Azul S.A. (AZUL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de Azul S.A., la aerolínea dinámica de Brasil que ha revolucionado los viajes aéreos con su innovador modelo de negocio. Desde asociaciones estratégicas con gigantes de la aviación global hasta una red robusta que abarca el vasto panorama de Brasil, Azul ha forjado una posición única en la industria de las aerolíneas competitivas. Descubra cómo este transportista transforma desafíos operativos complejos en una experiencia de viaje perfecta, aprovechando la tecnología de vanguardia, las alianzas estratégicas y una comprensión profunda de las necesidades de los clientes que lo impulsa más allá de los enfoques comerciales de aerolíneas tradicionales.

Azul S.A. (Azul) - Modelo de negocios: asociaciones clave

Alianza estratégica con Airbus

Azul mantiene una asociación estratégica de modernización de la flota con Airbus. A partir de 2024, la aerolínea tiene una orden de flota de 134 aviones Airbus A320neo y A321Neo. El valor total del pedido es de aproximadamente $ 14.3 mil millones.

Tipo de aeronave	Número de aviones	Valor de pedido
Airbus A320Neo	94	$ 9.8 mil millones
Airbus A321Neo	40	$ 4.5 mil millones

Acuerdos de código compartido

Azul ha establecido asociaciones CodeHare con Key International Airlines:

• United Airlines: cubre rutas entre Brasil y Estados Unidos
• Tap Air Portugal: permite una conectividad extensa entre los destinos de Brasil y Europa

Asociaciones de mantenimiento

Las colaboraciones de mantenimiento incluyen asociaciones estratégicas con:

• Pratt & Whitney para servicios de mantenimiento del motor
• Embraer para soporte técnico de aeronaves
• StandardAero para soluciones integrales de mantenimiento

Pareja	Tipo de asociación	Inversión de mantenimiento anual
Pratt & Whitney	Mantenimiento del motor	$ 42 millones
Aberrante	Soporte técnico de aeronaves	$ 28 millones

Turismo y colaboraciones de hospitalidad

Azul ha desarrollado empresas conjuntas con juntas turísticas brasileñas y grupos de hospitalidad para mejorar el ecosistema de viajes:

• Asociación con Accor Hotels para paquetes de viajes integrados
• Colaboración con la Junta de Turismo brasileño (Embratur) para la promoción de destino

Pareja	Enfoque de colaboración	Impacto económico anual
Acor hoteles	Paquetes de viajes	$ 36 millones
Aburrido	Promoción del turismo	$ 18 millones

Azul S.A. (Azul) - Modelo de negocio: actividades clave

Transporte aéreo de pasajeros

A partir de 2024, Azul opera una flota de 177 aviones, con la siguiente composición:

Tipo de aeronave	Número de aviones
Airbus A320	84
Airbus A321	53
Embraer e-jets	40

Gestión de la flota y adquisición de aeronaves

Las métricas de gestión de la flota clave incluyen:

• Edad de la flota promedio: 7.2 años
• Inversión anual de la flota: $ 450 millones
• Cobertura de red: 159 destinos

Optimización de red de ruta

Estadísticas de red de ruta:

Métrico	Valor
Rutas nacionales totales	117
Rutas internacionales	22
Vuelos diarios	800

Servicio al cliente y plataforma digital

Rendimiento de la plataforma digital:

• Descargas de aplicaciones móviles: 12.5 millones
• Porcentaje de reserva en línea: 85%
• Miembros del programa de fidelización del cliente: 6.3 millones

Transporte de carga

Métricas de transporte de carga:

Métrico	Valor
Volumen de carga anual	120,000 toneladas
Avión de carga dedicado	6
Ingresos por carga	$ 180 millones

Azul S.A. (Azul) - Modelo de negocio: recursos clave

Flota de aeronaves moderna y deficiente en combustible

A partir del cuarto trimestre de 2023, Azul opera una flota de 178 aviones, con un enfoque significativo en la serie Airbus A320neo y Embraer E2.

Tipo de aeronave	Número de aviones	Eficiencia de combustible
Airbus A320Neo	96	15-20% menos consumo de combustible
Serie E2Ser E2	82	16-24% menos consumo de combustible

Presencia del mercado interno brasileño

Azul opera en 121 destinos en Brasil, con una cuota de mercado de aproximadamente 38.5% en el mercado interno a partir de 2023.

Infraestructura de tecnología digital

• Procesamiento de la plataforma de reserva en línea más de 500,000 transacciones mensuales
• Aplicación móvil con 12 millones de usuarios registrados
• Sistema avanzado de gestión de relaciones con el cliente

Fuerza laboral y experiencia operativa

Total de los empleados Recuento: 14,500 a diciembre de 2023, con una experiencia promedio de la industria de 7.3 años por empleado.

