Resultados Preliminares

do 3T23
14 de novembro de 2023
Disclaimer
O conteúdo desta apresentação de resultados pode incluir expectativas sobre eventos e resultados futuros estimados pela Administração. Entretanto, tais projeções não
são garantias de materialização ou desempenho, tendo em vista os riscos e incertezas inerentes ao ambiente de negócios, tais quais o desempenho econômico do país, a
economia global, o mercado de capitais, os aspectos regulatórios do setor, questões governamentais e concorrenciais, entre outros fatores, além dos riscos apresentados
nos documentos de divulgação arquivados pela Azul, sujeitos a mudanças sem aviso prévio.

2
 Números preliminares
Modelo de Negócio Único
Gerando Resultados Sólidos Malha Exclusiva
maiores tarifas e altas taxas de crescimento

Serviço ao Cliente Superior

um dos maiores índices de satisfação do cliente
e melhores pontualidades na indústria

Líder em Rentabilidade
com potencial adicional vindo do crescimento e
da transformação da frota

Recordes
de receita, PRASK, EBIT e EBITDA no 3T23

Estrutura de Capital Otimizada

maior liquidez e melhor perfil de dívida

EBIT e EBITDA ajustados por itens não recorrentes 3

 Números preliminares
Recorde de Receita, PRASK, EBIT e EBITDA no 3T23

Receita no 3T23 RASK no 3T23 PRASK no 3T23

R$4,9 bilhões R$42,59 centavos R$39,68 centavos

12% maior vs. 3T22 e 62% maior vs. 3T19 36% maior vs. 3T19 33% maior vs. 3T19
Rec

Rec
o

o
ri c
ri c

3T
ec

R
rd rd
e hi st ó e h i st ó
o

o
orde
EBIT no 3T23 EBITDA no 3T23

R$1,0 bilhão R$1,6 bilhão

19,5% de margem 31,6% de margem
Rec

Rec
o

o
ric

ric
rd rd
e h i st ó e h i st ó
o

o
Resultados sólidos liderando a indústria em rentabilidade;
aumento adicional de margem através do crescimento e da transformação da frota

EBIT e EBITDA ajustados por itens não recorrentes. 4

 Números preliminares
Uma das Recuperações de Demanda Mais Rápidas do Mundo
Receita Líquida ASK
(R$ milhões) (milhões)

+19%

11.539
9.713 10.349
+62%

4.914
4.377

3T19 3T22 3T23

3.031
RASK
(R$ centavos)

+36%

42,29 42,59

31,20

3T19 3T22 3T23

3T19 3T22 3T23

Forte crescimento de capacidade com expansão da receita unitária

5
 Números preliminares
Demanda Continua Robusta
Tarifa Média Preço do Combustível
(R$) (R$ por litro)

+5,3% -33%
588 6,05
558

4,06

3T22 3T23 3T22 3T23

Impacto favorável do aumento das tarifas e normalização do preço do combustível

6
 Números preliminares
Resultados Excepcionais nas Unidades de Negócio

Faturamento Bruto ex-Aérea Receita Líquida Receita Líquida

37% +223% +128%

3T19 3T23 3T19 3T23 3T19 3T23

$ Forte crescimento e margens elevadas Alavancando malha única e frota flexível da Azul

Receitas anuais acima de R$5 bilhões Mais oportunidades de crescimento no futuro

7
 Números preliminares
Melhor Estrutura de Custos na Região
CASK CASK Azul vs. Competidores
(R$ centavos) (Ajustado, R$ centavos)

-10,7% -7,5%
38,39 37,09

34,29
35,52
-3,5%
34,29

3T22 3T23 Competidor 2 Competidor 1

CASK da Azul menor do que concorrência, mesmo com frota diversificada e menor tamanho médio de aeronave
Ganhos adicionais com avanço da transformação de frota

CASK ajustado por itens não recorrentes. 8

 Números preliminares
Expandindo Margem Através da Transformação da Frota
Consumo de Combustível Frota E2
(litros por 1.000 ASK) (# E2s na frota operacional)

17

-24%
38,4

29,2

1
3T16 3T17 3T18 3T19 3T20 3T21 3T22 3T23 3T19 3T22 3T23

Transformação única da frota com redução simultânea no consumo de combustível, aumento da capacidade e redução do aluguel
Outras iniciativas em andamento para reduzir ainda mais o consumo de combustível

