International Consolidated Airlines Group Sa · LSE:IAG
International Consolidated Airlines Group Sa — Investor Day (June 2025)
79 slides from International Consolidated Airlines Group Sa's investor day presentation, Jun 17, 2025
Slide 1: Disclaimer
Disclaimer LEI: 959800TZHQRUSH1ESL13 Forward-looking statements: Certain statements included in this announcement are forward-looking. These statements can be identified by the fact that they do not relate only to historical or current facts. By their nature, they involve risk and uncertainties beca
Slide 2: Iberia Investor Day
Iberia Investor Day 17 June 2025
Slide 3: Iberia Investor Day Programme
Iberia Investor Day Programme 17 June 2025 1 13:00-14:00 Registration and buffet lunch 2 14:00-18:00 Investor Presentation Introduction IAG Investor Relations IAG strategy – Developing Spanish platform Luis Gallego ‘Flight Plan’ – Delivering Iberia to its full potential Marco Sansavini Leading Hub i
Slide 4: IAG strategy
IAG strategy Developing Spanish platform Luis Gallego IAG CEO
Slide 5: IAG strategy to deliver world-class margins and returns
IAG strategy to deliver world-class margins and returns Strategic imperatives Medium-term ambition A strong core 12-15% operating margin Sustainable profitability Capital-light earnings growth 13-16% RoIC A robust financial and <1.8x net leverage Accretive sustainability framework through cycle grow
Slide 6: Sustaining our focus on margins and return on capital
Sustaining our focus on margins and return on capital Transforming British Airways Accelerating capital-light Driving high customer satisfaction, Developing Spanish platform earnings: Loyalty & Holidays profits and margins Driving diversification, earnings Leverage Loyalty for higher growth, earning
Slide 7: ‘Flight Plan’: upgrading Iberia ambition to €1.4bn
‘Flight Plan’: upgrading Iberia ambition to €1.4bn Iberia is delivering strong earnings Iberia brings diversification Iberia will reach its full potential growth, at sustainable best-in-class and scale to IAG’s portfolio through its ‘Flight Plan’ margins and high returns Strong value creation Key ai
Slide 8: ‘Flight Plan’
‘Flight Plan’ Delivering Iberia to its full potential Marco Sansavini Iberia Chairman & CEO
Slide 9: Our talented and experienced team
Our talented and experienced team Marco Sansavini María Jesús López-Solás Beatriz Guillén Vázquez Ramiro Sequeira Gabriel Perdiguero Chairman & CEO Chief Commercial, Network Chief Customer Officer Chief Operations Officer Chief Finance Planning & Alliances Officer & Technology Officer Juan Cierco Ma
Slide 10: Iberia: a compelling proposition
Iberia: a compelling proposition Strong Diversified Complementary Delivering at scale airline brands network businesses1 Long-haul + Short-haul Hub in Madrid 115 Aircraft2 Core markets in LatAm, North America, Spanish Low-Cost Short-haul Islands and Europe +25.8m Passengers3 120+ destinations Region
Slide 11: Iberia has a differentiated platform to outperform its peers
Iberia has a differentiated platform to outperform its peers A transformed platform Unmatched network and Cost-focused and efficient customer proposition Financial turnaround Long-haul & short-haul Top utilisation and Structural improvements leadership punctuality People driving culture of Geographi
Slide 12: Proven turnaround in the last decade
Proven turnaround in the last decade RoIC IAG medium-term <0% <0% 4% 10% 9% 12% 13% 14% 10% 22% 22% ambition: 13-16% IAG operating margin target 12-15% 13.5 13.6 8.4 8.8 7.7 6.9 5.2 5.9 1.2 Operating margin (%) -3.9 -7.3 2012 2013 2014 2015 2016 2017 2018 2019 Covid 2022 2023 2024 Operating profit (
Slide 13: Structural improvements embedded in the business
Structural improvements embedded in the business Growth Earnings generation Efficiency Punctuality Customer satisfaction Available Seat km Revenue Non-fuel Cost On-Time Net Promoter (ASK, m) per ASK (€cts) per ASK (€cts) Performance1 (%) Score (NPS)3 +41% +11% -5% +20pts Most punctual 8.79 #1 airlin
Slide 14: We now have the best platform to win in our markets
We now have the best platform to win in our markets Leadership position with Premium revenue vs Cost advantage vs best depth & breadth Latin American airlines European peers1 EU-LatAm Market Share, % Passenger unit revenue, €cts Non-Fuel unit cost, €cts 22% iberia 6.83 5.72 +7pp 14% avianca ~+10% ~-
