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PEGASUS HAVA TAŞIMACILIĞI A.Ş.
Investor Presentation • Aug 12, 2025
5947_rns_2025-08-12_7b848ab6-e2f2-4803-921d-c47270779b44.pdf
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2Q25 FINANCIAL RESULTS PRESENTATION August 2025
• HIGHLIGHTS
- SUMMARY FIGURES
- OUTLOOK
- ROUTE NETWORK & FLEET
Genel (Public)
2
KEY HIGHLIGHTS – 2025 Q2
Genel (Public)
3
2Q25 SUMMARY FIGURES – TRAFFIC & KPIs
ASK increased by 17% while revenues grew by 15% YoY in 2Q25.
| 2024 | 2025 | YoY | 2024 | 2025 | YoY | |
|---|---|---|---|---|---|---|
| EURmn | Q2 | Q2 | % chg. | 6M | 6M | % chg. |
| Total Passengers (mn) |
9.4 | 10.7 | 14% | 17.4 | 19.7 | 13% |
| International (mn) | 5.8 | 6.9 | 18% | 10.7 | 12.6 | 17% |
| Total ASK (bn) | 16.9 | 19.9 | 17% | 31.1 | 36.0 | 16% |
| International (bn) | 14.1 | 16.7 | 19% | 25.6 | 30.0 | 17% |
| Load Factor |
87.5% | 86.4% | 87.3% | 86.3% | ||
| International | 85.3% | 84.2% | 85.3% | 84.2% | ||
| Revenues | 763 | 876 | 15% | 1,282 | 1,498 | 17% |
| Costs | 615 | 725 | 18% | 1,178 | 1,402 | 19% |
| Fuel costs |
227 | 215 | -6% | 427 | 411 | -4% |
| EBITDA | 230 | 254 | 11% | 268 | 297 | 11% |
| EBITDA margin | 30.1% | 29.0% | 20.9% | 19.8% | ||
| Deferred tax income |
19 | -48 | 22 | -41 | ||
| Net Income/loss | 112 | 122 | 9% | 9 | 60 | 562% |
| RASK | 4.51 | 4.41 | -2% | 4.12 | 4.16 | 1% |
| CASK | 3.64 | 3.65 | 0% | 3.79 | 3.90 | 3% |
| CASK non-fuel | 2.29 | 2.57 | 12% | 2.41 | 2.75 | 14% |
Traffic
Genel (Public)
- ➢ In 2Q25, Türkiye's total air passenger volume grew 5% YoY (+6% YoY in international). Foreign visitor volume grew only by 1% YoY whereas the volume of Turkish travellers grew by a notable 12% YoY.
- ➢ Strong traffic performance extended to 2Q25 with 17% YoY increase in total ASK, despite ongoing macroeconomic and geopolitical challenges. Total number of passengers grew 14% YoY, outperforming the market growth.
- ➢ International ASK grew 19% while international pax volume increased 18% YoY in 2Q25.
- ➢ The blended LF stood at 86.4% compared to 87.5% in 2Q24, while International LF stood at 84.2%.
Financial Performance
- ➢ Revenues amounted to EUR876mn in 2Q25 (+15% YoY). Ancillary revenues grew 21% YoY with ancillary revenue/pax reaching EUR29.7 in 2Q25 (+6% YoY). RASK decreased by 2% YoY EURc4.41.
- ➢ CASK remained flat YoY at EURc3.65 in 2Q25. A 12% increase in CASK non-fuel to EURc2.57 was offset by the 20% decrease in fuel CASK.
- ➢ EBITDA reached EUR252mn in 2Q25 (+11% YoY), corresponding to an EBITDA margin of 29.0% in 2Q25.
- ➢ Bottom-line read EUR122mn net profit for 2Q25 (+9% YoY).
