Air France-KLM today completed a new step in the privatization process of TAP Air Portugal, with the submission of a non-binding offer (NBO).

Benjamin Smith, CEO of the Air France-KLM Group said: “We value what TAP has built over the last 81 years: a strong Lisbon hub, a strong brand, and a unique value proposition that provides connectivity and pride to millions of Portuguese people. We firmly believe that the next chapter of the airline’s history should be written as part of the Air France-KLM Group, building on this legacy and taking TAP to the next level. TAP is a natural fit within Air France-KLM’s multi-hub strategy, and our ambition is to strengthen the operations at Lisbon while developing connectivity in other cities across the country including Porto. We look forward to the next steps of the privatization process.”

Thanks to its ideal geographical position, Lisbon would become the Group’s unique Southern European hub, offering extensive connectivity notably to the Americas – including Brazil, a key market for both TAP and Air France-KLM, as well as Africa.

TAP would benefit from its integration into a worldwide commercial organization, covering Air France, KLM and Transavia, as well as close engagement with Delta Air Lines and Virgin Atlantic, Air France-KLM’s partners within the transatlantic Joint Venture. This would help TAP achieve its vision of “embracing the world”. As TAP and Air France-KLM operate largely complementary networks, Portugal as a whole would enjoy increased air connectivity.

Air France-KLM’s unique approach to consolidation prioritizes cooperation within a clear framework designed to maximize economic and operational synergies. This model would enable TAP to fully benefit from a smooth integration into a larger, robust group, with economies of scale and a global reach, strengthening its competitiveness. Such cooperation would extend to all areas of business and would include a focus on decarbonization – a key strategic priority for Air France-KLM.

Air France-KLM has a strong track record in nurturing and growing historic brands and aims to allow the airline to stay true to its Portuguese heritage while leveraging that distinctive identity on the global stage. This would reinforce TAP’s sustainable growth and regional development, while also safeguarding the connectivity for Portuguese diaspora, in line with the requirements set forth by the Portuguese government.

Air France-KLM also has extensive experience working alongside State shareholders and views such partnerships as a testament of aviation’s strategic importance for a nation.

The NBO was submitted to Parpública on April 2, 2026. It confirms the Group’s unaltered, strong and continued interest in TAP.