TAP Air Portugal: Revenue Up, Profitability Down


TAP Air Portugal a enregistré une croissance de son activité au premier semestre 2026 - Depositphotos.com @VanderWolf Images

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In the first half of 2026, TAP Air Portugal generated €2.04 billion of operating revenues, compared with €1.96 billion in the same period in 2025, a rise of 4.3%.

This growth is chiefly driven by passenger activity. Revenues from passenger transport reached €1.83 billion, up 4.4% year over year.

The airline attributes this evolution to a 1.7% increase in capacity and a 2.7% growth in passenger revenue per available seat kilometer (PRASK).

Revenue growth was accompanied by an uptick in traffic. TAP carried 8.2 million passengers from January to June, i.e., 4.2% more than in the first half of 2025.

Traffic, measured in RPK, rose by 5.9%, higher than capacity (+1.7%). As a consequence, the load factor improved by 3.4 percentage points to reach 85.4%. The airline operated 57,500 flights over the period, a slight year-on-year increase of 0.3%.


Rising fuel costs weigh on the accounts

Despite this commercial momentum, TAP struggles to translate growth into profit. Recurring operating costs rose by 9.6%, to €2.12 billion.

The main driver of this rise remains fuel. The aviation fuel bill rose by €89.4 million (+18.7%) over the first six months of the year.

Personnel expenses also advanced by 7.5%, to €519.3 million, while depreciation and amortization increased by 9.8%, notably linked to fleet investments.

This cost inflation translates into a clear deterioration of profitability indicators. The recurring operating result (EBIT) stood at €-83.7 million, versus €+17.3 million a year earlier.

The recurring EBITDA reached €181.9 million, down 29.8% year over year.


A net loss of €99.2 million

In terms of net income, TAP therefore posted a loss of €99.2 million in the first half of 2026, compared with a loss of €70.7 million a year earlier.

The deterioration amounts to €28.5 million year on year. TAP notes that the result was helped, notably, by a positive foreign exchange gain of €34.2 million over the period.

The second quarter particularly illustrates this earnings pressure. With €1.125 billion in revenue, quarterly revenue remained virtually flat (-0.6%), while recurring operating costs rose by 17.9%.

Fuel costs surged by 52.3% in the quarter, i.e., an additional €127.1 million versus Q2 2025. The quarter therefore ended with a net loss of €59.3 million, compared with a profit of €37.5 million a year earlier.


A strengthened cash position

Nevertheless, TAP highlights the strengthening of its financial position. As of 30 June 2026, the company held €1.22 billion in cash, i.e., €456.7 million more than at the end of 2025.

This improvement comes notably after the issue of €350 million in senior notes in the second quarter. According to TAP, this operation boosted liquidity, diversified its funding sources, and lengthened the maturity of its debt.

Net financial debt stood at €787.1 million as of 30 June, down slightly by 2.1% versus 31 December 2025.


TAP continues its development strategy

Operationally, TAP continues the fleet renewal. It had 101 aircraft in service as of 30 June 2026, two more than in the previous quarter.

The airline notes that 72% of its medium- and long-haul fleet is now comprised of aircraft from the NEO family, up from 71% a year earlier. TAP has also relaunched several seasonal routes from Lisbon to Ibiza, Alicante, Palma de Mallorca and Menorca, as well as a seasonal link to San Francisco via Terceira.

For the remainder of the fiscal year, TAP reports solid booking momentum and favorable prospects for unit revenues.

The airline remains cautious regarding fuel price volatility, geopolitical developments, and the macroeconomic context. It plans to continue its revenue-management actions, its fuel-hedging policy, and cost-control measures to limit the impact of these factors.

TAP has also adopted a new strategic plan for the period 2026-2035, focused in particular on expanding long-haul, differentiating its offering, and creating new revenue sources.


TAP Air Portugal: Air France-KLM, AS’s clear-cut objective [ABO]


Air France - KLM : objectif carré d’AS - Image : C. Hardin, générée par intelligence artificielle

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Aux dernières nouvelles, la décision finale du gouvernement portugais pour choisir quel groupe aérien pourra prendre une participation pouvant atteindre 49,9 % du capital de TAP, devrait intervenir à la fin de cet été.

