The net loss for the year 2024 is significantly greater than the actual operating loss. This is mainly attributed to a write-down of tax assets amounting to USD 24.1 million, which is a non-cash occurrence and strictly an accounting adjustment. This approach reflects a cautious stance on the part of the company.

Increasingly, Icelanders are choosing PLAY, with 477 thousand passengers flying with us from Iceland last year—a 17.1% rise from the previous year, or an additional 70,000 passengers. Our transition to leisure-oriented routes has proven fruitful, with ticket sales to leisure destinations increasing by 18.4%. These developments indicate that PLAY has positioned itself as the preferred airline for Icelanders seeking sunny vacations, with many choosing to fly with us multiple times throughout the year.

We remain dedicated to executing our new business model, concentrating on popular and profitable routes while identifying new projects for our fleet. PLAY has secured commercial terms to deploy three aircraft on long-term ACMI leases to a European airline starting next spring, lasting until 2027. This initiative will align PLAY’s profitability with our previous estimates, contributing stable and positive operations to this segment of the business.

Our primary objective for 2025 is to enhance cost efficiency, and we have already initiated measures expected to cut overhead costs by 15-20% during the year. We are committed to exploring innovative strategies to enhance services while managing expenses effectively. With increased yields and reduced costs, we foresee substantial improvements in our operational efficacy.

I express my gratitude to my colleagues at PLAY for their tremendous contributions. Their professionalism, flexibility, and ingenuity have been instrumental as we tackle new challenges. As in previous years, we will persist in our mission to uphold world-class on-time performance while delivering exceptional service and competitive fares to our customers.