Fly Play hf.: Financial Results Q2 2025
Fly Play hf.: Financial Results Q2 2025
Business plan on track by focusing on leisure routes, profit-driven network planning, and securing long-term ACMI agreements.
Strong operations in Q2, with higher TRASK and lower adjusted CASK, though adverse FX movements and maintenance delay costs impacted results.
Cash at the end of Q2 stood at USD 11.9 million, including restricted cash.
PLAY has secured subscription commitments totalling USD 20 million (ISK 2.4 billion), expected to be finalised by mid-August, strengthening the company's financial position going forward.
Operating costs fell to USD 71.0 million in Q2 2025 from USD 74.1 million in Q2 2024, mainly due to reduced scheduled operations and drop in fuel costs from lower prices.
PLAY carried 361k passengers in Q2 2025, down from 442k in 2024, as the company transitions to new hybrid business model.
TRASK for scheduled operations increased by 2.9% year on year to 5.2 US cents, supported by stronger yields.
Average yield per passenger rose 4.1% year-over-year to USD 179, driven by growth in both airfare and ancillary revenue per passenger.
Net loss for Q2 2025 was USD -15.3 million, compared to USD -10.0 million in Q2 2024.
Leisure capacity rose 15% year-on-year in Q2 2025, despite fewer aircraft operating from Keflavík.
PLAY's Keflavik schedule is shifting toward leisure, with leisure capacity increasing from 27% to 38% in Q3 and from 25% to 66% in Q4 year-over-year.
Schedule from Keflavík was adjusted this spring and no further reductions planned.
Four aircraft are on ACMI lease with SkyUp through 2027; two additional aircraft freed from the U.S. exit—one already placed through 2026, one being marketed.
On-time performance in Q2 2025 was 91.3%, compared to 89.3% in Q2 in 2024.
CASK from scheduled operations rose to 5.95 US cents in Q2 2025 from 5.37 US cents in Q2 2024, driven by a weaker USD, the use of aircraft with fewer seats, and higher aviation costs.
EBIT was USD -9.2 million in Q2 2025, compared to USD -5.6 million in Q2 2024.
PLAY has 10 aircraft in its fleet but operated the equivalent of 8 from Keflavík in Q2, with two on ACMI lease.
PLAY had 31 destinations in its route network during Q2 2025.
Operating statistics
Q2 2025
Q2 2024
Change
Number of flights
no.
2.368
2.712
-344
Number of operating destinations
no.
31
36
-5
Number of aircraft in operation
no.
8
10
-2
Percentage of arrivals on time (OTP)
%
91,3%
89,0%
2.3 ppt
Number of passengers
000s
361
442
-18%
Available seat kilometers (ASK)
mill
1.258
1.544
-19%
Revenue passenger kilometers (RPK)
mill
1.048
1.325
-21%
Stage length (km)
no.
2.908
3.010
-3%
Load factor
%
83%
86%
-3 ppt
Seats available
000s
433
514
