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%.
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.
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.
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.
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.
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.
