Quarterly Report • Nov 7, 2025
Quarterly Report
Open in ViewerOpens in native device viewer
(CONVENIENCE TRANSLATION OF THE REPORT AND FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTH PERIOD ENDED 30 SEPTEMBER 2025
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | PAGE | |
|---|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
||
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | ||
| NOTE 1 | ORGANIZATION AND OPERATIONS OF THE GROUP | |
| NOTE 2 | BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | |
| NOTE 3 | INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD | |
| NOTE 4 | SEGMENT REPORTING | |
| NOTE 5 | RELATED PARTY TRANSACTIONS | 15-16 |
| NOTE 6 | TRADE RECEIVABLES AND PAYABLES OTHER RECEIVABLES | 16-17 |
| NOTE 7 | PREPAYMENTS, DEFERRED INCOME AND PASSENGER FLIGHT LIABILITIES | |
| NOTE 8 | PROPERTY AND EQUIPMENT | 19-20 |
| NOTE 9 | INTANGIBLE ASSETS | |
| NOTE 10 | RIGHT OF USE ASSETS | 21-22 |
| NOTE 11 | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | 22-23 |
| NOTE 12 | COMMITMENTS | 23-25 |
| NOTE 13 | EXPENSES BY NATURE | |
| NOTE 14 | SHAREHOLDERS' EQUITY | |
| NOTE 15 | REVENUE AND COST OF SALES | |
| NOTE 16 | GENERAL ADMINISTRATIVE EXPENSES AND SELLING AND MARKETING EXPENSES | |
| NOTE 17 | OTHER OPERATING INCOME AND EXPENSES | |
| NOTE 18 | INCOME AND EXPENSES FROM INVESTING ACTIVITIES | |
| NOTE 19 | FINANCIAL INCOME AND EXPENSES | |
| NOTE 20 | EARNINGS PER SHARE | |
| NOTE 21 | DERIVATIVE FINANCIAL INSTRUMENTS | |
| NOTE 22 | FINANCIAL INSTRUMENTS | |
| NOTE 23 | NATURE AND LEVEL OF RISKS DERIVING FROM FINANCIAL INSTRUMENTS | |
| NOTE 24 | FINANCIAL INSTRUMENTS (FAIR VALUE AND HEDGE ACCOUNTING DISCLOSURES) | |
| NOTE 25 | EVENTS AFTER REPORTING PERIOD | |
| NOTE 26 | INCOME TAX EXPENSE | |
| NOTE 27 | EXPLANATIONS RELATED TO STATEMENT OF CASH FLOW |
| Notes | Current Period (Not Reviewed) TL 30 September 2025 |
Prior Period (Audited) TL 2024 |
(*) EUR 31 December 30 September 2025 |
(*) EUR 31 December 2024 |
|
|---|---|---|---|---|---|
| ASSETS | |||||
| Current assets | 84.372.036.149 | 69.511.513.150 1.734.340.766 1.891.835.243 | |||
| Cash and cash equivalents | 27 | 50.433.677.329 | 46.258.554.416 | 1.036.708.210 | 1.258.979.406 |
| Financial assets | 22 | 18.030.258.508 | 11.098.130.886 | 370.627.684 | 302.048.311 |
| Trade receivables | 6 | 4.469.637.556 | 2.699.417.383 | 91.877.297 | 73.467.728 |
| Trade receivables from third parties | 4.469.637.556 | 2.699.417.383 | 91.877.297 | 73.467.728 | |
| Other receivables | 6 | 730.605.351 | 106.274.871 | 15.018.230 | 2.892.392 |
| Other receivables from third parties | 730.605.351 | 106.274.871 | 15.018.230 | 2.892.392 | |
| Derivative financial instruments | 21 | - | 145.642.867 | - | 3.963.837 |
| Inventories | 2.145.376.330 | 1.525.572.961 | 44.100.081 | 41.520.211 | |
| Prepaid expenses | 7 | 8.230.162.989 | 7.418.285.764 | 169.178.176 | 201.897.122 |
| Current income tax assets | 323.646.452 | 85.510.906 | 6.652.835 | 2.327.277 | |
| Other current assets | 8.671.634 | 174.123.096 | 178.253 | 4.738.959 | |
| Non-Current assets | 303.910.943.856 | 213.808.263.691 6.247.151.373 5.819.032.995 | |||
| Financial assets | 22 | 6.876.204.608 | 4.621.164.674 | 141.346.381 | 125.770.276 |
| Other receivables | 6 | 3.855.936.028 | 3.119.881.195 | 79.262.127 | 84.911.131 |
| Other receivables from third parties | 3.855.936.028 | 3.119.881.195 | 79.262.127 | 84.911.131 | |
| Investments accounted by using the equity method | 3 | 1.007.968.150 | 775.860.767 | 20.719.664 | 21.115.937 |
| Property and equipment | 8 | 25.390.401.334 | 17.304.831.905 | 521.918.783 | 470.967.606 |
| Intangible assets | 9 | 1.552.044.796 | 883.542.517 | 31.903.634 | 24.046.619 |
| Right of use assets | 10 | 213.234.850.021 | 153.299.548.290 4.383.228.259 4.172.222.342 | ||
| Prepaid expenses | 7 | 33.916.907.724 | 18.118.510.039 | 697.191.610 | 493.115.950 |
| Deferred tax assets | 18.076.631.195 | 15.684.924.304 | 371.580.915 | 426.883.134 | |
| TOTAL ASSETS | 388.282.980.005 | 283.319.776.841 7.981.492.139 7.710.868.238 |
(*)The functional currency of the Company is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.
| Notes | Current Period (Not Reviewed) TL 30 September 2025 |
Prior Period (Audited) TL 31 December 2024 |
(*) EUR 30 September 2025 |
(*) EUR 31 December 2024 |
|
|---|---|---|---|---|---|
| LIABILITIES | |||||
| Current liabilities | 74.812.770.893 | 54.463.615.723 | 1.537.841.734 | 1.482.289.523 | |
| Short term borrowings | 22 | 11.462.002.891 | 6.321.566.673 | 235.611.463 | 172.048.659 |
| Short term portion of long term borrowings | 22 | 2.939.818.721 | 8.017.762.712 | 60.430.537 | 218.212.572 |
| Short term portion of long term lease liabilities | 22 | 21.309.111.839 | 14.911.498.531 | 438.027.373 | 405.833.468 |
| Trade payables | 6 | 14.623.825.136 | 7.942.864.589 | 300.605.476 | 216.174.134 |
| Trade payables to related parties | 5 | 58.502.894 | 43.890.717 | 1.202.578 | 1.194.536 |
| Trade payables to third parties | 14.565.322.242 | 7.898.973.872 | 299.402.898 | 214.979.598 | |
| Employee benefit obligations | 1.641.687.942 | 540.280.976 | 33.746.327 | 14.704.364 | |
| Other payables | 6 | 1.028.898.123 | 460.006.050 | 21.149.898 | 12.519.590 |
| Other payables to third parties | 1.028.898.123 | 460.006.050 | 21.149.898 | 12.519.590 | |
| Contract liabilities | 7 | 15.149.727.045 | 12.269.986.013 | 311.415.848 | 333.941.687 |
| Derivative financial instruments | 21 | 624.101.525 | 170.696.233 | 12.828.951 | 4.645.693 |
| Deferred income | 7 | 3.556.391.825 | 1.470.323.469 | 73.104.735 | 40.016.533 |
| Short term provisions | 2.477.205.846 | 2.358.630.477 | 50.921.126 | 64.192.823 | |
| Short term provisions for employee benefits | 803.057.496 | 2.301.423.398 | 16.507.547 | 62.635.867 | |
| Other short term provisions | 1.674.148.350 | 57.207.079 | 34.413.579 | 1.556.956 | |
| Non-Current liabilities | 200.772.532.617 | 153.937.068.322 | 4.127.054.459 | 4.189.573.178 | |
| Long term borrowings | 22 | 23.994.846.956 | 17.261.724.196 | 493.235.000 | 469.797.544 |
| Long term lease liabilities | 22 | 159.618.792.040 | 119.794.949.520 | 3.281.103.440 | 3.260.356.410 |
| Derivative financial instruments | 21 | 24.743.684 | 13.387.018 | 508.628 | 364.343 |
| Deferred income | 7 | 9.793.560.551 | 7.457.506.238 | 201.315.176 | 202.964.552 |
| Long term provisions | 7.340.589.386 | 9.409.501.350 | 150.892.215 | 256.090.329 | |
| Long term provisions for employee benefits | 2.616.986.781 | 1.768.183.978 | 53.794.445 | 48.123.147 | |
| Other long term provisions | 4.723.602.605 | 7.641.317.372 | 97.097.770 | 207.967.182 | |
| SHAREHOLDERS' EQUITY | 112.697.676.495 | 74.919.092.796 | 2.316.595.946 | 2.039.005.537 | |
| Paid-in share capital | 14 | 500.000.000 | 500.000.000 | 230.037.951 | 230.037.951 |
| Share premiums on capital stock | 57.986.732 | 57.986.732 | 24.595.488 | 24.595.488 | |
| Other comprehensive income/expense | |||||
| not to be reclassified to profit or loss | |||||
| Actuarial losses on defined benefit plans | (212.328.478) | (156.636.746) | (4.364.597) | (4.263.048) | |
| Currency translation differences | 59.292.701.032 | 34.562.833.340 | - | - | |
| Other comprehensive income/expense | |||||
| to be reclassified to profit or loss | |||||
| Currency translation differences | 571.937.514 | 414.885.536 | 7.011.677 | 8.451.525 | |
| Hedge fund | (486.633.895) | (138.062.439) | (10.003.184) | (3.757.527) | |
| Gain on financial assets measured at fair value | 36.014.186 | 66.754.501 | 740.303 | 1.816.800 | |
| Restricted profit reserves | 20.459.941 | 20.459.941 | 4.047.406 | 4.047.406 | |
| Retained earnings | 39.590.871.931 | 26.305.434.254 | 1.778.076.942 | 1.416.584.246 | |
| Net income for the period | 13.326.667.532 | 13.285.437.677 | 286.453.960 | 361.492.696 | |
| TOTAL LIABILITIES AND EQUITY | 388.282.980.005 | 283.319.776.841 | 7.981.492.139 | 7.710.868.238 |
(*)The functional currency of the Company is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.
