IAG Launches Final €500 Million Share Buyback

International Airlines Group has launched the third and final €500 million tranche of a €1.5 billion share buyback program announced in February 2026, completing its planned return of excess cash to shareholders.

The latest program will begin October 5 and is expected to conclude no later than February 26, 2027. IAG may repurchase up to 210 million ordinary shares, equivalent to approximately 4.55% of its issued share capital as of October 2.

Up to €374 million will be used to acquire shares from market participants on the London Stock Exchange and Spanish stock exchanges. A further €126 million is allocated to purchases associated with Qatar Airways.

Qatar Airways will participate proportionally in the buyback to maintain its 25.1434% voting interest in IAG. Rather than selling shares directly into the market, Qatar Airways will sell shares to the banks executing the program in proportion to their daily market purchases and at the corresponding volume-weighted average purchase price.

Morgan Stanley Europe and Goldman Sachs Bank Europe will execute sequential portions of the program and make trading decisions independently within predetermined parameters.

Shares acquired by IAG will initially be held in treasury before their planned cancellation under a capital reduction approved by shareholders in June 2026.

The program follows completion of IAG’s second €500 million buyback tranche in September and will bring the group’s total excess-cash return under the 2026 program to €1.5 billion.