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2026 Half One Results
2 2026 Half One Results Disclaimer
LEI: 959800TZHQRUSH1ESL13
Forward-looking statements:
This announcement contains forward-looking statements within the meaning of applicable securities laws. This cautionary statement is made for the purpose of providing protection for such forward-looking statements and is intended to qualify all forward-
looking statements made in, or incorporated by reference into, this announcement. These statements can be identified by the fact that they do not relate only to historical or current facts. By their nature, they involve risk and uncertainties because they relate to events and depend on circumstances that will occur in the future. Actual results could differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements often use words such as “expects”, “believes”, “may”, “will”, “could”, “should”, “would”, “might”, “continues”, “intends”, “plans”, “targets”, “predicts”, “estimates”, “envisages”, “anticipates”, “aims”, “seeks”, “projects”, “forecasts”, “outlook” or “guidance”, or the negative or other variations of such words, or comparable terminology. They include, without limitation, any and all projections or expectations relating to the results of operations, financial condition, cash flows, dividend policy, capital allocation, fleet and capacity plans, route network development, competitive position, industry trends, strategy and regulatory developments of International Consolidated Airlines Group, S.A. and its subsidiary undertakings from time to time (the ‘Group’), as well as plans and objectives for future operations, expected future revenues, financing plans, expected expenditure, acquisitions and divestments relating to the Group and discussions of the Group’s business plans, and its assumptions, expectations, objectives and resilience with respect to climate and sustainability scenarios. All forward-looking statements in this announcement are based upon information known to the Group on the date of this announcement and speak as of the date of this announcement. Except as required by applicable law, regulation or the rules of any stock exchange on which the Group’s securities are admitted to trading, the Group expressly disclaims any obligation or undertaking to release publicly any update, revision, or correction to any forward-looking statement contained herein to reflect any change in the Group’s expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based.
Actual results may differ from those expressed or implied in the forward-looking statements in this announcement as a result of any number of known and unknown risks, uncertainties and other factors, including, but not limited to: changes in general economic, business, or market conditions; fuel price volatility; foreign exchange rate fluctuations; changes in interest rates and financing conditions; the impact of pandemics, public health emergencies, or travel restrictions; terrorist incidents, armed conflicts, or geopolitical instability; changes in applicable laws, regulations, or government policy (including taxation, emissions trading schemes, and environmental regulation); the loss, reduction, or reallocation of airport slots or changes to slot allocation rules and regulations, labour relations, industrial action, or workforce constraints; disruptions to IT systems or cybersecurity incidents; the outcome of litigation or regulatory proceedings; changes in competitive dynamics, consumer demand, or booking patterns; supply chain disruptions; climate-related risks; and the Group’s ability to execute its business strategy, achieve anticipated synergies, or manage its fleet and capacity plans — many of which are difficult to predict and are generally beyond the control of the Group, and it is not reasonably possible to enumerate all factors that could cause actual results to differ materially from those anticipated. Accordingly, readers of this announcement are cautioned against relying on forward-looking statements. Further information on the primary risks of the business and the Group’s risk management process is set out in the Risk management and principal risk factors section in the Annual report and accounts 2025 ; this document is available on www.iairgroup.com . All forward-looking statements made on or after the date of this announcement and attributable to IAG are expressly qualified in their entirety by the primary risks set out in that section.
Where forward-looking statements in this announcement are based on data, forecasts, or estimates sourced from third parties, the Group has not independently verified such information and makes no representation or warranty, express or implied, as to its accuracy, completeness, or reliability.
To the fullest extent permitted by applicable law, neither the Group nor any of its directors, officers, employees, or advisers accepts any liability whatsoever for any loss, howsoever arising, from any use of, or reliance on, forward-looking statements contained in this announcement or any information on which such statements are based.
These cautionary statements qualify all forward-looking statements contained in this announcement and all forward-looking statements attributable to the Group or to persons acting on its behalf, whether made in writing or orally, including in investor presentations, earnings calls, or other communications.
