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International Consolidated Airlines Group (IAG) investor relations material
International Consolidated Airlines Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 8% year-over-year to €15,906m, with operating profit up 43.5% to €1,878m, driven by strong demand and transformation initiatives.
Adjusted EPS increased 69.9% to 26.5 cents; €1.5bn returned to shareholders via dividends and buybacks.
Operating margin improved by 2.9pts to 11.8% in H1 2025.
Net leverage reduced to 0.7x, providing capital allocation flexibility and balance sheet strength.
Transformation and digital investments enhanced customer experience and operational efficiency.
Financial highlights
H1 2025 revenue: €15,906m (+8%); operating profit: €1,878m (+43.5%); profit after tax: €1,301m (+43.8%).
Adjusted EPS up 69.9% to 26.5 cents; basic EPS 27.3 cents (+48.4%).
Free cash flow €2,097m; CapEx €1,690m in H1 2025.
Net debt reduced to €5,459m (from €7,517m at 2024 year-end); net leverage at 0.7x.
Fuel unit costs fell ~10% due to lower prices and new aircraft; 77% of 2025 fuel hedged.
Outlook and guidance
Confident in further earnings growth, margin progression, and strong shareholder returns for FY 2025.
Capacity expected to grow 2.5% in 2025; non-fuel unit costs to rise 3% (down from 4% prior guidance).
Fuel bill projected at €7.1bn for 2025; 77% hedged.
Bookings for H2 at 57%, in line with last year; strong demand in core markets expected.
CapEx for 2025 targeted at €3.7bn, with 25 new aircraft deliveries expected.
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