The national airline's results were greatly affected by an 18.7% increase in fuel procurement costs, driven by geopolitical instability in the Middle East.

The rise in jet fuel costs offset the operational growth achieved during the period, during which the company transported 8.2 million passengers, carried out 57,500 flights, and saw total operating revenues increase by 4.3% to €2,039.8 million.

In the second quarter, the company suffered a net loss of €59.3 million, which was the opposite of the €37.5 million profit it had made in the corresponding quarter of the previous year. Luís Rodrigues, the company's chief executive officer, stated that the rise in fuel prices had at once had an impact on operating costs.

At the same time, the effects of the revenue optimisation measures only became apparent gradually, since the majority of the tickets for that quarter had already been sold before the energy costs increased. Even in this difficult situation, the executive pointed out the resilient demand in the key European and South American markets, as well as improved liquidity, which reached €1,222.1 million by the end of June after a successful debt issuance.

The announcement of the half-year results takes place at a crucial stage in the airline's privatisation process. Parpública is expected to formally present to the Government its report on the evaluation of the binding offers submitted by the Air France-KLM and Lufthansa groups for the acquisition of a 44.9% share in the company; the Government will then decide on the sale of the state's share.

Meanwhile, the airline has finished carrying out the restructuring plan approved by Brussels and has now started to implement its strategy for the 2026–2035 period, with a focus on expanding its long-haul routes and pursuing digital transformation.