Gol Linhas Aéreas Inteligentes (GOLL54) Q3 2024 earnings summary

Executive summary

• Achieved recognition as the world's most punctual low-cost airline for four consecutive months, with an 87.9% on-time rate and 88.1% in Brazil for Q3 2024, and ranked #1 globally for four months and in Brazil for seven months.

• Expanded international presence with a 57% increase in ASKs, resuming and launching new routes, including Brasília-Bogotá, Montevideo, and Buenos Aires.

• Smiles loyalty program grew 14.4% in revenue and 6.6%–9.3% in customers year-over-year, with a 23% increase in miles redeemed.

• GOLLOG cargo division revenue grew 22.7%–34% in 3Q24, with an 8.2% increase in tons transported and a sixth dedicated cargo aircraft added.

• Ongoing financial restructuring under Chapter 11, supported by DIP financing and a Plan Support Agreement to convert up to $1.7 billion of debt to equity and reduce other obligations by $850 million.

Financial highlights

• Net revenue reached R$5.0 billion in 3Q24, up 6.3% year-over-year, with 9M24 revenue at R$13.6 billion.

• Recurring EBITDA margin was 24.0%–26.8% in 3Q24, with EBITDA of R$1,427 million.

• Net loss for 3Q24 was R$830 million and for 9M24 was R$951 million.

• Passenger revenue was R$4.4 billion for the quarter and R$12.3 billion for the first nine months.

• Cash and equivalents at quarter-end were R$1.9 billion–R$2.0 billion, up significantly year-over-year due to DIP financing.

Outlook and guidance

• Plans to submit a reorganization plan to the court before year-end 2024, aiming to complete restructuring by April 2025, with a defined capital raise.

• Continued focus on sustainable growth, operational efficiency, and customer experience.

• Forward-looking statements highlight risks from macroeconomic factors, fuel price volatility, and competitive environment.