Azul (AZUL3) Posts R$ 1.2 Billion EBITDA in 3Q26

Net revenue was R$ 5,635.7 million (R$ 5.6 billion), down 1.8% from 3Q25 and up 13.2% from 2Q26. Capacity (ASK, available seat kilometers) declined 6.9% year over year and rose 4.0% from 2Q26. Adjusted operating result was R$ 560.1 million, with a margin of 9.9%. Net result was a loss of R$ 164.5 million, compared with a loss of R$ 644.2 million in 3Q25.

Reported EBITDA, without adjustments, was R$ 830.6 million, with a margin of 14.7%. Non-recurring items totaled R$ 373.6 million, mainly tied to the restructuring process, such as R$ 204.2 million in expenses related to rejected aircraft.

Revenue per available seat kilometer (RASK) reached a record R$ 47.23 cents, up 5.5% from 3Q25. Cost per available seat kilometer (CASK) was R$ 42.54 cents, 22.1% above 3Q25, with the fuel price per liter 47.2% higher, at R$ 5.63. Compared with 2Q26, CASK fell 5.1%.

Recurring free cash flow was positive at R$ 763.6 million. Immediate liquidity reached R$ 4.1 billion (R$ 4,090.1 million), up 11.8% from 2Q26. With American Airlines' US$ 100 million investment in October, pro forma liquidity was R$ 4.6 billion, or 21.1% of revenue for the last 12 months. Gross debt totaled R$ 22,639.9 million, and the net debt to EBITDA ratio was 3.3x, compared with 5.2x a year earlier. In September, the company drew down the first R$ 1.3 billion tranche of the FNAC line, and the other R$ 1.3 billion is expected in 4Q26. In October, it announced financing of up to R$ 2.0 billion, backed by the Federal Government, to pay for fuel in 4Q26 and 1Q27.