IAG Cargo recorded a weaker first quarter as Middle East disruption, currency pressure and a strong comparison period weighed on performance.
The cargo business of International Airlines Group posted revenues of €275m, down 13.5% year on year. Cargo traffic declined 7.7% to 1.2bn cargo tonne km, while yields slipped 6.3% to €22.78 cents.
The group said last year’s first quarter had been particularly strong, supported by high market yields, supply chain disruption and strong demand.
Since the third quarter of 2025, yields have declined as market rates stabilised following the earlier Red Sea-related surge.
IAG said cargo revenue was also affected by a weaker US dollar, while March performance was hit by cancellations to Middle East destinations.
Despite the pressure, the group continued to prioritise premium and high-yield cargo flows, particularly across Asia Pacific and India.
IAG Cargo’s performance contrasted with Lufthansa Cargo and Air France-KLM, which benefited in March from reduced industry capacity linked to the Middle East conflict and the availability of freighter capacity.
