Air France-KLM submits a non-binding offer for the acquisition of a minority stake in TAP Air Portugal

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.

About Air France-KLM

A global player with a strong European base, the Air France-KLM Group’s main areas of business are passenger transport, cargo transport and aeronautical maintenance. Air France-KLM is a leading airline Group in terms of international traffic on departure from Europe. It offers its customers access to a worldwide network, covering over 320 destinations through to Air France, KLM Royal Dutch Airlines and Transavia, mainly from its hubs and bases at Paris-Charles de Gaulle, Paris -Orly and Amsterdam-Schiphol. Its Flying Blue loyalty program is one of the leaders in Europe with over 30 million members. Together with its partners Delta Air Lines and Virgin Atlantic, Air France-KLM operates the largest joint venture between Europe and the United States in seat capacity offered. Air France-KLM is also a founding member of the SkyTeam, the alliance dedicated to providing passengers with a more seamless travel experience at every step of their journey with 19 member airlines working together across an extensive global network.

The Air France-KLM Group’s airlines - Air France, KLM and Transavia - have been serving Portugal since 1940 and operate services to 5 airports in Portugal: Lisbon, Porto, Faro, Funchal and Ponta Delgada. On March 27, 2026, Air France-KLM presented an ambitious flight schedule for the Summer 2026 season, marked by an 11% capacity increase in Portugal and up to 346 weekly frequencies across 29 routes connecting Portugal with France, the Netherlands and Belgium.

Since 2019, Air France and KLM have increased their capacity in Portugal by 44%.

In 2025, Air France-KLM carried 103 million passengers using a fleet of over 580 aircraft. It posted a €33 billion revenue and has a global workforce of 80,000.