Lufthansa chief says TAP stake offers profitable addition and South Atlantic growth

Lufthansa Group chief executive Carsten Spohr told analysts on 15 October that the group's plan to take a stake in TAP Air Portugal differs from its previous acquisitions: the Portuguese carrier is already making money. Portugal named Lufthansa preferred bidder for up to 49.9% of TAP a day earlier.

Spohr said he could not recall the group ever buying a profitable airline. The usual pattern, he said, is taking over carriers that need to be turned around. TAP's current margin is higher than those of the airlines already in Lufthansa's portfolio.

TAP has reported a profit in each of the last four years, including €46.1m ($51.8m) for 2025, after a four-year restructuring tied to pandemic-era financial support. It has also posted a net loss of close to €100m at the halfway point of this year, which it attributed to rising fuel costs affecting the industry broadly.

Spohr called TAP's fleet among the most modern in the world. The carrier flies slightly more than 100 aircraft, among them 60 Airbus A320s and 22 Airbus A330 widebodies, plus Embraer jets. Nearly three-quarters of its Airbus aircraft are Neo variants.

According to Spohr, the network is where TAP would make the biggest difference to the group, giving Lufthansa an immediate gain in the South Atlantic market, where it currently trails Air France-KLM and IAG.