Slides
Page 1
1 Performance Presentation Second Quarter 2026 August 2026
Page 2
References in this presentation to "we," "us," and the "Company" refer to Abra Group Limited. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy any securities of the Company. Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation or made orally during this presentation may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “believe”, “may,” “should,” “would,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “will,” “expect,” “plan” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All written and oral forward-looking statement attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. We have based these forward-looking statements largely on our current expectations about future events and financial trends that we believe may affect our business, financial condition and results of operations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those in the forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. Industry Information Unless otherwise indicated, information contained in this presentation and statements made orally during this presentation concerning our industry, competitive position and the markets in which we operate is based on information from governmental agencies, independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. No representations are made by the Company, any of the Company’s affiliates or advisors as to the accuracy or completeness thereof and the Company takes no responsibility for such information. This information is current only as of its date and may have changed. The Company undertakes no obligation to update this information in light of new information, future events or otherwise. In addition, assumptions and estimates of the future performance of the industry in which we operate, and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Pro Forma and Combined Company Financial Information This presentation presents pro forma financial information for the three months ended June 30, 2025. This pro forma financial information is derived from Abra’s historical consolidated financial statements and the GOL historical consolidated financial statements, and gives effect to the GOL consolidation as if it had occurred on January 1, 2025. The pro forma adjustments are based upon available data and certain estimates and assumptions we believe are reasonable. The pro forma financial information is for informational purposes only and does not purport to represent the results of operations or financial position that the Company would actually obtain if the transactions occurred at any date, nor does such data purport to project the results of operations for any future period. This presentation also presents certain financial information, including Net Debt and Liquidity, on a combined basis for illustrative purposes only. This combined company financial information is presented as the sum of corresponding historical financial information of Abra and GOL and does not reflect the effects of the GOL business combination completed in June 2025 or the resulting consolidation of GOL in the Abra financial statements. Abra and GOL historical financial information also reflect differences in certain critical accounting policies. Non-IFRS Financial Measures This presentation uses financial information that is not presented in accordance with International Financial Reporting Standards (“IFRS”) for supplemental information purposes only. Such non-IFRS financial information should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Non-IFRS measures should be considered along with, but not as an alternative to, measures calculated in accordance with IFRS. The non- IFRS financial measures included in this presentation are EBITDA; Adjusted EBITDA; Adjusted EBITDAR; Abra Passenger CASK ex-fuel, Avianca Passenger CASK ex-fuel and