TAP Air Portugal recorded a net profit of €4.1 million in 2025, marking its fourth straight year of profitability despite rising costs and industry challenges. Excluding a €42 million corporate tax adjustment, the recurrent net profit reached €46 million.
Operating revenues rose 1.2% to €4.313 million, driven by a 0.8% increase in passenger income and 10.7% growth in maintenance services. The airline carried 16.7 million passengers, up 3.4%, with capacity expanding 3.1% and revenue passenger kilometers (RPK) advancing 5.5%, lifting load factor to 84.2%.
Recurrent EBITDA hit €742.9 million (17.2% margin), while EBIT stood at €243.4 million (5.6% margin), amid a tough first quarter. Operating costs climbed 3.6% to €4.070 million, with traffic costs up 6.7%, personnel 7.9%, offset by 5.4% lower fuel expenses.
Liquidity strengthened to €765.3 million, up 17.4%. These results fulfill EU-approved restructuring commitments and bolster TAP’s position amid ongoing partial privatization, attracting bids from Lufthansa and Air France-KLM.
CEO Luís Rodrigues highlighted resilient passenger demand, especially in the second half, and maintenance’s growing revenue share, reinforcing operational stability.