Slide 15: Our people embody our culture of transformation
Our people embody our culture of transformation Investing in our people and their growth Pilot Cabin crew Maintenance Corporate1 training ~70h/yr training ~40h/yr training ~50h/yr training ~60h/yr A strong brand that attracts top industry talent Brand value Attrition rate +24% vs.20122 <4% Multi-yea
Slide 16: We are leaders in the markets we serve
We are leaders in the markets we serve #1 Number 1 market share #1 #1 #1 #1 in Europe-LACAR in Spain-US in Madrid-Europe in Madrid-Islands ~17% ~25% ~42% ~51% +2pp v19 +8pp v19 +6pp v19 +8pp v19 LatAm + Caribbean North America Europe Spanish Islands Best network with strong Strong partner network Hi
Slide 17: Best placed airline to serve the growing Latin America – Europe corridor
We are the best placed airline to serve the growing Latin America – Europe corridor 52% of Iberia´s capacity +50% passengers from/to Madrid vs 2019 -5% for Paris/Amsterdam/Frankfurt/Munich vs 2019 17% market share from/to Europe Best placed 31% from/to Spain Markets served Cultural links +5% Geograp
Slide 18: Madrid has become one of the most in-demand destinations worldwide
Madrid has become one of the most in-demand destinations worldwide #2 +33% ~7% #2 most attractive city average tourist spend in corporate revenue growth largest metropolitan destination worldwide1 Madrid vs 20192 for Iberia vs 20193 area in the EU4 Note: Data for 2024 1. Euromonitor Top 100 City Des
Slide 19: A well run, cost-focused and efficient business
A well run, cost-focused and efficient business Efficient network & hub structure Leading airline in Madrid Maximised Success-sharing model Hub structure maximises aircraft utilisation and provides a competitive crew productivity widebody utilisation Linked to profitability and now Block Hours/Aircr
Slide 20: Our complementary businesses underpin Iberia’s operational excellence
Our complementary businesses underpin Iberia’s operational excellence Supporting IAG’s airlines And as a complementary business Supports efficient operation, reducing Aiming for market competitive costs and service levels turnaround times thereby optimising Leading engine workshop in Southern Europe
Slide 21: Our strategy to create value for our stakeholders
Our strategy to create value for our stakeholders Customers Employees Our strategy Provide a consistent Foster a transformation Run a great airline by: 4-star Skytrax culture aligned with the product and service company's objectives building a leading hub in Madrid & world-class brand delivering ope
Slide 22: Our disciplined investment programme to drive sustainable earnings growth
Our disciplined investment programme to drive sustainable earnings growth and strong returns Capital expenditure1 Organic growth, reaching ~70 long-haul aircraft up to mid-2030s Fleet replacements advancing our shift to new gen aircraft Fleet ~30% Support Madrid hub growth expanding and improving ou
Slide 23: Targeting mid-teen margins and profit growth
Targeting mid-teen margins and profit growth Operating profit Run a great airline… Deploy full potential of SOUTH and Iberia MRO Develop our leadership position in Madrid airport Medium term Financial robustness and operational excellence €1.4bn Operating profit 2024 €1.0bn Operating margin 13.6% 13
Slide 24: ‘Flight Plan’ - delivering Iberia to its full potential
‘Flight Plan’ - delivering Iberia to its full potential Ambition Operating profit Long-haul OTP €1.4bn 40% Operating profit (€bn) 1.4 Operating profit growth Skytrax 82% vs 79.0% in 2024 1.0 NPS Short-haul OTP 2024 Medium-term >40 90% vs 28 in 2024 vs 85.7% in 2024 Operating ASK Non-fuel unit cost L
Slide 25: Our strategy will create value for our stakeholders
‘Flight Plan’ – Delivering Iberia to its full potential Our strategy will create value for our stakeholders We have transformed Iberia into a profitable, successful business through the work of our engaged and talented people Growing demand, supported by Madrid's strategically advantageous location
Slide 26: Leading Hub in Madrid
Leading Hub in Madrid María Jesús López-Solás Chief Commercial, Network Planning & Alliances Officer
Slide 27: Iberia’s strategic position offers a gateway to growth
