Full Year 2023 International Consolidated Airlines Group SA Earnings Call Transcript

Mar 01, 2024

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Feb 29, 2024 / 10:00AM GMT
Stuart Morgan -

Everybody, welcome to the IAG full year 2023 results. Presenting today are Luis Gallego, our CEO; Nicholas Cadbury, our CFO. And we've got members of the management committee here. And on that note, I will hand over to Luis.

Luis Gallego Martin - International Consolidated Airlines Group S.A. - CEO & Executive Director

Thank you very much, Stuart. Good morning, everyone. I'm very pleased to report that we have delivered a very good performance in 2023. We have seen the return of strong demand for travel across all our regions and, in particular, in the leisure market.

We have delivered a full year operating profit of EUR 3.5 billion, up from EUR 1.2 billion in 2022 and even ahead of the EUR 3.3 billion that we made in 2019. This also represents an operating margin of 11.9%, again strongly ahead of last year and close to pre-COVID levels.

We have generated significant free cash flow of EUR 1.3 billion. This has delivered a strong balance sheet with leverage now below our medium-term target and has allowed us to derisk the business

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