IAG Cargo reported first-half 2026 revenue of €570 million, down 9.4 percent from the same period last year, as disruption in the Middle East reduced available cargo capacity across its network. Despite lower shipment volumes, the company said disciplined pricing and continued investment in cargo operations helped support performance while positioning the business for future growth.

Cargo tonne kilometers (CTKs) declined 12.3 percent compared with the first half of 2025, reflecting the ongoing capacity constraints. However, yield increased 9.8 percent at constant currency, which the company attributed to pricing discipline despite changes in cargo flows caused by the regional disruptions.

Operationally, IAG Cargo continued preparations for the full rollout of its Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. The partnership began operating across 59 markets during the first half of the year and is expected to eventually provide customers access to more than 400 destinations worldwide.

To support the expanded network, IAG Cargo increased investment in cargo handling infrastructure at its hubs. During the first half of 2026, the company became the ground handling agent for Qatar Airways Cargo in Madrid and Dublin, adding to its existing handling responsibilities for MASkargo at London Heathrow. The additional handling capacity is intended to improve connectivity and streamline cargo transfers across the joint network.

"Despite continued disruption affecting parts of the network, our focus remained on responding to the needs of our customers, maintaining commercial discipline and investing in the long-term development of the business," said David Shepherd, CEO of IAG Cargo.

Shepherd said pricing actions and operational efficiency helped offset lower shipment volumes while the company continued expanding its network through strategic partnerships and infrastructure investments.

Demand remained strong across Asia-Pacific and India during the first half of the year, while several of the carrier's specialized logistics products posted growth. Shipments using the company's Critical service for urgent freight more than tripled compared with the first half of 2025. Prioritise, its express product, increased 4.1 percent, while Secure, designed for high-value cargo, grew 8.1 percent year over year.

The company's Constant Climate service also saw increased demand, particularly for temperature-controlled pharmaceutical shipments from Asia-Pacific and vaccine distribution programs supporting West Africa.

IAG Cargo also expanded its route network with new service to Monterrey, Mexico, and St. Louis, its 27th U.S. cargo destination. The additions strengthen access to major manufacturing, aerospace and automotive markets while supporting growing nearshoring activity in North America.

The company also introduced a dedicated Aircraft on Ground (AOG) service, providing expedited transport for urgent aviation components to complement its existing Critical product portfolio.