Gol Linhas Aéreas Inteligentes (GOLL54) investor relations material

Executive summary

• Delivered first full quarter results post-Chapter 11, with robust network, optimized fleet, and streamlined costs driving healthy top line, margin expansion, and accelerated deleveraging.

• Operational fleet expanded to 120 aircraft, supporting increased capacity and international growth.

• Maintained leadership in on-time performance in Brazil and recognized as a top airline brand, with top punctuality rankings in Latin America and multiple customer experience awards.

• Margin expansion achieved across business units, with sustainable EBITDA and accelerated deleveraging.

• Abra Group increased investment and became controlling shareholder, supporting multi-year plan and profitable growth.

Financial highlights

• Net revenue up 11.6% year-over-year to R$5.5 billion in Q3 2025; passenger revenue rose 12.4%.

• Adjusted EBITDA reached R$1.6 billion, a 46% increase year-over-year; EBITDA margin expanded to 29.7%, up 7 percentage points.

• Net leverage reduced to 3.2x, down from 3.7x last quarter and 5.3x in 3Q24; excluding Abra Group debt, net leverage would be 2.5x.

• Liquidity at R$5.4 billion, representing about 25% of last twelve months' revenues.

• Net income was R$248 million, reversing a R$1,420 million loss in 3Q24; net margin improved to 4.5%.

Outlook and guidance

• Updated full-year EBITDA guidance to $5.8–6.1 billion and net leverage range of 3.4–3.6, reflecting continued strong performance.

• Preparing for the largest summer high season in history, with 65,000 domestic and 5,200 international flights planned, a 20% increase in international seats over last summer.

• No major changes to long-term strategy; maintaining ASK plan for 2025 with minor adjustments in domestic/international mix.

• CapEx expected to remain at current normalized levels, with FX effects impacting reported figures.

• Focus on sustainable revenue growth, further deleveraging, and continued expansion of international and domestic routes.