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| | | | | | | | | | % Equity interest |
| | | | | | | | | | December 31, |
| Company | | Type of investment | | Main activity | | State | | Country | | 2025 | | 2024 |
| | | | | | | | | | | | |
| Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | | Direct | | Equity holding in other companies | | George Town | | Cayman Islands | | 25 | % | | 25 | % |
| Azul IP Cayman Ltd. (Azul Cayman) | | Indirect | | Intellectual property owner | | George Town | | Cayman Islands | | 100 | % | | 100 | % |
| IntelAzul S.A. (IntelAzul) | | Direct | | Frequent-flyer program | | São Paulo | | Brazil | | 100 | % | | 100 | % |
| Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | | Indirect | | Equity holding in other companies | | George Town | | Cayman Islands | | 25 | % | | 25 | % |
| Azul Linhas Aéreas Brasileiras S.A. (ALAB) | | Direct | | Airline operations | | São Paulo | | Brazil | | 100 | % | | 100 | % |
| Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | | Indirect | | Equity holding in other companies | | George Town | | Cayman Islands | | 25 | % | | 25 | % |
| Azul Conecta Ltda. (Conecta) | | Indirect | | Airline operations | | São Paulo | | Brazil | | 100 | % | | 100 | % |
| ATS Viagens e Turismo Ltda. (Azul Viagens) | | Indirect | | Travel packages | | São Paulo | | Brazil | | 100 | % | | 100 | % |
| ATSVP Viagens Portugal, Unipessoal LDA (Azul Viagens Portugal) | | Indirect | | Travel packages | | Lisbon | | Portugal | | 100 | % | | 100 | % |
| Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | | Indirect | | Equity holding in other companies | | George Town | | Cayman Islands | | 25 | % | | 25 | % |
| Cruzeiro Participações S.A. (Cruzeiro) | | Indirect | | Equity holding in other companies | | São Paulo | | Brazil | | 100 | % | | 100 | % |
| Azul Investments LLP (Azul Investments) | | Indirect | | Funding | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul SOL LLC (Azul SOL) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul Finance LLC (Azul Finance) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul Finance 2 LLC (Azul Finance 2) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Blue Sabiá LLC (Blue Sabiá) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Canela Investments LLC (Canela) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Canela Turbo Three LLC (Canela Turbo) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Canela 336 LLC (Canela 336) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul Saira LLC (Azul Saira) | | Indirect | | Aircraft financing | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul Secured Finance LLP (Azul Secured) | | Indirect | | Funding | | Delaware | | USA | | 100 | % | | 100 | % |
| Azul Secured Finance 2 LLP (Azul Secured 2) | | Indirect | | Funding | | Delaware | | USA | | 100 | % | | 100 | % |