PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Investor Presentation • Nov 7, 2025

3Q25 FINANCIAL RESULTS PRESENTATION November 2025

• HIGHLIGHTS
• SUMMARY FIGURES
• OUTLOOK
• ROUTE NETWORK & FLEET

KEY HIGHLIGHTS – 2025 Q3

3Q25 SUMMARY FIGURES

ASK increased by 17% while revenues grew by 1% YoY in 3Q25.

EURmn	2024 Q3	2025 Q3	YoY % chg.	2024 9M	2025 9M	YoY % chg.
Total Passengers (mn)	10.5	12.2	16%	28.0	31.9	14%
International (mn)	6.8	7.9	16%	17.5	20.5	17%
Total ASK (bn)	19.0	22.2	17%	50.0	58.1	16%
International (bn)	16.0	18.6	16%	41.6	48.7	17%
Load Factor	89.1%	89.2%		88.0%	87.4%
International	86.6%	86.8%		85.8%	85.2%
Revenues	1,091	1,103	1%	2,373	2,601	10%
Costs	734	824	12%	1,912	2,226	16%
Fuel costs	244	252	3%	671	663	-1%
EBITDA	443	395	-11%	711	692	-3%
EBITDA margin	40.6%	35.9%		30.0%	26.6%
Net Income/loss	301	227	-25%	310	287	-8%
RASK (EURc)	5.76	4.97	-14%	4.74	4.47	-6%
CASK (EURc)	3.87	3.72	-4%	3.82	3.83	0%
CASK non-fuel (EURc)	2.59	2.58	0%	2.48	2.69	8%

Traffic

• ➢ The complex market environment, shaped by macroeconomic and geopolitical challenges, persisted in 3Q25. While foreign visitor arrivals to Türkiye remained flat during Q3, total air pax traffic in the country grew by 8% YoY (+6% YoY in int'l), driven by increased travel among the Turkish population living both abroad and in Türkiye.
• ➢ Pegasus sustained its strong traffic momentum into 3Q25, recording 17% YoY increase in total ASK and 16% rise in total pax number. Int'l ASK and pax volumes both expanded by 16% YoY in Q3. The blended LF stood at 89.2% (vs. 89.1% in 3Q24), while the int'l LF reached 86.8% (vs. 86.6% in 3Q24) — marking the highest quarterly levels since 2019.

Financial Performance

• ➢ Revenues came in at EUR1.1bn in 3Q25 revenue growth of 1% YoY lagged capacity expansion, as ongoing demand stimulation measures further softened passenger yields. Ancillary revenues grew 14% YoY with ancillary revenue/pax standing at EUR29.7 in 3Q25 (-1% YoY). RASK decreased by 14% YoY to EURc4.97.
• ➢ CASK fell -4% YoY to EURc3.72 in 3Q25. CASK non-fuel stood flat at EURc2.58 while fuel CASK fell by 12% YoY.
• ➢ EBITDA reached EUR395mn in 3Q25 (-11% YoY), corresponding to an EBITDA margin of 35.9% in 3Q25.
• ➢ 3Q25 net profit read EUR227mn (vs EUR301mn net profit in 3Q24).

OUTLOOK

	2025 Outlook	2024 Actual	Comment
Total ASK	14%-16% growth	66.8bn, +15% YoY	In 2025, we will have outpaced market growth by more than twofold.
RASK	6%-8% decline	EURc4.68, +2% YoY	Lower RASK in 9M25 was primarily driven by a challenging macroeconomic and geopolitical environment, which necessitated targeted price stimulation measures. These initiatives have proven effective, as evidenced by strong load factors — 3Q25 recorded the highest quarterly load factor since 2019. The market environment remains unchanged in Q4.
			Ancillary revenue per passenger is expected to deliver low single digit growth.
CASK	1%-3% decline	EURc3.86, +4% YoY	Fuel CASK will decrease by 'more than 10%' in 2025, mitigating
CASK non-fuel	3%-5% increase	EURc2.55, +13% YoY	most of the pressure coming from the increase in non-fuel costs.
EBITDA margin	Around 26%	%28.4	In 2025, we will continue to rank among the best performers in the industry globally.

