- Revenue was €570 million, down 9.4 per cent year-on-year, reflecting reduced capacity resulting from disruption in the Middle East.
- Yield (per Cargo Tonne Kilometre) was favourable 9.8 per cent year-on-year at constant currency, supported by strong pricing discipline despite the adverse origin mix driven by disruption in the Middle East.
- Continued investment in hub handling capacity to enable seamless connectivity for the Global Cargo Joint Business. During H1 2026, IAG Cargo became Ground Handling Agent (GHA) for Qatar Airways Cargo in Madrid and Dublin, building on its existing role as GHA for MASkargo at London Heathrow.
Today, IAG Cargo, the cargo division of International Airlines Group (IAG), reported revenue of €570 million for H1 2026, compared with €629 million in the same period last year. Cargo tonne kilometres (CTKs) were down 12.3 per cent compared with H1 2025, reflecting reduced capacity resulting from continued disruption in the Middle East.
During the first half of the year, IAG Cargo advanced the planned launch of its Global Cargo Joint Business with Qatar Airways Cargo and MASkargo, with operations commencing across 59 markets while continuing to invest in its network and customer offering. Once fully launched, the Joint Business will provide customers with access to more than 400 destinations worldwide.
David Shepherd, Chief Executive Officer at IAG Cargo, said:
“Despite continued disruption affecting parts of the network, our focus remained on responding to the needs of our customers, maintaining commercial discipline and investing in the long-term development of the business.
“This discipline has helped offset the impact of lower volumes through pricing actions and a continued focus on meeting demand across key trade lanes, while maintaining operational efficiency. At the same time, we continued to strengthen our network and customer offering through strategic partnerships and targeted investment, positioning the business for long-term growth.
“As we prepare for the full launch of the Global Cargo Joint Business, we have invested in expanding our hub handling capacity to support greater efficiency and connectivity across the combined network, creating a stronger platform for growth and an enhanced offering for customers.”
Commercial performance
The business continued to see strong demand across key trade lanes, particularly Asia Pacific and India, while demand for specialist logistics solutions remained strong throughout the first half of the year.
Volumes for Critical, IAG Cargo’s fastest service for urgent shipments, more than tripled compared with the same period last year. Prioritise, the company’s express shipping solution, recorded volume growth of 4.1 per cent. Meanwhile Secure, the specialist service for high-value shipments, increased 8.1 per cent year-on-year.
Demand for Constant Climate, IAG Cargo’s specialist service for temperature-sensitive shipments, remained strong, with increased volumes from Asia Pacific and a rise in demand for shipments supporting vaccination programmes across West Africa, where speed, reliability and temperature control are critical.
Strengthening connectivity and customer offering
In the first half of 2026, IAG Cargo continued to strengthen its network through strategic partnerships and new routes to Monterrey and St. Louis, its 27th US destination. These services provide customers with direct access to key manufacturing and aerospace supply chains in the US Midwest, as well as Monterrey, one of Mexico’s most important manufacturing centres and a key hub for automotive and high-tech industries, with a growing role in nearshoring to North America.
IAG Cargo continued to evolve its portfolio of specialist products, introducing a dedicated Aircraft on Ground (AOG) service to complement its Critical offering and support customers moving urgent aviation components.
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