Financial Data and Key Metrics Changes - Revenue decreased by $6 million, an 8% decline compared to the second quarter of the previous year, primarily due to changes in the schedule [7][8] - EBIT worsened from a loss of $6 million last year to a loss of $9 million this year, reflecting a decrease of approximately $3 million [8][15] - Cash position remains solid with $12 million reported at the end of the last quarter, expected to be enhanced by a $20 million bond issuance [8][26] Business Line Data and Key Metrics Changes - The company operated two aircraft during the quarter, with a focus on ACMI operations, which showed impressive on-time performance [2][3] - Yield per passenger increased by 4.1%, while load factor decreased by 2.7%, indicating a shift towards leisure destinations [10][19] - The leisure capacity increased by 15% in Q2 compared to the same quarter last year, despite operating fewer aircraft [17] Market Data and Key Metrics Changes - The share of Via passengers is decreasing, while front passengers are gaining a larger share [2] - The company is focusing on profitable leisure routes, with a shift away from transatlantic flights [17][22] Company Strategy and Development Direction - The company is transitioning to focus on leisure markets and ACMI leasing, which is expected to provide more stable financial income [16][20] - Plans to eliminate dual costs by moving all operations to Malta by the end of the year, which is anticipated to lower operational costs [22] - The business model is evolving to prioritize profitable routes and discontinue loss-making ones [16][24] Management's Comments on Operating Environment and Future Outlook - Management expects a significant improvement in financial performance in Q4 2025 and Q1 2026, projecting an increase of over $25 million [23][24] - The company is confident in achieving profitability in 2026, with a focus on growing the leisure segment [24][26] - Forward unit revenue is trending positively for upcoming quarters, indicating a strong outlook [22][26] Other Important Information - The company celebrated its fourth anniversary and two inaugural flights during the quarter [3] - A convertible bond worth $20 million was issued to strengthen the cash position [4][26] - The Net Promoter Score (NPS) improved significantly to 54, up from 31% last year, indicating high customer satisfaction [5] Q&A Session Summary Question: Is Play planning to launch any new destinations from Iceland in the coming quarters and what regions are you targeting? - The company plans to announce new destinations soon, including two in Morocco and Antalya in Turkey, which competitors do not offer [27][28] Question: How do the forward bookings for Q3 and Q4 look for the Icelandic market? - Forward bookings are looking good, with expectations that two-thirds of passengers will be flying from Iceland, indicating a healthy tourism market [29][30] Question: How much revenue are you expecting annually from ACMI in 2026 and do you anticipate further fleet reallocation toward ACMI? - The company expects annual revenue from ACMI to be slightly above $100 million, with no plans to allocate more than six of the ten aircraft currently to this business [31][32]

Core Insights - The 2025 China Sales Service Satisfaction Study (SSI) by J.D. Power reveals a decline in overall customer satisfaction for fuel vehicle purchases, marking the first drop in nearly eight years, with an industry score of 758 points, down 3 points from the previous year [1] - The gap in satisfaction scores between luxury and mainstream brands has narrowed from 8 points last year to 5 points this year, with luxury brands scoring 762 and mainstream brands scoring 757 [1] Group 1: Customer Experience - The study indicates that the overall satisfaction of fuel vehicle consumers has decreased, with the lowest satisfaction scores recorded in the online experience phase, scoring 780 for luxury brands and 782 for mainstream brands [2] - There is a significant drop in satisfaction among "defeated customers" (those who considered a brand but purchased another), with an average decline of 24 points, and mainstream brand defeated customers experiencing a 26-point drop [2] Group 2: Consumer Decision-Making - Consumer decision-making is becoming more defined, with 76.4% of consumers knowing the brand/model they want, an increase of 7 percentage points from 2024 [3] - The proportion of consumers reaching a purchase agreement within one week of visiting a dealership has risen to 52%, up from 40% in 2024 [3] Group 3: Sales and Service Dynamics - The importance of dynamic experiences is increasing, with 40% of car owners stating that the professionalism of sales staff during test drives significantly influences their purchasing decisions, a rise of 4.5 percentage points from the previous year [3] - The study highlights a growing consideration for electric vehicles among fuel vehicle owners, increasing from 15.7% in 2024 to 21.4% in 2025, yet 50.2% of these owners abandon the purchase before visiting the dealership, up from 42.2% in 2024 [4]