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Dear Valued Stakeholders and Guests of Pegasus Airlines,

When we, as Pegasus Airlines, set out on 1 November 2005, with the belief that “everyone has the right to fly”, we took a step towards transforming aviation in Turkey. With the “low-cost airline” model, we offered our guests a travel experience where they can personalise their flights by purchasing only the items they need and want. This step we took has grown exponentially since 2005 and has turned into a model that is both widely recognised and favoured in Turkey. We are justifiably proud of making air travel accessible to everyone.

In 2005 we were a local airline operating scheduled flights to six domestic destinations with 14 aircraft; today we have now become Turkey’s leading low-cost airline, flying to 122 destinations, including 36 domestic and 86 international destinations, in 45 countries, with a fleet of 90 aircraft. Since 2005, we have carried more than 230 million guests to the cities of their choice. As of 2021, our market share in Turkey has reached 35.9% in domestic flights and 12.9% in international flights.

With our order for 100 A320neo and A321neo Airbus aircraft, including an option for 25, we were proud to have signed the largest single order of aircraft in Turkish civil aviation history at the time in 2012. And in December 2017, we transferred our options for those 25 aircraft into firm orders. In October 2021, we reached an agreement with Airbus to place a firm order for additional six new A321neo Airbus aircraft. We started to take delivery of our new Airbus aircraft as of July 2016. We also broke new ground with the CFM Leap series engines used in the new A320neo aircraft we have taken delivery of, as we became the first airline in the world to use CFM’s new generation of environmentally friendly engines. In other words, Pegasus became the first customer of the world’s most efficient engine used in one of the world’s most advanced aircraft. Our experience with this combination of aircraft model and engine provided a leading example for all other airlines, globally.

At the point where we are today, digital transformation and sustainability are among our top priorities. Realising the importance of digitalisation early, we began our transformation in 2018. We have digitalised all our processes from sales to operations, even the cockpits. Today, as “Turkey’s digital airline”, we support our guests with solutions around the concept of “travel with minimum contact”, which has become increasingly important especially during the pandemic.

We manage all our operations and activities with a “sustainable environment” approach. In line with IATA’s resolution to achieve “Net Zero Carbon Emissions by 2050”, we took our place among the world’s leading airlines to have made this commitment and we set our interim target for 2030.  We aim to reduce flight-related carbon (CO2) emissions per unit passenger kilometre (RPK) by 20% by 2030 compared to 2019 levels.

There are millions of people behind all this success, including our valuable team, which has been growing stonger since 2005 to more than 5,800 Pegasus family members from 700, and who have put a great deal of passion and dedication into their jobs; and millions of our valuable guests who have continued to place great confidence and trust in us… I would like to wholeheartedly thank everyone who has contributed to our successful results with their efforts and belief.

As we have always said: we didn’t start aviation in Turkey, but we have transformed it. And together, we will continue to maintain the transformation that we have initiated in Turkish aviation.

Yours sincerely,

Chairman of the Board of Directors