The following consensus for International Consolidated Airlines Group, S.A. (IAG) was updated on 10 February 2022 This consensus reflects analyst expectations received between 24 January and 07 February 2022.

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The range of forecasts for 4Q 2021 operating profit pre-exceptional items (rounded to the nearest €50m) is between -€700m and -€150m.

The consensus median for 4Q 2021 is -€367m and the consensus average is -€394m.

The range of forecasts for FY 2021 operating profit pre-exceptional items (rounded to the nearest €50m) is between -€3,350m and -€2,850m.

The consensus median for FY 2021 is -€3,032m and the consensus average is -€3,059m.

The range of forecasts for FY 2022 operating profit pre-exceptional items (rounded to the nearest €150m) is between -€900m and €1,350m.​

The consensus median for FY 2022 is ​€942m and the consensus average is ​€784m.​


Banco Santander
Eduardo Gonzalez

Bank of America  
Muneeba Kayani

Conor Dwyer

CaixaBank BPI 
Guilherme Macedo

Credit Suisse 
Neil Glynn  

Exane BNP Paribas 
James Hollins   

Kepler Cheuvreux 
Ruxandra Haradau-Doser

Morgan Stanley* 
Carolina Dores

Raymond James 
Savi Syth

Goldman Sachs 
Patrick Creuset

JP Morgan 
Harry Gowers

Yi Zhong 

Pilar Aranda

Alexander Irving 

Sathish Sivakumar 

Davy Stockbrokers 
Stephen Furlong

Mark Simpson

JB Capital Markets 
Miguel González

Gerald Khoo

Oddo Securities 
Olfa Taamallah 

Redburn Partners
Alex Brignall
James Goodall

Jarrod Castle

Banco Sabadell 
Rafael Bonardell

Barclays Capital 
Rishika Savjani

Deutsche Bank* 
Jaime Rowbotham

Andrew Lobbenberg

Johannes Braun

Peel Hunt 
Alexander Paterson

Ivan San Felix

Carlos Ais Davila

GVC Gaesco Beka 
Jaime Pallares Garcia

Intermoney Valores 
Julian Perez Solana

*Act as corporate brokers
International Consolidated Airlines Group SA is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding International Consolidated Airlines Group SA's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of International Consolidated Airlines Group SA or its management. International Consolidated Airlines Group SA does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.


The consensus has been collated from estimates submitted by analysts to IAG using a standard template. The information is provided purely for convenience to users of our website, for information purposes only.

IAG neither endorses, nor accepts responsibility for, any material published or relied upon by any analyst from which the figures presented are calculated, nor does it endorse or accept responsibility whatsoever for the views of these or any other analysts reporting on the company. In particular, IAG makes no warranty or representation as to the accuracy of the research, the reasonableness of any assumptions or projections or the likelihood of achieving the figures set out. IAG has not commented on or verified any individual estimates, nor does it intend to do so in the future, and IAG shall not be liable for any errors in the content of the research material, or for any action taken in reliance thereon.

Furthermore, IAG may at any time be in possession of information that may affect the research and has not commented upon, reviewed or updated, and is under no obligation to comment upon, review or update, the research.

Nothing contained herein should be taken as a recommendation to buy or sell shares in IAG or to take or refrain from taking any other action or to place any reliance on any of the information set out on our website. When making an investment decision you should seek the advice of an independent financial adviser.

The consensus figures are calculated using the straight average of the submissions provided on a quarterly basis, and are not altered or adjusted in any way by IAG other than as stated.

It should be noted that estimates are by definition forward looking and as such are speculative and are therefore subject to risks and uncertainties that may materially affect eventual results. Although IAG will endeavour to procure that the figures presented are kept updated in accordance with the methodology set out above, IAG assumes no obligation to update, revise or supplement the figures presented.