) | 31.827.299 | (16.522.665) |
| Other operating income | 1 7 | 353.187 | 9.552.525 | 172.622 | 176.963 |
| Other operating expenses (-) | 1 7 | (127.116.863) | (1.858.396) | (87.422.332) | (170.512) |
| Operating profit | (30.636.137) | 111.624.949 | 63.650.131 | 148.470.699 | |
| Income from investing activities | 1 8 | 45.183.852 | 29.078.798 | 18.761.881 | 7.836.143 |
| Expenses from investing activities (-) | 1 8 | (22.659) | (6.064.225) | (22.659) | (1.176.247) |
| Share of investments income accounted for | |||||
| using the equity method | 3 | 1.528.468 | 1.236.977 | 934.271 | 800.330 |
| Operating profit before financial expense | 16.053.524 | 135.876.499 | 83.323.624 | 155.930.925 | |
| Financial income | 1 9 | 213.975.575 | 23.088.552 | 149.822.115 | 12.588.158 |
| Financial expense (-) | 1 9 | (128.772.477) | (172.391.761) | (63.679.516) | (75.240.802) |
| Profit/(loss) before tax | 101.256.622 | (13.426.710) | 169.466.223 | 93.278.281 | |
| Tax income/(expense) | (41.463.402) | 22.463.613 | (47.799.356) | 18.715.399 | |
| Deferred tax income/(expense) | 2 6 | (41.463.402) | 22.463.613 | (47.799.356) | 18.715.399 |
| Net profit for the period | 59.793.220 | 9.036.903 | 121.666.867 | 111.993.680 | |
| Income/(loss) per share EUR cents | 2 0 | 0,12 | 0,02 | 0,24 | 0,47 |
| Other comprehensive income | |||||
| Items not to be reclassified to profit or loss | |||||
| Actuarial (losses) / gains on defined benefit plans | (277.257) | (955.691) | (220.668) | (1.514.008) | |
| Deferred tax effect | 69.315 | 238.923 | 55.167 | 378.502 | |
| Items to be reclassified to profit or loss | |||||
| Currency translation differences | (1.397.599) | 755.586 | (1.358.946) | 158.533 | |
| Gain on financial assets measured at fair value | (1.182.558) | (460.241) | 313.809 | (257.399) | |
| Cash flow hedge | (13.355.384) | 15.617.947 | (12.886.931) | 2.611.214 | |
| Deferred tax effect | 3.634.485 | (3.789.427) | 3.143.279 | (588.453) | |
| Other comprehensive income | (12.508.998) | 11.407.097 | (10.954.290) | 788.389 | |
| Total comprehensive income | 47.284.222 | 20.444.000 | 110.712.577 | 112.782.069 |
(Amounts are expressed in full Euros (EUR) unless otherwise stated.)
(Amounts are expressed in full Euros (EUR) unless otherwise stated.)
| Other comprehensive | Other comprehensive | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| income items | income items | ||||||||||
| not to be reclassified | to be reclassified to | ||||||||||
| to profit or loss | profit or loss | Retained earnings | |||||||||
| Share | Gain on financial | Restricted | Net | ||||||||
| Paid in | premiums on | Actuarial gains/(losses) | Currency translation | Hedge | assets measured at | profit | Retained | profit/(loss) | Shareholders' | ||
| share capital | capital stock | on defined benefit plans | differences | reserve | fair value | reserves | earnings | for the year | equity | ||
| As at 1 January 2024 | EUR | 60.544.134 | 194.089.305 | (3.254.102) | 8.808.787 | (3.990.862) | 1.483.652 4.047.406 | 626.643.772 | 789.940.474 1.678.312.566 | ||
| Transfers | EUR 169.493.817 (169.493.817) | - | - | - | - | - | 789.940.474 (789.940.474) | - | |||
| Net profit/(loss) for the period | EUR | - | - | - | - | - | - | - | - | 9.036.903 | 9.036.903 |
| Other comprehensive income / (expense) | EUR | - | - | (716.768) | 755.586 | 11.713.460 | (345.181) | - | - | - | 11.407.097 |
| As at 30 June 2024 | EUR 230.037.951 | 24.595.488 | (3.970.870) | 9.564.373 | 7.722.598 | 1.138.471 4.047.406 | 1.416.584.246 | 9.036.903 1.698.756.566 | |||
| As at 1 January 2025 | EUR 230.037.951 | 24.595.488 | (4.263.048) | 8.451.525 | (3.757.527) | 1.816.800 4.047.406 | 1.416.584.246 | 361.492.696 2.039.005.537 | |||
| Transfers | EUR | - | - | - | - | - | - | - | 361.492.696 (361.492.696) | - | |
| Net profit/(loss) for the period | EUR | - | - | - | - | - | - | - | - | 59.793.220 | 59.793.220 |
| Other comprehensive income / (expense) | EUR | - | - | (207.942) | (1.397.599) (10.016.538) | (886.919) | - | - | - | (12.508.998) | |
| As at 30 June 2025 | EUR 230.037.951 | 24.595.488 | (4.470.990) | 7.053.926 (13.774.065) | 929.881 4.047.406 | 1.778.076.942 | 59.793.220 2.086.289.759 | ||||
Within the registered capital ceiling of EUR 230.037.951, the Company's issued capital amounting to EUR 60.544.134 was increased by EUR 169.493.817 to EUR 230.037.951, all of which was covered from the amounts in the " Share Premiums on Capital Stock" account, and capital increase was registered with the Trade Registry on May 30, 2024.
(Amounts are expressed in full Euros (EUR) unless otherwise stated.)
| Current period 1 January- |
Prior period 1 January |
||
|---|---|---|---|
| Notes | 30 June 2025 | 30 June 2024 | |
| A. CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Income/(loss) for the period | 59.793.220 | 9.036.903 | |
| Adjustments to reconcile the income/(loss) | |||
| Depreciation and amortization | 8-9-10 | 198.612.163 | 163.660.012 |
| Adjustments related with impairments | (1.332.720) | 5.987.202 | |
| Provision for doubtful receivable | 334.402 | (77.023) | |
| Adjustments related with financial investment impairments | (1.667.122) | 6.064.225 | |
| Adjustments related with provisions | 28.128.547 | 7.232.780 | |
| Provision for employee benefits | 26.574.225 | 6.882.462 | |
| Legal provison | 1.554.322 | 350.318 | |
| Interest and commission income | 57.890.994 | 87.687.733 | |
| Adjustments related with fair value expense (income) | 672.102 | 316.388 | |
| Adjustments related with fair value expense (income) of financial assets | 672.102 | 316.388 | |
| Gain on equity investments accounted for using the equity method | 3 | (1.528.468) | (1.236.977) |
| Current tax expense | 41.463.402 | (22.463.613) | |
| Adjustments for (income)/expense caused by sale or changes in share of joint ventures | - | - | |
| Other provisions related with investing or financing activities | (187.261.295) | 33.634.483 | |
| Changes in working capital | |||
| Increase in trade receivables | (31.412.702) | (32.364.828) | |
| Increase in other receivables, prepayments and other assets | (56.469.045) | (168.769.290) | |
| Increase in inventories | (201.727) | 1.451.981 | |
| Increase in trade payables | 87.291.466 | 79.671.201 | |
| Increase in deferred income, other payables and other current liabilities | 79.164.015 | 266.813.261 | |
| Net cash generated from operating activities | 274.809.952 | 430.657.236 | |
| Payment for the employee benefits provisions | (53.581.115) | (27.193.951) | |
| Payment for other provisions | (4.434) | (32.634) | |
| 221.224.403 | 403.430.651 | ||
| B. CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Net cash changes from acquisition and sale of debt instruments of other entities | (106.298.362) | 12.102.912 | |
| Net cash changes from purchase and | |||
| sale of property, equipment and intangible assets | (26.947.648) | 34.874.852 | |
| Interest received from financial investment | 39.085.289 | 20.507.815 | |
| Changes in cash advances and payables | (136.010.850) | (120.568.308) | |
| Other cash changes (*) | 20.298.866 | 221.911.282 | |
| (209.872.705) | 168.828.553 | ||
| C. CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Increase in borrowings | 118.349.967 | 103.184.210 | |
| Repayment of borrowings | (307.706.364) | (24.500.000) | |
| Repayment of principal in lease liabilities | (196.465.893) | (171.995.177) | |
| Interest and commission paid | (106.941.550) | (122.886.992) | |
| Interest received | 31.875.390 | 22.107.131 | |
| (460.888.450) | (194.090.828) | ||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | 378.168.376 | ||
| BEFORE TRANSLATION EFFECT (A+B+C) | (449.536.752) | ||
| D. TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS | 39.692.579 | 6.096.793 | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) | (409.844.173) | 384.265.169 | |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | |||
| AT THE BEGINNING OF THE PERIOD | 2 7 | 1.258.979.406 | 493.596.374 |
| AT THE END OF THE PERIOD (A+B+C+D+E) | 2 7 | 849.135.233 | 877.861.543 |
(*) The change in time deposits with a maturity of more than three months, classified as financial investments, has been presented.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
Pegasus Hava Taşımacılığı A.Ş. (the "Company" or "Pegasus") and its subsidiaries (together "the Group") is a low cost airline company. The Group operates under a low cost business model and employs low cost airline business practices which focus on providing affordable, reliable and simple service.
The shareholders and ownership of the Company as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Esas Holding A.Ş. ("Esas Holding") | 52,81% | 52,81% |
| Publicly held | 45,37% | 45,37% |
| Sabancı Family Members | 1,82% | 1,82% |
| Total | 100,00% | 100,00% |
Shares of the Company have been started to be traded in İstanbul Stock Exchange since 26 April 2013, after the book building between the dates of 18-19 April 2013.
