SunExpress - Strategic Analysis and Outlook Report 2026 (Updated)
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Executive Summary
SunExpress closed 2025 with 16 million passengers flown across 237 routes to 92 destinations in 35 countries, marking a 7% increase over the 15 million flown in 2024 and consolidating its position as the dominant Türkiye-Europe leisure carrier.
The 2026 ramp-up has been driven by four parallel Boeing 737-8 deliveries in January 2026, a refreshed and expanded UK route network producing 2.1 million UK and Ireland seats, the relaunch of Cork-Izmir service, and the first scheduled Türkiye-Syria flights under the joint venture’s history.
Financially, the airline reported €2.2 billion in 2024 revenue on EBIT of €195 million, representing a 23% year-on-year revenue jump, with management indicating continued growth into 2025 and 2026 supported by the fleet renewal cycle.
Strategically, the leadership transition coincides with deeper codeshare integration with Eurowings (rising from 5 to 14 routes), parallel ACMI wet-lease cooperation with South African Airways, and an aircraft order from Boeing positioning the carrier to more than double its fleet over the next decade.
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Table of Contents
Executive Summary
SunExpress Company Profile: Key Facts
Corporate Ownership Structure
Leadership Transition Underway
SunExpress Revenue and Financial Analysis
Revenue Performance (Latest Reported)
LTM Revenue Profile and Quarterly Context
Latest Operational Guidance
Revenue Growth Drivers
Key Services and Product Portfolio
SunExpress Fleet Analysis
Current Fleet Size and Composition
Aircraft Type Strategy and Configuration
Fleet Strategy and Forward Order Book
Fleet Age and Renewal Cycle
Sustainability and SAF Considerations
Route Network Strategy and Major Destinations
Network Composition Overview
Summer 2026 Network Additions
UK and Ireland Route Network
Germany Network
Domestic Türkiye Network
Syria Operations from March 2026
Major Operational Bases (Hubs)
Antalya (AYT) - Primary Hub
Izmir (ADB) - Secondary Hub
Frankfurt (FRA) - German Operating Base
Other Bases: Ankara, Dalaman, Cologne Bonn
SunExpress Competitive Position
Major Competitors
SunExpress vs Pegasus Airlines
SunExpress vs Corendon Airlines
SunExpress vs Turkish Airlines
SunExpress vs Eurowings (and Codeshare Reality)
SunExpress vs TUI fly Deutschland
Strategic Partnerships and Codeshare Network
Eurowings Codeshare Deepening
Turkish Airlines and Lufthansa Group Connectivity
Tour Operator Relationships
Innovation, Sustainability, and Digital Initiatives
Fuel Efficiency and Aerodynamic Retrofits
Data-Driven Operations
Digital Customer Experience
Risk Analysis: Key Strategic and Operational Risks
Risk 1
Risk 2
Risk 3
Risk 4
Risk 5
Risk 6
Risk 7
Risk 8
Risk 9
2026 Operational Performance to Date
Forward Outlook for 2026 and Beyond
My Final Thoughts
Official Sources and Data
Introduction
SunExpress entered 2026 on a sharp upward curve, lifting passenger volumes to nearly 16 million and pushing seat capacity into record territory on the strength of an expanded fleet, a renewed Boeing 737 MAX 8 backbone, and aggressive route additions to the UK, Ireland, Germany, Portugal, Montenegro, and Syria.
The Antalya-headquartered joint venture between Turkish Airlines and Lufthansa is no longer a niche charter operator.
It now sits at the operational heart of European-Turkish leisure traffic with 92 destinations across 35 countries, two new CEOs in motion (Marcus Schnabel taking over from Max Kownatzki on 1 February 2026), and an order book that could push the fleet beyond 150 aircraft by 2033.
This deep-dive report analyzes what the carrier looks like operationally today, where it’s going, and the strategic, structural, and competitive forces shaping its trajectory through 2026 and beyond.