Alternative Performance Measures:
This announcement contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards (‘IFRS’) and derived from the Group’s financial statements, alternative performance measures (‘APMs’) as defined in the Guidelines on alternative performance measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015. The performance and outcome of the Group’s strategy is assessed using a number of APMs. These measures are not defined under IFRS, should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies relevant to the Group and may differ to similarly titled measures presented by other companies.
For definitions and explanations of APMs, refer to the APMs section in the most recent published financial report and in the IAG Annual report and accounts 2025 and the Interim Management Statement for the year to 31 March 2026 (IAG H1 2026 Financial Release) . These documents are available on www.iairgroup.com .
Highlights
Luis Gallego
Chief Executive Officer
4 2026 Half One Results Strong
Position
Unique strength from our diverse network, hubs and brands
Premium customers
Growing IAG Loyalty and partnershipsStrong fundamentals support best-in-class value creation
= +Strong
Execution
Delivering world-class
margins
Delivered by our
transformation
programme
Delivered by our talented employees Strong Value
Creation
Sustainable long-term
earnings growth
Significant free cash
flow generation
Significant shareholder
returns
5 2026 Half One Results A robust first half performance despite near-term headwinds •Well-positioned due to strong fundamentals •Revenue growth supported by continuing strong demand for travel and our diverse portfolio of markets and customer propositions •Disciplined cost control partly mitigating significant fuel price increase •A strong and efficient balance sheet: net leverage of 0.6x •Continuing to deliver for our shareholders: 2025 final dividend paid; continue to execute excess cash return •We expect to deliver full year operating margin within our 12%-15% target range, generate significant free cashflow and maintain a strong balance sheet •All metrics are shown before exceptional items
6 2026 Half One Results Strong fundamentals delivering sector-leading margins •H1 revenue growth of 1.0%; resilient second quarter revenue growth of 0.2% , despite the significant impact of the Middle East crisis •A strong first quarter and resilient second quarter have delivered a sector-leading first half operating margin of 10.9% •Recovering around 60% of higher fuel cost increase through revenue growth and cost initiatives, in line with guidance •IAG Loyalty continuing to deliver high growth, high margin and high free cash flow •Resilient profit: H1 operating profit of €1,757 m; second quarter operating profit of €1,406 m - and a sector-leading second quarter operating margin of 15.8% •All metrics are shown before exceptional items
José Antonio Barrionuevo Chief Financial OfficerFinancial results
8 2026 Half One Results Robust H1: growing revenue and disciplined cost control IAG operating profit bridge by driver:
A robust performanceIAG operating profit bridge by business:
Strong performance at Loyalty and British Airways *Other includes LEVEL, IAG Cargo, IAG GBS, ICAG and consolidation adjustments All metrics are shown before exceptional items€m €m
(121) m
11.8% 10.9%Operating margin11.8% 10.9% 11.9% 13.5% 3.0% (2.9)% 19.3%
1,878828
(23) (14)(184)
(676) (52)1,757
H1 25 Passenger
revenueCargo
revenueOther
revenue*Non-fuel
costsFuel costs FX H1 26 *Other revenue includes MRO and Handling businesses, IAG Loyalty (including British Airways Holidays)
1,878 44
(38) (49)(114)48
(12)1,757
H1 25 BA IB (excl.
LEVEL)VY EI IAG
LoyaltyOther* H1 26(6.4)%
9 2026 Half One Results Resilient Q2 performance despite headwinds IAG operating profit bridge by driver:
Revenue increase not enough to offset fuel increaseIAG operating profit bridge by business:
All airlines affected by immediate impact of higher fuel *Other includes LEVEL, IAG Cargo, IAG GBS, ICAG and consolidation adjustments All metrics are shown before exceptional items€m €m
(274) m
19.0% 15.8%Operating margin 17.3% 17.3% 8.4% 9.6% 18.6%
1,680318 7
(24)14
(489)(100)1,406
Q2 25 Passenger
revenueCargo
revenueOther
revenue*Non-fuel
costsFuel costs FX Q2 26
1,680
(54)(65)(76) (66)20
(33)1,406
Q2 25 BA IB (excl.
