AZUL - Azul Non-GAAP EPADR of -$0.72 misses by $0.04 revenue of R$4.4B

• Azul press release ( NYSE: AZUL ): Q3 Non-GAAP EPADR of -$0.72 misses by $0.04 .
• Revenue of R$4.4B (+61.8% Y/Y).
• We also had record PRASK and RASK, up 42.1% and 34.8% respectively compared to 3Q21, even with a 22.4% growth in passenger traffic over a capacity increase of 19.5%. As a result, load factor in the quarter reached 81.8%, 1.9 percentage points higher year over year.
• Yield was also at record levels, reaching R$48.13 cents, an increase of 38.7% compared to 3Q21 and 36.5% versus 3Q19.
• CASK in 3Q22 was 38.39 cents, up 28.8% compared to 3Q21, mainly due to the 85.3% increase in fuel prices and 7.2% inflation over the past twelve months.
• Productivity measured in ASKs per FTE increased 8.2% versus 3Q21 and fuel consumption per ASK dropped 2.4% in the same period as a result of the higher number of fuel-efficient aircraft in our fleet.

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