{"id":2514,"date":"2026-06-09T22:20:42","date_gmt":"2026-06-09T19:20:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2514"},"modified":"2026-06-09T22:21:33","modified_gmt":"2026-06-09T19:21:33","slug":"pgsus-2026-03-bilano-analizi-pegasus-hava-tamacl-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2514","title":{"rendered":"\ud83d\udd34 PGSUS 2026-03 Bilan\u00e7o Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e."},"content":{"rendered":"<h1>PEGASUS HAVA TA\u015eIMACILI\u011eI A.\u015e. 2026 B\u0130R\u0130NC\u0130 \u00c7EYREK F\u0130NANSAL B\u0130LG\u0130LEND\u0130RME RAPORU<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve operasyonel durumunu analiz etmektedir. Grup, d\u00fc\u015f\u00fck maliyetli havayolu (LCC) modelini s\u00fcrd\u00fcrmekte olup, 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde has\u0131lat\u0131n\u0131 art\u0131rmas\u0131na ra\u011fmen maliyet art\u0131\u015flar\u0131 ve finansman giderleri nedeniyle net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik Veriler:<\/b><\/p>\n<ul>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> 7.758.354 Bin TL (153.141 Bin Avro).<\/li>\n<li><b>Toplam Has\u0131lat:<\/b> 32.760.718 Bin TL.<\/li>\n<li><b>Esas Faaliyet Zarar\u0131:<\/b> 4.724.610 Bin TL.<\/li>\n<li><b>Toplam Varl\u0131klar:<\/b> 421.116.418 Bin TL.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 115.747.897 Bin TL.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 9.774 (31 Aral\u0131k 2025 itibar\u0131yla 9.260 idi).<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Sunum Esaslar\u0131<\/h2>\n<p>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e., d\u00fc\u015f\u00fck maliyetli havayolu modelini benimsemi\u015f bir i\u015fletmedir. \u015eirketin y\u00f6netim merkezi \u0130stanbul&#8217;dad\u0131r.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31 Mart 2026 itibar\u0131yla sermaye yap\u0131s\u0131 \u015fu \u015fekildedir:<\/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<h3>Finansal Raporlama Esaslar\u0131<\/h3>\n<ul>\n<li><b>Fonksiyonel Para Birimi:<\/b> Avro (EUR). \u015eirketin u\u00e7u\u015f gelirlerinin \u00f6nemli k\u0131sm\u0131 Avrupa kaynakl\u0131 oldu\u011fu ve b\u00fct\u00e7e y\u00f6netimi Avro \u00fczerinden yap\u0131ld\u0131\u011f\u0131 i\u00e7in bu birim esas al\u0131nmaktad\u0131r.<\/li>\n<li><b>Sunum Para Birimi:<\/b> T\u00fcrk Liras\u0131 (TL).<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> \u015eirketin fonksiyonel para birimi Avro oldu\u011fu i\u00e7in TMS 29 kapsam\u0131nda enflasyon d\u00fczeltmesi yap\u0131lmas\u0131na gerek duyulmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Finansal Performans Analizi (1 Ocak \u2013 31 Mart 2026)<\/h2>\n<p>Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re has\u0131lat baz\u0131nda b\u00fcy\u00fcme kaydetmi\u015f olsa da, operasyonel giderlerdeki art\u0131\u015f br\u00fct ve esas faaliyet k\u00e2r\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/p>\n<h3>Has\u0131lat ve Sat\u0131\u015flar\u0131n Maliyeti<\/h3>\n<p>Has\u0131lat kalemleri incelendi\u011finde, gelirlerin b\u00fcy\u00fck \u00e7o\u011funlu\u011funun tarifeli u\u00e7u\u015flardan elde edildi\u011fi g\u00f6r\u00fclmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Has\u0131lat Kalemi (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Mart 2025<\/td>\n<\/tr>\n<tr>\n<td>Tarifeli U\u00e7u\u015f ve Hizmet Gelirleri<\/td>\n<td>32.490.522<\/td>\n<td>23.331.999<\/td>\n<\/tr>\n<tr>\n<td>Charter U\u00e7u\u015f ve Hizmet Gelirleri<\/td>\n<td>22.214<\/td>\n<td>131.095<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Gelirler<\/td>\n<td>247.982<\/td>\n<td>124.479<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td><b>32.760.718<\/b><\/td>\n<td><b>23.587.573<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> 35.889.546 Bin TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu durum, 3.128.828 Bin TL tutar\u0131nda bir br\u00fct zarara yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<h3>Gider Analizi<\/h3>\n<p>Grup&#8217;un en b\u00fcy\u00fck gider kalemlerini yak\u0131t, personel ve amortisman giderleri olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Yak\u0131t Giderleri:<\/b> 10.720.719 Bin TL (Toplam giderlerin yakla\u015f\u0131k %28&#8217;i).<\/li>\n<li><b>Personel Giderleri:<\/b> 8.421.434 Bin TL.<\/li>\n<li><b>Amortisman ve \u0130tfa Paylar\u0131:<\/b> 5.676.788 Bin TL.<\/li>\n<li><b>Yer Hizmetleri ve \u0130stasyon Giderleri:<\/b> 3.142.650 Bin TL.<\/li>\n<\/ul>\n<h3>Faaliyet Kar\u0131 ve Finansman<\/h3>\n<ul>\n<li><b>Esas Faaliyet Zarar\u0131:<\/b> 4.724.610 Bin TL (2025 Q1: 3.905.836 Bin TL zarar).<\/li>\n<li><b>Finansman Giderleri:<\/b> 4.848.841 Bin TL. Finansman giderlerindeki y\u00fcksek seyir, net zarar\u0131n ana nedenlerinden biridir.<\/li>\n<li><b>Pay Ba\u015f\u0131na Kay\u0131p:<\/b> 15,52 TL.<\/li>\n<\/ul>\n<h2>Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Mart 2026 itibar\u0131yla Grup&#8217;un toplam varl\u0131klar\u0131 421,1 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<h3>Varl\u0131klar (\u00d6zet)<\/h3>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 92.668.869 Bin TL. (Nakit ve nakit benzerleri 56,6 milyar TL ile en b\u00fcy\u00fck kalemdir).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 328.447.549 Bin TL.\n<ul>\n<li><b>Kullan\u0131m Hakk\u0131 Varl\u0131klar\u0131:<\/b> 224.164.257 Bin TL (B\u00fcy\u00fck oranda u\u00e7ak kiralama s\u00f6zle\u015fmelerinden kaynaklanmaktad\u0131r).<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 27.027.555 Bin TL.<\/li>\n<li><b>Pe\u015fin \u00d6denmi\u015f Giderler:<\/b> 36.054.277 Bin TL (U\u00e7ak al\u0131m \u00f6n \u00f6demeleri ve motor bak\u0131m giderlerini i\u00e7erir).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 95.675.454 Bin TL.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 209.693.067 Bin TL (Uzun vadeli kiralama bor\u00e7lar\u0131 164,2 milyar TL ile bask\u0131n kalemdir).<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 115.747.897 Bin TL.<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grup, i\u015fletme faaliyetlerinden nakit \u00fcretmeye devam etmektedir:<\/p>\n<ol>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> 4.920.722 Bin TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> 1.548.580 Bin TL net nakit giri\u015fi (finansal yat\u0131r\u0131mlardaki de\u011fi\u015fimler dahil).<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> 7.303.965 Bin TL net nakit \u00e7\u0131k\u0131\u015f\u0131 (kira \u00f6demeleri ve faiz giderleri nedeniyle).