| Current Period | Prior Period | Current Period | Prior Period | (*) | (*) | (*) | (*) | ||
|---|---|---|---|---|---|---|---|---|---|
| (Not Reviewed) TL (Not Reviewed) TL (Not Reviewed) TL (Not Reviewed) TL | EUR | EUR | EUR | EUR | |||||
| 1 January- | 1 January- | 1 July - | 1 July - | 1 January- | 1 January- | 1 July - | 1 July - | ||
| Profit or loss | Notes | 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | |||||||
| Sales | 1 5 | 114.405.094.895 | 84.046.387.728 | 52.392.024.842 | 40.082.452.433 | 2.600.637.236 | 2.373.341.712 | 1.102.952.451 | 1.091.401.249 |
| Cost of sales (-) | 1 5 | (91.787.387.656) | (63.773.878.459) | (36.992.351.792) | (25.661.742.944) | (2.096.205.703) | (1.806.420.840) | (776.161.032) | (692.605.390) |
| Gross profit | 22.617.707.239 | 20.272.509.269 | 15.399.673.050 | 14.420.709.489 | 504.431.533 | 566.920.872 | 326.791.419 | 398.795.859 | |
| General administrative expenses (-) | 1 6 | (3.194.740.789) | (2.005.770.628) | (1.334.361.184) | (841.595.866) | (74.062.468) | (57.423.483) | (28.615.851) | (22.926.347) |
| Marketing expenses (-) | 1 6 | (2.427.117.732) | (1.708.157.251) | (922.429.180) | (694.750.241) | (55.724.470) | (48.269.994) | (19.658.512) | (18.572.937) |
| Other operating income | 1 7 | 16.100.637 | 14.131.779 | (469.403) | 4.789.421 | 324.106 | 422.705 | (15.226) | 136.209 |
| Other operating expenses (-) | 1 7 | (6.139.166.617) | (667.061.368) | (953.917.699) | (922.157.432) | (141.914.696) | (19.136.331) | (14.811.688) | (26.543.964) |
| Operating profit | 10.872.782.738 | 15.905.651.801 | 12.188.495.584 | 11.966.995.371 | 233.054.005 | 442.513.769 | 263.690.142 | 330.888.820 | |
| Income from investing activities | 1 8 | 2.569.892.849 | 1.440.867.750 | 703.627.773 | 411.183.497 | 59.153.403 | 39.109.669 | 13.969.551 | 10.030.871 |
| Expenses from investing activities (-) | 1 8 | (1.499.897) | (238.182.318) | (509.707) | (24.644.845) | (33.566) | (6.227.904) | (10.907) | (163.679) |
| Share of investments income accounted for | |||||||||
| using the equity method | 3 | 103.196.017 | 63.505.152 | 40.717.817 | 21.295.636 | 2.388.623 | 1.812.701 | 860.155 | 575.724 |
| Operating profit before financial expense | 13.544.371.707 | 17.171.842.385 | 12.932.331.467 | 12.374.829.659 | 294.562.465 | 477.208.235 | 278.508.941 | 341.331.736 | |
| Financial income | 1 9 | 10.491.507.258 | 1.626.368.421 | 1.628.972.563 | 2.288.516.613 | 240.062.051 | 46.775.852 | 26.086.476 | 66.231.680 |
| Financial expense (-) | 1 9 | (8.213.157.536) | (7.050.049.420) | (2.931.291.916) | (2.644.844.210) | (190.395.728) | (201.549.475) | (61.623.251) | (71.702.094) |
| Profit/(loss) before tax | 15.822.721.429 | 11.748.161.386 | 11.630.012.114 | 12.018.502.062 | 344.228.788 | 322.434.612 | 242.972.166 | 335.861.322 | |
| Tax income/(expense) | (2.496.053.897) | (427.880.382) | (801.181.735) | (1.194.408.715) | (57.774.828) | (12.213.485) | (16.311.426) | (34.677.098) | |
| Deferred tax income/(expense) | 2 6 | (2.496.053.897) | (427.880.382) | (801.181.735) | (1.194.408.715) | (57.774.828) | (12.213.485) | (16.311.426) | (34.677.098) |
| Profit for the period | 13.326.667.532 | 11.320.281.004 | 10.828.830.379 | 10.824.093.347 | 286.453.960 | 310.221.127 | 226.660.740 | 301.184.224 | |
| Income/(loss) per share (TL) / (EUR) | 2 0 | 26,65 | 22,64 | 21,66 | 21,65 | 0,57 | 0,62 | 0,45 | 0,60 |
| Current Period 1 January- |
Prior Period (Not Reviewed) TL (Not Reviewed) TL (Not Reviewed) TL (Not Reviewed) TL 1 January- |
Current Period 1 July - |
Prior Period 1 July - |
(*) EUR 1 January- |
(*) EUR 1 January- |
(*) EUR 1 July - |
(*) EUR 1 July - |
|
|---|---|---|---|---|---|---|---|---|
| Other comprehensive income | 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | |||||||
| Items not to be reclassified to profit or loss | ||||||||
| Actuarial (losses) / gains on defined benefit plans | (74.255.660) | (63.121.323) | (5.589.687) | (18.465.975) | (135.399) | (1.038.993) | 141.858 | (83.302) |
| Deferred tax effect | 18.563.915 | 15.780.331 | 1.397.422 | 4.616.494 | 33.850 | 259.748 | (35.465) | 20.826 |
| Currency translation differences | 24.729.867.692 | 9.561.588.697 | 4.566.523.552 | 5.471.373.177 | - | - | - | - |
| Items to be reclassified to profit or loss | ||||||||
| Currency translation differences | 157.051.978 | 85.345.902 | 36.841.932 | 25.671.221 | (1.439.848) | 127.496 | (42.249) | (628.090) |
| Gain on financial assets measured at fair value | (40.987.100) | 62.567.471 | (9.698.982) | 73.681.673 | (1.435.330) | 1.362.458 | (252.772) | 1.822.699 |
| Cash flow hedge | (464.761.958) | (331.820.400) | 206.112.842 | (866.861.028) | (8.327.543) | (7.966.004) | 5.027.841 | (23.583.951) |
| Deferred tax effect | 126.437.300 | 67.313.198 | (49.103.413) | 198.294.845 | 2.440.719 | 1.650.886 | (1.193.766) | 5.440.313 |
| Other comprehensive income / (expense) | 24.451.916.167 | 9.397.653.876 | 4.746.483.666 | 4.888.310.407 | (8.863.551) | (5.604.409) | 3.645.447 | (17.011.505) |
| Total comprehensive income / (expense) | 37.778.583.699 | 20.717.934.880 | 15.575.314.045 | 15.712.403.754 | 277.590.409 | 304.616.718 | 230.306.187 | 284.172.719 |
(*)The functional currency of the Company is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Other com | prehensive | Othe | er comprehensiv | /e | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| e items | ncome items | |||||||||||
| eclassified t or loss |
e reclassified to profit or loss |
• | Retained | earnings | ||||||||
| Actuarial | 01 1055 | 7 011 01 1055 | Gain on | Accumen | · cur mings | |||||||
| gains/(losses) | Currency | Currency | financial assets | |||||||||
| Paid in | Share premiums on | on defined | translation | translation | measured at fair | Restricted | Net profit/(loss) for the | |||||
| share capital | capital stock | benefit plans | differences | differences | reserve | profit reserves | Retained earnings | year | Shareholders' equity | |||
| • | • | • | , | |||||||||
| As at 1 January 2024 | TL | 102.299.707 | 455.687.025 | (105.998.793) | 27.604.819.459 | 368.154.236 | (129.997.940) | 48.328.332 | 20.459.941 | 5.397.932.457 | 20.907.501.797 | 54.669.186.221 |
| Transfers | TL | 397.700.293 | (397.700.293) | - | - | - | - | - | - | 20.907.501.797 | (20.907.501.797) | - |
| Net profit/(loss) for the period | TL | - | - | - | - | - | - | - | - | - | 11.320.281.004 | 11.320.281.004 |
| Other comprehensive income / (expense) | TL | - | - | (47.340.993) | 9.561.588.697 | 85.345.902 | (248.865.307) | 46.925.577 | - | - | - | 9.397.653.876 |
| As at 30 September 2024 | TL | 500.000.000 | 57.986.732 | (153.339.786) | 37.166.408.156 | 453.500.138 | (378.863.247) | 95.253.909 | 20.459.941 | 26.305.434.254 | 11.320.281.004 | 75.387.121.101 |
| As at 1 January 2025 | TL | 500.000.000 | 57.986.732 | (156.636.746) | 34.562.833.340 | 414.885.536 | (138.062.439) | 66.754.501 | 20.459.941 | 26.305.434.254 | 13.285.437.677 | 74.919.092.796 |
| Transfers | TL | - | - | - | - | - | - | - | - | 13.285.437.677 | (13.285.437.677) | - |
| Net profit/(loss) for the period | TL | - | - | - | - | - | - | - | - | - | 13.326.667.532 | 13.326.667.532 |
| Other comprehensive income / (expense) | TL | - | - | (55.691.732) | 24.729.867.692 | 157.051.978 | (348.571.456) | (30.740.315) | - | - | - | 24.451.916.167 |
| As at 30 September 2025 | TL | 500.000.000 | 57.986.732 | (212.328.478) | 59.292.701.032 | 571.937.514 | (486.633.895) | 36.014.186 | 20.459.941 | 39.590.871.931 | 13.326.667.532 | 112.697.676.495 |
Within the registered capital ceiling of TL 500.000.000, the Company's issued capital amounting to TL 102.299.707 was increased by TL 397.700.293 to TL 500.000.000, all of which was covered from the amounts in the "Share Premiums on Capital Stock" account, and capital increase was registered with the Trade Registry on May 30, 2024.
| Other comprehensive income items |
Other comprehensive income items |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| not to be reclassified | to be reclassified to | ||||||||||
| to profit or loss | profit or loss | Retained earnings | |||||||||
| Share | Gain on financial | Restricted | Net | ||||||||
| Paid in | premiums on | Actuarial gains/(losses) | Currency translation | Hedge | assets measured at | profit | Retained | profit/(loss) for | Shareholders' | ||
| share capital | capital stock | on defined benefit plans | differences | reserve | fair value | reserves | earnings | the year | equity | ||
| As at 1 January 2024 | EUR | 60.544.134 | 194.089.305 | (3.254.102) | 8.808.787 | (3.990.862) | 1.483.652 4.047.406 | 626.643.772 | 789.940.474 1.678.312.566 | ||
| Transfers | EUR 169.493.817 (169.493.817) | - | - | - | - | - | 789.940.474 (789.940.474) | - | |||
| Net profit/(loss) for the period | EUR | - | - | - | - | - | - | - | - | 310.221.127 | 310.221.127 |
| Other comprehensive income / (expense) | EUR | - | - | (779.245) | 127.496 | (5.974.503) | 1.021.843 | - | - | - | (5.604.409) |
| As at 30 September 2024 | EUR 230.037.951 | 24.595.488 | (4.033.347) | 8.936.283 | (9.965.365) | 2.505.495 4.047.406 | 1.416.584.246 | 310.221.127 1.982.929.284 | |||
| As at 1 January 2025 | EUR 230.037.951 | 24.595.488 | (4.263.048) | 8.451.525 | (3.757.527) | 1.816.800 4.047.406 | 1.416.584.246 | 361.492.696 2.039.005.537 | |||
| Transfers | EUR | - | - | - | - | - | - | - | 361.492.696 (361.492.696) | - | |
| Net profit/(loss) for the period | EUR | - | - | - | - | - | - | - | - | 286.453.960 | 286.453.960 |
| Other comprehensive income / (expense) | EUR | - | - | (101.549) | (1.439.848) | (6.245.657) | (1.076.497) | - | - | - | (8.863.551) |
| As at 30 September 2025 | EUR 230.037.951 | 24.595.488 | (4.364.597) | 7.011.677 (10.003.184) | 740.303 4.047.406 | 1.778.076.942 | 286.453.960 2.316.595.946 |
| Current Period 1 January- |
Prior Period (Not Reviewed) TL (Not Reviewed) TL 1 January- |
(*) EUR 1 January- |
(*) EUR 1 January |
||
|---|---|---|---|---|---|
| Notes | 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| A. CASH FLOWS FROM OPERATING ACTIVITIES Income/(loss) for the period |
13.326.667.532 | 11.320.281.004 | 286.453.960 | 310.221.127 | |
| Adjustments to reconcile the income/(loss) | |||||
| Depreciation and amortization | 8-9-10 | 13.250.330.204 | 8.736.670.720 | 306.698.333 | 249.382.550 |
| Adjustments related with impairments | (54.317.310) | 235.554.054 | (1.096.926) | 6.152.882 | |
| Provision for doubtful receivable | 7.571.259 | (2.628.265) | 175.248 | (75.022) | |
| Adjustments related with financial investment impairments | (61.888.569) | 238.182.319 | (1.272.174) | 6.227.904 | |
| Adjustments related with provisions | 1.476.576.283 | 1.695.916.410 | 34.177.524 | 44.648.484 | |
| Provision for employee benefits | 1.352.385.903 | 1.677.961.011 | 31.302.955 | 44.135.962 | |
| Legal provision | 124.190.380 | 17.955.399 | 2.874.569 | 512.522 | |
| Interest and commission income | 3.798.118.365 | 4.554.431.360 | 90.544.559 | 131.759.953 | |
| Adjustments related with fair value expense (income) | 40.987.100 | (62.567.470) | 842.526 | (1.645.733) | |
| Adjustments related with fair value expense (income) of financial assets |
40.987.100 | (62.567.470) | 842.526 | (1.645.733) | |
| Gain on equity investments accounted for | |||||
| using the equity method | 3 | (103.196.017) | (63.505.152) | (2.388.623) | (1.812.701) |
| Current tax (income)/expense | 2.496.053.897 | 427.880.382 | 57.774.828 | 12.213.485 | |
| Adjustments for (income)/expense caused by sale or | |||||
| changes in share of joint ventures | (60.566.036) | (1.138.222) | |||
| - | - | ||||
| Other provisions related with investing or financing activities |
9.430.679.920 | (553.301.076) | (38.455.949) | (15.525.840) | |
| Changes in working capital Increase in trade receivables |
(802.922.401) | (1.034.243.835) | (18.584.817) | (29.521.619) | |
| Increase in other receivables, prepayments | |||||
| and other assets | (2.144.514.303) | (2.782.856.518) | (49.637.930) | (108.382.776) | |
| Increase in inventories | (111.458.479) | (142.435.696) | (2.579.870) | (4.065.707) | |
| Increase in trade payables | 3.647.698.883 | 1.980.126.199 | 84.431.342 | 56.521.035 | |
| Increase in deferred income, other payables and | |||||
| other current liabilities | (1.024.860.995) | 3.433.320.109 | (24.232.806) | 118.271.390 | |
| Net cash generated from operating activities | 43.165.276.643 | 27.745.270.491 | 722.807.929 | 768.216.530 | |
| Payment for the employee benefits provisions | (3.136.868.689) | (965.038.610) | (71.808.504) | (27.642.310) | |
| Payment for other provisions | (74.055.332) | (972.063) | (1.714.119) | (27.747) | |
| 39.954.352.622 | 26.779.259.818 | 649.285.306 | 740.546.473 | ||
| B. CASH FLOWS FROM INVESTING ACTIVITIES Net cash changes from acquisition and sale of debt instruments |
|||||
| of other entities | (5.230.899.211) | 29.156.667 | (128.582.462) | (2.624.554) | |
| Net cash changes from purchase and sale of property, equipment and intangible assets |
(2.699.485.125) | 2.395.415.979 | (58.110.216) | 63.582.380 | |
| Interest received from financial investment | 1.818.715.735 | 1.130.504.263 | 46.097.030 | 33.062.751 | |
| Changes in cash advances and payables | (8.320.188.572) | (4.960.155.514) | (192.582.971) | (141.583.462) | |
| Other cash changes (**) | (37.426.287) | 8.816.135.307 | (866.286) | 273.013.992 | |
| (14.469.283.460) | 7.411.056.702 | (334.044.905) | 225.451.107 | ||
| C. CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Increase in borrowings | 13.977.739.038 | 20.693.628.024 | 296.200.607 | 556.110.541 | |
| Repayment of borrowings | (13.702.278.235) | (12.903.714.346) | (291.917.043) | (346.613.064) | |
| Repayment of principal in lease liabilities | (12.829.231.537) | (8.997.070.693) | (296.951.385) | (256.813.807) | |
| Interest and commission paid | (6.253.201.750) | (6.696.404.551) | (186.908.778) | (196.293.675) | |
| Interest received | 2.067.172.493 | 1.252.455.957 | 47.847.740 | 36.443.069 | |
| (16.739.799.991) | (6.651.105.609) | (431.728.859) | (207.166.936) | ||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | |||||
| BEFORE TRANSLATION EFFECT (A+B+C) | 8.745.269.171 | 27.539.210.911 | (116.488.458) | 758.830.644 | |
| D. TRANSLATION DIFFERENCES EFFECT ON CASH AND CASH EQUIVALENTS | (4.570.146.258) | 3.423.041.176 | (105.782.738) | (15.102.303) | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) | 4.175.122.913 | 30.962.252.087 | (222.271.196) | 743.728.341 | |
| E. CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | |||||
| AT THE BEGINNING OF THE PERIOD | 27 | 46.258.554.416 | 16.078.358.927 | 1.258.979.406 | 493.596.374 |
| AT THE END OF THE PERIOD (A+B+C+D+E) | 27 | 50.433.677.329 | 47.040.611.014 | 1.036.708.210 | 1.237.324.715 |
(*)The functional currency of the Company is Euro. However, the presentation currency is determined as Turkish Lira. See Note 2.1 for the conversion of Euro and Turkish Lira amounts.
