Azul’s 2Q26 earnings call drew CEO John Rodgerson, CFO Antonio Garcia, President Abhi Shah, and IR head Thais Haberli.
Operating revenue hit BRL 5 billion; adjusted EBITDA was BRL 510 million with a 10.2% margin despite a 61.8% fuel cost jump.
Capacity fell 10.6% year over year; RASK rose 12.7% to 43.41 cents; premium revenue increased 12%.
Immediate liquidity ended at BRL 3.7 billion, or 16.6% of last-12-month revenue; total debt was BRL 21.4 billion; leverage was 2.8x.
Management set a liquidity target near 20% of revenue and expected it to be above 20% by year-end via government lines of up to BRL 4.6 billion.
Restructuring-related cash outflows totaled BRL 794 million in the quarter; two-thirds of payments have been made, with the remaining third in 3Q-4Q, and the company said it will be “clean” from 2027.
There are no material debt maturities before 2031; restructuring cut interest payments by more than 50%.
International rebuild is underway; the year-end plan calls for 12 widebodies, only one ACMI remaining, and wider use of Azul aircraft and crews.
Management withheld 2026 guidance, citing sharp fuel-price swings, but expected materially higher EBITDA in the second half.
Bookings remain skewed close-in, with over 50% of revenue inside 21 days; 4Q bookings are roughly 15%-20%.
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