The Group's total number of full time employees as of 30 June 2025 is 9.188 (31 December 2024: 8.459). The address of its principal office is Aeropark Yenişehir Mah. Osmanlı Bulvarı No: 11/A Kurtköy-Pendik İstanbul.
The interim condensed consolidated financial statements of the Company and its subsidiaries for the six months ended 30 June 2025 were authorised for issue in accordance with a resolution of the Board of Directors on 12 August 2025.
The interim condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values. The accompanying condensed consolidated financial statements are based on the statutory records, with adjustments and reclassifications for the purpose of fair presentation in accordance with IFRS.
The interim condensed consolidated financial statements have been prepared on a going concern basis, assuming that the Group will continue to utilize its assets effectively and meet its obligations in the normal course of business operations.
Although there is no prominent currency affecting revenue and cost of sales, the Company's functional currency is determined as Euro because; significant portion of scheduled flight revenues, which represents the Company's primary operations, is generated from European flights, Euro represents a significant component of the financial liabilities of the Company and management reports and budget enabling the Company's management to make executive decisions are prepared in Euro. The functional currency of the Company, its subsidiary and associates, other than Hitit Bilgisayar and PIL, is Euro. Hitit Bilgisayar's and PIL's functional currency is US Dollars.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
For the companies in Türkiye that maintain financial records in TL, currency translation from TL to the functional currency Euro is made under the framework described below:
The translation differences resulting from the above mentioned conversions are recognized under financial income / expenses in the statement of profit or loss.
In accordance with the POA's announcement dated 23 November 2023, companies applying International Financial Reporting Standards are required to present their financial statements for the annual reporting periods ending on or after 31 December 2024, adjusted for the effects of inflation in accordance with the relevant accounting principles in International Accounting Standard 29 "Financial Reporting in Hyperinflationary Economies" (IAS 29). Since the Company's functional currency is Euro as of the reporting date, there is no need to make any adjustments within the scope of IAS 29 in its financial statements to be prepared in accordance with IFRS. However, the financial statements as of 30 June 2025 and 31 December 2024 are prepared in accordance with the Tax Law, have been subject to inflation correction in accordance with the legislation.
Consolidated financial statements of Group are prepared in comparison to prior period in order to identify financial position and performance trends. In order to maintain consistency with current period consolidated financial statements, comparative information is reclassified and material changes are disclosed if necessary. Group has not made any reclassification in the prior period consolidated financial statements in order to maintain consistency with current period consolidated financial statements.
The following table illustrates the condensed consolidated subsidiaries and the Group's ownership percentage in these subsidiaries as of 30 June 2025 and 31 December 2024:
| Ownership rate | Country of | |||
|---|---|---|---|---|
| Name of the company | Principal activity | 30 June 2025 |
31 December 2024 | registration and operation |
| Pegasus Havacılık Teknolojileri ve Ticaret A.Ş. |
Simulator technical support and maintenance |
100% | 100% | Türkiye |
| Pegasus Airlines Innovation Lab, Inc. |
Technology – R&D |
100% | 100% | USA |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The following table illustrates the affiliates and joint ventures then indicates the Group's ownership percentage in these joint ventures as of 30 June 2025, 31 December 2024:
| Ownership rate | Country of | ||||
|---|---|---|---|---|---|
| Name of the company | Principal activity |
30 June 2025 |
31 December 2024 |
Ownership type |
registration and operation |
| Pegasus Uçuş Eğitim Merkezi A.Ş. ("PUEM") Hitit Bilgisayar |
Simulator training |
- | 49,40% | Joint venture |
Türkiye |
| Hizmetleri A.Ş. ("Hitit Bilgisayar") |
Information system solutions |
36,82% | 36,82% | Joint venture |
Türkiye |
(*) The liquidation process of PUEM, in which the Company held a 49.40% stake, was completed and the entity was deregistered from the trade registry as of February 27, 2025.
Changes in accounting estimates are applied prospectively. If the change is effective for a specific period, it impacts only that period. If they relates to future periods, they are recognized prospectively both in the current period and in the future period. Significant errors identified by the Group in the accounting estimates are applied retrospectively and prior period financial statements are restated. The Group has not made any changes in accounting estimates in the current reporting period.
The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. Amendments are effective from annual reporting periods beginning on or after 1 January 2025.
The Group evaluates the effects of these standards, amendments and improvements on the consolidated financial statements. The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
b) New and revised IFRSs in issue but not yet effective
The Group has not yet adopted the following standards and amendments and interpretations to the existing standards:
| Amendments to IFRS 9 and IFRS 7 | Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments |
||
|---|---|---|---|
| IFRS 18 | Presentation and Disclosures in Financial Statements | ||
| IFRS 19 | Subsidiaries without Public Accountability: Disclosure | ||
| Annual Improvements | Annual Improvements to IFRS Accounting Standards - | ||
| Volume 11 |
The amendments address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments. Annual reporting periods beginning on or after 1 January 2026.
IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. Applicable to annual reporting periods beginning on or after 1 January 2027.
IFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. Applicable to annual reporting periods beginning on or after 1 January 2027.
The pronouncement comprises the following amendments:
Due to seasonality of air passenger transportation, it's expected to incur higher revenues in the second half of the year compared to the first half. Besides, as a result of higher sales with the effect of summer season and growth in operations of the Company, trade receivables and passenger flight liabilities increased as of 30 June 2025 compared to last year-end.
The Group has prepared its financial statements in accordance with the going concern principle.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of investments accounted for using the equity method are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Joint ventures | ||
| Hitit Bilgisayar | 20.230.894 | 21.115.937 |
| 20.230.894 | 21.115.937 |
Total profit from investments accounted for using the equity method is as follows:
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Hitit Bilgisayar | 1.528.468 | 1.280.306 | 934.271 | 843.659 |
| PUEM | - | (43.329) | - | (43.329) |
| Net profit | 1.528.468 | 1.236.977 | 934.271 | 800.330 |
The summarized financial information of the investment accounted by using the equity method is as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Current assets | 24.978.226 | 24.590.146 |
| Non-current assets | 46.454.570 | 46.605.202 |
| Current liabilities | (12.268.515) | (10.381.617) |
| Non-current liabilities | (4.500.800) | (3.781.199) |
| Net assets of joint venture | 54.663.481 | 57.032.532 |
| Group's ownership interest in the joint venture 0 |
36,82% | 36,82% |
| Goodwill | 103.800 | 116.559 |
| Group's share in the net assets of the joint venture | 20.230.894 | 21.115.937 |
| 1 January- | 1 January | |
| 30 June 2025 | 30 June 2024 | |
| Revenue | 18.120.110 | 14.010.551 |
| Depreciation and amortisation expense | (3.778.975) | (2.601.141) |
| Interest income/(expense), net | 2.262.048 | 249.561 |
| Profit for the year | 4.151.190 | 3.477.203 |
| Group's weighted average ownership interest | 36,82% | 36,82% |
| Group's share in the net profit of the joint venture | 1.528.468 | 1.280.306 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The Group is managed as a single business unit that provides low fares airline-related services, including scheduled services, charter services, ancillary services and other services. The Group's Chief Operating Decision Maker is the Board of Directors. The resource allocation decisions are based on the entire network and the deployment of the entire aircraft fleet. The objective in making resource allocation decisions is to maximise consolidated financial results, rather than results on individual routes within the network. All other assets and liabilities have been allocated to the Group's single reportable segment.
The ultimate parent and controlling party of the Group is Esas Holding. The Group has a number of operating and financial relationships with its shareholders and other entities owned by its shareholders (which will be referred to as " other related parties" below). The related party receivables and payables resulting from operating activities are generally not secured and interest free.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Balances with joint ventures: | ||
| Hitit Bilgisayar | 753.103 | 1.078.540 |
| Balances with other related parties: | ||
| Esasburda İnşaat Sanayi ve Ticaret A.Ş. ("Esasburda") |
6.459 | 25.774 |
| Ere Avm İnşaat A.Ş. ("Ere Avm") |
131.464 | 90.222 |
| 891.026 | 1.194.536 |
Until May 2024 , the Group leased their head office building from Esasburda, another Esas Holding subsidiary. Esasburda also charged dues, electricity, water and heating expenses for the head office, which is disclosed within "purchases of goods and services" section below.
The Group receives software and software support services from Hitit Bilgisayar that provides information system solutions for transportation industry.
The Group receives health services from Alarm Sağlık.
The Group receives project consultancy services from Ere Avm İnşaat for the hangar project.
| 1 January- 30 June 2025 |
1 January- | 1 April - | ||
|---|---|---|---|---|
| 30 June 2024 | 1 April - 30 June 2025 |
30 June 2024 | ||
| Transactions with joint ventures: | ||||
| Hitit Bilgisayar | 4.304.868 | 3.453.608 | 1.933.092 | 1.514.714 |
| Transactions with other related parties: | ||||
| Ere Avm | 879.400 | - | 416.707 | - |
| Esasburda | 105.424 | 308.944 | 11.724 | 220.057 |
| Alarm Sağlık | - | 17.495 | - | 11.476 |
| Other | - | 262 | - | - |
| 5.289.692 | 3.780.309 | 2.361.523 | 1.746.247 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Esasburda (*) | - | 317.004 | - | 77.241 |
| - | 317.004 | - | 77.241 | |
(*) Lease expenses are recorded as depreciation and interest under IFRS 16 leases standard. Amounts presented above represent issued invoices. In May 2024, the Group decided to purchase the office building which is the basis of the lease expense. The transactions in this context have been mediated by a bank for the financing of the purchase and the Company will obtain ownership of the building from the bank at the end of the three-year lease period.
