{"id":1601,"date":"2026-03-05T02:36:18","date_gmt":"2026-03-04T23:36:18","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1601"},"modified":"2026-03-05T02:37:29","modified_gmt":"2026-03-04T23:37:29","slug":"pgsus-bilano-analizi-202512-pegasus-hava-tamacl-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1601","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 PGSUS Bilan\u00e7o Analizi 2025\/12 | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/2JZwMQAbCdKovt3MtHGF3h?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Pegasus 2025 Finansal Raporu: 154 Milyar TL\u2019lik Has\u0131lat\u0131n Ard\u0131ndaki 4 Kritik Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: G\u00f6ky\u00fcz\u00fcndeki Dev Rakamlar Bize Ne Anlat\u0131yor?<\/h3>\n<p>Bir havayolu \u015firketini sadece u\u00e7ak biletlerinden ibaret bir i\u015fletme olarak g\u00f6rmek, g\u00fcn\u00fcm\u00fcz finansal d\u00fcnyas\u0131nda b\u00fcy\u00fck bir yan\u0131lg\u0131 olurdu. Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131\u2019n\u0131n 2025 y\u0131l\u0131 konsolide finansal raporu a\u00e7\u0131kland\u0131\u011f\u0131nda, kar\u015f\u0131m\u0131zda sadece yolcu ta\u015f\u0131yan bir \u015firket de\u011fil; 31 Aral\u0131k 2025 itibar\u0131yla <b>410 milyar TL\u2019lik devasa bir varl\u0131\u011f\u0131 y\u00f6neten<\/b>, teknolojiye ve k\u00fcresel operasyonlara odaklanm\u0131\u015f bir &#8220;strateji merkezi&#8221; buluyoruz.<\/p>\n<p>Peki, bir havayolu \u015firketi neden Silikon Vadisi\u2019nde laboratuvar kurar? 154 milyar TL\u2019lik has\u0131lata ra\u011fmen k\u00e2r rakamlar\u0131 neden benzer seviyelerde kal\u0131r? Ve en \u00f6nemlisi, bilan\u00e7onun sat\u0131r aralar\u0131nda gizlenen &#8220;8,9 milyar TL\u2019lik g\u00f6r\u00fcnmez maliyet&#8221; ne anlama geliyor? Bu yaz\u0131da, Deloitte taraf\u0131ndan denetlenen 2025 raporunun \u015fifrelerini \u00e7\u00f6zerek, Pegasus&#8217;un finansal g\u00f6ky\u00fcz\u00fcndeki rotas\u0131n\u0131 bir analist g\u00f6z\u00fcyle inceliyoruz.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Has\u0131lat S\u0131\u00e7ramas\u0131 ve Operasyonel &#8220;G\u00f6r\u00fcnmez&#8221; Frenler<\/h3>\n<p>Pegasus\u2019un 2025 finansal tablosundaki en \u00e7arp\u0131c\u0131 veri, has\u0131lat kalemindeki %37\u2019lik s\u0131\u00e7rama. 2024 y\u0131l\u0131nda 111,8 milyar TL olan has\u0131lat, 2025 sonu itibar\u0131yla <b>154,1 milyar TL\u2019ye<\/b> ula\u015fm\u0131\u015ft\u0131r. Ancak stratejik bir perspektifle bak\u0131ld\u0131\u011f\u0131nda, bu b\u00fcy\u00fcmenin net k\u00e2ra yans\u0131mas\u0131n\u0131n olduk\u00e7a s\u0131n\u0131rl\u0131 kald\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor:<\/p>\n<ul>\n<li><b>2024 Net D\u00f6nem K\u00e2r\u0131:<\/b> 13,28 milyar TL<\/li>\n<li><b>2025 Net D\u00f6nem K\u00e2r\u0131:<\/b> 13,75 milyar TL<\/li>\n<\/ul>\n<p>Peki, has\u0131lat bu denli artarken k\u00e2r neden patlama yapmad\u0131? <b>Piyasan\u0131n g\u00f6zden ka\u00e7\u0131rabilece\u011fi as\u0131l detay<\/b>, &#8220;Esas Faaliyetlerden Di\u011fer Giderler&#8221; kaleminde gizli. 