Azul S.A., "Azul" (B3:AZUL4,NYSE:AZUL), the largest airline in Brazil by number of cities and departures, announces today its results for the third quarter of 2019 ("3Q19"). The following financial information, unless stated otherwise, is presented in Brazilian reais and in accordance with International Financial Reporting Standards (IFRS).

Financial and Operating Highlights for 3Q19

  • Net revenue reached a record R$3.0 billion, up 25.5% year over year.
  • Operating income increased 31.4% to R$559.3 million, representing a margin of 18.5%.
  • EBITDA rose 24% to R$935.8 million, representing a margin of 30.9%.
  • Net income excluding the non-cash impact of foreign currency fluctuation totaled R$441.4 million, 56.7% higher than in 3Q18.
  • Passenger traffic (RPK) increased 27.1% over a capacity increase of 26.1%, resulting in a load factor of 84.3%, 0.6 percentage points higher than in 3Q18.
  • RASK increased 1.7% in 3Q19 on a stage-length adjusted basis.
  • Total CASK decreased 1.5%. Excluding the impact of the end of the payroll tax relief, CASK would have decreased 4.0%.
  • Total liquidity position was R$4.4 billion, up R$249.6 million, representing 41% of last twelve months' revenue. Azul also generated R$187 million in free cash flow during the quarter.

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