Pegasus Airlines (PGSUS) 3Q26 Financial Results
Tacirler Investment
We view Pegasus' 3Q26 financial results as slightly positive, driven by stronger-than-expected revenues and profitability despite continued YoY margin pressures. The company reported TL11.3bn net profit, exceeding our estimate of TL9.7bn by 16% and the market expectation of TL8.9bn by 27%. Revenues of TL72.2bn and EBITDA of TL22.2bn came in above both our estimates and market expectations. Strong passenger demand and higher unit revenues supported operational performance, while elevated fuel costs continued to weigh on margins. Despite short-term profitability pressures, we maintain our 12-month target price of TL252 per share and BUY recommendation, supported by the expanding flight network, the Smartwings acquisition and the recovery we expect in 2027.



