Gol Linhas Aéreas Inteligentes S.A.

Pro forma revenue for 2025 increased 11% to $9.7 billion, driven by about 8% passenger revenue growth and about 31% growth in other revenues from cargo and others. Pro forma adjusted EBITDAR rose almost 26% to almost $2.7 billion, with a 27.4% margin for the year and 30.6% in Q4. Avianca generated adjusted EBITDAR of about $1.5 billion, up 21% year over year, with a 26.5% margin; GOL generated EBITDAR of $1.2 billion, up 32% year over year, with a margin above 30%. Group liquidity ended at over $2.5 billion, net debt/LTM EBITDAR fell to 3.3x, Avianca liquidity was about $1.4 billion with net leverage at 2.7x, and GOL liquidity was $1 billion with net leverage at 3 turns. For 2026, management said broad capacity growth would be modest, with Avianca initially planning mid-single-digit growth and GOL concentrating most growth in Rio and Salvador, while tactical reductions could be made if demand weakens further.

Adrian Neuhauser said the company is proud to be presenting consolidated results for the first time as a group and framed Abra as the second-largest airline group in Latin America. He emphasized network integration, customer experience improvements, and synergies across fleet, procurement, loyalty, and commercial functions, saying cumulative value creation is now over $180 million. His tone was confident but cautious on fuel, stressing that the company is monitoring elasticity and may make small capacity adjustments if near-term bookings weaken.

Manuel Irarrazaval highlighted strong year-over-year financial improvement, including pro forma revenue of $9.7 billion, adjusted EBITDAR of almost $2.7 billion, and liquidity of almost $2.5 billion. He noted net debt fell 16.6% over the year and leverage declined from 5x in 2024 to 3.3x, while Avianca ended with roughly $1.4 billion of liquidity and GOL with about $1 billion, including receivables. He also quantified fuel risk, saying each $1 increase in jet fuel can add $70 million to monthly fuel expense, and described hedging 50% of fuel needs for March to May at a $2.45 call strike plus another 14% through August.

Analysts focused heavily on fuel prices, hedge coverage, and whether higher costs would force capacity cuts. Management said Brazil jet fuel was around $4, a little under that outside Brazil, and that pricing had already been raised broadly, but they stressed it can take about 3 months for average yields to catch up. On capital allocation and liquidity, management said there are no current plans for GOL liability management, no short-term action planned on Avianca’s remaining $400 million of 2028 notes, and no near-term move on Abra’s 2029 bond or term loan.