Two top executives at International Consolidated Airlines (IAG) sold £2.8 million worth of shares just one day before Operation Epic Fury began in the Middle East. Carolina Martinoli of Vueling and Marco Sansavini of Iberia disposed of their shares at prices ranging from 432.9p to 433.6p each, a timing that would prove fortuitous as regional conflict disrupted flight schedules and raised aviation fuel costs across the industry.

The insider sales preceded a 25% drop in IAG's share price as the conflict unfolded. Despite this recent decline, shares remain substantially above their year-ago levels. The airlines group simultaneously announced a €500 million share buyback program, with €374 million allocated to market participants and €126 million to Qatar Airways. The buyback runs from March 2 to May 29, with a price cap at 105% of the five-day average market value.

At current trading levels of 344p per share, the timing of Martinoli and Sansavini's transactions appears serendipitous given subsequent market movements. IAG, which owns British Airways, Iberia, and Aer Lingus, faces continued uncertainty as the Middle East conflict persists. The company's dual challenge involves navigating geopolitical turbulence while executing its share buyback strategy to return value to investors.