9
 Números preliminares
Uma das Companhias Aéreas Mais Rentáveis do Mundo
EBITDA Preço do combustível Azul
(R$ milhões) (R$ por litro)

Margem 30,9% 21,1% 31,6%

+60%

6,05
+66%

1.551 4,06
2,54

3T19 3T22 3T23

936 925
Taxa de Câmbio Média
(R$)

+23%

5,25
4,88

3,97
3T19 3T22 3T23

3T19 3T22 3T23

Recorde histórico do EBITDA, mesmo com 60% de aumento no preço do combustível e 23% de alta na taxa de câmbio vs. 2019

EBITDA ajustado por itens não recorrentes. 10

 Números preliminares
Sólida Posição De Liquidez
Evolução da Liquidez Imediata
(R$ milhões)

3.525

2.648
1.670
668 2.107
1.889
616
466

1.980 1.855
1.423 1.491

4T22 1T23 2T23 3T23

Caixa Contas a receber

Reestruturação amigável aos stakeholders, permitindo aumento da liquidez e otimização da estrutura de capital

EBITDA ajustado por itens não recorrentes. 11

 Números preliminares
Melhoria Significativa no Perfil de Dívida
Vencimentos de Empréstimos e Financiamentos
(R$ milhões)

4.702
4.117

1.195

496 382
348 220 219 279
43 113

4T23 1T24 2T24 3T24 4T24 2025 2026 2027 2028 2029 2030 e anos
seguintes

Nenhum vencimento significativo de dívidas até o final de 2028

Observação: taxa de câmbio R$5.01 (3T23); exclui instrumentos conversíveis

Considera a emissão adicional de US$36,8 milhões do Bonds com vencimento em 2028 em troca de US$37,7 milhões de Bonds com vencimento em 2024, formalizada em outubro de 2023 12
 Números preliminares
Recorde Histórico de RASK Esperado para o 4T23
4T23E RASK
(% ano contra ano)

+3% a +5%

-3,3% -3,9% -4,0%

-5,4%
-7,2%

-14,7%

Ambiente de preços continua favorável no Brasil

Azul espera crescimento adicional no RASK para o 4T23, o oposto da expectativa nos EUA

Fonte: Azul – Projeção; demais companhias aéreas – Consensus Bloomberg. 8 de novembro de 2023 13
 Números preliminares
À Frente na Transformação da Frota
Frota de última geração Aeronaves de última geração entrando na frota em 2023
(% de ASKs) (YTD, % da frota operacional de passageiros)

79% 4%

38%
2%

1%

7%

Competidor 1 Competidor 2 Competidor 1 Competidor 2

Vantagem estrutural na transformação da frota,

com redução simultânea no consumo de combustível, aumento do número de assentos e redução do aluguel

14
 Números preliminares
Oportunidades Adicionais de Expansão das Margens
Drivers para Expansão das Margens
(EBITDA, R$ bilhão)

~6,3

Iniciativas
transformacionais
~5,2 Crescimento das
unidades de negócios
Transformação da frota
e maior utilização
Malha
diferenciada