OUTLOOK
2025 ASK growth guidance revised up, EBITDA margin guidance revised down.
| 2025 Outlook | NEW | OLD | 2024 Actual | Comment |
|---|---|---|---|---|
| Total ASK | 14%-16% growth | 12%-14% growth | 66.8bn, +15% YoY | We expect to further extend our significant outperformance over the market growth. |
| RASK | 'mid-single digit' decline |
'mid-single digit' increase | EURc4.68, +2% YoY | 'Lower RASK' is a reflection of complicated macro and geopolitics, leading to a 'soft yield environment' and 'flattish load factor' outlook. Ancillary revenue /pax is expected to increase by 'low-single-digit'. |
| CASK | 'low-single digit' decline |
'mid-single digit' increase | EURc3.86, +4% YoY | Fuel CASK is expected to decrease by 'over 10%' in |
| CASK non -fuel |
'low-single digit' increase |
'high-single digit' increase | EURc2.55, +13% YoY | 2025, mitigating most of the pressure coming from the increase in non-fuel costs. |
| EBITDA margin | 26%-27% | 'flat/slightly higher' | %28.4 | In 2025, we expect to rank once again among the best performers in the industry globally. |
Genel (Public)
5
ROUTE NETWORK
6
International route network spans to 114 destinations currently. Announced additions to the int'l route network
Genel (Public)
6
| 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 |
→ Beirut |
* Announced in 2025
Share of new generation aircraft reached 88% of the total fleet size
FLEET (as of June 30, 2025)
| Owned | Financial Lease |
Operational Lease |
Total | |
|---|---|---|---|---|
| Boeing 737-800 | 6 | 3 | 0 | 9 |
| Airbus A320ceo | - | - | 9 | 9 |
| Airbus A320neo | - | 29 | 17 | 46 |
| Airbus A321neo | - | 59 | 1 | 60 |
| Total | 6 | 91 | 27 | 124 |
* 3 A320ceo operated on wet-lease/damp lease
ORDER BOOK
FLEET INFORMATION
- → Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.9 years.
- → 42 A320neo (all delivered) and 108 A321neo (59 delivered) on order.
- → Fleet size is planned to be 127 aircraft at the end of 2025.
- ✓ 6 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)
8
FLEET & EFFICIENCY
Increasing share of Neo seats in total is making significant contribution to efficiency gains.
and • OPERATING ENVIRONMENT
FINANCIAL • P&L + BS DETAILS
STATEMENTS
HIGHLIGHTS
OPERATING ENVIRONMENT
International passengers of Pegasus grew by 17% YoY in 2Q25, largely 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
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
0
20
40
60
80
100
120
Genel (Public)
0.0
30.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
International
11
0
10
20
30
40
50
60
70
0
20
40
60
80
100
120
International
REVENUES
Total RASK decreased by 2% YoY in 2Q25.
| 2024 | 2025 | ||
|---|---|---|---|
| EURmn | Q2 | Q2 | chg YoY |
| TOTAL REVENUES |
763 | 876 | 15% |
| scheduled Domestic |
98 | 115 | 17% |
| International scheduled |
387 | 430 | 11% |
| Ancillary | 262 | 317 | 21% |
| Charter and Other |
16 | 14 | -11% |
| (EURc) RASK |
4 51 |
4 41 |
-2% |
| 2024 | 2025 | ||
|---|---|---|---|
| EURmn | 6M | 6M | chg YoY |
| TOTAL REVENUES |
282 1 , |
498 1 , |
17% |
| scheduled Domestic |
166 | 200 | 21% |
| International scheduled |
634 | 697 | 10% |
| Ancillary | 460 | 580 | 26% |
| Charter and Other |
23 | 21 | -7% |
| (EURc) RASK |
4 12 |
4 16 |
1% |
ANCILLARY REVENUES
Ancillary revenue/pax increased 6% YoY to EUR29.7 in 2Q25.
Total CASK stood flat YoY in 2Q25.
| 2024 | 2025 | YoY | 2024 | 2025 | YoY | |
|---|---|---|---|---|---|---|
| Costs (EURmn) |
Q2 | Q2 | % chg | 6M | 6M | % chg |
| Jet fuel | 227 | 215 | -6% | 427 | 411 | -4% |
| Personnel | 97 | 149 | 54% | 194 | 296 | 53% |
| Depreciation | 81 | 101 | 25% | 164 | 199 | 21% |
| Maintenance | 28 | 30 | 6% | 53 | 59 | 11% |
| Other DOC |
132 | 167 | 27% | 243 | 306 | 26% |
| Other | 49 | 63 | 27% | 97 | 131 | 35% |
| TOTAL COSTS | 615 | 725 | 18% | 1,178 | 1,402 | 19% |
| 2024 | 2025 | YoY | 2024 | 2025 | YoY | |
|---|---|---|---|---|---|---|
| Costs per ASK (€cent) |
Q2 | Q2 | % chg | 6M | 6M | % chg |
| Jet fuel | 1.34 | 1.08 | -20% | 1.37 | 1.14 | -17% |
| Personnel | 0.57 | 0.75 | 31% | 0.62 | 0.82 | 32% |
| Depreciation | 0.48 | 0.51 | 6% | 0.53 | 0.55 | 5% |
| Maintenance | 0.17 | 0.15 | -9% | 0.17 | 0.16 | -4% |
| Other DOC |
0.78 | 0.84 | 8% | 0.78 | 0.85 | 9% |
| Other | 0.29 | 0.32 | 8% | 0.31 | 0.36 | 17% |
| CASK | 3.64 | 3.65 | 0% | 3.79 | 3.90 | 3% |
| CASK non fuel |
2.29 | 2.57 | 12% | 2.41 | 2.75 | 14% |
RASK-CASK spread (annual, EURc)
*2020-2021 figures are excluded.