(**) The change in time deposits with a maturity of more than three months, classified as financial investments, has been presented.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
Pegasus Hava Taşımacılığı A.Ş. (the "Company" or "Pegasus") and its subsidiaries (together "the Group") is a low cost airline company. The Group operates under a low cost business model and employs low cost airline business practices which focus on providing affordable, reliable and simple service.
The shareholders and ownership of the Company as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Esas Holding A.Ş. ("Esas Holding") | 52,81% | 52,81% |
| Publicly held | 45,37% | 45,37% |
| Sabancı Family Members | 1,82% | 1,82% |
| Total | 100,00% | 100,00% |
Shares of the Company have been started to be traded in İstanbul Stock Exchange since 26 April 2013, after the book building between the dates of 18-19 April 2013.
The Group's total number of full time employees as of 30 September 2025 is 9.223 (31 December 2024: 8.459). The address of its principal office is Aeropark Yenişehir Mah. Osmanlı Bulvarı No: 11/A Kurtkoy-Pendik İstanbul.
The interim condensed consolidated financial statements of the Company and its subsidiaries for the nine month ended 30 September 2025 were authorised for issue in accordance with a resolution of the Board of Directors on 7 November 2025.
The Company and its subsidiaries registered in Türkiye maintain their books of account and prepare their statutory financial statements in accordance with accounting principles in the Turkish Commercial Code and Tax Legislation.
The accompanying condensed consolidated financial statements are prepared in accordance with the requirements of Capital Markets Board ("CMB") Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets", which were published in the Official Gazette No:28676 on 13 June 2013. The accompanying financial statements are prepared based on the Turkish Accounting Standards Turkish Financial Reporting Standards and interpretations ("TAS/TFRS") that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA") under Article 5 of the Communiqué.
The interim condensed consolidated financial statements for the six month ended 30 September 2025 have been prepared in accordance with TAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2024.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The interim condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values. The accompanying interim condensed consolidated financial statements are based on the statutory records, with adjustments and reclassifications for the purpose of fair presentation in accordance with Turkish Accounting Standards.
The interim condensed consolidated financial statements have been prepared on a going concern basis, with the assumption that the Group will benefit from its assets and fulfill its liabilities in the subsequent year and in the natural process of its business operations.
Although there is no prominent currency affecting revenue and cost of sales, the Company's functional currency is determined as Euro because; significant portion of scheduled flight revenues, which represents the Company's primary operations, is generated from European flights, Euro represents a significant component of the financial liabilities of the Company and management reports and budget enabling the Group's management to make executive decisions are prepared in Euro. The functional currency of the Company, its subsidiary and associates, other than Hitit Bilgisayar Hizmetleri A.Ş.("Hitit Bilgisayar") and Pegasus Innovation Lab, Inc. ("PIL") and Pegasus Airlines Ventures LP ("PAV") is Euro. Hitit Bilgisayar's, PIL's and PAV's functional currency is US Dollars.
If the legal records are kept in a currency other than the functional currency, the financial statements are initially translated into the functional currency and then translated to the Group's presentation currency, Turkish Lira ("TL").
For the companies in Türkiye that maintain financial records in TL, currency translation from TL to the functional currency is made under the framework described below:
The translation differences resulting from the above mentioned conversions are recognized under financial income / expenses in the statement of profit or loss.
Presentation currency of the Group's financial statements is TL. Financial Statements have been translated from Euro to TL in accordance with the relevant provisions of TAS 21 ("The Effects of Changes in Foreign Exchange Rates") as follows:
Translation gains or losses arising from the translations stated above are presented as foreign currency translation reserve under equity. Share capital amount, representing the nominal share capital of the Company, all other equity items are presented in historic TL terms where all translation gains or losses in relation to these balances are accounted under foreign currency translation reserve.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
In accordance with the POA's announcement dated 23 November 2023, companies applying Turkish Financial Reporting Standards are required to present their financial statements for the annual reporting periods ending on or after 31 December 2024, adjusted for the effects of inflation in accordance with the relevant accounting principles in Turkish Accounting Standard 29 "Financial Reporting in Hyperinflationary Economies" (TAS 29). Since the Company's functional currency is Euro as of the reporting date, there is no need to make any adjustments within the scope of TAS 29 in its financial statements to be prepared in accordance with TFRS. However, the financial statements as of 31 December 2024 and 30 September 2025 are prepared in accordance with the Tax Law, have been subject to inflation correction in accordance with the legislation.
The Euro amounts presented on the face of interim condensed consolidated financial statements refer to the original Euro (functional currency) denomined interim condensed consolidated financial statements as described under the Functional and Presentation Currency section above.
Condensed consolidated financial statements of the Group are prepared in comparison to prior period in order to identify financial position and performance trends. In order to maintain consistency with current period condensed consolidated financial statements, comparative information is reclassified and material changes are disclosed if necessary. The Group has not made any reclassification in the prior period consolidated financial statements in order to maintain consistency with current period condensed consolidated financial statements.
The following table illustrates the condensed consolidated subsidiaries and the Group's ownership percentage in these subsidiaries as of 30 September 2025 and 31 December 2024:
| Ownership rate | Country of | |||
|---|---|---|---|---|
| Name of the Company Pegasus Havacılık |
Principal activity Simulator technical |
30 September 2025 |
31 December 2024 | registration and operation |
| Teknolojileri ve Ticaret A.Ş. |
support and maintenance |
100% | 100% | Türkiye |
| Pegasus Airlines Innovation Lab, Inc. |
Technology – R&D |
100% | 100% | USA |
| Pegasus Airlines Ventures LP(*) |
Technology – R&D |
100% | 0% | USA |
(*) Pegasus Airlines Ventures LP, in which the Group holds a 100% ownership stake, was incorporated in the United States as of August 20, 2025, to evaluate investment opportunities in innovative technology and software solution ventures focused on the practical application of artificial intelligence in air transportation, with a capital amount of USD 1,000,000.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The following table illustrates the affiliates and joint ventures then indicates the Group's ownership percentage in these joint ventures as of 30 September 2025, 31 December 2024:
| Ownership rate | Country of | ||||
|---|---|---|---|---|---|
| 30 September | 31 December | Ownership | registration and | ||
| Name of the Company | Principal activity | 2025 | 2024 | type | operation |
| Pegasus Uçuş Eğitim | |||||
| Merkezi A.Ş. ("PUEM") |
Simulator | Joint | |||
| (**) | training | - | 49,40% | venture | Türkiye |
| Information | Joint | ||||
| Hitit Bilgisayar | system solutions | 36,20% | 36,82% | venture | Türkiye |
(**) The liquidation process of PUEM, in which the Company held a 49.40% stake, was completed and the entity was deregistered from the trade registry as of February 27, 2025.
Changes in accounting estimates are applied prospectively. If the change is effective for a specific period, it impacts only that period. If they relates to future periods, they are recognized prospectively both in the current period and in the future period. Significant errors identified by the Group in the accounting estimates are applied retrospectively and prior period financial statements are restated. The Group has not made any changes in accounting estimates in the current reporting period.
a) Amendments that are mandatorily effective from 2025
Amendments to TAS 21 Lack of Exchangeability
The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. Amendments are effective from annual reporting periods beginning on or after 1 January 2025.
The Group evaluates the effects of these standards, amendments and improvements on the consolidated financial statements. The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group has not yet adopted the following standards and amendments and interpretations to the existing standards:
TFRS 17 Insurance Contracts
Amendments to TFRS 17 Initial Application of TFRS 17 and TFRS 9 —
Comparative Information
TFRS 18 Presentation and Disclosures in Financial Statements
Amendments TFRS 9 and TFRS 7 Classification and measurement of financial instruments
Amendments TFRS 9 and TFRS 7 Power purchase arrangements
TFRS 19 Subsidiaries without Public Accountability: Disclosures
Annual Improvements Annual Improvements to TFRS Accounting Standards –
Volume 11
TFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. TFRS 17 has been deferred for insurance, reinsurance and pension companies for a further year and will replace TFRS 4 Insurance Contracts on 1 January 2026.
Amendments have been made in TFRS 17 in order to reduce the implementation costs, to explain the results and to facilitate the initial application.
The amendment permits entities that first apply TFRS 17 and TFRS 9 at the same time to present comparative information about a financial asset as if the classification and measurement requirements of TFRS 9 had been applied to that financial asset before. Amendments are effective with the first application of TFRS 17.
TFRS 18 includes requirements for all entities applying TFRS for the presentation and disclosure of information in financial statements. Applicable to annual reporting periods beginning on or after 1 January 2027.
The amendments address matters identified during the post-implementation review of the classification and measurement requirements of TFRS 9 Financial Instruments. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The amendments aim at enabling entities to include information in their financial statements that in the IASB's view more faithfully represents contracts referencing nature-dependent electricity. Amendments are effective from annual reporting periods beginning on or after 1 January 2026.
TFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. Applicable to annual reporting periods beginning on or after 1 January 2027.
The pronoun
ncement comprises the following amendments:
Annual reporting periods beginning on or after 1 January 2026.
Due to seasonality of air passenger transportation, it's expected to incur higher revenues in the second half of the year compared to the first half. Besides, as a result of higher sales with the effect of summer season and growth in operations of the Company, trade receivables and passenger flight liabilities increased as of 30 September 2025 compared to last year-end.
The Group has prepared its financial statements in accordance with the going concern principle.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of investments accounted for using the equity method are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Joint ventures | ||
| Hitit Bilgisayar | 1.007.968.150 | 775.860.767 |
| 1.007.968.150 | 775.860.767 |
Total profit from investments accounted for using the equity method is as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 | 30 September 2024 | 30 September 2025 | 30 September 2024 | |
| Hitit Bilgisayar | 103.196.017 | 67.621.456 | 40.717.817 | 23.933.428 |
| PUEM | - | (4.116.304) | - | (2.637.792) |
| Net profit | 103.196.017 | 63.505.152 | 40.717.817 | 21.295.636 |
The summarized financial information of the investment accounted by using the equity method is as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Current assets | 1.034.953.165 | 903.513.291 |
| Non-current assets | 2.390.751.566 | 1.712.410.293 |
| Current liabilities | (439.094.778) | (381.450.727) |
| Non-current liabilities | (216.105.896) | (138.932.230) |
| Net assets of joint venture | 2.770.504.057 | 2.095.540.627 |
| Group's ownership interest in the joint venture | 36,20% | 36,82% |
| Goodwill | 5.045.681 | 4.282.708 |
| Group's share in the net assets of the joint venture | 1.007.968.150 | 775.860.767 |
| 1 January- 30 September 2025 |
1 January 30 September 2024 |
|
| Revenue | 1.203.814.369 | 781.679.080 |
| Depreciation and amortisation expense | (245.559.570) | (143.351.988) |
| Interest income/(expense), net | 136.640.375 | 25.551.414 |
| Profit for the year | 280.271.637 | 183.654.144 |
| Group's weighted average ownership interest | 36,82% | 36,82% |
| Group's share in the net profit of the joint venture | 103.196.017 | 67.621.456 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group is managed as a single business unit that provides low fares airline-related services, including scheduled services, charter services, ancillary services and other services. The Group's Chief Operating Decision Maker is the Board of Directors. The resource allocation decisions are based on the entire network and the deployment of the entire aircraft fleet. The objective in making resource allocation decisions is to maximise condensed consolidated financial results, rather than results on individual routes within the network. All other assets and liabilities have been allocated to the Group's single reportable segment.