Key management personnel include members of the board of directors, general managers and assistant general managers. The remuneration of key management paid during the period ended 30 June 2025 and 30 June 2024 are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Salaries and benefits | 8.951.933 | 6.984.938 | 8.394.675 | 6.321.370 |
| 8.951.933 | 6.984.938 | 8.394.675 | 6.321.370 |
The details of short term trade receivables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Trade receivables | 67.848.656 | 41.528.451 |
| Credit card receivables | 39.117.270 | 32.630.019 |
| Income accruals | 1.677.953 | 3.310.224 |
| 108.643.879 | 77.468.694 | |
| Allowance for credit risk adjustment under TFRS 9 | (4.097.851) | (4.000.966) |
| 104.546.028 | 73.467.728 |
The average collection period of trade receivables is approximately 20 days (31 December 2024: 19 days).
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of short term trade payables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Trade payables | 91.325.426 | 132.529.077 |
| Accrued direct operational costs | 211.249.148 | 82.450.521 |
| Trade payables to related parties (Note 5) | 891.026 | 1.194.536 |
| 303.465.600 | 216.174.134 |
The average payment period of trade payables is approximately 35 days (31 December 2024: 30 days).
The details of short term other receivables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Deposits and guarantees given (*) | 12.066.358 | 1.415.373 |
| Receivables from pilots for flight training | 6.479.837 | 284.615 |
| Receivables from tax office | 759.691 | 724.261 |
| Other receivables | 190.551 | 468.143 |
| 19.496.437 | 2.892.392 |
(*) The amount of EUR 11.058.981 in deposits given, consists of guarantees given to the banks regarding the valuation of derivative transactions.
The details of long term other receivables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Receivables from pilot trainings | 37.411.933 | 42.738.065 |
| Deposits given | 39.599.034 | 42.173.066 |
| 77.010.967 | 84.911.131 | |
| Short term other payables | ||
| 30 June 2025 | 31 December 2024 | |
| Taxes payables | 11.382.814 | 10.170.687 |
| Deposits received | 6.795.542 | 2.348.903 |
| 18.178.356 | 12.519.590 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of prepayments as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Advances on aircraft purchases | 125.699.027 | 122.857.877 |
| Advances to suppliers | 75.506.716 | 51.230.811 |
| Prepaid insurance expenses | 6.474.081 | 18.002.352 |
| Other prepaid expenses | 12.133.954 | 9.806.082 |
| 219.813.778 | 201.897.122 | |
| Long term prepayments | ||
| 30 June 2025 | 31 December 2024 | |
| Advances on aircraft purchases | 113.649.764 | 57.215.071 |
| Prepaid maintenance expenses | 508.059.675 | 435.654.062 |
| Other prepaid expenses | 254.399 | 246.817 |
| 621.963.838 | 493.115.950 |
The details of passenger flight liabilities as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Flight liability from ticket sales | 280.323.752 | 218.926.889 |
| Passenger airport fees received from customers (*) | 72.300.938 | 73.165.429 |
| Flight liability from flight points | 41.441.435 | 41.849.369 |
| 394.066.125 | 333.941.687 |
(*) Passenger airport fees received from customers is included in the ticket price, but it is not recognized as revenue when the flight carried out. The amount represents the costs to be paid to airport operators and authorities in cash.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Advances received from customers | 46.630.026 | 27.513.947 |
| Other deferred income | 40.823.790 | 12.502.586 |
| 87.453.816 | 40.016.533 | |
| Long term deferred income | ||
| 30 June 2025 | 31 December 2024 | |
| Deferred income (*) | 205.467.297 | 202.964.552 |
| 205.467.297 | 202.964.552 |
(*) Long term deferred income represent discounts received in advance from supplier contracts.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Components, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Machinery | Motor | Furniture and |
Leasehold | spare engine | Owned | Construction | ||
| 30 June 2025 |
and equipment |
vehicles | fixtures | improvements | and repairables |
Aircraft | in progress |
Total |
| Cost: | ||||||||
| Opening | 35.481.715 | 27.496.286 | 41.168.819 | 13.821.667 | 373.458.634 | 286.150.383 | 9.424.254 | 787.001.758 |
| Additions | 632.528 | 2.227.876 | 2.586.653 | - | 54.739.230 | - | 13.877.708 | 74.063.995 |
| Transfers (*) |
- | - | - | - | (12.293.868) | - | - | (12.293.868) |
| Closing | 36.114.243 | 29.724.162 | 43.755.472 | 13.821.667 | 415.903.996 | 286.150.383 | 23.301.962 | 848.771.885 |
| Accumulated depreciation: |
||||||||
| Opening | (15.096.358) | (10.151.943) | (29.459.673) | (13.358.614) | (102.323.065) | (145.644.499) | - | (316.034.152) |
| Depreciation for the year |
(1.160.339) | (1.398.286) | (1.546.380) | (48.293) | (14.379.984) | (6.933.455) | - | (25.466.737) |
| Closing | (16.256.697) | (11.550.229) | (31.006.053) | (13.406.907) | (116.703.049) | (152.577.954) | - | (341.500.889) |
| Net book value |
19.857.546 | 18.173.933 | 12.749.419 | 414.760 | 299.200.947 | 133.572.429 | 23.301.962 | 507.270.996 |
(*) Transfers at "components, spare engine and repairables" represent derecognition of components that are used as part of delivery maintenance provisions.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Components, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Machinery | Motor | Furniture and |
Leasehold | spare engine | Owned | Construction | ||
| 30 June 2024 |
and equipment |
vehicles | fixtures | improvements | and repairables |
Aircraft | in progress |
Total |
| Cost: | ||||||||
| Opening | 33.882.470 | 22.022.783 | 36.102.691 | 13.466.158 | 205.052.745 | 275.625.690 | 8.071.106 | 594.223.643 |
| Additions | 558.517 | 1.305.168 | 4.335.902 | - | 95.438.152 | 537.485 | 1.044.590 | 103.219.814 |
| Transfers (*) |
- | - | - | - | (9.401.228) | - | - | (9.401.228) |
| Closing | 34.440.987 | 23.327.951 | 40.438.593 | 13.466.158 | 291.089.669 | 276.163.175 | 9.115.696 | 688.042.229 |
| Accumulated depreciation: |
||||||||
| Opening | (12.882.366) | (8.843.803) | (26.613.317) | (13.273.790) | (81.576.702) | (132.444.241) | - | (275.634.219) |
| Depreciation for the year |
(1.081.090) | (943.039) | (1.407.979) | (51.695) | (9.787.828) | (6.494.838) | - | (19.766.469) |
| Closing | (13.963.456) | (9.786.842) | (28.021.296) | (13.325.485) | (91.364.530) | (138.939.079) | - | (295.400.688) |
| Net book value |
20.477.531 | 13.541.109 | 12.417.297 | 140.673 | 199.725.139 | 137.224.096 | 9.115.696 | 392.641.541 |
(*) Transfers at "components, spare engine and repairables" represent derecognition of components that are used as part of delivery maintenance provisions.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| NOTE 9 - INTANGIBLE ASSETS |
||
|---|---|---|
| Software | 30 June 2025 | 30 June 2024 |
| Cost: | ||
| Opening | 64.273.293 | 52.619.528 |
| Additions | 11.019.132 | 5.788.559 |
| Closing | 75.292.425 | 58.408.087 |
| Accumulated amortization: | ||
| Opening | (40.226.674) | (32.864.322) |
| Amortization for the year | (4.544.137) | (3.609.581) |
| Closing | (44.770.811) | (36.473.903) |
| Net book value | 30.521.614 | 21.934.184 |
| 30 June 2025 | Field Rental | Building | Aircraft | Other | Total |
|---|---|---|---|---|---|
| Cost: | |||||
| Opening | 14.570.782 | 24.733.613 | 5.219.572.081 | 311.363 | 5.259.187.839 |
| Additions | - | - | 205.902.564 | - | 205.902.564 |
| Disposals | - | - | (74.052.284) | - | (74.052.284) |
| Closing | 14.570.782 | 24.733.613 | 5.351.422.361 | 311.363 | 5.391.038.119 |
| Accumulated depreciation: | |||||
| Opening | (13.340.574) | (396.120) | (1.072.917.440) | (311.363) | (1.086.965.497) |
| Depreciation for the period | (647.141) | (309.170) | (167.644.978) | - | (168.601.289) |
| Disposals | - | - | 26.820.092 | - | 26.820.092 |
| Closing | (13.987.715) | (705.290) | (1.213.742.326) | (311.363) | (1.228.746.694) |
| Net book value | 583.067 | 24.028.323 | 4.137.680.035 | - | 4.162.291.425 |
| (*) Aircraft which are sold presented as disposals. | |||||
| 30 June 2024 | Field Rental | Building | Aircraft | Other | Total |
| Cost: | |||||
| Opening | 14.570.782 | 7.785.814 | 4.552.802.090 | 311.363 | 4.575.470.049 |
| Additions | - | 22.747.126 | 391.223.040 | - | 413.970.166 |
| Disposals (*) | - | (7.785.815) | (270.002.188) | - | (277.788.003) |
| Closing | 14.570.782 | 22.747.125 | 4.674.022.942 | 311.363 | 4.711.652.212 |
| Accumulated depreciation: | |||||
| Opening | (11.292.007) | (4.952.114) | (1.074.263.186) | (311.363) | (1.090.818.670) |
| Depreciation for the period | (1.569.975) | (592.450) | (138.121.537) | - | (140.283.962) |
| Disposals (*) | - | 6.451.103 | 201.300.300 | - | 207.751.403 |
| Transfers | 1.001.744 | (1.001.744) | - | - | - |
| Closing | (11.860.238) | (95.205) | (1.011.084.423) | (311.363) | (1.023.351.229) |
| Net book value | 2.710.544 | 22.651.920 | 3.662.938.519 | - | 3.688.300.983 |
(*) Aircraft which are sold presented as disposals.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The Group is involved in lawsuits and claims that have been filed against, the total claims constituted by which, excluding reserved rights for claiming excess amounts, risk of litigation and interest, is EUR 4.911.514 as of 30 June 2025 (31 December 2024: EUR 5.093.269). These lawsuits and fines have been evaluated by the Group's management and a litigation provision of EUR 2.589.777 (31 December 2024: EUR 1.556.956) has been provided against claims for which management believes it is probable it will be required to make a payment.
