IAG

Relevant News Item 30th October 2023

Record 3Q23 results for IAG, revenues of €8,646m, comfortably beating 2022 (+18%) and 2019 (+22%) figures

Intermoney : Better than expected results at all levels. Well ahead of 2022 and 2019 data. Capacity reaches 95.6% of that achieved in 2019, but higher tariffs allow improvement on pre-pandemic results: Revenues of €8,646m, +18% vs 3Q22 and +19% vs 3Q19. Above our estimates (€8,351m) and below consensus (€8,832m). EBIT of €1,745m, +45% vs. 3Q22 and +22% vs. 3Q19, reaching its historical record in a 3Q. Above both our…

Iberia grows more than IAG´s other airlines, while Brexit is debated

In Spain 27th September 2023

Vueling agrees 4.5% pay rise by 2022 for cabin crew

Banco Sabadell: According to press reports, Vueling, which represents ~7.5% of IAG’s employee cost, has reached a wage agreement with its cabin and office crew, who in turn make up 69% of the company’s total employees, establishing a +4.5% increase for 2022 and an annual non-consolidated payment of 0.8%. In addition, for 2023, an increase of +3%, which could rise to +4% under certain unpublished conditions, and an annual non-consolidated…

Companies 9th August 2023

British Airways reaches agreement on 13% pay rise to curtail strike risk

On Friday, British Airways (IAG) (45% of 1H23 EBIT) and Unite (UK union) reached an agreement to increase pay by 13% in 2023 (~24,000 employees; excluding pilots). In addition, a one-off lump sum payment of £1,000 (~1,150 euros) was agreed. The agreement has already been approved by the union’s membership. Assessment: Positive news insofar as the risk of strike action is mitigated in peak season (~40/50% of EBIT is generated…

Companies 1st August 2023

IAG: passenger revenues grow in 2Q23 to 121% of 2019 levels (+6% quarter-on-quarter)

British Airways and Iberia (IAG) aircraft at Barajas airportMorgan Stanley| IAG’s passenger revenue (PRASK) accelerated sharply in 2Q23 to 121% of 2019 levels (+6% q/q), with management indicating that the bookings they have seen so far have shown no signs of weakness, implying that this pace can be sustained. With 80% of the 323 already sold, Conor Dwyer (analyst) has revised its estimates of PRASK to match it with management’s…

European economy 27th June 2023

IAG CEO acknowledges interest in TAP

The CEO of IAG, Luis Gallego, said on Monday that the integration of the Portuguese TAP into the holding company “could be an opportunity” depending on the conditions established by the Portuguese government for its privatisation. Gallego pointed out that it could benefit the group with the connections that TAP has with Brazil and parts of Africa, where IAG currently has no presence. According to Gallego, the incorporation of new…

Companies, Ibex, Spanish economy 24th December 2022

Iberia (IAG) will focus on Latin America in 2023, after strengthening its position in 2022 in the US

Link Securities | Ibera, integrated in the holding IAG, will focus on growth in Latin America in 2023, after strengthening its position this year in the US, and as it waits for the opening up of the Asian market, according to the daily Expansión. Latin America is the strategic market for the airline, where it is the leader in the corridor with Europe, with a market share of 19% in…

Companies, Ibex, Spanish economy 3rd November 2022

IAG hopes to close 2022 with an EBIT(pre one-offs) of €1.1 B (vs consenus €619 M)

Banco Sabadell | The Q3’22 results show a very strong recovery in activity with capacity in line with expectations (81% vs ~80% estimated). However, the big surprise comes in the shape of the strong trend in prices (RASK 8,57 vs 7,79 BS(e) and 7,08), the highest level in the history of IAG. On the costs side, there is a surprise with fuel (32% of costs) which is -6% vs revised…

European economy 27th October 2022

IAG To Renew Its Fleet With 87 Aircraft: 50 B737s And 37 A320s

IAG shareholders have given the go-ahead for investment in the renewal of the short-haul fleet, with the acquisition of 50 B737 aircraft from Boeing and 37 A320neo aircraft from Airbus. The transaction was approved at an extraordinary shareholders’ meeting in Madrid, where only 37.9% of the capital was represented. The CEO of the holding company that includes British Airways, Iberia, Vueling and Aer Lingus, Luis Gallego, has ruled out the…

Spanish economy 14th October 2022

IAG earns 1.2 billion euros in September and rises 9% on the stock market

IAG, the airline consortium with Qatari capital, has beat all expectations and clocked up operating profit in the first nine months of the year of 1.2 billion euros. The initial estimate was that the group, led by Luis Gallego as CEO, would maintain earnings at around 800 million euros. So these results mean the company has raised its (operating) profitability by 50% over the forecast. This made IAG the real…

Companies, European economy, Ibex 5th October 2022

The Implementation Of Asymmetric Sustainable Policies In Europe Could Mean The Loss Of Up To 11 M Tourists And 450,000 Jobs

Link Securities | On Monday, Iberia (IAG) chairman Javier Sánchez-Prieto warned about the implementation of asymmetric sustainable policies in Europe, which could be a drag on Spain’s tourism business, the daily Expansion reported. Specifically this could mean the loss of up to 11 million tourists and 450,000 jobs, according to Deloitte. Imposing taxes on flights within the European Union (EU) would be prejudicial for those companies which operate in the…

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