{"id":2516,"date":"2026-06-09T22:21:48","date_gmt":"2026-06-09T19:21:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2516"},"modified":"2026-06-09T22:22:25","modified_gmt":"2026-06-09T19:22:25","slug":"pgsus-2026-03-faaliyet-raporu-analizi-pegasus-hava-tamacl-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2516","title":{"rendered":"\ud83d\udd35 PGSUS 2026-03 Faaliyet Raporu Analizi | Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e."},"content":{"rendered":"<h1>Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e. 2026 Birinci \u00c7eyrek D\u00f6nemi Brifing Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Pegasus Hava Ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 A.\u015e.&#8217;nin 1 Ocak \u2013 31 Mart 2026 d\u00f6nemine ait operasyonel ve finansal performans\u0131n\u0131 sentezlemektedir. \u015eirket, &#8220;U\u00e7mak herkesin hakk\u0131&#8221; vizyonu do\u011frultusunda d\u00fc\u015f\u00fck maliyetli ta\u015f\u0131y\u0131c\u0131 (low-cost carrier) i\u015f modelini s\u00fcrd\u00fcrmektedir. 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde Pegasus, operasyonel kapasitesini ve misafir say\u0131s\u0131n\u0131 art\u0131rmaya devam etmi\u015f, ancak d\u00f6nem baz\u0131nda net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Operasyonel B\u00fcy\u00fcme:<\/b> Misafir say\u0131s\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %9,0 artarak 9,83 milyona ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Filo Geni\u015flemesi:<\/b> 31 Mart 2026 itibar\u0131yla filo, ya\u015f ortalamas\u0131 5,30 olan 129 u\u00e7a\u011fa y\u00fckselmi\u015ftir.<\/li>\n<li><b>Finansal Performans:<\/b> Has\u0131lat %39 art\u0131\u015fla 32,7 milyar TL&#8217;ye \u00e7\u0131karken, d\u00f6nem zarar\u0131 7,76 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Gelir Yap\u0131s\u0131:<\/b> Yan \u00fcr\u00fcn gelirleri, toplam gelirin %45&#8217;ini olu\u015fturarak i\u015f modelinin temel bir dire\u011fi olmaya devam etmektedir.<\/li>\n<li><b>Stratejik Yat\u0131r\u0131mlar:<\/b> Boeing ile 2028 ve sonras\u0131 i\u00e7in 200 adede kadar u\u00e7a\u011f\u0131 kapsayan devasa bir sipari\u015f anla\u015fmas\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>1. Kurumsal Profil ve Stratejik Hedefler<\/h2>\n<p>Pegasus, T\u00fcrkiye&#8217;nin lider d\u00fc\u015f\u00fck maliyetli hava yolu ta\u015f\u0131y\u0131c\u0131s\u0131d\u0131r. 2005 y\u0131l\u0131nda Esas Holding taraf\u0131ndan devral\u0131nmas\u0131yla birlikte &#8220;d\u00fc\u015f\u00fck maliyetli a\u011f ta\u015f\u0131y\u0131c\u0131&#8221; i\u015f modeline ge\u00e7i\u015f yapm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Varl\u0131k Amac\u0131:<\/b> Uygun \u00fccretlerle, emniyetli ve kolay seyahat deneyimi sunan, sekt\u00f6rde lider bir d\u00fc\u015f\u00fck maliyetli ta\u015f\u0131y\u0131c\u0131 olmak.<\/li>\n<li><b>Kurum De\u011ferleri:<\/b> Yenilik\u00e7ilik, \u0130nsan Odakl\u0131l\u0131k, Rekabet\u00e7ilik, Sonu\u00e7 Odakl\u0131l\u0131k, Etkinlik ve Verimlilik.