TAP Air Portugal slipped to a net loss of €99.2 million in the first half of 2026, despite record revenue and passenger volumes. The Lisbon-based carrier was hit by sharply higher fuel costs, which rose 18.7% over the half-year and 52.3% in the second quarter, driven by the Middle East conflict.
Recurring EBITDA reached €181.9 million, while recurring EBIT fell to minus €83.7 million. CEO Luís Rodrigues said the spike in jet-fuel prices weighed on second-quarter performance immediately, whereas revenue measures take longer to filter through because much of the quarter’s ticket sales had already been booked before the increase. Operating revenue rose 4.3% to €2.04 billion, supported by stronger demand and higher capacity. Passenger numbers also climbed, with the airline carrying 8.2 million travellers in the period.