Fly Play hf.: Unit revenue reached a record high for August

Core Insights - PLAY experienced a significant decrease in passenger numbers, carrying 124,286 passengers in August 2025 compared to 187,960 in August 2024, primarily due to a strategic shift in fleet deployment and ACMI leasing agreements [1] - Despite the reduced capacity, the load factor was 89.6%, slightly down from 91.6% in August 2024, reflecting the transition from a VIA-focused network to a leisure-focused model, which typically has lower load factors but higher yields [2] - The unit revenue for August reached its highest level ever for the month, indicating the success of the strategic shift towards leisure routes [2] - Operational performance remained strong with an on-time performance of 89.0%, compared to 91.5% in August 2024, showcasing the company's commitment to operational efficiency [3] Financing and Growth - In August, Fly Play hf. completed the issuance of a two-year convertible bond amounting to approximately USD 23 million (over ISK 2.8 billion), with initial commitments of USD 20 million [4] - The increased demand for the bond offering reflects investor confidence in the company and strengthens its operational foundation, allowing for a focus on profitable projects and growth [5] Leadership Perspective - The CEO of PLAY highlighted the strong operational results and the successful adaptation of operations, emphasizing the focus on point-to-point leisure destinations and the achievement of the highest unit revenue for August [6]