GOL Passenger CASK ex-fuel. We believe that EBITDA and Adjusted EBITDA are useful supplemental measures to examine the underlying performance of our business, which are commonly used by investors, securities analysts and other interested parties in comparing the operational performance of companies in the aviation industry. In addition, by excluding interest expense, depreciation of right of use asset and rentals expense, Adjusted EBITDAR permits the reader to isolate (i) the accounting effects of aircraft acquisition, which may be made through direct purchase, acquisition debt or leases, with each methodology being presented differently for accounting purposes; and (ii) other items that would be accounted for as part of the assets that were acquired as opposed to leased, such as charges that fall into the exceptions of IFRS 16, including variable lease payments and short-term lease payments. See Appendix for a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDAR. Abra Passenger CASK ex-fuel, Avianca Passenger CASK ex-fuel and GOL Passenger CASK ex-fuel are important measures used by management and by our board of directors in assessing the cost performance of our core passenger operations. We believe that Abra Passenger CASK ex-fuel, Avianca Passenger CASK ex-fuel and GOL Passenger CASK ex-fuel are useful for investors because they provide investors with an additional measure of the financial performance of our core passenger operations excluding the effects of certain significant cost items over which management has limited influence. The price of fuel, over which we have limited control, impacts the comparability of period-to-period financial performance, and excluding the price of fuel allows management an additional tool to understand and analyze our non-fuel costs and core operating performance, and increases comparability with other airlines that also provide a similar metric. We also exclude cargo freighters and courier operating expenses, loyalty operating expenses and corporate costs, as these costs are unrelated to our core passenger operations. We believe that these exclusions may also improve comparability to other airlines, which may manage their loyalty programs differently than ours and/or may not incur certain corporate expenses equivalent to those resulting from our Chapter 11 Proceedings and, in addition, may not operate a separate freighter operation or may similarly exclude it. We believe these non-IFRS measures are indicative of our ability to manage the costs of our core passenger operations. See Appendix for a reconciliation of Abra total operating expenses to Abra Passenger CASK ex-fuel, a reconciliation of Avianca total operating expenses to Avianca Passenger CASK ex-fuel and a reconciliation of GOL total operating expenses to Gol Passenger CASK ex-fuel. Abra - Disclaimer
Page 3
3 Today’s Presenters Adrian Neuhauser CEO Manuel Irarrazaval CFO Gabriel Oliva President Nicolas Alvear CFO Celso Ferrer CEO Julien Imbert CFO
Page 4
4 Abra Highlights .(1) On a pro forma basis; (2) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR; (3) See Appendix f or a reconciliation of Liquidity and Net Debt to LTM Adjusted. EBITDAR ✓ Expanded global network through MoUs to establish partnerships with Air Canada and Etihad Airways, enhancing connectivity and creating opportunities across commercial, loyalty, cargo, and network collaboration ✓ Obtained approval from the regulatory authorities of Brazil, Chile and Perú for the proposed business combination with SKY, a significant milestone toward completing the transaction ✓ Strengthened long-term fleet strategy through agreements with Embraer and CFM for up to 45 E195-E2 aircraft and 100 LEAP-1A engines ✓ Maintained a competitive cost advantage, remaining one of the lowest-cost producers at scale in the region ✓ Our airlines demonstrated resilience amid fuel cost pressure, as