2024\u2019te sadece 310 milyon TL olan bu gider, 2025\u2019te tam 20 kat artarak <b>6,39 milyar TL\u2019ye<\/b> f\u0131rlam\u0131\u015f durumda. Bu devasa art\u0131\u015f, 8.459&#8217;dan 9.260&#8217;a \u00e7\u0131kan \u00e7al\u0131\u015fan say\u0131s\u0131 ile b\u00fcy\u00fcyen operasyonel hacmin ve kur etkilerinin k\u00e2r marj\u0131 \u00fczerindeki bask\u0131s\u0131n\u0131 net bir \u015fekilde ortaya koyuyor. \u015eirket b\u00fcy\u00fcrken, operasyonel &#8220;s\u00fcrt\u00fcnme&#8221; katsay\u0131s\u0131 da ciddi \u015fekilde artm\u0131\u015f g\u00f6r\u00fcn\u00fcyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>2. Operasyonel Disiplinin Kan\u0131t\u0131: 8,9 Milyar TL\u2019lik Bak\u0131m Kar\u015f\u0131l\u0131\u011f\u0131<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Deloitte\u2019un raporunda &#8220;Kilit Denetim Konusu&#8221; olarak i\u015faretledi\u011fi en kritik kalemlerden biri <b>Teslim Bak\u0131m Kar\u015f\u0131l\u0131klar\u0131<\/b>d\u0131r. Pegasus, operasyonel kiralama yoluyla edindi\u011fi u\u00e7aklar\u0131 iade ederken katlanaca\u011f\u0131 teknik y\u00fck\u00fcml\u00fcl\u00fckler i\u00e7in tam <b>8.954.579.039 TL<\/b> tutar\u0131nda kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p>Bir analist olarak belirtmeliyim ki; bu rakam asl\u0131nda &#8220;nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen&#8221; bir giderdir. \u015eirket, gelecekteki bak\u0131m y\u00fck\u00fcml\u00fcl\u00fcklerini bug\u00fcnden giderle\u015ftirerek hem k\u00e2r\u0131n\u0131 realize etmekte hem de gelecekteki nakit ak\u0131\u015flar\u0131n\u0131 koruma alt\u0131na almaktad\u0131r. Denet\u00e7i raporu, bu konunun neden kilit oldu\u011funu \u015fu s\u00f6zlerle vurguluyor:<\/p>\n<p>&#8220;Teslim bak\u0131m kar\u015f\u0131l\u0131\u011f\u0131 bakiyesinin konsolide finansal tablolarda \u00f6nemli tutarlara ula\u015fmas\u0131 ve s\u00f6z konusu kar\u015f\u0131l\u0131klar\u0131n hesaplanmas\u0131n\u0131n; u\u00e7aklar\u0131n kullan\u0131m oranlar\u0131, a\u011f\u0131r bak\u0131m maliyetleri ve zamanlamas\u0131 gibi \u00f6nemli varsay\u0131mlar i\u00e7ermesi nedeniyle&#8230; bu varsay\u0131mlardaki olas\u0131 de\u011fi\u015fikliklerin finansal tablolar \u00fczerinde \u00f6nemli etkilere yol a\u00e7abilme riski bulunmaktad\u0131r.&#8221;<\/p>\n<p>Bu kalem, Pegasus&#8217;un operasyonel disiplinini ve gelece\u011fe y\u00f6nelik muhafazakar maliyet y\u00f6netimini simgeleyen devasa bir finansal kalkan niteli\u011findedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. Havayolundan Teknoloji Grubuna: Silikon Vadisi ve Avrupa Hamlesi<\/h3>\n<p>2025 raporu, Pegasus\u2019un geleneksel bir d\u00fc\u015f\u00fck maliyetli havayolundan (LCC), teknoloji odakl\u0131 k\u00fcresel bir havac\u0131l\u0131k grubuna evrildi\u011fini kan\u0131tl\u0131yor. \u015eirketin Silikon Vadisi\u2019ne neden yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131n cevab\u0131, yeni kurulan ba\u011fl\u0131 ortakl\u0131klar\u0131n \u00f6l\u00e7e\u011finde gizli:<\/p>\n<ul>\n<li><b>Pegasus Airlines Ventures LP:<\/b> Yapay zeka odakl\u0131 yaz\u0131l\u0131m giri\u015fimlerine yat\u0131r\u0131m yapmak amac\u0131yla ABD\u2019de <b>1.000.000 USD<\/b> sermaye taahh\u00fcd\u00fcyle kuruldu.