Source: TAP

  • Positive net income of €126 million in the third quarter and €55 million in the first nine months of 2025.
  • Operating revenues up to September amounted to EUR 3,281.3 million.
  • Highlights for the growth in the third quarter of 64% in Maintenance revenues.
  • Load Factor in the quarter grows 1.7 percentage points to 87.9%.

TAP recorded a positive net profit of 126 million euros in the third quarter of this year and made a profit of 55.2 million in the first nine months of 2025.

Until September (9M25), TAP carried a total of 12.7 million passengers, which represents an increase of 2.9% compared to the same period in 2024 (9M24). The number of flights operated registered a slight year-on-year growth of 0.7%, in line with the previous period.

Capacity increased 3% compared to 9M24, while RPKs grew 4.6%, resulting in a 1.3 p.p. improvement in Load Factor, which reached 84.2% in 9M25.

In 9M25, operating revenues totaled EUR 3,281.3 million, an increase of EUR 15.4 million (+0.5%) compared to 9M24. PRASK stood at EUR 7.07 cents, a reduction of 3.0% (-EUR 0.22 cents) compared to the same period of the previous year.

Recurring operating costs increased by 4.3% to EUR 3,054.0 million in the first nine months of 2025. CASK recurring operating costs increased by 1.3% to EUR 7.33 cents compared to 9M24.

Recurring EBITDA totaled EUR 592.0 million in 9M25, with a margin of 18.0%, reducing EUR 73.5 million (-11.0%) compared to the same period last year. Recurring EBIT reached EUR 227.2 million, with a margin of 6.9%, a decrease of EUR 110.5 million (-32.7%) compared to 9M24.

In 2025, TAP had one of the busiest summers, with an increase in capacity (+4%), more passengers transported (+4%) and more flights operated (+1%) compared to the summer of 2024. Even so, it was also one of the most challenging, with several operational disruptions, namely constraints on border control at national airports and European airspace, impacting operational performance and customer satisfaction.

As of 30 September 2025, TAP had a robust liquidity position of EUR 1,025.6 million, an increase of EUR 373.9 million compared to 31 December 2024. The net financial debt/EBITDA ratio stabilized at 2.5x (2.4x in the 2024 proforma accounts and 2.6x in the 2024 statutory accounts).

Luís Rodrigues, CEO of TAP, considers that “TAP presented a solid performance in the third quarter, with an increase in revenues, driven by a relevant contribution from Maintenance, solid operating results and a positive net result that fully offset the losses of the first half, thus continuing the performance of the second quarter.”

“This was one of the busiest summers in recent years, with greater capacity, more passengers transported and flights operated” – continues the CEO of TAP. “However, it was also one of the most challenging, marked by persistent competitive pressures and operational disruptions, from strikes, mainly in handling, and constraints in border control at national airports to restrictions in European airspace and adverse weather events, which continue to affect our operation, requiring strong coordination and resilience from our teams to mitigate impacts.”

Rodrigues concludes by stating that “During this quarter, our shareholder approved the start of the partial privatization process of TAP’s capital. As this process is expected to last for several quarters, our strategic focus remains unchanged: to transform TAP into a sustainably profitable and attractive company, consolidating operational efficiency and financial sustainability, through our commitment and daily work, with the support of our stakeholders and the dedication of our people.”

In terms of the outlook for the last quarter of the year, bookings remain robust, slightly above the previous year, in the context of increased capacity and a clear trend towards shorter booking windows. Competitive pressure in the main markets is expected to continue, continuing to condition the evolution of unit revenues. The focus remains on maximizing the quality of revenues in key markets through strong Load Factors, taking advantage of TAP’s geographic advantage and unique network to maintain its leadership position.

Despite delays in aircraft delivery and throughout the supply chain, the fleet modernization strategy continues to move forward, with the expected delivery of an Airbus NEO aircraft by the end of the year, contributing to a more efficient and sustainable operation. The strategic focus remains unchanged: to strengthen the network and consolidate a financially sustainable Company, with a consistent and efficient operation.

The full Earnings Release can be read here.