TAP Air Portugal reported a net profit of €4.1 million in 2025, a sharp drop from €53.7 million a year earlier, after a one-off accounting adjustment related to taxes affected the final result.
The impact came from a €42 million revaluation of deferred tax assets following a reduction in Portugal’s corporate tax rate. Without this effect, the airline said its performance would have remained broadly in line with previous years.
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April 02, 2026
April 02, 2026
Revenue increased 1.2% to €4.31 billion, supported by higher passenger traffic. The airline carried 16.7 million passengers, up 3.4% year-on-year, while load factor rose to 84.2%.
Demand remained solid across most of the network, particularly in the second half of the year, although the North American market showed weaker trends and stronger competition, which pressured fares.
The maintenance business was one of the main contributors to revenue growth, with an increase of more than 10%, while passenger revenue saw a smaller rise.
Costs grew as operations expanded, with higher spending on staff, airport services and aircraft depreciation. Lower fuel prices helped offset part of that increase.
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TAP said booking trends remain positive and expects demand to support higher load factors and improved ticket yields, even as capacity grows.
As part of its network strategy, the airline plans to add two new destinations in Brazil, increasing its presence in the country to 15 routes. It is also expanding operations in Porto, including new routes and the development of a maintenance facility.
The results come as the Portuguese government moves forward with the sale of a 44.9% stake in TAP, with an additional 5% reserved for employees. Air France-KLM and Lufthansa Group submitted non-binding offers in early April, while International Airlines Group (IAG) withdrew from the process. A decision on the preferred investor is expected by mid-2026.
