AZUL SA

Azul S.A. is the largest airline in Brazil based on cities served, operating approximately 970 daily departures to 160 destinations, creating a network of over 390 non-stop routes as of December 31, 2025. The company is the sole airline on 80% of its routes and is the leading airline in 115 Brazilian cities in terms of departures. Azul carried about 30 million passengers in the year ended December 31, 2025. Brazil is the fifth largest market for domestic airline passengers globally, with the number of domestic passengers increasing by 102% to 101 million in 2025 since 2008. Azul's route network serves 160 domestic destinations, which is about twice as many as its main competitors, Gol and LATAM, which served 65 and 59 destinations respectively as of December 31, 2025. Azul is the only provider of scheduled service to 80 of its domestic destinations and holds the leading position in four out of the 10 largest domestic airports where it operates. The company connects travelers to destinations exclusively served by it from its three hubs, which cater to the São Paulo, Belo Horizonte, and Recife markets. In addition to its airline operations, Azul has strategic revenue-generating business units. These include its wholly-owned loyalty program, Azul Fidelidade; its logistics solutions business, Azul Cargo; and its tourism travel business, Azul Viagens.