Started in 1990 as a charter airline before being acquired by ESAS Holding in 2005, Pegasus relaunched as a scheduled low-cost airline with five jets in 2005. 18 years later, Pegasus has grown at an unprecedented pace and took delivery of its 100th aircraft, the A321neo, on 30 September. its route network has also reached 130 destinations in 49 countries.
Stating that Pegasus, which is trying to expand its presence in the low-cost market, is considering establishing a low-cost airline in other countries, Pegasus Chief Executive Officer Güliz Öztürk said the following in a statement to tourism FM:
''We can accelerate our growth by looking at these opportunities. We established a small airline in Kyrgyzstan and operated it for about three to four years, so we know how to run a separate sister company. As long as there are these opportunities, we are ready to explore them.''
In June 2012, pegasus airlines acquired 49 percent of the shares of Air Manas, a Kyrgyzstan-based airline, rebranded the airline as pegasus Asia and operated its first flight under the new brand name in March 2013. While operating a fleet of three Boeing 737s, in 2019 Pegasus sold its shares and air manas ceased its activities. In late 2017, Pegasus Airlines considered launching a budget carrier in Ukraine due to the market being underserved. However, the plans never materialised and Pegasus focused on growing its own operation in Turkey.
Due to strong demand, almost half of Pegasus' route network extends to Europe. Unlike other low-cost competitors, Pegasus focuses on carrying connecting passengers, with 25 per cent of its traffic being connecting passengers. At the end of Q3 2023, the low-cost carrier's international traffic increased by 28 per cent.