Gordon and Jay unpack how Iberia engineered one of the most dramatic financial turnarounds in modern airline history. Plus: Singapore Airlines posts a solid start to the year, but its Air India stake is shaping up to be a costly bet.

Presented by WEX

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00:00 Welcome and Agenda

01:39 Singapore Earnings Snapshot

03:28 Air India Stake Drag

04:17 Why SIA Keeps Investing

07:22 Vistara Merger Complexity

08:43 Air India Headwinds

09:47 CEO Transition Stakes

11:56 SIA Wrap and Break

14:09 Iberia Turnaround Setup

15:03 Profitability Like Ryanair

16:17 From Dysfunction to Reform

20:23 Margins Then and Now

22:51 Madrid Hub and Macro Tailwinds

27:23 Latin America Strategy

32:04 More Advantages and XLR Growth

36:57 Final Thoughts and Signoff