INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

Financials International Consolidated Airlines Group, S.A.

Equities

IAG

ES0177542018

Airlines

Market Closed - London S.E. Other stock markets 12:35:07 2025-03-21 pm EDT			5-day change	1st Jan Change
285.20 ^GBX	-1.86%		+0.71%	-5.53%

04:44am	Flights begin landing at Heathrow after power outage disruption	AN
02:06am	Heathrow resumes operations as global airlines scramble after shutdown	RE

Projected Income Statement: International Consolidated Airlines Group, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,806	8,455	23,066	29,453	32,100	33,450	34,804	36,571
Change	-	8.31%	172.81%	27.69%	8.99%	4.2%	4.05%	5.08%
EBITDA ¹	-2,266	-1,017	3,303	5,570	6,807	7,133	7,451	7,968
Change	-	-55.12%	-	68.63%	22.21%	4.79%	4.46%	6.94%
EBIT ¹	-4,365	-2,970	1,225	3,507	4,283	4,642	4,830	5,149
Change	-	-31.96%	-	186.29%	22.13%	8.38%	4.04%	6.61%
Interest Paid ¹	-629	-817	-965	-727	-513	-513	-505.8	-472.2
Earnings before Tax (EBT) ¹	-7,810	-3,507	415	3,056	3,563	4,066	4,321	4,602
Change	-	-55.1%	-	636.39%	16.59%	14.12%	6.26%	6.51%
Net income ¹	-6,923	-2,933	431	2,655	2,732	3,219	3,442	3,625
Change	-	-57.63%	-	516.01%	2.9%	17.82%	6.92%	5.33%
Announcement Date	2/26/21	2/25/22	2/24/23	2/29/24	2/28/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	4,585	703	1,217	1,301	968	1,244	2,709	3,534	3,435	5,916	7,329	6,386	5,889	7,694	8,646	7,224	6,429	8,295	9,329	8,047	6,852	8,844	9,729	8,325
Change	-	-84.67%	73.12%	6.9%	-25.6%	28.51%	117.77%	30.45%	-2.8%	72.23%	23.88%	-12.87%	-7.78%	30.65%	12.37%	-16.45%	-11%	29.02%	12.47%	-13.74%	-14.85%	29.07%	10.02%	-14.43%
EBITDA ¹	35	-821	-795	-685	-665	-595	-8	251	-223	771	1,722	1,025	495	1,748	2,554	1,057	627	1,822	2,610	1,748	735.6	2,093	2,679	1,723
Change	-	-	-3.17%	-13.84%	-2.92%	-10.53%	-98.66%	-	-	-	123.35%	-40.48%	-51.71%	253.13%	46.11%	-58.61%	-40.68%	190.59%	43.25%	-33.03%	-57.92%	184.51%	27.99%	-35.68%
EBIT ¹	-535	-1,365	-1,300	-1,165	-1,135	-1,045	-485	-305	-754	287	1,206	486	9	1,251	1,745	502	68	1,241	2,013	1,121	118.4	1,464	2,041	1,067
Change	-	155.14%	-4.76%	-10.38%	-2.58%	-7.93%	-53.59%	-37.11%	147.21%	-	320.21%	-59.7%	-98.15%	13,800%	39.49%	-71.23%	-86.45%	1,725%	62.21%	-44.31%	-89.44%	1,136.8%	39.42%	-47.72%
Charge d'intérêts	-	-179	-157	-153	-148	-185	-244	-214	-185	-220	-199	-253	-206	-192	-184	-145	-228	-131	-	-135	-	-	-	-
Earnings before Tax (EBT) ¹	-	-2,324	-1,995	-1,609	-1,216	-1,120	-714	-457	-916	73	1,009	249	-121	1,158	1,578	441	-87	1,133	1,909	608	22	1,391	1,892	830
Change	-	-	-14.16%	-19.35%	-24.43%	-7.89%	-36.25%	-35.99%	100.44%	-	1,282.19%	-75.32%	-	-	36.27%	-72.05%	-	-	68.49%	-68.15%	-96.38%	6,222.73%	36.02%	-56.13%
Net income ¹	-	-2,123	-1,761	-1,356	-1,067	-981	-574	-311	-787	133	853	232	-87	1,008	1,230	504	-4	909	1,435	392	4.912	1,034	1,480	705.4
Change	-	-	-17.05%	-23%	-21.31%	-8.06%	-41.49%	-45.82%	153.05%	-	541.35%	-72.8%	-	-	22.02%	-59.02%	-	-	57.87%	-72.68%	-98.75%	20,946.32%	43.14%	-52.33%
Announcement Date	5/7/20	7/31/20	10/30/20	2/26/21	5/7/21	7/30/21	11/5/21	2/25/22	5/6/22	7/29/22	10/28/22	2/24/23	5/5/23	7/28/23	10/27/23	2/29/24	5/10/24	8/1/24	11/8/24	2/28/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	2,212	9,351	13,583	14,724
Change	-	322.74%	45.26%	8.4%
EBITDA ¹	-1,260	548	2,243	2,449
Change	-	-	309.31%	9.18%
EBIT ¹	-2,180	-467	1,260	1,309
Change	-	-78.58%	-	3.89%
Charge d'intérêts	-359	-405	-398	-
Earnings before Tax (EBT) ¹	-2,336	-843	1,037	1,046
Change	-	-63.91%	-	0.87%
Net income ¹	-2,048	-654	921	905
Change	-	-68.07%	-	-1.74%
Announcement Date	7/30/21	7/29/22	7/28/23	8/1/24

