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Feb 27 2026, 08:01 GMT
IAG
Over €5bn in operating income; returning €1.5bn excess cash
DAVY VIEW
IAG delivered record profitability with operating profit of €5,024m in line with expectations (operating margin of 15.1%, ROIC of 18.5%). The total dividend payment is €448m, and IAG is returning €1,500m cash to shareholders. IAG remains one of the core investments in the aviation sector. Outlook guidance is positive, notably on cost. We maintain our ‘Outperform’ rating and 525p price target.
