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 16:35:04 09/09/2024 BST			5-day change	1st Jan Change
191.40 ^GBX	+1.19%		+5.05%	+23.48%

10:50am	Barclays cuts Burberry to 'underweight'	AN
09-06	IAG : JP Morgan reaffirms its Buy rating	ZD

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

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,506	7,806	8,455	23,066	29,453	31,559	32,764	33,936
Change	-	-69.4%	8.31%	172.81%	27.69%	7.15%	3.82%	3.58%
EBITDA ¹	5,396	-2,266	-1,017	3,303	5,570	5,899	6,276	6,599
Change	-	-	-55.12%	-	68.63%	5.91%	6.38%	5.14%
EBIT ¹	3,285	-4,365	-2,970	1,225	3,507	3,646	3,892	4,087
Change	-	-	-31.96%	-	186.29%	3.96%	6.76%	5.01%
Interest Paid ¹	-611	-629	-817	-965	-451	-568.9	-584.5	-544.6
Earnings before Tax (EBT) ¹	2,275	-7,810	-3,507	415	3,056	3,154	3,293	3,660
Change	-	-	-55.1%	-	636.39%	3.2%	4.43%	11.14%
Net income ¹	1,715	-6,923	-2,933	431	2,655	2,479	2,681	2,918
Change	-	-	-57.63%	-	516.01%	-6.64%	8.15%	8.85%
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	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	7,310	6,214	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	9,245	7,653	6,738	8,749	9,689	8,039
Change	-	-14.99%	-26.21%	-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%	11.46%	-17.22%	-11.96%	29.85%	10.74%	-17.03%
EBITDA ¹	1,944	1,322	35	-821	-795	-685	-665	-595	-8	251	-223	771	1,722	1,025	495	1,748	2,554	1,057	627	1,822	2,351	1,260	683	1,985	2,461	1,221
Change	-	-32%	-97.35%	-	-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%	29.04%	-46.43%	-45.77%	190.63%	23.98%	-50.39%
EBIT ¹	1,425	765	-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	1,745	635.1	85	1,381	1,855	615
Change	-	-46.32%	-	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%	40.63%	-63.61%	-86.62%	1,524.71%	34.32%	-66.85%
Charge d'intérêts	-	-	-	-179	-157	-153	-148	-185	-244	-214	-185	-220	-199	-253	-274	-192	-184	-61	-228	-131	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	6	-	-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	1,641	453	-50	1,246	1,725	485
Change	-	-	-100%	-	-14.16%	-19.35%	-24.43%	-7.89%	-36.25%	-35.99%	100.44%	-	1,282.19%	-75.32%	-	-	36.27%	-72.05%	-	-	44.84%	-72.39%	-	-	38.44%	-71.88%
Net income ¹	1,008	-99	-	-2,123	-1,761	-1,356	-1,067	-981	-574	-311	-787	133	853	232	-87	1,008	1,230	504	-4	909	1,302	351.8	-40	1,002	1,385	393
Change	-	-	-100%	-	-17.05%	-23%	-21.31%	-8.06%	-41.49%	-45.82%	153.05%	-	541.35%	-72.8%	-	-	22.02%	-59.02%	-	-	43.23%	-72.98%	-	-	38.22%	-71.62%
Announcement Date	31/10/19	28/02/20	07/05/20	31/07/20	30/10/20	26/02/21	07/05/21	30/07/21	05/11/21	25/02/22	06/05/22	29/07/22	28/10/22	24/02/23	05/05/23	28/07/23	27/10/23	29/02/24	10/05/24	01/08/24	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	5,288	2,212	9,351	13,583	14,724
Change	-	-58.17%	322.74%	45.26%	8.4%
EBITDA ¹	-786	-1,260	548	2,243	2,449
Change	-	60.31%	-	309.31%	9.18%
EBIT ¹	-1,900	-2,180	-467	1,260	1,309
Change	-	14.74%	-78.58%	-	3.89%
Charge d'intérêts	-	-359	-405	-398	-
Earnings before Tax (EBT) ¹	-4,206	-2,336	-843	1,037	1,046
Change	-	-44.46%	-63.91%	-	0.87%
Net income ¹	-3,806	-2,048	-654	921	905
Change	-	-46.19%	-68.07%	-	-1.74%
Announcement Date	31/07/20	30/07/21	29/07/22	28/07/23	01/08/24

