Azul (AZUL4) Registration filing summary

Company overview and business model

• Operates the largest airline network in Brazil, serving 160 destinations with 970 daily departures and a strong presence in underserved markets.

• Maintains a young, fuel-efficient fleet tailored for diverse Brazilian markets, including regional and major city routes.

• Diversified revenue streams include a leading loyalty program (Azul Fidelidade), logistics (Azul Cargo), and tourism (Azul Viagens).

• Holds a dominant position in key hubs, especially Viracopos airport, and is the sole provider on 80% of its routes.

• Focuses on customer experience, operational efficiency, and a disciplined low-cost model.

Financial performance and metrics

• Generated net revenue of R$21.6 billion and net income of R$124.9 million for the year ended December 31, 2025.

• Achieved a passenger revenue per ASK (PRASK) of R$39.28 cents in 2025.

• Pro forma adjustments from restructuring significantly increased equity and reduced financial liabilities.

• As of December 31, 2025, pro forma total assets were R$27.1 billion and total equity was R$17.2 billion.

Use of proceeds and capital allocation

• No proceeds from this offering will go to the company; all proceeds will go to selling shareholders.

• Recent capital increases funded through equitization of debt and equity rights offerings, supporting restructuring and liquidity.