Air France-KLM sees TAP Portugal playing a central role in airline group
February 21, 2026
Air France-KLM is one of Europe’s three main airline groups competing for a stake in TAP Air Portugal. The carrier, headquartered in Lisbon, is currently undergoing a privatisation process initiated by the government. A minority 44.9% is being offered in the carrier, with a further 5% earmarked for employees.
Air France-KLM believes the airline could play a strategic role in the group, executives have said. Following the group’s strong financial results for 2025, Portugal’s Dinheiro Vivo questioned the carrier’s Chief Financial Officer, Steven Zaat, over the progress of negotiations regarding TAP.
Air France-KLM is preparing its non-binding offer for TAP Portugal
Zaat described a recent meeting in Lisbon with TAP’s Chief Executive, Luís Rodrigues, as being “pleasant.” The discussion revolved around the future TAP strategy, ironing out details and the possible scope for the upcoming binding offer.
Zaat highlighted in his comments that the group works collaboratively with its airlines and believed that TAP would enjoy “a central role in terms of the group’s organisation.”
Whether the carrier acquires TAP “depends, of course, on the price to be paid and what the entire governance structure will be.” The latter comments, as noted by Dinheiro Vivo, refer to the role of the state and the level of autonomy Air France-KLM will have.
There are commercial targets attached to its acquisition. Air France-KLM says it does not invest in airlines in which it does not have “confidence that it can achieve” an 8% profit margin.
Most recently, Air France-KLM invested in SAS Scandinavian Airlines. With a strong foothold at Copenhagen, the group wants to develop the Danish capital into a strong third group hub, leveraging its available capacity – at least relative to slot-constrained Paris Charles de Gaulle and Amsterdam Schiphol.
Why is TAP Air Portugal so valuable to Air France-KLM?
TAP is an incredibly strategic asset. It boasts a noteworthy presence on routes connecting Europe with Portuguese-speaking countries including Brazil and Angola, for instance. Broadly speaking, its expertise in routes to South America and Africa – continents with rapidly growing demand for flights – is invaluable for Europe’s three main airline groups if they want to ensure their competitive edge against one another.
Air France-KLM, the International Airlines Group (IAG; that owns the likes of British Airways, Aer Lingus and Iberia) and the Lufthansa Group (Brussels Airlines, Austrian Airlines and SWISS, among others) are all eager to get a piece of TAP. Initial offers have been submitted, and a second round for non-binding proposals has begun with a deadline slated for April 2026.
Middle Eastern carriers were supposedly also looking at an investment in TAP, though none of these materialised.
Not all the airlines are happy with the offered conditions, though. IAG reportedly wants guarantees of possible full ownership of the company and has approached the Portuguese government with its request.
Featured image: Markus Mainka | stock.adobe.com