LEVEL)VY EI IAG
LoyaltyOther* Q2 26(16.3)%
19.0% 15.8%
*Other revenue includes MRO and Handling businesses, IAG Loyalty (including British Airways Holidays)
10 2026 Half One Results Resilient margins in our biggest businesses
H1 2026
(€m) vLYH1 2026 (£m) vLYH1 2026 (€m) vLYH1 2026 (€m) vLYH1 2026
(£m) vLY
Total revenue 1,146 (2.5)% 7,426 +5.4% 3,901 +0.4% 1,501 +1.5% 1,239 +3.4% Passenger revenue 1,106 (2.9)% 6,976 +6.2% 2,978 +4.3% 1,488 +1.6% 627 (1.3)% Operating result before exceptional items (34) (114) 885 +61 526 (38) 46 (49) 239 +48 Operating margin before exceptional items (2.9)% (9.7)pts 11.9% +0.2pts 13.5% (1.0)pts 3.0% (3.4)pts 19.3% +3.4pts
ASK (m) 16,647 +1.8% 86,222 (1.2)% 42,783 +1.4% 20,244 (2.0)%
PRASK (cts/p) 6.64 (4.7)% 8.09 +7.5% 6.96 +2.9% 7.35 '+3.7% Non-fuel CASK (cts/p) 5.00 +3.1% 5.35 +2.9% 5.95 (2.7)% 4.89 +4.0% Iberia figures exclude LEVEL 271 +61 IAG Loyalty operating profit on pre-HMRC VAT dispute basis:
11 2026 Half One Results Resilient demand driving revenue growth 1PRASK represents total passenger revenue divided by ASKs. Regional CRASK represents passenger revenue excluding certain items that are not directly assigned to a route level (e.g. joint business payments/receipts, FX hedging gains/losses, EC261 & UK261 compensation, and adjustments to assumptions for unused tickets). 'ccy' represents data at constant currency. 30.6% of Group H1 ASKs24.7% of Group H1 ASKs 20.8% of Group H1 ASKsTotal
PRASK1PRASK ccy2ASKs
Q1 3.5% 8.2% 0.2%
Q2 1.6% 4.6% (0.5)%
H1 2.4% 6.2% (0.1)%
North Atlantic
CRASK CRASK ccy ASKs
Q1 (0.2)% 6.7% (0.4)%
Q2 2.8% 7.3% 3.0%
H1 1.7% 7.1% 1.5%
Latin America & Caribbean
CRASK CRASK ccy ASKs
Q1 4.5% 9.2% 1.9%
Q2 (1.5)% 2.4% 5.3%
H1 1.6% 5.9% 3.5%
11.0% of Group H1 ASKsAfrica, Middle East & South Asia
CRASK CRASK ccy ASKs
Q1 2.1% 8.1% (2.2)%
Q2 9.2% 13.2% (17.4)%
H1 5.3% 10.5% (9.4)%Domestic
CRASK CRASK ccy ASKs
Q1 16.8% 18.2% (2.5)%
Q2 1.2% 1.7% 6.7%
H1 8.1% 8.9% 2.3%Europe
CRASK CRASK ccy ASKs
Q1 3.5% 6.0% (1.6)%
Q2 —% 1.2% (3.6)%
H1 1.2% 2.9% (2.8)%
8.2% of Group H1 ASKs 4.7% of Group H1 ASKsAsia Pacfic
CRASK CRASK ccy ASKs
Q1 3.4% 8.5% 19.3%
Q2 13.3% 16.2% (1.7)%
H1 8.4% 12.5% 7.7%
2Regional constant currency data presented is not an IFRS metric, and is based on internal IAG analysis to provide a directional view of foreign exchange impacts, particularly given the significant impact of the US dollar and Sterling in IAG accounts.
