Earnings release
Page 1
1 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 GOL Announces 3Q25 Results São Paulo, November 11, 2025 – GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL54), one of the leading airlines in Brazil and part of the ABRA Group, announced today its consolidated results for the third quarter of 2025 (3Q25). All information herein is presented in Brazilian Reais (R$), unless otherwise noted, in accordance with international accounting standards (IFRS), with adjusted metrics made available to enable comparison of this quarter (3Q25) with the third quarter of 2024 (3Q24) and the first nine months of 2025 (9M25) to the same period of the previous year (9M24). Highlights GOL recorded an 8.9% increase in capacity, in 3Q25 compared to 3Q24, measured in available seat kilometers (ASK), with a 34.5% increase in the international market, reflecting the Company’s capacity recovery plan and international expansion. Throughout the quarter, the Company consistently ranked among th e Top 3 most on -time airlines in Latin America, while accumulating eight awards as the most punctual airline in Brazil year-to-date, according to data from Cirium. For the ninth consecutive year, GOL is the airline most remembered by Brazilians and, for th e second time, the most recalled when it comes to vacations, according to Folha de São Paulo’s Top of Mind Award, reflecting our commitment to the customer experience. Net revenue increased 11.6% in 3Q25 compared to 3Q24, while revenue per available seat k ilometer (RASK) was 2.5% higher over the same period, demonstrating the Company’s improved ability to generate revenue. In 3Q25, the Company reported a 45.9% increase in Recurring EBITDA compared to 3Q24, reaching R$1,643 million. Recurring EBITDA margin e xpanded by 7.0 p.p. in the period, reaching 29.7%, the highest margin for a comparable period in the post-pandemic years. Net leverage reached 3.2x in 3Q25, a reduction of 2.1x compared to the same period of the previous year, hitting the lowest level since the pandemic, as a result of the Company’s accelerated deleveraging efforts. The Smiles and GOLLOG business units delivered strong results in the quarter, with a 10.4% increase in redemption transactions through Smiles compared to 3Q24, and a 17.6% increase in cargo volume transported by GOLLOG over the same period, in addition to the incorporation of the first freighter aircraft bearing the Company’s own brand.
Page 2
2 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 1. Operational Results In 3Q25, GOL continued to strengthen its presence in key markets through network expansion, enhanced connectivity between domestic and international routes, and operational improvements driven by efficiency, technological innovation, and customer focus. Total capacity increase in 3Q25 reached 8.9% year over year, measur ed in available seat kilometers (ASK), with a significant 34.5% increase in international capacity during the same period. Throughout the quarter, the Company began operating its 18th international destination with the launch of the São Paulo (GRU) – Caracas (CCS) route, reinforcing Guarulhos’ role as a hub for connections to more than ten international destinations and marking another step in GOL’s international expansion strategy. In total, the Company, through its own fleet, operates to 82 domestic and international destinations, across 150 domestic routes and 43 international routes. In line with its strategic plan, the Company is preparing for the largest summer high season in its history, spanning