I N T E R N A L U S E O N L Y IAG RESULTS QUARTER FOUR 2021 25 February 2022 I N T E R N A L U S E O N L Y HIGHLIGHTS LUIS GALLEGO, CHIEF EXECUTIVE OFFICER INTERNATIONAL AIRLINES F Y 2 0 2 1 A N D 4 Q 2 0 2 1 F I N A N C I A L H I G H L I G H T S Significantly improved cash flow despite the temporary impact of Omicron | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------| | | | FY 2021 operating loss ...

Financial Data and Key Metrics Changes - The company reported a pre-exceptional operating loss of €4.4 billion for the year, a significant decline from a profit of €3.3 billion in 2019 [15][16] - Liquidity at the end of the year was €10.3 billion, which is higher than the position at the start of the year and represents about 40% of 2019 revenues [16][36] - Gross debt increased by €1.4 billion to €15.7 billion, while net debt rose by €2.2 billion to €9.8 billion [39] Business Line Data and Key Metrics Changes - Cargo revenues increased by 33% in Q4 and 17% for the full year, despite a 35% decline in cargo volume [17][55] - Passenger revenue fell by 75.2% for the full year, with a load factor down 21% and unit revenues down 27.8% [18] - Aer Lingus and Vueling experienced the most negative operating margins due to travel restrictions, while Iberia had the least negative margin benefiting from its domestic segment [25][28] Market Data and Key Metrics Changes - Passenger demand fell by 87% from March to December due to global travel restrictions [5] - Bookings surged following the UK government's announcement of a roadmap to ease lockdowns, with flight-only bookings increasing by over 60% [49] Company Strategy and Development Direction - The company is focused on enhancing its long-term strategic position, including a long-term agreement with Amadeus for fare distribution via NDC technology [9] - The company aims to achieve net-zero emissions by 2050 and has made investments in sustainable aviation fuel [11][59] - The acquisition of Air Europa has been renegotiated, reducing the purchase price from €1 billion to €500 million [12] Management Comments on Operating Environment and Future Outlook - The management expressed that the outlook remains highly uncertain, with expectations for capacity in Q1 2021 to be around 20% of 2019 levels [46] - There is a strong willingness to travel once restrictions are lifted, particularly for visiting friends and relatives [75] - The management is confident that the company will emerge from the pandemic in a stronger competitive position [63] Other Important Information - The company has undertaken over 4,000 cargo-only flights during the pandemic, which has helped maintain cash flow [57] - The company is actively developing digital health pass apps to facilitate travel compliance [53] Q&A Session Summary Question: Cash burn and cost expectations for summer flying - Management indicated that there will be some incremental costs associated with ramping up capacity, but these will not significantly distort financials [66][67] Question: Booking trends and revenue development - Management noted that bookings have surged recently, and if customer confidence continues to grow, there will be a positive impact on working capital [70][71] Question: Short-haul profitability risks - Management acknowledged the need to consider both willingness and ability to travel, with a focus on maintaining strong long-haul traffic [74][75] Question: Air Europa deal and next steps - Management outlined that negotiations with the Spanish government are necessary before proceeding with the acquisition, expected in the second half of the year [78] Question: Testing costs and future volumes - Management emphasized the importance of affordable testing regimes alongside vaccination efforts to facilitate travel [82][83] Question: Fuel hedging strategy - Management confirmed that they are not currently entering into new fuel hedging positions and are reviewing their hedging policy for the future [84][85]

IAG results presentation Full Year 2020 26 February 2021 2020 Highlights Luis Gallego, Chief Executive Officer IAG has responded quickly and decisively to the pandemic Actions to address COVID-19 | --- | --- | --- | |------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

International Consolidated Airlines Group SA (OTCPK:ICAGY) Q3 2020 Earnings Conference Call October 30, 2020 5:00 AM ET Company Participants Luis Gallego - CEO Steve Gunning - CFO & Executive Director Sean Doyle - CEO, British Airways Conference Call Participants Savi Syth - Raymond James & Associates Stephen Furlong - Davy Jarrod Castle - UBS Investment Bank Carolina Dores - Morgan Stanley Daniel Roeska - Sanford C. Bernstein & Co. Jaime Rowbotham - Deutsche Bank James Hollins - Exane BNP Paribas Alexander ...

IAG results presentation Quarter Three 2020 30 October 2020 Highlights Luis Gallego, Chief Executive Officer A quarter of significant structural change 3Q 2020 strategic and financial highlights • Successful Capital Increase provides IAG with the operational and strategic flexibility to take advantage of a recovery in demand for air travel, reduces balance sheet leverage and enhances liquidity to help withstand a more prolonged downturn in air travel demand • Gross proceeds of €2.741bn • 92.75% of subscript ...