12 2026 Half One Results H1 2026 Cost categoryDisciplined cost control, with FX benefit, supporting margins Numbers in brackets indicate favourable movements All metrics shown are before exceptional itemsSupplier*
Ownership
Total non-fuel2.4%H1-26 unit cost
(% vLY)
(5.4)%
8.8%
(1.3)%Employee
Fuel 12.5%
Total unit cost 2.1% *Supplier costs include costs related to growth of the Group´s non-airline businesses, including Iberia´s MRO and Handling businesses and British Airways HolidaysReflects pay deals, headcount growth driven by planned additional capacity and the increase in UK Employers' National Insurance Transformation initiatives offsetting inflationary pressures Increase driven by new aircraft, alongside customer-focused and digital
investments
Fuel prices increased from late February, reflecting the conflict in the Middle East. The Group's fuel hedging policy partially offset the increase in commodity price1.9% increase at constant currency
13 2026 Half One Results Adjusted EPS decreased due to reduction in profit Six months to 30 June
€mBefore
exceptional
items 2026Exceptional
itemsReported
2026Before
exceptional
items 2025Exceptional
itemsReported
2025
Revenue 16,064 – 16,064 15,906 – 15,906 Operating costs 14,307 149 14,456 14,028 – 14,028 Operating profit 1,757 (149) 1,608 1,878 – 1,878 Finance costs (400) – (400) (431) – (431) Finance income 128 – 128 155 – 155 Net change in fair value of financial instruments 54 – 54 (70) – (70) Net financing credit relating to pensions 55 – 55 42 – 42 Net currency retranslation (charges)/credits (61) – (61) 336 – 336 Other non-operating credits/(charges) 33 – 33 (164) – (164) Profit before tax 1,566 (149) 1,417 1,746 – 1,746 Tax (420) 36 (384) (445) – (445) Profit after tax 1,146 (113) 1,033 1,301 – 1,301 Adjusted EPS before exceptional items (€c) 23.6 26.5
14 2026 Half One Results Consistently generating significant free cash flow
H1 2026
(€m)H1 2025
(€m)
Operating profit1 1,757 1,878 Depreciation 1,366 1,257 Working capital 1,436 1,839 Provisions (excl. carbon-related obligations) (99) (68) Purchase of carbon assets net of change in carbon obligations (19) (170) Interest paid (288) (371) Interest received 123 159 Tax paid (116) (156) Payment to HMRC to appeal IAG Loyalty VAT2 – (447) Other 36 (134) Net cash from operating activities 4,196 3,787 Gross capex (1,291) (1,690) Free cash flow 2,905 2,097 •Working capital impacted by tactical fuel prepayments alongside lower capacity growth •IAG Loyalty VAT net payment of €447m to HMRC2 in 2025 drove the year-on-year increase in net cash from operating activities •Investing in our fleet:
•16 deliveries now expected in 2026, majority of
which unencumbered
•H1: 2x A321XLR and 1x A320neo •H2: 6x A320neo, 2x A321neo, 2x B787-10,
3x B737-8200
•Full Year capex now expected to be € 3.4bn 1 Before exceptional items 2Paid in order to appeal the HMRC decision relating to historical treatment of VAT by IAG Loyalty
15 2026 Half One Results Continued balance sheet strength
€m30 June
2025 31 December
202530 June
2026
Gross debt 14,807 14,267 13,867 of which bank and other loans 1,841 1,978 1,743 of which asset financed and lease liabilities 12,966 12,289 12,124 Gross debt / EBITDA before exceptional items 2.0x 1.9x 1.8x Cash, cash equivalents and interest-bearing deposits 9,348 8,319 9,175 Net debt 5,459 5,948 4,692 Net debt / EBITDA before exceptional items 0.7x 0.8x 0.6x Total liquidity (cash and facilities) 12,024 10,948 11,873•Net leverage of 0.6x, reflecting strong profitability and cash
generation
•Gross leverage of 1.8x:
–net reduction of €0.2bn related to repayment of convertible bonds partially offset by issuance of new
unsecured bonds
–ongoing repayment of aircraft
leases
–non-cash lease extensions of €0.5bn in line with full year expectation of c.€1bn •Total liquidity of € 11.9bn, including
$3bn RCF
Rolling last four quarters EBITDA before exceptional items
16 2026 Half One Results Disciplined investment at RoIC of 13% to 16%Excellent financial performance supports strong balance sheet, investing in the business and rewarding shareholders Maintain a strong balance
