TAP recorded 4.1 million euros in profit in 2025, a drop of 92.36% compared to the previous year, a result that the company justified with the update of income tax rates, it was announced this Thursday, 9.
In 2024, the Portuguese air carrier achieved a net profit of 53.7 million euros.
Last year, “TAP Air Portugal recorded a positive net profit of 4.1 million euros. The recurring net profit would have been 46 million euros, if we excluded the impact of the update of IRC rates [Imposto sobre o Rendimento de pessoas Coletivas]”, reads the statement released today by the company.
In turn, operating revenues totaled 4,313 million euros, an increase of 1.2% compared to 2024, driven by ticket revenues (+0.8%) and the maintenance business (+10.7%).
Recurring operating costs were R$4,070 million, a year-on-year increase of 3.6%.
Highlights include increases in traffic costs (6.7%), personnel (7.9%) and depreciation and amortization (10.8%), which were partially offset by a reduction (-5.4%) in fuel costs.
TAP transported 16.7 million passengers in 2025, an increase of 3.4%.
On December 31, 2025, TAP had a liquidity position of 765.3 million euros, 113.7 million euros above the value in the same period in 2024.
In the fourth quarter of 2025 alone, TAP had a loss of 51 million euros due, substantially, to an external effect – the adjustment in IRC in the amount of 42 million euros, “resulting from the revaluation of deferred tax assets after the progressive reduction of the IRC rate”.
In this period, recurring profit before taxes, interest, depreciation and amortization (EBITDA) was R$151 million, an increase of R$31.7 million compared to the same quarter in 2024.
“In 2025, TAP presented solid results, supported by a resilient demand for tickets across the network, mainly in the second half of the year, and by a relevant contribution from the maintenance business, which continued to reinforce its weight in total revenues”, highlighted, quoted in the note, the executive president (CEO), Luís Rodrigues.
The CEO said that, despite inflationary pressure on costs and constraints on supply chains, it was possible to strengthen the company’s financial position, remembering that this was the fourth consecutive year in which TAP recorded a profit.
For 2026, the strategy is based on “disciplined and sustainable growth”, with the expansion of the modernization of the fleet with Airbus NEO aircraft.
Growth, the airline pointed out, must be sustained, above all, by the transatlantic network and the expansion of operations from Porto.
The partial sale process of the national airline, relaunched by the Government in 2025, was left with two candidates – the Air France-KLM and Lufthansa groups – after the departure of the International Airlines Group (IAG).
Privatization is in a decisive phase, in which competitors will be called upon to submit final proposals with financial and strategic terms.
The final decision will also involve a set of formal steps, including approval by the Council of Ministers and obtaining a ‘green light’ from European competition authorities, in a process that the executive intends to complete by the summer.
The Minister of Infrastructure said that the Government awaits the technical evaluation of the proposals for TAP, stressing that both offers are being analyzed and refusing to anticipate conclusions about the process.
In parliament, Miguel Pinto Luz also admitted that privatization could proceed even with just one competitor in the final phase, as long as the State’s interests are safeguarded.
However, he stressed that he considered it “untimely” to anticipate conclusions on non-binding proposals and rejected future thinking about the result of the competition, indicating that the Government is awaiting Parpública’s report.
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