Annonce • Sep 18
Joint Reorganization Plan and Disclosure Statement Filed by Azul S.A. Azul S.A., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on September 16, 2025. As per the plan filed, administrative expense claims, professional fee claims, U.S. trustee fees, priority tax claims, restructuring expenses, other secured claims, and priority non-tax claims shall be paid in full in cash. DIP facility claims of $1571 million shall receive its pro rata share of cash in an amount equal to the adjusted exit financing cash amount, and he exit notes in an amount equal to the remaining DIP facility claims amount. Specified non-U.S. claims as of the effective date shall be unimpaired and shall survive the effective date. 1L claims shall receive its pro rata share of 97% of the effective date new equity interests and the 1L subscription rights as provided in the ERO documents. 2L notes claims shall receive its pro rata share of 3% of the effective date new equity interests and the 2L subscription rights as provided in the ERO documents. General unsecured claims provided, that, pursuant to the AerCap settlement order and AerCap term sheet, AerCap has waived any rights to receive a distribution with respect to$284.8 million of the allowed AerCap unsecured claim against ALAB and the allowed AerCap unsecured claims in their entirety against Azul on account of any guarantee claims. Subordinated claims, and April 2025 Warrants shall be cancelled and shall not receive any distribution or retain any property on account of such claims. Intercompany claims, intercompany interests, and existing Azul interests shall be reinstated. The plan shall be funded through cash in hand, issuance of debt, and issuance of equity. Annonce • May 28
Azul S.A. Filed for Bankruptcy Azul S.A. along with its 19 affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on May 28, 2025. The debtor listed both its assets and liabilities in the range of $1 billion to $10 billion. The debtor is represented by Timothy Graulich of Davis Polk & Wardwell LLP as its legal counsel. Price Target Changed • May 17
Price target decreased by 9.4% to R$5.62 Down from R$6.20, the current price target is an average from 10 analysts. New target price is 406% above last closing price of R$1.11. Stock is down 89% over the past year. The company is forecast to post earnings per share of R$2.76 next year compared to a net loss per share of R$26.32 last year. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: R$2.25 (up from R$3.02 loss in 1Q 2024). Revenue: R$5.39b (up 15% from 1Q 2024). Net income: R$783.1m (up R$1.83b from 1Q 2024). Profit margin: 14% (up from net loss in 1Q 2024). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Global Airlines industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 6 percentage points per year, which is a significant difference in performance. Annonce • Apr 28
Azul S.A. to Report Q1, 2025 Results on May 14, 2025 Azul S.A. announced that they will report Q1, 2025 results Pre-Market on May 14, 2025 New Risk • Apr 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-R$30b). Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Price Target Changed • Apr 17
Price target decreased by 8.2% to R$6.20 Down from R$6.75, the current price target is an average from 10 analysts. New target price is 103% above last closing price of R$3.06. Stock is down 70% over the past year. The company is forecast to post earnings per share of R$1.49 next year compared to a net loss per share of R$26.32 last year. Annonce • Apr 01
Azul S.A., Annual General Meeting, Apr 30, 2025 Azul S.A., Annual General Meeting, Apr 30, 2025. Price Target Changed • Mar 12
Price target decreased by 22% to R$6.75 Down from R$8.65, the current price target is an average from 10 analysts. New target price is 81% above last closing price of R$3.74. Stock is down 71% over the past year. The company is forecast to post earnings per share of R$1.49 next year compared to a net loss per share of R$26.32 last year. Reported Earnings • Feb 24
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: R$23.67 loss per share (further deteriorated from R$6.85 loss in FY 2023). Revenue: R$19.5b (up 5.2% from FY 2023). Net loss: R$8.24b (loss widened 246% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has fallen by 49% per year whereas the company’s share price has fallen by 47% per year. Annonce • Feb 08
Azul S.A. to Report Q4, 2024 Results on Feb 24, 2025 Azul S.A. announced that they will report Q4, 2024 results Pre-Market on Feb 24, 2025 Annonce • Jan 17
