Gol Linhas Aéreas Inteligentes S.A.

Abra said pro forma revenue increased 11% to $9.7 billion, driven by about 8% passenger revenue growth and a 31% increase in other revenues such as cargo. Pro forma adjusted EBITDAR grew almost 26% to almost $2.7 billion, with a 27.4% margin for the year; Q4 adjusted EBITDAR margin was 30.6%. Avianca generated adjusted EBITDAR of about $1.5 billion, up 21% year over year, with a 26.5% margin, while GOL generated $1.2 billion of EBITDAR, up 32% year over year, with a margin above 30%. Abra ended the year with over $2.5 billion of liquidity and net debt to LTM EBITDAR of 3.3x; Avianca ended with about $1.4 billion of liquidity and 2.7x net leverage; GOL ended with $1 billion of liquidity and 3.0x net leverage. No formal full-year or next-quarter financial guidance was given, but management said 2026 capacity growth is expected to be modest at Avianca, while GOL’s growth is concentrated in Rio and Salvador and the group is monitoring for tactical reductions if fuel-driven demand weakness appears.

Adrian Neuhauser framed 2025 as the first year of fully consolidated Abra results and emphasized the group’s scale, network breadth, and improving integration. He highlighted more than $180 million of cumulative synergies, a stronger product offering, and fleet additions including 7 A330-900s to support international growth. His tone was upbeat but cautious on 2026, repeatedly stressing that the company is watching fuel, pricing pass-through, and demand elasticity closely.

Manuel Irarrazaval focused on the financial upside of the combined platform and the balance sheet. He cited pro forma revenue of $9.7 billion, adjusted EBITDAR of almost $2.7 billion, liquidity above $2.5 billion, and net debt/EBITDAR down to 3.3x from 5x in 2024. He also discussed fuel management in detail, saying a $1 increase in jet fuel can add about $70 million to monthly fuel expense, that 50% of fuel needs are hedged for March-May at a $2.45 call strike, and that another 14% is hedged through August. On capital allocation, he said there are no plans for GOL liability management or near-term Abra refinancing, and that the team is also looking to optimize OpEx and CapEx, especially around engine-related spend.

Analysts focused mainly on high fuel prices, capacity plans, and whether management would reduce cash outlays or restructure liabilities. Management said pricing pass-through is underway, but it can take about three months for average fares to catch up, and near-term bookings have held better than later bookings. On capacity, they said GOL is concentrating 2026 growth in Rio and Salvador, while Avianca expects only modest mid-single-digit growth and no high-growth year; if booking trends weaken, tactical low-single-digit ASK cuts may be made. On financing, management said GOL’s liquidity is real cash plus liquid receivables, Avianca has about $400 million of 2028 notes left outstanding, and there are no short-term liability-management plans at Abra, Avianca, or GOL.