New York, NY – TAP Air Portugal achieved a net income of EUR 37.5 million ($43.8 million) in the second quarter of 2025 (2Q25).
The airline 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%).
TAP 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%.
Luís Rodrigues, CEO of TAP said: “After a challenging start to the year, TAP recorded a positive performance in the second quarter, with an increase in operations and revenues compared to the same period last year. This dynamic translated into solid operating results, helping to partially offset the impact of extraordinary events in the first quarter and reinforcing both the resilience of our teams and the robustness of our network.
We continue to operate in a highly competitive environment, with pressure on unit revenues and persistent operational challenges — particularly affecting punctuality. Nevertheless, we recorded a year-on-year improvement in regularity during the quarter. As we navigate one of the most operationally challenging summers in recent history, with severe border control constraints at domestic airports strongly impacting our activity, we remain focused on ensuring reliable operations while working to advance the national aviation ecosystem.
As we move beyond the Restructuring Plan, our priorities remain clear: to transform TAP into a consistently profitable and attractive company, consolidating operational efficiency and financial sustainability. This journey is only possible thanks to the continued support of our stakeholders and, above all, the dedication of our people.”
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.
