IAG’s aircraft orders are like waiting for a bus. Three arrive at the same time.

On 26-Sep-2013, shareholders in IAG will be treated to a rare event: the opportunity to approve a major aircraft order for the first time in several years. In fact, rather like the proverbial buses after a long wait, there are three of them at the same time. British Airways is getting 787s and A350s and Vueling is getting A320s (including A320neo), while Iberia is getting used to being the poor relation and must prove it can return to profit before any new orders.

After many years of very few new aircraft deliveries (including the years prior to the creation of IAG in 2010), IAG will take around 20 every year until the start of the next decade. This will require it to sustain levels of capital expenditure not seen by the combination of BA and Iberia since the 1990s. A sustained rise in profits will also be needed.