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Azul (NYSE: AZUL) targets sub-1.5x leverage and 150% market value gain by 2029

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(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Azul S.A. outlined medium-term strategic goals through 2029 focused on balance sheet strength and equity value. Management aims to reduce the company’s Net Debt / EBITDA ratio to below 1.5x by 2029, continuing the debt reduction and capital structure strengthening that followed its restructuring. A second goal is to reach a market value 150% above the current level by 2029, driven by sustainable operational growth, EBITDA expansion, disciplined capital allocation, and progressive deleveraging. These goals align management incentives with corporate objectives and shareholder value creation, and are explicitly presented as non-guaranteed targets subject to macroeconomic, market, regulatory, and industry risks.

Positive

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Insights

Azul sets 2029 leverage and valuation targets, signaling post-restructuring ambitions.

Azul is targeting a Net Debt / EBITDA ratio below 1.5x by 2029, which would represent a materially lower leverage profile and a stronger capital structure. Management also seeks a market value 150% above the current level over the same horizon, tying this to EBITDA growth and disciplined capital allocation.

These are directional objectives rather than firm guidance and explicitly depend on Brazilian and global economic conditions, capital markets, and industry regulation. The company links these goals to its management incentive structure, which can help align decision-making with long-term deleveraging and equity value, but execution will be sensitive to traffic demand, fuel costs, and competitive dynamics over the period.

Net Debt / EBITDA target below 1.5x Strategic deleveraging goal to be achieved by 2029
Market value increase target 150% above current level Value creation goal to be achieved by 2029
Daily flights approximately 800 Scale of operations in Brazil
Destinations served over 137 destinations Network reach in Brazil
Operating fleet over 180 aircraft Size of operating aircraft fleet
Crewmembers more than 14,000 Number of employees referred to as Crewmembers
Non-stop routes 250 Number of non-stop routes in network
Strategic horizon through 2029 Timeframe for deleveraging and value creation goals
Net Debt / EBITDA ratio financial
"achieve a Net Debt / EBITDA ratio below 1.5x by 2029"
Market Value financial
"achieve a Market Value 150% above the current level by 2029"
Market value is the total worth investors place on a publicly traded company at a given moment, calculated by multiplying the current share price by the number of shares outstanding — like the price tag you’d see if you tried to buy the whole business today. It matters to investors because it shows how the market views a company’s size, growth prospects and risk, influences index membership and investment strategies, and helps compare companies the way you’d compare houses by their market prices.
CVM Resolution No. 44 regulatory
"in compliance with the provisions of the Brazilian Securities Commission (“CVM”) Resolution No. 44"
Material Fact regulatory
"subject matter of this Material Fact"
capital allocation financial
"through the combination of sustainable operational growth, EBITDA expansion, discipline in capital allocation"
Capital allocation is the process of deciding how a company or individual uses their money to grow, pay bills, save, or invest. It matters because good decisions can help build wealth and ensure resources are used wisely, while poor choices can limit growth or cause financial problems. Think of it like managing your allowance—deciding whether to spend, save, or invest to meet your goals.
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FAQ

What strategic financial goals did Azul (AZUL) set for 2029?
Azul set two main goals for 2029: reduce its Net Debt / EBITDA ratio below 1.5x and increase its market value by 150% over the current level, emphasizing deleveraging and long-term value creation.

How does Azul (AZUL) plan to achieve a 150% higher market value by 2029?
Azul aims for a 150% increase in market value by 2029 through a combination of sustainable operational growth, EBITDA expansion, disciplined capital allocation, and progressive deleveraging over the period.

Are Azul’s (AZUL) 2029 strategic goals guaranteed outcomes?
No. Azul states these goals are medium-term strategic objectives based on management’s current estimates and expectations and do not represent a guarantee of future performance, being subject to various business and macroeconomic risks.

