Azul SA, “Azul” (B3:AZUL4, NYSE:AZUL), announced today its results for the fourth quarter of 2024 (“4Q24”). The financial information presented below, except where otherwise indicated, is in Brazilian reais and in accordance with IFRS (International Financial Reporting Standards).
Financial and Operational Highlights
- EBITDA in 4Q24 reached an all-time high of R$1.950,5 million, increasing 33,0% year-over-year and 18,0% quarter-over-quarter. The EBITDA margin in 4Q24 was 35,2%, one of the highest in the world and 6,0 percentage points higher than that recorded in 4Q23.
- For the year 2024, EBITDA reached an all-time high of R$6,0 billion. EBITDA adjusted for non-recurring items reached R$6,1 billion and a margin of 31,1%, above estimates and market consensus.
- Operating profit increased 40,2% year-on-year, reaching a record R$1.238,6 million, with a margin of 22,3%. For the year, operating profit reached R$3,5 billion, an increase of R$607,8 million compared to 2023.
- In 4Q24, operating revenue reached an all-time high of R$5,5 billion, an increase of 10,2% year-over-year and 8,1% quarter-over-quarter, driven primarily by a healthy demand environment, robust revenues from our business units and an increase in capacity.
- Unit revenue (RASK) was robust at R$44,98 cents in 4Q24, even with capacity growing 11,0% year over year. Another factor that contributed to our healthy revenues and margins is the growth of our business units, which in 4Q24 ed for 23% of RASK and 24% of EBITDA, with a value of over R$450 million.
- enger traffic (RPK) during the quarter increased 16,9%, outpacing capacity and resulting in a strong load factor of 84,2%, 4,2 percentage points higher than in 4Q23. For the full year 2024, capacity increased 5,2%, slightly below our outlook.
- CASK in 4Q24 was R$34,93 cents, a 6,5% decrease compared to 4Q23, mainly due to the 17,0% reduction in fuel prices, cost reduction and productivity initiatives, in addition to the higher number of state-of-the-art aircraft in our fleet, partially offset by the 17,8% average depreciation of the real against the US dollar and inflation of 4,8% over the last 12 months. In 4Q24, productivity measured in ASKs per FTE increased by 10,2% and fuel consumption per ASK decreased by 2,3%.
- Immediate liquidity was R$3,1 billion, 22,5% higher than in 3Q24, representing 15,7% of last twelve months’ revenue. In the quarter, we continued our deleveraging and paid over R$1,5 billion in current and deferred leases and debt amortization, with almost R$1,0 billion of cash generated by operating activities.
To access the Results Release, click here
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