IAG recorded losses after taxes of 4 million euros in the first quarter of 2024, which represents a decrease of 95.4% compared to the ‘red numbers’ of the same period of the previous year, which amounted to 87 million.

The group obtained an operating profit of 68 million euros in the quarter, seven times more than what it reported a year before, as the company notified the National Securities Market Commission (CNMV) this Friday, while the loss Before taxes it reached 87 million euros, with an improvement of 28.1% compared to the first quarter of 2023.

During these months, the company earned 6,429 million euros (9.2%). Of these, 5,632 million come from passenger revenues (11.7%) and 283 million from the cargo business (-12.4%).

Ticket revenue per offered seat kilometer (AKO) increased by 4.4% in the first quarter of the year compared to the first quarter of 2023, benefiting from the Easter calendar and “a strong recovery of leisure traffic”, while business traffic recovers more slowly.

For its part, expenses increased by 8.2%, to 6,361 million euros. The expenses for fuel and emission rights stand out in terms of volume, amounting to 1,789, 1.8% more than the previous year, and personnel, which grew by 14.3% to 1,437 million euros. The largest increase occurred in handling, catering and other operating expenses, which increased by 15.2%.

Unit costs excluding fuel increased by 3.7% compared to the first quarter of 2023, due to investments in the business and the impact of salary agreements reached in 2023

On the other hand, unit fuel costs decreased by 4.9% compared to the first quarter of 2023 due to the reduction in average effective fuel prices net of hedging and the deliveries of more efficient aircraft.

As of March 31, IAG’s net debt was 7,438 million euros, 24% less than at the end of 2023, while the financial debt was 16,164 million (0.5%) and liquidity increased by 12. 7%, up to 13,330 million.

The group’s CEO, Luis Gallego, has pointed out that the transformation initiatives and the increase in demand, including the Easter period, “have given rise to another very good set of results, with improvements in both revenue and operating profit”.

In addition, he detailed that the group is “well positioned for the summer” and that “strong travel demand continues to be a sustained trend.”

Passengers transported in this period were 26.36 million (8.6%), with a load factor of 83.1%, 1.6 percentage points more than in the first quarter of 2023. The group’s airlines carried out 167,285 takeoffs during this quarter, which represents an increase of 6.2% compared to the previous year with a fleet of 585 aircraft (4.3%). The group’s total capacity rose by 7% during this period.

During the quarter, the group took delivery of four aircraft, all of which were financed, including two Airbus A320ceo aircraft for Vueling to cover additional aircraft maintenance needs related to Pratt and Whitney GTF engines and also financed two aircraft delivered in 2023.

Looking ahead to the rest of the year, IAG expects travel demand to be sustainable and positive in the long term and is “well positioned” for the summer. Capacity for the rest of the year is expected to grow by 7%, with investments in the main markets.

In addition, it expects to generate “significant” free cash flow during the year and maintain a “solid” balance sheet, while focusing on achieving “world-class” margins and profits with a commitment to creating “sustainable value” and cash returns for the shareholder.


Iberia recorded a 15.4% increase in its capacity, measured in seats per kilometer offered, mainly due to the increase in the number of Airbus A350-900 aircraft in service, with 22 A350-900 aircraft at the end of the first quarter compared to 16 aircraft as of March 31, 2023. In addition, it achieved a load factor of 85.5%, 0.1 percentage points more.

As for Vueling, it recorded a load factor of 91%, 1.7 percentage points more, while capacity rose by 7%. For its part, British Airways had an occupancy rate of 81.1%, 2.3 percentage points more, while its capacity increased by 5%, and Aer Lingus had 4% more seats, with an occupancy rate of 74.9%, almost unchanged.


During the last quarter, IAG increased its capacity in the North Atlantic region by 0.6%, with increases at Aer Lingus, British Airways and Iberia. Unit revenue increased 6.5%. The load factor in this region was 77.8%, 3 percentage points above the previous year.

Likewise, the Group has continued to invest in the Latin American and Caribbean region, mainly through Iberia but also adding capacity at British Airways and Level. Capacity growth in the region for the group as a whole was 14.4% in the first quarter, with a 1.4% decrease in unit costs, with a load factor of 86.8%, 0. 1 percentage points less.

In Europe, capacity has increased by 9%, mainly driven by Aer Lingus, British Airways and Iberia, with a 5.7% increase in unit revenue. In Europe, the load factor rose 1.7 percentage points, to 84.3%.

Capacity in the domestic region (Spain and the United Kingdom) grew by 6.5% in the first quarter, mainly in Spain, through Iberia and Vueling. The domestic load factor was 87.2%, 2 percentage points higher. As in the rest of Europe, strong travel demand and the Easter weekend have led to an increase in unit revenue of 6.9%.

As for the rest of the world, IAG finds “greater challenges.” Capacity to the Africa, Middle East and South Asia region increased by 0.4% and unit revenue decreased by 3.4%, with a load factor of 82.8%, down 0.1 percentage point. In particular, the conflict in the Middle East has affected the flights of most of the group’s airlines to the region.

In Asia-Pacific, which represents only 3.7% of IAG’s total capacity, capacity increased by 43.4%, due to the restoration of British Airways routes in 2023. This large increase in capacity has led to Unit revenues decreased 12.6% in the quarter. This region has been the one that has recorded the highest load factor, reaching 87.3%, 1.5 percentage points above the previous year.