Azul S.A. (BOVESPA:AZUL4) signed non-binding memorandum of understanding to acquire Gol Linhas Aéreas Inteligentes S.A. (BOVESPA:GOLL4) from Abra Group Limited and others. Azul S.A. (BOVESPA:AZUL4) signed non-binding memorandum of understanding to acquire Gol Linhas Aéreas Inteligentes S.A. (BOVESPA:GOLL4) from Abra Group Limited and others on January 15, 2025. Following the consummation of the Merger of Shares, Gol Holding will merge into Azul Holding, or vice versa, as applicable. Under the terms of the MoU, should such a transaction be consummated, the two companies would be expected to keep their independent brands and operating certificates. GOL was informed that the MoU announced today is an initial stage of a negotiation process between Abra and Azul to explore the feasibility of a potential transaction. The agreement has no impact on GOL’s strategy, conduct of business or day-to-day operations. The Company remains focused on completing the remaining steps in its ongoing Chapter 11 proceedings with the goal of emerging from its restructuring process as a well capitalized, standalone company. As set forth in the MoU, such transaction would be subject to the consummation of GOL’s Chapter 11 Plan of Reorganization, as well as other closing conditions and approvals to be negotiated in connection with the potential transaction. Under the terms of the MoU, should such a transaction be consummated, the two companies would be expected to keep their independent brands and operating certificates. The closing of the transaction is subject to Abra Group and Azul agreeing on economic terms of the transaction, the satisfactory completion of due diligence, entering into definitive agreements, obtaining corporate and regulatory approvals (including from the Brazilian antitrust authorities), satisfaction of customary closing conditions, the consummation of Gol’s Chapter 11 plan of reorganization and receipt by Abra of consideration thereunder. The MoU announced today is an initial stage of a negotiation process to explore the feasibility of a potential transaction. Thus, the strategy, conduct of business and operations of Abra Group and of Gol do not change as a result of the execution of the MOU. Caminati Bueno Advogados is acting as lead antitrust counsel. Wachtell, Lipton, Rosen & Katz LLP and Pinheiro Guimarães - Advogados act as legal advisor for Abra Group Limited. Breakeven Date Change • Jan 01
Forecast breakeven date pushed back to 2026 The 12 analysts covering Azul previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 67% per year to 2025. The company is expected to make a profit of R$1.18b in 2026. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Price Target Changed • Dec 25
Price target decreased by 7.5% to R$10.00 Down from R$10.81, the current price target is an average from 11 analysts. New target price is 203% above last closing price of R$3.30. Stock is down 80% over the past year. The company is forecast to post a net loss per share of R$17.20 next year compared to a net loss per share of R$6.85 last year. Major Estimate Revision • Dec 23
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -R$16.37 to -R$19.00 per share. Revenue forecast unchanged at R$19.7b. Airlines industry in Brazil expected to see average net income growth of 12% next year. Consensus price target down from R$10.81 to R$10.09. Share price fell 18% to R$3.30 over the past week. Price Target Changed • Dec 04
Price target decreased by 7.6% to R$10.81 Down from R$11.70, the current price target is an average from 11 analysts. New target price is 137% above last closing price of R$4.56. Stock is down 72% over the past year. The company is forecast to post a net loss per share of R$16.37 next year compared to a net loss per share of R$6.85 last year. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -R$14.84 to -R$16.37 per share. Revenue forecast unchanged at R$19.8b. Airlines industry in Brazil expected to see average net income growth of 12% next year. Consensus price target down from R$12.57 to R$11.70. Share price fell 8.1% to R$4.90 over the past week. Reported Earnings • Nov 16
Third quarter 2024 earnings: Revenues in line with analyst expectations Third quarter 2024 results: Revenue: R$5.13b (up 4.3% from 3Q 2023). Net income: R$360.3m (up R$1.98b from 3Q 2023). Profit margin: 7.0% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Annonce • Oct 30
Azul S.A. to Report Q3, 2024 Results on Nov 14, 2024 Azul S.A. announced that they will report Q3, 2024 results Pre-Market on Nov 14, 2024 Annonce • Sep 11
Azul S.A. Updates Production Guidance and Provides Earnings Guidance for the Year 2024 Azul S.A. updated production guidance and provides earnings guidance for the year 2024. Total ASK vs. 2023 to be +7% against previous guidance of +7%. The adjustment in year-over-year capacity growth is mainly due to: the reduction in the company's domestic capacity as a result of the Rio Grande do Sul floods in May and the closure of Porto Alegre Airport, with a partial reopening expected in October; a temporary reduction in the company's international capacity in the first half of the year; and manufacturers’ delays in new aircraft deliveries.
