Quarterly Report • May 8, 2025
Quarterly Report
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MAY 8, 2025

This Report is prepared in accordance with the Regulation on the Determination of the Minimum Content of Company Annual Reports published by the Turkish Ministry of Commerce, the Corporate Governance Communiqué No. II-17.1 and the Corporate Governance Principles published by the Turkish Capital Markets Board and other applicable provisions of Turkish law.
As used in this Report, the following terms shall have the meanings indicated below:
| Reporting Period | : January 1, 2025 – March 31, 2025 |
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|---|---|---|---|
| Commercial Title | : Pegasus Hava Taşımacılığı A.Ş. |
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| Trade Registration | : Istanbul Trade Registry / 261186 |
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| Central Registry No. | : 0-7230-0470-8500017 | ||
| Headquarters : Aeropark, Yenişehir Mahallesi, Osmanlı Bulvarı, No: 11/A |
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| Kurtköy 34912 Pendik / Istanbul |
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| Contact Information | : Telephone. +90 216 560 7000 | ||
| Corporate Website. www.flypgs.com | |||
| Investor Relations Website. | |||
| http://www.pegasusinvestorrelations.com |
We operate in line with the strategic targets determined by our Board of Directors in accordance with our aim of being: "To be a leading low-cost carrier across the industry, providing safe and easy travel with low fares" and our motto: "Everybody has the right to fly."
Our strategic targets are underpinned by our key corporate values: Innovation, People Orientation, Competitiveness, Result Orientation, and Effectiveness & Efficiency.
Our annual budget is approved by our Board of Directors before each fiscal year. Our operational and financial results are monitored by the Board of Directors on a regular basis, against budgeted targets. The Board of Directors reviews our strategic targets and the Company's progress in terms of strategic key performance indicators on a regular basis.
Our value model, first developed in 2024 and shown below, provides a more holistic approach on the value impact of our business. For more information on our value model, please refer to the 2023 Pegasus Airlines Sustainability Report.

Our issued capital is ₺500,000,000 and our authorized capital ceiling is ₺2,500,000,000.1 Information on our capital and shareholding structure as of January 1, 2025, and March 31, 2025, respectively, is shown in the table below.
| January 1, 2025 | March 31, 2025 | |||
|---|---|---|---|---|
| Number of Shareholding |
Number of | Shareholding | ||
| Shareholder | Shares | Ratio | Shares | Ratio |
| Esas Holding | 264,056,018 | 52.81% | 264,056,018 | 52.81% |
| Publicly Traded | 226,866,830 | 43.57% | 226,866,830 | 43.57% |
| Emine KAMIŞLI | 3,025,717 | 0.61% | 3,025,717 | 0.61% |
| Ali İsmail SABANCI | 3,025,717 | 0.61% | 3,025,717 | 0.61% |
| Kazım KÖSEOĞLU | 1,152,859 | 0.30% | 1,152,859 | 0.30% |
| Can KÖSEOĞLU | 1,152,859 | 0.30% | 1,152,859 | 0.30% |
| Total | 500,000,00 | 100.00% | 500,000,00 | 100.00% |
As of March 31, 2025, Esas Holding is the controlling shareholder of Pegasus Airlines. Established in 2000, Esas Holding is the largest family-owned investment firm in Türkiye and is backed by the first- and second-generation family members of Şevket SABANCI, one of the five founding members of H. Ö. Sabancı Holding A.Ş., a leading Turkish conglomerate. With offices in Istanbul and London, Esas invests in various asset classes globally including private equity, real estate, venture capital and public markets.
1Amendments to the Articles of Association were registered with the Trade Registry on April 28, 2025.
Our Company's management organization chart as of March 31, 2025, is provided in Section 1/F of this Report.
We are the leading low-cost airline in Türkiye. We operated charter flights since 1990. Following our acquisition by Esas at the beginning of 2005, we changed our business model, introducing a low-cost network carrier model for the first time and focused on providing affordable and on-time air travel service with a young fleet.
As a result of the successful implementation of this low-cost strategy, we experienced rapid expansion of our operations both in domestic and international routes. Between 2009 and 2019, our cumulative average annual passenger growth reached 18%, significantly outpacing the 9% annual average growth recorded by the Turkish market. We operate a growing young and modern fleet of 119 aircraft with 4.70 average aircraft age as of March 31, 2025.
