Pegasus Airlines

Is Pegasus Airlines publicly traded?
Yes, Pegasus Airlines (Pegasus Hava Tasimacilik A.S.) is publicly traded on Borsa Istanbul under the ticker symbol PGSUS. ESAS Holding, controlled by the Sabanci family, is the largest shareholder.

What is Pegasus Airlines' annual revenue?
For FY2025, Pegasus reported revenue of EUR 3,414 million, up 9% from EUR 3,126 million in FY2024. EBITDA was EUR 840 million with a margin of 24.6%. Net profit was EUR 301 million, down 17% from EUR 361 million in 2024. In Turkish lira terms, sales were TRY 154.1 billion.

Who is the CEO of Pegasus Airlines?
Guliz Ozturk is the President and General Manager (CEO) of Pegasus Airlines. She was appointed in May 2022, becoming the first female CEO of a Turkish airline. Prior to becoming CEO, Ozturk served as Chief Commercial Officer for 12 years, during which she oversaw the transformation of Pegasus into the largest privately-owned airline in Turkey.

How many passengers does Pegasus Airlines carry?
In FY2025, Pegasus carried 43.3 million passengers, up 15% from 37.5 million in 2024. International passengers grew 18% to 27.7 million, representing approximately 64% of total passengers. The load factor was 87.7% for the full year.

How many aircraft does Pegasus Airlines have?
As of December 31, 2025, Pegasus operates a fleet of 127 aircraft: 4 Boeing 737-800, 6 Airbus A320ceo, 46 Airbus A320neo, and 66 Airbus A321neo. The average fleet age is 5.1 years, and 88% of the fleet consists of next-generation neo aircraft. The fleet is planned to reach 132 aircraft by the end of 2026 with the addition of 8 A321neo aircraft.

Where does Pegasus Airlines fly?
Pegasus serves 158 destinations across 55 countries: 39 domestic routes in Turkey and 119 international routes to European, CIS, Middle Eastern, and African destinations. The main hub is Istanbul Sabiha Gokcen Airport, with additional bases in Ankara, Adana, Antalya, and Izmir.

What is the Smartwings Group acquisition?
In 2026, Pegasus announced the acquisition of Smartwings Group, a Czech airline group. CEO Guliz Ozturk described it as "the most concrete manifestation of our international growth vision." The acquisition will expand Pegasus's international footprint and provide passengers with a broader flight network. The integration process is expected to begin after regulatory approvals.

When was Pegasus Airlines founded?
Pegasus Airlines was founded in 1990 as a joint venture between Aer Lingus and Turkish investors, initially operating charter flights. In 2005, ESAS Holding acquired the company and transformed it into a low-cost network carrier, the first of its kind in Turkey.

Pegasus Airlines was founded in 1990 as a joint venture between Aer Lingus, the Irish national airline, and Turkish investors. The airline initially operated charter flights.

In 2005, ESAS Holding acquired Pegasus and transformed the business model from charter operations to a low-cost network carrier model, the first of its kind in Turkey. This strategic shift focused on providing affordable and on-time air travel with a young fleet. Under the new model, Pegasus experienced rapid expansion.

Between 2009 and 2019, Pegasus achieved cumulative average annual passenger growth of 18%, significantly outpacing the 9% annual average growth recorded by the Turkish market. The airline expanded both domestically and internationally, building a network that connected Turkey to destinations across Europe, the Middle East, and beyond.

The COVID-19 pandemic negatively affected demand in 2020 and 2021. Parallel to the gradual easing of restrictions starting in 2022, Pegasus recovered its capacity and recorded 17% compound annual growth in passenger numbers from 2022 to 2025, outpacing the 11% CAGR realized in the total Turkish market.

Pegasus went public on Borsa Istanbul, raising capital for fleet expansion and network growth. ESAS Holding, controlled by the Sabanci family, remains the largest shareholder. Ali Ismail Sabanci serves on the board of directors.

In May 2022, Guliz Ozturk was appointed CEO, becoming the first female CEO of a Turkish airline. Ozturk had previously served as Chief Commercial Officer for 12 years, during which she oversaw the transformation of Pegasus into the largest privately-owned airline in Turkey and the second largest overall. Under her leadership, Pegasus has continued to expand its international network, modernize its fleet, and pursue strategic acquisitions.

In 2025, Pegasus continued its fleet modernization, reaching 127 aircraft with 88% next-generation aircraft. The airline expanded its international network to 119 destinations. In 2026, Pegasus announced the acquisition of Smartwings Group, marking its first major international acquisition and a significant step in its global expansion strategy.

Pegasus Airlines has developed sustainability initiatives focused on reducing environmental impact through fleet modernization, fuel efficiency, and operational optimization. The airline's fleet of 127 aircraft is 88% next-generation Airbus neo aircraft, which provide approximately 20% fuel savings and reduced emissions compared to previous-generation aircraft. The average fleet age of 5.1 years makes Pegasus's fleet one of the youngest among low-cost carriers globally.

Pegasus manages currency and jet fuel risks through hedging and risk management strategies. The airline's focus on operational efficiency and digital transformation supports its sustainability goals by reducing fuel consumption and optimizing flight operations.

CEO Guliz Ozturk was elected as Chair of the UN Global Compact Turkey board, reflecting Pegasus's commitment to corporate sustainability and responsible business practices. The company has implemented sustainability programs aligned with the UN Sustainable Development Goals.

Pegasus addresses ethical considerations through its commitment to safety, operational integrity, and responsible business practices. The airline operates under Turkish aviation regulations and international safety standards, with a strong safety record. The company's flight academy ensures rigorous training for pilots and crew.

Pegasus Airlines operates in a highly regulated industry and faces scrutiny related to safety, environmental impact, and competitive practices:

Safety Record: Pegasus has maintained a strong safety record, though the airline industry generally faces ongoing scrutiny regarding safety standards. The airline operates under Turkish Civil Aviation Authority regulations and European safety standards, with its young fleet contributing to safety performance.

Environmental Impact: As an airline, Pegasus faces scrutiny regarding its carbon footprint and environmental impact. The airline's investment in next-generation Airbus neo aircraft, which provide approximately 20% fuel savings and reduced emissions, represents its primary environmental mitigation strategy. The aviation industry faces increasing regulatory pressure regarding emissions, including EU ETS (Emissions Trading System) requirements for flights within Europe.

Yield Management: In 2025, Pegasus implemented demand stimulation measures that softened passenger yields, leading to a 7% decline in RASK. While this strategy supported passenger growth, it reflected the competitive pressures in the European low-cost market and the need to stimulate demand in a period of capacity expansion.

Geopolitical Risks: Pegasus operates from Turkey, which faces geopolitical risks that can affect tourism demand and airline operations. The airline's exposure to the Turkish tourism market, which is sensitive to geopolitical events, creates volatility in demand. However, Pegasus's diversified international network and growing transit traffic provide some mitigation.

Smartwings Acquisition: The announced acquisition of Smartwings Group in 2026 will require regulatory approvals and integration, which may present challenges related to cross-border airline consolidation, regulatory compliance, and operational integration.