Gol Linhas Aéreas Inteligentes (GOLL54) investor relations material

Executive summary

• Consolidated results reflect integration of Avianca, Gol, and Wamos Air, making the group the second largest airline group in Latin America, with over 300 aircraft, 375 routes, 70 million passengers annually, and 30,000 employees.

• Achieved $180 million in value creation through synergies, and completed major restructuring, with Abra Group Limited becoming controlling shareholder.

• Capacity increased by 15.7% year-over-year in 4Q25, with international capacity up 18.7%, and network expanded to 217 routes.

• Recognized as Brazil's most on-time airline for the second consecutive year and enhanced customer experience with premium upgrades and new VIP lounges.

• Smiles and GOLLOG units showed strong growth, with Smiles clients up 24.5% to 29.9 million and GOLLOG cargo volume up 14.1%.

Financial highlights

• Pro forma revenue increased 11% year-over-year to $9.7 billion, with recurring EBITDA up 30.5% to R$6.4 billion and margin reaching 29.0%.

• Net loss for FY25 was R$1.3 billion, a 78.5% reduction from FY24; total debt reduced by 24.4% to R$26.3 billion.

• Liquidity ended above $2.5 billion for the group, with cash and equivalents at R$3.0 billion.

• Net debt to EBITDA ratio improved to 3.2x at year-end, down from 6.1x.

• Cargo business delivered $1.6 billion in revenue; loyalty programs reached over 46 million members, up 34% in premium customers.

Outlook and guidance

• Monitoring fuel price volatility closely, with hedges in place for 50% of fuel needs through May and an additional 14% hedged through August.

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

• Focus on operational excellence, customer experience, and financial discipline, with no material uncertainties regarding going concern.