ROUTE NETWORK

International route network spans to 118 destinations currently. Announced additions to int'l route network for 2025

2012 27 Countries 60 Destinations 23 Domestic, 37 Int'l Current 54 Countries 156 Destinations 38 Domestic, 118 Int'l

Istanbul Sabiha Gökçen

• → Algiers → Atyrau → Cluj
• → Graz → Bristol → Marsa Alam
• → Luxor → Bilbao → Aktobe

Ankara

• → Basel → Baku → Sharm El-Sheikh
• → Baghdad → Dubai

Antalya Izmir

→ Baku → Madrid → Barcelona

Samsun Gaziantep

→ Berlin → Berlin → London

Bodrum Trabzon Kayseri

→ Beirut → Ercan → London

Çukurova

→ Berlin → Beirut

Ercan

→ Hatay → Istanbul (IGA)

FLEET

Share of new generation aircraft reached 88% of the total fleet size

FLEET

FLEET (as of September 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	-	65	1	66
Total	6	97	27	130

^{* 3} A320ceo operated on damp lease

FLEET INFORMATION

• → Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.9 years.
• → 42 A320neo (all delivered) and 108 A321neo (65 delivered) on order.
• → Fleet size is planned to be 127 aircraft at the end of 2025.
• ✓ 3 A320ceo currently operated on damp lease will exit the fleet until year-end.
• → 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.

ORDER BOOK

FLEET & EFFICIENCY

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

Fuel consumption per ASK

• and • OPERATING ENVIRONMENT
• FINANCIAL • P&L + BS DETAILS

International passengers of Pegasus grew by 17% YoY in 3Q25, largely outperforming the market growth.

International

REVENUES

Total RASK decreased by 14% YoY in 3Q25.

	2024	2025
EURmn	Q3	Q3	chg YoY
TOTAL REVENUES	1 091 ,	1 103 ,	1%
scheduled Domestic	145	152	5%
International scheduled	607	570	-6%
Ancillary	318	363	14%
Charter Other and	22	17	-21%
(EURc) RASK	76 5	97 4	-14%

	12.0	14.1	10.5	11.5
	2023	2024	9M24	9M25

677 1,031 1,050 1,351 2023 2024 9M24 9M25

Domestic Sch. Pax Yield (TL)

Int'l Sch. Pax (mn)

2023 2024 9M24 9M25

Domestic Sch. Pax (mn)

ANCILLARY REVENUES

Ancillary revenue/pax stands at EUR29.7 level in 3Q25.

Ancillary Revenues (EURmn)

Ancillary revenue per pax (EUR)

COSTS

Total CASK fell -4% YoY in 3Q25.

	2024	2025	YoY	2024	2025	YoY
Costs (EURmn)	Q3	Q3	% chg	9M	9M	% chg
Jet fuel	244	252	3%	671	663	-1%
Personnel	158	161	2%	352	457	30%
Depreciation	86	108	26%	249	307	23%
Maintenance	28	32	14%	81	91	12%
Other DOC	157	205	31%	400	512	28%
Other	62	66	6%	159	197	24%
TOTAL COSTS	734	824	12%	1,912	2,226	16%

Costs per ASK (€cent)	2024 Q3	2025 Q3	YoY % chg	2024 9M	2025 9M	YoY % chg
Jet fuel	1.29	1.14	-12%	1.34	1.14	-15%
Personnel	0.83	0.73	-13%	0.70	0.79	12%
Depreciation	0.45	0.49	8%	0.50	0.53	6%
Maintenance	0.15	0.14	-2%	0.16	0.16	-3%
Other DOC	0.83	0.93	12%	0.80	0.88	10%
Other	0.33	0.30	-10%	0.32	0.34	6%
CASK	3.87	3.72	-4%	3.82	3.83	0%
CASK non fuel	2.59	2.58	0%	2.48	2.69	8%

RASK-CASK spread (annual, EURc)

*2020-2021 figures are excluded.

CURRENCY BREAKDOWN – OPERATIONAL PERSPECTIVE

Revenues and costs are mainly based on hard currencies.

^* Costs excluding depreciation expenses

LIQUIDITY

Net debt stands at EUR2.86bn as of the end of September 2025.

EURmn	Dec 31, 2023	Dec 31, 2024	Sep 30, 2025
Cash & Equivalents	1,114	1,687	1,549
Other Assets	194	208	256
Pre-delivery payment	274	180	209
Fixed Assets	4,617	5,636	5,968
Total Assets	6,200	7,711	7,981
Liabilities	852	1,146	1,156
Bank Loans & Debt Instruments	602	860	789
Leasing Liabilities	3,067	3,666	3,719
Shareholders' Equity	1,678	2,039	2,317
Total Liab. & Sh. Equity	6,200	7,711	7,981
Net Debt, EURmn	2,418	2,749	2,855

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

CASH RESERVES

Positive cash reserves are at EUR759mn as of the end of September 2025.

Cash reserves vs. Loans

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

• ➢ Total cash reserves stood at EUR1,549mn at the end of September 2025, compared to EUR1,687mn at 2024-end.

• ➢ Positive cash reserve after deducting total short and long term bank loans and issued debt instruments is at EUR759mn as of the end of September 2025.

• Cash reservesinclude short and long term financial assets.

HEDGING & RISK MANAGEMENT

Fuel hedge ratio is at 63% for 2025 and 57% for 2026.

