PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Investor Presentation • May 8, 2025

1Q25 FINANCIAL RESULTS PRESENTATION May 2025

• HIGHLIGHTS

• SUMMARY FIGURES
• OUTLOOK
• ROUTE NETWORK & FLEET

Genel (Public)

KEY HIGHLIGHTS – 2025 Q1

Genel (Public)

1Q25 SUMMARY FIGURES – TRAFFIC & KPIs

ASK increased by 14% while revenues grew by 20% YoY in 1Q25.

	2024	2025	YoY
EURmn	Q1	Q1	% chg.
Total Passengers (mn)	8.1	9.0	12%
International (mn)	4.9	5.7	17%
Total ASK (bn)	14.2	16.1	14%
International (bn)	11.5	13.3	16%
Load Factor	87.2%	86.1%
International	85.3%	84.2%
Revenues	519	622	20%
Costs	563	676	20%
Fuel costs	200	196	-2%
EBITDA	39	42	10%
EBITDA margin	7.4%	6.8%
Net fx gain/loss	-22	17	n.m.
Net Income/loss	-103	-62	n.m.
RASK	3.66	3.86	5%
CASK	3.97	4.20	6%
CASK non-fuel	2.56	2.98	16%

Traffic

Genel (Public)

4

• ➢ Strong traffic performance in 1Q25 despite the tough comparison base from a year ago, stemming from the high growth in 1Q24 and timing of Ramadan and Easter this year (in 2025, Ramadan moved further into Q1 while Easter moved to April).
• ➢ Total ASK grew 14%, international ASK grew 16% YoY in 1Q25. Total pax volume increased by 12%, international pax volume increased 17% YoY in 1Q25, outperforming the market growth. In 1Q25, the blended LF stood at 86.1% compared to 87.1% in 1Q24, while International LF stood at 84.2%.

Financial Performance

• ➢ Revenues amounted to EUR622mn in 1Q25 (+20% YoY). Ancillary revenues grew 33% YoY with ancillary revenue/pax reaching EUR29.1 in 1Q25 (+18% YoY). RASK increased by 5% YoY EURc3.86.
• ➢ CASK increased by 6% YoY to EURc4.20 in 1Q25. A 16% increase in CASK non-fuel to EURc2.98 was compensated to a large extent by the 14% decrease in fuel CASK.
• ➢ EBITDA reached EUR42mn in 1Q25 (+10% YoY), corresponding to an EBITDA margin of 6.8% in 1Q25.
• ➢ Bottomline read EUR-62mn loss for 1Q25, pointing to an improvement compared to the EUR-103mn loss recorded a year ago.

OUTLOOK

We are maintaing our 2025 outlook while closely monitoring the developments in the global macro environment.

2025 Outlook		Comment
Total ASK	12%-14% growth	Total ASK growth in 2024 was 15%.
RASK	'mid-single digit' increase	RASK increase will be driven mainly by 'flat/slightly higher load factor' and 'high-single-digit increase' in ancillary revenue /passenger.
CASK	'mid-single digit' increase
CASK non-fuel	'high-single digit' increase	Lower fuel price is expected to mitigate the pressure from the increase in non-fuel costs.
EBITDA margin	'flat or slightly higher'	We expect once again to rank among the 'top EBITDA margin generators in the airline industry'.

ROUTE NETWORK

6

International route network spans to 114 destinations currently. Announced additions to the int'l route network

Genel (Public)

for 2025
Istanbul	Sabiha Gökçen
→ Algiers	→ Atyrau	→ Cluj
→ Graz	→ Bristol
Ankara
→ Basel	→ Baku	→ Dubai
Antalya
→ Baku
Gaziantep
→ Berlin	→ London
Bodrum	Trabzon
→ Beirut	→ Ercan
Kayseri	Samsun
→ London	→ Berlin
Cukurova
→ Berlin

Share of new generation aircraft reached 87% of the total fleet size

Genel (Public)

FLEET (as of March 31, 2025)

	Owned	Financial Lease	Operational Lease	Total
Boeing 737-800	6	3	0	9
Airbus A320ceo	-	-	6	6
Airbus A320neo	-	29	17	46
Airbus A321neo	-	57	1	58
Total	6	89	24	119

FLEET INFORMATION

• → Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.7 years.
• → 42 A320neo (all delivered) and 108 A321neo (57 delivered) on order.
• → Fleet size is planned to be 127 aircraft at the end of 2025.
  • ✓ 8 A321neo planned to be added to the fleet in the remainder of the year.
• → Since 2021-end, all deliveries in the Airbus order book are of A321neo type.
  • ✓ Average seat count of the fleet will reach 228 at the end of 2029, from 191 at the end of 2021.

