Shareholder returns

IAG’s ambition has always been to reward shareholders through paying a sustainable dividend.

Our cash priorities are focused on investing in the business, optimising the capital structure, as well as committing to a sustainable dividend. Surplus cash will be returned to shareholders in the absence of further strategic opportunities to create value.

We started dividend payments in 2015. By the end of 2019, we had returned almost €4.1bn to shareholders through payment of our regular dividends, the completion of two €500m share buy-backs in 2017 and 2018 equating to almost 7% of shares outstanding, and the payment a special dividend of €695 million.

As a result of the impact of COVID-19, in April 2020 IAG withdrew the proposal to pay a final dividend.

The Group is determined to resume returning capital to Shareholders as soon as the operating environment and resulting financial performance of the Group permit.

Dividend history 

Concept  Type  Payment date*  Record date  Ex-dividend date  Gross amount (€ cents)  Withholding (%)  Net amount (€ cents) 
Interim  Cash  07/12/2015  04/12/2015  07/12/2015  0.10  19.5  0.0805 
Final  Cash  04/07/2016  01/07/2016  29/06/2016  0.10  19.0**  0.0905 
Interim  Cash  05/12/2016  02/12/2016  01/12/2016  0.11  19.0  0.0891 
Final  Cash  03/07/2017  30/06/2017  29/06/2017  0.125  19.0  0.10125 
Interim  Cash  04/12/2017  01/12/2017  30/11/2017  0.125  19.0  0.10125 
Final  Cash  02/07/2018  29/06/2018  28/06/2018  0.145  19.0  0.11745 
Interim  Cash  03/12/2018  30/11/2018  29/11/2018  0.145  19.0  0.11745 
Final  Cash  08/07/2019  05/07/2019  04/07/2019  0.165  19.0  0.13365   
Special Cash 08/07/2019 05/07/2019 04/07/2019 0.35 0*** 0.35
Interim  Cash 02/12/2019 29/11/2019 28/11/2019 0.145 19.0 0.11745  

* The payment date for the UK register (held as CDIs) will be approximately 10 days later than the payment date for shares held through the Spanish register. For more information please see the dividend FAQ below.

** Spanish Withholding Tax of 19% was deducted from the 5 euro cents relating to net profit, no withholding was applicable to the 5 euro cents that relates to share premium.

*** The special dividend of 35 euro cents per share was paid out of the share premium reserve and no withholding tax was applicable.  


As a Spanish company, IAG declares its dividends in euros.

CDI holders within the IAG Nominee will receive their dividend payment in sterling, unless they have requested to receive in euros. Computershare will carry out the conversion and obtain the appropriate exchange rate as soon as practical after they receive the aggregated dividend. The tax voucher will indicate the exchange rate used.

CDI holders wishing to receive their dividend payment in euros need to complete a currency election form provided by Computershare or by visiting www.investorcentre.co.uk.

When IAG announces a dividend, it will confirm the relevant dates applicable to that dividend:

  • Dividend rate 
  • Ex-dividend date 
  • Record date 
  • Payment date 

Shareholders on the register on the record date will be entitled to receive the dividend. The payment date for shares held in the form of CDIs through the IAG Nominee will be approximately 10 days later than the payment date for shares held through the Spanish register. This is to allow time for the payment to be received by Computershare who then convert it into Sterling and make arrangements for the payment.

For those shareholders in the IAG Nominee the quickest way to receive your dividend payment is directly into your bank account, otherwise you will be sent a cheque. Direct payment into a bank account is an easy and secure way to receive dividends, there will be administration fees charged by Computershare if you ask for a cheque to be reissued.

For the dividend payment to be made directly to your bank account or for you to receive your dividend in euros you need to have registered these details with Computershare by no later than 12:00 (GMT) on the record date. To register your bank details, you will need your shareholder reference number which you can find on your CDI statement.

You only need to register your bank details once, unless you change your bank account then you need to update your details with Computershare.

As a Spanish company, any dividend related taxes are due in Spain and therefore CDI holders who are not resident in Spain for tax purposes will be subject to the standard Spanish taxation withholding.

Please see the Tax Information section for more information on this topic.

Please contact Computershare should you have any further questions in relation to the payment of your dividend. Please note that neither IAG or Computershare can assist you with tax advice, you need to review the tax information available on the IAG website and, if necessary, contact an independent financial adviser.