PLAY (Iceland) (OG, Reykjavik Keflavik) says it will wet lease three of its aircraft to an undisclosed European operator until the end of 2027. Disclosed with the release of the airline's 2024 financial results on February 18, PLAY says the ACMI leases, to start next spring, will bring its profitability in line with previous projections.

PLAY's fleet comprises ten Airbus narrowbodies, including six A320-200Ns, three A321-200Ns, and one A321-200NX. One A321-200N is currently wet leased to GlobalX (G6, Miami International). PLAY says the recent arrangement to divert three aircraft to ACMI ops will result in "highly stable and positive operations to this portion of the company’s business."

PLAY posted a USD66 million loss for 2024, a substantial increase on the 2023 loss despite revenue growth. However, it says the benefits of reorganising PLAY’s business model are becoming increasingly evident.

"While our EBIT remains substandard, we saw a clear improvement in the fourth quarter, signalling that our revised flight schedule is already driving higher revenues and improved financials," said CEO Einar Örn Ólafsson. "Looking ahead to 2025, we are optimistic about continued progress. We remain committed to implementing our new business model, focusing on popular and profitable routes while finding new projects for our fleet."

According to the ch-aviation PRO airlines module, PLAY operates to 39 airports in 21 countries.