TAP Air Portugal Financial Performance for 2024

TAP Air Portugal has announced its financial outcomes for 2024, reporting a net income of €53.7 million (£44.7 million, USD 5,81,01,162.86) and achieving a record €4.2 billion (£3.5 billion) in operating revenues.

Recurring EBITDA reached €875.3 million (£729 million), reflecting a modest growth of 0.4% or €3.7 million (£3.08 million) from the previous year. In 2024, the airline transported 16.1 million passengers, marking a 1.6% rise compared to 2023, although total flights decreased by 1.5%, operating at 86% of pre-pandemic flight levels.

As of December 31, 2024, TAP maintained a robust liquidity position of €651.6 million (£542 million), not accounting for a €343 million (£286 million) capital tranche executed on January 17, 2025. This capital influx resulted in a net financial debt to EBITDA ratio of 2.2x.

A successful debt refinancing operation completed in November 2024 extended TAP’s debt maturity, underscoring the airline’s prudent financial stewardship.

Luís Rodrigues, TAP’s Executive Chairman, remarked:

“The 2024 results confirm TAP’s recovery trajectory started in recent years. 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. “These results were achieved in a very challenging year, marked by relevant increases in competition in our main markets, strong currency devaluations, operational challenges, especially in air traffic control, adverse weather conditions, and structural constraints, such as aircraft limits.”

Rodrigues stated that 2025 would mark the final year of TAP’s restructuring initiative aimed at transforming the airline into a “sustainably profitable company and one of the industry’s most attractive players.”