the end of 2025 and early 2026, with 65,000 domestic f lights and 12 million seats offered in Brazil, plus 5,200 flights and 980,000 seats to international destinations, a 20% increase compared to last summer. In addition to new destinations across the Southern Cone of Latin America, GOL plans to increase freq uencies to destinations in Florida and the Caribbean. Amid this expansion of network and capacity, the Company promoted 53 pilots to captain and 22 flight attendants to chief purser during the quarter, while hiring 89 new pilots and 171 flight attendants. By the end of the year, GOL expects to fill 577 new crew positions, including 198 pilots and 379 flight attendants, representing a 13% increase in its total flight crew. Despite the increase in capacity, the Company recorded a higher Load Factor compared t o 3Q24, up 0.9 percentage points. Revenue per available seat kilometer (RASK) and passenger revenue per available seat kilometer (PRASK) increased 2.5% and 3.2%, respectively, over the same period. Throughout the year, GOL received eight awards as the most punctual airline in Brazil and remained among the Top 3 most on -time performance airlines in Latin America in every month of the quarter, according to data from Cirium. GOL was also recognized, for the ninth consecutive year, as the airline most remembere d by Brazilians and, for the second time, as the Top of Mind brand when it comes to vacations, in an award granted by Folha de São Paulo. Reaffirming our commitment to delivering the best customer experience. GOL’s business units delivered positive results during the quarter. GOLLOG maintained its positive trend in 3Q25, posting a 17.6% increase in cargo volume transported compared to 3Q24, reflecting stronger demand for air cargo services and the Company’s investment in additional capacity. Over the past twelve months, three aircraft have been added to the dedicated freighter fleet, one of which features GOLLOG’s own livery, marking an important milestone in the brand’s development. Smiles reached a new record of 29.6 million registered customers, representing a 25.3% increase compared to 3Q24. Redemption transactions grew 10.4% year over year, reflecting efforts to deliver the best benefits to customers. The Clube Smiles subscription program, which offers exclu sive benefits to members, grew 0.9% in 3Q25 versus 3Q24, nearing 1.2 million members.
Page 3
3 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 Operational Indicators | Passengers 3Q25 3Q24 9M25 9M24 Average Dollar R$/US$ 5.45 5.55 (1.8%) 5.65 5.24 7.9% Average Jet Kerosene (QAV) R$/liter 4.06 4.59 (11.5%) 4.25 4.49 (5.3%) Sales R$ billions 5,4 4,4 23,6% 14,2 11,6 22,1% Punctuality % 89.2 88.1 1.2 p.p. 89.0 87.3 1.6 p.p. Average Operational Fleet # 119 106 13 118 105 13 Operational Utilization Rate (Block Hours)¹ hours/day 11.1 11.6 (4.1%) 10.8 11.0 (1.4%) Total ASK billions 12.6 11.5 8.9% 36.0 31.9 13.0% Domestic ASK billions 10.4 10.0 4.9% 29.8 27.6 7.9% International ASK billions 2.1 1.6 34.5% 6.2 4.3 46.4% Departures thousand 60.6 55.0 10.2% 173.7 155.6 11.6% Average Stage Length Km 1,158 1,170 (1.0%) 1,158 1,143 1.2% Load Factor % 84.1 83.3 0.9 p.p. 83.3 82.4 0.8 p.p. Domestic Load Factor % 84.5 83.2 1.3 p.p. 83.1 82.2 0.9 p.p. International Load Factor % 82.4 83.6 (1.2 p.p.) 84.1 83.8 0.2 p.p. Pax on board millions 8.8 8.0 10.7% 24.9 21.9 13.6% Domestic Passengers millions 8.2 7.5 8.7% 22.9 20.6 11.4% International Passengers millions 0.7 0.5 43.3% 1.9 1.3 47.8% (1) Calculated based on the number of operational aircraft.