Les deux groupes candidats à la reprise que sont Air France-KLM et Lufthansa ont fait savoir qu’ils avaient remis leur offre contraignante au gouvernement portugais, plus précisément à Parapublica, l’agence de gestion des participations de l’État.

Pour le groupe Lufthansa, cette première étape d’entrer au capital de TAP à hauteur de 49,9 % serait la poursuite de cette stratégie d’acquisitions commencée il y a une vingtaine d’années avec le rachat d’Austrian Airlines, Swiss et Brussels Airlines.

Avec la dernière, ITA Airways, à Rome, acquise fin 2025, et l’éventuelle nouvelle venue TAP à Lisbonne, le groupe allemand règnerait sur l’Atlantique Sud et les axes entre l’Europe vers l’Amérique du Sud et l’Afrique.

Pour Air France-KLM, et pour faire face à ce rival, la stratégie évolue. Les deux hubs de Paris et Amsterdam ainsi que la joint-venture avec l’Américaine Delta ne sont plus suffisants.

Le groupe veut lui aussi se renforcer principalement vers les États-Unis, l’Asie et l’Amérique du Sud. Avec des résultats plutôt solides depuis quelques années, il veut aussi prendre sa part dans la consolidation du transport aérien européen et créer une verticale de quatre Hubs puissants de l’Atlantique Nord à l’Atlantique Sud, un « Mur de l’Atlantique » en quelque sorte, pour faire face.

Regardons ces hubs de plus près.



Copenhagen Will Strengthen Its Position


TAP Air Portugal : Air France - KLM, objectif carré d’AS [ABO]


On June 30 last, in the heat of summer, the news barely drew attention, but it was interesting as it signals the rise of SAS, of which Air France-KLM is the new shareholder.

The Copenhagen-based Scandinavian carrier announced the acquisition of up to 40 new long-haul Airbus A330s for $10 billion, the largest investment in the history of this company.

With the summer 2025 order of 55 Embraer short- and medium-haul aircraft to feed Copenhagen, a promising hub is clearly emerging far north in Europe toward Asia and the United States that Air France-KLM would certainly like to benefit from.

An ongoing project for now since, with a 19.9% stake, the French group remains today more of a competitor than anything else. But if all goes well, the situation should change this year, with Air France-KLM planning to increase its stake in the Scandinavian airline to 60.5%, making it a subsidiary able to capture a market with a high GDP.


Schiphol Amsterdam: The Weak Link?


TAP Air Portugal : Air France - KLM, objectif carré d’AS [ABO]
Faut-il voir dans ce projet de nouveau hub danois plus qu’une complémentarité au hub d’Amsterdam, fief de KLM, dont le gouvernement des Pays-Bas bride la croissance depuis plusieurs mois ? Se substituer ?

Certains, chez KLM, ne sont pas loin de le penser. Avec sa flotte long-courrier en croissance, SAS, à moyen terme, a vocation à « chasser » les clients de KLM pour les attirer vers Copenhague.

Aussi, Ben Smith, le PDG d’Air France-KLM avait dit tout le mal qu’il pensait de la politique du gouvernement néerlandais, gestionnaire de l’aéroport de Schiphol-Amsterdam, et qui avait fixé un niveau élevé de redevances aéroportuaires et voté des mesures visant à réduire le nombre de vols pour limiter les nuisances sonores. Une bataille juridique est engagée depuis.

Côté redevances, et depuis la guerre dans le Golfe, le gouvernement a desserré l’étau en appliquant une remise de 10 % jusqu’en mars 2027.

Un premier geste salué par Ben Smith : « la première bonne nouvelle depuis longtemps aux Pays-Bas concernant les coûts liés aux opérations à Schiphol ».

