Azul S.A. Ratios and Metrics

Market cap in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 26, 2026	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
Debt / Equity Ratio	-1.25	-1.25	-1.23	-1.24	-1.26	-1.36
Debt / EBITDA Ratio	5.44	5.44	6.69	7.24	10.46	59.08
Debt / FCF Ratio	-	-	24.57	9.99	20.23	-
Net Debt / Equity Ratio	-1.21	-1.21	-1.19	-1.15	-1.23	-1.19
Net Debt / EBITDA Ratio	5.28	5.28	10.19	14.02	37.42	-29.06
Net Debt / FCF Ratio	-19.61	-19.61	23.73	9.27	19.67	-23.36
Asset Turnover	0.88	0.88	0.83	0.95	0.86	0.58
Inventory Turnover	9.72	9.72	12.85	16.55	20.16	18.88
Quick Ratio	0.13	0.13	0.15	0.22	0.18	0.36
Current Ratio	0.21	0.21	0.27	0.34	0.32	0.50
Return on Assets (ROA)	9.12%	9.12%	8.67%	4.51%	1.10%	-3.72%
Return on Invested Capital (ROIC)	49.19%	61.00%	72.65%	38.21%	8.38%	-32.15%
Return on Capital Employed (ROCE)	-62.40%	-62.40%	65.80%	24.50%	8.90%	-15.00%
Buyback Yield / Dilution	-770.04%	-770.04%	-0.04%	-0.04%	-0.50%	-1.03%

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