Iberia’s strategic position offers a gateway to growth Attractive markets with excellent long- …and the best positioned airline to capitalise term outlook… on future growth opportunities Network Markets Hub A fit-for-purpose Revenues Excellence fleet Diversified High growth Madrid the A fit-for- ~20
Slide 28: A diversified and resilient network
Network Markets Hub A fit-for-purpose fleet Revenues Excellence A diversified and resilient network Diversified network serving different customer segments…. …which has proved resilient Demand drivers Total market passengers from/to Madrid (% vs 2019 levels) ~52% Increasingly more premium across all
Slide 29: Well positioned in attractive growing markets, particularly in LatAm
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Well positioned in attractive growing markets, particularly in LatAm LatAm & Caribbean North America Europe Spanish Islands Iberia share of capacity ~52% ~13% ~22% ~8% Expected demand ~5% ~3% ~2% ~3% growth1 Passenger CAGR 24-33 Long-ha
Slide 30: Madrid is rapidly transforming into a top-tier global hub
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Madrid is rapidly transforming into a top-tier global hub Continuously growing population… …and ~9m international visitors per year that #2 largest metropolitan Madrid population (m) keep growing area in the EU (after Paris) Up to ~10 M
Slide 31: Madrid has become a global destination
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Madrid has become a global destination Fueled by world-class events… …exceptional cultural attractions…. …and luxury experiences 31
Slide 32: Madrid is the ‘new Miami’ for Latin Americans
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Madrid is the ‘new Miami’: now the reference destination for Latin Americans… Growing LatAm interest in Spain caused an increase in residents, tourism and investment Residents Tourism Cross investment LatAm-born residents share in Madri
Slide 33: …which is attracting increasingly affluent Latin Americans
Network Markets Hub A fit-for-purpose fleet Revenues Excellence …which is attracting increasingly affluent Latin Americans Madrid demand is growing via Unique premium product Leading airline to offer Business Class suites premiumisation Only airline offering Premium Economy between Spain & LatAm Eur
Slide 34: Madrid the best positioned hub for growth
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Madrid the best positioned hub for growth Madrid is the best gateway towards Latin America… …and the only European hub with capacity for growth Expansion of Barajas between 2027-2031 # Passengers (m) in Madrid 90m Target capacity Curren
Slide 35: Attractive growth opportunities
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Attractive growth opportunities … to continue growing our presence and delivering value to stakeholders Ambition to expand long-haul fleet to ~70 aircraft… CHI BOS NYC SFO WAS LAX DFW Orlando MIA ~70 MEX HAV SJU 45 SDQ Asia GUA-SAL PTY
Slide 36: All regions contribute to profitability
Network Markets Hub A fit-for-purpose fleet Revenues Excellence All regions contribute to profitability Capacity by region Operating profit margin by region (ASK) Short-haul 34% Short-haul North America 13% Latin America 52% Long-haul 2024 36
Slide 37: Short-haul feed provides significant contribution to long-haul
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Short-haul feed provides significant contribution to long-haul Gaining share in point-to-point Short-haul allows Iberia to fill EUR-LatAm demand… passengers …serving 85% of this with 3x or more daily flights Iberia share of passengers b
Slide 38: A fit-for-purpose fleet driving profitability and returns – in long-haul
Network Markets Hub A fit-for-purpose fleet Revenues Excellence A fit-for-purpose fleet driving profitability and returns– in long-haul #1 #1 Current fleet LatAm North America A350-900 Densest 3-class A350 worldwide Hot & high conditions enabled Mexico 22x 352 seats High Premium Long range with maxi
Slide 39: A fit-for-purpose fleet driving profitability and returns – in short-haul
