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May 20, 2024
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For 2023, TAP recorded its highest net income, generating a profit of €177.3 million, an increase of €111.7 million over the previous year.

Operating Revenues in 2023 reached the highest value ever in the Group’s history, surpassing the €4 billion mark. This is €730 million, +20.9% better than last year.

In 2023, TAP recorded a margin of 21% and Recurring EBIT of €385.8 million, with a margin of 9%.

TAP ended 2023 with a liquidity position of €789.4 million, reinforcing the deleveraging path with an improved Net Financial Debt / EBITDA ratio as of 31 December 2023. 

For 2024, the strategy is to transform TAP into a sustainable airline by continuously improving operations, investing in employees and customers, and focusing on key markets and strategies. 


Luís Rodrigues, TAP’s Chief Executive Officer, said, “2023 strong results confirm TAP’s recovery path in recent years. Record revenues,

surpassing the €4bn mark, robust and resilient operating margins, and a clear deleveraging trend, confirm the financial strength of the Group. An increase in punctuality and regularity in the second half of the year, as well as in the NPS, underscores the organizational focus on delivering a better service to our passengers. Signing the new collective labor agreements confirms the recognition and commitment towards our people. 2024 will be a challenging year that will test the organizational focus, for which we will need the commitment of all our teams to establish TAP as one of the most attractive companies in the sector.” 


2023 Review 

In 2023, TAP carried 15.9 million passengers, +15.2% over 2022. This is 93% of 2019. The total number of flights operated increased by 11% in 2023, reaching 88% of pre-crisis levels. 

Capacity surpassed 2019’s pre-crisis levels, reaching 101%, +14.9% over 2022. The load factor increased by 0.8 p.p. YOY, reaching 80.8% in 2023, and improved by 0.7 p.p. over 2019. 

Operating revenues in 2023 totaled €4,214.8 million, +20.9% over 2022. The 2023 PRASK was 7.30 cents, +9.1% (+0.61 cents) compared to 2022 and 31.5% (+1.75 cents) compared to 2019. 

Recurring operating costs amounted to €3,829.0 million, increasing by 18.3% compared to 2022. The CASK of recurring operating expenses increased by 3.0 % to 7.25 cents compared to 2022. Excluding fuel, the increase was 10.4% compared to 2022, reaching a unit value of 5.14 cents, 9.9 % higher than in 2019. 

In 2023, Recurring EBITDA reached €871.6 million, with a margin of 20.7%, increasing by €113.4 million or 15.0% compared to 2022. Recurring EBIT amounted to €385.8 million in 2023, with a margin of 9.2%, €137.1m higher than in 2022. 

The 2023 earnings release is here.

author avatar
Addison Schonland
Co-Founder AirInsight. My previous life includes stints at Shell South Africa, CIC Research, and PA Consulting. Got bitten by the aviation bug and ended up an Avgeek. Then the data bug got me, making me a curious Avgeek seeking data-driven logic. Also, I appreciate conversations with smart people from whom I learn so much. Summary: I am very fortunate to work with and converse with great people.

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