The group’s operating profit in 2022 was 1.22 billion euros ($1.29 billion) and overturned two years of COVID-driven losses. CEO Luis Gallego said IAG, which also owns Iberia, Vueling and Aer Lingus, was seeing robust forward bookings.
Net debt came down to 10.38 billion euros from 11.6 billion in 2021. But, IAG’s debt remains higher than its market capitalisation and more then three times its EBIDTA, which analysts said has spooked the market.
IAG shares fell as much as 6.2%, making it one of the top losers on the index on Friday.
The group agreed on Thursday to pay 400 million euros ($424 million) to Spain’s Globalia for the remaining 80% of Spain-based Air Europa it did not already own, a deal aimed at expanding its position in the Latin American market but that could also come with additional regulatory hurdles.
“The star of the show is a renewed deal for Air Europa. While terms are not as favourable as the group acquires a more indebted…
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