TAP Air Portugal has announced its financial performance for 2024, as it continues its recovery in its final restructuring year.
The airline reported a net income of €53.7 million, alongside a record-breaking €4.2 billion in operating revenues.
In broader terms, profit level saw a comparative decrease of around 70%, attributable to labour provisions and exchange rate losses. These figures nevertheless highlight TAP’s strategic growth in what is a challenging aviation landscape.
2024 Financial Highlights
The airline’s recurring EBITDA reached €875.3 million, a slight increase from the previous year. This consistent growth demonstrates TAP’s ability to maintain profitability even amidst industry headwinds.
Notably, TAP’s liquidity position remained solid, with €651.6 million in cash reserves, further bolstered by a €343 million capital injection in early 2025. This financial stability has allowed TAP to achieve a healthy net financial debt/EBITDA ratio of 2.2x.
A significant achievement in 2024 was the successful debt refinancing, which extended TAP’s debt maturity. This strategic move underscores the airline’s disciplined financial management and its focus on long-term sustainability.
Passenger Growth and Operational Adjustments
TAP Air Portugal carried 16.1 million passengers in 2024, marking a 1.6% increase from the previous year. This growth indicates strong customer demand and the airline’s effective network strategy.
However, the total number of flights operated decreased by 1.5%, reaching 86% of pre-pandemic levels.
This adjustment reflects TAP’s focus on optimizing its flight schedule and resource allocation for maximum efficiency.
Navigating Industry Challenges
Luís Rodrigues, TAP’s Executive Chairman, acknowledged the challenging environment in 2024. The airline faced increased competition and currency devaluations. Operational hurdles were encountered, including air traffic control disruptions and adverse weather, and aircraft limitations.
Despite these obstacles, TAP achieved positive results, demonstrating its adaptability and strategic planning.
“The 2024 results confirm TAP’s recovery trajectory started in recent years,” stated Rodrigues. “For the third consecutive year, TAP posted a positive net result, supported by the increase in revenues and the stabilisation of operating results.”
“In addition, the continuous increase in punctuality and regularity confirms a more robust and resilient operation, recognized by our customers through the significant increase in NPS (Customer Satisfaction Index) compared to 2023.”
Looking Ahead: Sustainable Profitability
Rodrigues emphasized that 2025 will be the final year of TAP’s restructuring plan. The airline aims to solidify its position as a “sustainably profitable company and one of the most attractive in the industry.”
This focus on long-term sustainability and customer satisfaction will be crucial for TAP’s continued success.
TAP Air Portugal
As Portugal’s flagship carrier and a Star Alliance member since 2005, TAP Air Portugal plays a vital role in connecting Europe to the world. Operating from its hub in Lisbon, a strategic gateway to Africa, North, Central, and South America, TAP offers extensive connectivity.
TAP Air Portugal is renowned for its strong presence in the Europe-Brazil market, offering over 1,250 weekly flights to 85 cities across 30 countries.
Its modern fleet, featuring Airbus NEO aircraft and Embraer regional jets, underscores its commitment to efficiency and reduced emissions. This investment in modern aircraft ensures a comfortable and sustainable travel experience for its passengers.
In conclusion, TAP Air Portugal’s 2024 financial results demonstrate a continued recovery and a good foundation for future growth.
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