PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Investor Presentation • Aug 13, 2025

2Q25 FINANCIAL RESULTS PRESENTATION August 2025

• HIGHLIGHTS

• SUMMARY FIGURES
• OUTLOOK
• ROUTE NETWORK & FLEET

Genel (Public)

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KEY HIGHLIGHTS – 2025 Q2

Genel (Public)

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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 EUR254mn 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.

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ROUTE NETWORK

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

Genel (Public)

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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)

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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

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

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Genel (Public)

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International

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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)

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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

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	YoY chg	6 M	6 M	6 M	YoY chg
Total Revenue (€mn)	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 Revenue (€mn)	9 3	127	214	192	156	206	251	198	198	262	318	281	262	317	21%	362	460	580	26%
EBITDA (€mn) *	3 3	104	469	230	6 9	221	418	131	3 9	230	443	176	4 2	254	11%	290	268	297	11%
EBITDA Margin	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
Net profit/loss (€mn)	-60	-40	278	254	-22	9 1	253	469	-103	112	301	5 1	-62	122	9 %	6 8	9	6 0	562%
Passengers (mn)	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
ASK (bn)	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%
Avg. Fleet Size	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%
Avg. Stage Length(km)	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 %
RASK (€c)	3.21	4.22	6.74	5.42	4.04	4.32	5.51	4.17	3.66	4.51	5.76	4.49	3.86	4.41	-2%	4.20	4.12	4.16	1 %
CASK (€c)	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 %
CASK non-fuel (€c)	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 per Pax (€)	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\$ rate (avg.)	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 rate (avg.)	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	1,282	1,498
Cost of sales	-576	-682	-1,108	-1,317
Gross profit	187	195	174	180
General administrative expenses (-)	-22	-25	-40	-49
Marketing expenses (-)	-17	-19	-30	-35
Other operating income	0.2	0.2	1 0	0.4
Other operating expenses (-)	-0.2	-87	-2	-127
Operating profit	148	6 4	112	-31
Income/expense from investing activities	7	1 9	2 3	4 5
Share of investments income (equity method)	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 tax income / (expense)	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)

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* 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!