Passenger increase at TAP could not stop the losses: 99.2 million euros loss in the first half

Despite carrying more passengers and increasing its revenue in the first six months of 2026, TAP announced a net loss of 99.2 million euros. The company attributed the result to rising jet fuel costs.

TAP's 2026 first half results showed that the company's operational growth has not yet turned into profitability. In the January-June period, the number of passengers increased by 4.2 percent, reaching 8.2 million, and ticket revenues increased by 4.4 percent, reaching 1.83 billion euros.

Despite this, the net loss increased to 99.2 million euros. The loss in the same period last year was approximately 70.7 million euros. According to the company's statement, fuel expenses increased by 18.7 percent in the first six months, and the increase in revenue was not enough to meet this pressure.

The real deterioration was seen in the second quarter. While TAP made a profit of 37.5 million euros in the same period of 2025, it recorded a loss of 59.3 million euros in the second quarter of this year. General Manager Luís Rodrigues said that the price increase in jet fuel was immediately reflected in the costs; He stated that the balancing steps on the revenue side yielded results later due to pre-sold tickets.

This financial statement was announced during the final phase of TAP's partial privatization process. Binding offers submitted by Air France-KLM and Lufthansa for a 44.9 percent share in TAP are being evaluated by the state holding company Parpública. It is stated that the government has not yet announced the final buyer decision.

PTNewsHub evaluation: The fact that airline companies continue to declare losses despite the perception that they are increasingly charging passengers for baggage, seat selection or similar additional services creates a difficult picture for passengers. TAP's first half results also show that while passenger and ticket revenues are increasing, cost pressure can reverse the company's calculations. However, this result does not show that additional fees or ticket prices alone are the cause or solution of the damage.

Sources reviewed:

- First half year results of ECO – TAP

- Euronews – TAP's financial results based on company disclosure

- Portuguese Government – Final stage of TAP privatization process