IAG : Corporate Contact: Key Takeaways

研报英文原文证据摘录

IAG : Corporate Contact: Key Takeaways

EQUITIES

TRANSPORT & INFRA.

IAG OUTPERFORMPRICE* 455p  TARGET PRICE 550p (UPSIDE 21%)

IAG ADR OUTPERFORMPRICE* USD12.3  TARGET PRICE USD13.7 (UPSIDE 12%)

FLASH NOTE

Corporate Contact: Key Takeaways

22 JUNE 2026 Securities Research Report Production time: 14:58* (London time)

Research Analyst & Publishing Entities

James Hollins BNP Paribas London Branch (+44) 203 430 8438 james.hollins@uk.bnpparibas.com

What happened?

We have spoken to IAG, which is due to report its Q226 results on 31 July 2026, and highlight there has been no change

to full-year guidance. As a result of the trends for Q226, we do not expect a material shift in consensus EBIT for the

quarter or FY26.

BNPP View:

Our key conclusions from the call are as follows:

Group performance remains resilient. Following a reported Q126 RASK of +3.5% (constant currency +8.2%), we

surmise that reported Q226 RASK is tracking in line with or slightly below the Q126 print, including a smaller FX

headwind. Across the regions, it is likely that IAG is not immune to the heavy industry capacity growth on UK-Spain, as

well as on Italy-Spain. Elsewhere, the Middle East naturally remains closed for IAG, LatAm remains good, while AsiaPac

is strong but relatively small for IAG. The transatlantic network continues to see notable strength in the Premium cabin,

but with less supportive demand in non-Premium.

Overall, as per the comments at its Q126 results, the group is expecting a recapture rate on higher fuel of around 50%

for Q226 (60% for FY26), while the recent reduction in spot jet fuel pricing will only be a benefit from Q326 onwards.

With regards to ex-fuel costs, the underlying performance remains strong, although we think the group is likely to see