Flag carrier continues financial recovery with record revenues and improved operational resilience as it nears completion of restructuring plan
TAP Air Portugal has posted a net profit of €53.7 million for 2024, marking the third consecutive year of profitability for the Portuguese flag carrier. The results, released this week, underscore TAP’s steady financial and operational recovery, even as the airline navigated intensified competition, currency fluctuations, and operational constraints throughout the year.
The airline also achieved a record €4.2 billion in operating revenues, reflecting growing demand and pricing resilience in key international markets. Recurring EBITDA rose slightly to €875.3 million, representing a 0.4% year-on-year increase.
TAP carried 16.1 million passengers in 2024, a 1.6% rise from 2023. However, the number of flights operated dipped by 1.5%, reaching 86% of pre-pandemic levels. Despite the slight decrease in flight volume, TAP reported improved punctuality and regularity, which helped boost customer satisfaction scoressignificantly year-over-year.
Solid Liquidity and Improved Debt Profile
As of December 31, 2024, TAP maintained a robust liquidity position of €651.6 million, excluding a €343 million capital injection executed by the Portuguese government in January 2025. The airline also completed a successful debt refinancing operation in November, extending maturities and solidifying its debt-to-EBITDA ratio at 2.2x, a figure praised by analysts as indicative of disciplined financial management.
Leadership Confirms Transformation Strategy on Track
“The 2024 results confirm TAP’s recovery trajectory started in recent years,” said Luís Rodrigues, TAP’s Executive Chairman. “Despite external pressures—from increased competition and adverse weather to structural limitations on aircraft availability—we’ve posted a strong financial performance, improved operations, and earned greater trust from our customers.”
Rodrigues emphasized that 2025 will mark the final year of TAP’s restructuring plan, which aims to position the airline as “a sustainably profitable company and one of the most attractive in the industry.”
Strategic Implications for the Middle East and Gulf Carriers
TAP Air Portugal’s 2024 performance arrives at a pivotal moment, as the Portuguese government prepares to sell its controlling stake in the airline, with 12 potential bidders reportedly in the running. NewsAvia sources indicate that some of these candidates may include investors or airline groups from the Gulf region, signaling growing interest among GCC carriers in expanding their footprint into Europe and the transatlantic market.
For Gulf carriers—particularly those with global ambitions and established European partnerships—TAP represents a strategic gateway. With its strong network in Brazil, Africa, and the Iberian Peninsula, TAP’s Lisbon hub could offer unique connectivity benefits to airlines looking to enhance access to Portuguese-speaking markets, as well as complement North-South transatlantic traffic flows.
The airline’s ongoing financial recovery, robust liquidity, and improving customer satisfaction metrics strengthen its appeal as a viable acquisition target. As the privatization process unfolds in 2025, the involvement of GCC-based players could mark a new era of cross-regional collaboration, reshaping competitive dynamics between Europe, the Middle East, and Latin America.