Mais sur l’affaire des créneaux horaires, le PDG d’Air France-KLM en avait rajouté une couche lors de la dernière assemblée générale d’A4E (Airline for Europe) avec une menace à peine voilée de ne pas avoir d’autre choix que de positionner des avions « ailleurs » en l’absence de suffisamment de créneaux.

Le gouvernement arrivé aux affaires en 2026 reste sur une ligne plutôt favorable aux limitations de vols ; cependant, on sent, à travers les nombreuses déclarations parues dans la presse ces derniers mois, qu’il veut trouver, avec l’ensemble des opérateurs de Schiphol, un compromis équilibré permettant une meilleure compétitivité en matière de connectivité.


Paris CDG Aims to Be More Attractive


TAP Air Portugal : Air France - KLM, objectif carré d’AS [ABO]
Pour le hub parisien d’Air France à CDG, mieux vaut tard que jamais. Il aura fallu attendre cependant assez longtemps avant qu’ADP et le groupe français unissent leurs efforts pour construire un levier d’attractivité : le Stopover.

Un produit développé ailleurs dans le monde, peu en Europe, mais beaucoup « dans les pays qui ont fait de leur secteur aérien une stratégie industrielle souveraine et économique : Istanbul, Dubaï, Doha, Singapour, Hong Kong », comme le précisait Sébastien Justum, Secrétaire général adjoint d’Air France-KLM, lors de la présentation du dernier rapport de la Chaire Pégase sur « Le rôle du transport aérien dans l’attractivité touristique de la France ».

Après le partenariat conjoint Air France–ADP annoncé au dernier salon du Bourget en présence du Président de la République, la décision, enfin, de positionner Paris comme elle aussi une escale sur un parcours international se concrétise.

Voici désormais « Paris Stopover », un nouveau dispositif créé par Air France et Extime Travel, la marque commerciale du Groupe ADP dédiée « aux expériences touristiques ».

ADP nouvelle agence de voyages ? Ça en a tout l’air, sauf que les réservations de vols, hôtels et locations de voitures vendus sur les sites de Paris Aéroport et d’Extime sont gérées par MisterFly.

Alors que 50 % des clients d’Air France arrivant à Paris CDG sont en correspondance, ils peuvent désormais, avec Paris Stopover, et si leur correspondance est au minimum de 27 heures, profiter d’offres, réserver des packages, des offres de séjours conçues par Extime Travel avec transferts, hébergements et activités diverses.

Autre avantage pour Paris CDG, et dont Air France-KLM se félicitera sûrement : le futur contrat de régulation d’ADP, et pour lequel, selon nos confrères des Échos, l’État aurait donné son feu vert. Dans ce plan de développement, il est prévu une forte baisse de la redevance applicable aux passagers en correspondance, avec un abattement passant de 40 à 60 %.

Toujours selon nos confrères des Échos, et sur ce point précis, les opérateurs concurrents d’Air France n’apprécient pas ce qu’ils considèrent comme une « distorsion de concurrence ».

Le SCARA, dans un communiqué récent à dénoncé : « de faire porter aux dessertes aériennes point-à-point européennes, domestiques et ultramarines le financement d’une stratégie qui ne les concerne pas directement puisqu’elle vise à attirer des lignes internationales et à faire de Roissy-CDG un hub de correspondances apte à rivaliser avec les grandes plateformes internationales. »

À ce sujet, l’ART, l’autorité de régulations des transports devrait se prononcer en décembre prochain.


TAP Air Portugal Strategy: Consolidate Routes and Launch New Ones


Dans les locaux de Hopscotch Tourism à Paris , Paloma Utrera (2e en partant de la droite) entourée, de gauche à droite, d'Eloïse Roux, directrice développement Hopscotch Tourism, Laura Wieczorek, directrice RP Hopscotch Tourism, Isabel Calvo, directrice RP Hopscotch Tourism, Isabelle Pereira, Responsable marketing France, Espagne, Royaume-Uni, Irlande, Benelux et pays nordiques TAP Air Portugal - Photo : C. Hardin

Costa Rica


Based in Madrid, Paloma Utrera was in Paris last week.

