International Consolidated Airlines Group SA
IAG
ISIN ES0177542018 / Valor 11958148
International Consolidated Airlines Group SA
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About company
International Consolidated Airlines Group SA (IAG) is a multinational airline holding company formed in January 2011, with its corporate head office in London, UK. It is the parent company of well-known airlines such as British Airways, Iberia, Vueling, Aer Lingus, LEVEL, IAG Loyalty, and IAG Cargo. The company's shares are traded on the London and Spanish stock exchanges, making it a prominent player in the aviation industry.
Summarized from source with an LLMView SourceSector: IndustrialsLatest Results (02.09.2026):
International Consolidated Airlines Group S.A. — results for the first half (H1), covering Q1 and Q2 2026: IAG reported H1 2026 revenue of €16,064m and an operating profit before exceptional items of €1,757m (10.9% margin), with reported operating profit €1,608m and profit after tax €1,033m; the group generated strong free cash flow of €2,905m and finished the period with net debt €4,692m (net leverage 0.6x).
Revenue and margin
Total revenue was €16,064m (up 1.0% vs H1 2025) and operating margin before exceptional items was 10.9% (down 0.9 pts y/y). Passenger revenue rose 2.3% to €14,082m, with PRASK up 2.4%.
Profit, EPS and exceptional items
Operating profit before exceptional items was €1,757m (H1 2025: €1,878m). Reported operating profit was €1,608m after €149m of restructuring charges (Iberia €114m; British Airways €35m). Profit after tax was €1,033m and basic EPS was 22.9 euro cents (adjusted EPS 23.6 cents).
Cash generation and balance sheet
Free cash flow was €2,905m (H1 2025: €2,097m). Cash, cash equivalents and deposits were €9,175m; net debt €4,692m. Net debt/EBITDA before exceptional items was 0.6x and gross leverage 1.8x; total liquidity €11,873m.
Fuel, hedging and cost control
Fuel costs rose to €3,956m (up 12.3% y/y). Management expects to recover around 60% of higher fuel cost via revenue and cost actions; fuel hedging generated €769m of gains in H1 2026. Non‑fuel unit costs were in line with guidance.
Capacity, regions and operations
Group ASKs were essentially flat (169,800m, -0.1%). Capacity was reduced to some Middle East routes (impacting ~3% of capacity); higher yields offset reduced capacity in Q2. Load factor improved to 85.0% (up 0.9 pts).
IAG Loyalty and other businesses
IAG Loyalty continued high-margin growth: operating profit (reported, post‑VAT) £239m (up 25%) and revenue growth driven by non‑airline partners; Holidays revenues were down due to Middle East suspensions.
Outlook and guidance
IAG expects FY 2026 operating margin to fall within its 12–15% target range, significant free cash flow, capacity flat vs 2025, non‑fuel unit costs flat, total fuel cost scenarios €8.3–8.6bn, capex ~€3.4bn and 16 aircraft deliveries expected in 2026.
Shareholder returns
Final 2025 dividend of €0.05 per share was paid in June; the group has completed ~€800m of a €1.5bn buyback announced in Feb 2026 and expects to update on an interim 2026 dividend at Q3, subject to the board.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
25108 M
Market cap (USD)
5,938,035
Daily traded volume (Shares)
3.662 / 3.604
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
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P/E ratio
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EPS (USD)
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Ratings & reviews
Ahash Sritharan
Yannick Fuchs
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