<\/li>\n<li><b>Pegasus Airlines Innovation Lab, Inc. (PIL):<\/b> Silikon Vadisi\u2019nde AR-GE faaliyetleri i\u00e7in <b>150.000 USD<\/b> sermaye ile faaliyete ge\u00e7ti.<\/li>\n<li><b>Pegasus Europe B.V.:<\/b> Smartwings Grubu pay al\u0131m\u0131 gibi stratejik Avrupa geni\u015fleme projelerini y\u00f6netmek \u00fczere Hollanda\u2019da yap\u0131land\u0131r\u0131ld\u0131.<\/li>\n<\/ul>\n<p>Bu i\u015ftirak yap\u0131s\u0131, Pegasus&#8217;un art\u0131k sadece bir ta\u015f\u0131mac\u0131 de\u011fil, havac\u0131l\u0131k teknolojileri pazar\u0131na y\u00f6n veren bir &#8220;yat\u0131r\u0131mc\u0131&#8221; rol\u00fcn\u00fc benimsedi\u011fini g\u00f6steren stratejik bir pivot noktas\u0131d\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>4. Takeaway 4: M\u00fclkiyet De\u011fil Kullan\u0131m Hakk\u0131: 220 Milyar TL\u2019lik &#8220;Asset-Light&#8221; Devrimi<\/h3>\n<p>Pegasus&#8217;un filo yap\u0131s\u0131, modern finans\u0131n &#8220;Asset-light&#8221; (varl\u0131k-hafif) i\u015f modelinin kusursuz bir \u00f6rne\u011fi. 31 Aral\u0131k 2025 itibar\u0131yla filodaki <b>127 u\u00e7a\u011f\u0131n<\/b> sahiplik d\u00f6k\u00fcm\u00fc, stratejik esnekli\u011fi yans\u0131t\u0131yor:<\/p>\n<ul>\n<li><b>\u00d6zmal:<\/b> Sadece 4 u\u00e7ak.<\/li>\n<li><b>Sat\u0131n Alma Opsiyonlu:<\/b> 99 u\u00e7ak.<\/li>\n<li><b>Kiral\u0131k:<\/b> 24 u\u00e7ak.<\/li>\n<\/ul>\n<p>Ancak buradaki as\u0131l &#8220;gizli hikaye&#8221; d\u00f6viz kurlar\u0131ndan geliyor. \u015eirketin toplam varl\u0131klar\u0131 410 milyar TL gibi devasa bir rakama ula\u015fm\u0131\u015f olsa da, fonksiyonel para biriminin <b>Avro<\/b> oldu\u011fu unutulmamal\u0131d\u0131r. \u00d6zkaynaklar alt\u0131ndaki <b>64 milyar TL\u2019lik &#8220;Yabanc\u0131 Para \u00c7evrim Fark\u0131&#8221;<\/b>, bilan\u00e7odaki b\u00fcy\u00fcmenin \u00f6nemli bir k\u0131sm\u0131n\u0131n TL\u2019nin Avro kar\u015f\u0131s\u0131ndaki de\u011fer kayb\u0131ndan kaynakland\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. Pegasus, <b>220,8 milyar TL\u2019lik &#8220;Kullan\u0131m Hakk\u0131 Varl\u0131\u011f\u0131&#8221;<\/b> ile u\u00e7a\u011fa sahip olmak yerine, u\u00e7a\u011f\u0131 u\u00e7urma hakk\u0131n\u0131 bilan\u00e7osunda ta\u015f\u0131yarak sermaye verimlili\u011fini maksimize ediyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: Gelece\u011fin Pegasus\u2019u Nereye U\u00e7uyor?<\/h3>\n<p>2025 finansal tablosu, Pegasus\u2019un sadece bir b\u00fcy\u00fcme hikayesi de\u011fil, ayn\u0131 zamanda operasyonel disiplinle \u00f6r\u00fclm\u00fc\u015f bir teknoloji d\u00f6n\u00fc\u015f\u00fcm\u00fc hikayesi yazd\u0131\u011f\u0131n\u0131 g\u00f6steriyor. 