IAG Cargo has reported a 9.4% year-on-year fall in first-half revenue after continued disruption in the Middle East reduced capacity across its network, although stronger yields helped offset lower volumes.
Revenue for H1 2026 totalled €570 million, down from €629 million in the same period last year, while cargo tonne kilometres (CTKs) fell 12.3%.
Despite the decline in volumes, yield per cargo tonne kilometre increased 9.8% at constant currency, supported by pricing discipline and a favourable market.
The cargo division of International Airlines Group also continued preparations for the full launch of its Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. Operations have now commenced across 59 markets, with the partnership expected to provide access to more than 400 destinations once fully implemented.
David Shepherd, chief executive of IAG Cargo, said: "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.
"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."
Alongside the joint business rollout, IAG Cargo expanded its ground handling capabilities, becoming ground handling agent for Qatar Airways Cargo in Madrid and Dublin, adding to its existing role for MASkargo at London Heathrow.
Demand remained strong across Asia Pacific and India during the period, while the carrier reported continued growth in specialist products. Volumes for its Critical service more than tripled year-on-year, Prioritise shipments increased 4.1%, and Secure volumes rose 8.1%.
The airline also introduced a dedicated aircraft on ground (AOG) service for urgent aviation components and launched new cargo routes to Monterrey and St. Louis, expanding access to manufacturing, aerospace and automotive markets in North America.
