v3.26.1
LOANS AND FINANCING (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about borrowings [abstract]  
Schedule of Loans and Financing Movement of loans and financing
DescriptionAverage nominal rate p.a.Effective rate p.a.MaturityDecember 31,
2024		Funding
(–) costs
Transfer (c)
Debt into equity conversionPayment of principalPayment of interestInterest incurredForeign currency exchangeModifica-tions (a)Amortized costDecember 31,
2025
In foreign currency – US$
Senior notes – 20267.3%7.8%Jun-26196,241— — — — — 12,815 (22,119)— 648 187,585 
Senior notes – 202811.9%13.3%Aug-286,196,281 — — — — (555)56,727 (307,514)(5,929,442)3,762 19,259 
Senior notes – 202911.5%11.5%May-291,533,659 — — — — (815)15,635 (75,894)(1,443,339)— 29,246 
10.9%10.9%May-303,649,185 — — — — (5,096)46,605 (188,650)(3,309,622)— 192,422 
Senior notes 1L – 2028 (a)11.9%11.9%Aug-28— 396,779 — — (177,843)(182,960)639,724 (411,731)6,084,736 — 6,348,705 
Senior notes 2L – 202911.5%11.5%May-29— 26,854 — (489,310)(40,281)(48,685)104,196 (62,713)1,443,339 — 933,400 
Senior notes 2L – 203010.9%10.9%May-30— 58,290 — (1,123,740)(87,443)(105,702)226,289 (143,940)3,309,622 — 2,133,376 
Bridge notes———976,968 — — — (928,148)(29,027)11,087 (47,925)— 17,045 — 
New bridge notes ———— 555,314 — — (620,453)(29,534)29,534 (9,837)— 74,976 — 
DIP - 202615.0%
23.1% (b)
Feb-26— 9,390,624 — — — (588,089)589,039 (95,266)— 298,553 9,594,861 
Superpriority notes ———— 2,806,143 — — (2,953,837)(854,456)856,189 (169,228)— 315,189 — 
Aircraft, engines and others
Sofr 1M + 4.6%
8.5%May-26729,110 — — — — (45,768)43,311 (80,289)— — 646,364 
Sofr 3M + 2.6%
10.0%Dec-27116,145 284,671 — — (137,561)(42,547)17,131 (22,620)— 5,111 220,330 
———— 103,136 (102,757)— — (840)834 (373)— — — 
4.7%4.7%Jun-25145,822 — — — (101,323)10,576 7,626 (21,500)(29,985)478 11,694 
Executed letters of credit (d)———— 1,291,133 102,757 — — — — (17,784)— — 1,376,106 
13,543,411 14,912,944 — (1,613,050)(5,046,889)(1,923,498)2,656,742 (1,677,383)125,309 715,762 21,693,348 
In local currency – R$
Debentures (a)
CDI + 4.0%
18.8%Feb-31841,858 — — — (210,379)(104,684)134,564 — (9,635)6,749 658,473 
Executed derivatives (d)———— — 38,576 — (335)— — — — — 38,241 
Executed letters of credit (d)———— 704,757 — — (35,215)— — — — — 669,542 
Others———596,148 — — — (561,593)(35,125)363 — — 207 — 
1,438,006 704,757 38,576 — (807,522)(139,809)134,927 — (9,635)6,956 1,366,256 
Total in R$14,981,417 15,617,701 38,576 (1,613,050)(5,854,411)(2,063,307)2,791,669 (1,677,383)115,674 722,718 23,059,604 
Current 2,207,199 13,783,259 
Non-current 12,774,218 9,276,345 

(a)    Due to the restructuring, R$542,438 was recorded in the statement under the caption “Restructuring of loans and financing”. The amount refers to R$396,779 of incorporation of fees and R$155,294, from debt issuance costs of the original funding, and the reversal of R$9,635 in interest and fees.
(b)    The effective rate of 23.1% p.a. are due to the very short maturity terms and transaction costs.
(c)    The balances of the transfers are between the line items “Loans and financing” and “Derivative financial instruments.”
(d)    On the date of disclosure, the fees and maturities are being negotiated.
DescriptionAverage nominal rate p.a.