154 milyar TL\u2019lik has\u0131lat ve 410 milyar TL\u2019lik toplam varl\u0131k y\u00f6netimi, \u015firketi T\u00fcrkiye\u2019nin en b\u00fcy\u00fck operasyonel g\u00fc\u00e7lerinden biri konumuna ta\u015f\u0131yor. Ancak as\u0131l stratejik de\u011fer, k\u00e2r rakamlar\u0131n\u0131n \u00f6tesinde, Silikon Vadisi\u2019ndeki laboratuvarlarda ve yapay zeka yat\u0131r\u0131mlar\u0131nda gizli.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Yapay zeka odakl\u0131 bir havayolu yat\u0131r\u0131m\u0131 (Ventures LP), havac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn geleneksel maliyet yap\u0131lar\u0131n\u0131 k\u00f6kten de\u011fi\u015ftirebilir mi? Bu denli y\u00fcksek bak\u0131m kar\u015f\u0131l\u0131klar\u0131 ay\u0131ran bir \u015firketin sergiledi\u011fi operasyonel disiplin, sizce yat\u0131r\u0131mc\u0131lar i\u00e7in ne kadar g\u00fc\u00e7l\u00fc bir g\u00fcven sinyali?<\/p>\n<p>&nbsp;<\/p>\n<h1>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Tablolar ve Ba\u011f\u0131ms\u0131z Denetim Bilgi Notu<\/h1>\n<p>Bu belge, Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezleyen kapsaml\u0131 bir \u00f6zet sunmaktad\u0131r.<\/p>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e., 2025 mali y\u0131l\u0131nda operasyonel ve finansal b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. \u015eirketin konsolide finansal tablolar\u0131, ba\u011f\u0131ms\u0131z denet\u00e7i Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.) taraf\u0131ndan incelenmi\u015f ve <b>&#8220;olumlu g\u00f6r\u00fc\u015f&#8221;<\/b> alm\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik Finansal Veriler (31 Aral\u0131k 2025):<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 154.127.554.444 TL (\u00d6nceki d\u00f6nem: 111.822.522.278 TL)<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 13.750.218.852 TL (\u00d6nceki d\u00f6nem: 13.285.437.677 TL)<\/li>\n<li><b>Toplam Varl\u0131klar:<\/b> 410.168.210.677 TL<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 116.853.871.107 TL<\/li>\n<li><b>Filo B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> 127 u\u00e7ak (31 Aral\u0131k 2024 itibar\u0131yla 118 u\u00e7ak)<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 9.260 tam zamanl\u0131 personel<\/li>\n<\/ul>\n<p>Grup, d\u00fc\u015f\u00fck maliyetli modelini (LCC) koruyarak, \u0130stanbul Sabiha G\u00f6k\u00e7en merkezli u\u00e7u\u015f a\u011f\u0131na odaklanmaya devam etmi\u015ftir. 2025 y\u0131l\u0131, teknoloji yat\u0131r\u0131mlar\u0131 ve stratejik sat\u0131n almalar i\u00e7in kurulan yeni ba\u011fl\u0131 ortakl\u0131klar (PAV ve PEU) ile Grubun kurumsal yap\u0131s\u0131n\u0131n geni\u015fledi\u011fi bir y\u0131l olmu\u015ftur.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Cem Tovil liderli\u011findeki denetim ekibi, finansal tablolar\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak, Grubun finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011funu teyit etmi\u015ftir.<\/p>\n<h3>2.1. Kilit Denetim Konusu: Teslim Bak\u0131m Kar\u015f\u0131l\u0131klar\u0131<\/h3>\n<p>Denetim s\u00fcrecinde en \u00e7ok \u00f6nem arz eden konu, <b>8.954.579.039 TL<\/b> tutar\u0131ndaki &#8220;Teslim Bak\u0131m Kar\u015f\u0131l\u0131klar\u0131&#8221; olarak belirlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Neden Kilit Konu?