PEGASUS HAVA TAŞIMACILIĞI A.Ş.

Regulatory Filings • Dec 16, 2024

RATING NOTIFICATION

Rating Agency	: :JCR AVRASYA DERECELENDİRME A.Ş.
Rated Company	: :PEGASUS HAVA TAŞIMACILIĞI ANONİM ŞİRKETİ
Address	: Maslak Mahallesi Taşyoncası Sokak No:1/F F2 Blok Kat:2 34485 Sarıyer, :: İstanbul- Türkiye
Phone & Fax No	: :0212 352 56 73 – 0212 352 56 75
Date	: :xxx
Subject	: :Article 26 of the CMB Serial VIII, No. 51 Communiqué on Principles

Capital Markets Bord of Türkiye (SPK)- To the Accounting Standards Department Central Securities Depository of the Turkish Capital Markets (MKK)– Public Disclosure Platform

"Pegasus Hava Taşımacılığı Anonim Şirketi" has been evaluated by JCR Eurasia Rating.

• Continuous growth in revenue bolstered by improved key operational results in the examined periods,
• High load factor continues to lead strong profit margins despite slight decline in FY2023 and 9M-2024 due to cost pressure,
• Maintaining reasonable level of net debt to EBITDA multiplier while continuing fleet investments,
• Increased cash assets driven by solid cash generation capacity, supporting the liquidity position in FY2023 and 9M-2024,
• Hard currency cash flow stream supported by increasing international scheduled flights and expanding flight network,
• Pegasus, one of the pioneering brand name in Türkiye and leading low-cost airline carrier in the sector with growing fleet size,
• Positive impact of Türkiye's favorable position among World's tourism centers on aviation sector,
• Diversified activities and proven track record of the main shareholder,
• High compliance with Corporate Governance Practices as a publicly traded company,
• Potential fluctuations in oil prices could pose challenges for cost management in the sector, although the Company's hedging instruments offer partial resilience,
• In the shadow of geopolitical risks, leading economic indicators point to continued weakness in global demand conditions, whereas actions for a soft-landing are at the forefront,

The Long-Term National Issuer Credit Rating and outlook of "Pegasus Hava Taşımacılığı Anonim Şirketi" has been affirmed as 'AA+ (tr)' / 'Positive'. All notes and outlooks of the Company are as follows.

Long-Term National Issuer Credit Rating	:	AA+ (tr) / (Positive)
Short-Term National Issuer Credit Rating	:	J1+ (tr) / (Stable)
Long Term International Foreign Currency Issuer Credit Ratings	:	BB / (Stable)
Long Term International Local Currency Issuer Credit Ratings	:	BB / (Stable)

Note: JCR Eurasia's ratings are objective and independent opinions regarding the creditworthiness of a security and/or issuer and should not be considered a recommendation to buy, hold, sell, or grant credit to any security. Rating reports are valid for 1 year from publication unless otherwise stated. The validity date of interim reviews cannot exceed the validity date of the original report.

Sincerely, JCR AVRASYA DERECELENDİRME A.Ş.

Şevket GÜLEÇ Executive Vice President Prof. Dr. Feyzullah YETGİN Chief Executive Officer

Copyright © 2007 by JCR Eurasia Rating. Maslak Mahallesi Taşyoncası Sokak No: 1 / F F2 Block Floor: 2 34485 Sarıyer / Istanbul / Türkiye Telephone: +90 (212) 352.56.73 Fax: +90 (212) 352.56.75 Unauthorized duplication is prohibited. All rights reserved. All information has been obtained from sources JCR Eurasia Rating believes to be reliable and from information/disclosures provided by the Company. However, JCR Eurasia Rating does not guarantee the accuracy or adequacy of this information. JCR Eurasia Rating's ratings are objective and independent opinions regarding the creditworthiness of a security and its issuer and should not be considered an investment recommendation for the purchase, holding or sale of any security or issue of bonds. This rating report has been prepared within the framework of methodologies and internationally accepted rating principles and guidelines registered and approved by the CMB (Capital Markets Board), BRSA (Banking Regulation and Supervision Agency), and is not within the scope of NRSRO (Nationally Recognized Statistical Rating Agency) regulations. http://www.jcrer.com.tr