INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
("IAG" or the "Company")
Launch of €500 million share buyback programme
Further to IAG’s announcement on 26 February 2026 of a €1,500 million return of excess cash to shareholders, and following completion of the second €500 million share buyback programme after the final purchase on 10 September 2026, IAG announces the launch of a final €500 million share buyback programme (the “Programme”), completing the €1,500 million return of excess cash announced in February 2026. Shares acquired under the Programme are expected to be cancelled pursuant to the capital reduction approved at the Company’s Shareholders’ Meeting held on 18 June 2026.
The Programme will be carried out pursuant to the authorisation granted by the Annual General Meeting held on 18 June 2026.
Morgan Stanley Europe SE (“MS”) and Goldman Sachs Bank Europe SE ("GS") have been engaged to implement the Programme in sequential portions. MS and GS (and/or their respective delegates) will make the share purchases on the Company's behalf (acting as riskless principal and not as agent) and make all trading decisions independently of, and uninfluenced by, the Company, subject to certain parameters agreed between the Company and each of MS and GS prior to the commencement of the Programme.
Qatar Airways Group Q.C.S.C. (“Qatar Airways”) has agreed to participate in the Programme on a pro rata basis in order to preserve its aggregate stake in IAG at the level held immediately prior to the implementation of the Company’s recent share buyback programmes, the first of which was announced on 8 November 2024 (i.e. 25.1434% of IAG’s voting rights). Under the arrangements entered into with MS and GS, Qatar Airways has agreed not to sell IAG shares in the market during the Programme. Instead, it will sell to MS and GS, as applicable, for on-sale to the Company, on each trading day a number of shares proportionate to the number of shares bought by such bank in the market on that day, at a price per share equal to the volume weighted average price at which such bank purchased such shares in the market on that day.
The Programme will be executed through purchases of shares from market participants and purchases of shares from Qatar Airways on the terms set out above, in an aggregate amount of up to €500 million (€374 million for purchases from market participants and €126 million for purchases from Qatar Airways).
The Programme will start on 5 October 2026 and is expected to end no later than 26 February 2027, unless terminated by the Company, MS or GS, as applicable, in certain circumstances.
The Programme will be carried out in accordance with the provisions of the Market Abuse Regulation (EU) 596/2014 and Commission Delegated Regulation (EU) 2016/1052 (including as incorporated into UK law) regarding the exemption for buyback programmes, and will have the following characteristics:
a) Regulated market: the shares will be purchased on both the London Stock Exchange and the Spanish Stock Exchanges (each an "Exchange").
b) Maximum pecuniary amount allocated to the Programme: €500,000,000, with up to €374,283,000 allocated to purchases of shares from market participants.
c) Maximum number of shares to be acquired pursuant to the Programme: up to 210,000,000 ordinary shares, representing approximately 4.55 per cent. of the Company's issued share capital as of 2 October 2026.
d) Consideration per share: the shares will be purchased at a price of no more than the lower of: (i) the higher of the price of the last independent trade and the highest then current independent purchase bid on the Exchange where the purchase is carried out, and (ii) 105 per cent. of the average market value of the shares for the five business days prior to the day the purchase is made.
e) Maximum volume per trading session (including share purchases from both market participants and from Qatar Airways): no more than 25 per cent. of the average daily volume of the shares traded on the Exchange in the 20 trading days immediately preceding the date of purchase.
Shares acquired pursuant to the Programme will be held in treasury, pending their proposed cancellation, which was approved IAG’s Annual General Meeting on 18 June 2026.
José Antonio Barrionuevo
Chief Financial Officer
LEI: 959800TZHQRUSH1ESL13
2 October 2026
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.