Azul S.A., the largest airline in Brazil by number of cities served and departures, announced its financial results for the second quarter of 2025. The company reported a total operating revenue of R$4,942.3 million, reflecting an 18.4% increase compared to the R$4,172.7 million reported in the same quarter of the previous year. Despite the revenue growth, operating income decreased by 13.9% to R$380.0 million from R$441.2 million in 2Q24, with the operating margin declining to 7.7% from 10.6%. Azul's EBITDA for the quarter reached R$1,142.7 million, marking an 8.6% increase year-over-year, with a margin of 23.1%. The company ended the quarter with immediate liquidity of R$3.3 billion, up 30.7% from 2Q24. The results also highlight Azul's ongoing restructuring efforts, including a significant agreement with AerCap, which is expected to provide contractual benefits of approximately US$1 billion. Additionally, Azul's fuel consumption per ASK dropped 3% year-over-year, and productivity measured in ASKs per FTE increased by more than 20% compared to 2Q24. The company emphasizes its commitment to improving the travel experience, as evidenced by a Net Promoter Score recovery of over 33 points in June 2025 relative to December 2024.