Air France-KLM stock submits final TAP bid as decision nears

Published on 10/04/2026 at 20:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Air France-KLM stock enters a TAP decision after final offers were filed on September 30. Q2 revenue rose 9.9 percent to EUR 9.3 billion, while adjusted operating profit fell EUR 251 million.

Unbeschriftetes Passagierflugzeug auf Rollfeld bei Sonnenuntergang, Air France-KLM SA — Realistisches Foto eines unbeschrifteten Passagierflugzeugs auf Rollfeld zeigt Air France-KLM SA FR0000031122 Luftfahrtbranche, Illustration mit AI erstellt.

Air France-KLM (ISIN FR001400J770) was last at EUR 11.35 on Euronext Paris on October 2, 2026 at 5:35 p.m. CEST, giving the group a market capitalization of EUR 3.0 billion. The airline group is now waiting for Portugal's decision on its final offer for up to 49.9 percent of TAP Air Portugal.

TAP decision moves closer

Air France-KLM and Lufthansa Group submitted revised bids to Portuguese state holding company Parpública on September 30, 2026. According to Aviation Week on October 1, 2026, Air France-KLM wants Lisbon to become its exclusive southern European hub if it wins the stake.

The proposal would connect TAP more closely with Air France, KLM and Transavia while expanding transatlantic routes. Aerospace Global News reported on October 2, 2026, that Portugal plans to identify a preferred bidder by mid-October, while the financial terms of the competing offers remain undisclosed.

Revenue rises as profit falls

Air France-KLM's second-quarter revenue increased 9.9 percent year over year to EUR 9.3 billion. At the same time, adjusted operating profit declined EUR 251 million to EUR 484 million, and the adjusted operating margin fell 3.5 percentage points to 5.2 percent, according to Morningstar on September 16, 2026.

Fuel costs were the central counterweight. Morningstar said the fuel increase reached EUR 804 million, while the group recovered 85 percent of that pressure through revenue and held non-fuel unit-cost growth to 1 percent in the second quarter of 2026.

Analysts see limited upside

Consensus data published by MarketScreener on September 24, 2026, showed a Hold rating from 19 analysts. The average target was EUR 12.71, or 9.10 percent above the EUR 11.64 last-close reference used in that overview.

MarketScreener also listed November 5, 2026 as the date for Air France-KLM's third-quarter earnings release. That date gives the TAP decision a near-term corporate checkpoint, while the second-quarter figures show why fuel costs and operating margin remain decisive for the shares.

Air France-KLM stock stays at EUR 11.35

Air France-KLM stock was last at EUR 11.35 on Euronext Paris on October 2, 2026 at 5:35 p.m. CEST. The 52-week range was EUR 8.37 to EUR 14.43, and trading volume reached 847,834 shares.