PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Investor Presentation • May 8, 2024

1Q24 FINANCIAL RESULTS PRESENTATION May 2024

• HIGHLIGHTS

• SUMMARY FIGURES
• OUTLOOK
• ROUTE NETWORK & FLEET

Genel (Public)

2

Genel (Public)

3

EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses

SUMMARY FIGURES – TRAFFIC & KPIs

ASK increased by 29% while revenues grew by 17% YoY in 1Q24.

	2023	2024	YoY
EURmn	Q1	Q1	% chg.
Total Passengers (mn)	6.3	8.1	28%
International (mn)	3.7	4.9	32%
Total ASK (bn)	11.0	14.2	29%
International (bn)	8.7	11.5	33%
Load Factor	84.4%	87.2%
International	83.7%	85.3%
Revenues	442	519	17%
Costs	449	563	26%
Fuel costs	163	200	23%
EBITDA	69	39	-44%
EBITDA margin	15.5%	7.4%
Net Income/loss	-22	-103	n.m.
RASK	4.04	3.66	-9%
CASK	4.10	3.97	-3%
CASK non-fuel	2.61	2.56	-2%

International includes charter

Traffic

• ➢ Total ASK grew 29% YoY in 1Q24. International ASK grew 33% YoY, standing 85% higher compared to 1Q19. Fleet utilization turned 12% higher YoY in 1Q24, supported by the expansion in flight network and greater availability in pilot capacity compared to a year ago.
• ➢ Our commercial strategy focuses on 'maximising revenue generation» through 'improving the load factor' and 'growing ancillary revenues'. 1Q24 read was satisfying; as the blended LF increased by 2.8pp to 87.2%. International LF increased by 1.6pp to 85.3% in 1Q24, and marked the highest Q1 realization ever.
• ➢ Total passenger volume increased by 28% YoY in 1Q24. International passenger volume grew 32% YoY, standing 68% higher vs. 1Q19.
• ➢ International pax per cycle reached 178 pax in 1Q24, up from 170 pax in 1Q23 and 149 pax in 1Q19.

Financial Performance

• ➢ Revenues at EUR519mn in 1Q24 (+17% YoY, +79% vs. 1Q19). Ancillary revenue/pax is at EUR24.5 (-2% YoY, +83% vs 1Q19).
• ➢ EBITDA reached EUR39mn in 1Q24 (-44% YoY, -8% vs. 1Q19), corresponding to an EBITDA margin of 7.4%.
• ➢ Bottomline result read EUR-103mn loss for 1Q24 (vs EUR-22mn loss in 1Q23).

Genel (Public)

4

OUTLOOK

10%-12% growth planned in total ASK with RASK expected to be flat YoY in 2024.

2024 Outlook

• ➢ We are maintaining our 10%-12% growth plan in total ASK for 2024.
• ➢ Our commercial strategy delivered strong load factor improvement in Q1 and the outlook for peak season stands encouraging we are expecting RASK to be flat YoY in 2024, driven by higher load factor and 'mid-to-high single digit growth' in ancillary revenue /passenger.
• ➢ Cost outlook remains to be challenging. We maintain our estimate for a 'mid-to-high single digit' increase in CASK non-fuel in 2024 over the 2023 level.
• ➢ We foresee an EBITDA margin within the 28%-30% range in 2024. Consequently, we are confident that we will once again rank among the 'top EBITDA margin generators in the airline industry' in 2024.

ROUTE NETWORK

Genel (Public)

6

in 2023 & 2024 Istanbul Sabiha Gokcen → Plovdiv → Amman → Birmingham → Kazan → Dortmund → Alexandria → Zagreb → Kutaisi → Cairo* → Aktau* → Sofia* → Chisinau* → Masshad* → Bratislava* Ankara → Moscow → Warsaw → Krakow → Podgorica → Lisbon* Antalya → Symkent → Astana → St.Petersburg → Krakow → Warsaw Izmir → Podgorica → Warsaw → Lisbon* Dalaman → Baku Bodrum → Tel Aviv Trabzon → Tel Aviv → Dammam → Erbil Gaziantep → Cologne* * Announced in 2024

FLEET DEVELOPMENT

Fleet size was 105 aircraft at the end of 1Q24.

