Fly Play (PLAY) Q4 2024 earnings summary

Executive summary

• Revenue increased 4% year-over-year to USD 292.2 million, driven by a 29% rise in ancillary revenue per passenger and a 77% increase in onboard sales.

• The company shifted its business model in late 2024, focusing on profitable leisure routes and ACMI contracts, reducing exposure to underperforming North America and Northern Europe routes.

• Fleet of 10 Airbus A320neo/A321neo aircraft operated throughout the year, serving 42 destinations with an 85.3% load factor and 87.5% on-time performance, outperforming main competitors in punctuality most months.

• Customer satisfaction (NPS) rose 27% to 38, reaching record levels at the start of 2025.

• Strategic partnerships and product launches (Odin Cargo, GDS, Stayover, PLAY Connect) contributed to revenue diversification and network expansion.

Financial highlights

• FY 2024 revenue reached USD 292.2 million, up 4% year-over-year; Q4 2024 revenue was USD 59.0 million, down 10% from Q4 2023 due to reduced capacity.

• Q4 EBIT loss improved to USD 15.3 million from USD 19.9 million a year earlier; full-year EBIT loss was USD 30.5 million, a decline of USD 7.6 million year-over-year.

• Net loss for FY 2024 was USD 66 million, widening by USD 31 million year-over-year, mainly due to a USD 24.1 million deferred tax asset write-off.

• Cash position at year-end was USD 23.6 million, up 9% from the previous year; no external interest-bearing debt.

• Shareholder equity turned negative by USD 33.1 million, mainly due to a write-off of deferred tax assets.

Outlook and guidance

• Strategic shift to focus on leisure markets in Southern Europe, scaling back North America-Europe connections and increasing point-to-point capacity to 30% in 2025.

• Three aircraft placed with a European carrier under long-term ACMI agreements, providing predictable income through 2027.

• Q1 2025 expected to be similar to last year due to Easter timing, but all other quarters forecasted to be significantly better due to business model changes and cost reductions.

• Targeting a 15%-20% reduction in overhead costs for 2025; labor negotiations ongoing.

• Board expects improved economics from Q2 2025 and sufficient liquidity for at least 12 months; further capital increase not anticipated.