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 top ranking in Brazil for seven months in 2024.

• Consolidated revenue increased 6.3% year-over-year in 3Q24, reaching R$5.0 billion, with strong growth in Smiles loyalty and GOLLOG cargo segments.

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

• Smiles loyalty program grew 14.4% in revenue and 6.6% in customers year-over-year, reaching 23.6 million members.

• GOLLOG cargo division revenue rose 22.7% in 3Q24, with an 8.2% increase in tons transported.

Financial highlights

• Net revenue reached R$5.0 billion in 3Q24, up 6.3% year-over-year; passenger revenue was R$4.4 billion.

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

• Reported net loss of R$830 million in 3Q24, a 36.2% improvement over 3Q23.

• Total recurring costs increased 10.8% year-over-year to R$4.2 billion, with CASK up 3.7% to R$0.369.

• Cash and equivalents at quarter-end were R$1.9 billion, up 91.1% from 3Q23.

Outlook and guidance

• Projected exit from Chapter 11 by April 2025, with a defined restructuring plan and new capital raise.

• Plans to submit a reorganization plan to the court before year-end and focus on operational growth post-restructuring.

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