We anticipate a considerable 28% CAGR in IAG's EBITDA from FY22-24F, outperforming other European legacy airline groups. This growth is attributed to a combination of ongoing capacity expansion, sustained passenger yield strength, and astute cost management. By FY24, the group's passenger capacity is anticipated to return to normal, rising from approximately 97% of 2019's levels in FY23F. IAG has solidified its grip on the lucrative North-Atlantic routes to North America and will benefit from measured capacity growth in Europe. This advantage is particularly significant as regional competitors wrestle with the ongoing GTF engine challenges. Additionally, the group's unit revenue outlook remains favorable, underscored by British Airways' leadership in the UK's premium leisure segment, where demand is predicted stay robust.