the Group continued to implement mitigating measures, including fuel hedging, short-term capacity management and fuel cost recapture ✓ We resumed and increased operations in Venezuela, reaffirming our commitment to enhancing regional connectivity ✓ GOL continued to outperform business plan ✓ 2Q26 Adjusted EBITDAR(2) was $195 million (-62% YoY)(1) , at 7.5% margin(2) (-16 pp YoY)(1) ✓ Liquidity(3) totaled $2.06 billion (20% of LTM revenues), while Net Debt to LTM Adjusted EBITDAR(3) increased to 3.7x (3.1x as of March 31, 2026) ✓ Cargo and other continued performing solidly, generating approximately $448 million in revenue (+15% YoY vs pro forma) ✓ Fitch upgraded GOL’s credit rating to ‘B-’, reflecting its continued operational recovery and robust liquidity position Strategic Operational Financial ✓ Disciplined measures to mitigate $445 million YoY(1) increase in fuel expenses: 49% commercial recapture, tactical capacity management, extended fuel hedging, and the continued execution of cost savings initiatives ✓ GOL launched international operations in widebody aircraft ✓ Expanded premium and loyalty offerings with the rollout of Magno for Avianca and the launch of Insignia by GOL, delivering comprehensive coverage across the Group
Page 5
5 6.5% 4.7% 4.9% 8.1% 5.9% 11.1% -8.6% Disciplined Capacity Growth Abra Footprint Routes 370+ Destinations 145+ 2Q-26 Footprint Countries 27 Operating Fleet 310 Growth YoY: 8.4% 2.0 3.6 6.2 2.1 10.5 7.3 2Q-26 Pro Forma(1) 3.4 4.5 2.5 9.5 6.8 2Q-25 1.9 3.6 4.7 2.7 10.5 7.2 2Q-26 0.9 2.7 ASK (in billions) Allocation By Region(2) Dom. Brazil Other(4) Dom. Colombia S. America(5) Europe (1) As of the date hereof proposed business combination with SKY remains subject to the signing of definitive agreements and clos ing conditions. (2) Source: DIIO (3) 2Q -26 relative to 2Q-25 (4) Includes Central America, Caribbean and Domestic Ecuador ( 5) Excludes Domestic Colombia, Domestic Brazil and Domestic Chile N. America 28.8 30.7 Total ∆% (3) Routes 50+ Destinations 25+ Pro Forma SKY Contribution(1)(2) 33.3 Dom. Chile
Page 6
6 Reliable Operational Performance On-Time Performance 2Q-25 2Q-26 84.6% 86.6% 2Q-25 2Q-26 88.2% 86.5% Schedule Completion 2Q-25 2Q-26 98.6% 99.0% 2Q-25 2Q-26 99.1% 99.1% Mishandled Baggage 1.6 1.7 2Q-25 2Q-26 2Q-25 2Q-26 2.9 3.1 (1) Source: Cirium (2) Source: Sita 2026 Baggage It Insights Per 1,000 passengers Global rate: 4.9(2) #1 Airline in Brazil(1)
Page 7
7 Comprehensive Fuel Cost Mitigation Fuel Hedging ✓ Recorded $88 million in hedge settlements for the quarter ✓ Lowered the August call option cap from $4.00/gal to $3.25/gal ✓ Extended coverage from September through December with an average cap of $3.78/gal, protecting 26% of the Group’s fuel consumption for the period Capacity Management Fuel Cost Recapture ✓ Implemented tactical capacity adjustments while preserving our market-leading position ✓ Compared with the pre-war schedule for the second quarter, Avianca and GOL reduced their ASKs by 1% and 6%, respectively ✓ Achieved a 49% fuel cost recapture during the quarter ✓ Remain on target to achieve an average of 60% pass-through for the 10-month period from March to December Cost Discipline ✓ Achieved $70 million in cost savings for the quarter ✓ Delivered $75 million in synergies year-to-date, bringing realized synergies since inception to $253 million as of June 2026
Page 8
8 Premium Segment Accelerated Revenue 69% 25%28% Premium Revenue growth YoY Increase in Premium Value Customers(2) YoY 48 Premium Revenue share(1) Loyalty Members (M) +7% growth YoY+8 ppt growth YoY Premium Portfolio Expansion Launched Magno for Lifemiles and introduced INSIGNIA by GOL Business Class, achieving Group-wide coverage for both offerings Benefits include: ✓ Dedicated concierge ✓ Priority check-in and boarding ✓ Fast Track access(3) ✓ Premium lounge access (1) as percentage of passenger revenue (2) (1) Premium Value Customers are defined as Elite Members ( Redplus, Silver, Gold, Diamond in Lifemiles and Prata, Ouro, Diamante and Magno for Smiles) plus customers flying on Premium Cabins (3) In applicable airports