The Company's VAT transactions regarding loyalty card practices in year 2018 have been examined in 2020. The Company have been notified with a report stating "no subject to be examined have been found" in May 2021. However the report evaluation commission has objected this verdict and EUR 51.165 (equivalent of TL 1.780.660) tax assessment has been declared to the Company. Against the assessment, the Company filed a tax lawsuit on September 6, 2021, the petition of the counter party was received on October 25, 2021 and the petition was answered on November 23, 2021. The 7th Tax Court of Istanbul decided to accept our case and reject all assessments on June 29, 2022, and the defendant Revenue Administration objected to the decision in August and submitted the petition of appeal to the Tax Court. The petition of appeal was notified to Company on September 28, 2022 and this petition answered within one month. Following the rejection of the opposite party's appeal, this time an appeal was made, and the defendant's appeal was served in April 2023. This petition was also answered by the Company within the time limit. The said lawsuit continues as of June 30, 2025. The Company has not recognized any provision in the consolidated financial statements in line with the opinions received from its lawyers regarding the aforementioned case.
T&T Havalimanı İşletmeciliği İnşaat Sanayi ve Ticaret Şirketi Limited filed three lawsuits against the Company before North Cyprus Lefkoşa Court of First Instance with claims of EUR 765.689, EUR 988.985 and EUR 475.031, respectively. All three lawsuits act on same claims and the airports no. 5/2013 whereby the plaintiff, as the operator of the Ercan Airport under North Cyprus Airports Services and Charges Law, claims EUR 15 passenger service fee for each Turkish Army Staff member traveling on the Company flights for the period between March 2013 and August 2020. Turkish Army Staff departing from North Cyprus are subject to an exemption from this fee under the law. The plaintiff's argument is based on the assumption that the Company has not carried any Turkish Army Staff members in this period of time. The Court of First Instance merged the first two lawsuits and rendered a judgment against the Company for a total principal payment obligation of EUR 1.679.114. No decision has yet been issued regarding the third lawsuit. The Company is of the opinion that it is legally impossible to obtain the requested documents related to the transported passengers from the relevant public authorities, and that the responsibility for implementing the requested additional inspections lies with the operating plaintiff. A legal appeal process has been initiated against the unfavorable first-instance court decision. In prior reporting periods, no provisions were recognized in relation to these cases, as the claims were not supported by concrete evidence and were based on unreasonable assumptions. Following the Company's appeal, upon the approval of the first-instance court's decision as of April 18, 2025, the payment related to the first two consolidated case files, amounting to a principal of EUR 1.679.114, was made together with interest and a provision corresponding to the claimed amount has been recognized for the ongoing third lawsuit as of the end of the interim period ended June 30, 2025.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Commitments to purchase aircraft | 25.573.665.548 | 29.164.611.749 |
| 25.573.665.548 | 29.164.611.749 |
As of 30 June 2025, the Group holds the right to purchase 149 aircraft on firm order. In accordance with agreement the expected deliveries are 6 aircraft in 2025, 8 aircraft in 2026, 13 aircraft in 2027, 20 aircraft in 2028, 23 aircraft in 2029, 16 aircraft in 2030, 17 aircraft in 2031, 16 aircraft in 2032, 15 aircraft in 2033, 15 aircraft in 2034. The purchase commitments for these aircraft were calculated based on their list prices and actual purchase prices are typically lower than the list prices.
The Group has provided advances on aircraft purchases amounting to EUR 239.348.791 (31 December 2024: EUR 180.072.948). Of this amount, EUR 125.699.027 is reclassified as short-term, and EUR 113.649.764 is reclassified as long-term prepayments (31 December 2024: EUR 122.857.877 is reclassified as short-term, EUR 57.215.071 is reclassified as long-term prepayments).
The details of the CPMs given by the Group as of 30 June 2025 is as follows:
| 30 June 2025 | EUR TOTAL | USD | EUR | TL | Other |
|---|---|---|---|---|---|
| A. Total amounts of CPM given on behalf of its own legal | |||||
| entity | |||||
| -Collateral | 59.839.603 | 22.155.935 | 36.827.460 | 27.307.070 | 3.510.824 |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| B. Total amounts of CPM given on behalf of subsidiaries that are included in full consolidation |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| C. Total amounts of CPM given in order to guarantee third parties debts for routine trade operations |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| D. Total amounts of other CPM given | |||||
| i. Total amount of CPM given on behalf of the Parent | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| ii. Total amount of CPM given on behalf of other group companies not covered in B and C |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| iii. Total amount of CPM given on behalf of third parties not covered in C |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| 59.839.603 | 22.155.935 | 36.827.460 | 27.307.070 | 3.510.824 |
The CPMs given by the Group are consisted of collaterals given to airports and terminals operators, aircraft leasing companies and service suppliers.
The other CPMs (in the scope of item D) given by the Group constitute 0% of the Group's equity as of 30 June 2025.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of the CPMs given by the Group as of 31 December 2024 is as follows:
| 31 December 2024 | EUR TOTAL | USD | EUR | TL | Other |
|---|---|---|---|---|---|
| A. Total amounts of CPM given on behalf of its own | |||||
| legal entity | |||||
| -Collateral | 37.857.724 | 19.818.530 | 12.544.285 | 109.847.593 | 3.324.929 |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| B. Total amounts of CPM given on behalf of | |||||
| subsidiaries that are included in full consolidation | |||||
| -Collateral | - | ||||
| -Pledge | - | - | - | - | |
| -Mortgage | - | - | - | - | - |
| C. Total amounts of CPM given in order to guarantee | - | - | - | - | - |
| third parties debts for routine trade operations | |||||
| -Collateral | |||||
| - | - | - | - | - | |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| D. Total amounts of other CPM given i. Total amount of CPM given on behalf of the Parent |
|||||
| -Collateral | |||||
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| ii. Total amount of CPM given on behalf of other | - | - | - | - | - |
| group companies not covered in B and C | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| iii. Total amount of CPM given on behalf of third | |||||
| parties not covered in C | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| 37.857.724 | 19.818.530 | 12.544.285 | 109.847.593 | 3.324.929 |
The CPMs given by the Group are consisted of collaterals given to airports and terminals operators, aircraft leasing companies and service suppliers.
The other CPMs (in the scope of item D) given by the Group constitute 0% of the Group's equity as of 31 December 2024.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of expenses by nature for the years periods 30 June 2025 and 30 June 2024 are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Jet fuel expenses | 410.536.488 | 427.380.069 | 214.902.302 | 227.456.337 |
| Personnel expenses | 297.964.863 | 195.709.172 | 149.889.116 | 97.296.529 |
| Depreciation and amortisation expenses | 198.612.163 | 163.660.012 | 101.386.322 | 81.116.382 |
| Handling and station fees | 118.314.177 | 99.180.311 | 62.899.745 | 54.518.086 |
| Navigation expenses | 104.900.955 | 81.072.733 | 58.896.625 | 44.521.785 |
| Maintenance expenses | 58.560.881 | 52.614.489 | 30.082.422 | 28.294.678 |
| Landing expenses | 58.655.221 | 46.593.773 | 31.778.343 | 25.327.312 |
| Passenger service and catering expenses | 21.098.708 | 14.832.632 | 9.912.654 | 7.157.911 |
| Advertising expenses | 12.126.673 | 10.035.056 | 5.484.089 | 6.335.480 |
| Commission expenses | 11.477.748 | 9.874.805 | 7.478.379 | 5.014.777 |
| Short term operational lease expenses | 1.936.738 | 1.209.149 | 1.936.738 | 145.969 |
| Other expenses | 107.372.631 | 75.847.442 | 50.478.467 | 37.568.743 |
| 1.401.557.246 | 1.178.009.643 | 725.125.202 | 614.753.989 |
The Company's shareholding structure as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Shareholders | (%) | EUR | (%) | EUR |
| Esas Holding | 52,81 | 121.485.811 | 52,81 | 121.485.811 |
| Publicly held | 45,37 | 104.375.962 | 45,37 | 104.375.962 |
| Emine Kamışlı | 0,61 | 1.392.059 | 0,61 | 1.392.059 |
| Ali İsmail Sabancı |
0,61 | 1.392.059 | 0,61 | 1.392.059 |
| Kazım Köseoğlu | 0,30 | 696.030 | 0,30 | 696.030 |
| Can Köseoğlu | 0,30 | 696.030 | 0,30 | 696.030 |
| EUR historic capital | 100,00 | 230.037.951 | 100,00 | 230.037.951 |
The Company's share capital consists of 500.000.000 shares of par value TL 1 each (31 December 2024: 500.000.000 shares). All issued shares are fully paid in cash.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of revenue and cost of sales for the periods ended 30 June 2025 and 30 June 2024 are as follows:
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Scheduled flight and service revenue | 1.476.691.342 | 1.259.365.147 | 861.626.410 | 747.007.257 |
| International flight revenue | 697.469.303 | 633.598.875 | 429.737.023 | 387.022.689 |
| Domestic flight revenue | 199.596.119 | 165.560.934 | 114.507.581 | 97.695.521 |
| Service revenue | 579.625.920 | 460.205.338 | 317.381.806 | 262.289.047 |
| Charter flight and service revenue | 15.124.715 | 17.616.467 | 11.724.113 | 13.558.879 |
| Charter flight revenue | 15.124.715 | 17.616.467 | 11.724.113 | 13.558.879 |
| Other revenue | 5.868.728 | 4.958.849 | 2.674.520 | 2.652.101 |
| 1.497.684.785 | 1.281.940.463 | 876.025.043 | 763.218.237 |
The Group's revenue is disaggregated into revenue from scheduled flights, revenue from chartered flights, and other revenues in accordance with the IFRS 15 "Revenue from Contracts with Customers" standard. However, although the Group does not consider service revenues within these disaggregated revenue items as a separate performance obligation, it presents additional information due to their frequent disclosure to investors and continuous review by the authorities empowered to make decisions regarding operations.
