Azul (AZUL4) investor relations material

Executive summary

• Achieved record second-quarter revenue of R$4.9 billion, up 18.4% year-over-year, driven by strong demand, operational improvements, and business unit performance.

• Maintained high on-time performance, ranking second globally in July, and improved Net Promoter Score to historical levels, with a 33-point NPS recovery.

• Entered Chapter 11 proceedings, aiming to transform capital structure, eliminate over US$2.0 billion in debt, and secure up to US$1.6 billion in DIP financing.

• International capacity grew 36.8% and domestic capacity rose 12.9% year-over-year, transporting nearly 8 million passengers in the quarter.

• Business units contributed up to 23% of RASK and 37.5% of EBITDA, with significant growth in loyalty, travel, and cargo segments.

Financial highlights

• 2Q25 EBITDA reached R$1.1 billion with a 23.1% margin; EBIT was R$380 million with a 7.7% margin.

• Adjusted net result was a loss of R$475.8 million, improving from a R$669.7 million loss in 2Q24.

• Immediate liquidity stood at R$3.3 billion, 30.7% higher than 2Q24, representing 15.7% of LTM revenues.

• RASK increased 0.8% year-over-year to R$38.53 cents, despite a 17.5% capacity increase.

• Ancillary revenues grew 21%, and per passenger ancillary revenue rose 12% year-over-year.

Outlook and guidance

• Chapter 11 restructuring process underway, with significant milestones achieved and targeted emergence by February 2026.

• Management expects to emerge from restructuring stronger, with further deleveraging and positive cash generation.

• Continued focus on operational efficiency, network simplification, and profitable growth in both domestic and international markets.

• Ongoing network optimization and cost-reduction strategies are expected to support profitability and operational efficiency.