Page 4
4 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 2. Consolidated Financial Results Revenue In 3Q25, total net revenue increased 11.6%, compared to 3Q24, with a 2.5% increase in total net revenue per available seat kilometer (RASK) and a 2.1% increase in unit passenger revenue (Yield) over the same period, demonstrating the Company’s ability to generate revenue beyond capacity increase. In the passenger segment, passenger revenue per available seat kilometer (PRASK) rose 3.2%, reflecting resilient demand even amid higher seat supply. Revenues from the Smiles and GOLLOG bu siness units continue to make a significant contribution to the Company’s consolidated results. In 3Q25, these revenues increased 4.9% compared to 3Q24, while over the last nine months, the Other Income segment grew 16.4%, reflecting GOL’s consistent results across its entire portfolio. Income Statement (Revenue) 3Q25 3Q24 9M25 9M24 Net Revenue R$ millions 5,537 4,960 11.6% 16,002 13,611 17.6% Passenger Transport R$ millions 5,020 4,467 12.4% 14,436 12,265 17.7% Other Income R$ millions 517 493 4.9% 1,566 1,345 16.4% Revenue Indicators 3Q25 3Q24 9M25 9M24 RASK R$ cents 44.1 43.0 2.5% 44.4 42.7 4.0% PRASK R$ cents 39.9 38.7 3.2% 40.1 38.5 4.1% Yield R$ cents 47.5 46.5 2.1% 48.1 46.7 3.1% Average Fare R$ 567.3 561.7 1.0% 577.4 549.0 5.2%
Page 5
5 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 Costs In 3Q25, total costs increased by 8.1% compared to 3Q24, mainly impacted by higher depreciation expenses resulting from fleet recovery investments. The unit cost per available seat kilometer (CASK) was primarily affected by higher personnel expenses, due t o new hires and crew promotions during the quarter, as well as increased airport fees and charges, reflecting the Company’s broader network and higher flight frequency, particularly in the international market. On the other hand, as the fleet recovery prog ram advanced, resulting in lower number of aircraft undergoing maintenance, related maintenance costs declined significantly during the quarter. Recurring Costs 3Q25 3Q24 9M25 9M24 Operating costs and expenses R$ millions 4,673 4,321 8.1% 13,897 11,837 17.4% Personnel R$ millions 800 768 4.2% 2,294 2,123 8.1% Aviation fuel R$ millions 1,393 1,446 (3.7%) 4,209 3,956 6.4% Landing fees R$ millions 303 264 14.7% 893 742 20.3% Passenger costs R$ millions 203 248 (18.1%) 594 622 (4.5%) Services R$ millions 334 315 6.0% 995 875 13.7% Sales and marketing R$ millions 240 231 3.7% 634 631 0.4% Maintenance material and repairs R$ millions 336 453 (25.9%) 1,273 1,034 23.1% Depreciation and amortization R$ millions 780 488 59.7% 2,209 1,339 65.0% Other R$ millions 285 107 NM 795 514 54.6% Recurring Cost Indicators 3Q25 3Q24 9M25 9M24 CASK R$ cents 37.2 37.5 (0.7%) 38.6 37.2 3.9% CASK Fuel R$ cents 11.1 12.5 (11.6%) 11.7 12.4 (5.9%) CASK Ex-Fuel R$ cents 26.1 24.9 4.7% 26.9 24.7 8.7% EBITDA The Company reported a robust increase in Recurring EBITDA, up 45.9% in 3Q25 compared to 3Q24, driven by higher revenue generation , while the EBITDA margin showed a significant increase of 7.0 percentage points in the same period. 3Q25 3Q24 9M25 9M24 Recurring EBITDA R$ millions 1,643 1,127 45.9% 4,315 3,113 38.6% Recurring EBITDA Margin % 29.7% 22.7% 7.0 p.p. 27.0% 22.9% 4.1 p.p.
