TAP reported a net loss of 99.2 million euros in the first half of the year, representing a 40% worsening compared to the same period last year. The Portuguese airline was penalized by an almost one-fifth increase in fuel costs, associated with the Middle East war. The company's operating result turned red, with a negative EBIT of 56 million euros, when in the same period last year it had been positive at 122.5 million euros.
CEO Luís Rodrigues's description of these times as "volatile and challenging" echoed the statements of the leaders of the two groups seeking to acquire the Portuguese company. The government is expected to receive Parpública's report on Tuesday with the evaluation of the two binding proposals, one from Lufthansa and one from Air France-KLM.
Lufthansa saw its operating profit in the second quarter fall by 515 million euros, to 346 million euros, compared to 861 million in the same period last year. CEO Carsten Spohr spoke of a "challenging quarter, marked by multiple geopolitical crises and uncertainties". Meanwhile, the Air France-KLM group saw its operating result fall to 484 million euros, below the 736 million from the same period last year, with CEO Benjamin Smith emphasizing the significant impact of rising fuel prices.
However, unlike TAP, the two European groups managed to maintain positive operating results, benefiting from their larger size. Lufthansa's quarterly revenues increased 8% to 11.1 billion euros, while Air France-KLM's rose 9.9% to 9.3 billion euros. The Franco-Dutch group now expects fuel expenditure to reach 8.9 billion dollars in fiscal year 2026, below the previous estimate of 9.3 billion dollars.
