From inception, IAG’s ambition was to pay a sustainable dividend and reward shareholders. In 2015, we initiated dividend payments, which we had maintained up to 2019.

Our cash priorities are focused on investing in the business through accretive organic growth, as well as committing to a sustainable dividend. Surplus cash will be returned to shareholders in the absence of inorganic growth opportunities.

 By the end of 2019, we had returned almost €4.1bn to shareholders since 2015 through payment of our regular dividends, the completion of two €500m share buy-backs in 2017 and 2018 equating to almost 7% of shares outstanding, and the payment a special dividend of €695 million.

 As a result of the impact of the situation created by COVID-19, in April 2020 IAG withdrew the proposal to pay a final dividend of 0.17 euros per share, choosing instead to retain fiscal year 2019 profits in reserves.

The Group is determined to resume returning capital to Shareholders as soon as the operating environment and resulting financial performance of the Group permit. However, given the ongoing uncertainty resulting from the COVID-19 pandemic, it is not possible to provide accurate guidance as to when the Company will be able to resume returning capital to Shareholders.

Cash returns to shareholders 2015-2019

Cash returns to shareholders 2015-2019