Shares in IAG, the parent company of airlines such as Iberia, British Airways, and Vueling, fell more than 11% on Friday despite the group's profits increasing by 15% in the first nine months of the year, reaching €2.703 billion. The holding company also announced new shareholder payouts. In fact, it will distribute a gross dividend of 4.8 cents per share on December 1st. Despite the released data, IAG shares were among the worst performers on the market. The session began with a 6% drop, which later widened. The group's CEO, Luis Gallego, stated during the press conference presenting the third-quarter results that the stock remains "undervalued" and attributed this to market movements by "investors with short-term interests." IAG has expressed its conviction that the shares will appreciate and noted that, so far this year, the stock has increased by 67%. The group, which has benefited from growth in travel demand, achieved total revenues of €25.234 billion through September, 4.9% higher than in the first nine months of 2024, while operating profit was €3.931 billion, 18.3% higher. The group's net debt was reduced to €6.009 billion from €7.517 billion in the same period of 2024, a debt ratio of 8 times EBITDA. IAG maintains its outlook for the full year unchanged and expects to close 2025 with further revenue and margin growth. Travel demand remains robust, especially in the premium segment and on transatlantic routes, where IAG continues to strengthen its position. For the full year, the company forecasts a 2.5% increase in capacity, accompanied by a 3% increase in non-fuel unit costs, in line with expectations. It also estimates fuel expenditure of approximately €7.1 billion and annual capital expenditure (capex) of around €3.7 billion.

Air Europa has closed the agreement that allows Turkish Airlines to acquire a stake in the airline with a €300 million investment. The transaction, finalized early this morning, will be carried out through a loan convertible into an equity stake which, once the necessary authorizations are obtained, will become a 26% share. This cash injection completes the €475 million financing granted to the airline by the state-owned holding company SEPI during the pandemic. This brings forward by one year the repayment deadline for the state aid received. This transaction values 100% of Air Europa, a company with predominantly Spanish and family-owned capital, at approximately €1.175 billion. The Hidalgo family, through Globalia, will remain the majority shareholder of the company. Meanwhile, IAG – the holding company that owns Iberia, Vueling, and British Airways – will retain its current stake through the purchase of shares in Globalia. With this repayment, which includes interest, the amount recovered by the fund created to rescue strategic companies affected by the pandemic (FASEE) totals €1.425 billion. This sum represents 53% of the €2.681 billion granted. In addition to Air Europa, Ávoris, Eurodivisas, Wamos, Rugui Steel, Ferroatlántica, Soho, Hesperia, and Hotusa have also repaid their loans.

Have companies buying their own shares gone crazy? Some people are asking, given the trend, which last year amounted to more than €167 billion worldwide; this year, they are poised to continue along these lines of shareholder compensation. The trend has also taken hold in Spain and doesn't seem to be stopping. Since the beginning of 2025, transactions of this type worth more than €7 billion have been registered with the National Securities Market Commission (CNMV), involving companies on the main stock market index, the Ibex 35, but also companies listed on the continuous market.