AeroMorning, November 11, 2025

The Air France‑KLM group has confirmed its intention to participate in the partial privatisation of TAP Air Portugal. During its Q3 2025 earnings presentation, CEO Benjamin Smith stated the group intends to submit a formal letter of interest by the end of November. 

Under the rules set out by the Portuguese government, the state will retain a majority stake of 50.1%, while up to 44.9% of TAP’s capital will be sold to a private investor(s), with 5% reserved for employees. 

Air France‑KLM is competing with other major European airline groups such as Lufthansa Group and International Airlines Group (IAG) in this bidding process. 

The Portuguese government, which has relaunched the privatisation process, aims to preserve TAP’s strategic hub in Lisbon and its strong links to Brazil and Portuguese‑speaking Africa.