PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Investor Presentation • Mar 4, 2025

4Q24 FINANCIAL RESULTS PRESENTATION March 2025

• HIGHLIGHTS

• SUMMARY FIGURES
• OUTLOOK
• ROUTE NETWORK & FLEET

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3

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

2024 SUMMARY FIGURES – TRAFFIC & KPIs

ASK increased by 15% while revenues grew by 17% YoY in 2024.

	2023	2024	YoY	2023	2024	YoY
EURmn	Q4	Q4	% chg.	12M	12M	% chg.
Total Passengers (mn)	8.1	9.5	17%	31.9	37.5	17%
International (mn)	5.0	5.9	19%	19.9	23.4	17%
Total ASK (bn)	14.6	16.8	15%	58.2	66.8	15%
International (bn)	11.9	13.8	16%	48.2	55.4	15%
Load Factor	85.2%	86.7%		84.8%	87.7%
International	84.1%	84.9%		83.1%	85.6%
Revenues	609	753	24%	2,670	3,126	17%
Costs	564	666	18%	2,150	2,578	20%
Fuel costs	227	202	-11%	834	873	5%
EBITDA	131	176	34%	838	888	6%
EBITDA margin	21.5%	23.4%		31.4%	28.4%
Deferred tax income	432	51	-88%	420	38	-91%
Net Income/loss	469	51	-89%	790	361	-54%
RASK	4.17	4.49	8%	4.59	4.68	2%
CASK	3.86	3.97	3%	3.69	3.86	4%
CASK non-fuel	2.30	2.77	20%	2.26	2.55	13%

Traffic

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• ➢ Total ASK grew 15% YoY both in 4Q24 and 12M24. International ASK grew 16% YoY in 4Q24 and 15% YoY in 12M24, standing 78% higher compared to 12M19.
• ➢ Our commercial strategy focuses on 'maximising revenue generation» through 'improving the load factor' and 'growing ancillary revenues'. In 12M24, the blended LF increased by 2.9pp YoY to 87.7% while International LF increased by 2.5pp to 85.6%.
• ➢ Total pax volume increased by 17% YoY both in 4Q24 and 12M24. International pax volume grew 19% YoY in 4Q24 and 17% YoY in 12M24, standing 60% higher vs. 12M19.
• ➢ International pax per cycle reached 178 pax in 12M24, up from 169 pax in 12M23 and 156 pax in 12M19.

Financial Performance

• ➢ Revenues at EUR753mn in 4Q24 (+24% YoY) and EUR3.1bn in 12M24 (+17% YoY). Ancillary revenue/pax is at EUR29.6 in 4Q24 (+22% YoY) and EUR28.3 in 12M24 (+11% YoY), a new record high!
• ➢ EBITDA reached EUR176mn in 4Q24 (+34% YoY) and EUR888mn in 12M24 (+6% YoY), corresponding to an EBITDA margin of 23.4% in 4Q24 and 28.4% in 12M24.
• ➢ Bottomline result read EUR51mn net profit for 4Q24 and EUR361mn net profit for 12M24.

OUTLOOK

'12%-14% growth' planned in total ASK while EBITDA margin is expected to be 'flat or slightly higher YoY' in 2025.

2025 Outlook

• ➢ We are planning for '12%-14%' growth in total ASK for 2025.
• ➢ Market is once again expected to operate on a balanced demand-capacity supply in 2025, hinting at a flattish trend for yields. In this backdrop, we expect our RASK to 'increase by mid-single digit YoY' in 2025, driven mainly by flat/slightly higher load factor and 'high-singledigit increase' in ancillary revenue /passenger.
• ➢ We expect our CASK non-fuel to ''increase by high-single digit YoY' in 2025 with an improvement compared to 2024 realization, thanks mainly to the moderating inflation. Meanwhile, we expect total CASK to 'increase by mid-single digit YoY' in 2025, based on the benign outlook for fuel prices.
• ➢ We foresee the EBITDA margin to be 'flat or slightly higher YoY' in 2025. Accordingly, we once again expect to rank among the 'top EBITDA margin generators in the airline industry' for the year.

