v3.26.1
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [abstract]  
Schedule of Issued Capital The movement of the share capital is as follows:
ValueQuantity
DescriptionIssued capitalAFACCommon shares
On December 31, 20257,131,859 — 6,163 
Capital increase— 1,087 — 
Conversion into shares – Senior notes (a)
7,364,320 — 121,518 
Issuance of shares – Senior notes – Cash77,231 — 1,274 
Conversion into shares – Convertible debt instruments1,037,771 — 9,074,454 
Conversion into shares – Senior notes (a)
1,152,289 — 52,197,206 
Conversion into shares – DIP (a)
1,782,272 — 108,352,246 
Issuance of shares – Senior notes – cash6,336 — 287,013 
Issuance of shares – ERO – Cash2,671,040 — 162,384,407 
Issuance of shares – ERO – Capital reserve533,734 — 32,448,065 
Issuance of shares – MIP (b)
— — 3,685,579 
On June 30, 2026 (Unaudited)21,756,852 1,087 368,557,924 
(a) Conversion of debt into share capital.
(b) The corresponding capital increase is not presented, as it amounts to R$0.70 cents.
Schedule of Company Shareholding Structure
The Company’s shareholding structure is presented below:
June 30, 2026 (Unaudited)
ShareholderCommon shares
Readystate Asset Management8.8 %
BlackBarn8.1 %
United Airlines Inc8.7 %
VR Global5.2 %
Others69.2 %
Total100.0 %
Schedule of Schedule of Movement of Treasury Shares Treasury shares
DescriptionNumber of sharesValueAverage cost
(in R$)
On December 31, 202588,679 1,433 16.16 
Disposal of shares resulting from a share consolidation (a)
(88,679)(1,433)— 
On June 30, 2026 (Unaudited)— — — 
(a) Number of shares before the reverse stock split at a ratio of 150,000 to 1, effective as from April 20, 2026.