Network Markets Hub A fit-for-purpose fleet Revenues Excellence A fit-for-purpose fleet driving profitability and returns – in short-haul #1 #1 Europe Spanish Islands Current fleet A32X NEO A32X CEO CRJs2 30x 40x ~180-232 seats ~180-217 seats 100 seats +4x to support profitable connectivity1 NEO tra
Slide 40: Our joint ventures offer an asset-light approach to expanding our global presence
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Our joint ventures offer an asset-light approach to expanding our global presence ~20% of Iberia’s revenues are partner-enabled 3 destinations 87 destinations with codeshare with codeshare Other partners1 69 destinations 60 destinations
Slide 41: Iberia´s brand is strongly positioned in Latin America
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Iberia´s brand is strongly positioned in Latin America Espacio Iberia Continuously building a Broad and relevant brand and sales Buenos Aires, 2025 strong brand presence in point-of-sale LatAm Espacio Iberia Brand value1 x2 in 5 years B
Slide 42: Iberia is reinforcing its commercial capabilities to capture this growth
Network Markets Hub A fit-for-purpose fleet Revenues Excellence Iberia is reinforcing its commercial capabilities to capture this growth Achievements Future One of the first airlines to implement NDC1 Catalyst of modern airline retailing across Effective tool that enables increasing the industry rev
Slide 43: Best positioned to capitalise on attractive markets
Leading Hub in Madrid Best positioned to capitalise on attractive markets Diversified network and customer base, which supports resilient demand for travel Madrid hub is the best positioned and offers scope for growth Excellence in our commercial and customer proposition, driving revenue growth Well
Slide 44: Break
Break 30 min 44
Slide 45: World-class brand
World-class brand Beatriz Guillén Chief Customer Officer
Slide 46: There are more reasons for travellers to continue choosing Iberia
There are more reasons for travellers to continue choosing Iberia Ground experience Flight experience Customer journey Loyalty Madrid hub leadership, Improved cabins, Easier interaction, Better recognition, the preferred gateway premium experience seamless journey higher engagement Build a different
Slide 47: Madrid hub leadership, the preferred gateway
Ground experience Flight experience Customer journey Loyalty Madrid hub leadership, the preferred gateway Capacity to grow Prepared to elevate passenger numbers the premium experience Madrid, key European gateway connecting a growing number Already in use Spare capacity Expand lounge capacity with a
Slide 48: Improved cabins, premium experience
Ground experience Flight experience Customer journey Loyalty Improved cabins, premium experience Improved Improved flight Improved connectivity long-haul cabins experience features on board New cabins Yet to retrofit 60% increase cabin luggage capacity Extend free WiFi for messaging to Iberia by add
Slide 49: Easier interaction, seamless journey
Ground experience Flight experience Customer journey Loyalty Easier interaction, seamless journey Check-in Boarding Collecting Recalling Planning & “Welcome to MAD Airport! You “Your flight to MEX is now “Welcome to MEX! You can collect Iberia Pass booking can check-in in Counter 3” boarding, you ar
Slide 50: Better recognition, higher engagement
Ground experience Flight experience Customer journey Loyalty Better recognition, higher engagement Better recognition Spend-based + Non-air partners also More tiers, to our members New Elite recognition contributing to status more Consolidate Iberia Club a top-class loyalty qualification 1€ 1 10 1 p
Slide 51: A product ahead of the competition
A product ahead of the competition Top-rated airport Best premium cabins in Elevated gastronomic Best-in-class facilities the Latin American corridor experience in-flight connectivity MAD in the Top 10 Skytrax rating Skytrax rating Only airline introducing of European airports ‘Quality of meals serv
Slide 52: An excellent ‘Four-Star’ customer proposition
World-class brand An excellent ‘Four-Star’ customer proposition Making Madrid airport the preferred hub choice by offering a better and premium experience Building a better customer journey connecting with our passengers through digitalisation Investing in more modern and distinctive cabins and infl
Slide 53: Operational excellence