<\/b> Operasyonel kiralama yoluyla edinilen u\u00e7aklar\u0131n kira sonunda belirli teknik ko\u015fullarda iade edilme y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, u\u00e7u\u015f saati, a\u011f\u0131r bak\u0131m maliyetleri ve zamanlamas\u0131 gibi \u00f6nemli y\u00f6netimsel tahmin ve varsay\u0131mlar i\u00e7ermektedir. Bu tutarlar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve hesaplama karma\u015f\u0131kl\u0131\u011f\u0131 finansal tablolar \u00fczerinde \u00f6nemli etki potansiyeline sahiptir.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Denet\u00e7i, kar\u015f\u0131l\u0131k hesaplama s\u00fcrecindeki kontrolleri test etmi\u015f, teknik bak\u0131m destek ekibi ile varsay\u0131mlar\u0131 g\u00f6r\u00fc\u015fm\u00fc\u015f ve ge\u00e7mi\u015f d\u00f6nem fiili bak\u0131m maliyetleri ile \u00f6nceki tahminleri kar\u015f\u0131la\u015ft\u0131rarak sapma analizi yapm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Performans Analizi<\/h2>\n<h3>3.1. Gelir ve Karl\u0131l\u0131k Yap\u0131s\u0131<\/h3>\n<p>Grup, 2025 y\u0131l\u0131nda has\u0131lat\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %37,8 oran\u0131nda art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>2025 (Cari D\u00f6nem)<\/td>\n<td>2024 (\u00d6nceki D\u00f6nem)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>154.127.554.444<\/td>\n<td>111.822.522.278<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(127.931.805.322)<\/td>\n<td>(86.887.041.997)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>26.195.749.122<\/td>\n<td>24.935.480.281<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>11.707.541.095<\/td>\n<td>20.807.220.975<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net Kar\u0131<\/b><\/td>\n<td>13.750.218.852<\/td>\n<td>13.285.437.677<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespit:<\/b> Esas faaliyet kar\u0131ndaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen, finansman gelirlerindeki art\u0131\u015f (11,4 milyar TL) ve vergi \u00f6ncesi kardaki stabil seyir, net d\u00f6nemin karla kapanmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<h3>3.2. Operasyonel Giderler<\/h3>\n<ul>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 4,88 milyar TL<\/li>\n<li><b>Pazarlama Giderleri:<\/b> 3,23 milyar TL<\/li>\n<li><b>Esas Faaliyetlerden Di\u011fer Giderler:<\/b> 6,39 milyar TL (Bu kalem 2024 y\u0131l\u0131nda 310 milyon TL seviyesindeydi; belirgin bir art\u0131\u015f g\u00f6zlemlenmi\u015ftir).