¹EUR in Million

Estimates

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

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,571	9,762	11,667	10,385	9,245	7,983	7,260	6,415
Change	-	28.94%	19.51%	-10.99%	-10.98%	-13.65%	-9.06%	-11.64%
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million

Estimates

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

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,465	1,939	744	3,875	3,544	3,685	4,279	4,556
Change	-	-44.04%	-61.63%	420.83%	-8.54%	3.98%	16.11%	6.47%
Free Cash Flow (FCF) ¹	537	-5,235	-885	1,797	-	1,849	1,254	1,488
Change	-	-1,074.86%	-83.09%	-303.05%	-	-	-32.2%	18.65%
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹EUR in Million

Estimates

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

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	21.16%	-29.03%	-12.03%	14.32%	18.91%	18.69%	19.15%	19.44%
EBIT Margin (%)	12.88%	-55.92%	-35.13%	5.31%	11.91%	11.55%	11.88%	12.04%
EBT Margin (%)	8.92%	-100.05%	-41.48%	1.8%	10.38%	9.99%	10.05%	10.79%
Net margin (%)	6.72%	-88.69%	-34.69%	1.87%	9.01%	7.85%	8.18%	8.6%
FCF margin (%)	2.11%	-67.06%	-10.47%	7.79%	-	5.86%	3.83%	4.38%
FCF / Net Income (%)	31.31%	75.62%	30.17%	416.94%	-	74.62%	46.77%	50.99%
Profitability
ROA	5.39%	-13.16%	-9.39%	1.09%	-	5.97%	6.34%	6.41%
ROE	25.34%	-106.36%	-248.61%	28.15%	-	54.26%	39.07%	31.32%
Financial Health
Leverage (Debt/EBITDA)	1.4x	-4.31x	-11.47x	3.14x	1.66x	1.35x	1.16x	0.97x
Debt / Free cash flow	14.1x	-1.86x	-13.18x	5.78x	-	4.32x	5.79x	4.31x
Capital Intensity
CAPEX / Current Assets (%)	13.59%	24.84%	8.8%	16.8%	12.03%	11.68%	13.06%	13.42%
CAPEX / EBITDA (%)	64.21%	-85.57%	-73.16%	117.32%	63.63%	62.47%	68.18%	69.04%
CAPEX / FCF (%)	645.25%	-37.04%	-84.07%	215.64%	-	199.26%	341.25%	306.21%
Items per share
Cash flow per share ¹	1.937	-0.9342	-0.0284	0.9047	-	0.8165	0.8437	0.8388
Change	-	-148.22%	-96.96%	-3,285.67%	-	-	3.33%	-0.58%
Dividend per Share ¹	0.145	-	-	-	-	0.0737	0.1017	0.1078
Change	-	-	-	-	-	-	37.98%	6.05%
Book Value Per Share ¹	3.438	0.2638	0.1693	0.4069	-	1.111	1.513	1.939
Change	-	-92.33%	-35.82%	140.33%	-	-	36.19%	28.15%
EPS ¹	0.864	-1.962	-0.591	0.061	0.506	0.4632	0.484	0.505
Change	-	-327.08%	-69.88%	-110.32%	729.51%	-8.45%	4.47%	4.35%
Nbr of stocks (in thousands)	1,984,330	4,966,379	4,961,189	4,954,313	4,915,537	4,900,515	4,900,515	4,900,515
Announcement Date	28/02/20	26/02/21	25/02/22	24/02/23	29/02/24	-	-	-