14 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.
LIQUIDITY
Net debt stands at EUR2.7bn as of the end of June 2025.
| EURmn | Dec 31, 2023 |
Dec 31, 2024 |
Jun 30, 2025 |
|---|---|---|---|
| Cash & Equivalents | 1,114 | 1,687 | 1,314 |
| Other Assets |
194 | 208 | 265 |
| Pre-delivery payment |
274 | 180 | 239 |
| Fixed Assets | 4,617 | 5,636 | 5,695 |
| Total Assets | 6,200 | 7,711 | 7,513 |
| Liabilities | 852 | 1,146 | 1,293 |
| Bank Loans & Debt Instruments |
602 | 860 | 621 |
| Leasing Liabilities | 3,067 | 3,666 | 3,512 |
| Shareholders' Equity | 1,678 | 2,039 | 2,086 |
| Total Liab. & Sh. Equity | 6,200 | 7,711 | 7,513 |
| Net Debt, EURmn | 2,418 | 2,749 | 2,700 |
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 EUR693mn as of the end of June 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 62% for 2025.
HEDGE VOLUME AND PRICE HEDGE STRATEGY
| 2025FY | 2026FY | |
|---|---|---|
| Hedge Ratio | 62% | 52% |
| Hedged Price range, \$/mt |
745-851 | 720-782 |
| Brent equivalent* | 68-77 | 65-71 |
Price ranges are calculated by using market data of June 30, 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)
18
SUSTAINABILITY (ESG) UPDATE
Pegasus Airlines 2024 Sustainability Report is published on our Investor Relations Website. For the first time, it covers Turkish Sustainability Reporting Standards (TSRS) 1 & 2 Sustainability & Climate Disclosure. The rest of the report is aligned with Global Reporting Initiative (GRI) Standards. English report will be published before the end of August 2025.
Our Diversity, Equality & Inclusion initiative «Harmony» received Silver Award at the International Stevie Awards for Great Employers on «Achievement in Diversity & Inclusion». As part of the 2025 Stevie Awards, we also received the Gold Stevie for Employer of the Year in Aviation & Defense, Best Talent Acquisition Process (GoYoung) and Best Use of Blended Learning (GoLEAD). We were awarded Silver Stevies for Most Innovative Talent Acquisition Program (Cabin Crew Career Check), Leadership Development (GoAHEAD), People-Oriented Communication and People-Oriented Talent Management; and Bronze Stevies for Best Youth Employment Strategy (Jump Seat) and Best Talent Acquisition Process (Pegasus Pilot Training Program).
Our 2025 Corporate Governance Compliance Rating resulted in an increased compliance score of 98.2%. This marks the highest compliance score in the aviation industry and ranks among the highest overall scores across Borsa Istanbul.