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Operasyonel Yap\u0131 ve Filo Geli\u015fimi<\/h2>\n<h3>4.1. Filo Kompozisyonu<\/h3>\n<p>Grubun u\u00e7ak say\u0131s\u0131 2025 y\u0131l\u0131 sonu itibar\u0131yla 127&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Filo yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>\u00d6zmal U\u00e7aklar:<\/b> 4 adet<\/li>\n<li><b>Sat\u0131n Alma Opsiyonlu Kiralamalar:<\/b> 99 adet<\/li>\n<li><b>Operasyonel Kiralamalar:<\/b> 24 adet<\/li>\n<\/ul>\n<h3>4.2. \u0130nsan Kaynaklar\u0131<\/h3>\n<p>Grup b\u00fcnyesindeki tam zamanl\u0131 \u00e7al\u0131\u015fan say\u0131s\u0131 8.459&#8217;dan 9.260&#8217;a y\u00fckselerek organizasyonel geni\u015flemeyi yans\u0131tm\u0131\u015ft\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u0130\u015ftirakler ve Stratejik Yat\u0131r\u0131mlar<\/h2>\n<p>Grup, 2025 y\u0131l\u0131nda teknoloji ve uluslararas\u0131 b\u00fcy\u00fcme odakl\u0131 yeni yap\u0131lar kurmu\u015ftur:<\/p>\n<ul>\n<li><b>Pegasus Airlines Ventures LP (PAV):<\/b> 20 A\u011fustos 2025&#8217;te ABD&#8217;de kurulan bu yap\u0131, yapay zeka odakl\u0131 yenilik\u00e7i teknoloji ve yaz\u0131l\u0131m giri\u015fimlerine yat\u0131r\u0131m yapmay\u0131 ama\u00e7lamaktad\u0131r (1.000.000 USD sermaye taahh\u00fcd\u00fc).<\/li>\n<li><b>Pegasus Europe B.V. (PEU):<\/b> 11 Aral\u0131k 2025&#8217;te Hollanda&#8217;da tescil edilen \u015firket, <b>Smartwings Grubu<\/b> pay al\u0131m\u0131n\u0131 ger\u00e7ekle\u015ftirmek \u00fczere kurulmu\u015ftur.<\/li>\n<li><b>Pegasus Airlines Innovation Lab, Inc. (PIL):<\/b> Silikon Vadisi merkezli teknoloji ve AR-GE faaliyetlerini y\u00fcr\u00fctmektedir.<\/li>\n<li><b>Hitit Bilgisayar Hizmetleri A.\u015e.:<\/b> Grup, havayolu yaz\u0131l\u0131m \u00e7\u00f6z\u00fcmleri sunan bu \u015firkette %36,20 paya sahiptir ve \u00f6zkaynak y\u00f6ntemiyle de\u011ferlemektedir.<\/li>\n<li><b>Tasfiye Edilen Ortakl\u0131k:<\/b> Pegasus U\u00e7u\u015f E\u011fitim Merkezi A.\u015e. (PUEM), 27 \u015eubat 2025 tarihinde ticaret sicilinden terkin edilerek tasfiye edilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Muhasebe Politikalar\u0131 ve Finansal Risk Y\u00f6netimi<\/h2>\n<h3>6.1. Fonksiyonel Para Birimi<\/h3>\n<p>\u015eirketin ana operasyonlar\u0131n\u0131n ve finansal y\u00fck\u00fcml\u00fcl\u00fcklerinin b\u00fcy\u00fck k\u0131sm\u0131n\u0131n Avro cinsinden olmas\u0131 nedeniyle, <b>fonksiyonel para birimi Avro<\/b> olarak belirlenmi\u015ftir. Ancak yasal mevzuat gere\u011fi raporlama para birimi T\u00fcrk Liras\u0131&#8217;d\u0131r.<\/p>\n<h3>6.2. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>KGK duyurusu uyar\u0131nca, fonksiyonel para birimi Avro olan \u015eirket, TFRS&#8217;ye g\u00f6re d\u00fczenlenen finansal tablolar\u0131nda TMS 29 kapsam\u0131nda herhangi bir enflasyon d\u00fczeltmesi yapmam\u0131\u015ft\u0131r.<\/p>\n<h3>6.3. Sadakat Program\u0131 (Pegasus Bolbol)<\/h3>\n<p>M\u00fc\u015fteri sadakat program\u0131 kapsam\u0131nda kazan\u0131lan u\u00e7u\u015f puanlar\u0131, sat\u0131\u015f i\u015fleminin ayr\u0131 bir par\u00e7as\u0131 olarak tan\u0131mlanmakta ve &#8220;u\u00e7u\u015f y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc&#8221; olarak bilan\u00e7oda ertelenmektedir. Puanlar kullan\u0131ld\u0131k\u00e7a gelir olarak kaydedilmektedir. 