International Consolidated Airlines Group S.A. delivered robust Q1 results, with operating profit up to €351 million and resilient premium passenger demand. Its strong balance sheet, 70% fuel hedge for 2026, and limited Middle East exposure position it favorably versus EU peers amid ongoing geopolitical risks. Q2 booked revenue aligns with historical levels, net debt/EBITDA improved to 0.5x, and FCF yield stands at 15%, supporting continued buybacks. With a supportive valuation, we remain buyers.