AZUL · Azul S.A.

Azul S.A. reported strong first-quarter 2026 results, with EBITDA reaching a record R$1.7 billion, up 22.6% year-over-year, and operating income surging 83.1% to R$1.0 billion. Operating revenue hit a first-quarter record of R$5.5 billion, driven by healthy demand, robust ancillary revenues, and strong performance from beyond-the-metal business units. Capacity decreased 2.7% year-over-year, primarily due to an 8.9% reduction in international operations, while load factor improved 2.3 percentage points to 83.8%. Cost per ASK (CASK) declined 5.7% to R$35.55 cents, benefiting from structural cost initiatives implemented during the restructuring, a 10.7% drop in fuel price per liter, and a 10.0% appreciation of the Brazilian real. The company completed its financial restructuring, reducing total debt by R$14.0 billion to R$20.6 billion, and leverage (net debt/EBITDA) improved to 2.4x from 5.5x a year earlier. Cash plus receivables totaled R$4.7 billion, 98.6% above 1Q25. Management highlighted disciplined capacity management, a modern fleet, and a diversified revenue model as key competitive advantages. The company also announced the appointment of Antônio Garcia as new CFO.