Azul S.A. Balance Sheet

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Cash & Equivalents	652.58	1,210	1,897	668.35	3,074	3,065	Upgrade
Short-Term Investments	1,113	71.9	-	-	1.43	-	Upgrade
Trading Asset Securities	-	-	-	-	-	161.42	Upgrade
Cash & Short-Term Investments	1,765	1,282	1,897	668.35	3,075	3,226	Upgrade
Cash Growth	54.98%	-32.44%	183.88%	-78.27%	-4.68%	88.68%	Upgrade
Accounts Receivable	2,648	1,775	1,124	1,874	1,074	998.84	Upgrade
Other Receivables	241.04	203.95	219.43	234.89	109.7	130.24	Upgrade
Receivables	2,889	1,979	1,343	2,109	1,184	1,129	Upgrade
Inventory	1,350	1,218	1,020	843.44	571.92	402.59	Upgrade
Prepaid Expenses	-	-	-	-	244.41	219.04	Upgrade
Other Current Assets	1,295	1,179	783.12	1,251	770.98	440.49	Upgrade
Total Current Assets	7,299	5,658	5,044	4,872	5,846	5,417	Upgrade
Property, Plant & Equipment	13,201	13,469	11,009	9,396	7,875	6,319	Upgrade
Long-Term Investments	-	1,040	780.31	733.04	906.72	854.46	Upgrade
Goodwill	901.42	901.42	901.42	901.42	901.42	810.95	Upgrade
Other Intangible Assets	644.85	658.2	561.83	525.11	456.62	359.32	Upgrade
Long-Term Accounts Receivable	7.85	-	16.21	105.86	198	189.48	Upgrade
Other Long-Term Assets	5,526	4,512	2,220	2,188	2,349	1,844	Upgrade
Total Assets	27,626	26,275	20,533	18,721	18,533	15,794	Upgrade
Accounts Payable	3,492	4,147	2,278	2,518	1,530	2,396	Upgrade
Accrued Expenses	1,322	1,093	1,063	1,311	1,059	603.23	Upgrade
Short-Term Debt	-	-	290.85	753.35	3.69	-	Upgrade
Current Portion of Long-Term Debt	11,346	2,332	1,126	1,128	1,023	950.16	Upgrade
Current Portion of Leases	4,028	6,314	3,687	4,026	3,498	2,272	Upgrade
Current Income Taxes Payable	105.58	125.06	142.17	193.59	150.08	55.26	Upgrade
Current Unearned Revenue	6,007	6,326	5,206	4,140	3,064	2,489	Upgrade
Other Current Liabilities	527.19	1,005	955.7	986.33	1,382	1,446	Upgrade
Total Current Liabilities	26,828	21,342	14,749	15,056	11,710	10,213	Upgrade
Long-Term Debt	9,530	13,832	9,775	7,509	8,995	6,749	Upgrade
Long-Term Leases	12,961	15,065	11,459	10,557	11,393	10,248	Upgrade
Pension & Post-Retirement Benefits	9.05	8.23	9.91	7	5.76	-	Upgrade
Long-Term Deferred Tax Liabilities	-	-	39.53	-	-	-	Upgrade
Other Long-Term Liabilities	5,705	6,463	5,829	4,600	4,762	2,733	Upgrade
Total Liabilities	55,033	56,710	41,861	37,729	36,866	29,943	Upgrade
Common Stock	7,132	2,316	2,315	2,314	2,291	2,246	Upgrade
Retained Earnings	-33,063	-34,819	-25,667	-23,287	-22,564	-18,351	Upgrade
Treasury Stock	-3.15	-4.33	-9.04	-10.2	-11.96	-13.18	Upgrade
Comprehensive Income & Other	-1,472	2,072	2,034	1,975	1,952	1,969	Upgrade
Shareholders' Equity	-27,407	-30,435	-21,328	-19,008	-18,333	-14,149	Upgrade
Total Liabilities & Equity	27,626	26,275	20,533	18,721	18,533	15,794	Upgrade
Total Debt	37,866	37,543	26,338	23,973	24,913	20,220	Upgrade
Net Cash (Debt)	-36,100	-36,261	-24,440	-23,304	-21,838	-16,994	Upgrade
Net Cash Per Share	-53.24	-104.30	-70.33	-67.08	-63.17	-49.67	Upgrade
Filing Date Shares Outstanding	924.23	347.87	347.63	347.66	345.68	343.77	Upgrade
Total Common Shares Outstanding	924.23	347.87	347.63	347.66	345.68	343.77	Upgrade
Working Capital	-19,530	-15,684	-9,705	-10,184	-5,864	-4,795	Upgrade
Book Value Per Share	-29.65	-87.49	-61.35	-54.67	-53.03	-41.16	Upgrade
Tangible Book Value	-28,953	-31,995	-22,791	-20,434	-19,691	-15,319	Upgrade
Tangible Book Value Per Share	-31.33	-91.97	-65.56	-58.78	-56.96	-44.56	Upgrade
Buildings	703.27	660.62	555.41	524.08	506.68	485.25	Upgrade
Machinery	571.64	597.14	789.76	2,879	2,718	2,042	Upgrade
Construction In Progress	52.29	59.31	96.1	44.24	52.17	33.63	Upgrade

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