We provide high-frequency services on short- and medium-haul, point-to-point, and transit routes on its domestic and international network primarily from our main hub in Istanbul Sabiha Gökçen International Airport. As of March 31, 2025, we offered scheduled passenger services on 37 domestic destinations in Türkiye and 113 international destinations to European (including North Cyprus), CIS, Middle Eastern and African destinations, serving a flight network covering 150 destinations in 53 different countries.
Our business model is based on a strong focus on efficient operations and cost control, and revenue generation through various services ancillary to the core air passenger services. As of March 31, 2025, our CASK, non-fuel was recorded as €2,98, while revenue recorded from ancillary services constituted 42% of total revenue for the period. As of March 31, 2025, we continued to derive revenue from other services, primarily consisting of cargo services and a relatively low volume of charter and split charter flights for tour operators, which represented 1% of total revenue for the period.
We do not have any privileged shares. Therefore, there are no voting privileges attached to Pegasus Airlines shares or any preference in respect of the nomination of Board members or the allocation of any distribution or payment to be made from Company profits.
a)- Management Body: Our management body is the Board of Directors. Within the framework of Article 10 of our Articles of Association, the Board of Directors must be composed of at least five members. As of March 31, 2025, the Board of Directors consisted of eight members.
The identity, duty and term of office of each Board member are indicated below.
| Serves | |||
|---|---|---|---|
| Name / SURNAME | Duty | Since (1) | Committee Duties |
| Mehmet Tevfik NANE | Chairperson of the Board | 2022 | Member, Technology Comm. |
| Ali İsmail SABANCI | Board Member | 2005 | - |
| Mehmet Cem KOZLU | Non-Executive Board Member | 2013 | Member, Corp. Gov. Comm. |
| Hatice Zeynep Bodur OKYAY | Non-Executive Board Member | 2016 | Member, Risk Comm. |
| Agah UĞUR | Independent Board Member | 2019 | Chair, Audit Comm. |
| Member, Risk Comm. |
| David Alexander Florenz | Independent Board Member | 2022 | Chair, Risk Comm. | ||
|---|---|---|---|---|---|
| VISMANS | Member, Technology Comm. | ||||
| Ayşegül İLDENİZ | Independent Board Member | 2022 | Chair, Corp. Gov. Comm. | ||
| Member, Audit Comm., |
|||||
| Technology Comm. | |||||
| Stephen Mark GRIFFITHS | Non-Executive Board Member | 2016 | Member, Corp. Gov. Comm. | ||
(1) Board appointments are made annually at the discretion of our shareholders and our current Board members were appointed for a term of one year at the Annual General Assembly Meeting dated March 28, 2025.
b)- Senior Management: Our senior management comprises the General Manager (CEO) and department heads directly reporting to the CEO. Information on Pegasus senior management and their duties as of March 31, 2025, is provided in the following chart.
| Serves | Serves in Position | ||
|---|---|---|---|
| Name / SURNAME | Duty | Since(1) | Since (2) |
| Güliz ÖZTÜRK | Chief Executive Officer | 2005 | 2022 |
| M. Barbaros KUBATOĞLU | Chief Financial Officer | 2007 | 2018 |
| Onur DEDEKÖYLÜ | Chief Commercial Officer | 2010 | 2022 |
| Ergün DEMİRCİ | Chief Operations Officer | 2013 | 2022 |
| Gençer KARATEPE | Chief Flight Operations Officer | 2018 | 2020 |
| Dilara OĞUR | Chief Human Resources Officer | 2015 | 2015 |
| Barış FINDIK | Chief Information Technologies Officer | 2017 | 2017 |
| Murat TÜNAY | Chief Safety & Security Officer | 2011 | 2020 |
| Yavuz Selim ÖZMEN | Chief Flight Academy Officer | 2016 | 2020 |
| Ali UZUN | General Counsel and Sustainability Director | 2013 | 2022 |
| Sinan Onur ÖZTUNA | Compliance Monitoring Group Manager | 2016 | 2020 |
| Ayşe Naz ÇAĞIL | Group Head of – Internal Audit & Integrated | 2023 | 2023 |
| Management Systems and Business |
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| Excellence |
(1) Indicates service in Pegasus Airlines Group Companies.
(2) Indicates service in the stated duty.

