Aerial attributes performance to factors such as devaluation of the real against the dollar, increased price of fuel and inflation
Blue airline registered adjusted net loss of R $ 1.816 billion in the first quarter of 2025, up 460.4% over the loss of R $ 324.2 million in the same period last year. Here’s (PDF – 663 kb) of the balance.
Without considering the adjustments, the net result was positive at R $ 783.1 million, reversing a loss of R $ 1.118 billion registered from January to March 2024. The adjusted result disregards the impact of the right of conversion of debentures, as well as the effects of operations with derivatives and currency variations that have not been performed.
EBITDA (profit before interest, taxes, depreciation and amortization) added R $ 1.385 billion, 29.4% in the annual comparison. The adjusted EBITDA margin was 25.7%, a drop of 4.6 percentage points compared to the same interval of the previous year.
The company attributes performance to factors such as devaluation of the real against the dollar, increased price of fuel and inflation.
“Our quarter operation was severely impacted by macroeconomic factors. Total Cash (Cost of Operation per Available) increased by 8%, mainly due to an average devaluation of 18.0% of the real from the US dollar, an inflation of 5.5% in the last 12 months and an increase of 3.0% in fuel prices.”said the CEO.
However, it stated that these impacts were “Partially compensated” by reducing costs and productivity improvements. Production per employee rose 19% compared to last year. In addition, the use of more modern aircraft has helped reduce fuel consumption per 2.5%.
Revenue and demand in high
The company’s net operating revenue was R $ 5.4 billion, a record for the period. The figure represents an increase of 15.3% compared to the 1st quarter of 2024. According to Azul, the result was driven by a heated demand, auxiliary revenues and good performance of business units that go beyond air transport.
Passenger traffic, measured by the RPK indicator (revenue per passenger per kilometer flown), grew 19.4% in the period. The occupancy rate was 81.5%, up 2.6 percentage points in the annual comparison.
The capacity, measured in ASK (seats per kilometer offered), rose 15.6%. The advance was mainly pulled by international operations, which grew 39.2% over the previous year. In all, about 8 million passengers from January to March, an increase of 9.8% compared to the 1st quarter of 2024 were transported.
Costs and indebtedness
Azul’s operating expenses totaled R $ 4.8 billion in the quarter, up 24.4% in the annual comparison. The increase was motivated by the expansion of supply, the appreciation of the dollar against the real and the increase of 3% in the cost of fuel. The company says it has compensated part of the pressure with productivity and cost cutting measures.
The net financial result was positive at R $ 212.5 million, reversing losses of R $ 1.925 billion in the same quarter as last year.
On March 31, 2025, the company’s net debt was R $ 31.35 billion, up 50.3% over the previous year. The financial leverage index (net debt on adjusted EBITDA) was 5.2 times, an increase of 1.5 percentage points in the annual comparison.