Page 9
9 ASK (Bn) 2Q-25(2) 2Q-26 28.8 30.7 6.5% 79.8% 79.7% Load Factor (%) PRASK(1) (¢) Yield(1) (¢) 5.7 6.2 2Q-25(2) 2Q-26 10.0% 7.1 7.8 Passengers (Mn) 2Q-25(2) 2Q-26 16.9 17.6 4.3% 97.0 109.0 Average Fare(1) (USD) Consolidated Passenger Business Indicators (1) Unit metrics exclude loyalty redemption revenue. (2) Calculated on a pro forma basis 1,272 2Q-25 2Q-26 1,305 Var. 2.6% Stage Length (Km)
Page 10
10 Consolidated Passenger Business Indicators (Cont’d) (1) See Appendix for a reconciliation of Abra total operating expenses to Abra Passenger CASK ex -fuel (2) Calculated on a pro forma basis CASK ex Fuel (1) (¢)PAX CASK (¢) 4.5 5.3 1.7 2.9 2Q-25(2) 2Q-26 6.3 8.2 Ex Fuel (¢) Fuel (¢) 6.9 6.9 Gallons per 1,000 ASKs +67.3% +17.1% 4.5 5.3 0.5 0.2 0.1 2Q-25(2) FX + Inflation Fleet Related Product Investment OPEX Related 2Q-26 0.03
Page 11
11 Business Unit Performance Transported Tons (Th) Cargo 2Q-25 2Q-26 185 214 15.8% Third-Party Gross Billings (USD M) Loyalty Revenues (USD M) Wamos 259 339 2Q-25(1) 2Q-26(2) 30.9% 2Q-25 2Q-26 96 91 -5.8% (1) Smiles Third-Party Gross Billings converted at an average FX rate of USDBRL 5.66 (2) Smiles Third-Party Gross Billings converted at an average FX rate of USDBRL 5.05
Page 12
12 Profitability Metrics Adj. EBITDAR(1) (USD M) EBIT (USD M) Total Revenues (USD M) 2,203 2,593 2Q-25(2) 2Q-26 17.7% 7.5% NM: Not Meaningful (1) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR (2) Calculated on a pro forma basis -47 -365 2Q-25(2) 2Q-26 NM Margin 508 195 178 41 88 2Q-25(2) PRASK Incremental Fuel Cost Hedge Product Investments OPEX + Inflation 2Q-26 -445 -22 -131 Loyalty Revenue Loyalty Cost -22 -61.7% 23.1% -14.1%-2.1%
Page 13
13 Second Quarter Liquidity Position 1,579 2,058 714 195 344 2Q Initial Liquidity (1)(2) Adj. EBITDAR(3) Working Capital Capex, Net of Financing Aircraft Payments Net Corporate Debt Payments 2Q Ending Liquidity (1)(2) 2,292 -312 -419 -42 -234 (USD M) Cash Balance(4) Liquidity (1)(2) as % LTM revenues 22.7% 19.6% (1) Liquidity equals cash and cash equivalents, GOL credit card receivables, short -term financial investments, and undrawn porti on of Revolving Credit Facility (2) Refer to Appendix for the calculations of Liquidity (3) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR (4) Includes cash and cash equivalents and short-term financial investments (5) Includes GOL credit card receivables and undrawn portion of R evolving Credit Facility Other(5) 636 1,422 $49M ACMI/PBH Cash Rental Payments $99M Scheduled Principal Payments $65M New Financing -78 -157 $222M ATL $59M Hedge Gains Settled $24M Deferred Revenues
Page 14
14 Balance Sheet Metrics (1) Net debt equals (i) current and non-current portions of financial debt and lease liabilities minus (ii) cash and cash equivalents (including restr icted cash), GOL credit card receivables, and short -term financial investments (2) Refer to Appendix for the calculation of Net Debt and Net Debt to LTM Adjusted EBITDAR Net Debt(1)(2) (USD M) 8,997 9,377 1Q-26 2Q-26 4.2% Contractual Fleet 3.1 3.7 1Q-26 2Q-26 325 328 Net Debt to LTM Adj. EBITDAR(2) (x)
Page 15
Avianca Second Quarter 2026 Performance
Page 16
