- **Azul S.A.** has released an **updated Business Plan** as part of its ongoing **Chapter 11 reorganization process** in the United States.  **[1432364_0001292814-25-003611_azul20251023_6k.htm:0]** 
- The company anticipates emerging as a significantly healthier airline with **less overall debt**, **lower lease liabilities**, **lower aircraft lease payments**, and **considerably lower leverage**, estimating a **net leverage of 2.5x at emergence**.  **[1432364_0001292814-25-003611_azul20251023_6k.htm:0]** 
- **Preliminary and unaudited consolidated financial information for Q3 2025** was disclosed within the Business Plan to inform the market about its financial and operational performance during restructuring.  **[1432364_0001292814-25-003611_azul20251023_6k.htm:0]** 
- Negotiations with certain aircraft and engine manufacturers and fleet lessors are ongoing, with Azul confident in their successful conclusion in the coming weeks.  **[1432364_0001292814-25-003611_azul20251023_6k.htm:0]**

Azul Updates Market on Chapter 11 Progress

- Azul S.A. (AZULQ) submitted its monthly operating report to the U.S. Bankruptcy Court for the Southern District of New York, covering the period from **August 1, 2025, to August 31, 2025**, as part of its Chapter 11 process.  **[1432364_0001292814-25-003425_azul20250930_6k.htm:1]** 
- The preliminary and unaudited financial highlights for August 2025 include **total operating revenue of R$1,889.5 million** and **Adjusted EBITDA of R$664.9 million**.  **[1432364_0001292814-25-003425_azul20250930_6k.htm:1]** 
- For August 2025, the company reported an **Adjusted EBITDA margin of 35.2%** and **operating income of R$425.6 million**.  **[1432364_0001292814-25-003425_azul20250930_6k.htm:1]** 
- As of August 31, 2025, Azul held **R$1,671.93 million** in cash, cash equivalents, and short-term investments.  **[1432364_0001292814-25-003425_azul20250930_6k.htm:1]** 
- Azul noted that this information is preliminary, unaudited, and specifically prepared for Chapter 11 compliance, and therefore **should not be directly compared** to its regular financial statements.  **[1432364_0001292814-25-003425_azul20250930_6k.htm:1]**

Azul S.A. Reports August 2025 Preliminary Financials Amid Chapter 11 Process

- Azul S.A. has filed a **plan of reorganization** and a **disclosure statement** with the United States Bankruptcy Court for the Southern District of New York.  **[1432364_0001292814-25-003328_azul20250917_6k.htm:0]** 
- This action is consistent with the **Restructuring Support Agreements (RSAs)** announced on **May 28, 2025**, which were made with financial creditors, AerCap (the company's largest lessor), United Airlines, and American Airlines.  **[1432364_0001292814-25-003328_azul20250917_6k.htm:0]** 
- These filings represent a **significant milestone** towards the completion of Azul's financial and operational restructuring.  **[1432364_0001292814-25-003328_azul20250917_6k.htm:0]**

AZUL (AZULQ)