The opportunity to meet her and her teams for a discussion about major sector developments, such as evolving travel habits, connectivity challenges, and the market’s new dynamics.

In this context, and within TAP Air Portugal, we also discussed the French market and the connections from the mainland, the growing role of Portugal as a hub between Europe, South America and Africa, the evolution of the onboard product and the opportunities offered by a stopover in Portugal.


TAP Air Portugal: 132 weekly flights between France and Portugal

TourMaG – You took over from Rino Morosini at the beginning of this year 2026, a strategic year for TAP. How is this transition unfolding?

Paloma Utrera : Rino did an excellent job and I arrived in Paris to “inherit” the position, so to speak. There was first the inauguration of our business lounge in Paris, which, as a reminder, is TAP’s only lounge outside of Lisbon.

This is important for us. There was also the launch of our onboard service Economy Prime last month in June on our long-haul flights. It is a product we wanted to offer to our clients, our corporate passengers, and all those who do not travel in business class but still desire a differentiated onboard experience.

We are, in this regard, very satisfied with the market response to this product, whose success should continue to grow from September when corporate traffic becomes more dynamic.

I also commend our communications team here in France for doing an excellent job highlighting our brand, the quality of our product, and the performances of our onboard crews.

TourMaG – Regarding your offering between France and Portugal, could you remind us what you provide?

Paloma Utrera : This summer, our airline operates 132 weekly flights between France and Portugal, with direct services between Lyon, Marseille, Nice, Toulouse and Lisbon. Thus we cover the southern part of France, and for Paris we offer 56 weekly frequencies, what we call a shuttle to Lisbon and Porto.

TourMaG – How do you approach the summer season at TAP?

Paloma Utrera : This summer, the entire industry recognizes the challenge posed by the international situation and rising costs. Nevertheless, our structure is solid and our performance in France and overall is quite solid.

Our results for the first four months of the year are up by 11% compared with the previous year in terms of revenue, and passenger numbers have risen by 6.4%.

We have also improved load factors by 5% versus last year, reaching 84%. These are good results for this pre-summer period, which is not the peak season.

TourMaG – Portugal, like other southern destinations, is also a safe-haven destination?

Paloma Utrera : Yes, that is an important point to emphasize, and we also see growth in other markets such as the United States and Brazil, for which we recently opened a new destination in July: Curitiba, the capital of Paraná state.

We are also continuing to open new routes: Terceira in the Azores, and Praia, the capital of Cape Verde, from Lisbon.

From Lisbon, in addition to Curitiba, we have also opened Athens, an important route for us that has been very well received by the market in Greece.

Our strategy is to consolidate these routes and open others. In October, we will also launch São Luís, Maranhão, in Brazil, an exciting destination featuring, among other things, the Lençóis Maranhenses natural site, which is very interesting.


Lisbon, Europe’s premier hub to Brazil

TourMaG – Brazil is truly a flagship destination for you.

Paloma Utrera : Yes, indeed. We now have 15 direct destinations to Brazil from Lisbon, which is well connected to all of our European routes.

We are also developing Porto as a hub for long-haul destinations. We now aim to consolidate and grow in these markets. In the United States, a new development: after opening Los Angeles, we will open Orlando in the autumn.

TourMaG – Lisbon, a truly strategic hub?

Paloma Utrera : Absolutely. Look at our geographic position. I can say we are practically at the “center of the world.” The best place to connect Europe, North America, South America, but also Africa where we have many destinations.

TourMaG – What are the advantages of a stopover in Lisbon?

Paloma Utrera : What truly makes the difference is that we offer a 10-day stopover window in Lisbon or Porto between your connecting flights, to discover another destination in Portugal, a hop to the Azores for example, with a favorable fare and discounts up to 50% on restaurants, hotels, tours, outdoor activities, and cultural sites.

This is our Portugal Stopover program, which has been named the world’s best stopover program by Global Traveler for the eighth consecutive year.

TourMaG – The fleet evolution is also a TAP Air Portugal project?