16 Avianca Highlights Operational Financial ✓ Expanded Insignia by Avianca, our widebody business-class service, with the Bogota-New York route operating daily ✓ Enhanced the in-flight experience by expanding high-speed Wi-Fi to 30 Avianca narrowbody aircraft and upgrading in-flight entertainment with curated content from major film studios ✓ Launched new non-stop routes from Barranquilla (Colombia) and Cali (Colombia) to Fort Lauderdale and re-launched the seasonal Madrid-San Salvador route, enhancing Avianca’s network across key markets ✓ Lifemiles was recognized as the 2026 Freddie Awards Breakthrough Winner for Loyalty Program of the Year, reinforcing its position as the region's most awarded loyalty program with 23 international accolades ✓ PRASK increased to 6.3 cents (+10% YoY), supported by yield improvement to 8.0 cents (+9% YoY), and PAX CASK ex Fuel was 4.8 cents (+24% YoY) ✓ Achieved Adjusted EBITDAR(1) of $135 million (-60% YoY) at an 8.7% margin (-16 pp YoY) ✓ Liquidity(2) was $1.15 billion (19% of LTM revenues) as of June 30, 2026, including $954 million in cash balance and $200 million in undrawn Revolving Credit Facility ✓ Net Debt to LTM Adjusted EBITDAR(2) was 3.2x (vs 2.7x as of March 31, 2026) ✓ Issued US$650 million in Senior Secured Notes due 2032 after quarter’s end, to refinance existing 2028 Notes and other indebtedness, proactively extending debt maturity profile (1) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR (2) Refer to Appendix for the calculations of, Liquidity, and Net Debt to LTM Adjusted EBITDAR
Page 17
17 ASK (Bn) 2Q-25 2Q-26 17.5 18.5 6.1% 78.4% 78.8% Load Factor (%) PRASK(1) (¢) PAX CASK(2) (¢) Yield(1) (¢) 5.7 6.3 2Q-25 2Q-26 9.7% 7.3 8.0 Passengers (Mn) 8.8 9.1 2Q-25 2Q-26 3.7% 113.5 127.4 Average Fare(1) (USD) 3.9 4.8 1.6 2.5 2Q-25 2Q-26 5.5 7.3 Ex Fuel (¢) Fuel (¢) Avianca Passenger Business Indicators 2Q-25 2Q-26 Var. 6.8 6.8 (1) Unit metrics exclude loyalty redemption revenue. (2) See Appendix for a reconciliation of Avianca total operating expense s to Avianca Passenger CASK ex-fuel. Stage Length (Km) +52.9% +24.4% Gallons per 1,000 ASKs 1,408 1,427 1.3%
Page 18
18 Profitability Metrics 339 135 2Q-25 2Q-26 -60.1% 141 -137 2Q-25 2Q-26 -197.2% 1,357 1,558 2Q-25 2Q-26 14.8% 24.9% 8.7% Margin 10.4% -8.8% Margin (1) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR Adj. EBITDAR(1) (USD M) EBIT (USD M)Total Revenues (USD M)
Page 19
19 4,237 4,395 1Q-26 2Q-26 3.7% Avianca Contractual Fleet 2.7 3.2 1Q-26 2Q-26 166 (1) Liquidity equals cash and cash equivalents, short-term financial investments, and undrawn portion of Revolving Credit Facili ty (2) Refer to Appendix for the calculations of Liquidity (3) Net debt equals (i) current and non-current portions of financial debt and lease liabilities minus (ii) cash and cash equivalents (including restricted cash) and short-term financial investments (4) Refer to Appendix for the calculations Net Debt and Net Debt to LTM Adjusted EBITDAR Net Debt(3)(4) (USD M) Net Debt to LTM Adj. EBITDAR(4) (x) Balance Sheet Metrics 13 167 14 Wamos Contractual Fleet 1,047 954 200 200 1Q-26 2Q-26 1,247 1,154 Liquidity(1)(2) (USD M) Cash Balance RCF 21.0% 18.8% As %of LTM revenues
Page 20
GOL Second Quarter 2026 Performance
Page 21
21 GOL Highlights Operational Financial ✓ Navigated a challenging fuel environment, successfully implementing a revenue recapture process and reinforcing its liquidity management and discipline ✓ Executed capacity adjustments on selected routesto reinforce commitment to profitable growth. 2Q26 total ASK increased 7.2% YoY , 6 p.p.lower compared to pre-conflict plans ✓ Strengthened our positioning, with the debut of our most premium service, INSIGNIA, on the new Rio de Janeiro - New York route ✓ Continued optimization of engine maintenance costs through (i) the expansion of our engine shop and (ii) obtaining a $160 million Government(1)-backed MRO financing facility ✓ Fitch upgraded GOL’s credit rating to ‘B-’, reflecting its consistent operational recovery and improved liquidity ✓ Solid liquidity(2) of $831 million (19% of LTM Revenues), including $394 million in cash and $436 million in credit card receivables ✓ PRASK increased to 6.2 cents (+11% YoY), supported by yield improvement to 7.7 cents (+12% YoY), and PAX CASK ex Fuel was 6.2 cents (+12% YoY) ✓ 2Q26 Adjusted EBITDAR(3) was $43 million at a 4.2% margin (-16 pp YoY) ✓ Controlled Net Debt to LTM Adjusted EBITDAR(2) at 3.3x (vs 2.8x as of March 31, 2026) (1) Through Agency for Management of Guarantee Funds and Guarantees (“ABGF”). (2) Refer to Appendix for the calculations of, Liquidity, and Net Debt to LTM Adjusted EBITDAR. (3) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR.