HEDGE VOLUME AND PRICE HEDGE STRATEGY

	2025FY	2026FY
Hedge Ratio	63%	57%
Hedged Price range, \$/mt	744-850	715-781
Brent equivalent*	68-77	65-71

Price ranges are calculated by using market data of September 30, 2025

• ➢ 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.

^* Jet Fuel Price/11

SUSTAINABILITY (ESG) UPDATE

We continue improving our emissions intensity performance with determination, having reached 57.2 grCO2/RPK in 2025Q3 (YTD), towards our 2030 target of reducing our unit emission intensity by 20% (to 52.1) compared (65.1) to 2019.

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.

Our Diversity, Equality & Inclusion initiative «Harmony» was awarded at the Sustainable Business Awards 2025 in Social Gender Equality category. We also received eight Excellence Awards from Brandon Hall Group:

• Gold Awards for Best Talent Management Strategy, Best Employee Experience, Best Use of Blended Learning (GoLEAD), Best Results of a Learning Program (GoAHEAD), Best Recruitment Marketing and Employer Branding (Cabin Crew Career Check), Best Selecting and Onboarding Interns (JumpSeat);
• Silver Award for Best Unique or Innovative Talent Acquisition Program (GoYoung); and
• Bronze Award for Best Candidate Experience Program (Cabin Crew Career Check).

At the Airline Economics Aviation 100 European & Sustainability Awards 2025, we were awarded as the «Sustainability Team of the Year», the «European Treasury Team of the Year» and the «Sustainability Aviation Financing Excellence Award» in connection with our recent conversion of our JOLCO Aircraft Financing to Sustainability-Linked Loan based on our recently published and ICMA/LMA-aligned Sustainability-Linked Finance Framework.

SUMMARY DATA & FINANCIAL STATEMENTS

OPERATIONAL & FINANCIAL HIGHLIGHTS

	2022	2023	2024	12M	2023	2023	2023	2023	2024	2024	2024	2024	2025	2025	2025	Q3	2023	2024	2025	9M
	12M	12M	12M	YoY chg	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	YoY chg	9M	9M	9M	YoY chg
Total Revenue (€mn)	2,449	2,670	3,126	17%	442	657	962	609	519	763	1,091	753	622	876	1,103	1%	2,061	2,373	2,601	10%
Ancillary Revenue (€mn)	626	810	1,060	31%	156	206	251	198	198	262	318	281	262	317	363	14%	613	778	943	21%
EBITDA (€mn) *	835	838	888	6%	69	221	418	131	39	230	443	176	42	254	395	-11%	707	711	692	-3%
EBITDA Margin	34.1%	31.4%	28.4%	-3.0pp	15.5%	33.6%	43.4%	21.5%	7.4%	30.1%	40.6%	23.4%	6.8%	29.0%	35.9%	-4.7pp	34.3%	30.0%	26.6%	-3.4pp
Net profit/loss (€mn)	431	790	361	-54%	-22	91	253	469	-103	112	301	51	-62	122	227	-25%	321	310	286	-8%
Passengers (mn)	26.9	31.9	37.5	17%	6.3	7.9	9.7	8.1	8.1	9.4	10.5	9.5	9.0	10.7	12.2	16%	23.8	28.0	31.9	14%
Load Factor	83.6%	84.8%	87.7%	2.9pp	84.4%	81.3%	87.7%	85.2%	87.2%	87.5%	89.1%	86.7%	86.1%	86.4%	89.2%	0.1pp	84.6%	88.0%	87.4%	-0.6pp
ASK (bn)	47.6	58.2	66.8	15%	11.0	15.2	17.5	14.6	14.2	16.9	19.0	16.8	16.1	19.9	22.2	17%	43.6	50.0	58.1	16%
Avg. Fleet Size	93	102	109	8%	98	99	103	107	107	106	110	115	118	121	129	17%	100	107	123	14%
Avg. Stage Length(km)	1,479	1,546	1,563	1%	1,473	1,574	1,583	1,531	1,533	1,580	1,601	1,530	1,538	1,606	1,617	1%	1,551	1,574	1,591	1%
RASK (€c)	5.14	4.59	4.68	2%	4.04	4.32	5.51	4.17	3.66	4.51	5.76	4.49	3.86	4.41	4.97	-14%	4.73	4.74	4.47	-6%
CASK (€c)	3.93	3.69	3.86	4%	4.10	3.36	3.60	3.86	3.97	3.64	3.87	3.97	4.20	3.65	3.72	-4%	3.64	3.82	3.83	0%
CASK non-fuel (€c)	2.18	2.26	2.55	13%	2.61	2.13	2.13	2.30	2.56	2.29	2.59	2.77	2.98	2.57	2.58	0%	2.25	2.48	2.69	8%
Ancillary per Pax (€)	23.3	25.4	28.3	11%	24.9	26.2	25.9	24.3	24.5	28.0	30.2	29.6	29.1	29.7	29.7	-1%	25.7	27.8	29.5	6%
EUR/US\$ rate (avg.)	1.05	1.08	1.08	0%	1.07	1.09	1.09	1.08	1.09	1.08	1.10	1.07	1.05	1.13	1.17	6%	1.08	1.09	1.12	3%
EUR/TRY rate (avg.)	17.34	25.65	35.47	38%	20.21	22.64	29.12	30.63	33.52	34.79	36.75	36.82	38.04	43.84	47.52	29%	23.99	35.02	43.13	23%