2023 2024

Oportunidades já identificadas levando a aumento contínuo da rentabilidade

EBITDA ajustado por itens não recorrentes. 15

RELAÇÕES COM INVESTIDORES
Contatos
+55 11 4831-2880
invest@voeazul.com.br
www.voeazul.com.br/ri
Preliminary 3Q23 Results
November 14, 2023
 Disclaimer
The information contained in this presentation is only a summary and does not purport to be complete. This presentation has been prepared solely for informational purposes and
should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. This presentation does not constitute or
form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or
be relied on in connection with any contract or commitment whatsoever.
This presentation includes estimates and forward-looking statements within the meaning of the US federal securities laws. These estimates and forward-looking statements are
based mainly on our current expectations and estimates of future events and trends that affect or may affect our business, financial condition, results of operations, cash flow,
liquidity, prospects and the trading price of our preferred shares, including in the form of ADSs. Although we believe these estimates and forward-looking statements are based upon
reasonable assumptions, they are subject to many significant risks, uncertainties and assumptions and are made reflecting information currently available to us.
These statements appear throughout this presentation and include statements regarding our intent, belief or current expectations in connection with changes in market prices,
customer demand and preferences, competitive conditions, general economic, political and business conditions in Brazil, particularly in the geographic markets we serve and may
serve in the future, our ability to keep costs low, existing and future governmental regulations, increases in maintenance costs, fuel costs and insurance premiums, our ability to
maintain landing rights in the airports that we operate, air travel substitutes, labor disputes, employee strikes and other labor related disruptions, including in connection with
negotiations with unions, our ability to attract and retain qualified personnel, our aircraft utilization rate, defects or mechanical problems with our aircraft, our ability to successfully
implement our growth strategy, including our expected fleet growth, passenger growth, our capital expenditure plans, our future joint venture and partnership plans, our ability to enter
new airports (including certain international airports) that match our operating criteria, management’s expectations and estimates concerning our future financial performance and
financing plans and programs, our level of debt and other fixed obligations, our reliance on third parties, including changes in the availability or increased cost of air transport
infrastructure and airport facilities, inflation, appreciation, depreciation and devaluation of the real, our aircraft and engine suppliers and other factors or trends affecting our financial
condition or results of operations, including those factors identified or discussed as set forth under “Risk Factors” in the prospectus included in our registration statement on Form F 1
(No 333 215908 filed with the Securities and Exchange Commission (the “Registration Statement”).
In addition, in this presentation, the words “believe,” “understand,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “seek,” “intend,” “expect,” “should,” “could,” and similar words
are intended to identify forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We do not undertake
any obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of new information, future events or other factors. Our
independent public auditors have neither examined nor compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements.
Considering the risks and uncertainties described above, the future events and circumstances discussed in this presentation might not occur and are not guarantees of future
performance. Because of these uncertainties, you should not make any investment decision solely based upon these estimates and forward-looking statements.
In this presentation, we present EBITDA, which is a non-IFRS performance measure and is not a financial performance measure determined in accordance with IFRS and should not
be considered in isolation or as alternatives to operating income or net income or loss, or as indications of operating performance, or as alternatives to operating cash flows, or as
indicators of liquidity, or as the basis for the distribution of dividends. Accordingly, you are cautioned not to place undue reliance on this information.

2
 Preliminary numbers
Unique Business Model
Leading to Solid Results Exclusive Network
superior fares and high growth rates

Superior Customer Service

one of the industry’s highest Net Promoter Scores
and best on-time performances

Industry-Leading Profitability
with further upside from growth and fleet transformation

All-time Records
Revenue, PRASK, EBIT and EBITDA in 3Q23

Optimized Capital Structure

higher liquidity and improved debt profile

EBIT and EBITDA adjusted for non-recurring items 3

 Preliminary numbers
Record Revenue, PRASK, EBIT and EBITDA in 3Q23

3Q23 Revenue 3Q23 RASK 3Q23 PRASK

R$4.9 billion R$42.59 cents R$39.68 cents

Up 12% YoY and up 62% vs. 3Q19 Up 36% vs. 3Q19 Up 33% vs. 3Q19
All-

All-
d

d
or

or
im Q im

d
e Rec R e c or e Rec
t

t
3Q23 EBIT 3Q23 EBITDA

R$1.0 billion R$1.6 billion

19.5% margin 31.6% margin
All-

All-
d

d
or

or
im im
e Rec e Rec
t

t
Strong results and industry-leading profitability, with further margin upside from growth and fleet transformation

EBIT and EBITDA adjusted for non-recurring items 4

 Preliminary numbers
One of the Fastest Demand Recoveries in the World

Net Revenue ASK

(R$ million) (million)

+19%

11,539
9,713 10,349
+62%

4,914
4,377

3Q19 3Q22 3Q23

3,031
RASK
(R$ cents)

+36%

42.29 42.59

31.20

3Q19 3Q22 3Q23

3Q19 3Q22 3Q23

Strong capacity growth simultaneous with expanding unit revenue

5
 Preliminary numbers
Demand Continues to be Robust
Average Fare Fuel Price
(R$) (R$ per liter)

+5.3% -33%
588 6.05
558

4.06

3Q22 3Q23 3Q22 3Q23

Favorable impact of improvement in fares and normalization of fuel prices

6
 Preliminary numbers
Business Units Continue to Deliver Outstanding Results

Gross Billings ex-Airline Net Revenue Net Revenue

37% +223% +128%

3Q19 3Q23 3Q19 3Q23 3Q19 3Q23

$ Fast-growth, high-margin businesses Leveraging Azul’s unique network and flexible fleet

