v3.26.1
RISK MANAGEMENT
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about financial instruments [abstract]  
RISK MANAGEMENT RISK MANAGEMENT
The fair value hierarchy of the Company’s financial instruments, as well as the comparison between carrying amount and fair value, are identified below:
Book valueFair value
DescriptionNoteLevelJune 30, 2026 (Unaudited)December 31, 2025June 30, 2026 (Unaudited)December 31, 2025
Liabilities
Loans and financing192(9,884,027)(23,059,604)(9,998,826)(24,248,794)
Convertible debt instruments – conversion right212— (6,448)— (6,448)
Financial instruments whose fair value approximates their carrying amount, based on specific conditions, mainly due to the short-term maturity, were not disclosed.
Market risks
35.1.1Interest rate risk
Arises from the possibility of unfavorable fluctuations to which the Company’s cash flows are exposed.
Sensitivity analysis
As of June 30, 2026, the Company held assets and liabilities pegged to different types of interest rates. In the sensitivity analysis of non-derivative financial instruments, the impact on positions involving amounts exposed to such fluctuations was considered:
Exposure to CDIExposure to SOFR
DescriptionRate p.a.June 30, 2026 (Unaudited)Weighted Rate
(p.a.)		June 30, 2026 (Unaudited)
Exposed assets (liabilities), net14.2 %(84,304)3.7 %(1,156,726)
Effect on profit or loss
Interest rate devaluation by -10%12.7 %2,662 3.3 %4,294 
Interest rate devaluation by -25%10.6 %6,656 2.8 %10,735 
Interest rate appreciation by 10%15.6 %(2,662)4.1 %(4,294)
Interest rate appreciation by 25%17.7 %(6,656)4.6 %(10,735)
Aircraft fuel price risk (“QAV”)
Arises from the possibility of unfavorable fluctuations to which the Company’s cash flows are exposed.
Sensitivity analysis
The following table illustrates the sensitivity analysis of fluctuations in the prices of QAV liters:
Exposure to price
Description
Price (a)
June 30, 2026 (Unaudited)
Aircraft fuel5.4(3,301,752)
Effect on profit or loss
Devaluation by -10%4.9330,175 
Devaluation by -25%4.1825,438 
Appreciation by 10%5.9(330,175)
Appreciation by 25%6.8(825,438)

(a)Average price per liter.
Foreign exchange risk
Foreign exchange risk arises from the possibility of unfavorable fluctuations in exchange rates to which the Company’s cash flows are exposed.
The exposure to the main foreign exchange fluctuations is as follows:
Exposure to US$Exposure to €
DescriptionJune 30, 2026 (Unaudited)December 31, 2025June 30, 2026 (Unaudited)December 31, 2025
Assets
Cash and cash equivalents743,419 560,717 13,541 12,237 
Accounts receivable 109,577 217,266 1,773 11,469 
Deposits2,537,947 2,588,149 21,448 74,253 
Other assets195,400 60,905 25,121 29,464 
Total assets3,586,343 3,427,037 61,882 127,423 
Liabilities
Loans and financing(8,617,075)(21,818,077)— — 
Leases(11,404,509)(12,583,452)— — 
Convertible debt instruments— (397,365)— — 
Accounts payable(911,166)(2,847,888)(995)(1,516)
Airport taxes and fees— (2,203)— — 
Provisions(1,493,136)(1,507,285)— — 
Other liabilities(18,908)(138)(81)(84)
Total liabilities(22,444,794)(39,156,408)(1,075)(1,600)
Net exposure(18,858,451)(35,729,371)60,807 125,823 
Net exposure in foreign currency(3,643,019)(6,493,416)10,288 19,450 
Sensitivity analysis
Exposure to US$Exposure to €
DescriptionClosing rateJune 30, 2026 (Unaudited)Closing rateJune 30, 2026 (Unaudited)
Exposed assets (liabilities), net5.2(18,858,451)5.960,807 
Effect on profit or loss
Foreign currency devaluation by -10%4.71,885,845 5.3(6,081)
Foreign currency devaluation by -25%3.94,714,613 4.4(15,202)
Foreign currency appreciation by 10%5.7(1,885,845)6.56,081 
Foreign currency appreciation by 25%6.5(4,714,613)7.415,202 
Credit risk
Credit risk is inherent to the Company’s operating and financial activities and is primarily associated with cash and cash equivalents, accounts receivable, security deposits and maintenance reserves.
Credit limits are established for customers based on internal credit rating and risk analysis criteria. The carrying amounts of these assets substantially represent the Company’s maximum exposure to credit risks.
Accounts receivable are continuously monitored and, where applicable, allowances for expected credit losses are recognized in accordance with the Company´s accounting policy.
The Company’s cash and cash equivalents are held mostly with financial institutions whose creditworthiness is periodically monitored.
Liquidity risk
The maturity schedules of the main consolidated financial liabilities as of June 30, 2026, are as follows:
DescriptionCarrying amountContractual cash flowUntil 1 yearFrom 2 to 5 yearsAfter 5 years
Loans and financing9,884,027 14,129,029 1,380,141 12,371,109 377,779 
Leases11,531,853 20,354,424 2,784,822 12,246,692 5,322,910 
Accounts payable2,777,925 2,809,151 2,653,959 155,192 — 
Airport taxes and fees1,624,609 2,237,956 844,201 688,128 705,627 
25,818,414 39,530,560 7,663,123 25,461,121 6,406,316 
Capital management The Company seeks capital alternatives with a view to meeting its operating needs and achieving a capital structure that it considers appropriate for finance costs and the maturity of the funding and related collaterals. The Company’s Management continually monitors its net indebtedness.