Fly Play hf.: Strong Bookings Signal Payoff from Leisure Strategy

Core Insights - PLAY experienced a 14.0% reduction in passenger numbers in May 2025, carrying 117,199 passengers compared to 146,692 in May 2024, due to a strategic shift towards leasing aircraft and focusing on the leisure market [1] - The load factor decreased to 80.9% in May 2025 from 86.4% in May 2024, reflecting the company's emphasis on leisure destinations, which typically have lower load factors but higher yields [2] - On-time performance improved significantly to 92.3% in May 2025 from 86.8% in May 2024, indicating operational excellence [3][8] Capacity and Strategy - The company increased seat capacity to leisure destinations by 26% year-over-year in May 2025, aligning with its strategic focus [3] - PLAY launched new direct flights to Agadir and Marrakesh, expanding its leisure destination offerings to 16 locations, including eight in Spain and four in Portugal [4][5] Financial Performance - Forward bookings and unit revenue for the summer are outperforming last year, suggesting a positive financial outlook [6] - The ACMI partnership with SkyUp began in May, with two aircraft operating under a Maltese AOC, contributing to predictable revenue streams [7]