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 500 milyon TL&#8217;dir. H\u00e2kim ortak %52,81 pay oran\u0131 ile Esas Holding&#8217;dir; paylar\u0131n %45,37&#8217;si halka a\u00e7\u0131kt\u0131r.<\/li>\n<\/ul>\n<h2>2. Operasyonel Performans Analizi<\/h2>\n<p>2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda Pegasus, u\u00e7u\u015f a\u011f\u0131n\u0131 ve doluluk oranlar\u0131n\u0131 stabilize etmeyi ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<h3>Trafik Sonu\u00e7lar\u0131 Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (Ocak-Mart)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Parametre<\/td>\n<td>2025 (Q1)<\/td>\n<td>2026 (Q1)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Misafir Say\u0131s\u0131 (Milyon)<\/td>\n<td>9,02<\/td>\n<td>9,83<\/td>\n<td>%9,0<\/td>\n<\/tr>\n<tr>\n<td>Konma Say\u0131s\u0131<\/td>\n<td>49.856<\/td>\n<td>54.240<\/td>\n<td>%8,8<\/td>\n<\/tr>\n<tr>\n<td>Doluluk Oran\u0131 (%)<\/td>\n<td>%86,1<\/td>\n<td>%86,3<\/td>\n<td>0,2 puan<\/td>\n<\/tr>\n<tr>\n<td>ASK (Milyon km)<\/td>\n<td>16.117<\/td>\n<td>17.545<\/td>\n<td>%8,9<\/td>\n<\/tr>\n<tr>\n<td>G\u00fcnl\u00fck U\u00e7ak Kullan\u0131m\u0131 (Blok Saat)<\/td>\n<td>12,0<\/td>\n<td>12,3<\/td>\n<td>%2,4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>U\u00e7u\u015f A\u011f\u0131 ve Eri\u015fim<\/h3>\n<p>31 Mart 2026 itibar\u0131yla Pegasus, 56 \u00fclkede toplam 158 noktaya (39 yurt i\u00e7i, 119 yurt d\u0131\u015f\u0131) tarifeli seferler d\u00fczenlemektedir. Operasyonlar\u0131n merkez \u00fcss\u00fc \u0130stanbul Sabiha G\u00f6k\u00e7en Havaliman\u0131&#8217;d\u0131r.<\/p>\n<h2>3. Finansal Durum De\u011ferlendirmesi<\/h2>\n<p>\u015eirketin has\u0131lat\u0131ndaki g\u00fc\u00e7l\u00fc art\u0131\u015fa ra\u011fmen, maliyetler ve finansal y\u00fck\u00fcml\u00fcl\u00fckler net k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/p>\n<h3>\u00d6zet Konsolide Gelir Tablosu (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (Q1)<\/td>\n<td>2026 (Q1)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>23.587.573<\/td>\n<td>32.760.718<\/td>\n<td>%39<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Zarar<\/td>\n<td>(846.190)<\/td>\n<td>(3.128.828)<\/td>\n<td>%270<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Zarar\u0131<\/td>\n<td>(3.905.836)<\/td>\n<td>(4.724.610)<\/td>\n<td>%21<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Zarar\u0131<\/b><\/td>\n<td>(2.634.619)<\/td>\n<td>(7.758.354)<\/td>\n<td>%194<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Temel Finansal G\u00f6stergeler<\/h3>\n<ul>\n<li><b>Birim Maliyet (CASK):<\/b> 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde 3,08 \u20acc olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Yan Gelirler:<\/b> Toplam has\u0131lat\u0131n %45&#8217;i bagaj, koltuk se\u00e7imi ve yemek gibi yan \u00fcr\u00fcnlerden elde edilmi\u015ftir.<\/li>\n<li><b>Net Bor\u00e7 Pozisyonu:<\/b> 31 Mart 2026 itibar\u0131yla 160,4 milyar TL seviyesindedir.