Slides
Page 1
2Q25 Results August 14, 2025
Page 2
Disclaimer The information contained in this presentation is only a summary and does not purport to be complete. This presentation has been prepared solely for informational purposes and should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation includes estimates and forward-looking statements within the meaning of US federal securities laws. These estimates and forward-looking statements are based mainly on our current expectations and estimates of future events and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, and the trading price of our preferred shares, including in the form of ADSs. Although we believe these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to many significant risks, uncertainties and assumptions and are made reflecting information currently available to us. These statements appear throughout this presentation and include statements regarding our intent, belief or current expectations in connection with changes in market prices, customer demand and preferences, competitive conditions, general economic, political and business conditions in Brazil, particularly in the geographic markets we serve and may serve in the future, our ability to keep costs low, existing and future governmental regulations, increases in maintenance costs, fuel costs and insurance premiums, our ability to maintain landing rights in the airports that we operate, air travel substitutes, labor disputes, employee strikes and other labor related disruptions, including in connection with negotiations with unions, our ability to attract and retain qualified personnel, our aircraft utilization rate, defects or mechanical problems with our aircraft, our ability to successfully implement our growth strategy, including our expected fleet growth, passenger growth, our capital expenditure plans, our future joint venture and partnership plans, our ability to enter new airports (including international airports) that match our operating criteria, management’s expectations and estimates concerning our future financial performance and financing plans and programs, our level of debt and other fixed obligations, our reliance on third parties, including changes in the availability or increased cost of air transport infrastructure and airport facilities, inflation, depreciation and devaluation of the real, our aircraft and engine suppliers and other factors or trends affecting our financial condition or results of operations, including those factors identified or discussed as set forth under “Risk Factors” in the prospectus included in our registration statement on Form F 1 (No 333 215908 filed with the Securities and Exchange Commission (the “Registration Statement”). In addition, in this presentation, the words “believe,” “understand,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “seek,” “intend,” “expect,” “should,” “could,” and similar words are intended to identify forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We do not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of new information, future events or other factors. Our independent public auditors have neither examined nor compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. Considering the risks and uncertainties described above, the future events and circumstances discussed in this presentation might not occur and are not guarantees of future performance. Because of these uncertainties, you should not make any investment decision solely based upon these estimates and forward-looking statements. In this presentation, we present EBITDA, which is a non-IFRS performance measure and is not a financial performance measure determined in accordance with IFRS and should not be considered in isolation or as alternatives to operating income or net income or loss, or as indications of operating performance, or as alternatives to operating cash flows, or as indicators of liquidity, or as the basis for the distribution of dividends. Accordingly, you are cautioned not to place undue reliance on this information. 2
Page 3
Source: Cirium Net Promoter Score (NPS) (#) Dec-24 Jul-25 +33.7 Improvement in overall travel experience, boosting NPS to historical levels Azul: Second Most On-time Airline In July 3
Page 4
Better Results Through Operational Improvements Average Aircraft On Ground Time (hours) Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 -53% 2025 IROPs Expenses (R$ million) Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 -81% Focused on operational performance, efficiency and financial stability 4 IROPs: irregular operations
Page 5
Revised Network Focused On Profitability Network optimization and simplification, leading to improved operational integrity and profitability Domestic Market International Market Network simplification Extra flights in Congonhas during summer 14 underperforming stations closed in March and April Implementing seasonal flights Strengthen United States destinations New destinations: Porto and Madrid 5
Page 6
2Q25 Results 2Q25 EBITDA¹ R$1.1 billion 23.1% margin 2Q25 EBIT¹ R$380 million 7.7% margin 2Q25 RASK R$38.53 cents +0.8% vs. 2Q24 2Q25 Revenue R$4.9 billion +18.4% vs. 2Q24 Positive results, with record revenues for a second quarter 6¹Adjusted for non-recurring items
Page 7
RASK (R$ cents) ASK (# billion) Stable Unit Revenue Even With Capacity Growth 7 2Q24 1Q25 2Q25 10.9 12.8 12.8 +17.5% +0.2% 2Q24 2Q25 38.2 38.5 +0.8% Maintaining strong RASK even with capacity increase of 17.5% YoY 2Q24 impacted by Rio Grande do Sul floods and OEM issues
Page 8
Beyond the Metal: Strong Contribution From Business Units 8 Business units accounted for 23% of RASK and 37.5% of EBITDA in 2Q25, at R$429 million 80% 77% 20% 23% 2Q24 2Q25 Business units Passengers RASK (% of total)
Page 9
Beyond the Metal: Continued High Growth From Business Units 9 2Q24 2Q25 +35% 2Q24 2Q25 +45% International Revenue (%) Operating Net Revenue (%) Net Revenue (%) 2Q24 2Q25 +50% Business units leverage Azul’s unparalleled network and flexible fleet, providing low-risk growth
Page 10
Notable Performance Of Ancillary Revenues 10 2Q24 2Q25 +21% Ancillary Revenues (%) Ancillary Revenues per PAX (R$) 56.36 63.08 2Q24 2Q25 +12%
Page 11
Increasing Aircraft Utilization And Productivity 11 *Excludes freighters and Cessnas Process improvements and operational efficiency leading to higher productivity and profitability Productivity (million ASK per FTE) Aircraft Utilization* (block hours per day) 693 835 2Q24 2Q25 +20.5% 2Q24 2Q25 11.3 11.5 +2.0%
Page 12
Efficiency Strategy Leading To Reduced Unit Costs 12 Reduced unit costs controlling for FX and fuel from higher productivity and aircraft utilization and lower fuel burn, partially offset by industry-wide increase in legal claims ¹Adjusted for non-recurring items 2Q24 2Q25 34.18 35.57 +4.1% CASK1 (Adjusted, R$ cents) CASK1 (Adjusted, R$ cents) 1Q25 2Q25 37.68 35.57 -5.6%
Page 13
Chapter 11 Estimated Timeline May 2025 Azul files for Chapter 11 having reached Restructuring Support Agreements with bondholders, AerCap, and United Airlines & American Airlines Court approves Interim DIP Order for US$250 million DIP financing Court approves Final DIP Order for remaining US$1,321 million of DIP financing, of which US$1,100 million is available immediately Azul signs AerCap agreement to save over US$1 billion in fleet related costs July 2025 February 2026 Azul signs backstop agreement with bondholders to raise up to US$650 million Hearing to approve AerCap deal August 2025 December 2025 Current target period for Chapter 11 emergence Significant progress towards rapid and successful execution of Chapter 11 process 13
Page 14
INVESTOR RELATIONS Contact us +55 11 4831-2880 invest@voeazul.com.br www.voeazul.com.br/ir Thank you. 14