PEGASUS HAVA TASIMACILIGI ANONIM SIRKETI 1Q24 FINANCIAL RESULTS PRESENTATION
May 2024
- HIGHLIGHTS
- SUMMARY FIGURES
- OUTLOOK
- ROUTE NETWORK & FLEET
2
KEY HIGHLIGHTS - 2024 Q1
Passengers
Total: +28% YoY
Int'l: +32% YoY
Int'l pax per cycle
178 pax, +8 pax YoY
ASK
Total: +29% YoY
Int'l +33% YoY
Share of Int'l ASK
81%, +2.0 pp YoY
Load Factor
Total: 87.2%, +2.8pp YoY
Int'l: 85.3%, +1.6pp YoY
Revenues
€519mn
+17% YoY
RASK:€c3.66
CASK NF: €c2.56
Ancillary/pax: €24.5
EBITDA
€39mn
-44% YoY
EBITDA margin: 7.4%
Net Income/loss
-€103mn
(1Q23: -€22mn)
EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses | 3 |
SUMMARY FIGURES - TRAFFIC & KPIs
ASK increased by 29% while revenues grew by 17% YoY in 1Q24.
2023 | 2024 | YoY | |
EURmn | Q1 | Q1 | % chg. |
Total Passengers (mn) | 6.3 | 8.1 | 28% |
International (mn) | 3.7 | 4.9 | 32% |
Total ASK (bn) | 11.0 | 14.2 | 29% |
International (bn) | 8.7 | 11.5 | 33% |
Load Factor | 84.4% | 87.2% | |
International | 83.7% | 85.3% | |
Revenues | 442 | 519 | 17% |
Costs | 449 | 563 | 26% |
Fuel costs | 163 | 200 | 23% |
EBITDA | 69 | 39 | -44% |
EBITDA margin | 15.5% | 7.4% | |
Net Income/loss | -22 | -103 | n.m. |
RASK | 4.04 | 3.66 | -9% |
CASK | 4.10 | 3.97 | -3% |
CASK non-fuel | 2.61 | 2.56 | -2% |
Traffic
- Total ASK grew 29% YoY in 1Q24. International ASK grew 33% YoY, standing 85% higher compared to 1Q19. Fleet utilization turned 12% higher YoY in 1Q24, supported by the expansion in flight network and greater availability in pilot capacity compared to a year ago.
- Our commercial strategy focuses on 'maximising revenue generation» through 'improving the load factor' and 'growing ancillary revenues'. 1Q24 read was satisfying; as the blended LF increased by 2.8pp to 87.2%. International LF increased by 1.6pp to 85.3% in 1Q24, and marked the highest Q1 realization ever.
- Total passenger volume increased by 28% YoY in 1Q24. International passenger volume grew 32% YoY, standing 68% higher vs. 1Q19.
- International pax per cycle reached 178 pax in 1Q24, up from 170 pax in 1Q23 and 149 pax in 1Q19.
Financial Performance
- Revenues at EUR519mn in 1Q24 (+17% YoY, +79% vs. 1Q19). Ancillary revenue/pax is at EUR24.5 (-2% YoY, +83% vs 1Q19).
- EBITDA reached EUR39mn in 1Q24 (-44% YoY, -8% vs. 1Q19), corresponding to an EBITDA margin of 7.4%.
- Bottomline result read EUR-103mnloss for 1Q24 (vs EUR-22mn loss in 1Q23).
International includes charter | 4 EBITDA: Core EBIT+Depreciation exp.+55% of short term lease expenses |
OUTLOOK
10%-12% growth planned in total ASK with RASK expected to be flat YoY in 2024.
2024 Outlook
- We are maintaining our 10%-12% growth plan in total ASK for 2024.
- Our commercial strategy delivered strong load factor improvement in Q1 and the outlook for peak season stands encouraging - we are expecting RASK to be flat YoY in 2024, driven by higher load factor and 'mid-to-highsingle digit growth' in ancillary revenue /passenger.
- Cost outlook remains to be challenging. We maintain our estimate for a 'mid-to-highsingle digit' increase in CASK non-fuelin 2024 over the 2023 level.
- We foresee an EBITDA margin within the 28%-30%range in 2024. Consequently, we are confident that we will once again rank among the 'top EBITDA margin generators in the airline industry' in 2024.
ROUTE NETWORK
Size of the international route network reached 101 destinations.
