In its financial results for Q3 2024, Pegasus Airlines demonstrated impressive growth. Sales revenue increased by 13% year-over-year, reaching €1,091 million, with EBITDA recorded at €443 million. The airline’s net profit rose by 19%, amounting to €301 million. Key performance indicators and growth rates are as follows:
- Passenger load factor rose to 89.1%, with an international load factor of 86.6%.
- Ancillary revenue per guest hit a record €30.2, a 16% increase compared to the same period last year.
- Total guest numbers grew by 9%, with international guest numbers increasing at the same rate.
Operational Efficiency and Fleet Expansion
Available Seat Kilometers (ASK) grew by 9% in Q3 2024. The revenue performance reached a high level, driven by improvements in load factor and increases in ancillary revenues. By the end of Q3 2024, Pegasus’ fleet size reached 112 aircraft, with an average fleet age of 4.5 years due to new aircraft additions. The airline aims to have 118 aircraft by the end of 2024.
Forward-Looking Expectations
For 2024 as a whole, Pegasus targets ASK growth of 12%-14% and expects a slight increase in RASK. The airline maintains its forecast for an EBITDA margin of 28%-30% and aims to rank among the airlines with the highest EBITDA margins. Ancillary revenue per guest is anticipated to grow in the high single digits, while the forecast for CASK, excluding fuel, has been revised to a low double-digit increase.
International Network and New Destinations
With new destinations added to its international network, Pegasus has reached 109 destinations and aims to further expand its customer base. Recently added destinations like Birmingham, Dublin, and Nice have boosted passenger capacity and enhanced connectivity with new routes across Europe.
PGS 3Q24 results presentation
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