By Bankinter The airline presented its Q1 2026 results this morning, showing solid demand but lower guidance for the year due to higher fuel costs. The figures for the quarter were as follows: Revenue €7,181m (up 1.9% year-on-year) compared to €7,159m estimated by the analyst consensus; Net profit of €301m (up 71%) compared to the estimated €101.4m; Capacity (available seat-kilometres, ASK): 79.317 million (up 0.2%); Load factor: 84.2% (compared to…

Link Securities | In relation to the cancellation of 115,531,620 IAG (IAG) own shares through a reduction in share capital, the company announces that the public deed of capital reduction through the cancellation of the aforementioned shares and the amendment of the articles of association was registered with the Madrid Commercial Registry on 22 April 2026. The cancelled shares will be delisted from trading on the relevant stock exchanges in…

Alphavalue/Divacons | British Airways pilots are set to vote next week on a 79-page pay deal described as ‘kamikaze’, putting the airline on the brink of a strike. Despite the tension, British Airways has the upper hand in the negotiations: its debt and pension liabilities are much lower than those of Deutsche Lufthansa (reduce, Target Price €7.4/share), giving it the financial leeway to concede on wages or weather the impact…

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…