Renta 4 | IAG (IAG) will publish its Q4 25 results on Friday 27 February before the market opens and will hold a conference call at 9:45 a.m. Target price €5.30/share, Overweight. We expect traffic data to continue growing at a low single digit in Q4: capacity 2.3% and demand 2% compared to Q4 24 to meet its 2025 capacity target of 2.5% compared to 2024. We estimate that unit…
Link Securities | In relation to the share purchase programme announced on 27 November 2025, following the acquisitions made on 3 December 2025, IAG has concluded the programme in accordance with its terms. Under the programme, the company has acquired a total of 9,400,000 ordinary shares, representing approximately 0.2% of the company’s share capital. As previously announced, the objective of the programme was to satisfy the allocation of shares to…
Norbolsa | The British government has approved Heathrow’s expansion plan to build a third runway valued at £49 billion. The project, which involves moving a section of the M25 motorway, demolishing 700 homes and meeting complex environmental requirements, aims to increase capacity to 150 million passengers by 2035. The investment has been opposed by IAG, the airport’s main operator, which fears a sharp increase in fees and questions the economic…
Bankinter | Q3 2025 results are slightly below expectations. Q3 2025 figures (versus market consensus): Revenue €9,328 million (same as Q3 2024) versus €9,427 million estimated; BNA €1,402 million (down 2.3%) versus €1,443 million estimated; Capacity (available seat kilometres, ASK): 95,537 million (up 2.4%); Load factor 88.6% (versus 89.9% in Q3 2024); Passengers 34,587 million versus 34,745 million in Q3 2024. Unit revenue per passenger (available seat kilometres) fell to…
Link Securities | In relation to the redemption of 244,274,863 IAG treasury shares through a reduction in share capital, the company announces that the public deed of capital reduction through the redemption of the aforementioned shares and amendment of the articles of association was registered in the Madrid Mercantile Registry on 20 October 2025. The redeemed shares will be excluded from trading on the relevant stock exchanges in the coming…
Link Securities | IAG (IAG) has decided to participate in Air Europa’s capital increase following the entry of Turkish Airlines into its shareholding structure, as confirmed on Friday by the Spanish-British group, according to a report in Expansión on Friday. Iberia’s parent company acquired a 20% stake in Air Europa in August 2022 after converting a €100 million participatory loan. This was the first step in its second attempt to…
Link Securities | The airline announced to the National Securities Market Commission (CNMV), in relation to its issue of senior unsecured bonds with an aggregate nominal amount of €500 million, that yesterday, being the closing date of the Issue, it proceeded with the full subscription and payment of all the Bonds. The Bonds (ISIN: XS3170907060) have been admitted to listing on the Official List and to trading on the regulated…
Norbolsa | LThe Spanish airline has accepted the proposal from Turkish Airlines, which will invest €300 million. The deal includes a €275 million loan that will be converted into shares and an additional €25 million cash contribution to enter directly into the capital. With this move, the Turkish airline will acquire between 26% and 27% of Air Europa, thus appreciating its stake in the Hidalgo family’s company. Following the transaction,…
Bankinter | The Portuguese government is putting 49.9% of TAP Portugal up for sale. 44.9% will go to investors and 5% to employees. The details of the operation are not yet known. Analysis team’s view: This news was expected, and there was even the possibility that 100% would be put up for sale. Remember that TAP was nationalised during the pandemic (at a cost of €3.2 billion). This news is…
Banc Sabadell | IAG (IAG) presented its strategic plan, ‘Flight Plan 2030’, for Iberia (25% of IAG’s capacity in 2024), with which it hopes to consolidate its position as leader in its main markets. We highlight the main messages: Capacity growth of 3/5% over the next few years, without specifying a period, with LatAm as the main market with expected growth of 5%.In the medium term (no specific period given),…