Alex Cuenca

✈ Iberia will enhance its long-haul connectivity in the winter of 2025-2026 with three new destinations in America. Service to Orlando, USA, will start on October 26, with four weekly flights using A330s, offering over 46,000 seats. In December 2025, new routes to Recife and Fortaleza, Brazil, will open, adding to current 14 weekly flights to Sao Paulo and five to Rio de Janeiro. Recife flights start December 13 (three weekly, increasing to five in February 2026), Fortaleza on January 19, 2026 (three weekly, increasing to four in February). Iberia was the pioneer in using A321XLR aircraft since November 2024, currently flying to Boston thrice weekly and set to debut in Washington on April 12.

📍 IAG reduced its debt by €1,077 million in 2025, paying off €500 million and €577 million bonds. In 2024, IAG generated €6,372 million in cash, invested €2,816 million, and had a free cash flow of €3,566 million. Liquidity at year-end was €13,362 million, including €9,828 million in cash, up 44% from 2023. Bonds due in 2027 and 2029 were canceled; the largest outstanding bond is €1,016 million at 1.125% interest. IAG plans to spend €3,700 million on plane purchases in 2025, expects to distribute €435 million in dividends, and buy back €1,000 million in shares.

🚂 Renfe will maintain monopoly on Madrid-Galicia, Madrid-Asturias/Cantabria, and Madrid-Cádiz/Huelva routes until at least 2031-2032. Adif's second passenger transport liberalization phase, launched October 2023, faces delays due to technical and rolling stock limitations. The competitive process overseen by CNMC concludes in late 2026 but depends on Talgo's unique rolling stock technology, which is backlogged with orders over €4 billion. New operators face a four-year delay post-agreement, plus safety testing and training time. Despite this, liberalization in 2023 yielded a €578 million positive impact and a 52% revenue increase in liberalized corridors for Adif Alta Velocidad.

🏖 Azul Marino successfully integrates Viajes Eroski, becoming an independent operational brand with around 125 new sales points—totaling nearly 200 travel agencies. The transition, reported by Preferente at the end of 2022, involves a four-year collaboration offering Eroski Club members a 5% discount at Azul Marino and the ability to use Eroski wallet balance there. 90% of Eroski's team joins W2M's network, ensuring service continuity and personalized attention.