Air France-KLM maintains interest in TAP, but will only go ahead without “too much risk”

This Thursday, Air France-KLM reaffirmed its interest in acquiring a stake in TAP, assured that it is still “studying” this opportunity, but explained that it will always be a “business decision” — and if the Franco-Dutch company finds it “too risky” it won’t even enter the race.

“It’s a business decision and it has to be clear that it’s a way of, like any investment we make, improving the group’s margin. That’s really the decisive factor”, explained the CEO Benjamin Smith at the press conference to present the second quarter results.

“So whatever the conditions, whatever remedies may be implemented by the European Commission, if there is still confidence that it will be a positive outcome for us, obviously we are still interested. If that’s not the case, if there’s too much risk, then we’re not”, he added.

Asked if it has held any meetings with the Portuguese government, the French-based company, which owns Air France, KLM, Transavia and Martinair, said only that its “interest in TAP is still there” and that it was too early to talk about conversations.

“We continue to study whether it makes sense from a financial point of view and from the point of view of the network to invest. But in terms of discussions and negotiations with the owners of the company… It’s too early to say”, Benjamin Smith told reporters.

In the first half of the year, the airline holding company made a profit of 401 million euros, an improvement on the 314 million euro loss the multinational made in the same period in 2024.

Of particular note was the operating profit in the second quarter, which rose 43% (or 223 million euros) year on year to 736 million euros, making it possible to offset the losses of the first three months of 2025. The margin was 8.7%.

“This performance was driven by an increase of 176 million euros in unit revenues in the passenger, cargo and Transavia network, while unit costs, including fuel, remained practically stable”, explained the aviation group in its financial report.

Boeing orders free of charge

The number of passengers carried by the various brands also increased in both the second quarter and the first half: up 5.9% to 27.3 million and up 5.3% to 49 million, respectively. Contributing to this growth were long-haul flights to North America, which carried 3% more passengers (4.6 million). That’s why the company didn’t feel the effects of any headwinds from the United States.

With regard to tariffs, the CEO of Air France-KLM was particularly “pleased that the aerospace sector seems to be exempt” from customs duties on US imports, not least because he has purchases in the “trolley” of manufacturer Boeing, from the state of Virginia.

“What was really important was that aircraft, engines and aerospace were not affected — that seems to be the case. We have some aeroplanes on order, which will still be delivered by Boeing, and that could generate additional costs. We’re pleased that the aerospace sector seems to be exempt”, the manager emphasised.