Iberia is once again offering discounts on selected award flights. Depending on the route and travel class, you can get between a 10% and 30% discount. Bookable until June 15, 2026, for travel until September 15, 2026.
Below are some one-way examples of discounted tickets. Please note that checked baggage is not included in economy:
• Economy Madrid → Buenos Aires for 20,500 Avios + €86 (-30%)
• Economy Santiago de Chile → Madrid for 20,500 Avios + €82 (-30%)
• Business Class Madrid → Chicago for 47,200 Avios + €152 (-20%)
• Business Class Monterrey 
→ Madrid for 59,200 Avios + €168 (-20%)
Unfortunately, the entire travel period falls during the peak season. Consequently, the baseline award rates are relatively high. However, it is still a decent deal for anyone wishing to travel during the summer holidays. These tickets can only be booked directly with Iberia, not through British Airways or other partner programs. Fortunately, Avios can be transferred between accounts at a 1:1 ratio.
Source: LoyaltyLobby