Financial Data and Key Metrics Changes - The company reported a pre-exceptional operating loss of €1.9 billion for the first half of the year, with a Q2 loss of €1.365 billion and a Q1 loss of €535 million [8][28]. - Passenger revenue decreased by 96.7% to €198 million in Q2, consistent with a 95% reduction in available seat kilometers (ASK) [27]. - Overall revenue was down 89% due to the pandemic's impact [27]. - Costs were reduced by approximately 63.5%, but the company still faced significant losses [28]. Business Line Data and Key Metrics Changes - Cargo revenue reached a record level despite a 37.5% drop in volumes, indicating a strong performance in that segment [27]. - The company is restructuring its cost base and has implemented measures to reduce fixed costs and capacity [39][40]. Market Data and Key Metrics Changes - The company anticipates that passenger demand will not return to 2019 levels until at least 2023 or 2024 [9]. - Domestic Spain has shown the strongest recovery, with bookings currently at 50% of last year's levels, while international long-haul bookings remain weak at around 20% [61][64]. Company Strategy and Development Direction - The company plans a capital increase of up to €2.75 billion to strengthen its financial position and reduce leverage [10][79]. - There is a focus on maintaining a competitive cost structure and improving innovation capabilities to adapt to changing market conditions [55]. - The company is committed to environmental sustainability, aiming for net-zero emissions by 2050 [22][21]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unprecedented challenges posed by COVID-19 and emphasizes the need for restructuring to align with reduced demand [7][92]. - The company is optimistic about returning to cash flow positivity by the end of 2020, depending on various factors related to COVID-19 and customer behavior [68][92]. Other Important Information - The company has a strong liquidity position, with cash at €6 billion, representing 24% of 2019 revenues [35]. - The company is actively managing its fleet and has impaired several aircraft, leading to significant charges [32][34]. Q&A Session Summary Question: Capacity expectations across various airlines in the second half - Management indicated that capacity will vary by airline, with domestic markets expected to recover first, followed by short-haul and long-haul international flights [96][97]. Question: Impact of support programs ending on cash burn - Management noted that restructuring measures are in place to replace temporary income support schemes as they unwind [104]. Question: Aircraft leasing strategy moving forward - The company plans to maintain its principles regarding aircraft financing, but the current market conditions will influence future decisions [105]. Question: Business demand recovery expectations - Management expects leisure travel to recover faster than business travel, with structural changes anticipated in the business market [106].

International Consolidated Airlines Group, S.A. (OTCPK:ICAGY) Q1 2020 Earnings Conference Call May 7, 2020 4:00 AM ET Company Participants | --- | |--------------------------------------------------------------------------------| | | | | | Willie Walsh - Chief Executive Officer Steve Gunning - Chief Financial Officer | | Conference Call Participants | | Neil Glynn - Credit Suisse | | Jarrod Castle - UBS. | | James Hollins - Exane | | Carolina Dores - Morgan Stanley | | Daniel Roeska - Bernstein Jaime Rowbot ...

IAG results presentation Quarter One 2020 7 May 2020 Highlights Willie Walsh, Chief Executive Officer Substantial loss from March due to COVID-19 Highlights and outlook • Unusual quarterly pre-exceptional operating loss of €535m compared to a profit of €135m last year • The first two months were slightly loss-making but similar to last year despite the suspension of flights to China from the end of January due to COVID • All of the reduction in the operating result occurred in March following further govern ...

International Consolidated Airlines Group, S.A. (OTCPK:ICAGY) Q3 2019 Results Conference Call October 31, 2019 5:00 AM ET Company Participants | --- | |------------------------------------------------------------------------------------------------------------------------| | | | | | Willie Walsh - Chief Executive Officer Steve Gunning - Chief Financial Officer | | Conference Call Participants | | Daniel Roeska - Bernstein Research | | Savi Syth - Raymond James | | Jarrod Castle - UBS | | James Hollins - Exa ...

Financial Performance - IAG's operating profit for Quarter 3 2019 was €1,425 million, with a 19.5% margin, down 1.9 percentage points compared to the previous year's €1,530 million[3] - The impact of BALPA pilot strikes at British Airways and other disruptions cost the company €155 million in Quarter 3[3] - IAG anticipates its 2019 operating profit before exceptional items to be €215 million lower than the 2018 pro forma of €3,485 million, based on current fuel prices and exchange rates[3, 40] - The company's Return on Invested Capital (RoIC) for the last four quarters was 14.8%[3] Revenue and Cost Analysis - Total unit revenue decreased by 1.1% at constant currency[5] - Passenger unit revenue also decreased by 1.1% at constant currency[5] - Planned capacity growth for Quarter 4 2019 is 1.9%, with full-year 2019 capacity growth expected to be 4.0%[3] - Non-fuel unit costs are expected to improve at constant currency[3] - Non-fuel unit costs increased by 1.1% at constant currency pro forma[5] Regional Performance - Asia Pacific ASK decreased 3.7%[8] - Latin America & Caribbean revenue increased 14.5%[8] Fuel and Hedging - The 2019 fuel bill is projected to be €6.0 billion, based on a jet fuel price of $630 per metric ton and an exchange rate of $1.10 per euro[14] - The company has hedged 96% of its fuel for Q4 2019[13] Pension Agreements - British Airways will make fixed deficit contributions of £450 million per year until March 2023 to the New Airways Pension Scheme (NAPS)[30]