Page 6
6 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 3. Cash Flow In 3Q25, the Company generated approximately R$1.4 billion in its operations. In terms of CAPEX, GOL invested around R$305 million, with a significant portion of this amount allocated to the fleet recovery program, which has supported the operational improvement and capacity growth observed in recent quarters . Finally, the Company's financial cash flow totaled R$1.8 billion in the quarter, due to the amortization of financial debts, interest payments and lease payments. Cash Flow (R$ millions) 3Q25 3Q24 9M25 9M24 (+) Recurring EBITDA 1,643 1,127 45.9% 4,315 3,113 38.6% (+) Non-Cash Adjustments 527 448 17.6% 1,124 318 NM (+) Non-Recurring Adjustments (14) (635) (97.8%) (1,068) (973) 9.7% (+) Working Capital Variation (674) (346) 94.7% (872) (2,924) (70.2%) Accounts Receivable (729) (442) 64.9% (431) (2,554) (83.1%) Other Working Capital Accounts 55 96 (42.7%) (441) (371) 19.0% (=) Operating Cash Flow 1,483 593 NM 3,500 (466) NM (+) CAPEX (305) (461) (33.9%) (1,001) (1,218) (17.8%) (+) Financial Flow (1,834) (800) NM (1,592) 2,560 NM New Funding - - NM 10,338 5,036 NM Interest, Amortizations and Others (1,834) (800) NM (11,929) (2,476) NM (=) Cash Generation/Consumption (w/o Δ Exchange) (656) (668) (1.7%) 906 876 3.4% (+) Exchange Variation on Cash Balance (75) (27) NM (259) 240 NM (=) Cash Generation/Consumption (731) (694) 5.3% 648 1,117 (42.0%) Initial Cash of the Period 3,873 2,593 49.3% 2,494 782 NM Final Cash of the Period 3,142 1,899 65.4% 3,142 1,899 65.4%
Page 7
7 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 4. Cash and Indebtedness The Company’s Liquidity¹ reached R$5.4 billion at the end of 3Q25, consisting of R$2.7 billion in cash and R$2.7 billion in credit card receivables, equivalent to 25,2% of the Company’s last twelve months’ net revenue. As of September 30, 2025, Loans and Financing totaled R$15.5 billion, while Leases Payable amounted to R$9.9 billion. Accordingly, the Company’s total gross debt at the end of 3Q25 was R$25.5 billion, representing a 13.5% reduction compared to the end of 3Q24. The Adjusted Net Debt/LTM EBITDA ratio reached 3.2x as of September 30, 2025, a 2.1x decrease versus 3Q24, reflecting the negotiations conducted during the Chapter 11 process, the Company’s new capital structure, fair value and exchange rate adjustments following its emergence, and improved operating performance in the last quarters. Debt (R$ millions) 3Q25 3Q24 3Q24 2Q25 2Q25 Loans and Financing 15,536 19,297 (19.5%) 16,169 (3.9%) Leases Payable 9,958 10,184 (2.2%) 10,167 (2.1%) Gross Debt 25,494 29,481 (13.5%) 26,337 (3.2%) Liquidity1 (5,421) (4,007) 35.3% (5,441) (0.4%) Net Debt2 19,697 25,134 (21.6%) 20,512 (4.0%) Net Debt/EBITDA LTM3 3.2x 5.3x (2.1x) 3.7x (0.4x) (1) Cash & Cash Equivalents + Credit Card Receivables. (2) Total Debt (-) Liquidity (-) Debt & Aircraft-related Investment. (3) Adjusted by non-recurring event effects. 