	Owned	Financial Lease	Operational Lease	Total
Boeing 737-800	6	3	1	10
Airbus A320ceo	-	-	7*	7
Airbus A320neo	-	35	11**	46
Airbus A321neo	-	41	1	42
Total	6	79	20	105

* 1 A320ceo on damp lease **5 A320neo was subject to S&LB contracts in 1Q24

FLEET INFORMATION

• → Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.5 years.
• → 42 A320neo (all delivered) and 108 A321neo (41 delivered) on order.
• → Fleet size is planned to be 118 aircraft at the end of 2024.
  • ✓ 15 A321neo delivery planned in the remainder of 2024, while 1 737-800 and 1 A320ceo will exit
• → Since 2021-end, all deliveries in the order book are of A321neo type.
  • ✓ Average seat count of the fleet will reach 223 at the end of 2029, from 191 at the end of 2021

Genel (Public)

7

FLEET (as of March 31, 2024) A320NEO-A321NEO ORDER BOOK

FLEET DEVELOPMENT

Increasing share of Neo seats in total is making significant contribution to efficiency gains.

and • OPERATING ENVIRONMENT

FINANCIAL • P&L + BS DETAILS

STATEMENTS

HIGHLIGHTS

9

OPERATING ENVIRONMENT

16.1

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

International passengers of Pegasus grew by 32% YoY in 1Q24.

PEGASUS PAX. (mn)

12M19 12M22 12M23 1Q23 1Q24

+10%

2.6

3.2

+24%

10.9 12.0

International

International

0

0

0

0

0

0

0

7 0

1 0

2 0

3 0

4 0

5 0

6 0

7 0

8 0

9 0

Türkiye passenger data is taken from General Directorate of State Airports Authority, domestic passengers are divided by 2 in order to avoid double counting. Pegasus figures reflect booked passengers, international pax includes charter pax 10

0

1 0

2 0

3 0

4 0

5 0

6 0

7 0

20.0

0

1 0

2 0

3 0

4 0

5 0

6 0

REVENUES

1Q24 international scheduled revenues stand 88% higher compared to 1Ç19.

EURmn	2023 Q1	2024 Q1	chg YoY
TOTAL REVENUES	442	519	17%
scheduled Domestic	57	68	20%
International scheduled	223	247	10%
Ancillary	156	198	27%
Charter and Other	6 0	6 4	6%

SCHEDULED PASSENGER REVENUES

In 1Q24 vs 1Q19, while total capacity in ASK grew by 50%, the total scheduled unit revenue increased by 54%.

Passenger Yield - Sch. Domestic (TL)

Passenger Yield - Sch. Int'l (EUR)

45 60 84 ^{54 50} 79 129 92 61 75 98 66 51 63 94 77 1Q19 2Q19 3Q19 4Q19 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2019 2022 2023Quarterly Cumulative

ANCILLARY REVENUES

Ancillary revenue/pax amounted to EUR24.5 in 1Q24.

CASK non-fuel fell 2% YoY in 1Q24.

Costs (EURmn)	2023 Q1	2024 Q1	YoY % chg	Costs (per ASK, EURc)	2023 Q1	2024 Q1	YoY % chg
Jet fuel	163	200	23%	Jet fuel	1.49	1.41	-5%
Personnel	66	97	48%	Personnel	0.60	0.69	14%
Maintenance	19	24	29%	Maintenance	0.17	0.17	0%
Depreciation	73	83	13%	Depreciation	0.67	0.58	-13%
Handling	35	45	27%	Handling	0.32	0.32	-2%
Navigation	28	37	31%	Navigation	0.25	0.26	1%
Landing	16	21	33%	Landing	0.15	0.15	2%
Pax service & catering	5	8	43%	Pax service & catering	0.05	0.05	11%
ST leases	4	1	-71%	ST lease	0.03	0.00	-78%
Other	40	48	19%	Other	0.37	0.34	-8%
TOTAL COSTS	449	563	26%	CASK (€ cent)	4.10	3.97	-3%
				CASK non fuel (€ cent)	2.61	2.56	-2%

CURRENCY BREAKDOWN – OPERATIONAL PERSPECTIVE

Revenues and costs are mainly based on hard currencies.

* Costs excluding depreciation expenses

LIQUIDITY

Net debt stands at EUR2.4bn as of the end of March 2024.

