Lisbon, May 6, 2026 (Lusa) – Lufthansa remains interested in the privatisation of TAP, despite the crisis in the Middle East driving up fuel costs, arguing that the Portuguese airline would strengthen the German group’s position in South America.
“Our interest in TAP has not changed,” said the group’s CEO, Carsten Spohr, during a conference call with journalists to discuss the first-quarter results.
Asked about the impact of the crisis in the Middle East on the privatisation of the Portuguese carrier, the executive argued that markets in the southern hemisphere are becoming increasingly important for the German group.
"As far as South America is concerned, we believe we would be in an ideal position with TAP," said Spohr, adding that Lufthansa is currently "the smallest of the European groups" in that region.
The CEO stated that, with TAP, Lufthansa would be “on a par with the other” European groups in South America, highlighting Brazil in particular, where he believes the combination of the Swiss, Lufthansa and TAP brands would give the group “a very strong position”.
Carsten Spohr also emphasised that Portugal is seen as a key partner for Lufthansa in the aviation sector, not just because of TAP.
"It is important to know that, when it comes to Portugal in aviation, we are not just looking at TAP," he said, noting that the group is "about to open" a Lufthansa Technik components factory in the country, in Santa Maria da Feira, and that it is also looking for a location for an aviation school for the German Air Force and NATO members.
He also mentioned a recent conversation between the German Chancellor and the Portuguese Prime Minister in Lisbon regarding the potential for relations between the two countries.
Furthermore, he noted that the current crisis “will not last forever” and that the group’s strategic direction and priorities are set.
The CEO recalled that Lufthansa had already expressed interest in TAP through a non-binding offer and confirmed that the group intends to move forward with the process. “We will take the next step. We have been invited to submit a binding offer. And we look forward to the next phase and the next steps that now lie ahead,” he said.
The comments were made on the day Lufthansa presented its first-quarter results, a period in which it reduced losses and maintained its annual outlook, despite the impact of the crisis in the Middle East on fuel costs.
Between January and March, Lufthansa recorded a net loss of €665 million, down from the €885 million loss recorded in the same period last year.
The German group warned, however, that the closure of the Strait of Hormuz is causing a shortage in kerosene supplies and a significant rise in prices, creating additional costs estimated at €1.7 billion in 2026.
Despite the increased uncertainty, Lufthansa has maintained its forecast of achieving an adjusted operating result in 2026 significantly above the €1.96 billion recorded in the previous year.
Lufthansa and Air France-KLM are the two bidders in the race for TAP, after IAG, owner of Iberia and British Airways, did not submit a bid.
The Government intends to sell up to 49.9% of the company’s capital, of which 44.9% to a lead investor and up to 5% reserved for employees, in a process that will take into account the price, the business plan, connectivity and the buyer’s financial capacity.
The government hopes to complete the sale this year, and expects to make a decision on the buyer at a Cabinet meeting in late August.
SCR/RYOL //
Lusa
