Azul S.A. Balance Sheet

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	991.6	1,210	1,897	668.35	3,074
Short-Term Investments	26.3	71.9	-	-	1.43
Cash & Short-Term Investments	1,018	1,282	1,897	668.35	3,075
Cash Growth	-20.59%	-32.44%	183.88%	-78.27%	-4.68%
Accounts Receivable	2,723	1,775	1,124	1,874	1,074
Other Receivables	208.4	203.95	219.43	234.89	109.7
Receivables	2,931	1,979	1,343	2,109	1,184
Inventory	972.5	1,218	1,020	843.44	571.92
Prepaid Expenses	371.6	-	-	-	244.41
Other Current Assets	1,010	1,179	783.12	1,251	770.98
Total Current Assets	6,304	5,658	5,044	4,872	5,846
Property, Plant & Equipment	12,897	13,469	11,009	9,396	7,875
Long-Term Investments	-	1,040	780.31	733.04	906.72
Goodwill	-	901.42	901.42	901.42	901.42
Other Intangible Assets	1,536	658.2	561.83	525.11	456.62
Long-Term Accounts Receivable	-	-	16.21	105.86	198
Other Long-Term Assets	2,901	4,512	2,220	2,188	2,349
Total Assets	23,638	26,275	20,533	18,721	18,533
Accounts Payable	3,916	4,147	2,278	2,518	1,530
Accrued Expenses	1,449	1,093	1,063	1,311	1,059
Short-Term Debt	13,872	-	290.85	753.35	3.69
Current Portion of Long-Term Debt	-	2,332	1,126	1,128	1,023
Current Portion of Leases	3,354	6,314	3,687	4,026	3,498
Current Income Taxes Payable	144	125.06	142.17	193.59	150.08
Current Unearned Revenue	6,241	6,326	5,206	4,140	3,064
Other Current Liabilities	498.2	1,005	955.7	986.33	1,382
Total Current Liabilities	29,473	21,342	14,749	15,056	11,710
Long-Term Debt	9,585	13,832	9,775	7,509	8,995
Long-Term Leases	9,358	15,065	11,459	10,557	11,393
Pension & Post-Retirement Benefits	-	8.23	9.91	7	5.76
Long-Term Deferred Tax Liabilities	-	-	39.53	-	-
Other Long-Term Liabilities	4,261	6,463	5,829	4,600	4,762
Total Liabilities	52,676	56,710	41,861	37,729	36,866
Common Stock	7,061	2,316	2,315	2,314	2,291
Retained Earnings	-34,694	-34,819	-25,667	-23,287	-22,564
Treasury Stock	-1.4	-4.33	-9.04	-10.2	-11.96
Comprehensive Income & Other	-1,404	2,072	2,034	1,975	1,952
Shareholders' Equity	-29,038	-30,435	-21,328	-19,008	-18,333
Total Liabilities & Equity	23,638	26,275	20,533	18,721	18,533
Total Debt	36,168	37,543	26,338	23,973	24,913
Net Cash (Debt)	-35,150	-36,261	-24,440	-23,304	-21,838
Net Cash Per Share	-871.55	-7822.41	-5274.43	-5031.04	-4738.11
Filing Date Shares Outstanding	40.33	16.86	16.86	16.86	16.83
Total Common Shares Outstanding	40.33	16.86	16.86	16.86	16.83
Working Capital	-23,170	-15,684	-9,705	-10,184	-5,864
Book Value Per Share	-720.01	-1805.28	-1265.31	-1127.63	-1089.32
Tangible Book Value	-30,574	-31,995	-22,791	-20,434	-19,691
Tangible Book Value Per Share	-758.10	-1897.79	-1352.12	-1212.26	-1170.01
Buildings	-	660.62	555.41	524.08	506.68
Machinery	-	597.14	789.76	2,879	2,718
Construction In Progress	-	59.31	96.1	44.24	52.17

Source: S&P Global Market Intelligence. Standard template. Financial Sources.