The following is a summary of the International Consolidated Airlines Group S.A. (ICAGY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• International Consolidated Airlines Group reported Q1 revenue of €6.4 billion, an increase of over 9%.

• Operating profit significantly increased to €68 million, compared to previous year's Q1.

• Leverage improved from 2.1x to 1.3x, indicating a stronger balance sheet.

• Net debt diminished to €7.4 billion, with capital expenditures expected to remain at €3.7 billion for 2024.

• The company witnessed improved performance on both pre-and post-tax levels, minimizing the loss to €4 million after tax.

• A one-off non-cash credit of €89 million was realized due to a court ruling in Spain.

Business Progress:

• The company is building on their core markets, improving global leadership positions, and strengthening their portfolio of world-class brands.

• Operational and customer service improvements have been implemented across subsidiary airlines.

• The group expects an increase in travel demand and is prepared for the summer season with bookings already above 80% for Q2 and over 40% for Q3.

• Their loyalty program is enhancing the earn and value proposition, offering varied ways to earn and redeem Avios.

• Significant market growth was observed in Madrid and Latin American destinations, particularly in the premium economy and luxury tourism sectors.

• The company is strategizing to deliver exceptional margins and returns and is focused on creating sustainable shareholder value.

More details: INTERNATIONAL CONSOLIDATED AIRLINE SPON ADR EACH REPR 2 ORD SHS IR

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