Effective rate
MaturityDecember 31,
2023		Funding
(–) costs		Payment of principalPayment of interestInterest incurredForeign currency exchangeEffects of restructuringAmortized costDecember 31,
2024
In foreign currency – US$
Senior notes – 20245.9%6.3%Oct-24332,099 — (397,696)(12,017)17,121 59,679 — 814 — 
Senior notes – 20267.3%7.8%Jun-26152,572 — — (13,299)12,998 43,322 — 648 196,241 
Senior notes – 202811.9%13.3%Aug-283,922,731 905,219 — (620,516)633,483 1,325,488 (7,502)37,378 6,196,281 
Senior notes – 202911.5%11.5%May-291,165,545 41,476 — (148,653)149,819 325,472 — — 1,533,659 
Senior notes – 203010.9%10.9%May-302,777,513 93,517 — (335,174)337,752 775,577 — — 3,649,185 
Bridge notes – 2025
Sofr Index + 8.3% to 10.7%
37.8% (a)
Jan-25— 856,502 — — 18,726 65,215 — 36,525 976,968 
Aircraft, engines and others
Sofr 1M + 4.6%
9.8%May-2679,086 545,797 — (36,214)40,895 99,546 — — 729,110 
Sofr 3M + 2.6%
11.3%Jun-27— 104,892 — (1,819)2,616 10,021 — 435 116,145 
4.9%5.9%Mar-29284,279 — (183,580)(11,328)9,961 45,547 — 943 145,822 
8,713,825 2,547,403 (581,276)(1,179,020)1,223,371 2,749,867 (7,502)76,743 13,543,411 
In local currency - R$
Working capital
CDI + 1.6%
20.0%Jan-2529,648 982,796 (477,191)(9,811)44,118 — — 23,079 592,639 
Debentures
CDI + 5.0%
15.2%Dec-28919,072 542,660 (637,676)(143,788)129,410 — 18,173 14,007 841,858 
Aircraft, engines and others
Selic + 5.5%
10.0%May-2512,771 — (7,039)(7,173)1,362 — — 79 — 
6.5%6.5%Mar-2723,596 — (19,984)(936)833 — — — 3,509 
985,087 1,525,456 (1,141,890)(161,708)175,723 — 18,173 37,165 1,438,006 
Total in R$9,698,912 4,072,859 (1,723,166)(1,340,728)1,399,094 2,749,867 10,671 113,908 14,981,417 
Current1,100,051 2,207,199 
Non-current8,598,861 12,774,218 
(a)The effective rate of 37.8% per year is due to the very short maturity and the transaction costs.
18.3Schedule of amortization of debt
December 31,
Description20252024
2025— 2,207,199 
202613,783,259 1,211,585 
2027187,397 160,172 
20285,880,851 6,267,806 
2029970,121 1,520,407 
After 20292,237,976 3,614,248 
23,059,604 14,981,417 
Current13,783,259 2,207,199 
Non-current9,276,345 12,774,218 
Schedule of Measures Restrictive Clauses
The Company continues to measure the restrictive covenants of some of its loan and financing contracts according to the original conditions, while awaiting future agreements that may be reached with its creditors under the scope of Chapter 11, as shown below.
Although the Chapter 11 process may have triggered the non-fulfillment of certain obligations, counterparties are prevented from taking any action as a result of alleged defaults. Therefore, the related debt remains classified in these financial statements according to the originally established contractual schedule.
Covenant related to:Measurement indicatorsIndicators needed to a measurement.Reached
9th and 10th issue of debenturesAnnual
(i) adjusted debt service coverage ratio (ICSD) equal to or greater than 1.2;
(ii) financial leverage less than or equal to 6.5 in 2023; 5.0 in 2024 and 2025; and 4.5 from 2026.
Waiver
Aircraft, engines and othersQuarterly
(i) The total cash balance on the last day of the quarter is not less than R$1 billion.
Reached
Annual
(ii) Leverage: equal to or less than 5.5, with the referred Index being obtained by net debt / EBITDA on the last day of the year.
Not achieved
Senior notes 1L, 2LQuarterly
(i) Immediate Liquidity exceeding R$350 million on March 31, 2025;
(ii) Immediate Liquidity exceeding R$500 million as of June 30, 2025.
Reached
DIPBiweekly
Liquidity in excess of R$90 million every fortnight, starting from June 13, 2025.
Reached