Gol Linhas Aéreas Inteligentes (GOLL54) Q2 2025 earnings summary

Executive summary

• Successfully completed Chapter 11 restructuring in June 2025, emerging with a more competitive and sustainable position, reduced net leverage from 5.7x to 3.7x, and strengthened financials with Abra Group support.

• Achieved record operational and customer performance, including a 19.9% increase in customers transported and a 17-point rise in NPS compared to pre-Chapter 11.

• Integrated into the Abra Group, leveraging cost, commercial, and network synergies across a potential market of 1 billion people and $2.7 trillion GDP.

• New CFO Julien Imbert introduced, bringing experience in growth strategy and efficiency.

Financial highlights

• Liquidity post-exit reached R$5.4 billion, up R$4.6 billion from pre-Chapter 11, with R$3.5 billion in available cash.

• Net revenue rose 22.9% year-over-year in 2Q25 to R$4.8 billion; 1H25 net revenue up 21.0% to R$10.5 billion.

• Adjusted EBITDA for 1H25 was R$2.7 billion, up R$685 million from 1H24; 2Q25 EBITDA was R$1.13 billion, margin up to 25.5%.

• Net leverage at 3.7x post-exit, down from 5.7x in 1Q25 and 1.4x below plan.

• Gross debt reduced by 9.9% year-over-year to R$26.4 billion.

Outlook and guidance

• Targeting R$5.8 billion EBITDA by end of 2025, with liquidity and leverage metrics ahead of plan.

• Full fleet recovery expected by 1Q26, with capacity returning to 2019 domestic levels.

• No additional equity expected post-emergence; performance exceeds scenarios that included equity.

• Free cash flow and liquidity expected to remain stable, with improvements flowing through to cash projections.