For 2024, the company expects revenue to be BRL 20 billion, a result driven by a healthy demand environment, robust ancillary revenues and the growth of its business units. Price Target Changed • Sep 05
Price target decreased by 8.4% to R$14.80 Down from R$16.16, the current price target is an average from 10 analysts. New target price is 212% above last closing price of R$4.74. Stock is down 66% over the past year. The company is forecast to post a net loss per share of R$15.15 next year compared to a net loss per share of R$6.85 last year. New Risk • Aug 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-R$26b). Price Target Changed • Aug 13
Price target decreased by 19% to R$17.00 Down from R$20.87, the current price target is an average from 9 analysts. New target price is 134% above last closing price of R$7.28. Stock is down 54% over the past year. The company is forecast to post a net loss per share of R$14.42 next year compared to a net loss per share of R$6.85 last year. New Risk • Aug 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: R$2.7b Forecast net loss in 1 year: R$344m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-R$22b). Minor Risks Currently unprofitable and not forecast to become profitable next year (R$344m net loss next year). Share price has been volatile over the past 3 months (7.6% average weekly change). Major Estimate Revision • Aug 10
Consensus EPS estimates fall by 546% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -R$0.489 to -R$3.16 per share. Revenue forecast unchanged at R$20.6b. Airlines industry in Brazil expected to see average net income growth of 5.2% next year. Consensus price target down from R$20.87 to R$19.98. Share price was steady at R$7.95 over the past week. New Risk • Aug 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: R$2.7b Forecast net loss in 1 year: R$344m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-R$22b). Minor Risks Currently unprofitable and not forecast to become profitable next year (R$344m net loss next year). Share price has been volatile over the past 3 months (7.5% average weekly change). Price Target Changed • Aug 06
Price target decreased by 8.7% to R$19.61 Down from R$21.48, the current price target is an average from 10 analysts. New target price is 152% above last closing price of R$7.78. Stock is down 56% over the past year. The company is forecast to post earnings per share of R$1.59 next year compared to a net loss per share of R$6.85 last year. Annonce • Jul 27
Azul S.A. to Report Q2, 2024 Results on Aug 12, 2024 Azul S.A. announced that they will report Q2, 2024 results Pre-Market on Aug 12, 2024 Annonce • May 03
Azul S.A. announced delayed 20-F filing On 05/01/2024, Azul S.A. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Price Target Changed • Apr 22
Price target decreased by 8.6% to R$24.23 Down from R$26.51, the current price target is an average from 9 analysts. New target price is 139% above last closing price of R$10.13. Stock is down 4.6% over the past year. The company is forecast to post earnings per share of R$1.59 next year compared to a net loss per share of R$6.85 last year. Reported Earnings • Mar 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: R$2.02 loss per share (improved from R$2.08 loss in FY 2022). Revenue: R$18.7b (up 17% from FY 2022). Net loss: R$700.3m (loss narrowed 3.1% from FY 2022). Available seat kilometres (ASK): 44.01b (up 11% from FY 2022). Passenger load factor: 80.4% (up from 79.7% in FY 2022). Total aircraft: 183 (up by 6 from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 31%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Annonce • Mar 14
Azul S.A. to Report Q4, 2023 Results on Mar 28, 2024 Azul S.A. announced that they will report Q4, 2023 results Pre-Market on Mar 28, 2024 Annonce • Mar 07
Azul Reportedly Mulls Bid for Gol The Brazilian airline Azul S.A. (BOVESPA:AZUL4) is working with Citigroup Inc. and Guggenheim Partners as it explores a potential offer for its troubled competitor Gol Linhas Aéreas Inteligentes S.A. (BOVESPA:GOLL4), according to people familiar with the matter. Shares in both companies rallied. The companies are advising Azul as it weighs several options, including an outright acquisition of its rival, one of the people said, asking not to be identified because discussions are still private. Azul still could decide to shelve the idea, the person added. Price Target Changed • Feb 02
Price target increased by 9.9% to R$25.68 Up from R$23.37, the current price target is an average from 9 analysts. New target price is 87% above last closing price of R$13.73. Stock is up 20% over the past year. The company is forecast to post a net loss per share of R$2.92 next year compared to a net loss per share of R$2.08 last year. Major Estimate Revision • Jan 09
Consensus EPS estimates upgraded to R$2.92 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -R$3.31 to -R$2.92 per share. Revenue forecast steady at R$18.7b. Airlines industry in Brazil expected to see average net income growth of 0.7% next year. Consensus price target up from R$23.37 to R$24.12. Share price was steady at R$14.82 over the past week. Major Estimate Revision • Dec 23
