Azul (AZUL4) Q4 2025 earnings summary

Executive summary

• Achieved all-time record revenue, EBITDA, EBIT, and RASK in Q4 2025, reflecting strong operational and financial performance after a rapid restructuring completed in under nine months.

• Emerged from Chapter 11 in February 2026 with a significantly strengthened capital structure, increased liquidity, and a dedicated workforce of over 14,000.

• Maintained operational excellence and customer value proposition throughout the restructuring, focusing on disciplined growth and strategic business unit contributions.

Financial highlights

• Operating revenue reached a record R$5.8 billion in 4Q25, up 4.6% year-over-year, with RASK at an all-time high of R$46.55 cents.

• EBITDA was R$2.1 billion (36.9% margin), up 9.6% year-over-year; EBIT was R$1.4 billion (24.5% margin), up 14.7% year-over-year.

• Productivity rose 5.7% year-over-year, while CASK remained nearly flat despite inflation and fuel price increases.

• Adjusted net loss was R$425.5 million, net margin -7.3%, improved from -71.2% YoY.

Outlook and guidance

• Disciplined capacity growth planned, with domestic capacity growth at -1% for 2Q26, below competitors, and overall 2026 capacity growth at 1% as aircraft return to service.

• Targeting at least 8% unit revenue improvement by Q3 or Q4 2026 to offset higher fuel costs, leveraging fare increases and network strength.

• Focused on deleveraging, cash generation, and resilience to macroeconomic headwinds, with further selective cuts possible if fuel prices remain elevated.