ROUTE NETWORK

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in 2023 & 2024 Istanbul Sabiha Gokcen → Plovdiv → Amman → Birmingham

→ Kazan	→ Dortmund	→ Alexandria
→ Zagreb	→ Kutaisi	→ Cairo
→ Sofia	→ Chisinau	→ Aktau
→ Edinburgh	→ Bratislava	→ Tuzla
→ Sevilla	→ Bremen	→ Dublin
→ Nice
Ankara
→ Warsaw	→ Krakow	→ Podgorica
→ Lisbon	→ Copenhagen
Antalya
→ Symkent	→ Astana	→ Krakow
→ Warsaw
Izmir
→ Podgorica	→Warsaw	→ Lisbon
→ Krakow
Dalaman		Gaziantep
→ Baku	→Chisanau *	→ Cologne
Trabzon
→ Dammam	→ Erbil

* Announced in 2025

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

200 Boeing 737-10 aircraft: «The largest aircraft order» in Pegasus Airlines' history

• Pegasus Airlines placed an order for ²⁰⁰ Boeing 737-10 aircraft in December ²⁰²⁴
• ✓ ¹⁰⁰ aircraft on firm order ^{+ 100} aircraft on optional order
• Güliz Öztürk, CEO of Pegasus Airlines, said: "As ^a leading stakeholder in our country's tourism sector, which creates net cash inflows and the highest added value for our country, and has shown record-breaking growth after the pandemic; we are working tirelessly to reach new record-highs and do our part for Türkiye to achieve the targeted 100 million visitors and 100 billion USD in revenue in tourism. We continue to invest in our fleet in line with our growth targets in Türkiye and globally, and to expand our network by launching new routes. Within the scope of our agreement with Boeing, we have ordered a total of 200 Boeing 737-10 aircraft. The first 100 aircraft, for which we have placed firm orders, will begin joining our fleet starting in 2028. We will evaluate converting the remaining 100 aircraft options into firm orders in the coming years, based on market conditions and the needs of our fleet. Boeing aircraft have been an integral part of our operations since Pegasus entered the aviation industry in 1990. We are pleased to be expanding our fleet with the new Boeing 737-10 model aircraft. We are confident that our collaboration will create new opportunities for local manufacturing, technology transfer, R&D, training, and employment in the Turkish aviation industry.."

FLEET (as of December 31, 2024)

	Owned	Financial Lease	Operational Lease	Total
Boeing 737-800	6	3	0	9
Airbus A320ceo	-	-	6	6
Airbus A320neo	-	31	15	46
Airbus A321neo	-	56	1	57
Total	6	90	22	118

FLEET INFORMATION

• → Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.5 years.
• → 42 A320neo (all delivered) and 108 A321neo (56 delivered) on order.
• → Fleet size is planned to be 127 aircraft at the end of 2025.
• ✓ 9 A321neo planned to be added to the fleet through 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.

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FLEET & EFFICIENCY

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

and • OPERATING ENVIRONMENT

FINANCIAL • P&L + BS DETAILS

OPERATING ENVIRONMENT

International passengers of Pegasus grew by 17% YoY in 2024.

Domestic

International

TÜRKİYE PAX. (mn)

PEGASUS PAX. (mn)

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 12

REVENUES

Total RASK increased by 2% YoY in 2024, in line with the management guidance

EURmn	2023 Q4	2024 Q4	chg YoY
TOTAL REVENUES	609	753	24%
scheduled Domestic	77	95	22%
International scheduled	322	365	13%
Ancillary	198	281	42%
Charter and Other	11	11	-1%
(EURc) RASK	4 17	4 49	8%

	2023	2024
EURmn	12M	12M	chg YoY
TOTAL REVENUES	2 670 ,	3 126 ,	17%
scheduled Domestic	307	405	32%
International scheduled	1 507 ,	1 606 ,	7%
Ancillary	810	1 060 ,	31%
Charter and Other	46	55	21%
(EURc) RASK	4 59	4 68	2%

International Scheduled KPIs 12M24 vs 12M19, % growth

SCHEDULED PASSENGER REVENUES

From 2019 to 2024, while total capacity in ASK grew by 52%, the total scheduled unit revenue increased by 49%.

