TAP Air Portugal achieved a net income of EUR 37.5 million in the second quarter of 2025 (2Q25).

The carrier has thus reaffirmed its commitment to the path of recovery, financial sustainability and structural transformation it has been following in recent years, recording a solid recovery in 2Q25 after a challenging first quarter.

In 2Q25, operating revenue increased by 1.7% year-on-year, totalling EUR 1,131.7 million, driven mainly by the increase in passenger revenues (+3.1%).

The airline recorded recurring EBITDA of EUR 256.3 million in 2Q25, with a margin of 23%, and recurring EBIT of EUR 136.5 million, with a margin of 12%.

Analysis of the second quarter of 2025

In 2Q25, TAP carried 4.4 million passengers, an increase of 4.5% compared to the second quarter of 2024 (“2Q24”), operating around 30 thousand flights, an increase of 0.8% compared to the same period last year.

Capacity (measured in ASK) increased by 4.8% compared to 2Q24, while the Load Factor improved by 2.3 p.p., reaching 85% in 2Q25.

New routes were introduced during the quarter and seasonal routes were reopened. Four seasonal summer routes were reopened from Lisbon: Alicante, Ibiza, Menorca and Palma de Mallorca. In addition, the yearly Lisbon–Porto Alegre route resumed operations. New long-haul and domestic routes were also launched during the quarter, including Lisbon–Terceira–San Francisco, Lisbon–Los Angeles, Porto–Boston and Faro–Funchal.

Analysis of the results for the first half of 2025

In the first half of 2025, TAP carried a total of eight million passengers, representing an increase of 2.2% compared to the first half of 2024 (“1H24”). The number of flights operated remained virtually stable, with year-on-year growth of 0.2%.

Capacity increased by 2.3% compared to the first half of 2024, while RPKs grew by 3.6%, resulting in a 1.0 p.p. improvement in the Load Factor, which reached 82.1% in 1H25.

In 1H25, operating revenues totalled EUR 1,955.2 million, down EUR 19.8 million (-1.0%) compared to 1H24. PRASK stood at EUR 6.65 cents, a year-on-year reduction of 2.8% (-EUR 0.19 cents).

Recurring EBITDA totalled EUR 259.2 million in 1H25, with a margin of 13.3%, representing a decrease of EUR 58.1 million (-18.3%) compared to 1H24. Recurring EBIT reached EUR 17.3 million, with a margin of 0.9%, a decrease of EUR 94.3 million (-84.5%) year-on-year.