Gol Linhas Aéreas Inteligentes (GOLL54) Q3 2024 earnings summary

Executive summary

• Revenue increased 6.3% year-over-year in 3Q24, reaching R$5.0 billion, driven by international expansion and strong performance in loyalty and cargo segments.

• Achieved recognition as the world's most punctual low-cost airline for four consecutive months, with an 87.9% on-time rate and 88.1% in Brazil for Q3 2024.

• Passenger transportation ASK grew 6.7% year-over-year, with international ASK up 57% and domestic ASK up 1.5%.

• Smiles loyalty program sales rose 14.4% year-over-year, with customers up 6.6% to 23.6 million and a 23% increase in miles redeemed.

• Cargo division revenue grew 22.7% year-over-year in 3Q24, with weight transported up 8.2% and strong growth from the Mercado Livre partnership.

Financial highlights

• Net revenue reached R$5.0 billion in 3Q24, up 6.3% year-over-year; 9M24 revenue was R$13.6 billion.

• Adjusted EBITDA margin was 26.8% in 3Q24, with EBITDA of R$1,427 million; adjusted EBITDA margin at 24.0% in 3Q24.

• Net loss narrowed to R$830 million in 3Q24 from R$1.3 billion in 3Q23.

• Passenger revenue was R$4.4 billion for the quarter and R$11.6 billion for the first nine months.

• RASK stable at R$0.43; CASK up 3.9% to R$0.369.

Outlook and guidance

• Projected exit from Chapter 11 by end of April 2025, with a defined restructuring plan and new capital raise.

• Reorganization plan expected to be submitted by year-end 2024.

• Continued focus on sustainable growth, operational efficiency, and customer experience.

• Forward-looking statements highlight risks from macroeconomic factors, fuel price volatility, and competitive environment.