Annual group passenger numbers fell 0.4% to 121.6 million but chief executive Luis Gallego said premium leisure bookings on North American routes are doing “very well”. BA and Iberia achieved operating margins of more than 15%, with IAG's overall margins "significantly better than those of our global competitors". This will start with a €500 million share buyback to be finished by the end of May. He added that the company's investment strategy shows “large-scale, climbing capital expenditure plans ahead, right out to the 2030s. While this supports badly-needed fleet renewal, it means that future cash generation and hence shareholder returns are likely to fall.”

Source: The Herald February 27, 2026 20:00 UTC