Geographical details of revenue from the scheduled flights are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Europe | 503.233.406 | 452.731.175 | 331.472.704 | 290.544.886 |
| Domestic | 199.596.119 | 165.560.934 | 114.507.581 | 97.695.521 |
| Other | 194.235.897 | 180.867.700 | 98.264.319 | 96.477.803 |
| 897.065.422 | 799.159.809 | 544.244.604 | 484.718.210 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Jet fuel expenses | 410.536.488 | 427.380.069 | 214.902.302 | 227.456.337 |
| Personnel expenses | 272.858.325 | 175.234.762 | 137.633.646 | 86.195.295 |
| Depreciation and amortisation expenses | 189.598.640 | 156.476.882 | 96.761.645 | 77.402.200 |
| Handling and station fees | 118.314.177 | 99.180.311 | 62.899.745 | 54.518.086 |
| Navigation expenses | 104.900.955 | 81.072.733 | 58.896.625 | 44.521.785 |
| Maintenance expenses | 58.560.881 | 52.614.489 | 30.082.422 | 28.294.678 |
| Landing expenses | 58.655.221 | 46.593.773 | 31.778.343 | 25.327.312 |
| Passenger service and catering expenses | 21.098.708 | 14.832.632 | 9.912.654 | 7.157.911 |
| Insurance expenses | 10.185.958 | 9.612.249 | 5.125.122 | 4.844.652 |
| Short term lease expenses | 1.936.738 | 1.209.149 | 1.936.738 | 145.969 |
| Other expenses | 70.639.407 | 43.812.179 | 31.583.533 | 20.072.045 |
| 1.317.285.498 | 1.108.019.228 | 681.512.775 | 575.936.270 |
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| General administrative expenses | 49.046.953 | 39.905.372 | 25.081.051 | 22.295.054 |
| Marketing expenses | 35.224.795 | 30.085.043 | 18.531.376 | 16.522.665 |
| 84.271.748 | 69.990.415 | 43.612.427 | 38.817.719 |
The details of general administrative expenses and marketing expenses for the periods ended 30 June 2025 and 30 June 2024 are as follows (there are no research & development expenses in the periods ended in respective dates):
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Personnel expenses | 19.988.404 | 16.172.241 | 9.756.736 | 8.739.831 |
| IT expenses | 12.146.376 | 9.482.136 | 6.331.245 | 5.205.584 |
| Depreciation and amortisation expenses | 7.210.818 | 5.746.504 | 3.699.741 | 2.971.346 |
| Consultancy expenses | 3.153.336 | 2.693.727 | 1.872.511 | 1.895.385 |
| Office utility expenses | 1.171.256 | 988.202 | 664.680 | 455.946 |
| Legal and notary expenses | 1.424.258 | 896.382 | 868.524 | 475.559 |
| Communication expenses | 762.222 | 1.359.235 | 136.254 | 977.789 |
| Travel expenses | 1.198.181 | 1.195.620 | 682.989 | 738.619 |
| Training expenses | 216.206 | 77.563 | 131.557 | 41.695 |
| Other expenses | 1.775.896 | 1.293.762 | 936.814 | 793.300 |
| 49.046.953 | 39.905.372 | 25.081.051 | 22.295.054 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Advertising expenses | 12.126.673 | 10.035.056 | 5.484.089 | 6.335.480 |
| Commission expenses | 11.477.748 | 9.874.805 | 7.478.379 | 5.014.777 |
| Personnel expenses | 5.118.134 | 4.302.169 | 2.498.734 | 2.361.403 |
| Call center expenses | 3.290.116 | 3.060.400 | 1.461.705 | 1.388.981 |
| Depreciation and amortisation expenses | 1.802.705 | 1.436.626 | 924.936 | 742.836 |
| Other expenses | 1.409.419 | 1.375.987 | 683.533 | 679.188 |
| 35.224.795 | 30.085.043 | 18.531.376 | 16.522.665 |
The details of other operating income and expenses for the periods ended 30 June 2025 and 30 June 2024 are as follows:
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Foreign exchange gain from operating activities, net | - | 9.266.029 | - | (109.533) |
| Reversal of doubtful cash and cash equivalents | 339.332 | - | 102.867 | - |
| Reversal of doubtful provision | 13.855 | - | 69.755 | - |
| Other | - | 286.496 | - | 286.496 |
| 353.187 | 9.552.525 | 172.622 | 176.963 |
| 1 January- 30 June 2025 |
1 January- 30 June 2024 |
1 April - 30 June 2025 |
1 April - 30 June 2024 |
|
|---|---|---|---|---|
| Foreign exchange loss from operating activities, net | 121.575.587 | - | 85.406.740 | |
| Legal provision and penalty expense | 3.313.503 | 281.776 | 460.256 | 140.343 |
| Doubtful receivable allowance expense | - | 50.071 | - | (389.002) |
| Trade receivables allowance expense | 525.544 | 239.369 | 583.667 | 16.706 |
| Cash and cash equivalents allowance expense | - | 120.498 | - | (29.632) |
| Other | 1.702.229 | 1.166.682 | 971.669 | 432.097 |
| 127.116.863 | 1.858.396 | 87.422.332 | 170.512 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of income from investing activities for the periods ended 30 June 2025 and 30 June 2024 are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Interest income from time deposits | 22.216.313 | 9.833.068 | 15.225.286 | 4.369.332 |
| Gain arising from aircraft sale | 6.991.027 | 6.493.452 | 44.100 | (1.219.507) |
| Interest income from eurobond | 13.605.212 | 11.588.949 | (469.854) | 3.607.294 |
| Gain from eurobond sales (*) | 413.369 | 1.079.024 | 245.102 | 1.079.024 |
| Income from sale of fixed assets | 1.667.122 | - | 3.431.561 | - |
| Other income | 290.809 | 84.305 | 285.686 | - |
| 45.183.852 | 29.078.798 | 18.761.881 | 7.836.143 |
(*) The amounts represents gains arising from the sale of financial investments that are carried at fair value through other comphensive income.
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Loss from eurobond sales | 22.659 | - | 22.659 | - |
| Financial investments allowance expense | - | 6.064.225 | - | 1.176.247 |
| 22.659 | 6.064.225 | 22.659 | 1.176.247 |
The details of financial income and expenses for the periods ended 30 June 2025 and 30 June 2024 are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Foreign exchange gain, net | 183.542.470 | - | 134.550.412 | - |
| Interest income | 30.433.105 | 21.913.092 | 15.271.703 | 11.467.849 |
| Gain on derivative contracts | - | 1.175.460 | - | 1.120.309 |
| 213.975.575 | 23.088.552 | 149.822.115 | 12.588.158 |
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Interest expense on leases | 78.377.965 | 85.481.093 | 39.010.895 | 42.135.102 |
| Interest expense on issued debt instruments | 20.150.442 | 16.003.672 | 9.696.711 | 8.069.148 |
| Commission and other expenses | 20.937.068 | 18.933.226 | 20.937.068 | 10.256.029 |
| Losses from derivative contracts | 4.626.853 | - | 2.582.598 | - |
| Interest expense on bank loans | 4.680.149 | 10.604.850 | (8.547.756) | 4.929.943 |
| Foreign exchange loss, net | - | 41.368.920 | - | 9.850.580 |
| 128.772.477 | 172.391.761 | 63.679.516 | 75.240.802 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
Earnings per share disclosed in the consolidated statements of income are determined by dividing the net income by the weighted number of shares that have been outstanding during the period concerned. Weighted average number of shares for 2024 and 2025 is calculated using the actual number of shares outstanding during the period, taking into consideration the actual date of capital increase.
