TAP Air Portugal has announced its fourth consecutive year of profitability, with a net profit of 4.1 million euros in 2025. Although this represents a decrease of over 90% compared to the previous year, the company attributes this to a one-time tax adjustment related to the gradual reduction of the corporate tax rate in Portugal. Excluding this exceptional item, TAP's recurrent net profit would have been approximately 46 million euros, demonstrating a more robust operational performance. The company's CEO, Luís Rodrigues, stated that 'in 2025, TAP presented solid results, supported by resilient demand across the network and a significant contribution from maintenance activities.' TAP's operating revenue reached 4.3 billion euros, a 1.2% increase from the previous year, driven by a 10.7% growth in maintenance revenue, while passenger revenue only increased by 0.8%. The company transported 16.7 million passengers in 2025, a 3.4% increase from the previous year, and improved its load factor to 84.2%, a 1.9 percentage point increase. Despite a 2.3% decrease in unit revenue, TAP managed to maintain its margins, thanks to a 5.4% decrease in fuel costs. The company's operating expenses increased by 3.6%, driven by a 7.9% rise in personnel costs and a 10.8% increase in depreciation charges. TAP's EBITDA margin stood at 17.2%, while its EBIT margin was 5.6%. The company's liquidity position improved, with a cash balance of 765.3 million euros at the end of 2025, and a net debt-to-EBITDA ratio of 2.6 times. TAP has formally exited its restructuring plan, approved by the European Commission in 2021, and is now focusing on its strategic development axes, including the expansion of its long-haul network to the Americas. The company plans to add two new destinations in Brazil, bringing its total number of Brazilian routes to 15, and will also strengthen its operations in Porto by opening new routes and developing a maintenance hub at the city's airport.
