v3.26.1
Consolidated Statements of Cash Flows - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit (loss) for the year R$ 124,858 R$ (9,151,371) R$ (2,380,456)
Result reconciliation items      
Depreciation and amortization 3,013,375 2,563,982 2,404,223
Gain (loss) from impairment 0 (143,790) (245,636)
Derivative financial instruments, net (986,521) (317,729) 238,458
Share-based payment 70,779 43,455 71,643
Foreign currency exchange, net (4,178,793) 7,736,026 (1,616,363)
Financial result 9,055,623 5,018,405 5,313,867
Breakage – GUC (1,724,867) 0 0
Renegotiations – Chapter 11 (181,893) 0 0
Tax transaction 0 (252,968) 0
Provisions, net 1,035,676 (145,985) (160,957)
Recovery of expenses and write‑offs of assets and liabilities (393,278) (855,441) 269,486
Result from modification of lease and provision (2,830,356) (221,391) (204,017)
Result in the write-off of property and equipment, right of use and intangible assets 198,190 143,417 297,349
Deferred income tax and social contribution 0 (39,526) 39,526
Result of sale and sale and leaseback (60,270) (91,613) 6,356
Reconciled result 3,142,523 4,285,471 4,033,479
Changes in operating assets and liabilities      
Accounts receivable (1,041,466) (292,029) 876,955
Aircraft sublease 0 0 19,485
Inventories (61,037) (159,409) (153,502)
Deposits (411,370) (455,229) (453,090)
Taxes recoverable (160) (20,284) 16,312
Derivative financial instruments, net (46,822) (101,767) (137,998)
Other assets (390,573) (575,798) (128,116)
Advances to suppliers (2,888,463)
Accounts payable (796,177) 855,534 2,795,585
Airport taxes and fees 129,590 79,824 227,996
Air traffic liability, services and loyalty program 8,122 1,409,877 1,134,387
Salaries and benefits 244,264 128,555 13,151
Taxes payable (12,050) 77,881 (26,793)
Provisions (605,141) (423,132) (237,456)
Other liabilities 94,507 50,679 72,589
Total changes in operating assets and liabilities (2,888,313) 574,702 1,131,042
Interest paid      
Loans and financing (517,224) (1,027,814) (792,151)
Lease (412,511) (506,258) (451,779)
Convertible debt instruments (177,894) (76,382) (100,928)
Others (379,103) (462,695) (379,972)
Interest paid, classified as operating activities (1,486,732) (2,073,149) (1,724,830)
Net cash provided (used) by operating activities (1,232,522) 2,787,024 3,439,691
Cash flows from investing activities      
Acquisition of short-term investments (106,268) (107,424) 0
Redemption of short-term investments 84,153 6,205 0
Restricted cash 0 0 6,145
Payment for acquisition of subsidiary (5,924) 0 0
Cash received on sale of property and equipment 7,270 0 0
Proceeds from sale and leaseback 195,300 29,346 91,688
Acquisition of property and equipment (198,415) (681,329) (464,354)
Acquisition of capitalized maintenance (361,141) (577,517) (338,990)
Acquisition of intangible assets (188,355) (234,936) (168,971)
Net cash used by investing activities (573,380) (1,565,655) (874,482)
Loans and financing      
Proceeds 7,423,172 3,209,990 4,733,292
Repayment (2,277,964) (1,723,166) (1,907,123)
Costs (390,166) (104,903) (486,658)
Reverse factoring 0 (496,286) (831,477)
Repayment of leases (3,054,270) (2,803,166) (2,353,262)
Convertible debt instruments 0 0 (542,496)
Cost of issuing shares (43,048) 0 0
Capital increase 51,207 0 819
Advance for future capital increase 0 18 789
Treasury shares (4) (2,596) (6,826)
Net cash provided (used) by financing activities 1,708,927 (1,920,109) (1,392,942)
Exchange rate changes on cash and cash equivalents (121,390) 11,413 56,721
Increase (decrease) in cash and cash equivalents (218,365) (687,327) 1,228,988
Cash and cash equivalents at the beginning of the year 1,210,009 1,897,336 668,348
Cash and cash equivalents at the end of the year R$ 991,644 R$ 1,210,009 R$ 1,897,336