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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
International Consolidated Airlines Group
International Consolidated Airlines Group (IAG) investor relations material
International Consolidated Airlines Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary31 Jul, 2026
Executive summary
Delivered robust H1 2026 results with revenue up 1.0% year-over-year to €16,064m, despite industry headwinds from the Middle East crisis, rising fuel costs, and lower capacity.
Maintained sector-leading margins and strong free cash flow, supported by transformation programs, disciplined cost control, and a diverse brand portfolio.
Ongoing investment in fleet, digitalization, customer experience, and sustainability initiatives to drive future growth.
Paid 2025 final dividend and continued excess cash return to shareholders.
Financial highlights
H1 2026 revenue grew 1.0% to €16,064m; operating profit before exceptional items was €1,757m (10.9% margin, down from 11.8%).
Passenger revenue increased by €828m, while cargo revenue declined by €23m (down 9.4%) due to route suspensions.
Profit after tax before exceptional items was €1,146m, down 11.9% year-over-year.
Adjusted EPS decreased by 10.9% to 23.6 cents, aided by share buybacks.
Free cash flow reached €2,905m, up €808m year-over-year; net debt reduced to €4,692m, net leverage at 0.6x.
Outlook and guidance
Booked 57% of expected H2 revenue, in line with last year; long-haul demand remains strong, short-haul more competitive.
Expect to recover around 60% of fuel price increases through pricing and cost actions.
Full-year operating margin expected within 12%-15% target range; capacity (ASK) for FY 2026 expected to be flat versus 2025.
CapEx for 2026 guided at €3.4bn, with 16 aircraft deliveries, majority unencumbered.
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- Record profits, strong margins, and major shareholder returns mark a standout 2024.IAGQ4 2024
Next International Consolidated Airlines Group earnings date
Q3 20266 Nov, 2026
International Consolidated Airlines Group
Next International Consolidated Airlines Group earnings date
Q3 20266 Nov, 2026
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Frequently asked questions
International Consolidated Airlines Group S.A. is a multinational airline holding company that owns and operates several airline brands, including British Airways, Iberia, and Vueling. It provides passenger and cargo air transport services globally. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.