v3.26.1
ACCOUNTS RECEIVABLE
 12 Months Ended
Dec. 31, 2025
Trade and other receivables [abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
8.1Accounting policies
Accounting receivable are measured based on the invoiced amount, net of the provision for losses, and approximate the fair value given their short-term nature.
Considering the requirements of IFRS 9 – Financial Instruments, the provision for losses on receivables are measured by applying the simplified approach, through the use of historical data, projecting the expected loss over the life of the contract, by segmenting the receivables portfolio into groups that have the same pattern of collection and according to the respective maturities. Additionally, for certain cases, the Company carries out individual analyses to assess the risks of collecting the receivables to recognize an additional provision, if necessary.
8.2Breakdown of accounts receivable
December 31,
Description20252024
Local currency
Credit card companies1,957,920 720,938 
Cargo and travel agencies311,706 234,036 
Loyalty program partners146,035 37,497 
Others89,675 43,602 
Total local currency2,505,336 1,036,073 
Foreign currency
Reimbursement receivable for contractual guarantees104,901 324,838 
Clearinghouse46,060 52,203 
Credit card companies18,104 19,659 
Reimbursement receivable for maintenance reserves7,057 101,487 
Others93,551 268,838 
Total foreign currency269,673 767,025 
Total2,775,009 1,803,098 
Provision for losses(22,815)(27,724)
Total net2,752,194 1,775,374 
Current2,722,742 1,775,374 
Non-current29,452 — 
The Company renegotiated several lease agreements directly with the counterparties as part of the Chapter 11 process. Following the formal approval of the Plan, and based on the best expectations and information available, credits were offset against amounts payable to those same lessors, totaling R$1,345.
In Brazil, credit card receivables are not exposed to credit risk of the cardholder. The balances can easily be converted into cash, when necessary, through advance payment with credit card companies.
During the year ended December 31, 2025, the Company anticipated the receipt of R$9,980,348 (R$11,398,429 on December 31, 2024) in accounts receivable from credit card administrators, without right of return, with an average cost of 1.3% p.m. on the anticipated amount, resulting of R$327,897 of interest (R$327,771 on December 31, 2024).
The breakdown of accounts receivable by maturity, net of allowances for losses:
December 31,
Description20252024
Not past due
Up to 90 days
1,333,233 682,785 
91 to 180 days642,072 380,194 
181 to 360 days507,918 173,221 
Over 360 days29,452 — 
2,512,675 1,236,200 
Past due
Up to 90 days
103,562 311,261 
91 to 180 days21,668 142,521 
181 to 360 days39,775 88,986 
Over 360 days97,329 24,130 
262,334 566,898 
Provision for losses(22,815)(27,724)
Total2,752,194 1,775,374 
Past‑due balances over 90 days mainly correspond to amounts owed by aircraft manufacturers that are included in the Chapter 11 restructuring process. The Company conducts discussions with these manufacturers and, based on the progress of the negotiations and the established commercial relationship, maintains the expectation of receiving the recorded amounts.
As of March 20, 2026, of the total amount due, R$108,614 has been received.
The movement of provision for loss is presented below:
December 31,
Description20252024
Balances at the beginning of the year(27,724)(27,234)
Additions (22,424)(27,643)
Reversals21,504 26,051 
Write-off of uncollectible amounts5,829 1,102 
Balances at the end of the year(22,815)(27,724)