5. Fleet Over the past twelve months, GOL returned 6 Boeing 737-800NG aircraft and 1 Boeing 737-700NG aircraft, while receiving 9 Boeing 737 MAX 8 aircraft and 3 Boeing 737-800BCF (Boeing Converted Freighter) aircraft dedicated to the Company’s cargo operations. This fleet movement, combined with the ongoing fleet recovery program, resulted in a net addition of 13 aircraft to the operating fleet compared to 3Q24, reaffirming the Company’s strategy to have its entire fleet fully operational by the end of 1Q26. As of September 30, 2025, GOL’s total fleet comprised 143 Boeing 737 aircraft across different variants, including 58 Boeing 737 MAX 8, 64 Boeing 737-800NG, 12 Boeing 737-700NG, and 9 Boeing 737-800BCF freighters. The Company’s fleet is 100% composed of Boeing 737 narrowbody aircraft, with 97% financed through operating leases and 3% through finance leases. 9 8 6 58 57 49 64 64 70 12 12 13 143 141 138 3Q25 2Q25 3Q24 Cargo MAX 800 700
Page 8
8 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 6. Attachment Income Statement Income Statement in IFRS (R$ millions) 3Q25 3Q24 % Var. 9M25 9M24 % Var. Net Revenue 5,537 4,960 11.6% 16,002 13,611 17.6% Passenger net revenue 5,020 4,467 12.4% 14,436 12,265 17.7% Ancillary net revenue 517 493 4.9% 1,566 1,345 16.4% Operating costs and expenses (4,686) (4,956) (5.4%) (14,964) (12,810) 16.8% Personnel costs (806) (783) 2.9% (2,431) (2,159) 12.6% Fuel costs (1,393) (1,446) (3.7%) (4,209) (3,956) 6.4% Landing fees costs (303) (264) 14.7% (893) (742) 20.3% Passenger costs (203) (248) (18.1%) (594) (622) (4.5%) Services costs (381) (697) (45.4%) (1,496) (1,580) (5.3%) Sales and marketing costs (240) (231) 3.7% (653) (631) 3.4% Maintenance material and repairs (336) (506) (33.7%) (1,888) (1,212) 55.7% Depreciation and amortization costs (D&A) (780) (488) 59.7% (2,209) (1,339) 65.0% Others (246) (292) (15.8%) (591) (568) 4.1% Operating Results (EBIT) 850 3 NM 1,038 801 29.7% Operating Margin 15.4% 0.1% 15.3 p.p. 6.5% 5.9% 0.6 p.p. Other Financial Income (Expenses) (537) (1,422) (62.2%) (844) (1,713) (50.7%) Interest on Loans (718) (864) (17.0%) (2,525) (2,223) 13.6% Interest on Financing 61 26 NM 112 86 30.5% Net Income with Investment Fund 1 2 (67.4%) 5 30 (82.2%) Net result from derivatives (7) (27) (73.7%) (2,511) 5,004 NM Monetary and foreign exchange variation (226) (6) NM 4,842 (2,852) NM Other net expenses (income) 352 (553) NM (767) (1,757) (56.3%) Profit (Loss) Before IR/CS 313 (1,419) NM 194 (912) NM Income Tax (65) (1) NM (101) (39) NM Current income tax (1) (8) (92.0%) (5) (9) (45.2%) Deferred income tax (65) 7 NM (97) (30) NM Profit (Loss) for the Period 248 (1,420) NM 92 (951) NM Net margin 4.5% (28.6%) NM 0.6% (7.0%) NM EBITDA 1,630 491 NM 3,247 2,140 51.8% EBITDA margin 29.4% 9.9% 19.5 p.p. 20.3% 15.7% 4.6 p.p.
Page 9
9 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 Non-recurring items reconciliation The table below provides a reconciliation of our reported amounts with adjusted amounts excluding non-recurring items: (R$ millions) Reported Non- Recurring 3Q25 Adjusted 3Q24 Reported Non- Recurring 9M25 Adjusted 9M25 Net revenue 5,537 - 5,537 16,002 - 16,002 Operating costs and expenses 4,686 14 4,673 14,964 1,068 13,897 Personnel 806 6 800 2,431 137 2,294 Maintenance 336 (0) 336 1,888 615 1,273 Passengers 203 - 203 594 - 594 Services 381 46 334 1,496 501 995 Others 246 (39) 285 591 (204) 795 EBITDA 1,630 14 1,643 3,247 1,068 4,315 EBITDA Margin 29.4% 0.2 p.p. 29.7% 20.3% 6.7 p.p. 27.0% The Sale and Leaseback transactions are considered non-recurring in 2024, in line with the assumptions adopted for 2025. Glossary https://ri.voegol.com.br/en/information-for-investors/glossary/
Page 10
