International Consolidated Airlines Group (IAG) Q3 2025 earnings summary

Executive summary

• Achieved another strong quarter with Q3 operating profit up 2% to €2,053 million and a 22% margin, supported by robust demand and effective cost control.

• All airlines in the group reported operating margins above 20% for the quarter, with Iberia leading at 25.3%.

• Balance sheet strength enabled increased dividends, nearly €1 billion in share buybacks, and further shareholder returns are planned.

• Strategy execution remains focused on long-term value creation and high returns.

• Interim dividend of €0.048 per share declared, representing 50% of anticipated annual total.

Financial highlights

• Total revenue for the nine months increased 4.9% year-over-year to €25,234 million; Q3 revenue was €9,328 million.

• Operating profit for the nine months rose 18.3% to €3,931 million; Q3 operating profit up €40 million to €2,053 million.

• Adjusted earnings per share for the nine months increased 27% to 55.5 euro cents, aided by share buybacks.

• Net profit for the nine months was €2,703 million, up 15.5% year-over-year.

• Net leverage reduced to 0.8x, gross leverage at 1.9x, and net debt at €6,009 million.

Outlook and guidance

• Full-year 2025 outlook unchanged, with positive Q4 bookings and revenue trends.

• Capacity expected to grow by approximately 2.5% in 2025.

• Non-fuel unit costs projected to rise around 3% for the year; fuel costs expected at €7.1 billion.

• CapEx for the year expected at €3.7 billion.

• Confident in sustaining top-end margin guidance into next year, supported by strong demand and transformation benefits.