The ultimate parent and controlling party of the Group is Esas Holding. The Group has a number of operating and financial relationships with its shareholders and other entities owned by its shareholders (which will be referred to as "other related parties" below). The related party receivables and payables resulting from operating activities are generally not secured and interest free.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Balances with joint ventures: | ||
| Hitit Bilgisayar | 52.082.230 | 39.628.684 |
| Balances with other related parties: | ||
| Esasburda İnşaat Sanayi ve Ticaret A.Ş. ("Esasburda") |
300.664 | 947.033 |
| Ere Avm İnşaat A.Ş. ("Ere Avm") |
6.120.000 | 3.315.000 |
| 58.502.894 | 43.890.717 |
Until May 2024 , the Group leased their head office building from Esasburda, another Esas Holding subsidiary. Esasburda also charged dues, electricity, water and heating expenses for the head office, which is disclosed within "purchases of goods and services" section below.
The Group receives software and software support services from Hitit Bilgisayar that provides information system solutions for transportation industry.
The Group receives health services from Alarm Sağlık.
The Group receives project consultancy services from Ere Avm İnşaat for the hangar project.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| 1 January- | 1 July - | 1 July - | |
|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | |||
| 286.186.100 | 189.204.694 | 108.119.616 | 71.120.418 |
| 48.000.000 | - | 12.000.000 | - |
| 4.001.504 | 17.427.086 | - | 6.775.470 |
| - | 800.000 | - | 200.000 |
| 90.000 | 8.927 | 90.000 | - |
| 338.277.604 | 207.440.707 | 120.209.616 | 78.095.888 |
| Transactions with other related parties: |
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Esasburda (*) | - | 10.690.698 | - | - |
| - | 10.690.698 | - | - |
(*) Lease expenses are recorded as depreciation and interest under TFRS 16 leases standard. Amounts presented above represent issued invoices. In May 2024, the Group decided to purchase the office building which is the basis of the lease expense.
Key management personnel include members of the board of directors, general managers and assistant general managers. The remuneration of key management paid during the period ended 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Salaries and benefits | 614.352.944 | 159.805.851 | 224.911.330 | 16.761.025 |
| 614.352.944 | 159.805.851 | 224.911.330 | 16.761.025 |
The details of short term trade receivables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade receivables | 2.577.223.178 | 1.525.875.736 |
| Credit card receivables | 2.007.418.628 | 1.198.921.535 |
| Income accruals | 75.688.974 | 121.627.213 |
| 4.660.330.780 | 2.846.424.484 | |
| Allowance for credit risk adjustment under TFRS 9 | (190.693.224) | (147.007.101) |
| 4.469.637.556 | 2.699.417.383 |
The average collection period of trade receivables is approximately 16 days (31 December 2024: 19 days)
.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of short term trade payables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Trade payables | 3.910.944.519 | 4.869.502.621 |
| Accrued direct operational costs | 10.654.377.723 | 3.029.471.251 |
| Trade payables to related parties (Note 5) | 58.502.894 | 43.890.717 |
| 14.623.825.136 | 7.942.864.589 |
The average payment period of trade payables is approximately 32 days (31 December 2024: 30 days).
The details of short term other receivables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| 311.616.648 | 52.004.903 | |
| Deposits and guarantees given (*) | 266.051.901 | 10.457.594 |
| Receivables from pilots for flight training | ||
| Receivables from tax office | 35.365.592 | 26.611.446 |
| Other receivables | 117.571.210 | 17.200.928 |
| 730.605.351 | 106.274.871 |
(*) The amount of TL 239.824.416 in deposits given, consists of guarantees given from the banks regarding the valuation of derivative transactions.
The details of long term other receivables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Receivables from pilot trainings | 1.918.211.985 | 1.570.320.465 |
| Deposits given | 1.937.724.043 | 1.549.560.730 |
| 3.855.936.028 | 3.119.881.195 | |
| Short term other payables | 30 September 2025 | 31 December 2024 |
| Taxes payables | 633.361.474 | 373.700.528 |
| Deposits received | 395.536.649 | 86.305.522 |
| 1.028.898.123 | 460.006.050 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of prepayments as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Advances on aircraft purchases | 3.432.191.041 | 4.514.154.692 |
| Advances to suppliers | 4.241.993.414 | 1.882.368.567 |
| Prepaid insurance expenses | 224.000.428 | 661.458.633 |
| Other prepaid expenses | 331.978.106 | 360.303.872 |
| 8.230.162.989 | 7.418.285.764 | |
| Long term prepayments | ||
| 30 September 2025 | 31 December 2024 | |
| Advances on aircraft purchases | 6.712.049.246 | 2.102.247.620 |
| Prepaid maintenance expenses | 27.204.265.266 | 16.007.193.652 |
| Other prepaid expenses | 593.212 | 9.068.767 |
The details of passenger flight liabilities as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Flight liability from ticket sales | 9.459.794.183 | 8.044.008.774 |
| Passenger airport fees received from customers (*) | 3.586.156.155 | 2.688.310.065 |
| Flight liability from flight points | 2.103.776.707 | 1.537.667.174 |
| 15.149.727.045 | 12.269.986.013 |
(*) Passenger airport fees received from customers is included in the ticket price, but it is not recognized as revenue when the flight carried out. The amount represents the costs to be paid to airport operators and authorities in cash.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Advances received from customers | 1.954.601.522 | 1.010.942.220 |
| Other deferred income | 1.601.790.303 | 459.381.249 |
| 3.556.391.825 | 1.470.323.469 | |
| Long term deferred income | ||
| 30 September 2025 | 31 December 2024 | |
| Deferred income (**) | 9.793.560.551 | 7.457.506.238 |
| 9.793.560.551 | 7.457.506.238 |
(**) Long term deferred income represent discounts received in advance from supplier contracts.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Components, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Machinery | Motor | Furniture and |
Leasehold | spare engine | Owned | Construction | ||
| 30 September 2025 |
equipment and |
vehicles | fixtures | improvements | repairables and |
Aircraft | in progress |
Total |
| Cost: | ||||||||
| Opening | 1.303.701.112 | 1.010.293.292 | 1.512.661.810 | 507.848.125 | 13.723.562.101 | 10.513.994.905 | 346.274.429 | 28.918.335.774 |
| Additions | 42.990.793 | 102.655.382 | 194.532.475 | 231.553 | 2.968.143.996 | 15.654.803 | 1.502.025.688 | 4.826.234.690 |
| Transfers (*) |
- | - | - | - | (958.680.262) | - | - | (958.680.262) |
| translation differences Currency |
427.827.821 | 340.280.637 | 514.631.141 | 164.576.126 | 4.699.512.374 | 3.408.593.237 | 301.491.559 | 9.856.912.895 |
| Closing | 1.774.519.726 | 1.453.229.311 | 2.221.825.426 | 672.655.804 | 20.432.538.209 | 13.938.242.945 | 2.149.791.676 | 42.642.803.097 |
| Accumulated depreciation: |
||||||||
| Opening | (554.684.002) | (373.011.823) | (1.082.433.842) | (490.834.178) | (3.761.138.727) | (5.351.401.297) | - | (11.613.503.869) |
| Depreciation for the year |
(75.847.409) | (92.252.645) | (102.444.393) | (3.282.911) | (939.919.844) | (452.312.021) | - | (1.666.059.223) |
| Currency translation differences |
(189.280.974) | (132.485.206) | (363.628.175) | (159.448.022) | (1.337.094.989) | (1.790.901.305) | - | (3.972.838.671) |
| Closing | (819.812.385) | (597.749.674) | (1.548.506.410) | (653.565.111) | (6.038.153.560) | (7.594.614.623) | - | (17.252.401.763) |
| Net book value |
954.707.341 | 855.479.637 | 673.319.016 | 19.090.693 | 14.394.384.649 | 6.343.628.322 | 2.149.791.676 | 25.390.401.334 |
(*) Transfers at "components, spare engine and repairables" represent derecognition of components that are used as part of delivery maintenance provisions.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Components, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Machinery | Motor | Furniture and |
Leasehold | spare engine | Owned | Construction | ||
| 30 September 2024 |
equipment and |
vehicles | fixtures | improvements | repairables and |
Aircraft | in progress |
Total |
| Cost: | ||||||||
| Opening | 1.103.684.197 | 717.367.948 | 1.176.005.452 | 438.645.278 | 6.680.691.335 | 8.978.203.654 | 262.907.397 | 19.357.505.261 |
| Additions | 38.699.974 | 89.526.158 | 158.560.437 | 3.359.287 | 5.654.142.218 | 204.872.629 | 17.952.990 | 6.167.113.693 |
| Transfers (*) |
- | - | - | - | (1.112.817.952) | - | - | (1.112.817.952) |
| Currency translation differences |
187.756.476 | 127.521.130 | 210.054.709 | 73.597.294 | 1.503.811.509 | 1.517.987.285 | 45.469.355 | 3.666.197.758 |
| Closing | 1.330.140.647 | 934.415.236 | 1.544.620.598 | 515.601.859 | 12.725.827.110 | 10.701.063.568 | 326.329.742 | 28.077.998.760 |
| Accumulated depreciation: |
||||||||
| Opening | (419.628.926) | (288.077.159) | (866.899.542) | (432.379.083) | (2.658.594.566) | (4.314.225.458) | - | (8.979.804.734) |
| Depreciation for the year |
(57.562.077) | (51.174.586) | (74.829.730) | (2.327.507) | (534.361.709) | (340.858.481) | - | (1.061.114.090) |
| Currency translation differences |
(75.036.710) | (52.506.204) | (151.260.441) | (72.462.120) | (489.856.111) | (750.078.038) | - | (1.591.199.624) |
| Closing | (552.227.713) | (391.757.949) | (1.092.989.713) | (507.168.710) | (3.682.812.386) | (5.405.161.977) | - (11.632.118.448) | |
| Net book value |
777.912.934 | 542.657.287 | 451.630.885 | 8.433.149 | 9.043.014.724 | 5.295.901.591 | 326.329.742 | 16.445.880.312 |
(*) Transfers at "components, spare engine and repairables" represent derecognition of components that are used as part of delivery maintenance provisions.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Software | 30 September 2025 | 30 September 2024 |
|---|---|---|
| Cost: | ||
| Opening | 2.361.587.141 | 1.714.023.225 |
| Additions | 642.679.030 | 261.015.687 |
| Currency translation differences | 846.168.461 | 308.702.348 |
| Closing | 3.850.434.632 | 2.283.741.260 |
| Accumulated amortization: | ||
| Opening | (1.478.044.624) | (1.070.519.120) |
| Amortization for the year | (303.231.331) | (192.140.858) |
| Currency translation differences | (517.113.881) | (195.285.461) |
| Closing | (2.298.389.836) | (1.457.945.439) |
| Net book value | 1.552.044.796 | 825.795.821 |
| 30 September 2025 | Field Rental | Building | Aircraft | Other | Total |
|---|---|---|---|---|---|
| Cost: | |||||
| Opening | 535.372.779 | 908.784.706 | 191.782.214.946 | 11.440.385 | 193.237.812.816 |
| Additions | 457.157.455 | - | 21.981.026.651 | - | 22.438.184.106 |
| Disposals (*) | - | - | (3.199.291.013) | - | (3.199.291.013) |
| Currency translation differences | 231.079.346 | 294.453.675 | 64.506.011.692 | 3.706.778 | 65.035.251.491 |
| Closing | 1.223.609.580 | 1.203.238.381 | 275.069.962.276 | 15.147.163 | 277.511.957.400 |
| Accumulated depreciation: | |||||
| Opening | (490.171.366) | (14.554.598) | (39.422.098.177) | (11.440.385) | (39.938.264.526) |
| Depreciation for the period | (98.718.348) | (20.035.671) | (11.162.285.631) | - | (11.281.039.650) |
| Disposals (*) | - | - | 1.177.537.848 | - | 1.177.537.848 |
| Currency translation differences | (171.260.709) | (7.240.844) | (14.053.132.720) | (3.706.778) | (14.235.341.051) |
| Closing | (760.150.423) | (41.831.113) | (63.459.978.680) | (15.147.163) | (64.277.107.379) |
| Net book value | 463.459.157 | 1.161.407.268 | 211.609.983.596 | - | 213.234.850.021 |
(*) Aircraft which are sold presented as disposals.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| 30 September 2024 | Field Rental | Building | Aircraft | Other | Total |
|---|---|---|---|---|---|
| Cost: | |||||
| Opening | 474.627.190 | 253.614.344 | 148.302.857.702 | 10.142.312 | 149.041.241.548 |
| Additions | - | 843.129.828 | 25.340.812.413 | - | 26.183.942.241 |
| Disposals (*) | - | (272.763.854) | (14.494.018.343) | - | (14.766.782.197) |
| Currency translation differences | 79.324.793 | 90.977.256 | 25.709.630.048 | 1.695.092 | 25.881.627.189 |
| Closing | 553.951.983 | 914.957.574 | 184.859.281.820 | 11.837.404 | 186.340.028.781 |
| Accumulated depreciation: | |||||
| Opening | (367.824.706) | (161.309.673) | (34.992.941.609) | (10.142.312) | (35.532.218.300) |
| Depreciation for the period | (82.804.622) | (25.959.613) | (7.374.651.537) | - | (7.483.415.772) |
| Disposals (*) | - | 226.004.336 | 9.567.814.172 | - | 9.793.818.508 |
| Transfers | 35.094.536 | (35.094.536) | - | - | - |
| Currency translation differences | (65.539.324) | (12.907.402) | (5.503.055.423) | (1.695.092) | (5.583.197.241) |
| Closing | (481.074.116) | (9.266.888) | (38.302.834.397) | (11.837.404) | (38.805.012.805) |
| Net book value | 72.877.867 | 905.690.686 | 146.556.447.423 | - | 147.535.015.976 |
(*) Aircraft which are sold presented as disposals.
