Pegasus Airlines reported a net loss of 7 billion 758 million 354 thousand TL in the first quarter of 2026, even as revenue rose sharply and passenger numbers increased for the period. The carrier also said it carried 3.28 million passengers in April 2026, a decline of 5% from the same month last year.

The company said sales revenue reached 32 billion 760 million 718 thousand TL in the first quarter, up from 23 billion 587 million 573 thousand TL in the same period of 2025. Passenger traffic for the first three months of 2026 stood at 13.11 million, 5% higher than a year earlier, showing that the airline still added volume even as losses widened.

The earnings release lands at a point when Pegasus is trying to show that demand remains solid while the cost side keeps weighing on results. The company attributed pressure on its balance sheet to operational costs and financing expenses, a reminder that higher traffic does not automatically translate into stronger profit.

That contrast is the central issue in the latest numbers. Pegasus moved more people in the quarter and took in more sales, but the bottom line deteriorated to a loss nearly three times larger than the 2 billion 634 million 619 thousand TL it reported in the first quarter of 2025. The April traffic dip adds a fresh sign that momentum is not moving in one direction.

For now, the airline enters the second quarter with one clear strength and one clear weakness: passenger growth is still there, but so is the strain on earnings. Investors will be watching whether the increase in traffic can keep holding up if costs and financing pressure remain elevated.