EURmn	Dec 31, 2022	Dec 31, 2023	Mar 31, 2024
Cash & Equivalents	858	1,114	1,231
Other Assets	216	194	264 280
Pre-delivery payment	313	274
Fixed Assets	3,419	4,617	4,638
Total Assets	4,806	6,200	6,413
Liabilities	841	852	1,079
Bank Loans & Debt Instruments	485	602	700
Leasing Liabilities	2,575	3,067	3,048
Shareholders' Equity	905	1,678	1,586
Total Liab. & Sh. Equity	4,806	6,200	6,413
Net Debt, EURmn	2,046	2,418	2,377

Net Debt: Cash & equivalents + PDP/2 – Bank loans – Leasing liabilities Cash & equivalents include short and long-term financial assets

Breakdown of currencies and financial debt maturity

CASH RESERVES

Positive cash reserves are at EUR531mn as of the end of March 2024.

Cash reserves vs. Loans

Cash reserves

Positive cash after deducting bank loans

Bank loans and debt instruments (total)

➢ Positive cash reserve after deducting total short and long term bank loans and issued debt instruments is at EUR531mn as of the end of March 2024.

• Cash reserves include short and long term financial assets.

HEDGING & RISK MANAGEMENT

49% of the estimated jet fuel consumption for 2024 is hedged.

HEDGE VOLUME AND PRICE HEDGE STRATEGY

2024FY	2025FY
49%	27%
749-895	759-929
68-81	69-84

Price ranges are calculated by using market data of March 31, 2024 * Jet Fuel Price/11

• ➢ Non-discretionary portion is limited with 50% at any annual budgeting period, which is executed regardless of the price levels utilizing layered-hedging strategy.
• ➢ Discretionary portion is up to 20% of any annual budgeting period pursuant to the approval of Hedge Committee.
• ➢ Hedging tenor for non-discretionary portion is 24 months.
• ➢ Instruments: Vanilla Call Options, Zero Cost Collars and Swaps

RISK MANAGEMENT POLICY

• ➢ Currency Risk Hedge Program to weather exchange rate fluctuations.
• ➢ 100% international ticket revenues which are filed in US\$ but collected in TRY, EUR and GBP as well as up to 25% of domestic ticket revenues collected in TRY (if required) are converted to US\$ in daily spot market.

SUSTAINABILITY (ESG) UPDATE

With YEK-G, we certified that 5,041 MWh of electricity, corresponding to our 2023 electricity consumption at our HQ and at our home base SAW, is sourced from renewable energy sources. YEK-G refers to the block chain based renewable energy resource guarantee certification system developed by EPİAŞ, designed to track the entire energy process from production to consumption. We aim to continue renewable energy certification in the coming years, building upon our first initiative in this area through certification of 4,242 MWh of electricity in 2022.

We carry-out our emission management work in line with the Climate Transition Roadmap on our Sustainability Hub. In 2024Q1, we achieved the lowest level of emission intensity to date, achieving unit carbon emissions of 58.2 grCO2/RPK.

We complied our work on Diversity, Equality & Inclusion in 2023 in our 2023 Harmony Report and published it on our Sustainability Hub. Volunteers from different business units continue to identify specific initiatives and targets and implement them, with specific focus on design, engagement and communication.

Based on our independently appraised Corporate Governance Compliance Rating of 97.5%, we were awarded as the Company with the 3rd Highest Ranking in the BIST Corporate Governance Index at the XIV. Corporate Governance Awards hosted by the Turkish Corporate Governance Association, TKYD.

We are supporting the Turkish Sustainable Aviation Alliance, initially launched by Boeing, Istanbul Technical University and THY in 2023. We are actively involved in the work of the Alliance 2024. The platform aims to adopt a multidisciplinary approach and cooperative perspective to support decarbonization and sustainability transition of Turkish aviation in the future, to facilitate collaborations and joint projects regarding sustainable aviation and to conduct training and increase awareness in this area.

