Pegasus announced its Q4 2025 financial results. Revenues rose by 8%, and passenger numbers increased by 19%. International passengers grew by 22%. Fleet modernization and operational efficiency stood out.
Pegasus Airlines Reports Q4 and Full-Year 2025 Financials
Pegasus Airlines disclosed its fourth quarter (Q4 2025) and full-year (FY 2025) financial results. The company recorded strong growth in revenue and passenger traffic, highlighting fleet modernization and operational efficiency.
Strong Performance in Revenue and Passenger Traffic
- Sales revenue rose 8% in Q4 2025 to €814 million.
- Total passenger numbers increased by 19%, with international passengers up 22%.
- EBITDA reached €148 million, with an EBITDA margin of 18.1%.
- Net profit for the period was €15 million, down 71% compared to the previous year.
Operations in Turkey and Internationally
Pegasus operates across Turkey and through its international long-haul flight network.
- International network: 119 destinations in 56 countries
- Main hubs: Istanbul Sabiha Gökçen, Ankara, Antalya, and Izmir
2025 Financial and Operational Period
The figures cover the period from 1 January to 31 December 2025, with particular focus on Q4 2025 (October–December 2025).
Turkey’s Leading Low-Cost Airline
- Pegasus stands out with its young and modern fleet.
- As of 31 December 2025, the fleet comprised 127 aircraft, with 88% being next-generation planes.
- The company strengthens its competitive position in Turkey’s aviation sector.
Strategy and Operational Efficiency
- Expansion of the international network and ancillary revenues supported growth.
- Ancillary revenues in Q4 increased 18% to €29.3 per passenger.
- Operational efficiency improved with a 3% reduction in unit costs excluding fuel.
- Currency and jet fuel risks were managed through hedging and risk management strategies.
Growth Strategy and Future Objectives
Pegasus continues its growth strategy through increased demand in both domestic and international markets and fleet modernization. The 2025 results demonstrate that the company maintains growth momentum above the market and reinforces its leading position in Turkey’s aviation sector.
Key Financial and Operational Metrics
| Indicator | Q4 2025 | Change | FY 2025 | Change |
|---|---|---|---|---|
| Total Revenue | €814 M | +8% | €3,414 M | +9% |
| Total Passengers | 11.3 M | +19% | 43.3 M | +15% |
| International Passengers | 7.2 M | +22% | 27.7 M | +18% |
| Load Factor | 88.5% | +1.7 pts | 87.7% | – |
| EBITDA | €148 M | -16% | €840 M | -5% |
| EBITDA Margin | 18.1% | -5.3 pts | 24.6% | -3.8 pts |
| Net Profit | €15 M | -71% | €301 M | -17% |
| ASK (Available Seat Km) | +20% | – | +17% | – |
Fleet and Operational Expansion
- Current fleet: 127 aircraft (Boeing 737-800, Airbus A320neo, A321neo)
- Fleet planned for end-2026: 132 aircraft
- Neo aircraft increase fuel efficiency and reduce operational costs
- International network: 56 countries, 158 destinations (39 domestic, 119 international)
Sustainability and Risk Management
- 61% of 2026 jet fuel is hedged against price risk
- Effective risk management against currency fluctuations
- ESG initiatives and operational efficiency are prioritized
Pegasus demonstrated strong growth and operational efficiency in its 2025 financial results and continues to target fleet expansion and market share growth in 2026.
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