Azul (AZULQ) shares Nov 2025 results and cash data during Chapter 11
Rhea-AI Filing Summary
Azul S.A. reported preliminary, unaudited consolidated figures for November 2025 while it continues its previously announced Chapter 11 restructuring in the United States. For the period from November 1 to November 30, 2025, total operating revenue was R$ 1,817.4 million, adjusted EBITDA was R$ 621.8 million with an adjusted EBITDA margin of 34.2%, and operating income was R$ 392.1 million with an operating margin of 21.6%, all adjusted for non-recurring restructuring items.
At the end of the period, cash, cash equivalents and short-term investments totaled R$ 1,348.31 million, and accounts receivable were R$ 3,749.38 million. Azul is providing these monthly operating reports to the U.S. Bankruptcy Court for the Southern District of New York and sharing the same information with the market to maintain transparency throughout its restructuring. The company reiterates that it will continue to publish audited annual and reviewed quarterly financial statements under CVM and SEC rules.
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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 December, 2025
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 x 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 x
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 x
 |
Material Fact December | 2025 |
Azul reports unaudited monthly financial information to the US Court
São Paulo, December 29, 2025 – Azul S.A., “Azul” (B3:AZUL4, OTC:AZULQ), presented today its monthly operating reports, containing certain financial information for the period from November 1, 2025, to November 30, 2025, to the United States Bankruptcy Court for the Southern District of New York, as required during its previously announced Chapter 11 process. The monthly operating report includes items such as cash position, revenue, and profit and loss for the period mentioned above for each of Azul’s subsidiaries that are subject to the voluntary Chapter 11 process in the United States.
Additionally, the Company disclosed on this date preliminary and unaudited consolidated financial information for the period from November 1, 2025 to November 30, 2025, with the aim of keeping the market informed about the evolution of its financial and operational performance throughout its restructuring process.
| Highlights (R$ million) | Nov-25 |
| Total operating revenue | 1,817.4 |
| Adjusted EBITDA¹ | 621.8 |
| Adjusted EBITDA margin (%)¹ | 34.2% |
| Operating income¹ | 392.1 |
| Operating margin (%)¹ | 21.6% |
| Cash, cash equivalents and short-term investments | 1,348.31 |
| Accounts receivable | 3,749.38 |
¹Results adjusted for non-recurring items related to restructuring
The Company emphasizes that such information:
| · | are preliminary and have not been audited by its independent auditors; |
| · | were prepared exclusively for the purpose of complying with the requirements of Chapter 11, according to practices and criteria established by the United States rules applicable to that process; and |
| · | should not be directly compared to the regular financial statements previously disclosed by Azul. |
As Azul works to complete its restructuring process, the Company will issue a press release in connection with each monthly operating report filed with the Court.
Azul will continue to disclose quarterly financial statements revised by our auditors and annual financial statements audited according to CVM and SEC rules.
Communication and Transparency with the Market
Azul will keep its shareholders, customers, Crewmembers, and the market informed of all material developments in the restructuring process, in full compliance with applicable laws and regulations.
Stakeholders seeking specific information about Azul’s Chapter 11 case can visit its dedicated website at www.azulmaisforte.com.br. For case and claims information, please visit https://cases.stretto.com/Azul or call (833) 888-8055 (toll-free) or (949) 556-3896 (international).
About Azul
Azul S.A. (B3: AZUL4; OTC: AZULQ), the largest airline in Brazil in terms of cities served, offers more than 800 daily flights to 137 destinations. With an operational fleet of around 200 aircraft and over 14,000 crew members, the company operates a network of 250 direct routes. Azul was named by Cirium (a leading aviation data analytics company) as the 2nd most punctual airline in the world in 2023. In 2020, Azul was awarded as the best airline in the world by TripAdvisor, marking the first time a Brazilian airline achieved first place in the Traveller's Choice Awards. For more information visit ri.voeazul.com.br/en/.
Contact:
Investor Relations Tel: +55 11 4831 2880 invest@voeazul.com.br |
Media Relations Tel: +55 11 98196-1035 imprensa@voeazul.com.br |
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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: December 26, 2025
Azul S.A.
By: /s/ Alexandre Wagner Malfitani
Name: Alexandre Wagner Malfitani
Title: Chief Financial Officer
FAQ
What did Azul (AZULQ) report in its November 2025 monthly financial update?
Azul reported preliminary, unaudited consolidated data for November 2025. Total operating revenue was R$ 1,817.4 million, adjusted EBITDA was R$ 621.8 million, and operating income was R$ 392.1 million, with margins adjusted for non-recurring restructuring items.
How profitable was Azul (AZULQ) in November 2025 on an adjusted basis?
In November 2025, Azul reported adjusted EBITDA of R$ 621.8 million and an adjusted EBITDA margin of 34.2%. Adjusted operating income was R$ 392.1 million, with an operating margin of 21.6%, after excluding non-recurring restructuring effects.
What was Azul’s (AZULQ) cash position and accounts receivable at the end of November 2025?
As of the end of the November 1–30, 2025 period, Azul reported R$ 1,348.31 million in cash, cash equivalents and short-term investments, and R$ 3,749.38 million in accounts receivable.
Why is Azul (AZULQ) filing monthly operating reports with a U.S. Bankruptcy Court?
Azul is in a previously announced Chapter 11 process in the United States. As part of this process, it must submit monthly operating reports with financial information for the subsidiaries subject to the voluntary Chapter 11 cases to the U.S. Bankruptcy Court for the Southern District of New York.
Are Azul’s November 2025 numbers audited?
No. The November 2025 monthly financial information is described as preliminary and unaudited. The company states that it will continue to disclose quarterly financial statements reviewed by its auditors and annual financial statements audited in accordance with CVM and SEC rules.
What types of information are included in Azul’s Chapter 11 monthly operating reports?
The monthly operating reports filed with the U.S. Bankruptcy Court include items such as cash position, revenue, and profit and loss for the period for each Azul subsidiary subject to the voluntary Chapter 11 process.
How is Azul (AZULQ) communicating restructuring developments to stakeholders?
Azul states it will issue a press release with each monthly operating report and keep shareholders, customers, Crewmembers, and the market informed of all material developments, in compliance with applicable laws. It also provides dedicated Chapter 11 information on www.azulmaisforte.com.br and through a claims website.
