IAG Cargo reported 2025 revenues of €1,238 million, marking a modest 0.3 per cent increase year-on-year as premium and perishables demand offset ongoing volatility in global trade flows.
The cargo arm of International Airlines Group said cargo tonne kilometres (CTKs) rose 0.4 per cent compared with 2024, while overall yield remained stable.
Premium and perishables drive growth
Demand for time-critical shipments strengthened significantly during the year. Volumes for Critical, the carrier’s premium priority product, surged 41 per cent year-on-year, reflecting increased reliance on expedited logistics for high-value and sensitive cargo.
Perishables traffic also expanded, rising 12 per cent year-on-year, with particularly strong flows from Latin America into Europe. Madrid emerged as a key gateway, recording a 22 per cent increase in inbound cargo volumes, supported by robust perishables demand.
Chief Executive Officer David Shepherd said the company had delivered “a solid performance” in a year shaped by shifting global trade routes and evolving tariff policies. He highlighted improved capacity planning, digital investment and operational enhancements as central to strengthening resilience and stability heading into 2026.
Global joint business plans
A major strategic development came in June 2025, when IAG Cargo announced plans to form a Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. Subject to regulatory approval, the partnership aims to establish one of the world’s most extensive air cargo networks, expanding market access and improving connectivity across key trade lanes.
In parallel, IAG Cargo expanded its third-party handling capabilities, with MASkargo shipments now processed through its London Heathrow hub — underscoring its ambition to position itself as a global logistics platform partner.
Digital and operational focus
Throughout 2025, the company invested in digital systems and data tools to enhance forecasting accuracy and optimise capacity deployment. It also introduced a best-price online commitment and expanded self-service functionality to streamline the booking process.
Operational improvements across infrastructure and processes were designed to bolster reliability and efficiency across its international network, as the carrier positions itself for sustainable growth in 2026.