Unveiling its full year results, the carrier said its 34.1% margin outstripped Ryanair’s by around a third and beat its previous record set in 2019, when it achieved a 33.3% gross margin.
Pegasus posted a pre-tax profit of €403 million for the calendar year, a turnaround from 2021’s loss of €158 million. Revenue jumped from €1 billion in 2021 to €2.45 billion.
Pegasus has benefited from its low operating cost base plus the popularity of Turkey last year due to the weakness of its currency.