Consensus EPS estimates upgraded to R$3.31 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -R$3.67 to -R$3.31 per share. Revenue forecast steady at R$18.8b. Airlines industry in Brazil expected to see average net income growth of 0.2% next year. Consensus price target broadly unchanged at R$23.37. Share price rose 2.5% to R$16.30 over the past week. Price Target Changed • Dec 11
Price target increased by 7.3% to R$22.92 Up from R$21.37, the current price target is an average from 9 analysts. New target price is 42% above last closing price of R$16.12. Stock is up 54% over the past year. The company is forecast to post a net loss per share of R$1.28 next year compared to a net loss per share of R$2.08 last year. Reported Earnings • Dec 08
Third quarter 2023 earnings released: R$4.64 loss per share (vs R$5.79 loss in 3Q 2022) Third quarter 2023 results: R$4.64 loss per share (improved from R$5.79 loss in 3Q 2022). Revenue: R$4.92b (up 12% from 3Q 2022). Net loss: R$1.61b (loss narrowed 20% from 3Q 2022). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Dec 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Negative equity (-R$20b). Annonce • Dec 01
Azul S.A. to Report Nine Months, 2023 Results on Dec 07, 2023 Azul S.A. announced that they will report nine months, 2023 results on Dec 07, 2023 Breakeven Date Change • Nov 18
Forecast breakeven date moved forward to 2024 The 13 analysts covering Azul previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 34% to 2023. The company is expected to make a profit of R$56.1m in 2024. Average annual earnings growth of 131% is required to achieve expected profit on schedule. New Risk • Nov 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: R$1.6b Forecast net loss in 2 years: R$22m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-R$20b). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (R$22m net loss in 2 years). Share price has been volatile over the past 3 months (8.8% average weekly change). Annonce • Nov 01
Azul S.A. to Report Q3, 2023 Results on Nov 14, 2023 Azul S.A. announced that they will report Q3, 2023 results Pre-Market on Nov 14, 2023 Price Target Changed • Oct 20
Price target decreased by 7.3% to R$21.79 Down from R$23.51, the current price target is an average from 9 analysts. New target price is 70% above last closing price of R$12.81. Stock is down 23% over the past year. The company is forecast to post a net loss per share of R$2.16 next year compared to a net loss per share of R$2.08 last year. Breakeven Date Change • Sep 02
Forecast breakeven date pushed back to 2025 The 13 analysts covering Azul previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 60% per year to 2024. The company is expected to make a profit of R$284.8m in 2025. Average annual earnings growth of 115% is required to achieve expected profit on schedule. New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Negative equity (-R$20b). Breakeven Date Change • Aug 11
Forecast breakeven date moved forward to 2024 The 13 analysts covering Azul previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of R$57.4m in 2024. Average annual earnings growth of 115% is required to achieve expected profit on schedule. Reported Earnings • Aug 11
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: R$4.25b (up 8.4% from 2Q 2022). Net income: R$23.9m (up R$2.50b from 2Q 2022). Profit margin: 0.6% (up from net loss in 2Q 2022). Revenue missed analyst estimates by 2.0%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • Jul 29
Azul S.A. to Report Q2, 2023 Results on Aug 10, 2023 Azul S.A. announced that they will report Q2, 2023 results Pre-Market on Aug 10, 2023 Major Estimate Revision • Jul 14
Consensus EPS estimates fall by 48% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -R$0.73 to -R$1.08 per share. Revenue forecast unchanged at R$19.0b. Airlines industry in Brazil expected to see average net income growth of 38% next year. Consensus price target broadly unchanged at R$22.61. Share price fell 12% to R$16.97 over the past week. Major Estimate Revision • Jun 16
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -R$0.62 to -R$0.73 per share. Revenue forecast unchanged at R$19.1b. Airlines industry in Brazil expected to see average net income growth of 53% next year. Consensus price target up from R$21.87 to R$22.32. Share price rose 2.9% to R$20.05 over the past week. Breakeven Date Change • Jun 15
Forecast breakeven date pushed back to 2025 The 13 analysts covering Azul previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 56% per year to 2024. The company is expected to make a profit of R$504.6m in 2025. Average annual earnings growth of 122% is required to achieve expected profit on schedule. Price Target Changed • May 26