Number of total shares and calculation of earnings per share at 30 June 2025 and 30 June 2024 are as follows:
| 1 January- | 1 January- | 1 April - | 1 April - | |
|---|---|---|---|---|
| 30 June 2025 | 30 June 2024 | 30 June 2025 | 30 June 2024 | |
| Net profit | 59.793.220 | 9.036.903 | 121.666.867 | 111.993.680 |
| Weighted average number of shares issued in the year | 500.000.000 | 500.000.000 | 500.000.000 | 500.000.000 |
| Income per share | 0,12 | 0,02 | 0,24 | 0,47 |
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Asset | Liability | Asset | Liability | |
| Short term | - | 16.038.240 | 3.963.837 | 4.645.693 |
| Long term | - | 2.327.180 | - | 364.343 |
| - | 18.365.420 | 3.963.837 | 5.010.036 |
Explanations related to derivative instruments are disclosed in Note 24.
| Short term | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Financial investments measured at amortized cost | 224.347.274 | 172.455.687 |
| Financial assets recognized at fair value through profit or loss | 93.094.305 | 101.104.332 |
| Time Deposit (*) | 8.788.335 | 28.842.985 |
| Less: Allowance for impairment under IFRS 9 | (294.229) | (354.693) |
| 325.935.685 | 302.048.311 |
(*) The balance includes time deposits and with original maturities between three months and one year.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Long term | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Financial investments measured at amortized cost | 140.594.950 | 129.950.216 |
| Less: Allowance for impairment under IFRS 9 | (1.617.729) | (4.179.940) |
| 138.977.221 | 125.770.276 |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Short term financial investments measured at amortized cost | 224.347.274 | 172.455.687 |
| Long term financial investments measured at amortized cost | 140.594.950 | 129.950.216 |
| 364.942.224 | 302.405.903 | |
| 30 June 2025 | 31 December 2024 | |
| Government Debt Securities | 142.610.296 | 192.939.473 |
| Corporate Debt Securities | 222.331.928 | 109.466.430 |
| 364.942.224 | 302.405.903 |
The Group's fixed income securities are accounted at their amortized costs using the effective interest rate. These securities are denominated in Euros, US Dollars and Pounds or pay fixed interest every year and every six months.
The weighted average coupon interest rates of existing Euro, US Dollar and Pounds financial investments that are measured at amortized cost as of 30 June 2025 and 31 December 2024 are as follows:
| Weighted average | |||
|---|---|---|---|
| Coupon Interest Rate (%) | FX Type | Asset Value EUR | |
| Government Debt Securities | 7,5 | US Dollars | 124.838.029 |
| Government Debt Securities | 6,2 | GBP | 17.772.267 |
| Corporate Debt Securities | 6,4 | US Dollars | 191.305.719 |
| Corporate Debt Securities | 5,9 | Euro | 25.100.458 |
| Corporate Debt Securities | 6,2 | GBP | 5.925.751 |
| 30 June 2025 | 364.942.224 |
| Weighted average | |||
|---|---|---|---|
| Coupon Interest Rate (%) | FX Type | Asset Value EUR | |
| Government Debt Securities | 7,6 | US Dollars | 180.234.119 |
| Government Debt Securities | 6,7 | GBP | 12.705.354 |
| Corporate Debt Securities | 7,2 | US Dollars | 84.170.737 |
| Corporate Debt Securities | 6,7 | Euro | 25.295.693 |
| 31 December 2024 | 302.405.903 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Government Debt Securities | 78.391.483 | 72.038.270 |
| Corporate Debt Securities | 14.702.822 | 29.066.062 |
| 93.094.305 | 101.104.332 |
The coupon interest rates of the financial investments in US Dollars that are measured by their fair value and continues as of the reporting date are as follows.
| Weighted average | |||
|---|---|---|---|
| Coupon Interest Rate (%) | FX Type | Asset Value EUR | |
| Government Debt Securities | 8,0 | US Dollars | 78.391.483 |
| Corporate Debt Securities | 7,6 | US Dollars | 14.702.822 |
| 30 June 2025 | 93.094.305 | ||
| Weighted average | |||
| Coupon Interest Rate (%) | FX Type | Asset Value EUR | |
| Government Debt Securities | 8,4 | US Dollars | 72.038.270 |
| Corporate Debt Securities | 8,1 | US Dollars | 29.066.062 |
| 31 December 2024 | 101.104.332 |
The financial investments at fair value through other comprehensive income is composed of bonds. These investments are denominated in US Dollars and pay fixed interest every year or every six months.
The details of financial liabilities as of 30 June 2025 and 31 December 2024 are as follows:
| Short term financial liabilities | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Short term bank borrowings | 47.926.320 | 172.048.659 |
| 47.926.320 | 172.048.659 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Short term portion of long term financial liabilities | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Short term portion of long term bank borrowings | 84.141.065 | 21.884.352 |
| Principal and interest of bonds issued | 34.398.537 | 198.049.610 |
| Discount and commissions of bonds issued | (828.245) | (1.721.390) |
| Lease liabilities | 400.256.701 | 405.833.468 |
| Short term portion of long term | ||
| lease liabilities | 49.860.681 | 50.453.044 |
| Short term portion of long term | ||
| lease liabilities with purchase option | 350.396.020 | 355.380.424 |
| 517.968.058 | 624.046.040 |
| Long term financial liabilities | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Long term bank borrowings | 58.182.187 | 22.009.344 |
| Issued debt instruments (*) | 402.301.159 | 452.471.482 |
| Discount and commissions of bonds issued | (4.673.238) | (4.683.282) |
| Lease liabilities | 3.111.883.442 | 3.260.356.410 |
| Long term lease liabilities | 168.077.123 | 205.615.854 |
| Long term lease liabilities with purchase option | 2.943.806.319 | 3.054.740.556 |
| 3.567.693.550 | 3.730.153.954 |
(*) The Group issued bonds to qualified investors abroad on April 29, 2021, which were issued under the "Rule 144A" and/or "Regulation S" format, have a nominal value of US\$ 375.000.000, at 9,25% interest rate and the maturity is 5 years with an early payment option in the third and fourth years. The settlement process was completed and the bonds were fully redeemed following the repurchase by the Group of bonds amounting to USD 211,086,000 on September 12, 2024, and the remaining bonds amounting to USD 163,914,000 on April 28, 2025, from the respective investors.
The Group issued bonds to qualified investors abroad on September 11, 2024, which were issued under the "Rule 144A" and/or "Regulation S" format, have a nominal value of US\$ 500.000.000, at 8,00% interest rate and the maturity is 7 years with an early payment option starting at the end of three years.
The bonds are traded on the Irish Stock Exchange (Euronext Dublin). There are some financial covenants in the Terms and Conditions of the notes. The covenants of the notes are; negative pledge, limitation in indebtedness, publication of financial information, limitations on transactions with affiliates, minimum liquidity, merger, consolidation and sale of all assets substantially, limitation on asset sales, limitation on restricted payments. As of 30 June 2025, the Group complied with all covenants.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The effective interest rates, original currency and EUR equivalents of the short and long term bank borrowings as of 30 June 2025 and 31 December 2024 are as follows :
| 30 June 2025 | Weighted average interest rate (%) |
Currency | Original amount |
EUR equivalent |
|---|---|---|---|---|
| Short term bank borrowings | 4,93 | Euro | 47.926.320 | 47.926.320 |
| Short term portion of long term bank borrowings | 4,57 | Euro | 84.141.065 | 84.141.065 |
| Long term bank borrowings | 3,73 | Euro | 58.182.187 | 58.182.187 |
| 190.249.572 | ||||
| Weighted average | Original | EUR |
| 31 December 2024 | interest rate (%) | Currency | amount | equivalent |
|---|---|---|---|---|
| Short term bank borrowings | 6,09 | Euro | 172.048.659 | 172.048.659 |
| Short term portion of long term bank borrowings | 4,22 | Euro | 21.884.352 | 21.884.352 |
| Long term bank borrowings | 4,19 | Euro | 22.009.344 | 22.009.344 |
| 215.942.355 |
The details of lease liabilities as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Less than 1 year | 509.002.261 | 542.771.838 |
| Between 1 - 5 years | 2.013.902.426 | 2.028.348.701 |
| Over 5 years | 1.629.108.905 | 1.808.218.806 |
| 4.152.013.592 | 4.379.339.345 | |
| Less: Future interest expenses | (639.873.449) | (713.149.467) |
| 3.512.140.143 | 3.666.189.878 |
Present value of minimum lease payments of lease liabilities are as follows;
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Less than 1 year | 400.256.701 | 405.833.468 |
| Between 1 - 5 years | 1.654.591.294 | 1.659.063.767 |
| Over 5 years | 1.457.292.148 | 1.601.292.643 |
| 3.512.140.143 | 3.666.189.878 |
The Group acquire certain of its handling equipment and aircraft through lease arrangements. The average lease term is 5,85 years. For the period ended 30 June 2025, the floating interest rate applicable to Eurodenominated lease liabilities, amounting to EUR 2.531.450.010, is 3,07% (31 December 2024: 3,40%) and the floating rate applicable to US Dollar-denominated lease liabilities, amounting to EUR 325.856.788, is 5,91% (31 December 2024: 6,28%).
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The changes in the Group's liabilities arising from financing activities are given in the following table:
| Utilized bank loans and 1 January 2025 repayments, (net) |
Finance lease obtained and repayment of principals |
Non-cash changes |
30 June 2025 | ||
|---|---|---|---|---|---|
| Bank loans and Issued debt instruments |
860.058.775 | (221.507.764) | - | (17.103.226) | 621.447.785 |
| Lease payables | 3.666.189.878 | - | (271.256.076) | 117.206.341 | 3.512.140.143 |
| 4.526.248.653 | (221.507.764) | (271.256.076) | 100.103.115 | 4.133.587.928 | |
| Utilized bank loans and 1 January 2024 repayments, (net) |
Finance lease obtained and repayment of principals |
Non-cash changes |
30 June 2024 | ||
| Bank loans and Issued debt instruments |
602.031.364 | 34.117.267 | - | 53.259.216 | 689.407.847 |
| Lease payables | 3.067.109.853 | - | (250.315.226) | 387.538.950 | 3.204.333.577 |
| 3.669.141.217 | 34.117.267 | (250.315.226) | 440.798.166 | 3.893.741.424 |
The Group's activities expose financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management plan focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance. The Group uses derivative financial instruments to hedge certain risk exposures.