<\/li>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 56.606.949 Bin TL.<\/li>\n<\/ol>\n<h2>\u00d6nemli Taahh\u00fctler ve Riskler<\/h2>\n<h3>U\u00e7ak Al\u0131m Taahh\u00fctleri<\/h3>\n<p>Grup&#8217;un 31 Mart 2026 itibar\u0131yla toplam <b>141 adet u\u00e7ak<\/b> i\u00e7in kesin sipari\u015fi ve al\u0131m hakk\u0131 bulunmaktad\u0131r. Teslimat plan\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>2026:<\/b> 5 adet<\/li>\n<li><b>2027:<\/b> 14 adet<\/li>\n<li><b>2028-2034:<\/b> Kalan 122 adet<\/li>\n<\/ul>\n<p>Toplam u\u00e7ak al\u0131m taahh\u00fcd\u00fc tutar\u0131 liste fiyatlar\u0131 \u00fczerinden <b>1.272.803.409 Bin TL<\/b> (yakla\u015f\u0131k 1,27 trilyon TL) seviyesindedir.<\/p>\n<h3>Hukuki S\u00fcre\u00e7ler<\/h3>\n<ul>\n<li><b>Vergi \u0130ncelemesi:<\/b> Sadakat kart uygulamas\u0131na y\u00f6nelik 1.781 TL tutar\u0131ndaki vergi tarhiyat\u0131 davas\u0131 devam etmektedir. \u015eirket bu konuda kar\u015f\u0131l\u0131k ay\u0131rmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yolcu Servis \u00dccreti (KKTC):<\/b> Ercan Havaliman\u0131 i\u015fletmecisi ile ya\u015fanan uyu\u015fmazl\u0131kta, T\u00fcrk Bar\u0131\u015f G\u00fcc\u00fc mensuplar\u0131n\u0131n servis \u00fccretlerine ili\u015fkin aleyhe verilen karar sonras\u0131 1.679 Avro ve faiz \u00f6demesi ger\u00e7ekle\u015ftirilmi\u015f, devam eden \u00fc\u00e7\u00fcnc\u00fc dava i\u00e7in kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<ul>\n<li><b>Ana Sermayedar:<\/b> Esas Holding A.\u015e.<\/li>\n<li><b>\u0130\u015f Ortakl\u0131\u011f\u0131:<\/b> Hitit Bilgisayar Hizmetleri A.\u015e. (%36,20 pay). Grup, bili\u015fim \u00e7\u00f6z\u00fcmleri i\u00e7in Hitit Bilgisayar&#8217;dan 119.502 Bin TL tutar\u0131nda al\u0131m ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netici Faydalar\u0131:<\/b> \u0130lk \u00e7eyrekte sa\u011flanan \u00fccret ve faydalar toplam\u0131 42.788 Bin TL&#8217;dir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2514\" 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 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131 Has\u0131lat taraf\u0131nda y\u0131ll\u0131k bazda %39&#8217;luk dikkat \u00e7ekici bir b\u00fcy\u00fcme sergileyen \u015firket yan gelirlerdeki g\u00fc\u00e7l\u00fc performans\u0131yla operasyonel verimlili\u011fini korumaya \u00e7al\u0131\u015f\u0131yor Ancak k\u00fcresel yak\u0131t fiyatlar\u0131ndaki art\u0131\u015f ve personel maliyetlerindeki y\u00fckseli\u015f net zarar\u0131n ge\u00e7en y\u0131la g\u00f6re b\u00fcy\u00fcmesine yol a\u00e7t\u0131 141 u\u00e7akl\u0131k dev sipari\u015f portf\u00f6y\u00fc ve g\u00fc\u00e7l\u00fc nakit rezervleri ile Pegasus&#8217;un \u00f6n\u00fcm\u00fczdeki d\u00f6nem stratejik yol haritas\u0131n\u0131 bu analizimizde detayland\u0131r\u0131yoruz<\/p>\n","protected":false},"author":10,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[78],"class_list":["post-2514","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\/2514","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2514"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2514\/revisions"}],"predecessor-version":[{"id":2515,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2514\/revisions\/2515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}