Genel (Public)

FLEET & EFFICIENCY

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

0

20

40

60

80

100

120

and • OPERATING ENVIRONMENT

FINANCIAL • P&L + BS DETAILS

STATEMENTS

HIGHLIGHTS

OPERATING ENVIRONMENT

International passengers of Pegasus grew by 17% YoY in 1Q25, outperforming the market growth.

PEGASUS PAX. (mn)

-1.0 1.0 3.0 5.0 7.0 9.0 11.0 13.0 15.0

Domestic

International

International

11

0

10

20

30

40

50

60

70

0

20

40

60

80

100

120

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, int'l pax includes charter pax 11

0

10

20

30

40

50

60

70

Genel (Public)

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

REVENUES

Total RASK increased by 5% YoY in 1Q25.

Scheduled Domestic - Pax and Yield

EURmn	2024 Q1	2025 Q1	chg YoY
TOTAL REVENUES	519	622	20%
scheduled Domestic	68	85	25%
International scheduled	247	268	9%
Ancillary	198	262	33%
Charter and Other	6	7	4%
(EURc) RASK	3 66	3 86	5%

Scheduled International - Pax and Yield

0

2

4

6

8

10

12

0

2

4

6

8

10

12

Genel (Public)

0

2

4

6

8

10121416182022242628303234363840424446485052545658606264666870727476788082

0

200

400

600

800

1000

1200

ANCILLARY REVENUES

Ancillary revenue/pax increased 18% YoY to EUR29.1 in 1Q25.

Total CASK increased by 6% YoY in 1Q25.

Costs (EURmn)	2024 Q1	2025 Q1	YoY % chg
Jet fuel	200	196	-2%
Personnel	97	147	51%
Depreciation	83	97	18%
Maintenance	24	28	17%
Other DOC	111	139	25%
Other	48	69	44%
TOTAL COSTS	563	677	20%

	2024	2025	YoY
Costs per ASK (€cent)	Q1	Q1	% chg
Jet fuel	1.41	1.21	-14%
Personnel	0.69	0.91	33%
Depreciation	0.58	0.60	4%
Maintenance	0.17	0.18	3%
Other DOC	0.78	0.87	10%
Other	0.34	0.43	26%
CASK	3.97	4.20	6%
CASK non fuel	2.56	2.98	16%

RASK-CASK spread (annual, EURc)

CURRENCY BREAKDOWN – OPERATIONAL PERSPECTIVE

Revenues and costs are mainly based on hard currencies.

LIQUIDITY

Net debt stands at EUR2.77bn as of the end of March 2025.

EURmn	Dec 31, 2023	Dec 31, 2024	Mar 31, 2025
Cash & Equivalents	1,114	1,687	1,435
Other Assets	194	208	239
Pre-delivery payment	274	180	257
Fixed Assets	4,617	5,636	5,683
Total Assets	6,200	7,711	7,613
Liabilities	852	1,146	1,305
Bank Loans & Debt Instruments	602	860	752
Leasing Liabilities	3,067	3,666	3,581
Shareholders' Equity	1,678	2,039	1,976
Total Liab. & Sh. Equity	6,200	7,711	7,613
Net Debt, EURmn	2,418	2,749	2,769

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 EUR683mn as of the end of March 2025.

Cash reserves vs. Loans

• Cash reserves
• Positive cash after deducting bank loans
• Bank loans and debt instruments (total)

• Cash reservesinclude short and long term financial assets.

Fuel hedge ratio is at 52% for 2025.

HEDGE VOLUME AND PRICE HEDGE STRATEGY

	2025FY	2026FY
Hedge Ratio	52%	32%
Hedged Price range, \$/mt	759-883	747-823
Brent equivalent*	69-80	68-75

Price ranges are calculated by using market data of March 31, 2025 * 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.

