TAP Air Portugal announces €53.7 million net income for 2024

TAP Air Portugal has announced its 2024 financial results, with the airline achieving a net income of €53.7 million (£44.7 million) and record €4.2 billion (£3.5 billion) in operating revenues.

Recurring EBITDA reached €875.3 million (£729 million) during the same period, increasing 0.4% or €3.7 million (£3.08 million) compared to 2023.

Last year, TAP carried 16.1 million passengers, a 1.6% increase from 2023. The total number of flights operated decreased by 1.5% in 2024 compared to the previous year, reaching 86% of pre-pandemic levels.

As of 31 December 2024, TAP had a solid liquidity position of €651.6 million (£542 million), excluding the €343 million (£286 million) third tranche of capital executed by the shareholder on 17 January 2025. The capital injection gave TAP a net financial debt/EBITDA ratio of 2.2x.

The successful debt refinancing operation carried out in November 2024 increased TAP’s debt maturity, highlighting the airline’s disciplined financial management.

Commenting on the results, Luís Rodrigues, TAP’s Executive Chairman, said: “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 a relevant increase in competition in our main markets, strong currency devaluations, operational challenges, namely in air traffic control and adverse weather events, and structural constraints, such as the aircraft limit.”

Mr Rodrigues added that 2025 will be the last year of TAP’s restructuring plan, aimed at transforming the airline into a “sustainably profitable company and one of the most attractive in the industry”.

More information on TAP’s Q4 and full year earnings for 2024 is available here.