IAG Cargo H1 revenue falls 9.4% amid capacity disruptions
Middle East disruptions weigh on cargo revenue and capacity in H1 2026, while strong specialised-service demand, strategic partnerships and new routes support long-term network growth.
IAG Cargo reported revenue of €570 million for the first half of 2026, down from €629 million in the same period last year, as continued disruption in the Middle East affected cargo capacity.
Cargo tonne kilometres (CTKs) declined 12.3% year on year during the period, reflecting reduced capacity across the network.
Meanwhile, IAG Cargo continued preparations for the planned launch of its Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. Operations have already commenced across 59 markets, with the partnership expected to provide customers access to more than 400 destinations worldwide once fully operational.
IAG Cargo also continued investing in its network and customer offering during the first half of the year.
David Shepherd, Chief Executive Officer at IAG Cargo, said, “This discipline has helped offset the impact of lower volumes through pricing actions and a continued focus on meeting demand across key trade lanes, while maintaining operational efficiency. At the same time, we continued to strengthen our network and customer offering through strategic partnerships and targeted investment, positioning the business for long term growth.”
Despite ongoing disruption across parts of its network, IAG Cargo remained focused on meeting customer needs, maintaining commercial discipline and investing in the long-term growth of the business, he said.
IAG Cargo saw strong growth across its specialised services during the first half of 2026. Volumes for Critical, its fastest service for urgent shipments, more than tripled year on year, while Prioritise, its express shipping solution, recorded 4.1% volume growth. Secure, the carrier’s service for high-value shipments, also grew 8.1%.
Demand for Constant Climate, IAG Cargo’s temperature-controlled service, remained strong, with higher volumes from Asia Pacific and increased demand for shipments supporting vaccination programmes across West Africa, where speed, reliability and temperature control are essential.
In the first half of 2026, IAG Cargo strengthened its network through strategic partnerships and the launch of new services to Monterrey and St. Louis, its 27th destination in the US.
The new routes provide direct cargo access to key manufacturing and aerospace supply chains across the US Midwest, while the Monterrey service connects with one of Mexico’s leading manufacturing centres and a major hub for automotive and high-tech industries. The city is also playing an increasingly important role in nearshoring to North America.