Current Network
52 Countries
136 Destinations
35 Domestic, 101 Int'l
2012
- Countries
-
Destinations
23 Domestic, 37 Int'l
Announced additions to the int'l route network in 2023 & 2024
Istanbul Sabiha Gokcen
→ Plovdiv → Amman → Birmingham
- Kazan → Dortmund → Alexandria
→ Zagreb | → Kutaisi | → Cairo* |
→ Aktau* | → Sofia* | → Chisinau* |
- Masshad* → Bratislava*
Ankara | ||
→ Moscow | → Warsaw | → Krakow |
→ Podgorica → Lisbon* | ||
Antalya | ||
→ Symkent | → Astana | → St.Petersburg |
→ Krakow | → Warsaw | |
Izmir | ||
→ Podgorica → Warsaw | → Lisbon* | |
Dalaman | ||
→ Baku | ||
Bodrum | ||
→ Tel Aviv | ||
Trabzon | ||
→ Tel Aviv | → Dammam | → Erbil |
Gaziantep | ||
→ Cologne* | * Announced in 2024 |
6
FLEET DEVELOPMENT
Fleet size was 105 aircraft at the end of 1Q24. | |
FLEET (as of March 31, 2024) | A320NEO-A321NEO ORDER BOOK |
Owned | Financial | Operational | Total | |
Lease | Lease | |||
Boeing 737-800 | 6 | 3 | 1 | 10 |
Airbus A320ceo | - | - | 7* | 7 |
Airbus A320neo | - | 35 | 11** | 46 |
Airbus A321neo | - | 41 | 1 | 42 |
Total | 6 | 79 | 20 | 105 |
* 1 A320ceo on damp lease | **5 A320neo was subject to S&LB contracts in 1Q24 |
A320neo | |
A321neo | 41 |
5 | ||||
1 | 17 | 15 | 16 | |
11 | ||||
9 | ||||
6 | ||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 2026-29 |
FLEET INFORMATION
- Youngest fleet in Türkiye and one of the youngest among LCCs globally: 4.5 years.
- 42 A320neo (all delivered) and 108 A321neo (41 delivered) on order.
- Fleet size is planned to be 118 aircraft at the end of 2024.
- 15 A321neo delivery planned in the remainder of 2024, while 1 737-800 and 1 A320ceo will exit
- Since 2021-end, all deliveries in the order book are of A321neo type.
- Average seat count of the fleet will reach 223 at the end of 2029, from 191 at the end of 2021
7
FLEET DEVELOPMENT
Increasing share of Neo seats in total is making significant contribution to efficiency gains.
Evolution of the A320neo and A321neo fleet | Fuel consumption per ASK |
120 | 1.2 |
100% | |
100 | 1 |
80
60
40
81% | 77% | |||
57 68 | 76% | |||
41 | ||||
25 | 43% | |||
8 | 40% | |||
7 | 31% | |||
2
0.8
0.6
0.4
20 | 31 | 40 | 46 46 46 46 46 | 0.2 | |||||||||||||||||||||||||||||
15 22 | 3% | ||||||||||||||||||||||||||||||||
9 | |||||||||||||||||||||||||||||||||
0 | 0 | 12M18 | 12M19 | 12M20 | 12M21 | 12M22 | 12M23 | ||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | 2029E | 6M18 | 6M19 | 6M20 | 6M21 | 6M22 | 6M23 | |||||||
A320neo | A321neo | Share of neo seats in total | Share of A321neo seats in total | ||||||||||||||||||||||||||||||
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HIGHLIGHTS
• andOPERATING ENVIRONMENT
• P&L + BS DETAILS
FINANCIAL
STATEMENTS
9
OPERATING ENVIRONMENT
International passengers of Pegasus grew by 32% YoY in 1Q24.
(mn) | Domestic | ||||
+16% | |||||
PAX. | |||||
50.0 | +14% | ||||
TÜRKİYE | 39.2 | 45.5 | 9.1 | 10.4 | |
12M19 | 12M22 | 12M23 | 1Q23 | 1Q24 |
60
50
40
30
20
10
0
International | |||||
80.0 | +19% | ||||
70.0 | |||||
60.0 | 123.0 | +15% | |||
50.0 | 108.4 | ||||
103.3 | |||||
40.0 | |||||
30.0 | 20.2 | 23.2 | |||
20.0 | |||||
10.0 | |||||
0.0 | |||||
12M19 | 12M22 | 12M23 | 1Q23 | 1Q24 |
90 80 70 60 50 40 30 20 10 0
(mn) | Domestic | International | |||||||||||
10.0 | 70 | 20.0 | |||||||||||
PAX. | |||||||||||||
9.0 | +10% | 60 | 18.0 | +24% | |||||||||
8.0 | |||||||||||||
16.0 | |||||||||||||
16.1 | |||||||||||||
7.0 | +24% | 50 | |||||||||||
PEGASUS | 14.0 | +32% | |||||||||||
6.0 | 12.0 | 40 | 12.0 | 19.9 | |||||||||
10.9 | |||||||||||||
5.0 | 10.0 | ||||||||||||
30 | 14.7 | 16.0 | |||||||||||
4.0 | 3.2 | ||||||||||||
8.0 | |||||||||||||
2.6 | |||||||||||||
3.0 | 20 | 6.0 | 4.9 | ||||||||||
3.7 | |||||||||||||
2.0 | 4.0 | ||||||||||||
10 | |||||||||||||
1.0 | 2.0 | ||||||||||||
0.0 | 0 | 0.0 | |||||||||||
12M19 | 12M22 | 12M23 | 1Q23 | 1Q24 | 12M19 | 12M22 | 12M23 | 1Q23 | 1Q24 | ||||
Türkiye passenger data is taken from General Directorate of State Airports Authority, domestic passengers are divided by 2 in order to avoid double counting. | |
Pegasus figures reflect booked passengers, international pax includes charter pax | 10 |
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Pegasus Hava Tasimaciligi AS published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 23:20:09 UTC.