The Group is involved in lawsuits and claims that have been filed against, the total amount of claims, excluding reserved rights for excess claims, litigation risks, and interest, is TL 227.143.336 as of 30 September 2025 (31 December 2024: TL 187.141.480). These lawsuits and fines have been evaluated by the Group's management and a litigation provision of TL 107.342.127 (31 December 2024: TL 57.207.079) has been provided against claims for which management believes it is probable it will be required to make a payment. Disputes arise from guest complaints, claims by former employees of the Group and a limited number of commercial disputes.
The Company's VAT transactions regarding loyalty card practices in year 2018 have been examined in 2020. The Company have been notified with a report stating "no subject to be examined have been found" in May 2021. However the report evaluation commission has objected this verdict and TL 1.780.660 of tax assessment has been declared to the Company. Against this tax assessment, the Company filed a tax lawsuit on September 6, 2021, the petition of the counter party was received on October 25, 2021 and the petition was answered on November 23, 2021. The 7th Tax Court of Istanbul decided to accept our case and reject all assessments on June 29, 2022, and the defendant Revenue Administration objected to the decision in August and submitted the petition of appeal to the Tax Court. The petition of appeal was notified to Company on September 28, 2022 and this petition answered within one month. Following the rejection of the opposite party's appeal, this time an appeal was made, and the defendant's appeal was served in April 2023. This petition was also answered by the Company within the time limit. The said lawsuit continues as of September 30, 2025. The Company has not recognized any provision in the consolidated financial statements in line with the opinions received from its lawyers regarding the aforementioned case.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
T&T Havalimanı İşletmeciliği İnşaat Sanayi ve Ticaret Şirketi Limited filed three lawsuits against the Company before North Cyprus Lefkoşa Court of First Instance with claims of Euro 765.689, Euro 988.985 and Euro 475.031, respectively. All three lawsuits act on same claims and the airports act no. 5/2013 whereby the plaintiff, as the operator of the Ercan Airport under North Cyprus Airports Services and Charges Law, claims Euro 15 passenger service fee for each Turkish Army Staff member traveling on the Company flights for the period between March 2013 and August 2020. Turkish Army Staff departing from North Cyprus are subject to an exemption from this fee under the law. The plaintiff's argument is based on the assumption that the Company has not carried any Turkish Army Staff members in this period of time. The Court of First Instance merged the first two lawsuits and rendered a judgment against the Company for a total principal payment obligation of Euro 1.679.114. No decision has yet been issued regarding the third lawsuit. The Company is of the opinion that it is legally impossible to obtain the requested documents related to the transported passengers from the relevant public authorities, and that the responsibility for implementing the requested additional inspections lies with the operating plaintiff. A legal appeal process has been initiated against the unfavorable first-instance court decision. In prior reporting periods, no provisions were recognized in relation to these cases, as the claims were not supported by concrete evidence and were based on unreasonable assumptions. Following the Company's appeal, upon the approval of the first-instance court's decision as of April 18, 2025, the payment related to the first two consolidated case files, amounting to a principal of Euro 1.679.114, was made together with interest and a provision corresponding to the claimed amount has been recognized for the ongoing third lawsuit as of the end of the interim period ended September 30, 2025.
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Commitments to purchase aircraft | 1.203.303.036.588 | 1.071.592.413.029 |
| 1.203.303.036.588 | 1.071.592.413.029 |
As of 30 September 2025, the Group holds the right to purchase 143 aircraft on firm order. In accordance with agreement the expected deliveries are 8 aircraft in 2026, 13 aircraft in 2027, 20 aircraft in 2028, 23 aircraft in 2029, 16 aircraft in 2030, 17 aircraft in 2031, 16 aircraft in 2032, 15 aircraft in 2033, 15 aircraft in 2034. The purchase commitments for these aircraft were calculated based on their list prices and actual purchase prices are typically lower than the list prices.
The Group has provided advances on aircraft purchases amounting to TL 10.144.240.287 (31 December 2024: TL 6.616.402.312). Of this amount, TL 3.432.191.041 is reclassified as short-term, and TL 6.712.049.246 is reclassified as long-term prepayments (31 December 2024: TL 4.514.154.692 is reclassified as short-term, TL 2.102.247.620 is reclassified as long-term prepayments).
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of the CPMs given by the Group as of 30 September 2025 is as follows:
| 30 September 2025 | TL TOTAL | USD | EUR | TL | Other |
|---|---|---|---|---|---|
| A. Total amounts of CPM given on behalf of its own legal | |||||
| entity | |||||
| -Collateral | 2.457.646.658 | 22.456.235 | 27.177.460 | 27.307.070 | 176.315.409 |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| B. Total amounts of CPM given on behalf of subsidiaries | |||||
| that are included in full consolidation | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| C. Total amounts of CPM given in order to guarantee third parties debts for routine trade operations |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| D. Total amounts of other CPM given | |||||
| i. Total amount of CPM given on behalf of the Parent | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| ii. Total amount of CPM given on behalf of other group companies not covered in B and C |
|||||
| -Collateral | - | - | |||
| -Pledge | - | - | - | ||
| -Mortgage | - | - | - | - | - |
| iii. Total amount of CPM given on behalf of third parties not covered in C |
- | - | - | - | - |
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
The CPMs given by the Group are consisted of collaterals given to airports and terminals operators, aircraft leasing companies and service suppliers.
2.457.646.658 22.456.235 27.177.460 27.307.070 176.315.409
The other CPMs (in the scope of item D) given by the Group constitute 0% of the Group's equity as of 30 September 2025.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of the CPMs given by the Group as of 31 December 2024 is as follows:
| 31 December 2024 | TL TOTAL | USD | EUR | TL | Other |
|---|---|---|---|---|---|
| A. Total amounts of CPM given on behalf of its own legal | |||||
| entity | |||||
| -Collateral | 1.391.002.578 | 19.818.530 | 12.544.285 | 109.847.593 | 122.167.548 |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| B. Total amounts of CPM given on behalf of subsidiaries | |||||
| that are included in full consolidation | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| C. Total amounts of CPM given in order to guarantee third parties debts for routine trade operations |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| D. Total amounts of other CPM given | |||||
| i. Total amount of CPM given on behalf of the Parent | |||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| ii. Total amount of CPM given on behalf of other group companies not covered in B and C |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| iii. Total amount of CPM given on behalf of third parties not covered in C |
|||||
| -Collateral | - | - | - | - | - |
| -Pledge | - | - | - | - | - |
| -Mortgage | - | - | - | - | - |
| 1.391.002.578 | 19.818.530 | 12.544.285 | 109.847.593 | 122.167.548 |
The CPMs given by the Group are consisted of collaterals given to airports and terminals operators, aircraft leasing companies and service suppliers.
The other CPMs (in the scope of item D) given by the Group constitute 0% of the Group's equity as of 31 December 2024.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of expenses by nature for the years periods 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Jet fuel expenses | 28.943.848.163 | 23.607.205.744 | 12.002.383.249 | 8.972.676.157 |
| Personnel expenses | 20.363.098.757 | 12.635.792.723 | 7.835.297.043 | 5.967.672.775 |
| Depreciation and amortisation expenses | 13.250.330.204 | 8.736.728.145 | 5.131.791.667 | 3.152.138.681 |
| Handling and station fees | 8.476.998.263 | 5.758.693.505 | 3.530.746.357 | 2.350.562.224 |
| Navigation expenses | 7.754.274.626 | 4.738.135.246 | 3.242.376.047 | 1.931.532.634 |
| Maintenance expenses | 3.976.520.718 | 2.839.924.626 | 1.531.339.155 | 1.050.411.307 |
| Landing expenses | 4.121.579.582 | 2.696.504.125 | 1.673.519.610 | 1.096.043.018 |
| Passenger service and catering expenses | 1.445.566.881 | 991.501.322 | 577.164.669 | 472.818.930 |
| Advertising expenses | 834.290.252 | 475.939.556 | 324.874.642 | 135.222.781 |
| Commission expenses | 785.215.313 | 673.464.107 | 307.695.100 | 335.157.361 |
| Short term operational lease expenses | 898.236.545 | 40.657.687 | 753.927.292 | 692.488 |
| Other expenses | 6.559.286.873 | 4.293.259.552 | 2.338.027.325 | 1.733.160.695 |
| 97.409.246.177 | 67.487.806.338 | 39.249.142.156 | 27.198.089.051 |
The Company's shareholding structure as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Shareholders | (%) | TL | (%) | TL |
| Esas Holding | 52,81 | 264.056.018 | 52,81 | 264.056.018 |
| Publicly held | 45,37 | 226.866.830 | 45,37 | 226.866.830 |
| Emine Kamışlı | 0,61 | 3.025.717 | 0,61 | 3.025.717 |
| Ali İsmail Sabancı |
0,61 | 3.025.717 | 0,61 | 3.025.717 |
| Kazım Köseoğlu | 0,30 | 1.512.859 | 0,30 | 1.512.859 |
| Can Köseoğlu | 0,30 | 1.512.859 | 0,30 | 1.512.859 |
| TL historic capital | 100,00 | 500.000.000 | 100,00 | 500.000.000 |
The Company's share capital consists of 500.000.000 shares of par value TL 1 each (31 December 2024: 500.000.000 shares).
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of revenue and cost of sales for the periods ended 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Scheduled flight and service revenue | 112.675.293.599 | 82.465.679.803 | 51.561.078.742 | 39.285.260.518 |
| International flight revenue | 56.041.103.282 | 44.015.367.822 | 27.074.772.122 | 22.278.905.246 |
| Domestic flight revenue | 15.480.930.577 | 10.993.548.833 | 7.224.041.125 | 5.323.488.279 |
| Service revenue | 41.153.259.740 | 27.456.763.148 | 17.262.265.495 | 11.682.866.993 |
| Charter flight and service revenue | 1.407.682.990 | 1.298.282.396 | 759.329.800 | 687.775.044 |
| Charter flight revenue | 1.407.682.990 | 1.298.282.396 | 759.329.800 | 687.775.044 |
| Other revenue | 322.118.306 | 282.425.529 | 71.616.300 | 109.416.871 |
| 114.405.094.895 | 84.046.387.728 | 52.392.024.842 | 40.082.452.433 |
The Group's revenue is disaggregated into revenue from scheduled flights, revenue from chartered flights, and other revenues in accordance with the TFRS 15 "Revenue from Contracts with Customers" standard. However, although the Group does not consider service revenues within these disaggregated revenue items as a separate performance obligation, it presents additional information due to their frequent disclosure to investors and continuous review by the authorities empowered to make decisions regarding operations.
