Gol Linhas Aéreas Inteligentes (GOLL54) Q1 2025 earnings summary

Executive summary

• Achieved 19.4% year-over-year net revenue growth in 1Q25, driven by a 12.0% increase in capacity and strong international expansion.

• Passenger revenue rose 18.0% year-over-year, with RASK up 6.6% and PRASK up 5.4% compared to 1Q24.

• Smiles loyalty program and GOLLOG cargo unit delivered double-digit revenue growth, reinforcing their strategic roles.

• Continued operational strengthening, with improved on-time performance (89.4%) and customer satisfaction metrics.

• Progressed on Chapter 11 restructuring, securing key agreements and advancing exit financing plans.

Financial highlights

• Net revenue reached R$5.6 billion, up 19.4% year-over-year; passenger revenue was R$5.1 billion (+18.0%).

• Recurring EBITDA was R$1.54 billion (+17.4%), with a recurring EBITDA margin of 27.3%.

• Operating costs rose 24.9% year-over-year, mainly due to exchange rate depreciation and higher maintenance expenses.

• Net profit for the period was R$1.38 billion, down from R$3.79 billion in 1Q24, reflecting non-recurring items and financial effects.

• Cash and cash equivalents at quarter-end were R$1.6 billion; net debt increased to R$31.2 billion.

Outlook and guidance

• Management expects continued network expansion, especially internationally, and further operational efficiency gains.

• Chapter 11 plan aims to strengthen capital structure and support future growth.