<\/li>\n<li><b>Finansman:<\/b> \u015eirket, Eyl\u00fcl 2024&#8217;te 500 milyon ABD Dolar\u0131 tutar\u0131nda Eurobond ihrac\u0131 ger\u00e7ekle\u015ftirmi\u015ftir (vade 2031).<\/li>\n<\/ul>\n<h2>4. Filo Yap\u0131s\u0131 ve Gelecek Yat\u0131r\u0131mlar\u0131<\/h2>\n<p>Pegasus, verimlili\u011fi art\u0131rmak amac\u0131yla filosunu gen\u00e7le\u015ftirmeye ve daha d\u00fc\u015f\u00fck yak\u0131t t\u00fcketimi sunan yeni nesil u\u00e7aklara odaklanmaktad\u0131r.<\/p>\n<h3>Mevcut Filo Durumu (31.03.2026)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>U\u00e7ak Tipi<\/td>\n<td>Adet<\/td>\n<td>Koltuk Kapasitesi<\/td>\n<td>Ortalama Ya\u015f<\/td>\n<\/tr>\n<tr>\n<td>B737-800<\/td>\n<td>9<\/td>\n<td>1.701<\/td>\n<td>11,74<\/td>\n<\/tr>\n<tr>\n<td>A320ceo<\/td>\n<td>6<\/td>\n<td>1.092<\/td>\n<td>10,52<\/td>\n<\/tr>\n<tr>\n<td>A320neo<\/td>\n<td>46<\/td>\n<td>8.556<\/td>\n<td>7,21<\/td>\n<\/tr>\n<tr>\n<td>A321neo<\/td>\n<td>68<\/td>\n<td>16.252<\/td>\n<td>2,69<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>129<\/b><\/td>\n<td><b>27.601<\/b><\/td>\n<td><b>5,30<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gelecek Teslimat Takvimi<\/h3>\n<p>\u015eirket, Airbus ve Boeing ile uzun vadeli b\u00fcy\u00fcme stratejisini destekleyen anla\u015fmalara sahiptir:<\/p>\n<ul>\n<li><b>Airbus:<\/b> 2026-2029 y\u0131llar\u0131 aras\u0131nda 43 adet A321neo teslimat\u0131 beklenmektedir.<\/li>\n<li><b>Boeing:<\/b> 2024 sonunda imzalanan anla\u015fma ile 100 adet B737-10 kesin ve 100 adet opsiyonel olmak \u00fczere toplam 200 u\u00e7akl\u0131k bir sipari\u015f verilmi\u015ftir. B737-10 teslimatlar\u0131n\u0131n 2028&#8217;de ba\u015flamas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<h2>5. Kurumsal Y\u00f6netim ve Risk Y\u00f6netimi<\/h2>\n<h3>Y\u00f6netim Yap\u0131s\u0131<\/h3>\n<p>31 Mart 2026 tarihli Ola\u011fan Genel Kurul Toplant\u0131s\u0131 ile Y\u00f6netim Kurulu \u00fcyeleri belirlenmi\u015f ve g\u00f6rev da\u011f\u0131l\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> Mehmet Tevfik Nane<\/li>\n<li><b>CEO (Genel M\u00fcd\u00fcr):<\/b> G\u00fcliz \u00d6zt\u00fcrk<\/li>\n<li><b>Yeni \u00dcye:<\/b> Neyran Arslant\u00fcrk, Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi olarak se\u00e7ilmi\u015f ve SPK onay\u0131 3 Nisan 2026&#8217;da al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Komiteler<\/h3>\n<p>\u015eirket b\u00fcnyesinde Denetim, Kurumsal Y\u00f6netim, Riskin Erken Saptanmas\u0131 ve Teknoloji komiteleri aktif olarak faaliyet g\u00f6stermektedir. Riskin Erken Saptanmas\u0131 Komitesi, her iki ayda bir Y\u00f6netim Kurulu&#8217;na risk de\u011ferlendirme raporu sunmaktad\u0131r.<\/p>\n<h3>Risk Politikas\u0131<\/h3>\n<p>Pegasus; finansal raporlama, i\u00e7 kontrol ve operasyonel s\u00fcre\u00e7lere y\u00f6nelik riskleri \u00e7ok katmanl\u0131 bir komite yap\u0131s\u0131yla y\u00f6netmektedir. Risk y\u00f6netimi anlay\u0131\u015f\u0131, \u015firketin uzun vadeli \u00e7\u0131karlar\u0131n\u0131 g\u00f6zeterek b\u00fcy\u00fcme ve getiri dengesini korumaya odaklanm\u0131\u015ft\u0131r.