Geographical details of revenue from the scheduled flights are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Europe | 43.861.016.937 | 33.564.931.888 | 22.498.538.796 | 17.971.919.518 |
| Domestic | 15.480.930.577 | 10.993.548.833 | 7.224.041.125 | 5.323.488.279 |
| Other | 12.180.086.345 | 10.450.435.934 | 4.576.233.326 | 4.306.985.728 |
| 71.522.033.859 | 55.008.916.655 | 34.298.813.247 | 27.602.393.525 |
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Jet fuel expenses | 28.943.848.163 | 23.607.205.744 | 12.002.383.249 | 8.972.676.157 |
| Personnel expenses | 18.835.866.350 | 11.688.108.269 | 7.247.649.765 | 5.520.097.317 |
| Depreciation and amortisation expenses | 12.652.936.942 | 8.350.345.270 | 4.902.838.210 | 3.010.866.564 |
| Handling and station fees | 8.476.998.263 | 5.758.693.505 | 3.530.746.357 | 2.350.562.224 |
| Navigation expenses | 7.754.274.626 | 4.738.135.246 | 3.242.376.047 | 1.931.532.634 |
| Maintenance expenses | 3.976.520.718 | 2.839.924.626 | 1.531.339.155 | 1.050.411.307 |
| Landing expenses | 4.121.579.582 | 2.696.504.125 | 1.673.519.610 | 1.096.043.018 |
| Passenger service and catering expenses | 1.445.566.881 | 991.501.322 | 577.164.669 | 472.818.930 |
| Insurance expenses | 548.351.488 | 464.024.453 | 182.141.569 | 151.814.697 |
| Short term lease expenses | 898.236.545 | 40.657.687 | 818.866.458 | 692.488 |
| Other expenses | 4.133.208.098 | 2.598.778.212 | 1.283.326.703 | 1.104.227.608 |
| 91.787.387.656 | 63.773.878.459 | 36.992.351.792 | 25.661.742.944 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| General administrative expenses | 3.194.740.789 | 2.005.770.628 | 1.334.361.184 | 841.595.866 |
| Marketing expenses | 2.427.117.732 | 1.708.157.251 | 922.429.180 | 694.750.241 |
| 5.621.858.521 | 3.713.927.879 | 2.256.790.364 | 1.536.346.107 |
The details of general administrative expenses and marketing expenses for the periods ended 30 September 2025 and 30 September 2024 are as follows (there are no research & development expenses in the periods ended in respective dates):
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Personnel expenses | 1.119.970.432 | 694.968.600 | 430.941.337 | 328.222.003 |
| IT expenses | 801.470.771 | 511.399.837 | 316.602.369 | 199.289.267 |
| Depreciation and amortisation expenses | 477.914.610 | 309.106.300 | 183.162.766 | 113.017.694 |
| Consultancy expenses | 220.189.738 | 146.720.131 | 90.681.150 | 53.905.660 |
| Office utility expenses | 75.269.669 | 55.523.255 | 27.250.507 | 21.732.786 |
| Legal and notary expenses | 204.937.516 | 76.884.783 | 145.060.876 | 46.158.649 |
| Communication expenses | 66.915.985 | 67.875.295 | 34.959.180 | 22.895.072 |
| Travel expenses | 126.902.175 | 88.507.486 | 77.024.877 | 47.708.362 |
| Training expenses | 13.524.545 | 7.636.171 | 4.686.866 | 5.038.692 |
| Other expenses | 87.645.348 | 47.148.770 | 23.991.256 | 3.627.681 |
| 3.194.740.789 | 2.005.770.628 | 1.334.361.184 | 841.595.866 |
| 1 January- | 1 January- 30 September 2025 30 September 2024 30 September 2025 30 September 2024 |
1 July - | 1 July - | |
|---|---|---|---|---|
| Advertising expenses | 834.290.252 | 475.939.556 | 324.874.642 | 135.222.781 |
| Commission expenses | 785.215.313 | 673.464.107 | 307.695.100 | 335.157.361 |
| Personnel expenses | 407.261.975 | 252.715.854 | 156.705.941 | 119.353.455 |
| Call center expenses | 194.650.004 | 156.985.783 | 58.603.609 | 51.810.508 |
| Depreciation and amortisation expenses | 119.478.652 | 77.276.575 | 45.790.691 | 28.254.423 |
| Other expenses | 86.221.536 | 71.775.376 | 28.759.197 | 24.951.713 |
| 2.427.117.732 | 1.708.157.251 | 922.429.180 | 694.750.241 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of other operating income and expenses for the periods ended 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Reversal of doubtful cash and cash equivalents | 14.672.988 | - | (1.123.778) | - |
| Reversal of doubtful provision | 1.427.649 | - | 654.375 | - |
| Other | - | 14.131.779 | - | 4.789.421 |
| 16.100.637 | 14.131.779 | (469.403) | 4.789.421 |
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Foreign exchange loss from operating activities, net | 5.817.630.341 | 507.709.355 | 848.065.010 | 823.895.131 |
| Legal provision and penalty expense | 163.347.547 | 9.615.070 | 25.739.232 | - |
| Doubtful receivable allowance expense | - | 16.747.499 | - | 15.016.828 |
| Trade receivables allowance expense | 18.367.550 | 8.168.026 | (6.097.877) | - |
| Cash and cash equivalents allowance expense | - | 15.679.871 | - | 11.568.103 |
| Other | 139.821.179 | 109.141.547 | 86.211.334 | 71.677.370 |
| 6.139.166.617 | 667.061.368 | 953.917.699 | 922.157.432 |
The details of income from investing activities for the periods ended 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Interest income from time deposits | 904.353.842 | 552.841.543 | 17.915.708 | 205.349.425 |
| Gain arising from aircraft sale | 323.129.385 | 236.962.782 | 26.549.078 | - |
| Interest income from eurobond | 1.170.015.408 | 606.415.227 | 594.622.148 | 201.907.875 |
| Gain on sale of joint venture shares | 60.566.036 | - | 60.566.036 | - |
| Gain from eurobond sales (*) | 33.173.172 | 41.795.833 | 15.714.117 | 3.926.197 |
| Income from sale of fixed assets | 61.888.569 | - | (15.720.317) | - |
| Other income | 16.766.437 | 2.852.365 | 3.981.003 | - |
| 2.569.892.849 | 1.440.867.750 | 703.627.773 | 411.183.497 |
(*) The amounts represents gains arising from the sale of financial investments that are carried at fair value through other comphensive income.
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Loss from eurobond sales | 1.499.897 | - | 509.707 | - |
| Financial investments allowance expense | - | 238.182.318 | - | 24.644.845 |
| 1.499.897 | 238.182.318 | 509.707 | 24.644.845 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of financial income and expenses for the periods ended 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Foreign exchange gain, net | 8.412.278.794 | 389.895.954 | 909.734.128 | 1.801.532.387 |
| Interest income | 2.079.228.464 | 1.236.472.467 | 719.238.435 | 486.984.226 |
| 10.491.507.258 | 1.626.368.421 | 1.628.972.563 | 2.288.516.613 |
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Interest expense on leases | 4.827.658.539 | 4.439.136.828 | 1.645.078.632 | 1.535.044.638 |
| Interest expense on issued debt instruments | 1.393.443.740 | 807.169.445 | 522.607.562 | 248.137.943 |
| Commission and other expenses | 1.371.614.699 | 1.267.664.594 | 510.542.378 | 628.808.349 |
| Losses from derivative contracts | 261.441.457 | 99.888.823 | 68.437.937 | 139.988.655 |
| Interest expense on bank loans | 358.999.101 | 436.189.730 | 184.625.407 | 92.864.625 |
| 8.213.157.536 | 7.050.049.420 | 2.931.291.916 | 2.644.844.210 |
Earnings per share disclosed in the condensed consolidated statements of income are determined by dividing the net income by the weighted number of shares that have been outstanding during the period concerned. Weighted average number of shares for 2024 and 2025 is calculated using the actual number of shares outstanding during the period, taking into consideration the actual date of capital increase.
Number of total shares and calculation of earnings per share at 30 September 2025 and 30 September 2024 are as follows:
| 1 January- | 1 January- | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Net profit | 13.326.667.532 | 11.320.281.004 | 10.828.830.379 | 10.824.093.347 |
| Weighted average number of shares issued in the year | 500.000.000 | 500.000.000 | 500.000.000 | 500.000.000 |
| Income per share | 26,65 | 22,64 | 21,66 | 21,65 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| 30 September 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Asset | Liability | Asset | Liability | |
| Short term | - | 624.101.525 | 145.642.867 | 170.696.233 |
| Long term | - | 24.743.684 | - | 13.387.018 |
| - | 648.845.209 | 145.642.867 | 184.083.251 |
Explanations related to derivative instruments are disclosed in Note 24.
| Short term | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Financial investments measured at amortized cost | 11.990.713.492 | 6.336.522.068 |
| Financial assets recognized at fair value through profit or loss | 4.576.939.665 | 3.714.866.359 |
| Time deposit (*) | 1.474.096.917 | 1.059.774.928 |
| Allowance for credit risk adjustment under TFRS 9 | (11.491.566) | (13.032.469) |
| 18.030.258.508 | 11.098.130.886 |
(*) The balance includes time deposits with original maturities between three months and one year.
| Long term | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Financial investments measured at amortized cost | 6.969.440.028 | 4.774.747.774 |
| Allowance for credit risk adjustment under TFRS 9 | (93.235.420) | (153.583.100) |
| 6.876.204.608 | 4.621.164.674 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Short term financial investments measured at amortized cost | 11.990.713.492 | 6.336.522.068 |
| Long term financial investments measured at amortized cost | 6.969.440.028 | 4.774.747.774 |
| 18.960.153.520 | 11.111.269.842 | |
| 30 September 2025 | 31 December 2024 | |
| Government Debt Securities | 6.920.115.178 | 7.089.155.754 |
| Corporate Debt Securities | 12.040.038.342 | 4.022.114.088 |
| 18.960.153.520 | 11.111.269.842 |
The Group's fixed income securities are accounted at their amortized costs using the effective interest rate. These securities are denominated in Euro, US Dollar and Pound and pay fixed interest every year and every six months.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The weighted average coupon interest rates of existing Euro, US Dollar and Pounds financial investments that are measured at amortized cost as of 30 September 2025 and 31 December 2024 are as follows:
| Coupon Interest Rate (%) | FX Type | Asset Value TL | |
|---|---|---|---|
| Government Debt Securities | 7,5 | US Dollar | 6.066.651.464 |
| Government Debt Securities | 6,2 | GBP | 853.463.714 |
| Corporate Debt Securities | 6,4 | US Dollar | 10.516.041.259 |
| Corporate Debt Securities | 5,9 | Euro | 1.238.933.050 |
| Corporate Debt Securities | 6,2 | GBP | 285.064.033 |
| 30 September 2025 | 18.960.153.520 |
| Coupon Interest Rate (%) | FX Type | Asset Value TL | |
|---|---|---|---|
| Government Debt Securities | 7,6 | US Dollar | 6.622.324.195 |
| Government Debt Securities | 6,7 | GBP | 466.831.559 |
| Corporate Debt Securities | 7,2 | US Dollar | 3.092.676.978 |
| Corporate Debt Securities | 6,7 | Euro | 929.437.110 |
| 31 December 2024 | 11.111.269.842 |
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Government Debt Securities | 4.105.938.171 | 2.646.894.946 |
| Corporate Debt Securities | 471.001.494 | 1.067.971.413 |
| 4.576.939.665 | 3.714.866.359 |
The coupon interest rates of the financial investments in US Dollars that are measured by their fair value and continues as of the reporting date are as follows.
| Coupon Interest Rate (%) | FX Type | Asset Value TL | |
|---|---|---|---|
| Government Debt Securities | 7,9 | US Dollar | 4.105.938.171 |
| Corporate Debt Securities | 7,7 | US Dollar | 471.001.494 |
| 30 September 2025 | 4.576.939.665 |
| Coupon Interest Rate (%) | FX Type | Asset Value TL | |
|---|---|---|---|
| Government Debt Securities | 8,4 | US Dollar | 2.646.894.946 |
| Corporate Debt Securities | 8,1 | US Dollar | 1.067.971.413 |
| 31 December 2024 | 3.714.866.359 |
The financial investments at fair value through other comprehensive income is composed of bonds. These investments are denominated in US Dollars and pay fixed interest every year or every six months.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of financial liabilities as of 30 September 2025 and 31 December 2024 are as follows:
| Short term financial liabilities | 30 September 2025 | 31 December 2024 |
|---|---|---|
| Short term bank borrowings | 11.462.002.891 | 6.321.566.673 |
| 11.462.002.891 | 6.321.566.673 | |
| Short term portion of long term financial liabilities | 30 September 2025 | 31 December 2024 |
| Short term portion of long term bank borrowings | 1.449.497.529 | 804.094.539 |
| Principal and interest of bonds issued | 1.530.740.359 | 7.276.917.017 |
| Discount and commissions of bonds issued | (40.419.167) | (63.248.844) |
| Lease liabilities | 21.309.111.839 | 14.911.498.531 |
| Short term portion of long term | ||
| lease liabilities | 2.563.516.990 | 1.853.791.145 |
| Short term portion of long term | ||
| lease liabilities with purchase option | 18.745.594.849 | 13.057.707.386 |
| 24.248.930.560 | 22.929.261.243 | |
| Long term financial liabilities | 30 September 2025 | 31 December 2024 |
| Long term bank borrowings | 4.951.650.568 | 808.687.123 |
| Issued debt instruments (*) | 19.270.330.628 | 16.625.114.404 |
| Discount and commissions of bonds issued | (227.134.240) | (172.077.331) |
| Lease liabilities | 159.618.792.040 | 119.794.949.520 |
| Long term lease liabilities | 7.739.975.511 | 7.554.922.759 |
| Long term lease liabilities with purchase option | 151.878.816.529 | 112.240.026.761 |
| 183.613.638.996 | 137.056.673.716 |
(*) The Group issued bonds to qualified investors abroad on April 29, 2021, which were issued under the "Rule 144A" and/or "Regulation S" format, have a nominal value of USD 375.000.000, at 9,25% interest rate and the maturity is 5 years with an early payment option in the third and fourth years. The settlement process was completed and the bonds were fully redeemed following the repurchase by the Group of bonds amounting to USD 211,086,000 on September 12, 2024, and the remaining bonds amounting to USD 163,914,000 on April 28, 2025, from the respective investors.
