AZUL SA

Azul S.A. is the largest airline in Brazil based on cities served, according to ANAC (Brazil's National Civil Aviation Agency). As of December 31, 2025, the company operated approximately 970 daily departures to 160 destinations, establishing a network of over 390 non-stop routes. Azul is the sole airline on 80% of its routes and is the leading airline in 115 Brazilian cities in terms of departures, according to ANAC. In the year ended December 31, 2025, Azul carried about 30 million passengers. Brazil is the fifth largest market for domestic airline passengers globally, according to Cirium, with domestic airline passengers increasing by 102% to 101 million in 2025 since 2008, according to ANAC. Azul's route network in Brazil 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, based on departures, according to ANAC. The company connects travelers to exclusively served destinations from its three hubs, which cater to the São Paulo, Belo Horizonte, and Recife markets. In addition to its core airline operations, Azul has strategic revenue-generating business units. These include Azul Fidelidade, its wholly-owned loyalty program; Azul Cargo, its logistics solutions business; and Azul Viagens, its tourism travel business.