OPERASYONEL - FİNANSAL VERİLER VE MALİ TABLOLAR

OPERATIONAL & FINANCIAL HIGHLIGHTS

	2019 12M	2022 12M	2023 12M	2019 Q1	2019 Q2	2019 Q3	2019 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	Q1 chg YoY
(€mn) TOTAL REVENUE	1 739 ,	2 449 ,	2 670 ,	290	407	647	396	270	504	1 000 ,	675	442	657	962	609	519	17%
(€mn) ANCILLARY REVENUE	459	626	810	9 3	107	143	116	9 3	127	214	192	156	206	251	198	198	27%
(€mn) * EBITDA	580	835	838	2 4	131	314	9 3	3 3	104	469	230	6 9	221	418	131	3 9	-44%
Margin EBITDA	33 3%	34 1%	31 4%	14 5%	32 1%	48 6%	23 5%	12 1%	20 6%	46 9%	34 1%	15 5%	33 6%	43 4%	21 5%	7 4%	-8 1pp
profit/loss (€mn) Net	212	431	790	-42	5 9	183	1 2	-60	-40	278	254	-22	9 1	253	469	-103	n.m
(mn) PAX	30 8	26 9	31 9	6 90	7 41	8 80	64 7	85 4	6 51	8 48	09 7	6 27	85 7	9 67	8 13	8 06	28%
LOAD FACTOR	88 6%	83 6%	84 8%	86 9%	87 3%	91 3%	88 4%	80 8%	78 7%	88 0%	85 5%	84 4%	81 3%	87 7%	85 2%	87 2%	2 8pp
(bn) ASK	43 9	47 6	58 2	9 5	10 8	12 7	10 9	8 4	11 9	14 8	12 5	11 0	15 2	17 5	14 6	14 2	29%
(km) AVG STAGE LENGTH	1 266 ,	1 479 ,	1 546 ,	1 192 ,	1 275 ,	1 320 ,	1 264 ,	1 399 ,	1 443 ,	1 540 ,	1 501 ,	1 473 ,	1 574 ,	1 583 ,	1 531 ,	1 533 ,	% 4
(€c) RASK ,	3 96	5 14	4 59	3 07	3 76	5 08	3 62	3 21	4 22	6 74	5 42	4 04	4 32	5 51	4 17	3 66	-9%
(€c) CASK ,	3 19	3 93	3 69	3 24	3 10	3 10	3 36	3 57	3 94	4 02	4 05	4 10	3 36	3 60	3 86	3 97	-3%
Non-fuel (€c) CASK ,	2 06	2 18	2 26	2 14	1 96	1 95	2 24	2 38	2 07	2 06	2 29	2 61	2 13	2 13	2 30	2 56	-2%
(€) ANCILLARY PER PAX	14 9	23 3	25 4	13 4	14 4	16 3	15 2	19 2	19 5	25 2	27 1	24 9	26 2	25 9	24 3	24 5	-2%
EUR/US\$ (avg ) rate	1 12	1 05	1 08	1 14	1 12	1 11	1 11	1 12	1 07	1 01	1 02	1 07	1 09	1 09	1 08	1 09	1 %
EUR/TRY (avg ) rate	6 35	17 34	25 65	6 09	6 59	6 30	6 40	15 60	16 77	18 04	18 97	20 21	22 64	29 12	30 63	33 52	66%

Genel (Public)

* EBITDA: Core EBIT+Depreciation expenses+55% of wet lease expenses 21

P&L STATEMENT

P&L STATEMENT EURmn ,	2023 3M	2024 3M
Sales	442	519
of sales Cost	-423	-532
profit Gross	19	-14
( ) General administrative expenses -	-15	-17
( ) Marketing expenses -	-11	-14
Other operating income	2	9
Other ( ) operating expenses -	-2	-2
Operating profit	-6	-37
Income/expense from investing activities	7	16
Share of (equity method) investments income	0	0
profit before financial Operating expense	1	-20
Financial income	26	11
( ) Financial expense -	-50	-97
/ (loss) Profit before tax	-23	-107
Current tax expense	0	0
/ Deferred (expense) income tax	0	4
/ Profit (loss) for the period	-22	-103