The Group issued bonds to qualified investors abroad on September 11, 2024, which were issued under the "Rule 144A" and/or "Regulation S" format, have a nominal value of USD 500.000.000, at 8,00% interest rate and the maturity is 7 years with an early payment option starting at the end of three years.
The bonds are traded on the Irish Stock Exchange (Euronext Dublin). There are some financial covenants in the Terms and Conditions of the notes. The covenants of the notes are; negative pledge, limitation in indebtedness, publication of financial information, limitations on transactions with affiliates, minimum liquidity, merger, consolidation and sale of all assets substantially, limitation on asset sales, limitation on restricted payments. As of 30 September 2025, the Group complied with all covenants.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The effective interest rates, original currency and TL equivalents of the short and long term bank borrowings as of 30 September 2025 and 31 December 2024 are as follows :
| Weighted average | Original | TL | ||
|---|---|---|---|---|
| 30 September 2025 | interest rate (%) | Currency | amount | equivalent |
| Short term bank borrowings | 5,08 | Euro | 235.611.463 11.462.002.891 | |
| Short term portion of long term bank borrowings | 4,11 | Euro | 29.795.686 | 1.449.497.529 |
| Long term bank borrowings | 3,78 | Euro | 101.785.495 | 4.951.650.568 |
| 17.863.150.988 |
Weighted average Original TL 31 December 2024 interest rate (%) Currency amount equivalent Short term bank borrowings 6,09 Euro 172.048.659 6.321.566.673 Short term portion of long term bank borrowings 4,22 Euro 21.884.352 804.094.539 Long term bank borrowings 4,19 Euro 22.009.344 808.687.123 7.934.348.335
The details of lease liabilities as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Less than 1 year | 27.148.924.095 | 19.943.011.377 |
| Between 1 - 5 years | 101.409.322.964 | 74.527.413.498 |
| Over 5 years | 85.509.831.180 | 66.439.202.785 |
| 214.068.078.239 | 160.909.627.660 | |
| Less: Future interest expenses | (33.140.174.360) | (26.203.179.609) |
| 180.927.903.879 | 134.706.448.051 |
Present value of minimum lease payments of lease liabilities are as follows;
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Less than 1 year | 21.309.111.839 | 14.911.498.531 |
| 83.313.803.143 | 60.958.814.055 | |
| Between 1 - 5 years | 76.304.988.897 | 58.836.135.465 |
| Over 5 years | ||
| 180.927.903.879 | 134.706.448.051 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group acquire certain of its handling equipment and aircraft through lease arrangements. The average lease term is 5,82 years. For the period ended 30 September 2025, the floating interest rate applicable to Euro-denominated lease liabilities, amounting to TL 133.094.142.650, is 3,27% (31 December 2024: 3,40%) and the floating rate applicable to US Dollar-denominated lease liabilities, amounting to TL 14.722.328.791, is 5,87% (31 December 2024: 6,28%).
The changes in the Group's liabilities arising from financing activities are given in the following table:
| Utilized bank loans and |
Finance lease obtained and repayment of |
Non-cash | |||
|---|---|---|---|---|---|
| 1 January 2025 repayments, (net) | principals | changes | 30 September 2025 | ||
| Bank loans and Issued debt instruments |
31.601.053.581 | (1.629.381.191) | - | 8.424.996.178 | 38.396.668.568 |
| Lease payables | 134.706.448.051 | - | (17.177.591.293) | 63.399.047.121 | 180.927.903.879 |
| 166.307.501.632 | (1.629.381.191) | (17.177.591.293) | 71.824.043.299 | 219.324.572.447 | |
| Utilized bank loans and 1 January 2024 repayments, (net) |
Finance lease obtained and repayment of principals |
Non-cash changes |
30 September 2024 | ||
| Bank loans and Issued debt instruments Lease payables |
19.610.509.436 99.907.729.653 |
5.128.804.158 - |
- (13.032.365.724) |
5.417.440.621 40.397.175.703 |
30.156.754.215 127.272.539.632 |
| 119.518.239.089 | 5.128.804.158 | (13.032.365.724) | 45.814.616.324 | 157.429.293.847 |
The Group's activities expose primarily to the financial risks of changes in foreign currency exchange rates, fuel price and interest rates. The Group enters into a variety of derivative financial instruments to manage exposure to foreign currency, fuel price and interest rate risk.
The Group has transactions in non-Euro currencies including Turkish Lira revenues, US Dollar borrowings and fuel purchases. These non-Euro denominated transactions expose the Group to foreign currency risk. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group's foreign currency position of monetary and non-monetary assets/liabilities for the years ended 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | TL Total | USD | TL | GBP | Other |
|---|---|---|---|---|---|
| 1. Trade receivables | 2.985.202.930 | 8.829.595 | 2.002.069.818 | 2.738.912 | 464.243.816 |
| 2a. Monetary financial assets | 54.760.811.662 | 895.508.148 | 6.598.125.945 | 22.819.602 | 9.730.163.145 |
| 2b. Non monetary financial assets | - | - | - | - | - |
| 3. Other | 304.746.101 | 4.469.432 | 2.519.338 | 214.331 | 104.820.679 |
| 4. CURRENT ASSETS | 58.050.760.693 | 908.807.175 | 8.602.715.101 | 25.772.845 | 10.299.227.640 |
| 5. Trade receivables | - | - | - | - | - |
| 6a. Monetary financial assets | 5.631.252.622 | 135.698.066 | - | - | - |
| 6b. Non monetary financial assets | - | - | - | - | - |
| 7. Other | 285.349.329 | 5.402.059 | 1.878.341 | 63.000 | 55.786.973 |
| 8. NON CURRENT ASSETS | 5.916.601.951 | 141.100.125 | 1.878.341 | 63.000 | 55.786.973 |
| 9. TOTAL ASSETS | 63.967.362.644 | 1.049.907.300 | 8.604.593.442 | 25.835.845 | 10.355.014.613 |
| 10. Trade payables | 6.277.268.418 | 96.684.460 | 2.045.450.461 | 3.118.136 | 45.980.931 |
| 11. Financial liabilities | 7.017.904.882 | 168.916.402 | 8.144.465 | - | - |
| 12a. Other liabilitites, monetary | 5.719.928.352 | 56.346.113 | 3.177.937.851 | 297.235 | 187.169.893 |
| 12b. Other liabilities, non monetary | - | - | - | - | - |
| 13. CURRENT LIABILITIES | 19.015.101.652 | 321.946.975 | 5.231.532.777 | 3.415.371 | 233.150.824 |
| 14. Trade payables | - | - | - | - | - |
| 15. Financial liabilities | 58.488.833.203 | 1.409.423.814 | - | - | - |
| 16a. Other lliabilities, monetary | 7.029.013.987 | 113.783.615 | 2.307.176.018 | - | - |
| 16b. Other liabilities, non monetary | - | - | - | - | - |
| 17. NON CURRENT LIABILITIES | 65.517.847.190 | 1.523.207.429 | 2.307.176.018 | - | - |
| 18. TOTAL LIABILITIES | 84.532.948.842 | 1.845.154.404 | 7.538.708.795 | 3.415.371 | 233.150.824 |
| 19. Net asset / (liability) position of Off-statement of | |||||
| financial position derivatives (19a-19b) | - | - | - | - | - |
| 19.a Off-statement of financial position foreign currency | |||||
| derivative assets | - | - | - | - | - |
| 19b. Off-statement of financial position foreign currency | |||||
| derivative liabilities | - | - | - | - | - |
| 20. Net foreign currency asset/(liability) | |||||
| position | (20.565.586.198) | (795.247.104) | 1.065.884.647 | 22.420.474 | 10.121.863.789 |
| 21. Net foreign currency asset / (liability) | |||||
| position of monetary items (1+2a+3+5+6a+7-10-11-12a-14-15-16a) |
(20.565.586.198) | (795.247.104) | 1.065.884.647 | 22.420.474 | 10.121.863.789 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| 31 December 2024 | TL Total | USD | TL | GBP | Other |
|---|---|---|---|---|---|
| 1. Trade receivables | 1.930.994.924 | 7.421.689 | 1.404.084.196 | 1.817.410 | 185.081.590 |
| 2a. Monetary financial assets | 46.038.638.751 | 1.163.326.747 | 4.022.451.465 | 14.824.938 | 384.039.037 |
| 2b. Non monetary financial assets | - | - | - | - | - |
| 3. Other | 228.603.724 | 1.727.019 | 166.711.936 | 23.797 | 7.562 |
| 4. CURRENT ASSETS | 48.198.237.399 | 1.172.475.455 | 5.593.247.597 | 16.666.145 | 569.128.189 |
| 5. Trade receivables | - | - | - | - | - |
| 6a. Monetary financial assets | 4.621.164.767 | 131.196.247 | - | - | - |
| 6b. Non monetary financial assets | - | - | - | - | - |
| 7. Other | 287.642.554 | 6.695.999 | 1.543.144 | 63.000 | 47.456.743 |
| 8. NON CURRENT ASSETS | 4.908.807.321 | 137.892.246 | 1.543.144 | 63.000 | 47.456.743 |
| 9. TOTAL ASSETS | 53.107.044.720 | 1.310.367.701 | 5.594.790.741 | 16.729.145 | 616.584.932 |
| 10. Trade payables | 4.556.958.222 | 90.371.223 | 1.020.393.435 | 2.635.892 | 236.764.938 |
| 11. Financial liabilities | 11.052.127.544 | 313.459.380 | 11.053.764 | - | - |
| 12a. Other liabilitites, monetary | 3.785.868.230 | 10.378.007 | 3.369.137.300 | 254.401 | 39.927.100 |
| 12b. Other liabilities, non monetary | - | - | - | - | - |
| 13. CURRENT LIABILITIES | 19.394.953.996 | 414.208.610 | 4.400.584.499 | 2.890.293 | 276.692.038 |
| 14. Trade payables | - | - | - | - | - |
| 15. Financial liabilities | 50.483.084.146 | 1.433.084.260 | 5.127.331 | - | - |
| 16a. Other lliabilities, monetary | 9.168.838.348 | 216.012.353 | 1.560.170.434 | - | - |
| 16b. Other liabilities, non monetary | - | - | - | - | - |
| 17. NON CURRENT LIABILITIES | 59.651.922.494 | 1.649.096.613 | 1.565.297.765 | - | - |
| 18. TOTAL LIABILITIES | 79.046.876.490 | 2.063.305.223 | 5.965.882.264 | 2.890.293 | 276.692.038 |
| 19. Net asset / (liability) position of Off-statement of | |||||
| financial position derivatives (19a-19b) | 17.963.040 | 21.424.898 | - | (16.650.000) | - |
| 19.a Off-statement of financial position foreign currency | |||||
| derivative assets | 754.655.610 | 21.424.898 | - | - | - |
| 19b. Off-statement of financial position foreign currency | |||||
| derivative liabilities | 736.692.570 | - | - | 16.650.000 | - |
| 20. Net foreign currency asset/(liability) | |||||
| position | (25.939.831.770) | (752.937.522) | (371.091.523) | 13.838.852 | 339.892.894 |
| 21. Net foreign currency asset / (liability) | |||||
| position of monetary items | |||||
| (1+2a+3+5+6a+7-10-11-12a-14-15-16a) | (25.939.831.770) | (752.937.522) | (371.091.523) | 13.838.852 | 339.892.894 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group is exposed to foreign exchange risk arising primarily with respect to the US Dollar and Turkish Lira. The following table details the Group's sensitivity to a 10% increase and decrease in US Dollar, and TL. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated items and adjusts their translation at the period end for a 10% change in foreign currency rates.
