Continued Unit Revenue Growth

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PLAY airlines carried 86,893 passengers in February 2025, compared to 106,042 in February last year, a reflection of a 13.8% reduction in PLAY’s capacity for the month which is a direct result of the company’s decision to lease one of its aircraft to GlobalX in Miami and adjust its network to better match seasonal demand, as previously announced.

PLAY’s load factor in February was 75.8%, compared to 81.0% in February last year. This result aligns with PLAY’s increased focus on leisure destinations in Southern Europe. While leisure traffic generates higher yields, these markets primarily operate on a point-to-point basis without VIA feed, leading to a lower load factor.

This focus on leisure destinations has resulted in significant unit revenue growth. February marked the sixth consecutive month of year-on-year unit revenue growth. As stated in previous traffic reports, PLAY maintains a positive outlook for unit revenue in 2025.

Of the passengers traveling with PLAY in February, 33.6% were flying from Iceland, 44.6% were traveling to Iceland, and 21.8% were connecting passengers (VIA).

PLAY’s on-time performance in February was 81.0%, compared to 90.1% in February last year.

Sunny summer ahead

With PLAY’s focus on sunny destinations, Icelanders will have many options to choose from for their vacations. PLAY’s network includes 15 sunny destinations, featuring fan favourites like Alicante and Tenerife, while new additions such as Antalya, Pula, and Valencia are expected to gain attention.

PLAY has negotiated commercial terms for the deployment of three aircraft on a long-term ACMI agreement with a European airline, starting next spring and running until the end of 2027. This ensures a high level of income predictability for PLAY.

Einar Örn Ólafsson, PLAY’s CEO:

"Our unit revenue continues to trend positively and has now shown year-on-year growth for six consecutive months, a direct result of our decision to increase our focus on leisure destinations. This is another confirmation that our announced changes to the business model is causing a positive trend and we are confident it will continue to deliver positive results

We are dedicated to executing our new business model, prioritizing high-demand and profitable routes while exploring new opportunities for our fleet. PLAY has reached a commercial agreement to deploy three aircraft on a long-term ACMI lease with a European airline until 2027. This initiative supports our profitability targets and ensures a steady and reliable revenue stream for this segment of our operations."

Attachment

• Traffic Report February 2025