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Gol Linhas Aéreas Inteligentes (GOLL54) investor relations material

Gol Linhas Aéreas Inteligentes Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Aug, 2025

Executive summary

  • Emerged from Chapter 11 with a sustainable financial trajectory, reducing net leverage from 5.7x to 3.7x and securing USD 1.9 billion in new funding, with liquidity rising to BRL 5.4 billion, up BRL 4.6 billion from pre-Chapter 11 levels.

  • Integrated into the Abra Group, now controlling 80% of the new parent company, leveraging operational, commercial, and network synergies across a market of 1 billion people and $2.7 trillion GDP.

  • Achieved record operational and customer performance, including a 19.9% increase in customers transported, a 17-point rise in NPS, and recognition as the most on-time airline in Latin America.

  • Significant improvements across all key performance indicators, including operational efficiency, customer satisfaction, and financial health.

  • Smiles loyalty program and GOLLOG logistics unit posted strong growth, with Smiles members up 3% and GOLLOG cargo volume up 14.2% year-over-year.

Financial highlights

  • Net revenue rose 22.9% year-over-year in 2Q25 to BRL 4.8 billion, with 1H25 net revenue up 21% to BRL 10.5 billion.

  • Adjusted EBITDA for 1H25 was BRL 2.7 billion, up BRL 685 million year-over-year, with a margin of 23.4% in 2Q25 and 25.5% in 2Q25.

  • Liquidity post-exit reached BRL 5.4 billion, representing 26% of last twelve months' revenues.

  • Gross debt reduced by 9.9% year-over-year to BRL 26.4 billion.

  • Net loss for 2Q25 was BRL 1.53 billion, a 60.8% improvement over 2Q24.

Outlook and guidance

  • On track to achieve BRL 5.8 billion EBITDA for FY25, with full fleet expected to be operational by 1Q26, restoring pre-pandemic domestic capacity by 2025.

  • No additional equity injection foreseen; company is performing better than plans that included equity.

  • Free cash flow expected to be stable, with liquidity levels maintained through 2025 and 2026.

  • Booking curves for Q3 are solid, with Q4 expected to follow positive trends, especially in the domestic market.

  • Well-positioned to capitalize on market opportunities with a nearly fully recovered fleet and optimized cost structure.

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