Paloma Utrera : We currently operate a fleet of 99 aircraft, one of the most modern fleets thanks to our Airbus Neo, and we are working to replace our oldest aircraft and also to increase the number of planes (A320neo, A321neo, A330neo).

A modern fleet is part of our environmental strategy that we are developing. Modern aircraft, but also recyclable products onboard. Everyone is involved, and we have managed to reduce our CO₂ emissions by 12% since last year.


A slice of the cake?

TourMaG – Aviation industry observers are waiting for decisions on TAP’s capital entry by a major player. Two large groups are in the running: Air France-KLM and Lufthansa. Do you have a preference?

Paloma Utrera : (smiling) No, not a preference. The aviation world is highly competitive, and we need to partner with a major group. It will be a government decision that selects the best option.

TourMaG – We won’t know your preference. And if I ask what your favorite cake is: Black Forest cake, a German cake, or the chocolate éclair, a French pastry?

Paloma Utrera : (laughs) I like both a lot!


Christophe Hardin Published by Christophe Hardin Journaliste AirMaG – TourMaG.com
See all articles by Christophe Hardin

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TAP Air Portugal Launches Its TAP Challenge

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Woman Sues Five-Star Hotel After It Refuses to Provide a Glass of Tap Water

Refusing a glass of tap water at a hotel might seem trivial. Yet in Italy, this situation sparked a seven-year legal proceeding. A guest challenged the repeated refusal by a five-star establishment to serve her tap water during her stay. The case eventually reached the country’s highest court, which ruled in favor of the hotel. At the heart of the matter lay a simple but explosive question: should water be considered a right in hospitality?

A Christmas Stay That Turns into Litigation

The facts date back to the Christmas period of 2019. The guest stayed at the Sassongher, a five-star hotel located in the municipality of Badia in the Italian Alps, from December 26, 2019, to January 3, 2020. She booked a half-board plan for 5,712 euros, including breakfast and evening meals, but not beverages.

During dinners, she repeatedly requested tap water. According to case materials, staff consistently refused and offered only bottled water, priced at around 7 euros for 0.75 liter. The guest even stated that she was willing to pay a possible service surcharge to obtain tap water, but to no avail.

From this situation, she initiated legal proceedings, seeking about 2,700 euros in compensation for economic harm and moral distress. She argued that access to water should not be treated as an ordinary consumer good within a hotel establishment.

In court documents cited by the tribunal, she maintained that “water is a natural good and a universal human right of every individual, and that providing free of charge a minimally vital quantity necessary to meet essential needs must be guaranteed, even in the case of arrears”, according to the judgment. She also compares this principle to basic services expected in a hotel room, such as bed linens or soap.

Her appeal was initially rejected by a court in Rome, then by an appellate court. She therefore decided to bring the case before the Italian Court of Cassation, the country’s supreme judicial authority.

Italian Law and Table Etiquette

The highest Italian court ultimately confirmed the prior decisions. The judges found that no national law obliges establishments to serve tap water to customers. In other words, this is a choice left to the discretion of restaurateurs and hoteliers.

The hotel’s lawyer, Silvio Belardi, summed up the court’s position by stating that “there is no obligation to provide tap water”. The establishment in question said it would respect the Court of Cassation’s decision, offering no further comments.

Beyond the individual case, the matter sheds light on persistent cultural differences in Europe regarding water at the table. In Italy, asking for tap water in a restaurant is often perceived as contrary to local custom, and waitstaff typically favor selling bottled water. Some argue that the mineral composition of tap water could alter the taste of dishes.

These practices contrast with those in other European countries. In England and Wales, venues serving alcohol are required to provide free potable water. In France, the rule is also regulated: restaurants must offer free potable water to customers who request it, usually in the form of a carafe, a practice that has become a cultural reflex as much as a regulatory one. In the United States, by contrast, no federal obligation mandates restaurants or hotels to serve tap water, though it remains common.

This case, which went viral in Italy, therefore rekindles a broader debate about the border between commercial service, cultural norms, and access to an essential resource.