"We were selected to be part of the [TAP privatisation] process, as one of the three airline groups in Europe [that moved on to the second phase]. Therefore, it is clear that we are working on a non-binding offer," said the Franco-Dutch group's CFO, Steven Zaat, during the presentation of the 2025 results.

Without wanting to reveal any confidential information about the process, Zaat only mentioned having had "a pleasant conversation" last week with the management of the Portuguese company: "In the end, it all comes down to what they want, what they feel comfortable with, and what we feel comfortable with in our joint approach," he said.