In December 2021, when there were three days until Christmas, Pedro Nuno Santos, then Minister of Infrastructure and Housing, announced the European Commission's approval of TAP's restructuring plan, which involved state aid of 3.2 billion euros in two modalities: restructuring and Covid-19 compensation. The Portuguese airline hit financial rock bottom in that last quarter of 2021, with a loss of 971.5 million euros, after years of difficulties aggravated by the pandemic.
After the restructuring plan execution period, which ended on June 11, 2025, there is now a consensus between the Socialist Party (PS) and the Democratic Alliance (AD) that TAP has overcome its financial nightmare. The company was successfully restructured and two strong candidates have shown interest in buying 44.9% of the company from the State: the German group Lufthansa and the Franco-Dutch Air France-KLM, with that stake potentially rising to 49.9% depending on the subscription of the 5% reserved for workers.
Prime Minister Luís Montenegro, who in 2022 had classified nationalization as a "political and financial crime," has converted and expressed optimism at the Pontal Festival on August 14, stating that the sale operation will be better than anticipated. The Government is expected to receive the Parpública report with the evaluation of binding proposals on August 31, and Montenegro expressed confidence that the Portuguese will recover the value invested in TAP through the proceeds of the sale and future dividends.
However, TAP's financial results show significant volatility. After the recovery that brought record profits of 177.3 million euros in 2023, the year 2024 saw a 70% drop in profits to 53.7 million euros. On the eve of the delivery of the Parpública report, the company reported a loss of 99.2 million euros in the first half of 2026, 40% less than in the same period of 2025, punished by the increase in jet fuel costs due to the war in the Middle East that broke out on February 28. CEO Luís Rodrigues acknowledged that the rise in fuel prices pressured performance, although he highlighted the robustness of the business model and the strength of demand on the network.
