| Schedule of Financial Result |
Breakdown of financial result | | | | | | | | | | | | | | | | | | | | | | | Consolidated | | | Years ended December 31, | | Description | | 2025 | | 2024 | | 2023 | | | | | | | | | Financial income | | | | | | | | Interest on short and long-term investments | | 100,208 | | | 148,162 | | | 91,353 | | | Sublease receivables | | — | | | 1,754 | | | 13,314 | | | Debt into equity conversion | | 734,433 | | | — | | | — | | | Fair value of TAP Bond | | 4,127 | | | 37,610 | | | 66,053 | | | Others | | 65,315 | | | 51,532 | | | 49,421 | | | | 904,083 | | | 239,058 | | | 220,141 | | | Financial expenses | | | | | | | | Interest on loans and financing | | (2,791,669) | | | (1,379,560) | | | (865,107) | | | Interest on reverse factoring | | — | | | (10,224) | | | (17,010) | | | Interest on lease | | (2,675,913) | | | (2,460,514) | | | (2,420,557) | | | Interest on convertible instruments | | (405,207) | | | (273,826) | | | (242,608) | | | Interest accounts payable and airport taxes and fees | | (438,290) | | | (328,937) | | | (418,066) | | | Interest on provisions | | (187,372) | | | (76,989) | | | (257,419) | | | Interest on factoring credit card receivables | | (327,897) | | | (327,771) | | | (334,896) | | | Amortized cost of loans and financing | | (722,718) | | | (113,908) | | | (44,894) | | | Amortized cost of convertible instruments | | — | | | — | | | (2,622) | | | Financial operations cost | | (248,969) | | | (130,285) | | | (84,453) | | | Fair value of the TAP Bond | | (1,056,005) | | | (14,842) | | | (25,736) | | | Restructuring of loans and financing | | (542,438) | | | — | | | (199,635) | | | Restructuring of convertible debentures | | (334,599) | | | — | | | (352,430) | | | Provision for loss on short-term investments | | (117,684) | | | — | | | — | | | Other restructuring costs | | (215,354) | | | — | | | — | | | Others | | (231,004) | | | (130,558) | | | (343,338) | | | | (10,295,119) | | | (5,247,414) | | | (5,608,771) | | | | | | | | | | Derivative financial instruments, net | | 986,521 | | | 317,729 | | | (238,458) | | | Foreign currency exchange, net | | 4,207,915 | | | (7,890,179) | | | 1,625,064 | | | Financial result, net | | (4,196,600) | | | (12,580,806) | | | (4,002,024) | |
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