SAO PAULO, May 9, 2022 /PRNewswire/ — Azul SA, “Azul” (B3:AZUL4, NYSE:AZUL), largest airline in Brazil by number of cities and departurestoday announces its results for the first quarter of 2022 (“1Q22“). The following financial information, unless otherwise indicated, is presented in Brazilian reais and in accordance with International Financial Reporting Standards (IFRS).
Financial and operational highlights
- Total revenue in 1Q22 was R$3.2 billion, an increase of 74.9% compared to 1Q21 and 25.6% compared to 1Q19. This was the second consecutive quarter with net revenues above pre-pandemic levels, even with the impact of the Omicron variant on our operations.
- PRASK and RASK were up 40.7% and 38.3% respectively compared to 1Q21, even with a 26.4% increase in capacity. Results were driven by strong domestic demand in Azul’s markets, which enabled us to increase fares to offset rising fuel prices.
- Our logistics business continued its excellent performance. Revenues in 1Q22 reached almost 300 million reaisup 37.8% from 1Q21, tripled from 1Q19.
- CASK at 1Q22 was 34.45 cents, up 21.1% compared to 1Q21, mainly due to higher fuel prices of 57.0% and inflation of 11.3% in the last twelve months, partially offset by reductions in costs, productivity gains and the 4.3% appreciation of the real against the dollar. During this period, productivity as measured by ASK per full-time employee increased by 14.3%. CASK normalized by freight, fuel and exchange rate remained essentially flat compared to 1Q19, offsetting an inflation of more than 20% on real costs over the last three years.
- EBITDA reached R$592.7 million in the quarter, representing a margin of 18.6%. Excluding the impact of the Omicron variant, EBITDA would have been close to 900 million reais. Operating profit was R$70.7 million in the quarter, representing a margin of 2.2%.
- The immediate liquidity position remains solid at R$3.3 billion, above 1Q19 levels. During the quarter, Azul generated over 500 million reais in operating cash. We continued our deleveraging process with 1.3 billion reais in current and deferred lease payments and repayments of debts and other deferrals
- For the second quarter of 2022, we expect to achieve all-time high operating revenue and RSK for any quarter in our history. This is all the more remarkable as the second quarter is seasonally our weakest.
More details at www.voeazul.com.br/ri
Conference call details
Monday May 9e2022
11:00 a.m. (EDT) | 12:00 p.m. (Brasilia time)
UNITED STATES: +1 412 717-9627
Brazil: +55 11 4090 1621 or +55 11 3181-8565
Verbal code: Azul
+55 11 3193-1012
Azul SA (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil in number of flight departures and cities served, offers more than 900 daily flights to more than 151 destinations. With a passenger operating fleet of over 160 aircraft and over 12,000 crew members, Azul has a network of over 240 non-stop routes. In 2020, Azul was voted the best airline in the world by TripAdvisor, the first time that a Brazilian flag carrier ranked number one in the Traveler’s Choice Awards. For more information, visit www.voeazul.com.br/ir.
Tel: +55 11 4831 2880
Tel: +55 11 4831 1245
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SOURCE Azul S.A.