Slide 1: 1Q26 Results
Partnership Partnershipwith withCBF CBF 1Q26 Results May 7th, 2026 Official Airline of the Brazilian National Football Teams 1
Slide 2: Disclaimer
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
Slide 3: Welcome our New CFO
Welcome our New CFO Antonio Garcia Previous Experience Azul is backed by the right leadership team with strong track record 3
Slide 4: Azul is a Unique Airline
Azul is a Unique Airline Superior Customer-Centric Culture Flexible, Fuel-Efficient Strategic Capacity Fleet Management to Maximize Profitability Unrivaled Optimized Network Capital Structure Strong Culture 2.4x Leverage and Passionate Crewmembers 4 Healthier balance sheet, a unique and robust netwo
Slide 5: Consistent Results, Reaching Record First-Quarter Levels
Consistent Results, Reaching Record First-Quarter Levels 1Q26 Revenue Q R e c or R$5.5 billion 1 d +1.4% vs. 1Q25 1Q26 RASK Q R e c or R$43.94 cents 1 d +4.3% vs. 1Q25 1Q26 EBIT¹ Q R$1.0 billion R e c or 1 d 19.1% margin +83.1% vs. 1Q25 1Q26 Adjusted EBITDA¹ Q R e c or R$1.7 billion 1 d 31.1% margin
Slide 6: Strategic Capacity Management to Maximize Profitability
Strategic Capacity Management to Maximize Profitability ASK EBITDA¹ (# billion) (R$ million) 25.7% 31.1% +22.6% -2.7% 12.8 1,699 12.5 1,386 1Q25 1Q26 1Q25 1Q26 Ability to increase EBITDA with lower capacity underscores the resilience of our business model and the quality of our revenue and cost disc
Slide 7: Optimized Cost Structure with the Lowest CASK in the Region
Optimized Cost Structure with the Lowest CASK in the Region CASK1 CASK ex-Fuel1 CASK¹ vs. Peer (Adjusted, R$ cents) (Adjusted, R$ cents) (Adjusted, R$ cents) -5.7% 37.68 8.0% -2.5% 25.40 38.40 35.55 24.78 35.55 1Q25 1Q26 1Q25 1Q26 Peer² 1Q26 CASK decreased 5.7% vs. 1Q25, driven mainly by lower fuel
Slide 8: Diversified Domestic Fleet to Connect all Brazil
Diversified Domestic Fleet to Connect all Brazil 57 65 +4 E2 by year end 30 ATR 72 seats A321 E2 214 seats 136 seats 22 A320 E1 118 seats Cessna 174 seats 9 seats 92% of our domestic ASK coming from next-generation aircraft, considerably higher than any competitor in the region 17 old-gen aircraft r
Slide 9: Strengthening Our Hubs
Strengthening Our Hubs Campinas Belo Horizonte Recife Hub Market Hub Market Hub Market Share (%) Share (%) Share (%) 97% 76% 62% 63 Destinations 58 Destinations 40 Destinations Azul keeps strengthening its strategic hubs while focusing capacity in our high-margin routes 9
Slide 10: Continued Strong Performance From Business Units
Continued Strong Performance From Business Units RASK (% share) 23% 22% 17% 78% 77% 83% 1Q19 1Q25 1Q26 Business units Passengers Growing contribution from beyond-the-metal business units, providing stable recurrent revenues and cash flows 10
Slide 11: Over-Delivering on Our Restructuring Promises
Over-Delivering on Our Restructuring Promises Loans and Financing Lease Liabilities Leverage¹ (R$ million) (R$ million) (Net debt / LTM EBITDA) -38.8% -42% -3.1x 15,869 18,794 5.5x 9,713 10,929 2.4x 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Strengthened and restructured balance sheet, with lower leverage and a
Slide 12: Significantly Improved Debt Profile
Significantly Improved Debt Profile Loans and financial debt amortization as of March 31, 2026 (R$ million converted at R$5.22 per dollar) 7,200 4,658 554 452 468 151 54 54 54 1Q26 Immediate 2Q26 3Q26 4Q26 2027 2028 2029 2030 2031 and Liquidity¹ beyond Attractive financial debt maturity profile, wit
Slide 13: Consistently Recurring Cash Flow from Operations
Consistently Recurring Cash Flow from Operations Recurring Free Cash Flow (R$ million) 1.699 -180 -866 -436 217 159 -58 1Q26 EBITDA¹ Current CAPEX Aircraft Ownership ATL and Working Capital Recurring Free Cash Flow Interest Recurring Levered Free Cash Flow R$217 million in Recurring Free Cash Flow U
Slide 14: Azul's Promising Outlook
Azul's Promising Outlook Unparalleled network and Diversified, strategic flexible and next- capacity generation fleet offering Strong service- oriented culture Firmly focused Fast-growing, on deleveraging high-margin and cash businesses generation Increased strategic and financial resilience to navi
Slide 15: Thank you.
Thank you. INVESTOR RELATIONS Contact us +55 11 4831-2880 invest@voeazul.com.br www.voeazul.com.br/ir 15