sheet
Maintain net debt / EBITDA
< 1.8x
Convertible redeemed;
€1bn unsecured bonds
issued
Gross leverage
1.5x - 2.0xInvesting in the business 16 aircraft to be delivered in 2026Excess cash returned
to shareholders
Distribute excess cash below net leverage of 1.0x to 1.5x €800m done of € 1.5bn announced in Feb 2026 Plan to return further significant excess cashCommitment to
sustainable dividends
Sustainable ordinary
dividend
2025 Total dividend of
€441m
Increases broadly in line with inflationLTM RoIC of 17.7%
Delivering our strategy
Luis Gallego
Chief Executive Officer
18 2026 Half One Results Sustainable
profitability
Accretive
earnings growth12-15%
Operating Margin
13-16%
RoIC
<1.8x
Net leverage Strategic imperatives Medium-term ambition A strong core
Capital-light earnings
growth
A sustainable value-creation frameworkOur strategy is delivering sustainable margins and returns
19 2026 Half One Results A strong core: our diverse portfolio of markets and brands
Brands
Share of Group ASKs
30.6%
20.8%24.7%8.2%11.0%4.7%
North Atlantic
Latin America and Caribbean
Europe
Domestic (Spain and UK) Africa, Middle East and South Asia Asia Pacific Regions
British Airways
Iberia
Vueling
Aer LingusCustomer segments
Premium Non-premium
Point-to-point ConnectingBusiness: Corporate & SME VFR: Visiting friends &
relatives
Leisure: Holiday &
discretionary travel
20 2026 Half One Results Aer Lingus Transformation •Product: announced new business class and
Premium Economy
•Cost: head office restructure and union consultation •Technology: AI-driven revenue optimisation, software development, maintenance & engineeringTransformation initiatives underpin resilient margins A Better BA •New revenue management and payments platforms delivering revenue benefits •BA app now being rolled out; significant new functionality to come •Workforce efficiency programme across head
office functions
Plan de Vuelo •Growing Madrid hub: now at 51 long-haul aircraft, A321 XLRs performing well •Cost and efficiency: early retirement plan, driving NDC adoption, bag-handling improvements •Investing in MRO: new LEAP licence; creation of IAG Engine Tech
Plan Rumbo
•Targeting 60 million passengers in 10 years •New Boeing 737 fleet to drive significant efficiencies and harmonisation •Digitalisation of customer journey Building to a Billion •Growing non-air partnerships to drive multi-collection and redemption opportunities •Increasing customer activation through the rollout of Starlink •Improve Holidays customer experience through enhanced digital platform
21 2026 Half One Results Investing to drive improving customer experience, resilient operations and future earnings growth Property, equipment and loungesImproving our customer experience and back-end processes Investing in our cabinsRenewing our fleet•A321 XLR fleet now delivered and performing well •First B737s for Vueling; re-fleet to secure long-term cost advantage •Completing Club Suite rollout across LHR fleet; A380 retrofit just started (with new First) •A330s retrofits with new Business and Premium Economy for both Iberia and Aer Lingus •BA new lounge concepts: Dubai and Miami. Newark recently
announced
•Iberia VIP Emerald Lounge in Madrid•Starlink rollout: targeting 50% of long-haul fleet by end 2026 •New technology platform for Holidays (website, app, back end)
22 2026 Half One Results British Airways
H1 OTP D15
83.0%Iberia
H1 OTP D15
89.8%Vueling
H1 OTP D15
84.3%Aer Lingus
H1 OTP D15
83.0%Maintaining sector-leading punctuality across our airlines
23 2026 Half One Results IAG Loyalty - Building to a Billion
Loyalty Highlights
•Strong performance vLY:
•+9% more active customers* •+15% more Avios issued •+6% more Avios redeemed •New partnerships launched with BP Pulse, Uber Eats in the UK and Cinesa in Spain •Avios.com launched in Spain •Starlink Wi-Fi linked to loyalty membership at BA, Iberia and Aer Lingus British Airways Holidays •+11% growth in revenue per booking vLY •New BA Holidays companion voucher discount introduced for American Express Card members •British Airways Holidays launched a new online booking experience on selected routes Grow IAG Loyalty earnings by >10% each year *rolling 12-month period
