Iceland’s PLAY to Wet-Lease Three Aircraft to European Carrier
PLAY (OG, Reykjavik Keflavik) has announced plans to wet-lease three of its aircraft to an undisclosed European operator under a long-term ACMI agreement running until late 2027. The deal, disclosed in PLAY’s 2024 financial report on February 18, is set to begin next spring and is expected to stabilize and strengthen the airline’s profitability.
PLAY currently operates a fleet of 10 Airbus narrowbodies, including six A320-200Ns, three A321-200Ns, and one A321-200NX. One A321-200N is already wet-leased to GlobalX (G6, Miami International). PLAY stated that shifting three more aircraft into ACMI operations would ensure “highly stable and positive performance” for this sector of its business.
The airline reported a $66 million loss for 2024, a significant increase from the previous year, despite revenue growth. However, CEO Einar Örn Ólafsson emphasized that PLAY’s business model restructuring is showing results.
“While our EBIT remains below expectations, we saw clear improvement in Q4, signaling that our revised flight schedule is already boosting revenues and financials,” Ólafsson said. “For 2025, we remain optimistic and will focus on profitable routes while exploring new fleet opportunities.”
According to ch-aviation PRO, PLAY currently serves 39 airports across 21 countries. With this strategic fleet adjustment, the airline aims to enhance financial stability while maintaining its expansion plans in key markets.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com