Page 22
22 ASK (Bn) 2Q-25(3) 2Q-26 11.4 12.2 7.2% 82.1% 81.0% Load Factor (%) PRASK(1) (¢) PAX CASK(2) (¢) Yield(1) (¢) 2Q-25(3) 2Q-26 5.6 6.2 10.5% 6.8 7.7 Passengers (Mn) 2Q-25(3) 2Q-26 8.1 8.5 5.0% 79.1 89.2 Average Fare(1) (USD) 5.5 1.9 2Q-25(3) 6.2 3.6 2Q-26 7.4 9.7 Ex Fuel (¢) Fuel (¢) GOL Passenger Business Indicators 1,118 2Q-25 2Q-26 1,166 Var. 4.3% (1) Unit metrics exclude loyalty redemption revenue. (2) See Appendix for a reconciliation of GOL total operating expenses to GOL Passenger CASK ex -fuel (3) Calculated on a pro forma basis 7.1 7.0 Stage Length (Km) +85.5% +11.8% Gallons per 1,000 ASKs
Page 23
23 173 43 2Q-25(2) 2Q-26 -74.9% -185 -244 2Q-25(2) 2Q-26 NM 846 2Q-25(2) 2Q-26 1,034 22.3% Profitability Metrics 20.4% 4.2% Margin -21.9% -23.6% Margin NM: Not Meaningful (1) See Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR (2) Calculated on a pro forma basis Adj. EBITDAR(1) (USD M) EBIT (USD M)Total Revenues (USD M)
Page 24
24 3,015 3,189 658 660 1Q-26 2Q-26 3,673 3,849 4.8% 2.3 2.7 0.5 0.6 1Q-26 2Q-26 2.8 3.3 (1) Liquidity equals cash and cash equivalents, GOL credit card receivables and short -term financial investments (2) Refer to Ap pendix for the calculations of Liquidity (3) Net debt equals (i) current and non-current portions of financial debt and lease liabilities minus (ii) cash and cash equivalents (including restricted cash) and short-term financial investments (4) Refer to Appendix for the calculations Net Debt and Net Deb t to LTM Adjusted EBITDAR (5) Includes carrying value of 2030 take-back exchangeable notes and the portion of the 2030 take -back notes held by Abra Net Debt(3)(4) (USD M) Net Debt to LTM Adj. EBITDAR(4) (x) Balance Sheet Metrics 1Q-26 2Q-26 945 831 431 514 394 436 Liquidity (1)(2) (USD M) Cash Balance Credit Card Receivables 22.7% 19.1% As % of LTM revenues 146 147 Contractual Fleet Intercompany debt held by Abra(5)
Page 25
Closing Remarks
Page 26
26 Closing Remarks 1 2 3 4 Disciplined, structured, and continuous mitigation of fuel price headwinds Strengthened premium offering to drive brand loyalty and revenue expansion Maintained strong liquidity position to navigate the challenging environment Announced strategic network partnerships and fleet agreements to further expand connectivity and support our future growth
Page 27
27 Q&A Second Quarter 2026 Performance Investor Relations ir@abragroup.net August 2026
Page 28
28 Appendix Second Quarter 2026 Performance Investor Relations ir@abragroup.net August 2026
Page 29
29 Income Statement USD M NM: Not Meaningful (1) Calculated on a pro forma basis 2Q-26 2Q-25(1) Var. Passenger 2,145 1,813 18.3% Cargo and other Revenue 448 390 14.8% Total Operating Revenues 2,593 2,203 17.7% Aircraft Fuel 984 546 80.2% Salaries, Wages And Benefits 429 336 27.9% Ground Operations 267 219 22.1% Air Traffic 127 99 28.7% Flight Operations 41 30 34.2% Passenger Services 79 37 114.6% Maintenance And Repairs 152 260 -41.4% Selling Expenses 144 133 8.4% Fees and Other Expenses 174 163 6.6% Rentals 49 30 62.1% Depreciation, Amortization and Impairment 510 397 28.5% Total Operating Costs 2,957 2,250 31.4% EBIT -365 -47 NM Interest and other, net -469 -175 NM Profit (Loss) Before Income Tax -834 -222 NM Income Tax 67 44 52.7% Net (Loss) Profit -766 -178 NM
Page 30