SUMMARY DATA & FINANCIAL STATEMENTS
OPERATIONAL & FINANCIAL HIGHLIGHTS
| 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | Q2 | 2023 | 2024 | 2025 | 6 M |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | chg YoY |
6 M |
6 M |
6 M |
chg YoY |
|
| (€mn) Total Revenue |
270 | 504 | 1 000 , |
675 | 442 | 657 | 962 | 609 | 519 | 763 | 1 091 , |
753 | 622 | 876 | 15% | 1 100 , |
1 282 , |
1 498 , |
17% |
| Ancillary (€mn) Revenue |
9 3 |
127 | 214 | 192 | 156 | 206 | 251 | 198 | 198 | 262 | 318 | 281 | 262 | 317 | 21% | 362 | 460 | 580 | 26% |
| (€mn) * EBITDA |
3 3 |
104 | 469 | 230 | 6 9 |
221 | 418 | 131 | 3 9 |
230 | 443 | 176 | 4 2 |
254 | 11% | 290 | 268 | 297 | 11% |
| Margin EBITDA |
12 1% |
20 6% |
46 9% |
34 1% |
15 5% |
33 6% |
43 4% |
21 5% |
7 4% |
30 1% |
40 6% |
23 4% |
6 8% |
29 0% |
-1 1pp |
26 3% |
20 9% |
19 8% |
-1 1pp |
| profit/loss (€mn) Net |
-60 | -40 | 278 | 254 | -22 | 9 1 |
253 | 469 | -103 | 112 | 301 | 5 1 |
-62 | 122 | 9 % |
1 7 |
9 | 6 0 |
562% |
| (mn) Passengers |
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 |
10 69 |
14% | 14 1 |
17 4 |
19 7 |
13% |
| Load Factor |
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% |
86 4% |
-1 1pp |
82 7% |
87 3% |
86 3% |
-1 1pp |
| (bn) ASK |
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 |
19 9 |
17% | 26 2 |
31 1 |
36 0 |
16% |
| Fleet Size Avg |
9 0 |
9 3 |
9 3 |
9 4 |
9 8 |
9 9 |
103 | 107 | 107 | 106 | 110 | 115 | 118 | 121 | 14% | 9 8 |
106 | 119 | 12% |
| Length(km) Avg Stage |
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 , |
1 606 , |
2 % |
1 530 , |
1 558 , |
1 575 , |
1 % |
| (€c) RASK |
3 21 |
4 22 |
6 74 |
42 5 |
4 04 |
4 32 |
51 5 |
4 17 |
3 66 |
4 51 |
76 5 |
4 49 |
3 86 |
4 41 |
-2% | 4 20 |
4 12 |
4 16 |
1 % |
| (€c) CASK |
3 57 |
3 94 |
4 02 |
4 05 |
4 10 |
3 36 |
3 60 |
3 86 |
3 97 |
3 64 |
3 87 |
3 97 |
4 20 |
3 65 |
% 0 |
3 67 |
3 79 |
3 90 |
% 3 |
| (€c) non-fuel CASK |
2 38 |
2 07 |
2 06 |
2 29 |
2 61 |
2 13 |
2 13 |
2 30 |
2 56 |
2 29 |
2 59 |
2 77 |
2 98 |
2 57 |
12% | 2 33 |
2 41 |
2 75 |
14% |
| Ancillary (€) Pax per |
19 2 |
19 5 |
25 2 |
27 1 |
24 9 |
26 2 |
25 9 |
24 3 |
24 5 |
28 0 |
30 2 |
29 6 |
29 1 |
29 7 |
6 % |
25 6 |
26 4 |
29 4 |
11% |
| EUR/US\$ (avg ) rate |
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 |
1 13 |
% 5 |
1 08 |
1 08 |
1 09 |
% 1 |
| EUR/TRY (avg ) rate |
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 |
43 84 |
26% | 21 43 |
34 16 |
40 94 |
20% |
Genel (Public)
* EBITDA: Core EBIT+Depreciation expenses+55% of wet lease expenses 21
P&L STATEMENT
| P&L STATEMENT EURmn , |
2024 Q2 |
2025 Q2 |
2024 6M |
2025 6M |
|---|---|---|---|---|
| Sales | 763 | 876 | 282 1 , |
498 1 , |
| of sales Cost |
-576 | -849 | 108 -1 , |
484 -1 , |
| profit Gross |
187 | 2 7 |
174 | 1 3 |
| General administrative ( ) expenses - |
-22 | 9 2 |
-40 | 6 8 |
| ( ) Marketing expenses - |
-17 | 3 2 |
-30 | 1 5 |
| Other operating income |
0 2 |
0 2 |
1 0 |
0 4 |
| ( ) Other operating expenses - |
-0 2 |
-87 | -2 | -127 |
| profit Operating |
148 | 6 4 |
112 | -31 |
| Income/expense from investing activities |
7 | 9 1 |
2 3 |
4 5 |
| Share of (equity method) investments income |
0 8 |
0 9 |
1 2 |
2 |
| Operating profit before financial expense |
156 | 8 3 |
136 | 1 6 |
| Financial income |
1 3 |
150 | 2 3 |
214 |
