AIRLINE METRICS · IBERIA
Iberia
Reported financial performance, traffic, unit economics, cash and fleet data for Iberia within IAG.
Latest: H1 2026 · six months to 30 June 2026
Latest read
Iberia’s extended history shows a strong pre-COVID business, a comparatively faster 2021 capacity recovery than BA or Aer Lingus, and a post-pandemic margin expansion that reached 16.2% in 2025.
Eight-year reported history
€ million. 2020–2021 operating results are before exceptional items.
| Year | Revenue | Operating result | Margin | ASK | Load factor | PRASK | Ex-fuel CASK | Cash |
|---|---|---|---|---|---|---|---|---|
| 2018† | 5,182 | 437 | 10.0% | 68.179bn | 85.5% | 5.55c | 5.46c | — |
| 2019 | 5,645 | 497 | 8.8% | 73.354bn | 87.2% | 5.52c | 5.38c | €1.121bn |
| 2020‡ | 2,259 | -759 | -33.6% | COVID-reduced | — | — | — | €822m |
| 2021‡ | 2,784 | -234 | -8.4% | 55.4% of 2019 | — | — | — | €761m |
| 2022 | 5,511 | 382 | 6.9% | — | — | — | — | €2.389bn |
| 2023 | 6,958 | 940 | 13.5% | — | — | — | — | — |
| 2024 | 7,542 | 1,027 | 13.6% | — | — | — | — | — |
| 2025 | 8,085 | 1,313 | 16.2% | 86.5bn | 88.6% | 7.08c | 6.12c | €1.758bn |
† 2018 predates IFRS 16 adoption. IAG’s 2018 financial-performance ASK perimeter differs from contemporaneous traffic statistics that included LEVEL Spain within Iberia; this table uses the financial-performance perimeter for unit-economics consistency. ‡ COVID-distorted year.
Unit economics
| Period | PRASK | Ex-fuel CASK | ASK | Load factor |
|---|---|---|---|---|
| FY2018 | 5.55c | 5.46c | 68.179bn | 85.5% |
| FY2019 | 5.52c | 5.38c | 73.354bn | 87.2% |
| FY2025 | 7.08c | 6.12c | 86.5bn | 88.6% |
| H1 2026 | 6.89 €c* | 5.95 €c* | 42.783bn | 87.9% |
*Calculated from same-scope IAG passenger revenue, costs and ASK.
H1 2026 operating dashboard
| Metric | H1 2026 | Basis / context |
|---|---|---|
| Passengers | 12.059m | Reported |
| Segment revenue | €3.901bn | External revenue €3.698bn |
| Operating profit | €526m | Before exceptional items |
| Operating margin | 13.5% | Calculated |
| RPK | 37.619bn | Reported |
| ASK | 42.783bn | +1.4% YoY |
| Passenger revenue | €2.949bn | Reported |
| Fuel cost | €830m | Airline segment |
Cash, fleet and productivity
What to watch
- Flight Plan 2030 execution and roughly €6bn investment programme.
- Long-haul fleet growth and A321XLR deployment.
- Madrid hub strength and Latin America pricing.
- Whether post-pandemic margin gains remain sustainable as capacity expands.
Sources and methodology
IAG Annual Reports and full-year results 2018–2025, IAG H1 2026 and Iberia company disclosures. Historical scope differences are retained rather than silently normalised.
2018 report · 2019 results · 2020 results · 2021 results · 2025 results