Genel (Public)

SUSTAINABILITY (ESG) UPDATE

We continue improving our emissions intensity performance with determination, having reached 57.1 grCO2/RPK in 2025Q1, towards our 2030 target of reducing our unit emission intensity by 20% (to 52.1) compared (65.1) to 2019.

We are building capacity to meet increasing regulatory oversight and requirements. In anticipation of our reporting obligations under the ReFuelEU Aviation Regulation, which will become effective from next year onwards, we successfully completed voluntary reporting for 2024.

We also continue our work on our 2024 Sustainability Report, which will include the first ever-reporting under Turkish Sustainability Reporting Standards 1 & 2 Sustainability & Climate Disclosure – targeted for publication in Q3.

We complied our work on Diversity, Equality & Inclusion in 2024 in our 2024 Harmony Report and published it on our Sustainability Hub. This is the second year in a row that we publish our work on Diversity, Equality & Inclusion actions. Volunteers from different business units continue to identify specific initiatives and targets and implement them, with specific focus on design, engagement and communication.

In 2025Q1, we reorganized our Sustainability Working Group, bringing together over 80 employees from different business units to support and further the Company's sustainability targets, with a renewed focus on Net Zero Transition, Value Chain, Circularity and Energy Management. Two other focus groups continue their work on Sustainability Communication and our Harmony Initiative (summarized above).

SUMMARY DATA & FINANCIAL STATEMENTS

OPERATIONAL & FINANCIAL HIGHLIGHTS

	2022 12M	2023 12M	2024 12M	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	Q1 chg YoY
Total (€mn) Revenue	788 4 ,	215 5 ,	3 126 ,	000 1 ,	675	2 670 ,	442	962	609	3 126 ,	519	519	763	091 1 ,	753	622	20%
(€mn) Ancillary Revenue	1 373 ,	1 706 ,	1 060 ,	214	192	810	156	251	198	1 060 ,	198	198	262	318	281	262	33%
(€mn) * EBITDA	1 606 ,	1 475 ,	888	469	230	838	6 9	418	131	888	3 9	3 9	230	443	176	4 2	10%
Margin EBITDA	5% 33	3% 28	4% 28	9% 46	1% 34	4% 31	5% 15	4% 43	5% 21	4% 28	4% 7	4% 7	1% 30	6% 40	4% 23	8% 6	-0 6pp
profit/loss (€mn) Net	431	790	790	-60	-40	278	254	-22	9 1	253	-103	-103	112	310	5 1	-62	-40%
(mn) Passengers	26 9	31 9	37 5	4 85	6 51	8 48	7 09	6 27	7 85	9 67	8 13	8 06	9 36	10 55	9 51	9 02	12%
Load Factor	83 6%	84 8%	87 7%	80 8%	78 7%	88 0%	85 5%	84 4%	81 3%	87 7%	85 2%	87 2%	87 5%	89 1%	86 7%	86 1%	-1 1pp
(bn) ASK	47 6	58 2	66 8	8 4	11 9	14 8	12 5	11 0	15 2	17 5	14 6	14 2	16 9	19 0	16 8	16 1	14%
Fleet Size Avg	9 3	102	109	9 0	9 3	9 3	9 4	9 8	9 9	103	107	107	106	110	115	118	10%
Length(km) Avg Stage	1 479 ,	1 546 ,	1 563 ,	1 399 ,	1 443 ,	1 540 ,	1 501 ,	1 473 ,	1 574 ,	1 583 ,	1 531 ,	1 533 ,	1 580 ,	1 601 ,	1 530 ,	1 538 ,	0 %
(€c) RASK	10 05	8 96	4 68	11 90	5 65	17 99	3 55	8 78	4 01	17 91	3 55	3 66	4 51	5 76	4 49	3 86	5 %
(€c) CASK	7 76	7 44	3 86	7 09	4 22	14 49	3 60	5 73	3 71	14 77	3 86	3 97	3 64	3 87	3 97	4 20	% 6
non-fuel (€c) CASK	60 4	4 77	2 55	3 64	2 39	8 87	2 30	3 39	2 21	9 77	2 49	2 56	2 29	2 59	2 77	2 98	16%
(€) Ancillary Pax per	51 0	53 4	28 3	44 1	29 5	95 5	22 1	40 0	25 2	109 6	24 3	24 5	28 0	30 2	29 6	29 1	18%
EUR/US\$ (avg ) rate	1 05	1 08	1 08	1 12	1 07	1 01	1 02	1 07	1 09	1 09	1 08	1 09	1 08	1 10	1 07	1 05	-3%
EUR/TRY (avg ) rate	17 34	25 65	35 47	15 60	16 77	18 04	18 97	20 21	22 64	29 12	30 63	33 52	34 79	36 75	36 82	38 04	13%