BALANCE SHEET

ASSETS EURmn ,	2023 12M	2024 3M	LIABILITIES EURmn ,	2023 12M	2024 3M
Current assets	1 474 ,	1 647 ,	liabilities Current	1 142 ,	1 439 ,
Cash and cash equivalents	494	813	financial Short liabilities term	572	679
Financial assets	569	341	Trade payables	200	216
Trade receivables	5 1	8 4	flight liabilities Passenger	258	409
Other receivables	6	5	financial Derivative instruments	3	0
financial Derivative instruments	0	5	Short provisions term	6 3	6 0
Inventories	3 3	3 8	Other liabilities current	4 4	7 4
Prepaid expenses	313	353	liabilities Non-Current	3 380 ,	3 388 ,
Other current assets	8	7	financial liabilities Long term	3 097 ,	3 069 ,
Non-Current assets	4 726 ,	4 765 ,	financial Derivative instruments	2	0
Financial assets	5 1	7 6	Deferred income	108	149
Other receivables	5 5	5 9	provisions Long term	173	170
financial Derivative instruments	0	3	Deferred liabilities tax	0	0
(equity method) Investments	8 1	9 1	SHAREHOLDERS' EQUITY	678 1 ,	586 1 ,
and Property equipment	319	347	Paid share capital -in	6 1	6 1
Intangible assets	2 0	2 1	Share capital stock premiums on	194	194
of Right assets use	3 485 ,	3 441 ,	Other	797	-85
Prepaid expenses	390	411	Retained earnings	627	1 417 ,
Deferred tax assets	388	389	profit/loss Net	790	-103
TOTAL ASSETS	6 200 ,	6 413 ,	TOTAL LIABILITIES AND EQUITY	6 200 ,	6 413 ,

Genel (Public)

23

CASH FLOW STATEMENT

CASH FLOW STATEMENT EURmn ,	2023 3M	2024 3M
A CASH FLOWS FROM OPERATING ACTIVITIES	117	142
cash generated from operating activities Net	6 2	8 4
Changes working capital in	5 5	9 4
B CASH FLOWS FROM INVESTING ACTIVITIES	-45	218
Cash debt of other acquire instruments entities payments to	1	5 5
from of Proceeds sale and intangible , equipment property assets	-4	4 3
received from financial Interest investment	8	1 6
Changes cash advances and payables in	-43	-44
Other cash changes	-7	147
C CASH FLOWS FROM FINANCING ACTIVITIES	-78	-35
borrowings Increase in	112	9 3
of borrowings Repayment	-79	-15
of principal lease liabilities Repayment in	-84	-84
and paid Interest commission	-31	-40
received Interest	3	1 0
TRANSLATION DIFFERENCES EFFECT ON CASH CASH EQUIVALENTS D AND	-2	-4
(A+B+C+D) NET INCREASE IN CASH AND CASH EQUIVALENTS	-8	320
E CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	530	494
(A+B+C+D+E) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	522	813

DISCLAIMER

This document is prepared by Pegasus Hava Taşımacılığı Anonim Şirketi ("Pegasus") in accordance with the Pegasus Information Policy. The information covered in this document may be based on Pegasus corporate records, its own internal research and estimates based on the knowledge and experience of the markets in which it operates, or industry, market and similar data procured from third parties as indicated in the document. While Pegasus believes that third party data has been obtained from reputable sources it does not independently verify such data or commit to any undertakings regarding the completeness or accurateness of such data or such data not being misleading.

The data contained in this document aims to inform intended recipients of the operational results, targets and expectations of Pegasus in a correct and transparent manner and on equal terms and does not intend any investment advice or any offer or solicitation in connection with securities issued by Pegasus. Investors must make their investment decisions based on all other information, events and circumstances available through different channels and that may affect their investment decisions.

Investor communication prepared by Pegasus may contain forward-looking statements, including targets or expectations. These forward-looking statements may be disclosed as targets or expectations or through expressions such as "anticipate", "believe", "estimate" or "expect" or using the future tense. Forward-looking statements may relate to the operational and financial performance of Pegasus, its growth and strategies or future plans and targets of Pegasus Management. Forward-looking statements relate to matters that have not yet realized. While forward-looking statements are based on reasonable assumptions and estimates, such statements are prone to uncertainty and risks and such statements reflect the targets and expectations valid as of the date of announcement. Many factors could cause the actual results to be materially different from targets and expectations expressed by such forward-looking statements.

In the absence of any legal obligations arising from the applicable capital markets law, Pegasus does not undertake to update, keep up-to-date or to periodically review the information contained herein, including any forward-looking statements. By using this document for any purpose, you are deemed to have read, understood and accepted the warnings stated in this disclaimer.

We didn't start aviation in Türkiye, but we transformed it!