Foreign currency sensitivity tables as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | Profit/(Loss) | Shareholders' equity | ||
|---|---|---|---|---|
| If foreign currency | If foreign currency | If foreign currency | If foreign currency | |
| appreciated 10% | depreciated 10% | appreciated 10% | depreciated 10% | |
| Effect of 10% change in USD rate | ||||
| USD net asset / (liability) | (3.300.148.242) | 3.300.148.242 | - | - |
| Part of hedged from USD risk | - | - | - | - |
| USD net effect | (3.300.148.242) | 3.300.148.242 | - | - |
| Effect of 10% change in TL rate | ||||
| TL net asset / (liability) | 106.588.465 | (106.588.465) | 11.318.431.039 | (11.318.431.039) |
| Part of hedged from TL risk | - | - | - | - |
| TL net effect | 106.588.465 | (106.588.465) | 11.318.431.039 | (11.318.431.039) |
| Effect of 10% change in GBP rate | ||||
| GBP net asset / liability | 124.814.779 | (124.814.779) | - | - |
| Part of hedged from GBP risk | - | - | - | - |
| GBP net effect | 124.814.779 | (124.814.779) | - | - |
| 31 December 2024 | Profit/(Loss) | Shareholders' equity | ||
| If foreign currency | If foreign currency | If foreign currency | If foreign currency | |
| appreciated 10% | depreciated 10% | appreciated 10% | depreciated 10% | |
| Effect of 10% change in USD rate | ||||
| USD net asset / (liability) | (2.655.359.368) | 2.655.359.368 | - | - |
| Part of hedged from USD risk | 75.465.561 | (75.465.561) | - | - |
| USD net effect | (2.579.893.807) | 2.579.893.807 | - | - |
| Effect of 10% change in TL rate | ||||
| TL net asset / (liability) | 118.907.891 | (118.907.891) | 7.505.715.524 | (7.505.715.524) |
| Part of hedged from TL risk | - | - | - | - |
| TL net effect | 118.907.891 | (118.907.891) | 7.505.715.524 | (7.505.715.524) |
| Effect of 10% change in GBP rate | ||||
| GBP net asset / liability | 61.231.108 | (61.231.108) | - | - |
| Part of hedged from GBP risk | (73.669.257) | 73.669.257 | - | - |
| GBP net effect | (12.438.149) | 12.438.149 | - | - |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group Management believes that the carrying values of financial instruments approximates their fair values, except for financial investments, lease liabilities and issued debt instruments. The fair value of financial investments and issued bonds is determined by considering the market value (level 1).
| 30 September 2025 | Financial assets and liabilities at amortized cost |
Financial assets and derivative instruments which are recognized at fair value in shareholders' equity | · · | Carrying amount | Note |
|---|---|---|---|---|---|
| Financial assets | |||||
| Cash and cash equivalents | 50.433.677.329 | - | - | 50.433.677.329 | 27 |
| Trade receivables | 4.469.637.556 | - | - | 4.469.637.556 | 6 |
| - Other | 4.469.637.556 | - | - | 4.469.637.556 | 6 |
| Other receivables | 4.586.541.379 | - | - | 4.586.541.379 | |
| - Other | 4.586.541.379 | - | - | 4.586.541.379 | |
| Financial investments | 18.922.288.427 | 4.576.939.665 | - | 24.906.463.116 | 22 |
| Financial liabilities | |||||
| Bank borrowings | 17.863.150.988 | - | - | 17.863.150.988 | 22 |
| Issued debt instruments | 27.543.103.327 | - | - | 20.533.517.580 | |
| Trade payables | 14.623.825.136 | - | - | 14.623.825.136 | 6 |
| - Related party | 58.502.894 | - | - | 58.502.894 | 5 |
| - Other | 14.565.322.242 | - | - | 14.565.322.242 | |
| Other payables | 1.028.898.123 | - | - | 1.028.898.123 | |
| Derivative financial liabilities | - | 648.845.209 | - | 648.845.209 | 21 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Financial and assets |
|||||
|---|---|---|---|---|---|
| derivative instruments |
Derivative instruments |
||||
| Financial assets |
which are recognized at |
which are recognized |
|||
| and liabilities at |
fair value in |
fair value in at |
|||
| 31 December 2024 |
amortized cost |
shareholders' equity |
profit/loss | Carrying amount |
Note |
| Financial assets |
|||||
| Cash and cash equivalents |
46 258 554 416 |
- | - | 46 258 554 416 |
27 |
| Trade receivables |
2 699 417 383 |
- | - | 2 699 417 383 |
6 |
| - Other | 2 699 417 383 |
- | - | 2 699 417 383 |
6 |
| Other receivables |
3 226 156 066 |
- | - | 3 226 156 066 |
|
| - Other | 3 226 156 066 |
- | - | 3 226 156 066 |
|
| Financial investments |
11 087 434 559 |
3 714 866 359 |
- | 15 719 295 560 |
22 |
| Derivative financial assets |
- | - | 145 642 867 |
145 642 867 |
21 |
| Financial liabilities |
|||||
| Bank borrowings |
7 934 348 335 |
- | - | 7 934 348 335 |
22 |
| Issued debt instruments |
23 378 226 424 |
- | - | 23 666 705 246 |
|
| Trade payables |
7 942 864 589 |
- | - | 7 942 864 589 |
6 |
| - Related party |
43 890 717 |
- | - | 43 890 717 |
5 |
| - Other | 7 898 973 872 |
- | - | 7 898 973 872 |
|
| Other payables |
460 006 050 |
- | - | 460 006 050 |
|
| Derivative financial liabilities |
- | 184 083 251 |
- | 184 083 251 |
21 |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The fair values of financial assets and financial liabilities are determined and grouped as follows:
| Financial assets / (Financial liabilities) |
Fair value as at | Fair value hierarchy |
Valuation technique |
|
|---|---|---|---|---|
| 30 September 2025 | 31 December 2024 | |||
| Fuel purchase option contracts |
(648.845.209) | (184.083.251) | Level 2 | Discounted cash flow method |
| Currency forward contracts |
- | 145.642.867 | Level 2 | Discounted cash flow method |
| Currency | Fuel purchase | |||
| forward | option | |||
| 30 September 2025 | contracts | contracts | Total | |
| Fair value: | ||||
| Opening | 145.642.867 | (184.083.251) | (38.440.384) | |
| Fair value increase | ||||
| Recognized in equity | - | (464.761.958) | (464.761.958) | |
| Recognized in profit or loss | (145.642.867) | - | (145.642.867) | |
| Closing | - | (648.845.209) | (648.845.209) | |
| Assets | - | - | - | |
| Liabilities | - | (648.845.209) | (648.845.209) | |
| Total net assets and liabilities | - | (648.845.209) | (648.845.209) |
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Currency | Fuel purchase | ||
|---|---|---|---|
| forward | option | ||
| 31 December 2024 | contracts | contracts | Total |
| Fair value: | |||
| Opening | 12.607.533 | (173.330.608) | (160.723.075) |
| Fair value increase / (decrease) | |||
| Recognized in equity | - | (10.752.643) | (10.752.643) |
| Recognized in profit or loss | 133.035.334 | - | 133.035.334 |
| Closing | 145.642.867 | (184.083.251) | (38.440.384) |
| Assets | 145.642.867 | - | 145.642.867 |
| Liabilities | - | (184.083.251) | (184.083.251) |
| Total net assets and liabilities | 145.642.867 | (184.083.251) | (38.440.384) |
The Group has forward fuel purchase option contracts, which are subject to hedge accounting, at a rate of 65,2% and 27,7% of the total fuel consumption estimated to occur in a period shorter than 1 year and more than 1 year, respectively. In line with its hedging policy, the Group can conclude contracts with maturities up to 24 months. As of 30 September 2025, the contracts last until September 2027. The total nominal value of these contracts is USD 618,3 million, and the weighted average price is in the range of USD 62-77. The ineffective portion of the hedge is not material as of 30 September 2025. In the current period, the expense that is reclassified from hedging gain/(losses) fund under shareholders' equity to fuel expenses in the profit or loss statement is amounting to TL 82.595.912 (30 September 2024: TL 85.585.786 derivative income are charged to finance expenses).
Not available.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The Group is subject to corporate tax applicable in Türkiye. The corporate tax rate in Türkiye is applied as 25% for the 2024 taxation period. It continues to be applied as 25% for the 2025 taxation period. While calculating deferred tax on temporary differences, the Company takes into account the tax rates applicable at the date of closing of the temporary differences.
The tax expense components of 30 September 2025 and 30 September 2024 are presented below:
| 1 January- | 1 January | |
|---|---|---|
| 30 September 2025 | 30 September 2024 | |
| Tax income/(expense) | ||
| - Deferred tax income/(expense) | (2.496.053.897) | (427.880.382) |
| Total tax income/(expense) | (2.496.053.897) | (427.880.382) |
The Group's earnings from investments tied to an incentive certificate are subject to corporate tax at discounted rates, starting from the accounting period in which the investment is partially or fully operational, until the investment contribution amount is reached. In this context, tax advantage amounting to TL 12.933.971.711 (31 December 2024: TL 7.469.203.072) that the Group will benefit from in the foreseeable future as of 30 September 2025 is reflected in the interim condensed consolidated financial statements as a deferred tax asset. As a result of the recognition of the mentioned tax advantage as of 30 September 2025, deferred tax income amounting to TL 2.703.918.945 has recognised in the interim condensed consolidated profit or loss statement for the period 1 January - 30 September 2025.
Deferred tax assets are recognized when it is determined that taxable income is likely to occur in the coming years. In cases where taxable income is likely to occur, deferred tax assets are calculated over deductible temporary differences, tax losses and tax advantages vested in indefinite-lived investment incentives that allow reduced corporate tax payments. In this context, the Group bases the reflection of deferred tax assets arising from investment incentives in the interim condensed consolidated financial statements on long-term plans and evaluates the recoverability of deferred tax assets related to these investment incentives as of each reporting date. This evaluation is conducted based on business models that include estimations of taxable profits.
In the sensitivity analysis carried out as of 30 September 2025, when the inputs in the basic macroeconomic and sectoral assumptions that make up the business plans are increased/decreased by 10%, the duration of the foreseen period for recognizing deferred tax assets related to investment incentives remains unchanged.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
The details of cash and cash equivalents as of 30 September 2025 and 31 December 2024 are as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| Cash on hand | 4.829.714 | 1.837.424 |
| Cash at banks | 50.441.272.971 | 46.283.815.336 |
| - Demand deposits | 3.039.773.198 | 856.801.424 |
| - Time deposits | 47.401.499.773 | 45.427.013.912 |
| Allowance for credit risk adjustment under TFRS 9 | (12.425.356) | (27.098.344) |
| 50.433.677.329 | 46.258.554.416 |
The weighted average interest rates of time deposits are as presented below:
| Weighted average | ||
|---|---|---|
| 30 September 2025 | interest rates | Total |
| USD deposits | 4,32 % | 21.501.063.139 |
| EUR deposits | 2,29 % | 10.427.201.527 |
| TL deposits | 41,34 % | 6.358.646.127 |
| GBP deposits | 0,50 % | 18.455.669 |
| CHF deposits | 4,13 % | 9.015.077.790 |
| IRR deposits | 5,00 % | 81.055.521 |
| 47.401.499.773 |
| Weighted average | ||
|---|---|---|
| 31 December 2024 | interest rates | Total |
| USD deposits | 4,51 % | 31.149.715.222 |
| EUR deposits | 2,65 % | 9.969.682.000 |
| TL deposits | 48,88 % | 3.980.883.191 |
| GBP deposits | 0,50 % | 114.484.102 |
| IRR deposits | 5,00 % | 212.249.397 |
| 45.427.013.912 |
As of 30 September 2025 and 31 December 2024 time deposits maturities are less than 90 days.
(Amounts are expressed in full TL and full Euros unless otherwise stated.)
| Euro | Euro | Euro | Euro | |
|---|---|---|---|---|
| 1 January- | 1 January- | 1 July - | 1 July - | |
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Scheduled flight and service revenue | 2.562.510.649 | 2.329.145.183 | 1.085.819.307 | 1.069.780.036 |
| International flight revenue | 1.267.858.242 | 1.240.462.653 | 570.388.939 | 606.863.778 |
| Domestic flight revenue | 351.793.668 | 310.461.681 | 152.197.549 | 144.900.747 |
| Service revenue | 942.858.739 | 778.220.849 | 363.232.819 | 318.015.511 |
| Charter flight and service revenue | 31.099.705 | 36.347.990 | 15.974.990 | 18.731.523 |
| Charter flight revenue | 31.099.705 | 36.347.990 | 15.974.990 | 18.731.523 |
| Other revenue | 7.026.882 | 7.848.539 | 1.158.154 | 2.889.690 |
| 2.600.637.236 | 2.373.341.712 | 1.102.952.451 | 1.091.401.249 |
| Euro | Euro | Euro | Euro | |
|---|---|---|---|---|
| 1 January- | 1 January- | 1 July - | 1 July - | |
| 30 September 2025 30 September 2024 30 September 2025 30 September 2024 | ||||
| Jet fuel expenses | 662.887.140 | 671.302.439 | 252.350.652 | 243.922.370 |
| Personnel expenses | 459.455.501 | 354.496.586 | 161.490.638 | 158.787.414 |
| Depreciation and amortisation expenses | 306.698.333 | 249.382.548 | 108.086.170 | 85.722.536 |
| Handling and station fees | 192.382.583 | 162.703.478 | 74.068.406 | 63.523.167 |
| Navigation expenses | 172.774.752 | 132.632.765 | 67.873.797 | 51.560.032 |
| Maintenance expenses | 90.522.447 | 80.619.737 | 31.961.566 | 28.005.248 |
| Landing expenses | 93.788.878 | 76.019.426 | 35.133.657 | 29.425.653 |
| Passenger service and catering expenses | 33.420.057 | 27.052.803 | 12.321.349 | 12.220.171 |
| Advertising expenses | 18.905.276 | 13.769.647 | 6.778.603 | 3.734.591 |
| Commission expenses | 18.317.247 | 18.703.819 | 6.839.499 | 8.829.014 |
| Short term operational lease expenses | 19.606.789 | 1.222.828 | 17.670.051 | 13.679 |
| Other expenses | 157.233.638 | 124.208.241 | 49.861.007 | 48.360.799 |
| 2.225.992.641 | 1.912.114.317 | 824.435.395 | 734.104.674 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.