P&L STATEMENT

P&L STATEMENT EURmn ,	2024 Q3	2025 Q3	2024 9M	2025 9M
Sales	1 091 ,	1 103 ,	2 373 ,	2 601 ,
of sales Cost	-693	-776	-1 806 ,	-2 096 ,
profit Gross	399	327	567	504
( ) General administrative expenses -	-23	-29	-57	-74
( ) Marketing expenses -	-19	-20	-48	-56
Other operating income	0 1	0 0	0 4	0 3
Other ( ) operating expenses -	-27	-15	-19	-142
profit Operating	331	264	443	233
Income/expense from investing activities	1 0	1 4	3 3	5 9
Share of (equity method) investments income	0 6	0 9	2	2
Operating profit before financial expense	341	279	477	295
Financial income	6 6	2 6	4 7	240
( ) Financial expense -	-72	-62	-202	-190
/ Profit (loss) before tax	336	243	322	344
Current tax expense	0	0	0	0
/ Deferred (expense) income tax	-35	-16	-12	-58
/ Profit (loss) for the period	301	227	310	286

BALANCE SHEET

ASSETS EURmn ,	2024 12M	2025 9M	LIABILITIES EURmn ,	2024 12M	2025 9M
Current assets	1 892 ,	1 734 ,	liabilities Current	1 482 ,	1 538 ,
Cash cash equivalents and	1 259 ,	1 037 ,	Short financial liabilities term	796	734
Financial assets	302	371	Trade payables	216	301
Trade receivables	7 3	9 2	flight liabilities Passenger	334	311
Other receivables	3	1 5	financial Derivative instruments	5	3 1
financial Derivative instruments	4	0	Short provisions term	6 4	1 5
Inventories	4 2	4 4	Other liabilities current	6 7	128
Prepaid expenses	202	169	liabilities Non-Current	4 190 ,	4 127 ,
Other current assets	7	7	financial liabilities Long term	3 730 ,	3 774 ,
Non-Current assets	5 819 ,	6 247 ,	financial Derivative instruments	0	1
Financial assets	126	141	Deferred income	203	201
Other receivables	8 5	9 7	Long provisions term	256	151
financial Derivative instruments	0	0	Deferred liabilities tax	0	0
(equity method) Investments	2 1	2 1	SHAREHOLDERS' EQUITY	2 039 ,	2 316 ,
and Property equipment	471	522	Paid share capital -in	230	230
Intangible assets	2 4	3 2	Share premiums capital stock on	2 5	2 5
Right of assets use	4 172 ,	4 383 ,	Other	6	-3
Prepaid expenses	493	697	Retained earnings	1 417 ,	1 778 ,
Deferred tax assets	427	371	profit/loss Net	361	286
TOTAL ASSETS	7 711 ,	7 981 ,	TOTAL LIABILITIES AND EQUITY	7 711 ,	7 981 ,

CASH FLOW STATEMENT

CASH FLOW STATEMENT EURmn ,	2024 9M	2025 9M
CASH FLOWS FROM OPERATING ACTIVITIES A	741	649
cash generated from Net operating activities	708	660
Changes working capital in	3 3	-11
B CASH FLOWS FROM INVESTING ACTIVITIES	225	-334
Cash debt of other acquire instruments entities payments to	-3	-129
Proceeds from sale of and intangible , equipment property assets	6 4	-58
received from financial Interest investment	3 3	4 6
Changes cash advances and payables in	-142	-193
* Other cash changes	273	-1
C CASH FLOWS FROM FINANCING ACTIVITIES	-207	-432
borrowings Increase in	556	296
of borrowings Repayment	-347	-292
of principal lease liabilities Repayment in	-257	-297
and paid commission Interest	-196	-187
received Interest	3 6	4 8
D TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS	-15	-106
(A+B+C+D) NET INCREASE IN CASH AND CASH EQUIVALENTS	744	-222
E CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	494	1 259 ,
(A+B+C+D+E) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	1 237 ,	1 037 ,

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!