OPERATIONS
Dec. 31, 2025
Azul S.A. (“Azul”), together with its subsidiaries (“Company”) is a corporation governed by its bylaws, as per Law No. 6404/76 and by the corporate governance level 2 listing regulation of B3 S.A. – Brasil, Bolsa, Balcão (“B3”). The Company incorporated on January 3, 2008, and its core business comprises the operation of regular and non-regular airline passenger services, cargo or postal, passenger charter, provision of maintenance and hangarage services for aircraft, engines, parts and components, aircraft acquisition and lease, development of frequent-flyer programs, development of related activities and equity holding in other companies since the beginning of its operations on December 15, 2008.
The Company carries out its activities through its subsidiaries, mainly Azul Linhas Aéreas Brasileiras S.A. (“ALAB”) and Azul Conecta Ltda. (“Conecta”), which hold authorization from government authorities to operate as airlines and ATS Viagens e Turismo Ltda (“Azul Viagens”) for tourism services.
Azul’s shares are traded on B3 and are suspended from trading on the New York Stock Exchange (NYSE) as a result of the voluntary financial reorganization process under Chapter 11 of the U.S. Bankruptcy Code.
Azul is headquartered at Avenida Marcos Penteado de Ulhôa Rodrigues, 939, 8th floor, in the city of Barueri, state of São Paulo, Brazil.
1.1Organizational structure
The Company organizational structure as of December 31, 2025 is as follows:
The table below lists the operational activities in which the Azul subsidiaries are engaged, as well as the ownership .
| % 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 | % | ||||||||||||||||||||||||||||||
1.2Seasonality
The Company’s operating revenues depend substantially on the general volume of passenger and cargo traffic, which is subject to seasonal changes. Our passenger revenues are generally higher during the summer and winter holidays. Considering the distribution of fixed costs, this seasonality tends to cause variations in operating results between periods of the fiscal year.