Pegasus Airlines: 2026 Half‑Year Losses and Diverging Target Prices

Pegasus Airlines shocked investors with a 12.551 bn TL net loss in the first half of 2026.

Dramatic Half‑Year Loss

■Net loss: 12.551 bn TL (H1 2026) versus a 2.498 bn TL profit in H1 2025.

■Second‑quarter loss: 4.79 bn TL – slightly below the median expectation of 4.89 bn TL.

■Demand decline: Monthly passenger numbers fell by 8%, cargo volumes dropped 12%.

Target Prices Clash

■Lowest target: 190 TL (Is Yatırım), offering a 25.8% upside.

■Highest target: 319.7 TL (Marbaş Menkul), implying a 111.7% upside.

■Downward revisions: Vakıf Yatırım to 220 TL, Marbaş Menkul to 319.7 TL, İnfo Yatırım to 195 TL.

■Unchanged targets: Şeker Yatırım 271.9 TL, Ak Yatırım 215 TL.

Market Sentiment: Confidence Wanes

■Share price: Traded at 151 TL, a 5% drop following the quarterly loss.

■Analyst sentiment: Seven firms lowered their targets, while Gedik Yatırım maintained a 245 TL upside recommendation.

■Liquidity: Daily trading volume fell 30%, indicating cautious investor stance.

What Investors Should Watch

■Sector competition: New entrants offering low‑cost flights pressure Pegasus.

■Regulatory costs: Rising safety and environmental compliance expenses.

■Restructuring plans: 2027 cost‑cutting strategy still unclear.

Pegasus’s H1 2026 loss reflects industry competition and cost pressures. Investors should closely monitor the company’s restructuring strategy and signs of demand recovery. Dividend expectations are currently low, but long‑term value creation could be revisited if cost control and digital transformation steps materialize.