TAP ended the first half of the year with a loss of €99.2 million, a 40% deterioration compared with losses of around €70 million in the same period last year, as rising fuel costs put pressure on the accounts.
The negative net result came despite the company increasing revenue by 4% and carrying a record number of passengers in the first six months of the year, according to a statement released on Monday by the airline.
TAP carried 8.2 million passengers between January and June, 4.2% more than in the same period of 2025, operating 57,500 flights, up 0.3%.
Ticket revenue rose 4.4% to €1.8 billion, "reflecting the robustness of demand in TAP's strategic markets, particularly in South America and Europe," the company highlighted in the statement. Total operating revenue reached a little over €2 billion, a positive change of 4.3%.
The company's results were, however, constrained by the sharp increase in fuel costs due to the conflict in the Middle East. These costs rose 18.7% over the half year and accelerated in the second quarter, when they jumped 52.3%, the company said.