Operational excellence Ramiro Sequeira Chief Operations Officer
Slide 54: Operational excellence driven by a proven model and culture of safety and efficiency
Operational excellence driven by a proven model and culture of safety and efficiency Culture Operating Digital MRO and model transformation Handling Highly efficient Operational Operational operating model excellence resilience enabled by Strong operational delivering efficiency leveraging digital M
Slide 55: Employees at the heart of our excellence
Culture Operating model Digital transformation MRO and HDL Employees at the heart of our excellence Success-sharing model linked Operating margin Already included in agreements with all collectives to business profitability Success-sharing model now also linked to operational OTP Productivity NPS In
Slide 56: Our operations benefit from a very efficient airport
Culture Operating model Digital transformation MRO and HDL Our operations benefit from a very efficient airport Madrid Barajas is a well-run, efficient airport Helping us achieve greater operational efficiency Iberia works closely with AENA, Enhanced operational visibility through new data exchange
Slide 57: Our fleet transition has been key for our operating model’s efficiency
Culture Operating model Digital transformation MRO and HDL Our fleet transition has been key for our operating model’s efficiency Fleet simplicity All-Airbus fleet streamlines operations and improves efficiency ~10.6 years Average age of our fleet1 Airbus Airbus Airbus ~50% A320 family A330 A350 New
Slide 58: A321 XLR: a superb new ‘market opener’ tool
A321 XLR: a superb new ‘market opener’ tool with very compelling financials Positive results achieved to date… …and a wide spectrum of new potential opportunities Maximum cost efficiency Total unit costs on par with next generation widebodies US East Unit fuel costs -20-30% lower vs widebody aircraf
Slide 59: Our robust operating model maximises utilisation
Culture Operating model Digital transformation MRO and HDL Our robust operating model maximises utilisation Aircraft daily utilisation, hours Iberia ranks as the top airline Widebody Narrowbody globally in A330 utilisation and is among the top 3 for the A350 +3.2 +0.7 fleet 15.3 Adding 3 extra fligh
Slide 60: Driving operational excellence and delivering high customer satisfaction
Culture Operating model Digital transformation MRO and HDL Driving operational excellence and delivering high customer satisfaction 2015 2016 2017 2018 2019 COVID 2022 2023 2024 European1 #1 #1 #1 #4 #2 #1 #1 #1 88.7 87.3 90.3 87.5 89.7 88.3 88.0 85.9 Best-in-Europe OTP2 30.1 32.3 28.6 27.5 28.0 25.
Slide 61: Digital transformation driving faster and smarter operations
Culture Operating model Digital transformation MRO and HDL Digital transformation driving faster and smarter operations Leveraging real-time data and innovation into every layer of the operation Safety-first mindset Ground Services & Passenger Experience Fleet & Maintenance Real-time coordination Sm
Slide 62: MRO and Handling drive operational excellence and counter-cyclical profitability
Culture Operating model Digital transformation MRO and HDL MRO and Handling drive operational excellence and provide diversified counter-cyclical profitability Aiming for market competitive costs and Maintenance service levels IAG 3rd parties offered Specialises in the inspection and repair of Line
Slide 63: Our excellence in operations is driving leading cost efficiency and customer satisfaction
Operational excellence Our excellence in operations is driving leading cost efficiency and customer satisfaction Our collaborative culture is fundamental to our operations Our simple and modern fleet is fundamental to our efficient model Implementing digital tools and software to drive safer, faster
Slide 64: Financial strength
Financial strength Gabriel Perdiguero Chief Finance & Technology Officer
Slide 65: Iberia has transformed and created a platform for long-term value creation
Iberia has transformed and created a platform for long-term value creation Strong earnings and high sustainable margins allowing for growth Delivering a compelling proposition: Iberia target 2012 2024 Investing in our business supported by a rigorous Operating - €351m +€1bn Strong earnings profit ca