The Group has transactions in non-Euro currencies including Turkish Lira revenues, US Dollar borrowings and fuel purchases. These non-Euro denominated transactions expose the Group to foreign currency risk. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The Group's foreign currency position of monetary and non-monetary assets/liabilities for the years ended 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | EUR Total | USD | TL | GBP | Other |
|---|---|---|---|---|---|
| 1. Trade receivables | 77.514.454 | 14.936.778 | 2.501.886.727 | 1.782.586 | 8.932.356 |
| 2a. Monetary financial assets | 1.005.520.121 | 845.446.577 | 6.733.895.229 | 25.961.352 | 108.705.175 |
| 2b. Non monetary financial assets | - | - | - | - | - |
| 3. Other | 11.984.939 | 11.352.110 | 221.948 | 213.985 | 2.038.214 |
| 4. CURRENT ASSETS | 1.095.019.514 | 871.735.465 | 9.236.003.904 | 27.957.923 | 119.675.745 |
| 5. Trade receivables | - | - | - | - | - |
| 6a. Monetary financial assets | 138.977.221 | 162.792.156 | - | - | - |
| 6b. Non monetary financial assets | - | - | - | - | - |
| 7. Other | 5.209.215 | 4.652.059 | 1.878.344 | 63.000 | 1.123.593 |
| 8. NON CURRENT ASSETS | 144.186.436 | 167.444.215 | 1.878.344 | 63.000 | 1.123.593 |
| 9. TOTAL ASSETS | 1.239.205.950 | 1.039.179.680 | 9.237.882.248 | 28.020.923 | 120.799.338 |
| 10. Trade payables | 146.948.681 | 118.050.614 | 1.960.138.209 | 901.039 | 3.006.848 |
| 11. Financial liabilities | 132.471.080 | 154.894.708 | 10.985.736 | - | - |
| 12a. Other liabilitites, monetary | 125.127.110 | 53.949.413 | 3.519.200.716 | 312.055 | 3.108.377 |
| 12b. Other liabilities, non monetary | - | - | - | - | - |
| 13. CURRENT LIABILITIES | 404.546.871 | 326.894.735 | 5.490.324.661 | 1.213.094 | 6.115.225 |
| 14. Trade payables | - | - | - | - | - |
| 15. Financial liabilities | 1.215.140.253 | 1.423.364.924 | - | - | - |
| 16a. Other lliabilities, monetary | 175.073.204 | 150.214.808 | 2.180.215.845 | - | - |
| 16b. Other liabilities, non monetary | - | - | - | - | - |
| 17. NON CURRENT LIABILITIES | 1.390.213.457 | 1.573.579.732 | 2.180.215.845 | - | - |
| 18. TOTAL LIABILITIES | 1.794.760.328 | 1.900.474.467 | 7.670.540.506 | 1.213.094 | 6.115.225 |
| 19. Net asset / (liability) position of Off-statement of | |||||
| financial position derivatives (19a-19b) | - | - | - | - | - |
| 19.a Off-statement of financial position foreign currency | |||||
| derivative assets | - | - | - | - | - |
| 19b. Off-statement of financial position foreign currency | |||||
| derivative liabilities | - | - | - | - | - |
| 20. Net foreign currency asset/(liability) | |||||
| position | (555.554.378) | (861.294.787) | 1.567.341.742 | 26.807.829 | 114.684.113 |
| 21. Net foreign currency asset / (liability) | |||||
| position of monetary items | |||||
| (1+2a+3+5+6a+7-10-11-12a-14-15-16a) | (555.554.378) | (861.294.787) | 1.567.341.742 | 26.807.829 | 114.684.113 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| 31 December 2024 | EUR Total | USD | TL | GBP | Other |
|---|---|---|---|---|---|
| 1. Trade receivables | 52.554.233 | 7.421.689 | 1.404.084.196 | 1.817.410 | 5.037.207 |
| 2a. Monetary financial assets | 1.252.994.150 | 1.163.326.747 | 4.022.451.465 | 14.824.938 | 10.452.061 |
| 2b. Non monetary financial assets | - | - | - | - | - |
| 3. Other | 6.221.712 | 1.727.019 | 166.711.936 | 23.797 | 206 |
| 4. CURRENT ASSETS | 1.311.770.095 | 1.172.475.455 | 5.593.247.597 | 16.666.145 | 15.489.474 |
| 5. Trade receivables | - | - | - | - | - |
| 6a. Monetary financial assets | 125.770.279 | 131.196.247 | - | - | - |
| 6b. Non monetary financial assets | - | - | - | - | - |
| 7. Other | 7.828.521 | 6.695.999 | 1.543.144 | 63.000 | 1.291.589 |
| 8. NON CURRENT ASSETS | 133.598.800 | 137.892.246 | 1.543.144 | 63.000 | 1.291.589 |
| 9. TOTAL ASSETS | 1.445.368.895 | 1.310.367.701 | 5.594.790.741 | 16.729.145 | 16.781.063 |
| 10. Trade payables | 124.022.824 | 90.371.223 | 1.020.393.435 | 2.635.892 | 6.443.828 |
| 11. Financial liabilities | 300.796.277 | 313.459.380 | 11.053.764 | - | - |
| 12a. Other liabilitites, monetary | 103.036.729 | 10.378.007 | 3.369.137.300 | 254.401 | 1.086.662 |
| 12b. Other liabilities, non monetary | - | - | - | - | - |
| 13. CURRENT LIABILITIES | 527.855.830 | 414.208.610 | 4.400.584.499 | 2.890.293 | 7.530.490 |
| 14. Trade payables | - | - | - | - | - |
| 15. Financial liabilities | 1.373.954.809 | 1.433.084.260 | 5.127.331 | - | - |
| 16a. Other lliabilities, monetary | 249.540.410 | 216.012.353 | 1.560.170.434 | - | - |
| 16b. Other liabilities, non monetary | - | - | - | - | - |
| 17. NON CURRENT LIABILITIES | 1.623.495.219 | 1.649.096.613 | 1.565.297.765 | - | - |
| 18. TOTAL LIABILITIES | 2.151.351.049 | 2.063.305.223 | 5.965.882.264 | 2.890.293 | 7.530.490 |
| 19. Net asset / (liability) position of Off-statement of | |||||
| financial position derivatives (19a-19b) | 488.885 | 21.424.898 | - | (16.650.000) | - |
| 19.a Off-statement of financial position foreign currency | |||||
| derivative assets | 20.538.815 | 21.424.898 | - | - | - |
| 19b. Off-statement of financial position foreign currency | |||||
| derivative liabilities | 20.049.930 | - | - | 16.650.000 | - |
| 20. Net foreign currency asset/(liability) | |||||
| position | (705.982.154) | (752.937.522) | (371.091.523) | 13.838.852 | 9.250.573 |
| 21. Net foreign currency asset / (liability) | |||||
| position of monetary items | |||||
| (1+2a+3+5+6a+7-10-11-12a-14-15-16a) | (705.982.154) | (752.937.522) | (371.091.523) | 13.838.852 | 9.250.573 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The Group is exposed to foreign exchange risk arising primarily with respect to the US Dollar and Turkish Lira. The following table details the Group's sensitivity to a 10% increase and decrease in US Dollar, and TL. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated items and adjusts their translation at the period end for a 10% change in foreign currency rates.
Foreign currency sensitivity tables as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | Profit/(Loss) | Shareholders' equity | |||
|---|---|---|---|---|---|
| If foreign currency | If foreign currency | If foreign currency | If foreign currency | ||
| appreciated 10% | depreciated 10% | appreciated 10% | depreciated 10% | ||
| Effect of 10% change in USD rate | |||||
| USD net asset / (liability) | (73.529.560) | 73.529.560 | - | - | |
| Part of hedged from USD risk | - | - | - | - | |
| USD net effect | (73.529.560) | 73.529.560 | - | - | |
| Effect of 10% change in TL rate | |||||
| TL net asset / (liability) | 3.366.819 | (3.366.819) | 210.006.382 | (210.006.382) | |
| Part of hedged from TL risk | - | - | - | - | |
| TL net effect | 3.366.819 | (3.366.819) | 210.006.382 | (210.006.382) | |
| Effect of 10% change in GBP rate | |||||
| GBP net asset / liability | 3.138.892 | (3.138.892) | - | ||
| Part of hedged from GBP risk | - | - | - | - | |
| GBP net effect | 3.138.892 | - | |||
| (3.138.892) | - | ||||
| 31 December 2024 | Profit/(Loss) | Shareholders' equity | |||
| If foreign currency | If foreign currency | If foreign currency | If foreign currency | ||
| appreciated 10% | depreciated 10% | appreciated 10% | depreciated 10% | ||
| Effect of 10% change in USD rate | |||||
| USD net asset / (liability) | (72.268.639) | 72.268.639 | - | - | |
| Part of hedged from USD risk | 2.053.881 | (2.053.881) | - | - | |
| USD net effect | (70.214.758) | 70.214.758 | - | - | |
| Effect of 10% change in TL rate | |||||
| TL net asset / (liability) | 3.236.214 | (3.236.214) | 204.276.306 | (204.276.306) | |
| Part of hedged from TL risk | - | - | - | - | |
| TL net effect | 3.236.214 | (3.236.214) | 204.276.306 | (204.276.306) | |
| Effect of 10% change in GBP rate | |||||
| GBP net asset / liability | 1.666.475 | (1.666.475) | - | - | |
| Part of hedged from GBP risk | (2.004.993) | 2.004.993 | - | - | |
| GBP net effect | (338.518) | 338.518 | - | - |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
Group Management believes that the carrying values of financial instruments approximates their fair values, except for financial investments, lease liabilities and issued debt instruments. The fair value of financial investments and issued bonds is determined by considering the market value (level 1).
