In a statement, TAP says that operating revenues up to September reached €3,281.3 million, €15.4 million (+0.5%) more than in the same period last year.

Regarding the third quarter, according to the data released, net results were positive, reaching €126 million.

Up to September, TAP transported a total of 12.7 million passengers, an increase of 2.9% compared to the same period in 2024.

The number of flights operated registered a slight annual growth of 0.7%, practically in line with the previous period.

Capacity increased by 3% compared to the first nine months of 2024, and the occupancy rate grew by 1.3 percentage points, reaching 84.2%.

Recurring operating costs increased by 4.3%, reaching €3,054 million in the first nine months of 2025.

Recurring EBITDA (earnings before interest, taxes, depreciation, and amortization) reached €592 million in the first nine months of the year, with a margin of 18.0%, down €73.5 million (-11.0%) compared to the same period last year.

Busy summer

In a statement, the airline says that this year it had "one of the busiest summers," with increased capacity (+4%), more passengers carried (+4%), and more flights operated (+1%) compared to the summer of 2024.

Even so, "it was also one of the most challenging," acknowledges TAP, which mentions "several operational disruptions," namely constraints in border control at national airports and in European airspace, influencing operational performance and customer satisfaction.

As of September 30, 2025, TAP had a liquidity position of €1,025.6 million, an increase of €373.9 million compared to December 31, 2024.

Quoted in a statement, TAP's CEO, Luís Rodrigues, indicates that the airline "presented a solid performance in the third quarter, with an increase in revenue, driven by a significant contribution from Maintenance," adding that the operating results were "solid" and that the net result "fully compensated for the losses of the first half of the year."

He emphasizes that it was a summer "marked by persistent competitive pressures and operational disruptions, from strikes, mainly in handling, and restrictions on border control at national airports, to restrictions in European airspace and adverse weather events," which "continue to affect" TAP's operations.

Outlook

Regarding the outlook for the last quarter of the year, bookings remain robust, slightly above the previous year, in a context of increased capacity and a clear trend towards shorter booking windows.

In the note, the company indicates that competitive pressure in key markets should continue, continuing to condition the evolution of unit revenues.

"The focus remains on maximizing the quality of revenues in key markets, through strong Load Factors [occupancy rates], leveraging TAP's geographical advantage and unique network to maintain its leading position," it adds.

Despite delays in aircraft deliveries and throughout the supply chain, the fleet modernization strategy continues to move forward, with the delivery of an Airbus NEO aircraft scheduled for the end of the year, the statement adds.