Alphavalue / Divacons | The Spanish-British airline could abandon its attempt to acquire the Portuguese airline TAP, according to Bloomberg. IAG announced in November that it was interested in acquiring a minority stake in the airline, joining its competitors Air France-KLM and Lufthansa, who had also expressed interest in the privatisation of TAP. A final decision has not yet been made, so IAG could also submit a non-binding bid before…

Morgan Stanley | Axel Stasse (analyst) notes that risks to oil supply could keep fuel prices high for longer, whilst European airline shares are not fully reflecting demand risks. He considers the slight 18% underperformance relative to the market —compared with previous shocks of 35–40%— suggests that investors do not expect the current fuel price surge to remain at high levels, or believe that airlines can offset fuel inflation via…

Link Securities | The airline holding company is shielded from a possible increase in oil prices with hedges equivalent to 62% of the fuel it expects to consume this year, according to the company, as reported by the newspaper Expansión. This is identical to the proportion held by AirFrance-KLM and lower than that held by Ryanair (80%), which usually has one of the highest percentages in its sector in Europe….

Renta 4 | Today before the market opened, IAG presented its annual results for 2025. The figures were as follows: Passenger revenue €6.935 billion (up 1% compared to Renta 4’s estimate and in line with Q4 24), total revenue €7.929 billion (up 1% compared to Renta 4’s estimate and down 1% compared to Q4 24), EBIT before extraordinary items (main operating figure) €1.093 billion (versus €1.040 billion Renta 4’s estimate,…

Morgan Stanley | Axel Stasse (analyst) believes that EU flag carriers are even better positioned than their US counterparts and reiterates IAG as his Top Pick. Our analysts in the US see a good setup for US companies given the greater strength of global traffic, but Stasse believes that European airlines offer very attractive relative value, with a growing discount to US airlines that is increasingly difficult to justify, given…

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…