Pegasus reports €153 million loss in first quarter of 2026

In the first quarter of 2026, Türkiye's low‑cost airline Pegasus recorded a loss of 153 million euros, marking a 2.5-fold decline year-on-year (YoY), Caliber.Az reports via Turkish media outlets.

From January through March, Pegasus' main operating (sales) revenues rose 3% YoY to 642 million euros, while operating costs (cost of sales) increased by 11% YoY to 750 million euros.

During the reporting period, the airline carried 9.8 million passengers, up 9% compared to last year. Passenger traffic grew 15% on domestic routes and 5% on international routes, with an overall load factor of 86.3%.

Despite this, after other expenses, the airline's pre‑tax profit was only 3 million euros. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin fell sharply from 6.8% in 2025 to 0.5% in 2026, leading to a significant increase in overall losses. Rising fuel prices, maintenance costs, and difficult market conditions amid geopolitical tensions played a major role.

Pegasus suspended flights to two cities in Saudi Arabia and most other destinations in the Middle East (except Oman) at the end of February due to regional events. Starting from early May, flights to Iraq, Lebanon, Jordan, and the UAE have been gradually resumed.