1 0 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 Balance Sheet – IFRS (R$ millions) 3Q25 3Q24 % Var. Assets 26,719 21,829 22.4% Current Assets 8,371 7,046 18.8% Cash and Cash Equivalents 2,727 1,523 79.1% Investments 311 215 44.5% Trade Receivables 3,580 3,375 6.1% Inventories 420 421 (0.2%) Deposits 247 492 (49.7%) Advance to Suppliers and Third Parties 498 525 (5.1%) Recoverable Taxes 175 78 NM Rights from Derivative Transactions 0 13 (100.0%) Other Credits 414 405 2.3% Non-Current Assets 18,348 14,783 24.1% Long Term Investments 104 161 (35.5%) Deposits 4,021 2,707 48.5% Advance to Suppliers and Third Parties 20 25 (17.5%) Taxes to Recover 10 15 (33.6%) Deferred Taxes 0 0 (73.7%) Other Credits 23 14 59.9% Fixed Assets 12,067 9,845 22.6% Intangible Assets 2,103 2,016 4.3% Liabilities and Equity 26,719 21,829 22.4% Current Liabilities 13,298 23,206 (42.7%) Loans and Financing 665 9,719 (93.2%) Leases to Pay 1,376 1,953 (29.6%) Suppliers 2,316 2,395 (3.3%) Labor Obligations 739 757 (2.3%) Taxes and Contributions to Collect 134 193 (30.9%) Airport Fees 1,231 1,098 12.1% Advance Ticket Sales 3,585 3,278 9.4% Frequent-Flyer Program 2,044 2,023 1.0% Advances from Ticket Sales 32 23 36.0% Provisions 783 1,241 (36.9%) Liabilities with Derivative Transactions 0 18 (99.4%) Other Liabilities 393 507 (22.6%) Non-Current Liabilities 29,040 22,654 28.2% Loans and Financing 14,871 9,578 55.3% Leases to Pay 8,582 8,231 4.3% Taxes and Contributions to Collect 633 296 NM Frequent-Flyer Program 174 155 12.1% Lp Provisions 2,917 2,922 (0.2%) Deferred Taxes 347 229 51.8% Obligations with Derivative Transactions - 80 (100.0%) Lessors Obligations 349 - NM Other Liabilities 1,167 1,164 0.3% Equity (15,619) (24,031) (35.0%) Share Capital 4,046 4,045 0.0% Shares to be issued - - NM Treasury Shares (0) (0) - Capital Reserve 13,668 308 NM Equity Valuation Adjustments (368) (443) (16.9%) Accumulated losses (32.965) (27.942) 18,0%
Page 11
1 1 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 Cash Flow – IFRS (R$ milions) 3Q25 3Q24 % Var. 9M25 9M24 % Var. Net profit (loss) for the period 248 (830) NM 92 (951) NM Depreciation - aeronautical right of use 305 248 22.9% 884 707 25.0% Depreciation and amortization - other 475 240 98.1% 1,326 630 NM Provision for doubtful accounts 0 (1) NM 1 0 56.8% Constitution (reversal) of provision 339 537 (36.8%) 447 1,012 (55.9%) Provision for inventory obsolescence (1) 0 NM (1) 1 NM Provision for impairment of deposits (6) 25 NM 65 30 NM Provision for loss on advance from suppliers - (2) (100.0%) (81) (2) NM Adjustment to present value of provisions 64 76 (16.3%) 209 211 (1.0%) Deferred taxes 74 (7) NM 97 30 NM Write-off of fixed and intangible assets - - NM - - NM Sale-leaseback - Retroleases (35) (48) (27.1%) (151) (167) (9.5%) Contractual changes to leases (26) (8) NM (28) (56) (50.4%) Exchange and monetary variations, net (574) (576) (0.2%) (4,707) 2,631 NM Financial results on debt 73 (19) NM 73 90 (18.4%) Interest on loans and leases and amortization of costs, premiums and goodwill 1,021 1,219 (16.2%) 4,774 3,263 46.3% Goodwill on financing operations - - NM - - NM Result of transactions with fixed and intangible assets (42) 71 NM 30 124 (75.5%) Results of derivatives recognized in profit or loss 4 27 (83.5%) 3,849 (5,004) NM Share-based remuneration 0 1 (75.2%) 2 6 (62.7%) Fair Value