SunExpress Company Profile: Key Facts
Founded: 1989, in Antalya, Türkiye
Status: 50/50 joint venture (Turkish Airlines + Lufthansa)
IATA / ICAO code: XQ / SXS
Headquarters: Antalya, Türkiye and Frankfurt, Germany
CEO (current): Dr. Max Kownatzki (until 31 Jan 2026)
CEO (incoming): Marcus Schnabel (from 1 Feb 2026)
Employees: 4,500+
Fleet: ~89-90 Boeing 737s (737-800 NG + 737 MAX 8)
Destinations: 92 in 35 countries
Routes: 237
Passengers (2025): ~16 million
Revenue (2024): €2.2 billion (EBIT €195 million)SunExpress positions itself as a value carrier rather than a true ultra-low-cost airline.
The structure inherited from its Lufthansa-Turkish Airlines joint venture origins gives it deep maintenance, distribution, and codeshare access that pure low-cost rivals lack.
The carrier operates two principal hubs at Antalya (AYT) and Izmir (ADB), supplemented by satellite bases in Ankara, Dalaman, and Frankfurt.
This dual-flag corporate setup, with German operations historically run through SunExpress Deutschland and Turkish operations from Antalya, has been consolidated into a single, more integrated commercial brand over the past five years.
The Skytrax World Airline Awards have repeatedly named SunExpress the Best Leisure Airline in Europe, a positioning the carrier reinforces in its press communications and route planning logic.
Corporate Ownership Structure
Ownership Breakdown
- Turkish Airlines : 50%
- Lufthansa Group : 50%
- Established : 1989 (Antalya)
- Legal seat : Antalya, Türkiye
- Operating bases : Antalya, Izmir, Frankfurt, Dalaman, Ankara
The shareholder split has been remarkably stable since founding, though reports from late 2025 suggested Turkish Airlines was exploring an acquisition of Lufthansa’s 50% stake.
As of publication, no transaction has been confirmed and the JV structure remains unchanged.
This ownership balance gives SunExpress a unique commercial position. It can feed traffic into both Lufthansa Group hubs and Turkish Airlines’ Istanbul gateway while maintaining independent commercial pricing power on its leisure routes.
Leadership Transition Underway
The biggest governance shift entering 2026 is the CEO succession. Dr. Max Kownatzki, who has run the airline since 2020, will end his term on 31 January 2026 and assume the CEO role at Eurowings on 1 February 2026.
Marcus Schnabel takes the reins of SunExpress on the same date, arriving from a senior commercial role within the Lufthansa Group ecosystem. His appointment signals continuity rather than rupture, with the new CEO publicly committing to the existing fleet renewal and network growth plan.
The fact that the outgoing CEO and his successor have both been groomed within Lufthansa’s commercial pipeline underscores how integrated SunExpress has become with the wider Lufthansa Group’s leisure strategy, even while half-owned by Turkish Airlines.
SunExpress Revenue and Financial Analysis
The financial picture for SunExpress is essentially one of post-pandemic recovery followed by sustained, capacity-led growth.
The carrier passed €2.2 billion in turnover for the first time in 2024 and entered 2026 with a fleet, network, and order book sized for further upside.
Revenue Performance
SunExpress Reported Revenue
- 2024 revenue : €2.2 billion (record)
- YoY change : +23% vs 2023
- 2024 EBIT : €195 million
- 2024 PAX : ~15 million
- 2025 PAX : ~16 million (+7%)
- 2025 target : 16.8 million (set Apr 2025)
- 2026 actual : Easter 2026 already at 680,000 PAX (28 Mar - 12 Apr)
The €2.2 billion 2024 revenue line reflects 23% year-on-year growth, a step change driven primarily by post-COVID demand normalization, a larger active fleet, and pricing strength in the Türkiye-Europe leisure corridor.
EBIT for 2024 stood at €195 million, a margin level that puts SunExpress