<\/p>\n<h2>6. \u00d6nemli Geli\u015fmeler ve \u0130\u015ftirakler<\/h2>\n<ul>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik:<\/b> 2025 TSRS S\u00fcrd\u00fcr\u00fclebilirlik Raporu pay sahiplerine sunulmu\u015f ve Deloitte T\u00fcrkiye ba\u011f\u0131ms\u0131z denet\u00e7i olarak se\u00e7ilmi\u015ftir.<\/li>\n<li><b>Yurt D\u0131\u015f\u0131 Bor\u00e7lanma:<\/b> Y\u00f6netim Kurulu, yurt d\u0131\u015f\u0131nda sat\u0131lmak \u00fczere 250 milyon ABD Dolar\u0131 tutar\u0131na kadar yeni bor\u00e7lanma arac\u0131 ihrac\u0131 i\u00e7in yetki alm\u0131\u015f, ihra\u00e7 belgesi 29 Nisan 2026&#8217;da onaylanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Teknoloji ve \u0130novasyon:<\/b> \u015eirket; Pegasus Innovation Lab (ABD), Pegasus Airlines Ventures (ABD) ve Pegasus Havac\u0131l\u0131k Teknolojileri (T\u00fcrkiye) gibi ba\u011fl\u0131 ortakl\u0131klar\u0131 arac\u0131l\u0131\u011f\u0131yla yapay zeka ve teknoloji \u00e7\u00f6z\u00fcmlerine yat\u0131r\u0131m yapmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2516\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pegasus Hava Yollar\u0131\u2019n\u0131n 2026 y\u0131l\u0131 ilk \u00e7eyre\u011fine ili\u015fkin faaliyet raporu, \u015firketin operasyonel anlamda b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ancak maliyet bask\u0131lar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu g\u00f6steriyor. &#8220;U\u00e7mak herkesin hakk\u0131&#8221; vizyonuyla hareket eden \u015firket, yolcu say\u0131s\u0131n\u0131 10 milyona yakla\u015ft\u0131r\u0131rken has\u0131lat\u0131nda %39&#8217;luk bir art\u0131\u015f yakalad\u0131. \u00d6zellikle yan gelirlerin toplam kazan\u00e7 i\u00e7indeki g\u00fc\u00e7l\u00fc pay\u0131 ve modern filo yat\u0131r\u0131mlar\u0131, Pegasus&#8217;un rekabet\u00e7i yap\u0131s\u0131n\u0131 korudu\u011funa i\u015faret ediyor. D\u00f6nemsel bazda a\u00e7\u0131klanan net zarar rakamlar\u0131na ra\u011fmen, kapasite art\u0131\u015f\u0131 ve teknoloji odakl\u0131 yeni u\u00e7ak sipari\u015fleri \u015firketin uzun vadeli b\u00fcy\u00fcme stratejisinin merkezinde yer al\u0131yor. Havac\u0131l\u0131k sekt\u00f6r\u00fcndeki g\u00fcncel trendler ve Pegasus\u2019un 2026 hedeflerine dair kapsaml\u0131 analizi yaz\u0131m\u0131z\u0131n devam\u0131nda bulabilirsiniz<\/p>\n","protected":false},"author":11,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[78],"class_list":["post-2516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-pgsus"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2516","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2516"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2516\/revisions"}],"predecessor-version":[{"id":2517,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2516\/revisions\/2517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1297"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}