Gol Linhas Aéreas Inteligentes (GOLL54) Q4 2024 earnings summary

Executive summary

• Ended 2024 as the world's second most punctual low-cost airline, improving punctuality by 5.4 p.p. year-over-year; became the most punctual globally in January 2025.

• Achieved strategic growth in capacity (ASK up 6.8% vs 4T23) and revenue unit (RASK up 2.5% vs 4T23), with international ASK surging 62.4% in 4T24.

• Smiles loyalty program expanded client base by 7.2% and increased revenue by 6.5% year-over-year.

• GOLLOG cargo unit surpassed R$1 billion in annual revenue for the first time, up 32% vs 2023.

• Advanced Chapter 11 restructuring, securing key agreements with lessors and creditors, and initiated creditor voting on the reorganization plan.

Financial highlights

• Net revenue reached R$19.1 billion in 2024, up 1.9% year-over-year; 4T24 revenue was R$5.52 billion, up 9.5% vs 4T23.

• Adjusted EBITDA for 2024 was R$5.26 billion (margin 27.5%), with 4T24 adjusted EBITDA at R$1.89 billion (margin 34.3%).

• Reported net loss for 2024 was R$6.07 billion, with a net margin of -31.7%.

• Adjusted costs (excluding non-recurring items) were R$15.76 billion in 2024.

• Total costs rose 2.9% year-over-year, mainly due to currency depreciation and higher airport fees.

Outlook and guidance

• Operational network and fleet positioned for growth in 2025, with a focus on sustainable capacity expansion and improved customer satisfaction.

• Management expects successful Chapter 11 implementation to strengthen capital structure and support future growth strategies.