| ( ) Financial expense - |
-75 | -64 | -172 | -129 |
| / Profit (loss) before tax |
9 3 |
169 | -13 | 101 |
| Current tax expense |
0 | 0 | 0 | 0 |
| / Deferred (expense) income tax |
1 9 |
-48 | 2 2 |
-41 |
| / Profit (loss) for the period |
112 | 122 | 9 | 6 0 |
BALANCE SHEET
| ASSETS EURmn , |
2024 12M |
2025 6M |
LIABILITIES EURmn , |
2024 12M |
2025 6M |
|---|---|---|---|---|---|
| Current assets |
1 892 , |
1 566 , |
liabilities Current |
1 482 , |
1 470 , |
| Cash and cash equivalents |
1 259 , |
849 | financial Short liabilities term |
796 | 566 |
| Financial assets |
302 | 326 | Trade payables |
216 | 303 |
| Trade receivables |
7 3 |
105 | flight liabilities Passenger |
334 | 394 |
| Other receivables |
3 | 9 1 |
financial Derivative instruments |
5 | 6 1 |
| financial Derivative instruments |
4 | 0 | Short provisions term |
6 4 |
6 3 |
| Inventories | 4 2 |
4 2 |
Other liabilities current |
6 7 |
127 |
| Prepaid expenses |
202 | 220 | liabilities Non-Current |
4 190 , |
3 957 , |
| Other current assets |
7 | 5 | financial liabilities Long term |
3 730 , |
3 568 , |
| Non-Current assets |
5 819 , |
5 947 , |
financial Derivative instruments |
0 | 2 |
| Financial assets |
126 | 139 | Deferred income |
203 | 205 |
| Other receivables |
8 5 |
7 7 |
Long provisions term |
256 | 181 |
| financial Derivative instruments |
0 | 0 | Deferred liabilities tax |
0 | 0 |
| (equity method) Investments |
2 1 |
2 0 |
SHAREHOLDERS' EQUITY |
2 039 , |
2 086 , |
| and Property equipment |
471 | 507 | Paid share capital -in |
230 | 230 |
| Intangible assets |
2 4 |
3 1 |
Share capital stock premiums on |
2 5 |
2 5 |
| Right of assets use |
4 172 , |
4 162 , |
Other | 6 | -6 |
| Prepaid expenses |
493 | 622 | Retained earnings |
1 417 , |
1 778 , |
| Deferred tax assets |
427 | 389 | profit/loss Net |
361 | 6 0 |
| TOTAL ASSETS |
711 7 , |
513 7 , |
TOTAL LIABILITIES AND EQUITY |
711 7 , |
513 7 , |
| 23 |
CASH FLOW STATEMENT
| CASH FLOW STATEMENT EURmn , |
2024 6M |
2025 6M |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES A |
403 | 221 |
| cash generated from Net operating activities |
257 | 143 |
| Changes working capital in |
147 | 8 7 |
| CASH FLOWS FROM INVESTING ACTIVITIES B |
169 | -210 |
| Cash debt of other acquire instruments entities payments to |
1 2 |
-106 |
| Proceeds from sale of and intangible , equipment property assets |
3 5 |
-27 |
| received from financial Interest investment |
2 1 |
3 9 |
| Changes cash advances and payables in |
-121 | -136 |
| * Other cash changes |
222 | 2 0 |
| C CASH FLOWS FROM FINANCING ACTIVITIES |
-194 | -461 |
| borrowings Increase in |
103 | 118 |
| of borrowings Repayment |
-25 | -308 |
| of principal lease liabilities Repayment in |
-172 | -196 |
| and paid commission Interest |
-123 | -107 |
| received Interest |
2 2 |
3 2 |
| D TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS |
6 | 4 0 |
| (A+B+C+D) INCREASE CASH CASH EQUIVALENTS NET IN AND |
384 | -410 |
| E CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD |
494 | 1 259 , |
| (A+B+C+D+E) CASH CASH EQUIVALENTS OF PERIOD AND AT THE END THE |
878 | 849 |
Genel (Public)
24
* 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.
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We didn't start aviation in Türkiye, but we transformed it!
