v3.26.1
RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract]  
Schedule of Fair Value Hierarchy of Financial Instruments
The fair value hierarchy of the Company's consolidated financial instruments, as well as the comparison between book value fair value, are identified below:
Carrying amountFair value
December 31,December 31,
DescriptionNoteLevel2025202420252024
Assets
Long-term investments – TAP Bond 72— 1,004,505 — 1,004,505 
Derivative financial instruments
Liabilities and equity
Loans and financing 19—(23,059,604)(14,981,417)(24,248,794)(13,949,702)
Convertible debt instruments – conversion right212(6,448)(51,740)(6,448)(51,740)
Derivative financial instruments 232— (65,375)— (65,375)
Schedule of Sensitivity Analysis of Financial Instruments
As of December 31, 2025, the Company held assets and liabilities linked to different types of interest rates. In the sensitivity analysis of non-derivative financial instruments, the impact was considered only on positions with values exposed to such fluctuations:
Consolidated
Exposure to CDIExposure to SOFR
DescriptionRate (p.a.)December 31,
2025		Weighted rate (p.a.)December 31,
2025
Exposed assets (liabilities), net14.9%(30,742)3.7%(1,495,146)
Effect on profit or loss
Interest rate devaluation by -10%13.4%4,944 3.3%5,485 
Interest rate devaluation by -25%11.2%12,360 2.8%13,712 
Interest rate appreciation by 10%16.4%(4,944)4.0%(5,485)
Interest rate appreciation by 25%18.6%(12,360)4.6%(13,712)
The following table demonstrates the sensitivity analysis of the price fluctuation of QAV liter:
Exposure to price
Description
Price (a)
December 31, 2025
Aircraft fuel4.2 (5,710,291)
Effect on profit or loss
Devaluation by -10%3.8 571,029 
Devaluation by -25%3.2 1,427,573 
Appreciation by 10%4.6 (571,029)
Appreciation by 25%5.3 (1,427,573)
(a)    Average price per liter.
Sensitivity analysis
Exposure to US$Exposure to €
DescriptionClosing rateDecember 31,
2025		Closing rateDecember 31,
2025
Exposed assets (liabilities), net5.5 (35,729,371)6.5 125,823 
Effect on profit or loss
Foreign currency devaluation by -10%5.0 3,572,937 5.8 (12,582)
Foreign currency devaluation by -25%4.1 8,932,343 4.9 (31,456)
Foreign currency appreciation by 10%6.1 (3,572,937)7.1 12,582 
Foreign currency appreciation by 25%6.9 (8,932,343)8.1 31,456 
Schedule of Foreign Exchange Risk
The equity exposure to the main variations in exchange rates is shown below:
Exposure to US$Exposure to €
December 31,December 31,
Description2025202420252024
Assets
Cash and cash equivalents 560,717 76,267 12,237 6,420 
Long-term investments — — — 1,004,505 
Accounts receivable 217,266 687,396 11,469 2,927 
Deposits 2,588,149 3,257,360 74,253 11,581 
Other assets60,905 72,360 29,464 5,535 
Total assets3,427,037 4,093,383 127,423 1,030,968 
Liabilities and equity
Loans and financing(21,818,077)(13,720,427)— — 
Leases (12,583,452)(21,250,461)— — 
Convertible debt instruments (397,365)(1,182,368)— — 
Accounts payable(2,847,888)(3,356,243)(1,516)— 
Airport taxes and fees(2,203)(3,373)— — 
Provisions(1,507,285)(3,947,439)— — 
Other liabilities(138)(31,055)(84)(15)
Total liabilities(39,156,408)(43,491,366)(1,600)(15)
Net exposure(35,729,371)(39,397,983)125,823 1,030,953 
Net exposure in foreign currency(6,493,416)(6,362,415)19,450 160,178 
Schedule of Maturity of Derivative Financial Liabilities
The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2025 are as follows:
December 31, 2025
DescriptionCarrying amountContractual cash flowsUntil 1 yearFrom 2 to 5 yearsAfter 5 years
Loans and financing23,059,604 27,492,023 13,811,356 13,470,438 210,229 
Leases12,711,063 23,182,542 3,601,304 13,622,961 5,958,277 
Convertible debt instruments397,366 856,189 88,996 767,193 — 
Accounts payable4,879,744 6,825,688 5,720,153 1,105,535 — 
Airport taxes and fees1,610,637 2,190,683 920,767 563,148 706,768 
42,658,414 60,547,125 24,142,576 29,529,275 6,875,274 
35.6
Schedule of Maturity of Non-Derivative Financial Liabilities
The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2025 are as follows:
December 31, 2025
DescriptionCarrying amountContractual cash flowsUntil 1 yearFrom 2 to 5 yearsAfter 5 years
Loans and financing23,059,604 27,492,023 13,811,356 13,470,438 210,229 
Leases12,711,063 23,182,542 3,601,304 13,622,961 5,958,277 
Convertible debt instruments397,366 856,189 88,996 767,193 — 
Accounts payable4,879,744 6,825,688 5,720,153 1,105,535 — 
Airport taxes and fees1,610,637 2,190,683 920,767 563,148 706,768 
42,658,414 60,547,125 24,142,576 29,529,275 6,875,274 
35.6