IAG: Spanish, British, Irish
and Qatari — April 2024

The trauma of the past three years had been heavy for IAG: between 2020 and 2022 demand evaporated and it generated total net losses of €7bn. But the Group ended 2023 only slightly short of the levels of activity it had seen in 2019, the last “normal” year pre-pandemic, while it was able to produce the strongest set of financial results in its history.

In 2023, the Group as a whole saw demand up by 22% year on year in passenger numbers and, with the full reopening of Atlantic routes, 28% in passenger kilometre terms, compared with capacity growth of 22%. Total revenues also grew by 28% (with passenger revenues jumping by a third) to €29.5bn, operating profits trebled to €3.5bn (reflecting a respectable 12% margin) and net profits came in at €2.7bn up from €0.4bn.