30 Balance Sheet (Cont’d) USD M 2Q-26 Liabilities and equity Current liabilities: Debts 335 Leases 674 Obligations with lessors 105 Accounts payable and others 1,715 Income tax payable 45 Other tax payables 36 Provisions for legal claims 50 Provisions for return conditions 155 Employee benefits 280 Air traffic liability 1,502 Deferred Revenue 23 Frequent flyer 726 Other liabilities 104 Total current liabilities 5,750 Non-current liabilities: Debts 6,547 Derivative financial instruments 361 Leases 3,791 Obligations with lessors 105 Accounts payable and others 123 Provisions for legal claims 220 Provisions for return conditions 1,701 Employee benefits 137 Deferred tax liabilities 133 Other tax liabilities 122 Frequent flyer 319 Other liabilities 123 Total non-current liabilities 13,682 Total liabilities 19,433 Total equity 748 Total liabilities and equity 20,181
Page 31
31 Balance Sheet USD M 2Q-26 Assets Current assets: Cash and cash equivalents 1,200 Short-term investments 222 Other Investments 113 Trade and other receivables, net of expected credit losses 965 Income tax assets 109 Other tax assets 164 Inventories 235 Prepayments 120 Deposits and other assets 308 Total current assets 3,435 Non-current assets: Deposits and other assets 745 Intangible assets 3,408 Goodwill 4,239 Deferred tax assets 109 Income tax 2 Right of use assets 5,331 Property and equipment 2,912 Total non-current assets 16,746 Total assets 20,181
Page 32
32 2Q-26 Summary 2Q-26 2Q-25(1) Var 2Q-26 2Q-25 Var 2Q-26 2Q-25(1) Var Operating Metrics PAX Departures 127,161 120,978 5.1% 67,642 64,189 5.4% 59,519 56,789 4.8% PAX Block Hours 279,236 262,042 6.6% 160,109 150,297 6.5% 119,127 111,745 6.6% ASK (millions) 30,707 28,826 6.5% 18,523 17,455 6.1% 12,184 11,371 7.2% RPK (millions) 24,459 23,009 6.3% 14,593 13,678 6.7% 9,865 9,331 5.7% PAX carried (millions) 17.6 16.9 4.3% 9.1 8.8 3.7% 8.5 8.1 5.0% Stage Length (kilometers) 1,305 1,272 2.6% 1,427 1,408 1.3% 1,166 1,118 4.3% Load Factor (%) 79.7% 79.8% -0.2 p.p. 78.8% 78.4% 0.5 p.p. 81.0% 82.1% -1.1 p.p. Revenue Metrics YIELD (¢) 7.8 7.1 10.3% 8.0 7.3 9.1% 7.7 6.8 12.0% Average Fare ($) 109.0 97.0 12.4% 127.4 113.5 12.3% 89.2 79.1 12.8% PRASK (¢) 6.2 5.7 10.0% 6.3 5.7 9.7% 6.2 5.6 10.5% Fuel Cost PAX Gallons (millions) 211 199 6.3% 125.9 118.5 6.3% 85 80 6.4% Gallons per 1,000 ASKs 6.9 6.9 -0.2% 6.8 6.8 0.2% 7.0 7.1 -0.7% PAX Fuel CASK (¢) 2.9 1.7 67.3% 2.5 1.6 52.9% 3.6 1.9 85.5% Non Fuel Cost PAX CASK ex fuel (¢) 5.3 4.5 17.1% 4.8 3.9 24.4% 6.2 5.5 11.8% TOTAL PAX CASK (¢) 8.2 6.3 31.0% 7.3 5.5 32.8% 9.7 7.4 30.8% Profit Metrics Total Operating Revenues (USD M) 2,593 2,203 17.7% 1,558 1,357 14.8% 1,034 846 22.3% Adj. EBITDAR (USD M) 195 508 -61.7% 135 339 -60.1% 43 173 -74.9% Adj. EBITDAR Margin (%) 7.5% 23.1% -15.6 p.p. 8.7% 24.9% -16.3 p.p. 4.2% 20.4% -16.2 p.p. EBIT (USD M) -365 -47 NM -137 141 -197.2% -244 -185 NM EBIT Margin (%) -14.1% -2.1% -11.9 p.p. -8.8% 10.4% -19.2 p.p. -23.6% -21.9% -1.7 p.p. Net Income (USD M) -766 -178 NM -259 10 NM -357 -302 NM Net Margin (%) -29.6% -8.1% -21.5 p.p. -16.6% 0.7% -17.3 p.p. -34.6% -35.7% 1.2 p.p. NM: Not Meaningful (1) Calculated on a pro forma basis
Page 33
33 Avianca Second Quarter Liquidity Position 1,047 1,154 200 135 181 2Q Initial Liquidity (1)(2) Adj. EBITDAR(3) Working Capital Capex, Net of Financing Aircraft Payments Net Corp. Debt Payments 2Q Ending Liquidity (1)(2) 1,247 -153 -209 -47 -93 (USD M) 200 Undrawn RCF Cash Balance(4) Liquidity (1)(2) as % LTM revenues 21.0% 18.8% (1) Liquidity equals cash and cash equivalents, short-term financial investments, and undrawn portion of Revolving Credit Facili ty (2) Refer to Appendix for the calculations of Liquidity (3) See Appendix for a reconciliation of net income (loss) to Adju sted EBITDAR (4) Includes cash and cash equivalents and short-term financial investments 954 $45M ACMI/PBH Cash Rental Payments $21M Debt Principal Payments - -93 $121M ATL $59M Hedge Gains Settled $5M Deferred Revenue
Page 34