on Lease Liabilities (3) - NM (14) - NM Financial Result from Chapter 11 - - NM (2,727) - NM Interest and fines 268 - 268 - NM Other provisions (19) (6) NM (18) (14) 33.5% Adjusted net income (loss) 2,167 950 NM 4,389 2,541 72.7% Changes in operating assets and liabilities: Financial investments 24 17 43.8% 49 254 (80.8%) Accounts receivable (729) (442) 64.9% (431) (2,554) (83.1%) Inventories (8) (8) 1.7% (27) (59) (54.5%) Deposits (179) (56) NM (382) (382) (0.1%) Advances to suppliers and third parties (132) 85 NM 121 (28) NM Recoverable taxes 0 34 (98.8%) (83) 86 NM Variable leases 3 1 NM 3 13 (78.7%) Suppliers (96) (33) NM (407) 197 NM Suppliers - Drawn risk - - NM - (21) (100.0%) Transportation to be conducted 573 322 77.8% 204 147 38.2% Mileage program 43 (5) NM (49) 174 NM Customer advances (63) (39) 60.6% (147) (126) 16.3% Labor obligations 57 58 (2.6%) 68 (10) NM Airport taxes and fees 31 27 15.6% 67 2 NM Taxes payable (55) 9 NM (58) (54) 6.7% Obligations with derivative operations - 8 (100.0%) - 67 (100.0%) Provisions (239) (323) (25.8%) (1,157) (717) 61.4% Other credits (obligations) 97 (2) NM 1,357 86 NM Interest paid (635) (124) NM (1,901) (390) NM Net cash generated by operating activities 857 479 78.9% 1,616 (772) NM Advance for acquisition of fixed assets, net - - NM - - NM Acquisition of fixed assets (292) (428) (31.8%) (939) (1,116) (15.9%) Acquisition of intangible assets (33) (66) (50.4%) (146) (134) 8.9% Receipts from sale-leaseback operations 20 33 (40.5%) 84 33 NM Net cash used in investment activities (305) (461) (33.9%) (1,001) (1,218) (17.8%) Borrowings from loans and financing - - NM 10,338 5,032 NM Loan repayments (361) (44) NM (7,736) (254) NM Lease payments - aeronautical (668) (619) 8.0% (2,103) (1,795) 17.2% Lease payments - other (170) (14) NM (189) (37) NM Shares to issue - - NM - - NM Capital increase - - NM - 3 (100.0%) Net cash used in financing activities (1,199) (676) 77.3% 309 2,948 (89.5%) Exchange variation in cash of subsidiaries abroad (75) (27) NM (259) 240 NM Cash and cash equivalents at the beginning of the period 3,448 2,207 56.2% 2,061 324 NM Cash and cash equivalents at the end of the period 2,727 1,523 79.1% 2,727 1,523 79.1%
Page 12
1 2 GOL Linhas Aéreas Inteligentes S.A. Earnings Release 3Q25 About GOL Linhas Aéreas Inteligentes S.A. GOL is one of Brazil’s leading domestic airlines and is part of the Abra Group. Since its founding in 2001, the Company has maintained the lowest unit cost in Latin America, democratizing air travel. GOL has alliances with American Airlines and Air France-KLM and offers 18 codeshare and interline agreements to its customers, providing greater convenience and seamless connections to destinations served by these partners. With the purpose of “Being the First for Everyone,” GOL delivers the best travel experience to its passengers and offers the best loyalty program, Smiles. In cargo transportation, GOLLOG enables package delivery to various regions in Brazil and abroad. The Company has a team of 14,7 highly qualified aviation professionals focused on Safety — GOL’s number one value — and operates a standardized fleet of 143 Boeing 737 aircraft. The Company’s shares are traded on B3, under the ticker GOLL54. For more information, visit www.voegol.com.br/ri. Investor Relations ri@voegol.com.br www.voegol.com.br/ri