group · ES
International Airlines Group (IAG)Anglo-Spanish holding of British Airways, Iberia, Vueling, Aer Lingus and LEVEL.
IAG Q3 2026 Results · November 2026 · checked by an AI Agent
Revenue · Q2 2026
+0.2% vLY
Op. profit
−16.3% vLY
Op. margin
15.8%−3.1pt vLY
Load factor
+0.2pt vLY
Millions of EUR, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (EUR cents) — the gap is unit profitability
| Carrier | Period | Revenue | Op. profit | Load factor | ASK |
|---|---|---|---|---|---|
| Aer Lingus | Q1 2026 | ||||
| British Airways | Q1 2026 |
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q2 2026 | ||||||
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 |
FY2026 capacity (ASK) now guided flat vs 2025 (down from ~2.5% growth), with non-fuel unit costs flat and operating margin within the 12-15% target range.
Jet fuel prices rose sharply from March; IAG expects total FY2026 fuel cost of EUR 8.3bn (30 June curve) to EUR 8.6bn (27 July curve) and to recover ~60% of the higher cost via revenue/cost actions.
| Iberia | Q1 2026 |
| Vueling | Q1 2026 |
From the group’s segment disclosures, in each carrier’s functional currency — quarterly granularity varies by carrier.
| Q2 2025 |
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
“Total fuel cost scenarios from EUR 8.3 billion based on 30 June 2026 curve, to EUR 8.6 billion based on 27 July 2026 curve”
Middle East crisis (from 28 Feb 2026) forced suspension of flights to Abu Dhabi, Amman, Bahrain, Doha, Dubai, Tel Aviv and Jeddah (~3% of Group capacity), cutting Q2 Africa/ME/South Asia ASKs 17.4%.
Paid EUR 222m final 2025 dividend (EUR 0.05/share) in June and completed ~EUR 800m of the EUR 1.5bn buyback; interim 2026 dividend to be updated at Q3.
IAG Loyalty grew reported (post-VAT) operating profit 25% to GBP 239m, on a path toward its EUR 1bn medium-term operating profit target.
EUR 149m exceptional restructuring costs booked (British Airways and Iberia workforce-efficiency programmes), with further such costs expected in H2 2026.
Repurchased its EUR 825m 2028 convertible bond via tender and issued EUR 1,000m senior unsecured bonds (EUR 500m tranches due 2031 and 2034) to cut dilution risk.
Group passenger unit revenue (PRASK) rose 1.6% in Q2 despite a 0.5% capacity cut, led by strong long-haul and rest-of-world markets (Asia Pacific PRASK +13.3%).