¹EUR in Million

Estimates

Forecast Balance Sheet: International Consolidated Airlines Group, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,762	11,667	10,385	9,245	7,517	6,838	5,509	4,080
Change	-	19.51%	-10.99%	-10.98%	-18.69%	-9.03%	-19.44%	-25.94%
Announcement Date	2/26/21	2/25/22	2/24/23	2/29/24	2/28/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: International Consolidated Airlines Group, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,939	744	3,875	3,544	3,058	3,788	3,944	4,293
Change	-	-61.63%	420.83%	-8.54%	-13.71%	23.87%	4.12%	8.84%
Free Cash Flow (FCF) ¹	-5,235	-885	1,797	2,400	3,898	2,331	2,601	2,807
Change	-	-83.09%	-303.05%	33.56%	62.42%	-40.19%	11.57%	7.92%
Announcement Date	2/26/21	2/25/22	2/24/23	2/29/24	2/28/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: International Consolidated Airlines Group, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-29.03%	-12.03%	14.32%	18.91%	21.21%	21.32%	21.41%	21.79%
EBIT Margin (%)	-55.92%	-35.13%	5.31%	11.91%	13.34%	13.88%	13.88%	14.08%
EBT Margin (%)	-100.05%	-41.48%	1.8%	10.38%	11.1%	12.16%	12.41%	12.58%
Net margin (%)	-88.69%	-34.69%	1.87%	9.01%	8.51%	9.62%	9.89%	9.91%
FCF margin (%)	-67.06%	-10.47%	7.79%	8.15%	12.14%	6.97%	7.47%	7.68%
FCF / Net Income (%)	75.62%	30.17%	416.94%	90.4%	142.68%	72.42%	75.57%	77.43%
Profitability
ROA	-13.16%	-9.39%	1.09%	6.9%	6.71%	7.45%	7.76%	7.3%
ROE	-106.36%	-248.61%	28.15%	100.42%	57.87%	44.21%	35.47%	30%
Financial Health
Leverage (Debt/EBITDA)	-4.31x	-11.47x	3.14x	1.66x	1.1x	0.96x	0.74x	0.51x
Debt / Free cash flow	-1.86x	-13.18x	5.78x	3.85x	1.93x	2.93x	2.12x	1.45x
Capital Intensity
CAPEX / Current Assets (%)	24.84%	8.8%	16.8%	12.03%	9.53%	11.32%	11.33%	11.74%
CAPEX / EBITDA (%)	-85.57%	-73.16%	117.32%	63.63%	44.92%	53.1%	52.93%	53.88%
CAPEX / FCF (%)	-37.04%	-84.07%	215.64%	147.67%	78.45%	162.48%	151.63%	152.92%
Items per share
Cash flow per share ¹	-0.9342	-0.0284	0.9047	0.9218	1.212	0.9811	1.166	1.259
Change	-	-96.96%	-3,285.67%	1.89%	31.43%	-19.02%	18.86%	7.98%
Dividend per Share ¹	-	-	-	-	0.09	0.1108	0.1262	0.141
Change	-	-	-	-	-	23.14%	13.91%	11.68%
Book Value Per Share ¹	0.2638	0.1693	0.4069	0.666	-	1.618	2.186	2.691
Change	-	-35.82%	140.33%	63.67%	-	-	35.1%	23.09%
EPS ¹	-1.962	-0.591	0.061	0.506	0.555	0.6338	0.6596	0.7206
Change	-	-69.88%	-110.32%	729.51%	9.68%	14.2%	4.07%	9.24%
Nbr of stocks (in thousands)	4,966,379	4,961,189	4,954,313	4,915,537	4,854,924	4,806,552	4,806,552	4,806,552
Announcement Date	2/26/21	2/25/22	2/24/23	2/29/24	2/28/25	-	-	-