c)- Number of Employees: The total number of our full-time employees, including the employees of our consolidated subsidiary defined in Section 1/H of this Report, as of March 31, 2025, was 9.020. This number includes the members of our senior management listed above. There are no employees under a collective bargaining agreement.
| AIRCRAFT TYPE |
RANGE (KM) |
NUMBER OF AIRCRAFT | SEAT CAPACITY | AVERAGE FLEET AGE |
||||
|---|---|---|---|---|---|---|---|---|
| 31.03.2025 | 31.03.2024 | Growth (%) |
31.03.2025 | 31.03.2024 | Growth (%) |
31.03.2025 | ||
| B737-800 | 4.163 | 9 | 10 | -10% | 1,701 | 1,890 | -10% | 10,74 |
| A320CEO | 4.074 | 6 | 7 | -14% | 1,092 | 1,272 | -14% | 9,52 |
| A320NEO | 4.740 | 46 | 46 | 0% | 8,556 | 8.556 | 0% | 6,21 |
| A321NEO | 4.237 | 58 | 42 | 38% | 13,862 | 10,038 | 38% | 2,06 |
| TOTAL | 119 | 105 | 13% | 24,211 | 21.756 | 16% | 4,70 |
Information relating to our fleet as of March 31, 2025, is shown below:
In July 2012, we placed an order with Airbus for 57 firm order A320neo and 18 firm order A321 neo aircraft, totaling 75, and an additional 25 optional aircraft, thereby constituting a purchase order for 100 new aircraft. This was the largest single aircraft order in Turkish civil aviation history at the time. In December 2017, we exercised our option for 25 additional aircraft and converted these option aircraft to firm orders in A321neo configuration. In October 2021, we placed an order with Airbus for 6 additional A321neo aircraft, in June 2022, we placed an order with Airbus for 8 additional A321neo aircraft and in July 2023, we placed and order with Airbus for 36 additional A321neo aircraft. The 2012 Airbus Order, as amended, comprised a total of 42 A320neo and 108 A321neo aircraft. Pegasus is the first customer of CFM-Leap series engine used on A320neo aircraft. In line with our fleet management strategy and in addition to the existing firm aircraft orders, in December 2024 we placed an order with Boeing covering up to 200 B737-10 aircraft to satisfy our aircraft requirements envisaged for 2028 and beyond. As part of this agreement, we placed a firm order for 100 B737-10 aircraft with expected deliveries starting from 2028, and secured options for up to 100 additional B737-10 aircraft, convertible to firm orders in the upcoming years. 1 A321NEO joined Pegasus fleet as of January 1, 2025, until March 31, 2025.
| Aircraft Type | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-2034 |
|---|---|---|---|---|---|---|---|
| A320neo | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| A321neo | 16 | 9 | 8 | 13 | 11 | 11 | 0 |
| B737-10 | 0 | 0 | 0 | 0 | 12 | 10 | 78 |
The delivery schedule for the A320neo/A321neo aircraft under our Airbus order is as follows:
The table below lists information relating to our direct subsidiaries and joint ventures as of March 31, 2025. As of March 31, 2025, we did not have any indirect subsidiaries or joint ventures. We were not subject to any cross-shareholding for the same period.
| Affiliate | Nationality / Area of Activity |
Issued Share Capital |
Nominal Shareholding |
Share % | Affiliation with Pegasus |
|---|---|---|---|---|---|
| Hitit CS | Türkiye / Information | ₺300,000,000 | ₺ 110,446,803* | 36.82% | Joint Venture |
| Technologies Solutions | |||||
| PAT | Türkiye / Simulated flight | ₺100,000 | ₺100,000 | 100.00% | Subsidiary |
| training |
| PIN Lab | U.S.A. / Collaboration for and | \$200,000 | \$200,000 | 100.00% | Subsidiary |
|---|---|---|---|---|---|
| Development of Applicable | |||||
| Aviation Technology and | |||||
| Software Solutions | |||||
* The 1,849,518 Class C shares repurchased due to price stabilization transactions during the initial public offering process are included.
Pegasus shares started trading on Borsa Istanbul on April 26, 2013, at the initial public offer price of ₺18.40. As of March 31, 2025, the indices including Pegasus Airlines shares and information on Pegasus Airlines shares are as follows:
| : PEGASUS HAVA TAŞIMACILIĞI A.Ş. |
|---|
| : BORSA ISTANBUL (BIST) |
| : STAR MARKET |
| : BIST CORPORATE GOVERNANCE / BIST STARS / BIST ALL SHARES |
| / BIST SUSTAINABILITY / BIST SUSTAINABILITY 25 / BIST |
| TRANSPORTATION / BIST SERVICES / BIST 100 / BIST 50 / BIST |
| ISTANBUL / BIST 30 / BIST LIQUID 10 EX BANKS / BIST 500 |
| : PGSUS |
| : PGSUS.TI |
| : PGSUS.IS |
Pegasus shares closed the three-month period ending March 31, 2025 at a price of ₺257.75/share with year-to-date increase of 21%.
