The public company Parpública delivers this Tuesday, September 1, to the Portuguese government the report that details and values the binding offers registered a month ago by Grupo Lufthansa and Air France-KLM to acquire 44.9% of TAP Air Portugal.
After receiving the document, the Portuguese Executive will examine its content and decide in a council of ministers which airline group will ultimately take almost half of the flag carrier, as the local newspaper "ECO" reports.
The routes to Brazil have become one of the main attractions for those interested in entering the capital of TAP. The CEO of Lufthansa, Carsten Spohr, has emphasized that this possible acquisition represents the "next logical step" for the German company, recalling that it has been investing in Portugal for decades.
"We want to strengthen the national Portuguese airline as part of the Lufthansa Group and as the leading airline of the South Atlantic, with Lisbon as a strategic hub," he reiterated when officially communicating the group's binding offer.
From Air France-KLM, they emphasize that their proposal, "backed and aligned" by Delta Air Lines — the group's partner — aims to bolster the execution of TAP's plan and contribute to the boost of the aviation sector in Portugal.
Within this roadmap, the Franco-Dutch group plans to significantly enhance MRO activities in Portuguese territory alongside TAP Maintenance & Engineering, with whom it has maintained an alliance for more than two decades.
In parallel, Lufthansa has recently incorporated the Italian ITA Airways into its portfolio of investments, which already includes Swiss, Austrian, and Brussels Airlines, while Air France-KLM maintains a shareholding position in the Scandinavian SAS.
TAP nears 100 million in losses due to rising fuel costs
This Monday, TAP announced net losses of 99.2 million euros in the first half of 2026, which represents a 40.3% year-on-year increase, driven by the sharp rise in fuel costs, despite achieving a new historical maximum in revenue and passengers transported.
Nevertheless, the company improved its financial solidity after successfully completing a senior debt issuance of 350 million euros. At the end of June, the airline had cash and cash equivalents of 1,222.1 million euros, which strengthens its liquidity position and financial maneuvering margin.
The first half of 2026 was similarly marked by the conclusion of the Restructuring Plan and by the launch of the new Strategic Plan 2026-2035, which will guide the evolution of TAP over the next ten years. This program is supported by the expansion of long-haul routes, product differentiation, diversification of additional revenue sources, and a profound digital transformation driven by the Horizon Program.
In the words of the CEO, Luís Rodrigues, "the results of the first half demonstrate the strength of TAP's business model and the solidity of demand across the network."