TAP Air Portugal Posts Revenue Growth in H1 2026 Driven by Strong Passenger Demand. TAP Air Portugal reported total operating revenues of €2,039.8 million for the first half of 2026, marking a 4.3% increase compared to the same period in 2025. The growth was propelled by higher capacity, improved unit revenues, and robust passenger traffic across its network, with South America and Europe remaining key market drivers.
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Operating and Financial Performance
✈ Passenger Traffic: The carrier transported 8.2 million passengers between January and June (+4.2% YoY), while Revenue Passenger Kilometers (RPK) grew by 5.9%.
✈ Load Factor: Capacity (ASK) expanded by 1.7%, leading to a 3.4 percentage point increase in load factor, which reached 85.4%.
✈ Passenger Revenue: Ticket revenues rose 4.4% to €1,829.2 million.
✈ Profitability Impact: Financial results were constrained by a 18.7% surge in fuel costs. Recurrent EBITDA stood at €181.9 million, while recurrent EBIT was -€83.7 million, resulting in a net loss of €99.2 million for the half-year.
✈ Q2 Performance: During the second quarter, TAP carried 4.5 million passengers and generated €1,125.3 million in operating revenues, remaining largely stable year-over-year.
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Balance Sheet and Strategic Plan 2026–2035
TAP reinforced its liquidity by issuing €350 million in senior debt, closing June with €1,222.1 million in cash and cash equivalents. Having concluded its Restructuring Plan, the airline has launched its 2026–2035 Strategic Plan. The roadmap focuses on expanding long-haul operations, enhancing product differentiation, growing ancillary revenues, and executing a digital transformation via the Horizon Program. CEO Luís Rodrigues highlighted the resilience of TAP’s business model, reiterating a focus on operational efficiency and profitability despite ongoing fuel price volatility.
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