Azul (AZUL4) investor relations material

Company overview and business model

• Operates the largest airline network in Brazil, serving 160 destinations with 970 daily departures and a strong presence in underserved markets.

• Maintains a young, fuel-efficient fleet tailored for diverse Brazilian markets, including regional and international routes.

• Generates revenue from core passenger operations, a loyalty program (Azul Fidelidade), logistics (Azul Cargo), and tourism (Azul Viagens).

• Holds leading market positions in key Brazilian cities and airports, with a focus on customer service and operational efficiency.

• Emerged from Chapter 11 reorganization in early 2026, restructuring debt and capital structure.

Financial performance and metrics

• Reported net revenue of R$21.6 billion and net income of R$124.9 million for the year ended December 31, 2025.

• For Q1 2026, net revenue was R$5.5 billion and net income was R$6.0 billion, driven by a R$7.5 billion deferred tax asset recognition.

• Pro forma adjustments reflect lease renegotiations, debt conversions, and share structure changes post-reorganization.

• Cost per flight in 2025 was R$55,739, with a disciplined low-cost model and scalable technology platform.

Use of proceeds and capital allocation

• No proceeds will be received by the company from the resale of shares by selling shareholders; all proceeds go to selling shareholders.

• Recent capital increases funded through equity rights offerings, warrant exercises, and strategic investments by United Airlines and American Airlines.