Passenger Yield - Sch. Domestic (TL)

Passenger Yield - Sch. Int'l (EUR)

ANCILLARY REVENUES

Ancillary revenue/pax grew 11% YoY to EUR28.3 in 2024, marking a new record high level.

Total CASK increased by 4% YoY in 2024.

	2023	2024	YoY	2023	2024	YoY
Costs (EURmn)	Q4	Q4	% chg	12M	12M	% chg
Jet fuel	227	202	-11%	834	873	5%
Personnel	73	153	109%	303	505	67%
Depreciation	83	89	8%	304	339	12%
Maintenance	23	28	22%	72	109	52%
Other DOC	113	132	17%	473	532	13%
Other	44	61	39%	165	220	33%
TOTAL COSTS	564	666	18%	2,150	2,578	20%

	2023	2024	YoY	2023	2024	YoY
Costs per ASK (€cent)	Q4	Q4	% chg	12M	12M	% chg
Jet fuel	1.56	1.20	-23%	1.43	1.31	-9%
Personnel	0.50	0.91	82%	0.52	0.76	45%
Depreciation	0.57	0.53	-6%	0.52	0.51	-3%
Maintenance	0.16	0.17	6%	0.12	0.16	32%
Other DOC	0.77	0.79	2%	0.81	0.80	-2%
Other	0.30	0.36	21%	0.28	0.33	16%
CASK	3.86	3.97	3%	3.69	3.86	4%
CASK non fuel	2.30	2.77	20%	2.26	2.55	13%

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RASK-CASK spread (annual, EURc)

*2020-2021 figures are excluded.

Other DOC line consists of Handling, Navigation, Landing, Passenger service & catering and short term wet-lease expenses

CURRENCY BREAKDOWN – OPERATIONAL PERSPECTIVE

Revenues and costs are mainly based on hard currencies.

* Costs excluding depreciation expenses

LIQUIDITY

Net debt stands at EUR2.75bn as of the end of December 2024.

EURmn	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024
Cash & Equivalents	858	1,114	1,687
Other Assets	216	194	208
Pre-delivery payment	313	274	180
Fixed Assets	3,419	4,617	5,636
Total Assets	4,806	6,200	7,711
Liabilities	841	852	1,146
Bank Loans & Debt Instruments	485	602	860
Leasing Liabilities	2,575	3,067	3,666
Shareholders' Equity	905	1,678	2,039
Total Liab. & Sh. Equity	4,806	6,200	7,711
Net Debt, EURmn	2,046	2,418	2,749

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 EUR827mn as of the end of December 2024.

Cash reserves vs. Loans

Cash reserves

Positive cash after deducting bank loans

Bank loans and debt instruments (total)

➢ Total cash reserves stood at EUR1,687mn at the end of December 2024, compared to EUR1,114mn at 2023-end. ➢ Positive cash reserve after deducting total short and long term bank loans and issued debt instruments is at EUR827mn as of the end of December 2024.

• Cash reservesinclude short and long term financial assets.

Fuel hedge ratio is at 49% for 2025.

HEDGE VOLUME AND PRICE HEDGE STRATEGY

	2025FY	2026FY
Hedge Ratio	49%	23%
Hedged Price range, \$/mt	762-891	756-830
Brent equivalent*	69-81	69-75

Price ranges are calculated by using market data of December 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

In 2024, we reached our lowest annual emission intensity level with 58.3 grCO2/RPK & reduced our emission intensity by more than 10% compared to 2019. We are progressing towards our 2030 target of reducing our unit emission intensity by 20% compared to 2019.

We participated in the first large-scale procurement event for CORSIA Phase 1 eligible emission units (EEUs), organized by IATA and supported by the Government of Guyana, Mercuria & Xpansiv. These are Jurisdictional REDD+ ART Trees credits, the only CORSIA EEUs available. These credits will help us meet our CORSIA Phase 1 offsetting obligations for the 2024-2026 period.