Price target decreased by 10% to R$21.63 Down from R$24.06, the current price target is an average from 10 analysts. New target price is 39% above last closing price of R$15.60. Stock is down 26% over the past year. The company is forecast to post a net loss per share of R$0.62 next year compared to a net loss per share of R$2.08 last year. Reported Earnings • May 16
First quarter 2023 earnings released: R$0.76 loss per share (vs R$7.69 profit in 1Q 2022) First quarter 2023 results: R$0.76 loss per share (down from R$7.69 profit in 1Q 2022). Revenue: R$4.48b (up 40% from 1Q 2022). Net loss: R$322.2m (down 112% from profit in 1Q 2022). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 21
Consensus EPS estimates fall from profit to R$2.15 loss The consensus outlook for fiscal year 2023 has been updated. Expected to report loss instead of -R$2.15 instead of R$1.73 per share profit previously forecast. Revenue forecast unchanged at R$19.3b Airlines industry in Brazil expected to see average net income growth of 82% next year. Consensus price target broadly unchanged at R$24.61. Share price was steady at R$12.94 over the past week. Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 79% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from R$0.963 to R$1.73. Revenue forecast steady at R$19.2b. Net income forecast to grow 98% next year vs 32% growth forecast for Airlines industry in Brazil. Consensus price target broadly unchanged at R$24.46. Share price rose 27% to R$12.64 over the past week. Breakeven Date Change • Mar 07
Forecast breakeven date pushed back to 2024 The 11 analysts covering Azul previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 7.7% to 2023. The company is expected to make a profit of R$388.4m in 2024. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Buying Opportunity • Mar 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be R$8.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 21% in a year. Earnings is forecast to grow by 85% in the next year. Annonce • Feb 18
Azul S.A. Announces Nonstop Flights to Paris Azul S.A. announced the expansion of its international long-haul network and the addition of its 2nd European destination. Nonstop service from the Sao Paulo – Viracopos hub to Paris Orly airport will begin on April 26th. This will be the first South American destination for Paris Orly and the only nonstop service between the two airports. The service will be flown by Azul's modern and efficient A350-900 aircraft with seating in 3 cabins for 334 passengers: 33 in Azul Business, 118 in Azul Economy Extra and 183 in Azul Economy. With six weekly frequencies, from Wednesday to Monday, flights depart Azul's Viracopos hub at 23:00 enabling convenient connections from its network all over Brazil with a scheduled arrival time at Paris Orly of 15:30 local. In the return direction the flight departs Orly at 22:15 arriving into Viracopos at 4:45AM local time. On July 31, the flights will be daily. Paris-Orly airport is the 2nd in France with more than 30 million passengers per year. Only 20km away, it is the closest and most convenient airport to the heart of Europe's most visited city. On arrival passengers can access quick and easy options for public and private transport into the city or other European destinations. Annonce • Feb 17
Azul S.A. to Report Fiscal Year 2022 Results on Mar 06, 2023 Azul S.A. announced that they will report fiscal year 2022 results Pre-Market on Mar 06, 2023 Major Estimate Revision • Feb 13
Consensus EPS estimates upgraded to R$4.68 loss The consensus outlook for fiscal year 2022 has been updated. 2022 losses forecast to reduce from -R$5.96 to -R$4.68 per share. Revenue forecast steady at R$16.2b. Airlines industry in Brazil expected to see average net income growth of 34% next year. Consensus price target broadly unchanged at R$24.13. Share price fell 26% to R$8.43 over the past week. Breakeven Date Change • Feb 07
Forecast breakeven date moved forward to 2023 The 11 analysts covering Azul previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 49% to 2022. The company is expected to make a profit of R$87.5m in 2023. Average annual earnings growth of 114% is required to achieve expected profit on schedule. Price Target Changed • Jan 13
Price target decreased to R$23.88 Down from R$25.71, the current price target is an average from 10 analysts. New target price is 94% above last closing price of R$12.32. Stock is down 53% over the past year. The company is forecast to post a net loss per share of R$6.33 next year compared to a net loss per share of R$12.19 last year. Price Target Changed • Dec 14
Price target decreased to R$24.08 Down from R$25.97, the current price target is an average from 10 analysts. New target price is 135% above last closing price of R$10.24. Stock is down 59% over the past year. The company is forecast to post a net loss per share of R$6.33 next year compared to a net loss per share of R$12.19 last year. Breakeven Date Change • Nov 29