Genel (Public)

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

P&L STATEMENT

P&L STATEMENT, EURmn	2024 3M	2025 3M
Sales	519	622
Cost of sales	-532	-636
Gross profit	-13	-14
General administrative expenses (-)	-18	-24
Marketing expenses (-)	-14	-17
Other operating income	9	0.3
Other operating expenses (-)	-2	-40
Operating profit	-37	-94
Income/expense from investing activities	16	26
Share of investments income (equity method)	0.4	0.6
Operating profit before financial expense	-20	-67
Financial income	11	68
Financial expense (-)	-97	-69
Profit / (loss) before tax	-107	-68
Current tax expense	0	0
Deferred tax income / (expense)	4	6
Profit / (loss) for the period	-103	-62

BALANCE SHEET

ASSETS EURmn ,	2024 12M	2025 3M	LIABILITIES EURmn ,	2024 12M	2025 3M
Current assets	1 892 ,	1 640 ,	liabilities Current	1 482 ,	1 541 ,
Cash and cash equivalents	1 259 ,	768	Short financial liabilities term	796	700
Financial assets	302	480	Trade payables	216	247
Trade receivables	7 3	7 1	flight liabilities Passenger	334	436
Other receivables	3	9	financial Derivative instruments	5	4
financial Derivative instruments	4	0	Short provisions term	6 4	6 8
Inventories	4 2	4 2	Other liabilities current	6 7	8 6
Prepaid expenses	202	265	liabilities Non-Current	4 190 ,	4 097 ,
Other current assets	7	5	financial liabilities Long term	3 730 ,	3 633 ,
Non-Current assets	5 819 ,	5 973 ,	financial Derivative instruments	0	1
Financial assets	126	187	Deferred income	203	218
Other receivables	8 5	8 3	provisions Long term	256	245
financial Derivative instruments	0	0	Deferred liabilities tax	0	0
(equity method) Investments	2 1	2 1	SHAREHOLDERS' EQUITY	2 039 ,	1 976 ,
and Property equipment	471	502	Paid share capital -in	230	230
Intangible assets	2 4	2 9	Share capital stock premiums on	2 5	2 5
of Right assets use	4 172 ,	4 131 ,	Other	6	5
Prepaid expenses	493	570	Retained earnings	1 417 ,	1 778 ,
Deferred tax assets	427	450	profit/loss Net	361	-62
TOTAL ASSETS	7 711 ,	613 7 ,	TOTAL LIABILITIES EQUITY AND	7 711 ,	613 7 ,
			23

CASH FLOW STATEMENT

CASH FLOW STATEMENT EURmn ,	2024 3M	2025 3M
A CASH FLOWS FROM OPERATING ACTIVITIES	157	115
cash generated from operating activities Net	8 4	0 4
Changes working capital in	109	7 5
B CASH FLOWS FROM INVESTING ACTIVITIES	218	-351
Cash debt of other acquire instruments entities payments to	5 5	-80
Proceeds from sale of and intangible , equipment property assets	4 3	1 3
received from financial investment Interest	6 1	8
Changes cash advances and payables in	-44	-131
Other cash changes *	147	-162
C CASH FLOWS FROM FINANCING ACTIVITIES	-46	-249
borrowings in Increase	9 3	2 3
of borrowings Repayment	-15	-117
of principal lease liabilities in Repayment	-84	-100
and paid Interest commission	-51	-58
received Interest	0 1	3
D TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS	-8	-6
(A+B+C+D) NET INCREASE IN CASH AND CASH EQUIVALENTS	320	-491
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD E	494	1 259 ,
(A+B+C+D+E) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	813	768

* The change in foreign exchange-protected deposits and time deposits with a maturity of +3 months (which are classified as financial investments) are presented under «Other cash changes».

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!