Our new aircraft order with Boeing for up to 200 aircraft, the largest aircraft order in our history also represents a significant step towards achieving our sustainability goals for 2050. Powered by CFM International LEAP-1B engines, the Boeing 737-10 stands out with 20% lower fuel consumption compared to previous-generation aircraft.

Our Diversity, Equality & Inclusion initiative «Harmony» contributed to better employee experience throughout 2024. We improved our employee engagement score in numerous areas including sustainable employee engagement which is now above Türkiye and global industry norm levels for 2024.

In 2024, we improved our independent assessment on sustainability performance. For a fourth year following 2020, 2022 and 2023, we attained Leadership Level Score (A-) for our CDP Climate Change Reporting. In 2024, we also published our Water Security Report as part of CDP, and in our second year, we improved our score to Management (B) level. As of the end of 2024, our LSEG ESG score was 80.7%, giving us the 3rd highest ranking among 129 passenger transport service companies.

In 2024, we were also awarded the Global Environmental Sustainability Airline/Airline Group of the Year Award by CAPA, and maintained one of the highest overall ratings in BIST on Corporate Governance Compliance with a score of 97.9%.

SUMMARY DATA & FINANCIAL STATEMENTS

OPERATIONAL & FINANCIAL HIGHLIGHTS

OPERATIONAL & FINANCIAL HIGHLIGHTS
	2019	2019	2019	2019	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024	2024	Q4	2019	2023	2024	12M
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	YoY chg	12M	12M	12M	YoY chg
Total Revenue (€mn)	290	407	647	396	270	504	1,000	675	442	657	962	609	519	763	1,091	753	24%	1,739	2,670	3,126	17%
Ancillary Revenue (€mn)	9 3	107	143	116	9 3	127	214	192	156	206	251	198	198	262	318	281	42%	459	810	1,060	31%
EBITDA (€mn) *	4 2	131	314	9 3	3 3	104	469	230	6 9	221	418	131	3 9	230	443	176	34%	580	838	888	6 %
EBITDA Margin	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%	30.1%	40.6%	23.4%	1.9pp	33.3%	31.4%	28.4%	-3.0pp
Net profit/loss (€mn)	-42	5 9	183	1 2	-60	-40	278	254	-22	9 1	253	469	-103	112	310	5 1	-89%	1 7	790	361	-54%
Passengers (mn)	6.90	7.41	8.80	7.64	4.85	6.51	8.48	7.09	6.27	7.85	9.67	8.13	8.06	9.36	10.55	9.51	17%	30.8	31.9	37.5	17%
Load Factor	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%	87.5%	89.1%	86.7%	1.5pp	88.6%	84.8%	87.7%	2.9pp
ASK (bn)	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	16.9	19.0	16.8	15%	43.9	58.2	66.8	15%
Avg. Fleet Size	8 2	8 2	8 3	8 4	9 0	9 3	9 3	9 4	9 8	9 9	103	107	107	106	110	115	8 %	8 5	102	109	8 %
Avg. Stage Length(km)	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	1,580	1,601	1,530	0 %	1,266	1,546	1,563	1 %
RASK (€c)	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	4.51	5.76	4.49	8 %	3.96	4.59	4.68	2 %
CASK (€c)	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	3.64	3.87	3.97	3 %	3.19	3.69	3.86	4 %
CASK non-fuel (€c)	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	2.29	2.59	2.77	20%	2.06	2.26	2.55	13%
Ancillary per Pax (€)	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	28.0	30.2	29.6	22%	14.9	25.4	28.3	11%
EUR/US\$ rate (avg.)	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	1.08	1.10	1.07	0 %	1.12	1.08	1.08	0 %
EUR/TRY rate (avg.)	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	34.79	36.75	36.82	20%	6.35	25.65	35.47	38%

