Pegasus Airlines reported a net loss of €61.9 million for the first quarter of the year, narrowing from its net loss of €106.7 million a year prior.
The company's revenues totalled €621.7 million, up from €518.7 million a year prior. However, cost of sales was up from €532.1 million to €635.8 million.
Additionally, the company's operating loss doubled from €36.8 million to €94.3 million in the financial period.
During the quarter, the company's capacity was up 14%, with international capacity was up 16%. Load factor improved 1.2 percentage points to 86.1%, while international load factor was up 1.3 percentage points to 84.2%. Additionally, passenger numbers were up 12% to 9 million, while international passenger numbers were up 17% to 5.7 million. The airline said the traffic performance was “strong” despite the “tough comparison” to last year with Easter falling into the second quarter and Ramadan falling into the first quarter.
The airline said it is maintaining its 2025 outlook, though “closely monitoring the developments” of the current economic situation. Capacity is expected to grow 12-14%, while RASK and CASK are expected to be up mid-single digits. CASK excluding fuel is expected to be up high single digits.
The airline plans to have a fleet of 127 aircraft at the end of the year, with eight A321neos planned to be added for the remainder of 2025. As of March 31, 2025, the company had 119 aircraft in its fleet.