Overview

• IAG’s net profit rose 44% to €1.3 billion in the first half of 2025 compared with the same period a year ago.
• Group underlying earnings climbed 43.5% to £1.88 billion, while British Airways lifted operating profit by 48% to £824 million despite a £40 million loss from the March Heathrow substation fire.
• Total revenue grew 8% to €15.9 billion, supported by a 5.6% increase in passenger revenues as consumers continue to prioritise leisure travel.
• The group trimmed its capacity growth forecast for the full year to around 2.5% amid air traffic control and aircraft reliability constraints.
• Chief executive Luis Gallego highlighted resilient demand and a structural shift in consumer spending towards travel and reaffirmed plans for dividends and share buybacks.