Gol Linhas Aéreas Inteligentes (GOLL54) Q2 2025 earnings summary

Executive summary

• Successfully completed Chapter 11 restructuring in June 2025, reducing net leverage from 5.7x to 3.7x and positioning for long-term growth with Abra Group support.

• Achieved record operational and customer performance, including a 19.2% increase in total capacity (ASK), 19.9% more customers transported, and highest post-pandemic customer transport for a second quarter.

• Abra Group became controlling shareholder, reaffirming commitment and providing strategic and financial support, leveraging cost, commercial, and network synergies.

• Recognized as the most on-time airline in Latin America, with 89% on-time performance in 1H25 and a 1.4 p.p. improvement in load factor to 82.1%.

• New CFO Julien Imbert introduced, bringing experience in growth strategy and efficiency.

Financial highlights

• Net revenue rose 22.9% year-over-year in 2Q25 to R$4.8 billion, with passenger revenue up 24.1%; 1H25 net revenue reached R$10.5 billion.

• Adjusted/recurring EBITDA for 1H25 was R$2.7 billion, up R$685 million year-over-year; 2Q25 EBITDA was R$1.13 billion, up 67.7% with a margin of 23.4%.

• Liquidity post-exit reached R$5.4 billion, with R$3.5 billion in available cash, up R$4.6 billion from pre-Chapter 11.

• Net loss for 2Q25 was R$1.53 billion, a significant improvement from R$3.91 billion loss in 2Q24.

• Total costs rose 20.4% due to currency depreciation and higher maintenance expenses; CASK increased 1% to R$0.39, CASK ex-fuel up 6.8%.

Outlook and guidance

• Targeting R$5.8 billion EBITDA by end of 2025, with liquidity and leverage metrics ahead of plan.

• Full fleet recovery expected by Q1 2026, with capacity returning to 2019 domestic levels and continued network expansion.

• No additional equity expected post-emergence; performance exceeds scenarios that included equity.

• Free cash flow and liquidity expected to remain stable, with improvements flowing through to cash projections.

• Well-positioned to capitalize on market opportunities with a nearly fully recovered fleet and optimized cost structure.