Fly Play hf.: Profit Warning

Preparation of the Q2 2025 interim financial report indicates that results will be below prior-year performance and expectations.

The company expects a net loss of approximately USD 16 million for Q2 2025, compared to a net loss of USD 10 million in the same period last year.

The deviation in results is primarily driven by following factors outside of the company´s control:

• Foreign exchange impact (FX): A negative FX effect of approximately USD 2.5 million due to strengthening of the Icelandic krona, which impacted mainly salaries, handling and airport charges.
• Delayed aircraft entry into service: One aircraft scheduled to begin operations through PLAY Europe in early spring did face unexpected delays due to maintenance, which resulted in lost revenue of approximately USD 1.1 million.
• The demand in the transatlantic market was weaker than expected due to the volatile geopolitical environment, tariff uncertainty and macroeconomic softness.

The company is implementing cost saving measures that have not fully come into effect while it transitions to a new business model, which entails certain one-off transition costs impacting the period.

PLAY’s core network and load factor performance remain in line with expectations and RASK is higher compared to last year with key operational indicators being positive.

Further details will be provided in the Q2 financial results, which will be published on August 7, 2025.

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