TAP Profit Drops 92% to €4.1 Million in 2025 After Tax Hit
A one-off tax revaluation tied to a corporate rate cut drove the decline.
Overview
- TAP, which reported results Thursday, posted 2025 net profit of €4.1 million after a tax charge turned the fourth quarter into a €51 million loss.
- The €42 million hit came from revaluing deferred tax assets after parliament approved a phased cut in Portugal’s corporate rate toward 17% by 2028.
- Excluding the tax item, recurring net income would have been €46 million, with revenue at €4.31 billion and EBITDA at €725.8 million.
- The airline carried 16.7 million passengers and ended the year with €765.3 million in liquidity, reflecting steady demand and a stronger cash buffer.
- For 2026, TAP plans more transatlantic flying, growth from Porto, and new Brazil routes while the government reviews bids from Air France-KLM and Lufthansa.