IAG will have four additional Boeing 747-400s in service, but four fewer Airbus A340s, during 2020 than it had projected last year.

The company has detailed an updated fleet plan during a presentation to investors.

It states that it will have 23 747s, compared with 19 previously, owing to a life-extension programme.

But it has reduced its previous figure of 11 Iberia A340s to seven, which it attributes to hand-backs.

Its long-haul fleet will include 31 Airbus A330s and 58 Boeing 777s.

But the total long-haul fleet size is unclear because IAG says the number of Airbus A350s and Boeing 787s – previously given as 63 – is under review.

IAG’s short-haul fleet in 2020 will comprise 362 Airbus A320-family jets, according to the plan.

The company is bringing down its average annual capital expenditure over 2016-20, cutting a net €1 billion from the capex total.

It says some €400 million in additional capex relating to Aer Lingus over the period will be offset by a €1.4 billion reduction achieved through aircraft deferrals and other strategic elements.

IAG’s latest plan retains a minimum capex outlay of €1.3 billion next year but brings the maximum spend of €2.5 billion, set for 2018, down to €1.9 billion.