Group 1 - The Board of Directors of Fly Play hf. has received a notification from BBL 212 ehf. regarding the withdrawal of its plans to make a takeover bid for all shares in Fly Play hf. [1] - The notification from BBL 212 ehf. includes an official document confirming the withdrawal of the takeover offer [2]

Core Insights - PLAY airlines experienced a significant decrease in passenger numbers, carrying 116,023 passengers in June 2025 compared to 173,109 in June 2024, due to a strategic shift in its business model [1] - Despite the reduction in total passengers, the load factor improved to 86.8% in June 2025, up from 86.0% in June 2024, indicating better network planning and operational discipline [2][3] - The airline celebrated its 4th anniversary in June 2025 and relaunched flights to Aalborg, Denmark, expanding its service to three destinations in the country [4] Business Model Shift - The company has altered its business model to focus on scheduled operations in Iceland and leasing operations, which has led to a more disciplined and focused operation [1][3] - The strategic shift towards leisure destinations in Southern Europe has historically resulted in higher fares, although it typically has lower load factors due to less connecting traffic [2] Operational Performance - In June 2025, 41.9% of passengers were departing from Iceland, 33.0% were arriving, and 25.1% were connecting passengers, showcasing a diverse passenger base [3] - The airline maintained strong operational reliability with an on-time performance of 88.8% in June 2025, reflecting effective execution of its strategic initiatives [3][5] Strategic Comments - The CEO of PLAY highlighted that the performance in June reflects the positive impact of the strategic shift, emphasizing the reduction of excess capacity and focus on targeted leisure routes to create a stronger yield environment [5] - The improved load factor and operational discipline are seen as indicators of better network planning and alignment with demand, contributing to the overall success of the restructuring efforts [5]

Core Viewpoint - The announcement discusses the potential impact of a takeover on Fly Play hf.'s operations, highlighting both opportunities and challenges that may arise from such a corporate action [2]. Group 1: Company Operations - A potential takeover could lead to significant changes in Fly Play hf.'s operational strategies, potentially enhancing efficiency and market reach [2]. - The company may experience shifts in management and organizational structure, which could affect employee morale and productivity [2]. - Financial implications of the takeover could include changes in capital allocation and investment priorities, impacting long-term growth prospects [2]. Group 2: Market Implications - The takeover could alter competitive dynamics within the airline industry, potentially leading to increased market consolidation [2]. - Stakeholder reactions, including customer sentiment and investor confidence, may fluctuate based on the perceived benefits or drawbacks of the takeover [2]. - Regulatory scrutiny may increase as the industry adapts to the new market landscape created by the takeover [2].

Fly Play hf.: Financial Results Q1 2025 PLAY’s business plan continues to progress, with a clear focus on our most stable and profitable business segments: leisure and ACMI operations. Cash position strengthened to USD 21.1 million at the end of Q1 2025, up from USD 17.2 million. Operating costs in Q1 2025 were USD 58 million, compared to USD 66 million in Q1 2024. PLAY carried 286 thousand passengers in Q1 2025, compared to 349 thousand in Q1 2024. Load factor in Q1 2025 was 77.2%, compared to 81.8% in Q1 ...

Core Viewpoint - PLAY is focusing on strengthening its presence in leisure markets and securing ACMI opportunities, which is reflected in its financial results and operational strategies for Q1 2025 [5][6][10]. Financial Performance - Total revenue for Q1 2025 was USD 46.4 million, down from USD 54.4 million in Q1 2024 [15]. - Net loss for Q1 2025 was USD 26.8 million, an improvement from USD 27.2 million in Q1 2024 [18]. - Operating revenue decreased to USD 59.0 million in Q1 2025 from USD 65.7 million in Q1 2024 [2]. - Operating expenses were USD 80.2 million in Q1 2025, down from USD 90.4 million in Q1 2024 [2]. - EBIT for Q1 2025 was negative USD 21.7 million, compared to negative USD 21.3 million in Q1 2024, indicating stable performance despite revenue decline [17]. Operational Statistics - The number of passengers carried in Q1 2025 was 286,000, down from 349,000 in Q1 2024, reflecting a load factor of 77.2% compared to 81.8% in the previous year [11][12]. - The number of flights decreased to 2,203 in Q4 2024 from 2,556 in Q4 2023 [2]. - The load factor improved to 82% in Q4 2024 from 78% in Q4 2023 [2]. Strategic Focus - The company has increased leisure capacity by 17% year-over-year in Q1 2025, aligning with its strategy to focus on leisure destinations [3][12]. - A long-term ACMI agreement was secured with SkyUp Malta for four aircraft through 2027, enhancing revenue stability [3][21]. - The company plans to operate a fleet of seven aircraft during peak summer months, with new destinations including Faro, Portugal, and Antalya, Turkey, starting in summer 2025 [20]. Cost Management - CASK in Q1 2025 was 6.06 US cents, compared to 5.91 US cents in Q1 2024, indicating a slight increase in costs [17]. - The average yield per passenger rose by 1.2% year-over-year, contributing to stable RASK performance [16]. Cash Position - The cash position at the end of Q1 2025 was USD 21.1 million, an increase from USD 17.2 million at the end of Q1 2024 [18][19]. - The company continues to focus on managing liquidity and optimizing working capital to support growth initiatives [19].

Group 1 - The Annual General Meeting of Fly Play hf. is scheduled for April 9, 2025, at 16:00 (GMT) in Reykjavik [1] - The deadline for submitting candidacies for the Board of Directors was April 4, 2025, at 16:00 (GMT) [1] - Five individuals have declared their candidacy for the Board of Directors, and all submissions have been accepted in accordance with relevant regulations [1] Group 2 - As no additional candidacies were submitted, the candidates will be elected without a ballot during the meeting [2] - Additional information regarding the candidates is provided in an attachment [2][3]