Operational and financial results of Pegasus for the period between January 1 – March 31, 2025 compared against the same period in 2024 and the year-over-year changes for the relevant line items are set out in the following charts:
| Overall Traffic Results | Jan. – March | Jan. – March | Y-O-Y Change | |
|---|---|---|---|---|
| 2025 | 2024 | % | ||
| Number of passengers (million) | 9,02 | 8,06 | 11,9 | |
| Cycles | 49.856 | 45.061 | 10,6 | |
| Number of seats (million) | 10,48 | 9,25 | 13,3 | |
| Load factor (%) | 86,1 | 87,2 | -1,1 | |
| ASK (1) (million) | 16.117 | 14.177 | 13,7 | |
| Passengers per cycle | 181 | 179 | 1,2 | |
| (2) Avg. daily aircraft utilization (hours) |
12 | 11,7 | 2,7 | |
| Domestic | ||||
| Number of passengers (million) | 3,30 | 3,18 | 3,9 | |
| Cycle | 17.644 | 17.574 | 0,4 | |
| Number of seats (million) | 3,69 | 3,52 | 4,6 | |
| Load factor (%) | 89,6 | 90,2 | -0,7 | |
| ASK (1) (million) | 2.794 | 2.676 | 4,4 | |
| Passengers per cycle | 187 | 181 | 3,5 | |
| International | ||||
| Number of passengers (million) | 5,68 | 4,83 | 17,5 | |
| Cycle | 31.931 | 27.158 | 17,6 |
|---|---|---|---|
| Number of seats (million) | 6,75 | 5,67 | 19,1 |
| Load factor (%) | 84,1 | 85,2 | -1,1 |
| ASK (1) (million) | 13.265 | 11.429 | 16,1 |
| Passengers per cycle | 178 | 178 | -0,1 |
| Charter | |||
| Number of passengers (million) | 0,05 | 0,05 | -16,1 |
| Cycle | 281 | 329 | -14,6 |
| Number of seats (million) | 0,05 | 0,06 | -18,5 |
| ASK (1) (million) | 58 | 72 | -19,1 |
(1) Refers to available seat kilometers and is equal to the number of seats available for passengers during a specified period multiplied by the number of kilometers that those seats are flown. (2) Refers to the hours from an aircraft's take-off to landing (including taxi time).
Summary Balance Sheet ('000 TL) 31.03.2025 31.12.2024 Change (%) Current assets 66.688.580 69.511.513 -4% Non-current assets 243.178.048 213.808.264 14% Total assets 309.866.628 283.319.777 9% Current liabilities 62.705.349 54.463.616 15% Non-current liabilities 166.751.380 153.937.068 8% Shareholders' equity 80.409.898 74.919.093 7% Summary P&L ('000 TL) 31.03.2025 31.03.2024 Change (%) Sales 23.587.573 17.390.801 36% Gross (loss) / profit (846.190) (561.760) 51% (Loss) /profit from operations (3.905.836) (1.325.686) 195% Operating (loss) / profit before financial income/(expense) (2.818.955) (740.269) 281% (Loss) / profit before tax (2.875.739) (3.626.644) -21% (Loss) / profit for the period (2.634.621) (3.500.974) -25% (Loss) / profit per share (5,27) (34,22) -85% Changes in Financial Position ('000 TL) 31.03.2025 31.12.2024 Change (%) Cash and cash equivalents 31.241.161 46.258.554 -32% Financial Investments 27.146.554 15.719.296 73% Financial liabilities 176.334.083 166.307.502 6% Net debt position (1) 117.946.368 104.329.652 13%
(1) Net debt position = Financial liabilities - Cash and cash equivalents – Financial Investments
We finance approximately 85% of the purchase price for the Boeing and Airbus aircraft acquired by way of financial lease through loans obtained from various banks. As of March 31, 2025, the outstanding balance of the total loans borrowed for the financing of 89 aircraft acquired by way of financial lease with purchase option is ₺134.062.157.871.
