Azul has filed its November 2025 unaudited financial and operating results with the US Bankruptcy Court for the Southern District of New York, as part of its ongoing Chapter 11 restructuring process.
According to the filing, Azul generated a total operating revenue of R$1.8bn ($326 million) during November, with an adjusted EBITDA of R$621.8 million ($112 million), representing a 34.2 % margin.
The company reported an operating income of R$392.1 million, representing a 21.6 % margin, alongside a cash position of R$1.3bn and accounts receivable of R$3.7bn.
These figures reflect preliminary, unaudited consolidated results prepared in compliance with Chapter 11 reporting requirements, and are not directly comparable with Azul’s regular audited financial statements.
Azul emphasised that the information is intended to keep stakeholders informed on the evolution of its financial and operational performance amid its restructuring.
The airline, Brazil’s largest by number of cities served, continues to operate a broad network while progressing through its restructuring.
It currently supports more than 800 daily flights to 137 destinations, and operates a network of 250 direct routes. It has an operational fleet of around 200 aircraft and over 14,000 crew members.
Last week, Azul approved a primary public offering of newly issued common and preferred shares in Brazil to support its ongoing Chapter 11 restructuring in the US.
The board green-lit the offer at a meeting on December 22, with existing shareholders granted priority subscription rights and any unsubscribed shares to be allocated to professional investors.
The move will also include a private placement of American Depositary Receipts (ADRs) and warrants abroad for certain creditor entities.
ADR holders will not be entitled to participate unless qualifying as professional investors under applicable Brazilian regulations.
The offering is not registered in the US and is part of mandatory debt equitisation under the restructuring plan.
Earlier this month, a US bankruptcy court approved Azul’s Chapter 11 reorganisation plan, which the airline said received “overwhelming support” from voting creditors.
The plan is expected to eliminate more than $2bn of debt and convert the majority of remaining obligations into equity through a series of public offerings, backed by agreements with key stakeholders including AerCap, United Airlines, and American Airlines.
Under the plan, first-lien creditors are expected to hold around 97% of the equity and second-lien creditors about 3%, before any new capital raising.