Azul (AZUL4) investor relations material

Executive summary

• Achieved all-time record revenue of R$5.7 billion in 3Q25, up 11.8% year-over-year, with record EBITDA of R$1,987.8 million (34.6% margin, up 20.2%) and record EBIT of R$1,270.4 million (22.1% margin, up 23.7%), reflecting strong operational performance.

• Maintained leadership in 91% of routes and is the only airline in 83% of its routes, leveraging a unique network in Brazil's large domestic market.

• Progressed on Chapter 11 restructuring, reaching a global settlement with the Unsecured Creditors Committee, court approval to solicit creditor votes, and targeting plan confirmation by February 2026.

• Capacity grew 7.1% year-over-year, led by a 30.5% increase in international operations; passenger traffic rose 9.7%, with a record load factor of 84.6%.

• Continued growth in business units such as loyalty, travel, and cargo, contributing to diversified revenue streams.

Financial highlights

• Total operating revenue reached R$5,737.0 million, up 11.8% year-over-year; passenger revenue was R$5,294.1 million, up 11.2%, and cargo/other revenue R$442.9 million, up 20.7%.

• Adjusted EBITDA was R$2.0 billion (34.6% margin), up 20.2% year-over-year.

• Adjusted EBIT was R$1.3 billion (22.1% margin), up 23.7% year-over-year.

• Adjusted net result was a loss of R$1,562.9 million, with an adjusted net margin of -27.2%.

• Cash plus receivables stood at R$3.4 billion, up 38.0% year-over-year, representing 15.9% of LTM revenue.

Outlook and guidance

• Positioned to emerge from Chapter 11 with a streamlined capital structure, reduced debt, and lower lease payments; leverage at exit estimated at 2.5x.

• Backstop Commitment Agreement and equity investments from United Airlines and American Airlines secure US$850 million in new funds for post-restructuring capitalization.