TAP makes profit of €37.5M in Q2 but loss of €70.7M in H1

TAP went from a profit to a loss of €70.7 million in the first half of this year, despite having already achieved a positive result of €37.5 million in the second quarter, it was announced today.

The first half losses compare with a profit of €400,000 in the same period in 2024, while the second quarter profit shows an improvement on the negative €108.2 million in the first three months of the year.

According to a TAP press release, in the first half of the year, the company carried a total of eight million passengers, which represents an increase of 2.2% compared to the first six months of 2024, while “the number of flights operated remained practically stable, with a year-on-year increase of 0.2%”.

Capacity increased by 2.3% compared to the first half of 2024, with operating revenues totalling €1.95 billion, a drop of 1%, he said.

In turn, recurring EBITDA (earnings before tax, interest, depreciation and amortisation) was €259.2 million in the first six months of the year.

Concerning the second quarter, operating revenues increased by 1.7% compared to the same period last year, totalling €1.13 billion, “driven mainly by the increase in ticket revenues (+3.1%)”, said TAP, adding that recurring EBITDA reached €256.3 million.

In the second quarter, TAP carried 4.4 million passengers, representing a 4.5% increase over the same period last year.

“We continue to operate in a highly competitive environment, with pressure on unit revenues and persistent operational challenges — particularly affecting punctuality. Even so, we recorded a year-on-year improvement in regularity during the quarter”, said TAP’s Chief Executive Officer (CEO), Luís Rodrigues, quoted in the same press release.

“As we go through one of the most operationally difficult summers in the recent past, with severe border control constraints at national airports strongly impacting our activity, we remain focused on ensuring that we have a reliable operation, working on the progress of the national aviation ecosystem”, he emphasised.

TAP’s reprivatisation process was formally launched on 10 July, following the approval of the decree-law that establishes the terms of the operation.

This is followed by the approval of the specifications, which will define the technical, legal, and administrative criteria for the sale.

The decree-law for the reprivatisation of 49.9% of TAP stipulates that the private investor can take more than 44.9% of the company, acquiring whatever the workers don’t buy of the 5% they have reserved, according to the document, published in Diário da República on 14 August.