Lisbon, Feb. 19, 2026 (Lusa) - Air France-KLM is working on a non-binding offer to privatise TAP, whose network is "highly complementary", and says the Portuguese company could play a central role in the group's organisation.
"We have been selected to be part of the [TAP privatisation] process, as one of three airline groups in Europe [that have moved on to the second phase]. So, of course, we are working on a non-binding offer," said the Franco-Dutch group's financial director, Steven Zaat, during the presentation of the 2025 results.
Without wishing to disclose any confidential information about the process, Zaat said only that he had had "a pleasant conversation" last week with the Portuguese company's management: "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.
He stressed that the Air France-KLM group "works very collaboratively" with airlines' operations. "As you can see, we are here with the Dutch, Canadians and French, all together," emphasised the director, considering that TAP could have "a central place in terms of the group's organisation".
"That's what we discussed in Lisbon," he said, adding that the final outcome also "depends, of course, on the price to be paid and what the entire governance structure will be."
Asked by journalists whether the purchase of TAP could compromise Air France-KLM's goal of achieving an operating margin of 8% by 2028, Steven Zaat stressed that the group would not invest in a company in which it did not have "confidence that it can achieve" that margin.
"You have seen TAP's margin in recent years. So let's say that's not our biggest concern. They are a good player in South America and, of course, joining the [Air France-KLM] group will make them even stronger," he said.
For his part, Air France-KLM CEO Benjamin Smith pointed out that "TAP's current network is very complementary" to that of the group, particularly in terms of connections to South America: "Having a point of entry into Latin America from the Iberian Peninsula would be strategically great for us," he said.
Air France-KLM posted a record net profit of €1.75 billion in 2025, driven by the restructuring measures implemented and moderation in fuel prices, the Franco-Dutch group announced today.
The group's revenues last year also reached a record €33 billion, up 4.9% on 2024, Air France-KLM said in a statement.
"Despite persistent external uncertainty, we look to 2026 with confidence and a commitment to rigorously implement our strategy to achieve our medium-term objectives," said Benjamin Smith, after highlighting Air France-KLM's "solid performance in a complex environment" in 2025.
On 19 December, the government announced that it had completed the pre-qualification phase of the privatisation of TAP and mandated Parpública to send invitations, as of 2 January, to submit non-binding proposals, with a deadline of 2 April.
The specifications provide for the sale of up to 44.9% of TAP's capital, with 5% reserved for employees, with any unsubscribed shares subject to the future buyer's right of first refusal.
The Minister of Infrastructure, Miguel Pinto Luz, said that all entities that expressed interest, Air France-KLM, IAG and Lufthansa, met the requirements and moved on to the second phase.
The non-binding proposals to be submitted will have a financial component, including the price offered for the shares, as well as additional valuation mechanisms, such as earn-outs, which provide for future payments depending on the company's performance.
Interested parties must also indicate the future valuation prospects of the remaining stake and any alternative forms of payment, such as share exchanges.
In addition, they must submit non-binding technical proposals, including an industrial and strategic plan for TAP, a preliminary view of synergies and benefits for the company, and guarantees to preserve its status as a European Union air operator.
PD/ADB // ADB.
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