What risks could affect Azul’s (AZUL) ability to meet its 2029 goals?
Azul notes that achieving its goals depends on factors like Brazilian and global economic performance, capital market conditions, regulatory and competitive industry aspects, and other risk factors described in its disclosure documents.

How do Azul’s (AZUL) new goals relate to management incentives?
The company explains that the goals reflect alignment between strategic priorities, corporate objectives, and management’s incentive structure, reinforcing its stated commitment to financial discipline and shareholder value creation.

What is Azul’s (AZUL) business scale and network as described in the report?
Azul operates approximately 800 daily flights to over 137 destinations, with an operating fleet of over 180 aircraft, more than 14,000 Crewmembers, and a network of 250 non-stop routes in Brazil.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2026
Commission File Number: 001-38049
Azul S.A.
(Name of Registrant)
Edifício Jatobá, 8th Floor, Castelo Branco Office Park
Avenida Marcos Penteado de Ulhôa Rodrigues, 939,
Tamboré, Barueri, São Paulo, SP, 06460-040, Brazil
+ 55 (11) 4831 2880
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒    Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐    No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐    No ☒









Enclosures:
Exhibit 99.1 - Azul Announces Management’s Strategic Goals


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 9th, 2026
Azul S.A.
By:
/s/ Antonio Carlos Garcia
Name:
Antonio Carlos Garcia
Title:
Chief Financial Officer

logoazul.jpg
Material Fact
July | 2026



Azul Announces Management’s Strategic Goals

São Paulo, July 9, 2026 – Azul S.A. (B3: AZUL3, NYSE: AZUL) ("Azul” or the “Company”), the largest airline in Brazil by number of flights and cities served, in compliance with the provisions of the Brazilian Securities Commission (“CVM”) Resolution No. 44, dated August 23, 2021, as amended, hereby informs its shareholders and the market in general of the establishment of the strategic goals described below, which reflect management’s priorities for long-term value creation.

Strategic Goals

The Company has established the following goals through 2029:

(i) Deleveraging: achieve a Net Debt / EBITDA ratio below 1.5x by 2029, consolidating the debt reduction process and the strengthening of the capital structure initiated with the completion of the Company’s restructuring; and

(ii) Value Creation: achieve a Market Value 150% above the current level by 2029, through the combination of sustainable operational growth, EBITDA expansion, discipline in capital allocation, and progressive deleveraging.

The foregoing goals reflect the alignment between the strategic priorities approved by management, corporate objectives, and management’s incentive structure, reinforcing the Company’s commitment to financial discipline and shareholder value creation.

The goals disclosed herein constitute medium-term strategic objectives, are based on management’s estimates and expectations as of the present date, and do not represent a guarantee of future performance.

Their achievement is subject to risks and uncertainties inherent to the business environment, including the performance of the Brazilian and global economies, capital market conditions, regulatory and competitive aspects of the industry, as well as other risk factors described in the periodic and occasional disclosure documents filed by the Company with the CVM.

The Company will continue to provide the pertinent updates in its disclosure documents in accordance with the terms required by CVM regulations and will keep its shareholders and the market informed of any material facts related to the subject matter of this Material Fact.

About Azul
Azul S.A. (B3: AZUL3; NYSE: AZUL), the largest airline in Brazil by departures and cities served, offers approximately 800 daily flights to over 137 destinations. With an operating fleet of over 180 aircraft and more than 14,000 Crewmembers, the Company has a network of 250 non-stop routes. In 2020, Azul was awarded best airline in the world by TripAdvisor, first time a Brazilian Flag Carrier earns number one ranking in the Traveler’s Choice Awards. For more information, visit https://ri.voeazul.com.br.

Contact
Investor Relations
Tel: +55 11 4831 2880
invest@voeazul.com.br

Press Relations
Tel: +55 11 4831 1245
imprensa@voeazul.com.br

JUR_SP - 58348167v1 - 2003.424466

Source: View Original Filing on SEC EDGAR

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