International Airlines Group (IAG) reported a 12.3% rise in full-year adjusted operating profit to €4.97 billion, exceeding analyst forecasts, yet its shares fell over 5% on Friday. The London and Madrid-listed airline group, parent of British Airways and Iberia, also saw adjusted earnings per share climb 22.4% to €69.5 cents on revenue of €33.21 billion, up 3.5% year-on-year. Capital expenditure plans drew immediate scrutiny, with IAG signaling a sharp increase in spending through 2031, from €3.6 billion in 2026 to €5.6 billion annually in 2029-31, driven by prior fleet delivery delays.

The group announced a €1.5 billion share buyback programme and maintained €8.3 billion in cash reserves. The €5.24 share price reflected investor focus on the capex surge despite strong quarterly results and a 15.1% operating margin expansion. IAG exited 2025 with €10.9 billion in total liquidity, though net debt stood at €9.2 billion.