24 2026 Half One Results Good progress on sustainability in 2026 Welcome UK Government Call for Evidence on SAF sub-targets to avoid non-supply
penalties
EU ETS proposals published on July 17 – some extension of ETS to long-haul proposed. We are assessing the impact of the proposed changes We continue to grow our SAF scope 3 programme to support our SAF purchases Announced a five-year agreement with the DHL Group to enable up to 190,000 tonnes of voluntary SAF at HeathrowWe have secured the vast majority of the SAF we need to comply with the EU and UK 2026 mandate requirements We continue to procure SAF and support early-stage SAF projects where these can help us meet the mandated requirements on
our business
Policy SAF supply Corporate SAF sales
25 2026 Half One Results New Iberia ground employees CBA, aligning success based retribution mechanisms with previous Pilots and Cabin crews agreementsOur people are critical to our success
Multi-year
agreements that
provide stabilityWe invest in our people, building f u t u r e - r e a d y s k i l l s a n d s u p p o r t i n g their early careersHeadcount increased to 78k colleagues, with 6k people hired in H1 to support business growth, improved service and greater operational resilience.I n c l u s i v e a n d m e r i t - b a s e d d e c i s i o n s c u l t u r e that strengthen our ability to attract and
perform
26 2026 Half One Results Outlook: well-positioned to manage headwinds •Demand continues to be robust; booked revenue at 57% for H2, in line with last
year
•Long-haul markets strong; short-haul markets more competitive •Expect to be able to recover around 60% of higher fuel cost through revenue and cost initiatives, in line with previous guidance •Transformation benefits support expectation of full year operating margin within the 12% to 15% target range •Continued strong free cash flow generation — continuing our excess cash return
programme
•Confident in long-term value creation for our shareholders
Appendices
28 2026 Half One Results Modelling assumptions FY 2026 •Capacity (ASK) now expected to be flat in 2026 compared to 2025 •We expect non-fuel unit costs to be flat, including the benefit of FX of around one percentage point reflecting significantly lower capacity growth than previously guided •Total fuel cost scenarios from €8.3 billion based on 30 June 2026 curve, to €8.6 billion based on 27 July 2026
curve
•Capital expenditure of around €3.4 billion. 16 aircraft now expected to be delivered in 2026
29 2026 Half One Results
8,3193,1231,943
(589) (281)
(1,291) (179) (194)(519) (203)(667) (209) (78)9,175
Actual cash
balance
Dec 2025EBITDA* Deferred
revenueOther WC
and
operating
movementsNet interest
& taxGross capex Net
repayment
of bondsRepayment
of post 2019
finance
leases and
other
borrowingsRepayment
of operating
lease
liabilitiesRepayment
of pre 2019
finance
leasesTreasury
SharesDividends Forex &
OtherActual cash
balance
Jun 2026Cash bridge Dec-25 to Jun-26 €m Free cash flow €2,905 m€856 m Repayment of lease liabilities
€722 m
* Before exceptional items
30 2026 Half One Results Fuel hedging - c70% hedged for 2026
* Effective blended price excluding into plane costAs per 30/06/26 jet curve Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Jet fuel price scenario $1,000/mt $950/mt $850/mt $850/mt $800/mt $800/mt $/€ scenario 1.143 1.143 1.143 1.143 1.143 1.143 Hedge ratio 74 % 65 % 55 % 48 % 39 % 31 % Effective blended price post fuel and FX hedging*$895/mt $880/mt $820/mt $840/mt $805/mt $805/mt **Jet CIF NWE price over the L12MAs per 27/07/26 jet curve Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Jet fuel price scenario $1,150/mt $1,180/mt $1,050/mt $950/mt $900/mt $900/mt $/€ scenario 1.143 1.143 1.143 1.143 1.143 1.143 Hedge ratio 74 % 65 % 55 % 48 % 39 % 31 % Effective blended price post fuel and FX hedging*$905/mt $975/mt $925/mt $915/mt $885/mt $885/mt
