IAG Cargo, the cargo division of International Airlines Group, reported commercial revenues of €1,238 million for the 2025 financial year, representing a 0.3 per cent increase over 2024. The performance reflects resilient demand for premium and time-critical air cargo services, as well as growth on key trade lanes.
Cargo tonne kilometres (CTKs) were up 0.4 per cent year-on-year, while overall yield remained consistent with 2024 levels. The results underline IAG Cargo’s ability to maintain stability amid evolving global trade flows and regulatory conditions.
Strong growth in priority and perishable shipments
The year saw significant demand for Critical, IAG Cargo’s premium priority solution, with volumes rising 41 per cent year-on-year, reflecting the reliance of customers on trusted partners for high-value and sensitive shipments.
Perishable cargo volumes also grew 12 per cent, with Latin America–Europe trade lanes performing particularly well. Shipments into Madrid increased 22 per cent, driven by strong demand for fresh produce and other temperature-sensitive goods.
David Shepherd, Chief Executive Officer at IAG Cargo, said:
“In a year shaped by shifting global trade flows and evolving tariff policies, we ended 2025 with a solid performance. Through improved capacity planning, we delivered greater consistency across our network, while continued investment in digital and operational capability strengthened the long-term resilience of the business.”
He added:
“We are embedding new ways of working that reduce complexity, improving how we serve customers and operate day to day. Overall, we are more agile, more responsive, and better equipped to deliver. Our network expansion and partnerships, including the Global Cargo Joint Business with Qatar Airways Cargo and MASkargo, demonstrate the growing scale and role of IAG Cargo in the global market.”
Expanding global reach through strategic partnerships
In June 2025, IAG Cargo announced plans to form a Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. Subject to regulatory approval, the agreement is expected to create one of the world’s largest cargo networks, offering broader market access, improved connectivity, and more consistent service across key international regions.
IAG Cargo has also expanded its third-party handling capabilities, with MASkargo shipments now processed through its London Heathrow hub, reflecting the division’s increasing role in supporting other carriers while enhancing operational flexibility.
Investment in digitalisation and operational efficiency
Throughout 2025, IAG Cargo continued to modernise its network, focusing on customer experience, forecasting, and operational efficiency.
Key initiatives included:
- Digital systems and data tools to improve capacity planning and demand forecasting.
- Enhancements to online booking platforms, including best price guarantees and improved self-service tools for greater shipment visibility and speed.
- Process and infrastructure improvements to maintain network reliability and optimise operational performance globally.
Shepherd highlighted that these investments ensure IAG Cargo remains well-positioned for sustainable growth and can continue providing high-value, time-sensitive cargo services across its international network.