Aeropuertos estratégicos del centro

Aeropuerto	Tráfico anual de pasajeros	Presencia del mercado de Azul
São Paulo (Viracopos)	6.2 millones de pasajeros	Centro de conexión primario
Campinas	3.8 millones de pasajeros	Base operativa secundaria
Belo Horizonte	4.5 millones de pasajeros	Centro regional significativo

Azul S.A. (Azul) - Modelo de negocio: propuestas de valor

Extensa red de rutas nacionales en Brasil

A partir de 2024, Azul opera aproximadamente 850 vuelos diarios a 130 destinos en Brasil. La aerolínea cubre el 95% del PIB de Brasil a través de su red de ruta integral.

Métrico de red	Datos específicos
Destinos totales	130 ciudades
Vuelos diarios	850 vuelos
Cobertura geográfica	95% del PIB de Brasil

Precios competitivos y viajes aéreos asequibles

Azul mantiene un precio promedio de boleto aproximadamente un 20% más bajo que los competidores. El costo de la aerolínea por kilómetro de asiento disponible (barril) es de R $ 0.18, lo que permite estrategias de precios competitivos.

Vuelos de alta frecuencia y programación conveniente

• Tasa promedio de utilización de la flota: 12 horas por avión diariamente
• Tiempos de conexión mínimos: 45 minutos
• Frecuencia máxima de salida diaria: 30-40 vuelos por ruta

Experiencia superior del cliente y programa de fidelización

El programa de lealtad de Tudoazul tiene 16.5 millones de miembros activos, que representan el 45% del total de pasajeros en 2023.

Métrica del programa de fidelización	Punto de datos
Totales miembros activos	16.5 millones
Representación de pasajeros	45%

Servicios de transporte aéreo eficientes y confiables

Las métricas operativas para 2023 demuestran la confiabilidad de Azul:

• Rendimiento a tiempo: 85.6%
• Tasa de cancelación: 2.3%
• Edad de la flota: 5.2 años

Azul S.A. (Azul) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital y aplicaciones móviles

Azul opera una aplicación móvil con 4.5 millones de usuarios activos a partir de 2023. La plataforma digital procesa aproximadamente el 65% de todas las interacciones del cliente y la gestión de boletos.

Característica de la plataforma	Porcentaje de uso
Compras de boletos	42%
Servicios de check-in	38%
Seguimiento de estado de vuelo	72%

Programa de volantes frecuentes (Tudoazul)

El programa de fidelización de Tudoazul comprende 12.5 millones de miembros registrados a partir del cuarto trimestre de 2023, que representa el 68% de la base de clientes total de Azul.

• Millas acumuladas: 375 mil millones de millas
• Tasa de redención: 22% del total de millas
• Red de socios: más de 180 compañías asociadas

Atención al cliente personalizada

Azul mantiene un equipo de atención al cliente de 1.200 profesionales dedicados en múltiples canales, con un tiempo de respuesta promedio de 17 minutos.

Canal de soporte	Tasa de resolución
Soporte telefónico	87%
Soporte por correo electrónico	79%
Chat en vivo	92%

Canales de compromiso y comunicación de las redes sociales

Azul mantiene la presencia activa de las redes sociales con 3.2 millones de seguidores en plataformas, respondiendo al 95% de las consultas de los clientes dentro de las 4 horas.

Segmentación de clientes corporativos e individuales

Desglose de segmentación de clientes a partir de 2023:

• Viajeros individuales: 82%
• Clientes corporativos: 18%
• Pasajeros de clase ejecutiva: 12%
• Viajeros de ocio: 70%

Segmento de clientes	Contribución anual de ingresos
Clientes corporativos	R $ 1.2 mil millones
Viajeros individuales	R $ 4.7 mil millones

Azul S.A. (Azul) - Modelo de negocios: canales

Sitio web de reservas en línea

La plataforma de reserva en línea de Azul procesó 48.3 millones de pasajeros en 2022. El tráfico del sitio web alcanzó 22.5 millones de visitantes únicos por mes. Los ingresos por la reserva digital representaron el 62.4% de la venta total de boletos.

Métrico de canal	Datos 2022
Reservas en línea	48.3 millones de pasajeros
Visitantes mensuales del sitio web	22.5 millones
Porcentaje de ventas digitales	62.4%

Aplicación móvil

La aplicación móvil de Azul registró 15.7 millones de descargas para finales de 2022. Las transacciones de reserva móvil representaban el 37.6% de las ventas digitales totales.

• Descargas totales de aplicaciones: 15.7 millones
• Porcentaje de reserva móvil: 37.6%
• Usuarios activos mensuales promedio: 5.2 millones

Agencias de viajes

Azul se asoció con 3.200 agencias de viajes en todo el país. La venta de entradas basadas en la agencia generó R $ 1.2 mil millones en ingresos durante 2022.

Métricas de canales de agencia	Rendimiento 2022
Total de agencias asociadas	3,200
Ingresos de ventas de la agencia	R $ 1.2 mil millones

Contadores de servicio del aeropuerto

Azul opera 138 contadores de servicio en 118 aeropuertos brasileños. Estos contadores procesaron 6.5 millones de transacciones en persona en 2022.

• Contadores de servicio totales: 138
• Aeropuertos cubiertos: 118
• Transacciones en persona: 6.5 millones

Soporte del centro de llamadas

El centro de llamadas de Azul manejó 4.2 millones de interacciones de los clientes en 2022. El tiempo de respuesta promedio fue de 2.7 minutos, con una tasa de satisfacción del cliente del 87.5%.

