- TAP recorded operating revenues of €2,039.8 million in the first half of 2026.
- The airline carried 8.2 million passengers, a 4.2pc increase year-on-year.
- Load factor reached 85.4pc, a 3.4 percentage point improvement.
- Fuel costs rose by 18.7pc in the half-year and 52.3pc in the second quarter.
- TAP completed a €350 million senior notes issuance during the semester.
TAP Air Portugal recorded operating revenues of €2,039.8 million in the first half of 2026, representing growth of 4.3pc compared with the same period of the previous year, supported by increased capacity, improved unit revenues and strong demand across its network. The airline carried 8.2 million passengers during the first six months of the year, a 4.2pc increase over the first half of 2025, while operating 57.5 thousand flights. Traffic measured in RPK increased by 5.9pc, above capacity growth of 1.7pc, resulting in a load factor of 85.4pc.
Ticket revenues increased by 4.4pc to €1,829.2 million, reflecting strong demand in TAP’s strategic markets, particularly South America and Europe. However, the evolution of results was affected by the sharp increase in fuel costs, which rose by 18.7pc during the half-year and by 52.3pc in the second quarter. Recurring EBITDA reached €181.9 million and recurring EBIT stood at -€83.7 million, with the net result for the period at -€99.2 million.
TAP strengthened its financial position during the semester by successfully completing a €350 million senior notes issuance, with cash and cash equivalents of €1,222.1 million at the end of June. The semester marked the completion of the Restructuring Plan and the launch of the new Strategic Plan 2026-2035, focusing on growth of long-haul routes, product differentiation, expansion of ancillary revenue sources and digital transformation through the Horizon Program. In the second quarter, TAP carried 4.5 million passengers, a 2.5pc increase year-on-year.
Luís Rodrigues shared: “The performance of the first half demonstrates the strength of TAP’s business model and the solidity of demand across our entire network. We remain focused on advancing our transformation initiatives, strengthening profitability, improving customer experience, and maintaining a prudent financial profile. We have defined a Strategic Plan for the next decade, focused on creating sustainable value, whose execution is being accelerated by the Horizon Programme, our digital acceleration, innovation, and continuous improvement initiative.”