Furthermore, as of March 31, 2025, together with our subsidiary, we had drawn ₺5.416.538.743 on cash loans and ₺1.564.321.155 on non-cash loans under credit lines with various Turkish and foreign banks. These credit lines are open credit facilities that can be generally used for terms ranging from 12 to 24 months.
We issued debts in capital markets as a separate source of financing. Within the issuance limit of US\$750,000,000, approved by the Capital Markets Board by its decision dated April 1, 2021, and numbered 17/524, we concluded an issue of Eurobonds with a nominal value of US\$375,000,000 on April 30, 2021. The bonds carrying the ISIN XS2337336445 and
US705567AA31 were issued for a term of 1,826 days and variable rate interest coupon payment in six-month arrears and scheduled to mature on April 30, 2026 ("2026 Eurobonds"). As of April 30, 2025, we exercised our call option to repay the entire outstanding value of the 2026 Eurobonds, simultaneously with the eighth coupon payment. We concluded another issue of Eurobonds, within the issuance limit of US\$750,000,000, approved by the Capital Markets Board by its decision dated August 1, 2024 and numbered 41/1181, with a nominal value of US\$500,000,000 on September 11, 2024. The bonds carrying the ISIN XS2897383043 and US705567AB14 were issued for a term of 2,556 days ad variable rate interest coupon payment in six-month arrears and will mature on September 11, 2031 ("2031 Eurobonds").
Our Board of Directors is responsible for protecting the long-term benefits of our Company through a rational and prudent risk management approach by performing optimum balance between risk, growth and returns.
The Committee on the Early Detection of Risks(Risk Committee) assiststhe Board with respect to the determination in advance, management and mitigation of the risks that may endanger the existence, development, and the future of Pegasus Airlines.
When performing its risk detection and management duties, the Committee cooperates with other Board Committees and the Company management. In this respect, the Committee works in cooperation with the Audit Committee with respect to risks inherent to financial reporting and internal control mechanisms, with the Corporate Governance Committee with respect to human resources related risks involving the Board and the senior management.
The main risks to which the Company is exposed, the relevant departments responsible for the scrutiny and management of these risks and the measurement tools and tolerance limits applicable to these risks are determined by the Risk Committee. Risk areas thus defined are regularly reviewed, re-evaluated and the mitigating actions implemented by Company management in response to these risks are periodically submitted for the review and evaluation of the Committee. The risk evaluation analysis reviewed by the Committee and recommendations by the Committee are communicated to the Board once every two months.
The Annual General Assembly Meeting for the Year 2024 was held on March 28, 2025. Results of the meeting were published on the same day through the Public Disclosure Platform and Pegasus Investor Relations Website (www.pegasusinvestorrelations.com). Following decisions were adopted at the General Assembly Meeting:
Following the appointment of our Board of Directors at the Annual General Assembly Meeting held on March 28, 2025, the duty allocation and composition for the Board Committees are determined as follows.
Chairperson – Agah UĞUR
Member – Ayşegül İLDENİZ
• Corporate Governance Committee (also acting as Nomination and Compensation Committee)
Chairperson – Ayşegül İLDENİZ
Members – Stephen M. GRIFFITHS, M. Cem KOZLU, Ömer L. ÖMERBAŞ
Chairperson – David A. F. VISMANS
Members – Agah UĞUR, H. Zeynep Bodur OKYAY, Mustafa TERCAN
No changes are made to the Committee Charters, and they are accessible on the Pegasus Investor Relations Website.
Pursuant to its resolution dated January 28, 2025, our Board of Directors had resolved on the filing of the necessary applications for increasing the Company's authorized capital ceiling of TL 500,000,000 valid for 2023-2027 to TL 2,500,000,000 to cover the period between 2025- 2029 and the amendment of Article 6 of the Company's Articles of Association in this regard. Following the approval of the Capital Markets Board, the Ministry of Trade and our shareholders, the proposed amendments were registered with the Istanbul Trade Registry on April 28, 2025.
The Company resolved on exercising its call option for the remaining balance of 2021 Eurobonds as of April 30, 2025, simultaneously with the eighth coupon payment. In accordance with the terms of the said Eurobonds, principal repayment at 100% of the nominal principal value was completed simultaneously with the 8th coupon payment as of 30.04.2025.
The following annexes have been incorporated into this Report by reference:
The above annexes are accessible through the following link:
https://www.kap.org.tr/en/sirket-bilgileri/ozet/1710-pegasus-hava-tasimaciligi-a-s

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