Fly Play hf.

Investor Presentation • May 9, 2022

Key Performance Indicators (KPI's)

April 2022

	April 2022	Year to date	LTM
Number of passengers	36,669	92,998	193,017
Load factor %	72.4%	66.6%	58.8%
Available seat kilometers (ASK) in million	136.6	374.9	862.1
Revenue passenger kilometers (RPK) in million	98.9	249.8	507.1
Stage length (KM)	2,697	2,596	2,531
	April 2022	Year to date	LTM
CO2 per RPK (grams CO2 per RPK)	72.1	78.1	87.3
CO2 emissions in tonnes	7,130	19,507	44,267
	April 2022	Year to date	LTM
On-time performance (arrivals)	91.7%	89.2%	92.5%
Load factor % Passengers 40 67% 35 30 52% 46% 24k 25 41% 20 17k 15k 15	58% 51% 17k 17k	68% 67% 54% 24k 20k 13k	+55% 72% 75 37k 70 65 60 55 50 45 40 35 30
10k 10 5 0 2021/07 2021/08 2021/09 2021/10	2021/11 2021/12	2022/01 2022/02 2022/03	25 20 15 10 5 0 2022/04

Note: PLAY uses commas and thousand separators according to English traditions.

www.flyplay.com

April

b PLAY is heading into the spring and summer with strong booking momentum

PLAY carried 36,669 passengers in April, a 55% increase from the previous month when PLAY carried 23,677 passengers. In April, the load factor was 72.4%, compared to 66.9% in March. The improvement in load factor was driven by strong demand around Easter and other public holidays in Iceland in April. PLAY's inaugural flight to the U.S. wasn't until the end of April. Therefore, the benefit of transfer/VIA traffic was not fully realized in April. On-time performance in April was 91.7%, demonstrating the professionalism of our operations team during the challenging ramp-up phase at the same time as PLAY changed its network to a hub-and-spoke network connecting passengers between Europe and North America. PLAY is heading into the spring and summer with strong booking momentum. PLAY expects that utilization will continue to improve in the coming months with the addition of the VIA market to PLAY's network as we have started connecting cities in Europe and the United States.

PLAY's Inaugural Flight to the U.S. and New Destination in Europe

April was an eventful month for PLAY as the first flight to the U.S. was operated on April 20 to Baltimore/Washington D.C.. This event marked a new chapter in the company's history as consumers on both sides of the Atlantic can now connect via PLAY's hub in Iceland and enjoy the low fares that PLAY has to offer. The launch of the U.S. operation was a great success and is a major achievement, with one of PLAY's long-term goals being reached. Since April 20, PLAY has operated daily flights to and from Baltimore/Washington D.C. In addition to launching services to the U.S., PLAY launched services to Dublin on April 28.

Eight New Destinations Added in May

In May, PLAY will start operations to eight new destinations; Lisbon in Portugal, Stavanger and Trondheim in Norway, Malaga in Spain, Prague in the Check Republic, Gothenburg in Sweden, Boston in the U.S and Brussels in Belgium. These new destinations get added to the nine destinations that PLAY currently serves. In summer 2025, PLAY will serve 22 destinations on both sides of the Atlantic.

Over the last few months, we have felt a growing demand in the market and a great response to our new destinations. After a challenging winter, it is good to see this positive feeling materialize in an increased load factor and growing passenger numbers in April. We fully expect this trend to continue as future bookings are strong and healthy, particularly with the addition of the transfer/VIA traffic, which strengthens the utilization of our key European city destinations. The team at PLAY has been working tirelessly towards the goal of launching the transatlantic operation as well as our many new European destinations, and it has been great to watch all the pieces come together due to their precision, professionalism, and skills.