Slide 66: This transformation has taken us from underperformers to industry leaders
This transformation has taken us from underperformers to industry leaders Operating profit 2012 2024 219m€ 6.6% 1,027m€ 13.6% 839m€ 2.8% 1,534m€ 12.7 % 71m€ 0.7% 596m€ 12.2% -300m€ -1.2% 1,601m€ 5.1% -351m -7.3% 1,645m€ 4.4% Notes: Data for Iberia Group, not including exceptional items, LH includes
Slide 67: The improvements driving our growth reflect lasting structural change
The improvements driving our growth reflect lasting structural change Operating profit (€m) Transformation Capacity Structural improvements Market 2012 Plan 2019 increase & cost transformation dynamics Others 2024 +1,378 + Transformation (2013-16) + New capacity + Utilisation - Cost increase + Compe
Slide 68: We are in a strong financial position having swiftly recovered from COVID
We are in a strong financial position having swiftly recovered from COVID 2019 COVID 2022 2023 2024 940 1,027 497 382 Operating profit €m not meaningful 22% 22% 14% 10% Return on not meaningful Invested Capital 2.9 2.0 1.4 1.1 Leverage x not meaningful Note: Data excludes exceptional items 68
Slide 69: Our business model is resilient with several levers to adapt to the cycle
Our business model is resilient with several levers to adapt to the cycle Revenue Costs Network and customer diversity A high proportion of variable costs provides operational flexibility enabling us to better absorb downturns and cost management during demand fluctuations Investment in customer exp
Slide 70: Our strong financial position and rigorous capital allocation process
Our strong financial position and rigorous capital allocation process underpins our €6bn investment programme €6bn Organic growth, reaching ~70 long-haul aircraft Fleet replacements advancing our shift to new gen aircraft Capital expenditure1 Fleet ~€1,000m Support Madrid hub growth expanding and im
Slide 71: Our ambition is to grow our long-haul business based on attractive returns
Our ambition is to grow our long-haul business based on attractive returns on capital Long-haul is our most profitable region with high double-digit margins Based on achieving 13-16% IAG RoIC target 45 ~70 11 Opportunity to capture additional 14 growth through confirmed 9x A350 3 Airbus A321XLR Grow
Slide 72: Targeting mid-teen margins and profit growth
Targeting mid-teen margins and profit growth Operating profit Run a great airline… Deploy full potential of SOUTH and Iberia MRO Develop our leadership position in Madrid airport Medium term Financial robustness and operational excellence €1.4bn Operating profit 2024 €1.0bn Operating margin 13.6% 13
Slide 73: Closing remarks
Closing remarks Marco Sansavini Chairman & CEO
Slide 74: Our strategy will create value for our stakeholders
Our strategy will create value for our stakeholders Strategy Value creation ambition Delivering a compelling proposition: Run a great airline by: EBIT margin at IAG´s 13.5-15% ambition Building a leading hub Operating profit (€bn) in Madrid & world-class Strong earnings brand 1.4 growth 1.0 Deliveri
Slide 75: Iberia Management Committee Q&A
Iberia Management Committee Q&A
Slide 76: Appendix
Appendix
Slide 77: Our team - Bios
Our team - Bios Marco Sansavini María Jesús López-Solas Beatriz Guillén Vázquez Ramiro Sequeira Gabriel Perdiguero Chairman & CEO Chief Commercial, Network Chief Customer Officer Chief Operations Officer Chief Finance Planning & Alliances Officer & Technology Officer Marco has over 30 years of María
Slide 78: Our team - Bios
Our team - Bios Juan Cierco María Bello Jose Luis de Luna Enrique Robledo Diego Fernández Ortiz Chief Corporate Officer Chief People & Chief Labour Relations, Chief Technical Officer Chief Strategy, Transformation Diversity Officer Legal & HR Mgmt. Officer & Sustainability Officer Juan has an extens
Slide 79: Alternative Performance Measures and Financial Terminology
Alternative Performance Measures and Financial Terminology The performance of the Group is assessed using a number of alternative performance measures (APMs), some of which have been identified as key performance indicators of the Group. These measures are not defined under International Financial R
International Consolidated Airlines Group — Investor Day (June 2025) on 6ix