Gol Linhas Aéreas Inteligentes (GOLL54) Q4 2024 earnings summary

Executive summary

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

• Ended 2024 as the world's most punctual low-cost airline, with an 85.1% on-time rate, and expanded international network with five new bases.

• Smiles loyalty program and GOLLOG cargo unit delivered strong growth, with Smiles revenue up 6.5% and GOLLOG surpassing R$1 billion in annual revenue for the first time.

Financial highlights

• Net revenue reached R$5.5 billion in 4Q24 (up 9.5% YoY); FY24 net revenue was R$19.1 billion (up 1.9% YoY).

• Recurring EBITDA margin improved to 34.3% in 4Q24 (up 2.2 p.p. YoY); recurring EBITDA was R$1.9 billion in 4Q24 (up 17.2% YoY).

• Reported net loss of R$5.1 billion in 4Q24 and R$6.1 billion in FY24, 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 and higher airport fees.

Outlook and guidance

• Well-built network and increased operational fleet position the company for growth in 2025, supported by Chapter 11 restructuring and lessor negotiations.

• Management expects strengthened capital structure and renewed operational focus following successful implementation of the reorganization plan.