Gol Linhas Aéreas Inteligentes (GOLL54) investor relations material

Executive summary

• Consolidated results reflect the 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, reducing net leverage and establishing a new capital structure.

• Recognized as Brazil's most on-time airline for the second consecutive year and expanded network to 217 routes.

• Enhanced customer experience with upgrades to premium offerings, expanded business class, and new VIP lounges.

• Agreement in principle to acquire Sky for further expansion in Peru and Chile.

Financial highlights

• Pro forma revenue increased 11% year-over-year to $9.7 billion, with 8% passenger revenue growth and a 31% increase in cargo and other revenues; FY25 net revenue was R$22,103 million, up 15.5%.

• Pro forma adjusted EBITDA grew 26% to $2.7 billion (margin 27.4%), and recurring EBITDA for FY25 reached R$6,411 million (+30.5% YoY, margin 29.0%).

• Liquidity ended above $2.5 billion for the group, with Gol's cash and equivalents at R$3.0 billion and total liquidity at R$5.5 billion.

• Net debt to EBITDA ratio improved to 3.3x for the group and 3.2x for Gol, down from 6.1x year-over-year.

• Cargo business delivered $1.6 billion in revenue, and loyalty programs reached over 46 million members, with Smiles loyalty program growing 24.5% to 29.9 million 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 tactical capacity reductions possible if demand softens.