Speaking during the International Air Transport Association (IATA) annual meeting in Rio de Janeiro, TAP chairman Carlos Oliveira said the sale process remains on track and continues to follow the timetable established by the Portuguese government.

Portugal is seeking to sell up to 49.9% of the airline, with 5% of the stake reserved for employees. Binding offers are expected by the end of July, with a strategic partner potentially selected before the end of the year.

Oliveira said fluctuations in fuel costs should not materially affect the transaction because higher fuel prices impact the entire aviation sector rather than any single airline.

The privatisation process has attracted interest from some of Europe’s largest airline groups. Air France-KLM and Germany’s Lufthansa previously submitted non-binding proposals for a minority stake in TAP, while International Airlines Group (IAG), owner of British Airways, chose not to proceed despite earlier interest.

Although the final decision rests with the Portuguese state, Oliveira said TAP’s management team is actively involved in assessing the strategic plans submitted by potential investors.

Supporting future growth

The airline is seeking a partner capable of supporting future growth through broader route networks, fleet synergies and greater cooperation in areas such as maintenance and engineering.

The search comes amid a wider wave of consolidation across Europe’s aviation industry, with carriers increasingly looking for opportunities to strengthen their competitive position through partnerships and acquisitions.

Oliveira said TAP’s priority is securing a long-term strategic partner that can help ensure the airline’s future sustainability while supporting continued expansion.

Presence in Brazil

The carrier is also continuing to strengthen its presence in Brazil, one of its most important international markets.

TAP expects to serve 15 Brazilian destinations by the end of the year, including 10 routes operated exclusively by the airline. New services to Curitiba are scheduled to begin in July, while flights to São Luís are expected to launch in October.

The expansion further reinforces TAP’s position as one of the leading air links between Europe and Brazil.