v3.26.1
RISK MANAGEMENT
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
RISK MANAGEMENT RISK MANAGEMENT
35.1Accounting policies
Operating activities expose the Company and its subsidiaries to the following financial risks: (i) market risk, related to interest rate, fuel price and exchange rate, (ii) credit risk and (iii) liquidity risk.
The risks are monitored by the Company’s management and can be mitigated through the use of swaps, forward contracts and options.
All activities with derivative financial instruments for risk management are carried out by specialists with experience and adequate supervision. It is the Company's policy not to operate transactions for speculative purposes.
35.2Fair value hierarchy of financial instruments
The following hierarchy is used to determine the fair value of financial instruments:
Level 1: quoted prices, without adjustment, in active markets for identical assets and liabilities;
Level 2: other techniques for which all inputs that have a significant effect on the fair value recorded are directly or indirectly observable; and
Level 3: techniques that use data that have a significant effect on the fair value recorded that are not based on observable market data.
The fair value hierarchy of the Company's consolidated financial instruments, as well as the comparison between book value fair value, are identified below:
Carrying amountFair value
December 31,December 31,
DescriptionNoteLevel2025202420252024
Assets
Long-term investments – TAP Bond 72— 1,004,505 — 1,004,505 
Derivative financial instruments
Liabilities and equity
Loans and financing 19—(23,059,604)(14,981,417)(24,248,794)(13,949,702)
Convertible debt instruments – conversion right212(6,448)(51,740)(6,448)(51,740)
Derivative financial instruments 232— (65,375)— (65,375)
Financial instruments whose fair value approximates their carrying value, based on established conditions, mainly due to the short maturity period, were not disclosed.
35.3Market risks
35.3.1Interest rate risk
Arise from the possibility of unfavorable variations to which the Company’s cash flows are exposed.

35.3.1.1Sensitivity analysis
As of December 31, 2025, the Company held assets and liabilities linked to different types of interest rates. In the sensitivity analysis of non-derivative financial instruments, the impact was considered only on positions with values exposed to such fluctuations:
Consolidated
Exposure to CDIExposure to SOFR
DescriptionRate (p.a.)December 31,
2025		Weighted rate (p.a.)December 31,
2025
Exposed assets (liabilities), net14.9%(30,742)3.7%(1,495,146)
Effect on profit or loss
Interest rate devaluation by -10%13.4%4,944 3.3%5,485 
Interest rate devaluation by -25%11.2%12,360 2.8%13,712 
Interest rate appreciation by 10%16.4%(4,944)4.0%(5,485)
Interest rate appreciation by 25%18.6%(12,360)4.6%(13,712)
35.3.2Aircraft fuel price risk (“QAV”)
Arise from the possibility of unfavorable fluctuations to which the Company’s cash flows are exposed.
35.3.2.1Sensitivity analysis
The following table demonstrates the sensitivity analysis of the price fluctuation of QAV liter:
Exposure to price
Description
Price (a)
December 31, 2025
Aircraft fuel4.2 (5,710,291)
Effect on profit or loss
Devaluation by -10%3.8 571,029 
Devaluation by -25%3.2 1,427,573 
Appreciation by 10%4.6 (571,029)
Appreciation by 25%5.3 (1,427,573)
(a)    Average price per liter.
35.3.3Foreign exchange risk
The foreign exchange risk arises from the possibility of unfavorable exchange differences to which the Company's cash flows are exposed.
The equity exposure to the main variations in exchange rates is shown below:
Exposure to US$Exposure to €
December 31,December 31,
Description2025202420252024
Assets
Cash and cash equivalents 560,717 76,267 12,237 6,420 
Long-term investments — — — 1,004,505 
Accounts receivable 217,266 687,396 11,469 2,927 
Deposits 2,588,149 3,257,360 74,253 11,581 
Other assets60,905 72,360 29,464 5,535 
Total assets3,427,037 4,093,383 127,423 1,030,968 
Liabilities and equity
Loans and financing(21,818,077)(13,720,427)— — 
Leases (12,583,452)(21,250,461)— — 
Convertible debt instruments (397,365)(1,182,368)— — 
Accounts payable(2,847,888)(3,356,243)(1,516)— 
Airport taxes and fees(2,203)(3,373)— — 
Provisions(1,507,285)(3,947,439)— — 
Other liabilities(138)(31,055)(84)(15)
Total liabilities(39,156,408)(43,491,366)(1,600)(15)
Net exposure(35,729,371)(39,397,983)125,823 1,030,953 
Net exposure in foreign currency(6,493,416)(6,362,415)19,450 160,178 

35.4 Sensitivity analysis
Exposure to US$Exposure to €
DescriptionClosing rateDecember 31,
2025		Closing rateDecember 31,
2025
Exposed assets (liabilities), net5.5 (35,729,371)6.5 125,823 
Effect on profit or loss
Foreign currency devaluation by -10%5.0 3,572,937 5.8 (12,582)
Foreign currency devaluation by -25%4.1 8,932,343 4.9 (31,456)
Foreign currency appreciation by 10%6.1 (3,572,937)7.1 12,582 
Foreign currency appreciation by 25%6.9 (8,932,343)8.1 31,456 
35.4.1 Credit risk
Credit risk is inherent to the Company's operating and financial activities, mainly disclosed in cash and cash equivalents, long-term investments, accounts receivable, security deposits and maintenance reserves.
Credit limits are established for all customers based on internal classification criteria and the carrying amounts represent the maximum credit risk exposure. Outstanding receivables from customers are frequently monitored by the Company and, when necessary, when necessary, provision for expected credit losses are recognized.
Derivative financial instruments are contracted on the over the counter (OTC) market with counterparties that have a business relationship with the Company and can be contracted on commodity and futures exchanges (B3 and NYMEX), which mitigate and contribute to credit risk.
The Company assesses the risks of counterparties in financial instruments and diversifies exposure periodically.
35.5 Liquidity risk
The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2025 are as follows:
December 31, 2025
DescriptionCarrying amountContractual cash flowsUntil 1 yearFrom 2 to 5 yearsAfter 5 years
Loans and financing23,059,604 27,492,023 13,811,356 13,470,438 210,229 
Leases12,711,063 23,182,542 3,601,304 13,622,961 5,958,277 
Convertible debt instruments397,366 856,189 88,996 767,193 — 
Accounts payable4,879,744 6,825,688 5,720,153 1,105,535 — 
Airport taxes and fees1,610,637 2,190,683 920,767 563,148 706,768 
42,658,414 60,547,125 24,142,576 29,529,275 6,875,274 
35.6 Capital management
The Company seeks capital alternatives in order to satisfy its operational needs, aiming for a capital structure that it considers adequate for the financial costs and the maturity terms of the funding and its guarantees. The Company’s Management continually monitors its net debt.