Fly Play (PLAY) investor relations material

Executive summary

• Passenger numbers fell to 361,000 in Q2 2025, reflecting a shift from transatlantic to leisure and ACMI operations, with a reduced own fleet and increased ACMI leasing.

• Load factor was 83.2% and on-time performance reached 91% in core operations, with ACMI bases achieving 88.9%.

• Celebrated fourth anniversary and launched new routes to Faro, Portugal, and Antalya, Turkey.

• Net promoter score rose sharply to 54, up 74% year-over-year.

• Four of ten aircraft committed to long-term ACMI lease with SkyUp through 2027; exit from U.S. market to focus on higher-return opportunities.

Financial highlights

• Q2 2025 revenue was $72.1 million, down 7.9% year-over-year, mainly due to reduced scheduled capacity and ACMI shift.

• EBIT loss widened to -$9.2 million from -$5.6 million YoY; net loss for the period was $15.3 million, with six-month net loss at $42.1 million.

• Operating expenses decreased by $3 million; fuel costs down due to lower production and prices.

• Cash and cash equivalents at quarter-end were $11.9 million, expected to rise to $31.3 million after a $20 million convertible bond finalized in August.

• RASK up 2.9% YoY, adjusted CASK improved to 5.95 US cents despite cost pressures.

Outlook and guidance

• Q3 net income expected to be in line with last year despite reduced capacity; winter season loss to be significantly reduced, improving Q4 2025 and Q1 2026 by $25 million.

• Profitable operations anticipated in 2026, with stable revenue from long-term ACMI agreements.

• Forward unit revenue trending positively for all future quarters.

• Point-to-point network from Iceland to leisure destinations to be fully implemented after October 2025.

• Strategic focus on leisure travel and revenue diversification, with increased leisure capacity and reduced exposure to transatlantic routes.