IAG full year results 2023: Full year 2023 operating profit before exceptional items of 3,507m. euros

04.03.2024 - 07:52 / traveldailynews.com / Luis Gallego / Vicky Karantzavelou

New CEOs for Iberia and Vueling.

Strong growth in IAG‘s operating profit in 2023 underpinned by robust and sustainable demand for travel, alongside continued investment in company’s transformation to drive long-term earnings growth.

Luis Gallego, IAG Chief Executive Officer, said: “In 2023, IAG more than doubled its operating margin and profits compared to 2022, generated excellent free cash flow and strengthened its balance sheet position, recovering capacity to close to pre-COVID-19 levels in most of its core markets.

“In 2024, we will execute on our strategy, building long-term value into the business. We will focus on strengthening our core airline businesses and on developing IAG Loyalty and our other asset-light growth opportunities, and we will do this while operating under a strong financial and sustainability framework. Our airlines operate in the largest and most attractive markets globally and we will continue to invest in our brands to transform the business, improve the customer experience and support the delivery of sustainable growth and world-class margins.

“I would like to thank all of the teams across the Group for their continued hard work and dedication to delivering our transformation plan.”

Also, IAG announced changes to its senior management team effective from the beginning of April 2024.

Marco Sansavini has been appointed CEO and Chairman of Iberia.

Announcing the changes on the same day as IAG’s Full Year results and during the analysts’ presentation in London, Luis Gallego commented: “Today IAG is announcing very good results for 2023, more than doubling operating margin and profits compared to 2022. With these changes to our Management Committee, we will continue to execute on our strategic priorities, to transform our businesses and to deliver sustainable growth and world-class margins.”

“It is a testament to the strength of the talent and experience of IAG’s senior management that we have been able to make these appointments internally, from leaders already on the Management Committee. This depth of experience in senior leadership is a benefit of our Group structure.”

“Both Marco and Carolina have already made a significant impact in IAG’s transformation and I know that they will continue to deliver results in their new positions. I would like to pay particular tribute to Fernando Candela who stepped in to take leadership of Iberia in May 2023, after having set-up the Group-wide transformation programme. At Iberia, he closed the handling agreement, which is important for the future of the company.

“Our Spanish businesses are both performing very well and are positioned to take advantage of growing traffic to Latin America from Europe as well as the valuable