Gol Linhas Aéreas Inteligentes (GOLL54) investor relations material

Executive summary

• First consolidated results as a group, now the second largest airline group in Latin America, integrating Avianca, Gol, and Wamos Air, with over 300 aircraft and 375 routes.

• Achieved a 15.7% year-over-year increase in capacity (ASK) in 4Q25, with international capacity up 18.7%.

• Successfully completed Gol's Chapter 11 restructuring, making Abra the controlling shareholder and consolidating results, reducing net leverage to 3.2x from 6.1x year-over-year.

• Achieved $180 million in value creation through increased coordination and group-level leadership roles.

• Enhanced customer experience and loyalty, with 46 million loyalty program members and a 34% increase in premium customers.

Financial highlights

• Pro forma revenue increased 11% year-over-year to $9.7 billion, driven by 8% passenger revenue growth and 31% growth in cargo and other revenues.

• Net revenue rose 15.5% in FY25 versus FY24, with recurring EBITDA up 30.5% and margin reaching 29.0%.

• Pro forma adjusted EBITDA grew 26% to $2.7 billion, with a margin of 27.4%; Q4 margin reached 30.6%.

• Liquidity ended above $2.5 billion, representing 25% of LTM revenue; cash and equivalents at year-end totaled R$3.0 billion, with total liquidity at R$5.5 billion.

• Net debt reduced by 16.6% year-over-year, mainly from Gol's restructuring; net leverage improved to 3.2x.

Outlook and guidance

• Monitoring fuel price volatility closely, with hedges in place for 50% of fuel needs through May and additional hedges through August.

• Capacity recovery and international expansion remain priorities, with a target for a fully operational fleet by end of 1Q26.

• Capacity plans for 2026 include tactical reductions if demand softens, but no major network restructuring planned.

• Expecting modest mid-single-digit growth at Avianca, with focus on international expansion and widebody network normalization.

• Continued focus on operational excellence, customer experience, and financial discipline.