Gol Linhas Aéreas Inteligentes (GOLL54) Q3 2025 earnings summary

Executive summary

• Delivered first full quarter results post-Chapter 11, with robust execution on operational and financial plans, including a major capital increase and debt reduction.

• Capacity increased 8.9% year-over-year in 3Q25, with international capacity up 34.5% and operational fleet expanded to 120 aircraft.

• Margin expansion achieved across business units, with recurring/adjusted EBITDA up 45.9% to R$1,643 million and margin at 29.7%, the highest since the pandemic.

• Net income for 3Q25 was R$248 million, reversing a significant loss in 3Q24.

• Maintained leadership in on-time performance and brand recognition in Brazil and Latin America.

Financial highlights

• Net revenue reached R$5,537 million in 3Q25, up 11.6% year-over-year; passenger revenue rose 12.4%.

• Adjusted/recurring EBITDA was R$1,643 million, up 45.9% year-over-year, with margin expanding to 29.7%.

• Net leverage reduced to 3.2x, down from 5.3x in 3Q24, and gross debt decreased 13.5% year-over-year to R$25.5 billion.

• Liquidity at R$5.4 billion, representing about 25% of last twelve months' revenues.

• Operating margin increased to 15.4% from 0.1% in 3Q24.

Outlook and guidance

• Updated full-year EBITDA guidance to R$5.8–6.1 billion, with net leverage expected in the 3.4–3.6 range.

• Preparing for the largest summer high season in history, with 65,000 domestic and 5,200 international flights planned, and 20% more international seats.

• Focus on operational efficiency, network expansion, and customer experience, with no material uncertainties regarding going concern for the next 12 months.

• Continued expansion of international and domestic routes, maintaining ASK growth and adjusting mix as needed.

• December performance expected to reach high end of guidance if trends continue.