Forecast breakeven date pushed back to 2024 The 12 analysts covering Azul previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 94% per year to 2023. The company is expected to make a profit of R$1.10b in 2024. Average annual earnings growth of 119% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 16
Forecast breakeven date moved forward to 2023 The 12 analysts covering Azul previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 62% to 2022. The company is expected to make a profit of R$49.0m in 2023. Average annual earnings growth of 113% is required to achieve expected profit on schedule. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: R$4.73 loss per share (improved from R$6.35 loss in 3Q 2021). Revenue: R$4.38b (up 61% from 3Q 2021). Net loss: R$1.65b (loss narrowed 25% from 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 164%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Global Airlines industry. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Annonce • Oct 27
Azul S.A. to Report Q3, 2022 Results on Nov 10, 2022 Azul S.A. announced that they will report Q3, 2022 results Pre-Market on Nov 10, 2022 Breakeven Date Change • Oct 15
Forecast breakeven date moved forward to 2023 The 13 analysts covering Azul previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 74% to 2022. The company is expected to make a profit of R$48.8m in 2023. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Major Estimate Revision • Oct 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -R$3.76 to -R$3.09 per share. Revenue forecast steady at R$15.7b. Airlines industry in Brazil expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at R$25.95. Share price fell 9.9% to R$15.55 over the past week. Price Target Changed • Sep 28
Price target decreased to R$25.85 Down from R$28.90, the current price target is an average from 13 analysts. New target price is 66% above last closing price of R$15.53. Stock is down 58% over the past year. The company is forecast to post a net loss per share of R$3.76 next year compared to a net loss per share of R$12.19 last year. Annonce • Sep 19
Azul S.A.(BOVESPA:AZUL4) dropped from FTSE All-World Index (USD) Azul S.A.(BOVESPA:AZUL4) dropped from FTSE All-World Index (USD) Breakeven Date Change • Sep 02
No longer forecast to breakeven The 12 analysts covering Azul no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of R$346.0m in 2024. New consensus forecast suggests the company will make a loss of R$6.15m in 2024. Price Target Changed • Aug 31
Price target increased to R$33.60 Up from R$28.90, the current price target is an average from 12 analysts. New target price is 104% above last closing price of R$16.49. Stock is down 56% over the past year. The company is forecast to post a net loss per share of R$3.21 next year compared to a net loss per share of R$12.19 last year. Major Estimate Revision • Aug 18
Consensus estimates of losses per share improve by 61% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from R$15.3b to R$15.7b. EPS estimate increased from -R$4.48 per share to -R$1.73 per share. Airlines industry in Brazil expected to see average net income growth of 19% next year. Consensus price target down from R$31.72 to R$28.72. Share price rose 16% to R$17.31 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: R$5.64 loss per share (down from R$3.36 profit in 2Q 2021). Revenue: R$3.92b (up 131% from 2Q 2021). Net loss: R$2.62b (down 326% from profit in 2Q 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 43%. Over the next year, revenue is forecast to grow 25%, compared to a 49% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 11
Price target decreased to R$30.72 Down from R$33.32, the current price target is an average from 12 analysts. New target price is 106% above last closing price of R$14.91. Stock is down 60% over the past year. The company is forecast to post a net loss per share of R$4.48 next year compared to a net loss per share of R$12.19 last year. Annonce • Jul 28
Azul S.A. to Report Q2, 2022 Results on Aug 11, 2022 Azul S.A. announced that they will report Q2, 2022 results Pre-Market on Aug 11, 2022 Price Target Changed • Jul 05
Price target decreased to R$31.69 Down from R$34.66, the current price target is an average from 12 analysts. New target price is 157% above last closing price of R$12.34. Stock is down 71% over the past year. The company is forecast to post a net loss per share of R$3.53 next year compared to a net loss per share of R$12.19 last year. Major Estimate Revision • Jun 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -R$4.20 to -R$3.53 per share. Revenue forecast steady at R$15.3b. Airlines industry in Brazil expected to see average net income growth of 21% next year. Consensus price target down from R$34.66 to R$33.32. Share price fell 3.3% to R$13.31 over the past week. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$15.38, the stock trades at a trailing P/E ratio of 4.3x. Average forward P/E is 14x in the Airlines industry globally. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$14.19 per share. 