2025 y\u0131l\u0131 itibar\u0131yla bu y\u00fck\u00fcml\u00fcl\u00fckler &#8220;M\u00fc\u015fteri S\u00f6zle\u015fmelerinden Do\u011fan Y\u00fck\u00fcml\u00fcl\u00fckler&#8221; alt\u0131nda izlenmektedir.<\/p>\n<h3>6.4. Likidite ve Nakit Ak\u0131\u015f\u0131<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 54,84 milyar TL (D\u00f6nem ba\u015f\u0131nda 46,25 milyar TL).<\/li>\n<li><b>\u0130\u015fletme Faaliyetlerinden Sa\u011flanan Nakit:<\/b> 34,54 milyar TL.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit \u00c7\u0131k\u0131\u015f\u0131:<\/b> 15,62 milyar TL.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>7. Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun sermaye yap\u0131s\u0131nda bir de\u011fi\u015fiklik olmam\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Esas Holding A.\u015e.:<\/b> %52,81<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %45,37<\/li>\n<li><b>Sabanc\u0131 Ailesi \u00dcyeleri:<\/b> %1,82<\/li>\n<\/ul>\n<p>\u015eirketin \u00f6denmi\u015f sermayesi 500.000.000 TL&#8217;dir. 2024 y\u0131l\u0131 i\u00e7erisinde 397,7 milyon TL&#8217;lik bedelsiz sermaye art\u0131r\u0131m\u0131 yap\u0131larak bu seviyeye ula\u015f\u0131lm\u0131\u015ft\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1601\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131, 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Y\u0131l\u0131 154 milyar TL\u2019yi a\u015fan rekor bir has\u0131lat ile kapatan \u015firket, net kar\u0131n\u0131 13,75 milyar TL seviyesine ta\u015f\u0131yarak havac\u0131l\u0131k sekt\u00f6r\u00fcndeki istikrarl\u0131 b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc.<br \/>\n2025 y\u0131l\u0131 sadece finansal rakamlarla de\u011fil, ayn\u0131 zamanda Pegasus&#8217;un teknoloji ve global geni\u015fleme vizyonuyla da \u00f6ne \u00e7\u0131kt\u0131. Filosunu 127 u\u00e7a\u011fa \u00e7\u0131karan \u015firket, Silikon Vadisi merkezli yeni teknoloji yat\u0131r\u0131mlar\u0131 ve Avrupa operasyonlar\u0131n\u0131 g\u00fc\u00e7lendirecek yeni i\u015ftirakleriyle gelece\u011fe d\u00f6n\u00fck stratejik ad\u0131mlar att\u0131. Yak\u0131t maliyetlerindeki art\u0131\u015fa ra\u011fmen d\u00fc\u015f\u00fck maliyetli i\u015f modelini ba\u015far\u0131yla uygulayan Pegasus, pay ba\u015f\u0131na kazanc\u0131n\u0131 da 27,50 TL&#8217;ye y\u00fckselterek yat\u0131r\u0131mc\u0131lar\u0131na g\u00fcven vermeye devam ediyor. Havac\u0131l\u0131\u011f\u0131n y\u00fckselen y\u0131ld\u0131z\u0131, 2026 y\u0131l\u0131na Orta Do\u011fu&#8217;daki geli\u015fmeleri yak\u0131ndan takip ederek ve teknoloji odakl\u0131 b\u00fcy\u00fcme stratejisiyle giri\u015f yap\u0131yor.<\/p>\n","protected":false},"author":9,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[78],"class_list":["post-1601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-pgsus"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1601"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1601\/revisions"}],"predecessor-version":[{"id":1603,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1601\/revisions\/1603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}