| Financial and assets |
|||||
|---|---|---|---|---|---|
| Financial | derivative instruments |
Derivative | |||
| and assets |
which are recognized |
instruments which are |
|||
| liabilities at |
fair value in at |
recognized fair at |
|||
| 30 June 2025 |
amortized cost |
shareholders' equity |
value in profit/loss |
Carrying amount |
Note |
| Financial assets |
|||||
| Cash and cash equivalents |
849 135 233 |
- | - | 849 135 233 |
27 |
| Trade receivables |
104 546 028 |
- | - | 104 546 028 |
6 |
| - Other | 104 546 028 |
- | - | 104 546 028 |
6 |
| Other receivables |
96 507 404 |
- | - | 96 507 404 |
|
| - Other | 96 507 404 |
- | - | 96 507 404 |
|
| Financial investments |
335 256 632 |
93 094 305 |
- | 464 912 906 |
22 |
| Financial liabilities |
|||||
| Bank borrowings |
190 249 573 |
- | - | 190 249 573 |
22 |
| Issued debt instruments |
566 619 697 |
- | - | 431 198 212 |
|
| Trade payables |
303 465 600 |
- | - | 303 465 600 |
6 |
| - Related party |
891 026 |
- | - | 891 026 |
5 |
| - Other | 302 574 574 |
- | - | 302 574 574 |
|
| Other payables |
18 178 356 |
- | - | 18 178 356 |
|
| Derivative financial liabilities |
- | 18 365 420 |
- | 18 365 420 |
21 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Financial and assets |
|||||
|---|---|---|---|---|---|
| Financial | derivative instruments |
Derivative | |||
| and assets |
which are recognized |
instruments which are |
|||
| liabilities at |
fair in value at |
recognized fair at |
|||
| 31 December 2024 |
amortized cost |
shareholders' equity |
value in profit/loss |
Carrying amount |
Note |
| Financial assets |
|||||
| Cash and cash equivalents |
1 258 979 406 |
- | - | 1 258 979 406 |
27 |
| Trade receivables |
73 467 728 |
- | - | 73 467 728 |
6 |
| - Other | 73 467 728 |
- | - | 73 467 728 |
6 |
| Other receivables |
87 803 523 |
- | - | 87 803 523 |
|
| - Other | 87 803 523 |
- | - | 87 803 523 |
|
| Financial investments |
301 198 757 |
101 104 332 |
- | 427 818 587 |
22 |
| Derivative financial assets |
- | - | 3 963 837 |
3 963 837 |
21 |
| Financial liabilities |
|||||
| Bank borrowings |
215 942 354 |
- | - | 215 942 355 |
22 |
| Issued debt instruments |
636 265 140 |
- | - | 644 116 420 |
|
| Trade payables |
216 174 134 |
- | - | 216 174 134 |
6 |
| - Related party |
1 194 536 |
- | - | 1 194 536 |
5 |
| - Other | 214 979 598 |
- | - | 214 979 598 |
|
| Other payables |
12 519 590 |
- | - | 12 519 590 |
|
| Derivative financial liabilities |
- | 010 036 5 |
- | 010 036 5 |
21 |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The fair values of financial assets and financial liabilities are determined and grouped as follows:
| Financial assets / (Financial liabilities) |
Fair value as at | Fair value hierarchy | Valuation technique |
|
|---|---|---|---|---|
| 30 June 2025 | 31 December 2024 | |||
| Fuel purchase option contracts |
(18.365.420) | (5.010.036) | Level 2 | Discounted cash flow method |
| Currency forward contracts |
- | 3.963.837 | Level 2 | Discounted cash flow method |
| Currency | Fuel purchase | |||
| forward | option | |||
| 30 June 2025 | contracts | contracts | Total | |
| Fair value: | ||||
| Opening | 3.963.837 | (5.010.036) | (1.046.199) | |
| Fair value increase | ||||
| Recognized in equity | - | (13.355.384) | (13.355.384) | |
| Recognized in profit or loss | (3.963.837) | - | (3.963.837) | |
| Closing | ||||
| - | (18.365.420) | (18.365.420) | ||
| Assets | - | - | - | |
| Liabilities | - | (18.365.420) | (18.365.420) | |
| Total net assets and liabilities | - | (18.365.420) | (18.365.420) |
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
| Currency | Fuel purchase | |||
|---|---|---|---|---|
| forward | option | |||
| 31 December 2024 | contracts | contracts | Total | |
| Fair value: | ||||
| Opening | 387.044 | (5.321.150) | (4.934.106) | |
| Fair value increase / (decrease) | ||||
| Recognized in equity | - | 311.114 | 311.114 | |
| Recognized in profit or loss | 3.576.793 | - | 3.576.793 | |
| Closing | 3.963.837 | (5.010.036) | (1.046.199) | |
| Assets | 3.963.837 | - | 3.963.837 | |
| Liabilities | - | (5.010.036) | (5.010.036) | |
| Total net assets and liabilities | 3.963.837 | (5.010.036) | (1.046.199) |
The Group has forward fuel purchase option contracts, which are subject to hedge accounting, at a rate of 64,3% and 33,4% of the total fuel consumption estimated to occur in a period shorter than 1 year and more than 1 year, respectively. In line with its hedging policy, the Group can conclude contracts with maturities up to 24 months. As of 30 June 2025, the contracts last until June 2027. The total nominal value of these contracts is USD 662,5 million, and the weighted average price is in the range of USD 62- 77. The ineffective portion of the hedge is not material as of 30 June 2025. In the current period, the expense that is reclassified from hedging gain/(losses) fund under shareholders' equity to fuel expenses in the profit or loss statement is amounting to EUR 1.635.253 (30 June 2024: EUR 1.958.525 derivative income are charged to finance expenses).
Not available.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The Group is subject to corporate tax applicable in Türkiye. The corporate tax rate in Türkiye is applied as 25% for the 2024 taxation period. It continues to be applied as 25% for the 2025 taxation period. While calculating deferred tax on temporary differences, the Company takes into account the tax rates applicable at the date of closing of the temporary differences.
The tax expense components of 30 June 2025 and 30 June 2024 are presented below:
| 1 January- | 1 January | ||
|---|---|---|---|
| 30 June 2025 | 30 June 2024 | ||
| Tax income/(expense) | |||
| - Current tax expense | - | - | |
| - Deferred tax income/(expense) | (41.463.402) | 22.463.613 | |
| Total tax income/(expense) | (41.463.402) | 22.463.613 |
The Group's earnings from investments tied to an incentive certificate are subject to corporate tax at discounted rates, starting from the accounting period in which the investment is partially or fully operational, until the investment contribution amount is reached. In this context, tax advantage amounting to EUR 247.447.504 (31 December 2024: EUR 203.282.895) that the Group will benefit from in the foreseeable future as of 30 June 2025 is reflected in the interim condensed consolidated financial statements as a deferred tax asset. As a result of the recognition of the mentioned tax advantage as of 30 June 2025, deferred tax income amounting to EUR 44.164.610 has recognised in the interim condensed consolidated profit or loss statement for the period 1 January - 30 June 2025.
Deferred tax assets are recognized when it is determined that taxable income is likely to occur in the coming years. In cases where taxable income is likely to occur, deferred tax assets are calculated over deductible temporary differences, tax losses and tax advantages vested in indefinite-lived investment incentives that allow reduced corporate tax payments. In this context, the Group bases the reflection of deferred tax assets arising from investment incentives in the interim condensed consolidated financial statements on long-term plans and evaluates the recoverability of deferred tax assets related to these investment incentives as of each reporting date. This evaluation is conducted based on business models that include estimations of taxable profits.
In the sensitivity analysis carried out as of 30 June 2025, when the inputs in the basic macroeconomic and sectoral assumptions that make up the business plans are increased/decreased by 10%, the duration of the foreseen period for recognizing deferred tax assets related to investment incentives remains unchanged.
(Amounts are expressed full Euros (EUR) unless otherwise stated.)
The details of cash and cash equivalents as of 30 June 2025 and 31 December 2024 are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Cash on hand | 64.566 | 50.008 |
| Cash at banks | 849.313.437 | 1.259.666.911 |
| - Demand deposits | 64.931.261 | 23.318.830 |
| - Time deposits | 784.382.176 | 1.236.348.081 |
| Less: Allowance for impairment under IFRS 9 | (242.770) | (737.513) |
| 849.135.233 | 1.258.979.406 |
The weighted average interest rates of time deposits are as presented below:
| 30 June 2025 | Weighted average | |
|---|---|---|
| interest rates | Total | |
| USD deposits | 4,36 % | 520.796.964 |
| EUR deposits | 3,72 % | 113.704.739 |
| TL deposits | 48,07 % | 145.066.198 |
| GBP deposits | 0,50 % | 4.571.785 |
| IRR deposits | 5,00 % | 242.489 |
| 784.382.175 |
| 31 December 2024 | Weighted average interest rates |
Total |
|---|---|---|
| EUR deposits | 2,65 % | 271.336.285 |
| TL deposits | 48,88 % | 108.344.284 |
| GBP deposits | 0,50 % | 3.115.816 |
| IRR deposits | 5,00 % | 5.776.610 |
| 1.236.348.081 |
As of 30 June 2025 and 31 December 2024 time deposits maturities are less than 90 days.
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