TAP Air Portugal posts €99.2 million loss for first half as fuel prices spike 18.7%

TAP Air Portugal ended the first half of the fiscal year with a net loss of €99.2 million, marking a 40% increase in losses compared to the same period last year. The airline stated that rising fuel costs due to the conflict in the Middle East placed significant pressure on its financial accounts. Fuel expenses increased by 18.7% over the half-year, with a more severe acceleration of 52.3% recorded in the second quarter alone. These cost pressures offset operational gains, resulting in recurring EBITDA of approximately €182 million and recurring EBIT of negative €83.7 million. Despite the losses, the company achieved positive growth in other areas. Passenger traffic reached 8.2 million between January and June, an increase of 4.2% over the corresponding period in 2025, while ticket revenue rose 4.4% to €1.8 billion. Total operating revenue climbed 4.3% to just over €2 billion, driven by strong demand in strategic markets including South America and Europe.