Gol Linhas Aéreas Inteligentes (GOLL54) Investor presentation summary

Investment highlights and exit financing

• $1.9B exit facility offers high yields secured by strong collateral at less than 34% LTV, with $1.375–1.425B already secured and attractive yields due to recent credit market selloffs.

• GOL emerges with $900M liquidity and projected net leverage of 2.9x by YE27, supported by a successful restructuring and deleveraging.

• Collateral includes Brazil’s leading loyalty program (Smiles), valuable airport slots, and a strong brand/IP portfolio, with total collateral value estimated at $6.26B.

• Exit financing proceeds will repay DIP financing, settle claims, and strengthen the balance sheet, with a five-year maturity and flexible fee structure.

Operational and financial performance

• Q4 2024 and Q1 2025 results outperformed the January 2025 five-year plan, with recurring EBITDA up 33% and 18% year-over-year, respectively.

• Load factors and net revenue exceeded plan despite increased capacity, and GOL maintained industry-leading ex-fuel CASK among Latin American and U.S. LCCs.

• 2024 recurring EBITDA was 10% ahead of plan, driven by stronger revenues, lower fuel prices, and efficient maintenance execution.

• Projected recurring EBITDA for 2025 and 2026 is 6% and 1% higher than prior forecasts, reflecting improved demand and booking trends.

Strategic positioning and network

• GOL is Brazil’s largest domestic airline, serving 81 destinations (65 domestic, 16 international) and carrying 30M passengers in 2024.

• Operates an all-Boeing 737 fleet, supporting network flexibility and cost efficiency, with over 50 engines overhauled and all aircraft expected in service by Q1 2026.

• Maintains dominant positions in key economic hubs (São Paulo, Rio de Janeiro, Brasília) and is recognized for on-time performance.