TAP could come to occupy a “central place in the organization of the Air France/KLM group”, if it wins the ongoing privatization process, said one of the top administrators of the Franco-Dutch group this Thursday, at the press conference to present the annual results.
Asked by DN/Dinheiro Vivo about a meeting with TAP management last week, the financial administrator of Air France/KLM, Steven Zaat, confirmed the meeting, adding that he had “a pleasant conversation” with the board headed by Luís Rodrigues. The meeting will have served for TAP management to present the company’s current strategy for the future.
The first question asked was whether Air France agreed with this strategy. “We actually had a nice conversation last week with the management team. At the end of the day, it all comes down to what TAP wants to have, what [condições] feels comfortable and what we feel comfortable with,” said Steven Zaat.
The CFO of the Air France-KLM group highlighted, on the other hand, that the group “works very collaboratively” and is close to airline operations. “As you can see, we are here with the Dutch, Canadians and French, all together”, emphasized the director, considering that TAP can have “a central place in terms of group organization”.
“That’s what we discussed in Lisbon,” he said, adding that the final result also “depends, of course, on the price to be paid and what the entire governance structure will be.” In other words, what will be the role and scope of the State in the strategic management of the Portuguese company.
DN also asked the Air France/KLM group, as a potential buyer, about what changes it considers TAP would have to make in its approach to the business. “As you know, we were selected to be part of the process as one of three airline groups in Europe. We are working on the non-binding offer and I don’t think I can reveal anything about what we saw in the data room”, a privileged space in which bidders have access to confidential and commercial information from the Portuguese company.
Asked by journalists whether the purchase of TAP could compromise the goal set by Air France-KLM of achieving an operating margin of 8% by 2028, Steven Zaat highlighted that the group would not invest in a company in which it did not have “confidence that it can achieve” this margin.
“They have seen TAP’s margin in recent years. So, let’s say that this is not our biggest concern. They are a good ‘player’ in South America and, of course, being part of the group [Air France-KLM] will make them even stronger”, he maintained.
In turn, the executive president (CEO) of Air France-KLM, Benjamin Smith, highlighted that “the network that TAP currently has is very complementary” to that of the group, particularly in connections to South America: “Having an entry point into Latin America from the Iberian Peninsula strategically would be great for us”, he stated.
Air France-KLM recorded a record net profit of 1.75 billion euros in 2025, driven by the renovations implemented and the moderation in fuel prices, the Franco-Dutch group announced on Thursday.
The group’s revenues last year also reached a record value of 33 billion euros, 4.9% more than in 2024, Air France-KLM said in a statement.
“Despite persistent external uncertainty, we face 2026 with confidence and a commitment to rigorously and disciplinedly implement our strategy to achieve our medium-term objectives,” said Benjamin Smith, after highlighting Air France-KLM’s “solid performance in a complex environment” in 2025.
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