v3.26.1
LOANS AND FINANCING (Tables)
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about borrowings [abstract]  
Schedule of Loans and Financing
DescriptionAverage nominal rate p.a.Effective rate p.a.MaturityDecember 31, 2025Funding
(–) costs		Payment of principalInterest paymentConversion into sharesGUCRestructuring effectInterest Foreign currency exchangeAmortized costJune 30, 2026 (Unaudited)
In foreign currency – US$
Senior notes – 2026———187,585 — (2,336)— — (168,193)— (7,049)(10,304)297 — 
Senior notes – 2028———19,259 — (183)— — (17,251)— (772)(1,053)— — 
Senior notes – 2029———29,246 — (280)— — (26,379)— (981)(1,606)— — 
Senior notes – 2030———192,422 — (1,493)— — (174,233)— (6,134)(10,562)— — 
Senior notes 1L – 2028———6,348,705 — — — (5,730,235)— 87,794 (564,692)(141,572)— — 
Senior notes 2L – 2029———933,400 — — — (845,232)— 12,939 (80,293)(20,814)— — 
Senior notes 2L – 2030———2,133,376 — — — (1,941,142)— 29,716 (174,378)(47,572)— — 
DIP – 2026———9,594,861 115,359 (7,509,038)(192,640)(1,782,272)— — 192,737 (533,335)114,328 — 
Exit notes9.9%10.5%Feb-31— 7,046,801 — — — — — 278,006 (75,467)11,912 7,261,252 
Executed letters of credit
Sofr 3M + 3%
6.7%Dec-291,376,106 20,901 (74,017)(14,824)— (179,594)(423,749)9,246 (33,118)— 680,951 
Aircraft, engines and others
Sofr 1M + 4.6%
8.2%Aug-26646,364 — (295,416)(15,811)— — — 14,329 (45,501)— 303,965 
Sofr 3M + 2.6%
9.8%Mar-29220,330 17,584 (62,460)(6,370)— — — 6,844 (14,383)2,948 164,493 
4.7%4.7%Dec-2611,694 — (7,597)(587)— (428)— 225 (624)— 2,683 
11.0%11.0%Jul-27— 55,280 — — — — — 1,365 1,582 — 58,227 
21,693,348 7,255,925 (7,952,820)(230,232)(10,298,881)(566,078)(293,300)(331,547)(934,329)129,485 8,471,571 
In local currency - R$
Executed derivatives———38,241 — — — — (38,241)— — — — — 
Debentures
CDI + 3.0%
17.6%Feb-31658,473 — (23,076)(44,422)— (187,979)— 27,989 — — 430,985 
Executed letters of credit—15.7%Dec-35669,542 — — — — (7,847)401,374 (412,118)— — 650,951 
Working capitalCDI14.2%Dec-26— 330,000 — — — — — 520 — — 330,520 
1,366,256 330,000 (23,076)(44,422)— (234,067)401,374 (383,609)— — 1,412,456 
Total in R$23,059,604 7,585,925 (7,975,896)(274,654)(10,298,881)(800,145)108,074 (715,156)(934,329)129,485 9,884,027 
Current13,783,259 1,347,728 
Non-current9,276,345 8,536,299 
DescriptionJune 30, 2026 (Unaudited)December 31, 2025
20261,033,746 13,783,259 
2027627,217 187,397 
2028455,805 5,880,851 
2029467,496 970,121 
After 2029
7,299,763 2,237,976 
9,884,027 23,059,604 
Current1,347,728 13,783,259 
Non-current8,536,299 9,276,345 
Schedule of Measures Restrictive Clauses
The Company’s loan and financing agreements are subject to covenants, in the quarter, only for the contract as follows:
Covenant
related to:		Measurement indicatorsIndicators needed to
a measurement		Reached
Aircraft, engines and othersQuarterly
(i) Minimum liquidity at the end of each quarter shall not be less than R$1 billion.
Reached