IAG saw its cargo revenues and volumes decline in the third quarter of the year as the market began to stabilise following supply chain disruption in the first half.
The airline group, which includes British Airways, Iberia and Aer Lingus, saw third-quarter cargo revenues decline 6.9% year on year to €283m while cargo tonne kms (CTK) were down 3.4% against a year ago to 1.3bn.
Yields were also down 3.6% on last year’s levels to €22.13cents.
Explaining the performance, IAG said that the cargo market had been settling down during the third quarter.
“Market yields were elevated in the first half of 2025, supported by global supply chain disruptions and strong demand; however, yields declined year-on-year in the third quarter as market rates began to stabilise from the previous year’s Red Sea-related surge,” the company said in its results statement.
While performance was down in the third quarter, for the year-to-date, IAG was able to continue to post increases for its cargo business after a strong start to the year.
Cargo revenues for the first nine months were up 4.8% to €912m, while cargo traffic improved by 1.7% on last year to 3.9bn CTK.
IAG’s cargo performance lags behind that of Lufthansa Cargo, although the latter beniffted from additional capacity as a result of the addition of an extra freighter and the integration of ITA.