Lisbon, Aug. 31, 2026 (Lusa) - Flag carrier TAP Air Portugal recorded a loss of €99.2 million in the first half of the year, up from around €70 million in the same period last year, as rising fuel costs put pressure on the accounts.
Despite the net loss, the company increased its revenue and carried a record number of passengers in the first six months of the year, according to an airline statement released on Monday.
Operating revenue grew by 4.3% to €2.04 billion, whilst ticket revenue rose by 4.4% to €1.829 billion, «reflecting robust demand in TAP's strategic markets, particularly in South America and Europe», the airline explained in its statement.
Between January and June, it carried 8.2 million passengers, 4.2% more than in the same period last year, and operated 57,500 flights, an increase of 0.3%.
Traffic grew by 5.9%, outpacing the 1.7% increase in capacity, thereby raising the load factor by 3.4 percentage points to 85.4%.
The results were influenced by the sharp rise in fuel costs, which increased by 18.7% over the half-year as a whole and accelerated in the second quarter, when they rose by 52.3%, the company states.
Recurring EBITDA – earnings before interest, tax, depreciation and amortisation – stood at €181.9 million, whilst recurring EBIT, which already includes depreciation and amortisation, recorded a result of negative €83.7 million.
The rise in fuel prices due to the conflict in the Middle East has been one of the main factors putting pressure on airlines' accounts, in a sector particularly exposed to fluctuations in jet fuel prices, according to the airline's statement.
In TAP's case, the company explains that the impact of the price rise was immediately reflected in costs, whilst measures aimed at offsetting this through revenue have a more gradual effect, given that a significant proportion of tickets had already been sold before the price increase.
The figures for the first half of the year also do not yet include the summer months, traditionally the peak season for the aviation sector and a particularly important period for airlines' revenue generation.
The company notes that during the half-year, it also strengthened its financial position by issuing a €350 million bond. At the end of June, the company had €1.222 billion in cash and cash equivalents.
TAP's chief executive, Luís Rodrigues, quoted in the press release, emphasises: «Our first-half performance demonstrates the robustness of TAP's business model and the strength of demand across our entire network. Thanks to the strong commitment of our teams and the company's resilience, we were able to mitigate the severe impact of soaring fuel prices, which presented a huge challenge».
Luís Rodrigues acknowledged that the impact of rising fuel prices «was immediately felt in costs, whilst revenue-side mitigation measures tend to take effect more gradually, as a large proportion of second-quarter revenue had already been booked when prices rose».
The CEO pointed out that the period also saw the completion of the restructuring plan, which the European Commission recognised, and added that «TAP is now embarking on a new chapter».
«We have set out a strategic plan for the coming decade, focused on creating sustainable value, the implementation of which is being accelerated by the Horizon Programme, our programme for digital acceleration, innovation and continuous improvement,» he adds.
The company announced the results at a time when the partial privatisation of TAP is progressing, following the submission of binding bids by Air France-KLM and Lufthansa to acquire 44.9% of the share capital.
Parpública, the state's holding company, is due to present its final report analysing the bids to the government on 1 September, after which the government will select the successful bidder.
SCR/ADB // ADB.
Lusa
