IAG has recorded a profit after taxes of 2,655 million euros in the financial year 2023, which means multiplying by more than six the result of the previous year, when it earned 431 million euros, as the group notified the Commission this Thursday. National Securities Market (CNMV), and the directors have proposed not paying a chargeable dividend in 2023.

This year, IAG managed to increase its income by 27.7%, to 29,453 million euros, of which 25,810 came from ticket income (32.6%). For its part, expenses rose by 19.1%, to 25,946 million euros. The operating margin was 11.9%, 6.5 percentage points more.

Operating profit stood at 3,507 million euros, almost three times more than the previous year, and above that recorded in 2019, before the pandemic, when it was 3,253 million euros. The group’s financial debt as of December 31, 2023 was 16,082 million euros, 19.5% less than a year before.

In Spain, the group’s businesses generated approximately €1.4 billion in operating profit, more than double that of 2022.

The group’s capacity recovered to approach pre-Covid-19 levels in most of its main markets, with an average of 95.7%.

The group’s CEO, Luis Gallego, has highlighted the good performance in operating margin and profits compared to 2022, which generated “excellent free cash flow.” At the end of December, this stood at 1,320 million euros, 341 million more than at the end of 2022.

In addition, he thanked all the group’s teams for their “continuous work and dedication” to carry out the transformation plan.


However, the company’s directors have proposed that no dividend be paid against last year. As highlighted in the income statement, the distribution of dividends is determined by their liquidity needs and the distributable reserves of the group companies, as well as their ability to pay dividends to the group.

The company did not distribute dividends in fiscal year 2022 because some debt obligations imposed restrictions or conditions on this distribution, among which are the ICO loans to Iberia and Vueling.

At the end of 2023, the group had no restrictions on the payment of dividends from the main operating companies of the group to the company, except in the case of British Airways, which has several financing lines granted and not drawn subject to certain conditions in depending on the amount of British Airways’ possible dividend to the company, as well as other issues related to the British pension plan for its workers.


The company highlights that demand “remains solid” and is particularly strong in leisure travel. Thus, by 2024, IAG has 92% of revenue covered for the first quarter and 62% for the first half, above its position last year.

In addition, they plan to increase capacity by 7% this year. British Airways will continue to rebuild its long-haul capacity to pre-pandemic levels and Iberia will grow in Latin America.