31 2026 Half One Results BA Iberia LEVEL Aer Lingus VuelingQ1-26 Q2-26 Q3-26 Q4-26FY 2026 capacity expected to be flat compared to FY 2025 1% (1)% —% Note: British Airways includes BA Cityflyer and BA Euroflyer; Iberia includes Iberia ExpressAirline contribution to IAG ASK growth by quarter vLY
ASKs Q3 2026
vLYFY 2026
vLY
2% —%
1% —%
6% 4%
(1)% (3)%
(24)% (10)%
1% —%
—%
32 2026 Half One Results Alternative Performance Measures (APMs) and terminology
definitions
Where the term ARA is used this refers to both the Annual report and accounts and the Annual Financial Report. Measure IFRS/APM Definition Source of calculation Adjusted earnings per share APM Based on results before exceptional items after tax and adjusted for earnings attributable to equity holders and interest on convertible bonds, divided by the weighted average number of ordinary shares, adjusted for the dilutive impact, when applicable, of the assumed conversion of the 2028 Bonds and employee share schemes outstanding.Q2 2026 Interim Management Statement (alternative performance measures section, note b: Adjusted earnings per share) Capex (or gross capital expenditure) IFRS Acquisition of property, plant and equipment and intangible assets per cash flow statementDirect from Cash flow statement (Net cash flows from investing activities) Cash IFRS Cash and cash equivalents and Current interest-bearing deposits Direct from Balance sheet (Current assets) EBITDA before exceptional items APM Operating result before exceptional items, interest, taxation, depreciation, amortisation and impairment.Q2 2026 Interim Management Statement (alternative performance measures section, note e: Net debt to EBITDA before exceptional items) Free cash flow APM Net cash flows from operating activities, less the cash flows associated with the acquisition of property, plant and equipment and intangible assets reported in net cash flows from investing activities from the Cash flow statement.Q2 2026 Results Release (Reconciliation of alternative performance measures section, note d: Free cash flow) Gross debt IFRS Total borrowings (current and non-current) Direct from Balance sheet (Current liabilities, Non-current liabilities) Gross debt to EBITDA before exceptional items (or Gross leverage)APM Based on Gross debt (per above) and the rolling 12 month EBITDA before exceptional itemsDirect from Balance sheet (Current liabilities, Non-current liabilities) and Q2 2026 Results Release (alternative performance measures section, note e: Gross and Net debt to EBITDA before exceptional items) and accounting policies Liquidity (or Total liquidity) APM Cash (per above) plus committed and undrawn general and overdraft facilities, and aircraft-specific financing facilitiesQ2 2026 Interim Management Statement (Reconciliation of alternative performance measures section, note h: Liquidity) Movements in working capital IFRS Net movements in working capital per cash flow statement Direct from Cash flow statement (Net cash flows from operating activities) Net debt IFRS Gross debt (per above) less Cash (per above) Q2 2026 Interim Management Statement (Reconciliation of alternative performance measures section, note e: Gross and Net debt to EBITDA before exceptional items) Net debt to EBITDA before exceptional items (or Leverage)APM Based on Net debt (per above) and the rolling 12 month EBITDA before exceptional itemsQ2 2026 Interim Management Statement (Reconciliation of alternative performance measures section, note e: Gross and Net debt to EBITDA before exceptional items) Operating profit (and other Income statement items) before exceptional itemsAPM See Q2 2026 Interim Management Statement (alternative performance measures section, note a: Profit after tax before exceptional items)Q2 2026 Interim Management Statement (alternative performance measures section, note a: Profit after tax before exceptional items) Unit measures (PRASK, Fuel CASK, Non Fuel CASK)APM Passenger revenue, fuel costs, non-fuel costs (before exceptional items) divided by capacity (ASKs)Glossary in the 2025 ARA