* EBITDA: Core EBIT+Depreciation expenses+55% of wet lease expenses 23

P&L STATEMENT

P&L STATEMENT EURmn ,	2023 Q4	2024 Q4	2023 12M	2024 12M
Sales	609	753	2 670 ,	3 126 ,
of sales Cost	-529	-620	-2 027 ,	-2 410 ,
profit Gross	7 9	132	643	716
( ) General administrative expenses -	-22	-32	-73	-104
Marketing ( ) expenses -	-12	-14	-50	-64
Other operating income	0	38 3	1	38 7
Other ( ) operating expenses -	-12	1 0	-32	-9
profit Operating	3 3	136	489	578
Income/expense from investing activities	1 3	1 5	4 4	4 8
(equity method) Share of investments income	0 5	0 8	0 8	3
Operating profit before financial expense	4 6	151	534	629
Financial income	4 9	1 3	6 6	6 0
Financial ( ) expense -	-59	-164	-230	-365
/ Profit (loss) before tax	3 7	1	370	323
Current tax expense	0	0	0	0
/ Deferred (expense) income tax	432	5 1	420	3 8
/ (loss) Profit for the period	469	5 1	790	361

BALANCE SHEET

ASSETS EURmn ,	2023 12M	2024 12M	LIABILITIES EURmn ,	2023 12M	2024 12M
Current assets	1 474 ,	1 892 ,	liabilities Current	1 142 ,	1 482 ,
Cash and cash equivalents	494	259 1 ,	Short financial liabilities term	572	796
Financial assets	569	302	Trade payables	200	216
Trade receivables	5 1	7 3	flight liabilities Passenger	258	334
Other receivables	6	3	financial Derivative instruments	3	5
financial Derivative instruments	0	4	Short provisions term	6 3	6 4
Inventories	3 3	4 2	Other liabilities current	4 4	6 7
Prepaid expenses	313	202	liabilities Non-Current	3 380 ,	4 190 ,
Other current assets	8	7	financial liabilities Long term	3 097 ,	3 730 ,
Non-Current assets	726 4 ,	819 5 ,	financial Derivative instruments	2	0
Financial assets	5 1	126	Deferred income	108	203
Other receivables	5 5	8 5	Long provisions term	173	256
financial Derivative instruments	0	0	Deferred liabilities tax	0	0
(equity method) Investments	1 8	2 1	SHAREHOLDERS' EQUITY	1 678 ,	2 039 ,
and equipment Property	319	471	Paid share capital -in	6 1	230
Intangible assets	2 0	2 4	Share capital stock premiums on	194	2 5
Right of assets use	3 485 ,	172 4 ,	Other	797	368
Prepaid expenses	390	493	Retained earnings	627	1 417 ,
Deferred tax assets	388	427	profit/loss Net	790	361
TOTAL ASSETS	6 200 ,	7 711 ,	TOTAL LIABILITIES AND EQUITY	6 200 ,	7 711 ,
			25

CASH FLOW STATEMENT

CASH FLOW STATEMENT EURmn ,	2023 12M	2024 12M
A CASH FLOWS FROM OPERATING ACTIVITIES	781	900
from cash generated operating activities Net	844	952
Changes working capital in	-63	-52
CASH FLOWS FROM INVESTING ACTIVITIES B	-353	209
Cash debt of other acquire instruments entities payments to	-41	-49
Proceeds from sale of and intangible , equipment property assets	6	6 9
received from financial Interest investment	4 0	4 0
Changes cash advances and payables in	-97	-110
* Other cash changes	-261	258
C CASH FLOWS FROM FINANCING ACTIVITIES	-423	-336
borrowings Increase in	315	761
of borrowings Repayment	-225	-536
of principal lease liabilities Repayment in	-345	-356
and paid Interest commission	-195	-260
received Interest	2 6	5 4
TRANSLATION DIFFERENCES ON CASH CASH EQUIVALENTS D EFFECT AND	-41	-8
(A+B+C+D) INCREASE CASH CASH EQUIVALENTS NET IN AND	-36	765
E CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	530	494
(A+B+C+D+E) CASH CASH EQUIVALENTS OF PERIOD AND AT THE END THE	494	259 1 ,

26

* 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!