v3.26.1
LEASES
 12 Months Ended
Dec. 31, 2025
Lease liabilities [abstract]  
LEASES LEASES
19.1Accounting policies
Lease liabilities are recognized, measured, presented and disclosed in accordance with IFRS – 16 Leases, against right-of-use assets. Other accounting policies adopted by the Company for leasing operations are presented in note 16.
19.2Breakdown of Lease
December 31,
Description20252024
Leases12,532,206 17,338,698 
Leases – Notes178,857 1,356,984 
Leases – Convertible to equity— 2,683,165 
12,711,063 21,378,847 
Current3,353,501 6,314,221 
Non-current9,357,562 15,064,626 
19.3Restructuring
19.3.1Extrajudicial

During the first quarter of 2025, the Company made significant progress in restructuring its obligations to lessors, which included:

•Elimination of share issuance obligations in exchange for 93,697,586 new preferred shares in a single issuance;

•Partial exchange of the Notes 2030 for new unsecured notes due in 2032 and an option for the Company to incorporate interest into principal (“PIK”); and

•Definitive and binding agreements, with deferrals of balances, extensions of terms and changes in amounts.

19.3.2Judicial

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, there was a reduction in the amount of R$3,497,529.

19.4Leases
DescriptionAverage remaining termWeighted average rate p.aDecember 31,
2024		AdditionsModificationsPaymentsInterest incurred
Transfers (a)
Write-offsForeign currency exchangeGUCDecember 31,
2025
Lease without purchase option:
Aircraft, engines and simulators
8.118.6%16,357,918 1,586,734 13,279 (3,552,045)2,351,625 (155,586)(219,708)(1,880,957)(2,896,289)11,604,971 
Others5.516.9%269,886 15,922 20,362 (96,931)28,151 — (969)(16,748)— 219,673 
Lease with purchase option:
Aircraft, engines and simulators4.916.1%710,894 122,902 39,690 (141,311)83,182 — — (107,795)— 707,562 
Total17,338,698 1,725,558 73,331 (3,790,287)2,462,958 (155,586)(220,677)(2,005,500)(2,896,289)12,532,206 
Current 4,928,197 3,353,501 
Non-current 12,410,501 9,178,705 
(a)Transfer balances are “Accounts payable”.
DescriptionAverage remaining termWeighted average rate p.a.December 31,
2023		AdditionsModificationsPaymentsInterest incurred
Transfers (a)
Write-offsForeign currency exchangeDecember 31, 2024
Lease without purchase option:
Aircraft, engines and simulators8.016.2 %11,567,882 2,605,615 237,065 (2,955,177)1,890,622 (226,490)(17,942)3,256,343 16,357,918 
Others4.811.5 %237,254 64,138 2,544 (83,264)24,350 — (12,916)37,780 269,886 
Lease with purchase option:
Aircraft, engines and simulators4.014.5 %650,691 — (8,150)(188,206)89,187 — — 167,372 710,894 
Total 12,455,827 2,669,753 231,459 (3,226,647)2,004,159 (226,490)(30,858)3,461,495 17,338,698 
Current 3,349,056 4,928,197 
Non-current 9,106,771 12,410,501 
(a)The balances of the transfers are between classifications of “Leases”.
19.5Leases – Notes
DescriptionAverage remaining termWeighted average rate p.a.December 31, 2024ModificationsPaymentsInterest incurredGUCForeign currency exchangeDecember 31, 2025
Financing with lessors – Notes6.517.1 %1,356,984 (32,031)(550,674)143,601 (601,240)(137,783)178,857 
Total1,356,984 (32,031)(550,674)143,601 (601,240)(137,783)178,857 
Current144,706 — 
Non-current1,212,278 178,857 
DescriptionAverage remaining term
Weighted average rate p.a.
December 31, 2023PaymentInterest incurredForeign currency exchangeDecember 31, 2024
Financing with lessors – Notes
5.514.8%1,030,845 (123,703)161,996 287,846 1,356,984 
Total
1,030,845 (123,703)161,996 287,846 1,356,984 
Current121,948 144,706 
Non-current908,897 1,212,278 
19.6Leases – Convertible to equity
DescriptionAverage remaining termWeighted average rate p.a.December 31, 2024ModificationsPaymentsInterest incurredForeign currency exchangeDecember 31, 2025
Financing with lessors – Convertible to equity0.0— %2,683,165 (2,172,452)(379,377)69,354 (200,690)— 
Total
2,683,165 (2,172,452)(379,377)69,354 (200,690)— 
Current1,241,318 — 
Non-current1,441,847 — 

DescriptionAverage remaining termWeighted average rate p.a.December 31, 2023PaymentsInterest incurred
Transfers (a)
Foreign currency exchangeDecember 31, 2024
Financing with lessors – Convertible to equity
2.614.4 %1,659,739 (61,245)294,359 226,490 563,822 2,683,165 
Total
1,659,739 (61,245)294,359 226,490 563,822 2,683,165 
Current216,388 1,241,318 
Non-current1,443,351 1,441,847 
(a)Transfer balances are between the “Leases” classifications.
19.7Schedule of amortization of leases
December 31,
Description20252024
2025— 5,219,787 
20263,601,304 3,935,627 
20272,971,572 3,473,086 
20282,767,084 3,095,203 
20292,562,476 2,797,924 
After 202910,781,388 10,562,642 
Minimum lease payments22,683,824 29,084,269 
Financial charges(10,151,618)(11,745,571)
Present value of minimum lease payments12,532,206 17,338,698 
Current3,353,501 4,928,197 
Non-current9,178,705 12,410,501 

19.8Schedule of amortization of leases – Notes
DescriptionDecember 31, 2025December 31, 2024
2025— 155,502 
2026— 132,873 
2027— 132,873 
2028— 132,873 
2029— 132,873 
After 2029498,718 1,838,076 
Minimum lease payments498,718 2,525,070 
Financial charges(319,861)(1,168,086)
Present value of minimum lease payments178,857 1,356,984 
Current— 144,706 
Non-current178,857 1,212,278 
19.9Schedule of amortization of leases – Convertible to equity
DescriptionDecember 31, 2025December 31, 2024
2025— 1,292,650 
2026— 1,058,962 
2027— 757,234 
Minimum lease payments— 3,108,846 
Financial charges— (425,681)
Present value of minimum lease payments— 2,683,165 
Current— 1,241,318 
Non-current— 1,441,847 
19.10Covenants
During the restructuring process under Chapter 11, certain lease agreements that contained restrictive clauses (“covenants”) were rejected and therefore no longer give rise to any future obligations, including compliance with those covenants. Other agreements had remaining amounts classified as GUC, a classification that does not imply the continuation of the covenants.