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

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