{"id":65140,"date":"2026-04-13T11:12:17","date_gmt":"2026-04-13T11:12:17","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/pegasus-pgsus-bilanco-degerlendirmesi\/"},"modified":"2026-04-13T11:12:17","modified_gmt":"2026-04-13T11:12:17","slug":"pegasus-pgsus-bilanco-degerlendirmesi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/pegasus-pgsus-bilanco-degerlendirmesi\/","title":{"rendered":"Pegasus (PGSUS) bilan\u00e7o de\u011ferlendirmesi"},"content":{"rendered":"

Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (PGSUS) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Ak Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n

\"|<\/figure>\n

Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. hisse haberleri \u2013 PGSUS hisse yorumu<\/h2>\n

Ak Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cBeklentilere paralel zay\u0131f sonu\u00e7lar\u2026<\/em> Pegasus, piyasa beklentisi olan 1 milyon Euro ve bizim beklentimiz olan 4 milyon Euro\u2019nun \u00fczerinde, 15 milyon Euro net k\u00e2r a\u00e7\u0131klad\u0131. Net k\u00e2r taraf\u0131ndaki bu g\u00fc\u00e7l\u00fc fark y\u00fczdesel bazda anlaml\u0131 g\u00f6r\u00fcnse de b\u00fcy\u00fck \u00f6l\u00e7\u00fcde d\u00fc\u015f\u00fck sezon etkisinden kaynaklanmaktad\u0131r ve y\u0131l sonu net k\u00e2r rakam\u0131 i\u00e7in s\u0131n\u0131rl\u0131 \u00f6nem arz etmektedir. Beklentimizin 24 milyon Euro alt\u0131nda kalan faaliyet k\u00e2r\u0131 ile 36 milyon Euro \u00fczerinde ger\u00e7ekle\u015fen vergi gelirinin net etkisi, tahminimizin \u00fczerinde bir net k\u00e2ra yol a\u00e7m\u0131\u015ft\u0131r. Pegasus, piyasa beklentisi olan 147 milyon Euro ve bizim beklentimiz olan 154 milyon Euro\u2019ya paralel, 148 milyon Euro FAV\u00d6K a\u00e7\u0131klam\u0131\u015ft\u0131r.
Y\u00f6netim 2026 y\u0131l\u0131na ili\u015fkin \u00f6ng\u00f6r\u00fclerini payla\u015fmamay\u0131 tercih etmi\u015ftir. <\/em>Bu karar\u0131n, jeopolitik belirsizlikler nedeniyle y\u00f6netimin temkinli kalma iste\u011finden kaynakland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyoruz.
Yorum ve \u00d6neri:<\/em><\/strong> Mevcut tahminlerimiz potansiyel jeopolitik riskleri hen\u00fcz i\u00e7ermemektedir. Y\u00fckselen yak\u0131t fiyatlar\u0131, birim yak\u0131t gideri \u00f6ng\u00f6r\u00fclerimiz i\u00e7in yukar\u0131 y\u00f6nl\u00fc risk te\u015fkil etmektedir; her ne kadar birim gelirler bu etkinin bir k\u0131sm\u0131n\u0131 absorbe edebilecek olsa da Orta Do\u011fu trafi\u011finin di\u011fer b\u00f6lgelere y\u00f6nlendirilmesinin marjlar\u0131 bask\u0131layan bir rekabeti tetiklemesi muhtemeldir. Ayr\u0131ca, b\u00f6lgesel istikrars\u0131zl\u0131k kaynakl\u0131 t\u00fcketici tercihlerindeki olas\u0131 de\u011fi\u015fimler, yolcu b\u00fcy\u00fcmesi \u00fczerinde risk olu\u015fturmaktad\u0131r.
4\u00c725 Sonu\u00e7lar\u0131na \u0130li\u015fkin Detaylar: <\/em><\/strong>4\u00c725\u2019te net sat\u0131\u015flar y\u0131ll\u0131k %8 artarak 814 milyon Euro oldu. 4\u00c725\u2019te i\u00e7 hat yolcu gelirleri y\u0131ll\u0131k 1 milyon Euro daral\u0131rken, d\u0131\u015f hat ve charter yolcu gelirleri y\u0131ll\u0131k 13 milyon Euro artt\u0131. 4\u00c725\u2019te yan gelirler y\u0131ll\u0131k 50 milyon Euro y\u00fckseldi. 4\u00c725\u2019te net sat\u0131\u015flara en y\u00fcksek katk\u0131y\u0131 yapan yan gelirler kalemi olmu\u015ftur.
Birim gelirler y\u0131ll\u0131k darald\u0131.<\/em> Toplam yolcu say\u0131s\u0131 y\u0131ll\u0131k artarak 11,3 milyona y\u00fckseldi. Doluluk oran\u0131 hem i\u00e7 hem d\u0131\u015f hatlar\u0131n olumlu katk\u0131s\u0131yla y\u0131ll\u0131k 1,7 puan artt\u0131.
4\u00c725\u2019te yolcu ba\u015f\u0131na yan gelirler y\u0131ll\u0131k %1 daralarak 29,3 Euro seviyesine geriledi. <\/em>Birim giderler 4\u00c725\u2019te y\u0131ll\u0131k %2 darald\u0131. Birim yak\u0131t giderleri 4\u00c725\u2019te y\u0131ll\u0131k %1 artt\u0131. Yak\u0131t d\u0131\u015f\u0131 birim giderler 4\u00c725\u2019te y\u0131ll\u0131k %3 darald\u0131. Birim personel giderleri 4\u00c725\u2019te y\u0131ll\u0131k darald\u0131.
4\u00c725\u2019te FAV\u00d6K y\u0131ll\u0131k darald\u0131.<\/em> 4\u00c725\u2019te Pegasus FAV\u00d6K marj\u0131 5,3 puan daralarak ,1 seviyesinde ger\u00e7ekle\u015fti. Pegasus\u2019un 2026 y\u0131l\u0131 yak\u0131t hedge (korunma) oran\u0131, 65-71 ABD dolar\u0131 Brent fiyat aral\u0131\u011f\u0131 ile a seviyesinde bulunmaktad\u0131r.
4\u00c725\u2019te net bor\u00e7 \u00e7eyreklik %3 artarak 2.942 milyon Euro oldu.<\/em> 4\u00c725\u2019te filodan net 3 adet u\u00e7ak \u00e7\u0131k\u0131\u015f\u0131 oldu. Net bor\u00e7\/FAV\u00d6K, \u00e7eyreklik bazda 3,3x seviyesinden 3,5x seviyesine y\u00fckseldi. Y\u00f6netim, 2026 y\u0131l sonunda %4\u2019l\u00fck bir b\u00fcy\u00fcmeye i\u015faret eden 132 u\u00e7akl\u0131k bir filo b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fmay\u0131 hedeflemektedir.
Y\u00f6netim, 2026 y\u0131l\u0131nda temett\u00fc da\u011f\u0131tmama karar\u0131 alm\u0131\u015ft\u0131r.\u201d
\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

<\/object>1772700025001_PGSUS425SonularNotuAk<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>Ak Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

\n
<\/div>\n<\/div>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n