It is clear IAG is no longer generating growth from flying. If you look at business revenue excluding "other revenue" (so pax & cargo), it has only grown by about 5% while operating costs increased by also 5%. However, "other revenue" is where IAG is making most of its growth now (35% YoY!). Could only find the below on it and clearly shows what are the 3 strategically important parts of IAG's business: its maintenance business, its BAH business, and the IAG Loyalty business (which is of course only going to be a winner as £1 spend is required to get 1 Avios with a redeeming value of 1p...):
Other revenue, at €1,506 million, was up €391 million versus 2024, mainly driven by increased third-party revenues from Iberia’s Maintenance, Repair and Overhaul (MRO) business, together with increased revenue at British Airways Holidays and IAG Loyalty.
Also interesting to see, the engineering and maintenance costs of the fleet have markedly increased (+22% YoY), the age of the fleet is starting to show.