Annual revenues above R$5 billion Additional growth opportunities going forward

7
 Preliminary numbers
Best Cost Structure in the Region
CASK CASK Azul vs. Competitors
(R$ cents) (Adjusted, R$ cents)

-10.7% -7.5%
38.39 37.09

34.29
35.52
-3.5%
34.29

3Q22 3Q23 Competitor 2 Competitor 1

Azul CASK below competition, even with diversified fleet and lower average aircraft size
Additional upside from ongoing fleet transformation

CASK adjusted for non-recurring items 8

 Preliminary numbers
Expanding Margins Through Fleet Transformation

Fuel Consumption E2 Fleet

(liters per 1,000 ASK) (# of E2 in operating fleet)

17

-24%
38.4

29.2

1
3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q19 3Q22 3Q23

Unique fleet transformation with simultaneous reduction in fuel burn, increase in aircraft size, and reduction in rent
Other initiatives in place to further reduce fuel consumption

9
 Preliminary numbers
One of the Most Profitable Airlines in the World
EBITDA Azul Fuel Price
(R$ million) (R$ per liter)

Margin 30.9% 21.1% 31.6%

+60%

6.05
+66%
4.06
1,551
2.54

3Q19 3Q22 3Q23

936 925
Average Exchange Rate
(R$)

+23%

5.25
4.88

3.97
3Q19 3Q22 3Q23

3Q19 3Q22 3Q23

All-time record EBITDA, even with 60% higher fuel prices and 23% higher average exchange rate vs. 2019

EBITDA adjusted for non-recurring items 10

 Preliminary numbers
Solid Liquidity Position
Immediate Liquidity Evolution
(R$ million)

3,525

2,648
1,670
668 2,107
1,889
616
466

1,980 1,855
1,423 1,491

4Q22 1Q23 2Q23 3Q23

Cash Accounts receivable

Stakeholder-friendly restructuring delivering increased liquidity and optimized capital structure

EBITDA adjusted for non-recurring items 11

 Preliminary numbers
Significantly Improved Debt Profile
Loans and Financial Debt Maturity
(R$ million)

4,702
4,117

1,195

496 382
348 220 219 279
43 113

4Q23 1Q24 2Q24 3Q24 4Q24 2025 2026 2027 2028 2029 2030 and
beyond

No significant debt maturities until end of 2028

Note: foreign exchange rate R$5.01 (3Q23); excludes 2028 convertible debentures
Considers the additional issuance of US$36.8 million of Bonds maturing in 2028 in exchange for US$37.7 million of Bonds maturing in 2024, formalized in October 2023 12
 Preliminary numbers
Expected All-Time Record RASK in 4Q23
4Q23E RASK
(% YoY)

+3% to +5%

-3.3% -3.9% -4.0%

-5.4%
-7.2%

-14.7%

Pricing environment in Brazil continues to be favorable

Azul expecting further increase in RASK as opposed to trends seen in US

Source: Azul – Guidance; other airlines – Consensus Bloomberg. November 8, 2023 13

 Preliminary numbers
Ahead in Fleet Transformation
Next-Generation Fleet Next-Generation Entering Fleet in 2023
(% of ASKs) (YTD, % of passenger operating fleet)

79% 4%

38%
2%

1%

7%

Competitor 1 Competitor 2 Competitor 1 Competitor 2

Azul has a structural advantage on fleet transformation,

with simultaneous reduction in fuel burn, increase in seat count and reduction in rent

14
 Preliminary numbers
Further Opportunities to Expand Margins
Margin Expansion Drivers
(EBITDA, R$ billion)

~6.3

Transformational
Initiatives
~5.2 High growth in
business units
Fleet transformation
and higher utilization
Unique network
position

2023 2024

Already identified opportunities leading to continued increase in profitability

EBITDA adjusted for non-recurring items 15

INVESTOR RELATIONS
Contact us
+55 11 4831-2880
invest@voeazul.com.br
www.voeazul.com.br/ir