Azul Reports Record Adjusted Net Income of R$704 Million in 2018


SAO PAULO, March 14, 2019 — Azul S.A., “Azul” (B3:AZUL4,NYSE: AZUL) the largest airline in Brazil by number of cities and departures, announces today its results for the fourth quarter of 2018 (“4Q18”) and for the full year 2018.  

  • Operating income was R$282.9 million in 4Q18, representing a margin of 11.4%, even with the 17.3% devaluation of the Brazilian real and the 37.2% increase in fuel price per liter. Operating margin was 8.8% for the full year adjusting for non-recurring items.
  • EBITDAR increased 14.5% to R$762.7 million, representing a margin of 30.7% in 4Q18, making Azul one of the most profitable carriers in the Americas. For the full year, adjusted EBITDAR increased 13.5% reaching R$ 2.6 billion.
  • Net income totaled R$138.2 million, compared to R$297.4 million in 4Q17, mainly due to a R$154.4 million non-recurring gain recorded in 4Q17 related to the expiration of a call option on our TAP bonds. Adjusted net income in 2018 came in at R$703.6 million, compared to R$516.3 million the year before.

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Conference Call Details

Thursday, March 14th, 2018
11h00 am (EST) | noon (Brasília time)
USA: +1 412 317 6029
Brazil: +55 11 3193 1001 or +55 11 2820 4001 

Code: AZUL


About Azul

Azul S.A. (B3: AZUL4,NYSE: AZUL), the largest airline in Brazil by number of cities served, offers 821 daily flights to 110 destinations. With an operating fleet of 125 aircraft and more than 11,000 crewmembers, the Company has a network of 220 non-stop routes as of December 31, 2018. In 2018, Azul was awarded best airline in Latin America by TripAdvisor Travelers’ Choice and by Kayak’s Flight Hacker Guide, and also best regional carrier in South America for the eighth consecutive time by Skytrax. Azul also ranked as most on-time airline in Brazil in 2018 according to FlightStats. For more information visit

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