Gol Linhas Aéreas Inteligentes (GOLL54) Q2 2024 earnings summary

Executive summary

• Achieved recognition as the most on-time airline in Brazil and Latin America in 2Q24, with a 90.5% on-time performance index in June.

• Announced new codeshare agreements, new international routes, and resumed key routes interrupted during the pandemic.

• Faced operational challenges due to the closure of Salgado Filho International Airport, impacting ASK and revenue.

Financial highlights

• Net revenue for 2Q24 was R$3,937 million, down 5.0% year-over-year; passenger revenue fell 6.5%.

• Adjusted net loss of R$1,045 million in 2Q24, excluding non-recurring and exchange effects; reported net loss was R$3,908 million.

• Recurring EBITDA margin was 18.9% in 2Q24, down from 22.8% in 2Q23.

• Total cash reached R$2.6 billion at quarter-end; gross debt increased to R$29.2 billion, up 33.3% year-over-year.

Outlook and guidance

• Plans to launch new international routes (Guarulhos–San Jose, Guarulhos–Aruba, Brasília–Bogotá) and resume others by end of 2024.

• Chapter 11 reorganization plan expected to address creditor claims and restructure obligations, with exclusive periods extended to October and December 2024.