Gol Linhas Aéreas Inteligentes (GOLL54) Q4 2024 earnings summary

Executive summary

• Ended 2024 as the world's most punctual low-cost airline, with an 85.1% on-time rate, and expanded international and domestic routes, increasing operational fleet by 7 aircraft year-over-year and opening five new bases.

• Achieved 9.5% year-over-year net revenue growth in 4Q24 and 1.9% for FY24, driven by capacity expansion and improved operational performance.

• Smiles loyalty program grew its client base by 6.5% and revenue by 6.5% in FY24; GOLLOG cargo surpassed R$1 billion in annual revenue, up 31.7%–32% from 2023.

• Initiated and advanced Chapter 11 restructuring, securing DIP financing, negotiating major debt reductions, and new capital commitments.

Financial highlights

• Net revenue reached R$19.13 billion in 2024 (up 1.9% YoY); 4Q24 net revenue was R$5.5 billion (up 9.5% YoY); passenger revenue was R$17.26 billion.

• Adjusted EBITDA was R$5.26 billion (margin 27.5%), up 4.1% YoY; recurring EBITDA margin in 4Q24 was 34.3% (up 2.2 p.p. YoY).

• Reported net loss of R$6.07 billion in FY24 and R$5.1 billion in 4Q24, mainly due to non-recurring Chapter 11-related costs and exchange rate impacts.

• Total costs rose 2.9% in FY24, with CASK up 1.8% YoY, mainly due to exchange rate depreciation, litigation provisions, and higher airport fees.

• Cash and equivalents at year-end were R$2.5 billion; net debt reached R$32.2 billion, with leverage (net debt/EBITDA) at 6.1x.

Outlook and guidance

• Focus remains on executing the Chapter 11 plan, reducing leverage, and restoring profitability, with a well-built network and increased operational fleet positioning for growth in 2025.

• Operational improvements and expanded international presence are expected to support future growth.