Highlights
Strong performance for H1 2024: operating profit of €1,309 million, €49 million ahead of H1 2023 • Q2 operating profit of €1,241 million – broadly in line with a record Q2 2023 (€1,251 million)
Continuing robust demand for travel in our markets supports positive unit revenue growth
Transformation programme helping to deliver strong margins and profit in the medium term
• Focused growth in our core markets
• Making good progress with operational and customer initiatives at British Airways
• Continuing good operational and financial performance in Spain
• Further growth in our capital-light IAG Loyalty business; now including BA HolidaysSignificant increase in H1 free cash flow to €3.2 billion
Strong balance sheet: 1.1x leverage; Investment grade at S&P and Moody’s; refinanced Revolving Credit Facility
Withdrawal from the Air Europa transaction in the best interests of our shareholders
With confidence in the strategy and business model the Board has approved a 3 € cents per share interim dividend
We remain committed to disciplined capital allocation and distributing excess cash to shareholders
Luis Gallego, IAG Chief Executive Officer, said:
“We see continuing strong demand for travel in the attractive core markets in which we operate: North Atlantic, Latin America and intra-Europe. We delivered a good performance in the first half of 2024, with operating profit €49 million ahead of the same period last year.
“We are pleased to announce a return to paying a dividend, which reflects our confidence in the business, our performance and our transformation. We are delivering on our strategy and our commitment to sustainable shareholder returns.
“We would like to thank our people working across the Group for their contribution to these positive results.”