34 GOL Second Quarter Liquidity Position 945 831 43 220 2Q Initial Liquidity (1)(2) Adj. EBITDAR(3) Working Capital Capex, Net of Financing Aircraft Payments Net Corp. Debt Payments 2Q Ending Liquidity (1)(2) -101 -203 -75 -115 (USD M) Cash Balance(4) Liquidity (1)(2) as % LTM revenues 22.7% 19.1% (1) Liquidity equals cash and cash equivalents, GOL credit card receivables and short-term financial investments (2) Refer to Appendix for the calculations of Liquidity (3) Se e Appendix for a reconciliation of net income (loss) to Adjusted EBITDAR (4) Includes cash and cash equivalents and short - term financial investments Credit Card Receivables 436 394 514 431 $27M Scheduled Principal Payments $65M New Financing -78 -37 $97M ATL $13M Deferred Revenue
Page 35
35 Non-IFRS Metrics Reconciliation 2Q-26 2Q-25(1) 2Q-26 2Q-25 2Q-26 2Q-25(1) Net (Loss) Profit -766 -178 -259 10 -357 -302 Income tax benefit—deferred -10 -44 -10 -16 0 -28 Income tax expense—current -57 0 3 15 -61 -15 Interest expense 391 379 137 141 218 192 Interest income -6 -5 -14 -13 5 170 Depreciation of right of use asset 321 308 112 77 208 190 Other depreciation and amortization 164 89 115 89 75 41 EBITDA 36 550 85 302 88 248 Impairment of other investments and assets held for sale 25 0 0 0 0 0 Net change in fair value of financial instruments 126 -3 0 0 0 0 Foreign exchange, net -41 -196 6 6 -48 -202 Equity-method income 0 0 0 0 0 0 Restructuring-related expenses(2) 0 128 0 0 0 128 Adjusted EBITDA 146 478 90 307 39 174 Rentals 49 30 45 31 4 -1 Adjusted EBITDAR 195 508 135 339 43 173 USD M (1) Calculated on a pro forma basis (2) Includes (i) restructuring expenses of $53.7 million for Pro Forma 2Q-25 associated with the filing of and emergence from the GOL Chapter 1 1 Proceedings, primarily related to advisory services (ii) certain other restructuring-related charges and expenses of $74.3 million for Pro Forma 2Q-25 incurred during the Gol Chapter 11 Proceedings, including, among others, contractual implic ations, renegotiations with lessors, maintenance expenses related to rejection of aircraft, certain severance payments and co sts, as well as additional advisory and other restructuring services, in each case in connection with the GOL Chapter 11 Proceedings
Page 36
36 Non-IFRS Metrics Reconciliation (Cont’d) USD M 2Q-26 2Q-25(1) 2Q-26 2Q-25 2Q-26 2Q-25(1) Total operating expenses 2,957 2,250 1,695 1,216 1,278 1,031 Aircraft fuel -984 -546 -534 -318 -450 -228 Cargo and courier operating expenses -168 -134 -137 -114 -31 -20 Loyalty operating expenses -73 -51 -27 -27 -46 -24 Wamos operating expenses -73 -75 -73 -75 0 0 Corporate, non-recurring and other costs -36 -142 -36 -9 -1 -133 Passenger operating cost (excluding fuel) 1,624 1,302 889 673 750 626 ASKs (Millions) 30,707 28,826 18,523 17,455 12,184 11,371 Passenger CASK ex-fuel (US Cents) 5.3 4.5 4.8 3.9 6.2 5.5 (1) Calculated on a pro forma basis
Page 37
37 Non-IFRS Metrics Reconciliation (Cont’d) USD M 2Q-26 1Q-26 2Q-26 1Q-26 2Q-26 1Q-26 2Q-26 1Q-26 2Q-26 1Q-26 Unrestricted cash and cash equivalents 1,200 1,361 74 100 736 834 389 427 0 0 Short-term investments 222 218 0 0 218 213 5 5 0 0 Undrawn portion of Revolving Credit Facility 200 200 0 0 200 200 0 0 0 0 Gol Credit card receivables 436 514 0 0 0 0 436 514 0 0 Liquidity 2,058 2,292 74 100 1,154 1,247 831 945 0 0 Restricted cash 112 125 0 0 48 46 65 79 0 0 Short-term Debts 335 251 1 21 145 107 190 123 0 0 Long-term Debts 6,547 6,451 1,867 1,824 2,586 2,515 2,755 2,771 -660 -658 Debts 6,882 6,703 1,867 1,845 2,731 2,622 2,944 2,895 -660 -658 Short-term Leases 674 633 0 0 451 414 223 220 0 0 Long-term Leases 3,791 3,878 0 0 2,214 2,296 1,577 1,582 0 0 Leases 4,465 4,511 0 0 2,666 2,709 1,800 1,802 0 0 Total Debt 11,347 11,214 1,867 1,845 5,396 5,331 4,744 4,697 -660 -658 Net Debt 9,377 8,997 1,793 1,745 4,395 4,237 3,849 3,673 -660 -658 Net Debt to LTM Adjusted EBITDAR 3.7x 3.1x - - 3.2x 2.7x 3.3x 2.8x - - Abra Holdings of GOL Debt(1) (Standalone)(Consolidated) (1) Includes carrying value of 2030 take-back exchangeable notes and the portion of the 2030 take -back notes held by Abra