TAP Puts 51% of Cateringpor Up for Auction; €9.6M to State, Menus May Change

Portugal’s flag-carrier has quietly launched the auction of a majority stake in its inflight-meals subsidiary—an operation that could reshape both the airline’s balance sheet and the daily routine of thousands of travellers who board a TAP aircraft every week. While most passengers will never see the share certificates changing hands, the deal sets in motion a five-year catering contract, triggers union alarm bells and fulfils one of the conditions imposed by Brussels when it authorised a multibillion-euro bailout.

Key points in one glance

• 51% of Cateringpor—equal to 357,000 shares—has been put on the block.

• €9.57 M is the base price; the money will flow straight back to the State.

• Bidders must show 5+ years in airline catering and operate at airports at least as busy as Lisbon.

• A €150,000 provisional guarantee and financial ratios that cap net debt at 4× EBITDA are mandatory.

• The winning buyer will supply TAP for 5 years, non-renewable.

• Proposals close at 23:59 on 13 February 2026.

Brussels still in the cockpit

The sale is not an isolated management whim. It is part of the restructuring blueprint approved by the European Commission in 2021, when TAP secured more than €3.2 B in emergency support. Among the strings attached was the requirement to dispose of non-core units such as Cateringpor and ground-handler SPdH (ex-Groundforce). Brussels recently granted Lisbon an extension to complete both disposals by 30 June 2026, but the calendar is now tight.

What exactly changes hands?

Cateringpor, founded almost three decades ago, prepares meals for TAP and a roster of foreign carriers at Lisbon’s Humberto Delgado Airport. TAP currently owns 51% through holding arm TAPGer; the remaining 49% belongs to Gate Gourmet Switzerland Holding. The auction covers the entire majority block—no parcels, no cherry-picking—and comes with the obligation to sign a five-year service contract with TAP once the deal closes.

Who can bid—and who probably can’t

According to the tender notice in the Diário da República, contenders must tick several boxes:

• Documented airline-catering experience of at least five years.

• Active operations at an airport of Category 4E or higher—Humberto Delgado’s classification.

• Positive working-capital position and a debt load below 4 × EBITDA.

• Submission of audited accounts for 2023 and 2024, plus a 2025 forecast.

Insiders expect heavyweights such as Gate Gourmet, DO & CO or LSG Group to study the file, while smaller Portuguese firms are likely to balk at the stringent financial thresholds.

Labour unions on edge

Employee representatives fear the sale could reopen the wounds inflicted during the pandemic, when TAP declared a “difficult economic situation” and suspended collective bargaining. SPAC, Sitava and STHA have already warned that further upheaval in the catering unit may translate into layoffs or inferior working conditions. Management insists that any future contractor must comply with Portuguese labour law, yet trust remains thin after roughly 3,000 jobs were shed across the group between 2020 and 2022.

Why travellers should care

For most passengers, onboard food quality is a small but memorable slice of the flying experience. Industry analysts underline that a switch in catering provider often brings menu changes, supply-chain adjustments and potential teething problems. Because the new service agreement is locked for five years with no renewal clause, TAP will have limited flexibility to renegotiate if performance disappoints. Frequent flyers on Portugal-Brazil and Portugal-US routes, where flight times exceed eight hours, will be the first to notice any shift in culinary standards.

Timeline: next stops before the handover

13 February 2026 – Deadline for electronic proposals.

Late February – Opening of bids, ranking based on price and technical score.

March/April – Negotiation of final contract wording and regulatory approvals.

Early summer – Closing, cash transfer to the Portuguese Treasury and start of the five-year catering deal.

Bigger game: TAP’s gradual return to private hands

Although the Government carved Cateringpor and SPdH out of the core-airline privatisation now under discussion, both disposals aim to make TAP leaner and more attractive ahead of an eventual share sale to strategic investors. Minister Miguel Pinto Luz has hinted that the proceeds will cushion taxpayers and help repay pandemic-era aid. Industry observers argue the move also eliminates a potential antitrust hurdle: would-be buyers of TAP’s airline operations will not inherit a catering monopoly inside Lisbon Airport.

Numbers worth remembering

• 357,000 shares equal 51% stake offered.

• €9.57 M base price.

• €150,000 bid bond.

• 5 years duration of the catering contract, 0 renewals allowed.

• 4 × EBITDA maximum net-debt ratio for bidders.

• 30 June 2026 – EU deadline to finalise the sale.

The coming weeks will reveal whether global inflight-meal giants find the Portuguese tender appetising—and, more importantly for travellers and taxpayers alike, whether the eventual deal can keep both the airline’s books and its meal trays in good shape.