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EasyJet has done well, but then one would expect a Low Cost Carrier to profit during a downturn.

BA owns a 15% stake in flybe, and with the vueling acquisition is now much better constituted to reduce cyclical issues.

The fact that IAG has made a 70%+ increase over the same period DESPITE all the legacy baggage, and BA is profitable, points to a very strong underlying business.

With many of the legacy issues addressed at BA, and being aggressively addressed at Iberia, I would expect some very strong resurgence once broader economic indicators have returned to sustained periods of growth.