Rendimiento del centro de llamadas	2022 métricas
Interacciones totales del cliente	4.2 millones
Tiempo de respuesta promedio	2.7 minutos
Tasa de satisfacción del cliente	87.5%

Azul S.A. (Azul) - Modelo de negocio: segmentos de clientes

Viajeros de ocio dentro de Brasil

En 2023, Azul transportó 41.8 millones de pasajeros Dentro de Brasil. Segmento de viajes de ocio domésticos representados aproximadamente 65% del tráfico total de pasajeros.

Característica de segmento	Porcentaje
Viajeros de ocio domésticos	65%
Precio promedio de boleto	R $ 320

Profesionales de negocios y clientes corporativos

Segmento corporativo contabilizado 25% de los ingresos por pasajeros de Azul en 2023. Características clave de viaje corporativo:

• Frecuencia promedio de viaje de negocios: 3-4 veces al mes
• Rutas predominantes: São Paulo, Río de Janeiro, Brasilia
• Rango de valor del contrato corporativo: R $ 500,000 - R $ 2.5 millones anualmente

Turistas internacionales que visitan Brasil

Segmento turístico internacional representado 8% del tráfico total de pasajeros de Azul en 2023. Rutas internacionales primarias:

Ruta	Volumen de pasajeros
Estados Unidos	275,000 pasajeros
Europa	180,000 pasajeros

Pasajeros de clase media sensibles al precio

Segmento de clase media constituido 45% de la base total de pasajeros de Azul en 2023. Métricas clave:

• Ingresos promedio del hogar: R $ 4,500 - R $ 7,500 mensuales
• Rango de sensibilidad al precio del boleto: R $ 200 - R $ 500
• Preferencia por rutas de bajo costo

Cantos de servicios de carga y logística

Segmento de carga generado R $ 1.2 mil millones en ingresos para Azul en 2023. Detalles de transporte de carga:

Categoría de carga	Volumen
Logística de comercio electrónico	320,000 toneladas
Carga industrial	210,000 toneladas
Envíos farmacéuticos	45,000 toneladas

Azul S.A. (Azul) - Modelo de negocio: Estructura de costos

Gastos de arrendamiento y mantenimiento de aeronaves

En 2023, Azul S.A. informó gastos de arrendamiento de aviones de aproximadamente R $ 1.2 mil millones. Los costos de mantenimiento de la flota de la compañía fueron de alrededor de R $ 650 millones para el año fiscal.

Categoría de costos	Cantidad (R $)
Arrendamiento de aviones	1,200,000,000
Gastos de mantenimiento	650,000,000

Costos de combustible y operativo

Los gastos de combustible para Azul S.A. en 2023 totalizaron aproximadamente R $ 2.5 mil millones. Los costos operativos relacionados con las operaciones de vuelo se estimaron en R $ 1.8 mil millones.

• Gastos totales de combustible: R $ 2,500,000,000
• Costos operativos de vuelo: R $ 1,800,000,000

Salarios y capacitación de los empleados

Los gastos de personal de la compañía para 2023 alcanzaron R $ 1.5 mil millones, incluidos salarios, beneficios y programas de capacitación.

Categoría de gastos de personal	Cantidad (R $)
Gastos totales de personal	1,500,000,000
Salario promedio de empleados	85,000

Gastos de marketing y ventas

Azul S.A. invirtió R $ 350 millones en actividades de marketing y ventas durante 2023.

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura para el año 2023 ascendieron a R $ 450 millones.

Categoría de inversión	Cantidad (R $)
Infraestructura tecnológica	250,000,000
Desarrollo de plataforma digital	200,000,000

Resumen de la estructura de costos totales para 2023:

• Arrendamiento y mantenimiento de aeronaves: R $ 1,850,000,000
• Costos de combustible y operativo: R $ 4,300,000,000
• Gastos de personal: R $ 1,500,000,000
• Marketing y ventas: R $ 350,000,000
• Inversiones tecnológicas: R $ 450,000,000

Azul S.A. (Azul) - Modelo de negocio: flujos de ingresos

Venta de entradas para pasajeros

En el tercer trimestre de 2023, Azul reportó ingresos de pasajeros de 4.400 millones de reales brasileños. Los kilómetros de pasajeros totales (RPK) alcanzaron 9.3 mil millones. El precio promedio del boleto fue de aproximadamente 350 reales brasileños.

Métrico	Valor	Período
Ingresos totales del pasajero	4.400 millones de BRL	P3 2023
Kilómetros de pasajeros (RPK)	9.3 mil millones	P3 2023
Precio promedio de boleto	350 BRL	P3 2023

Servicios de transporte de carga

Los ingresos de carga para Azul en 2023 fueron de aproximadamente 1,2 mil millones de reales brasileños. El volumen de carga alcanzó 132,000 toneladas métricas.

Métrico de carga	Valor	Período
Ingresos totales de carga	1.200 millones de BRL	2023
Volumen de carga	132,000 toneladas métricas	2023

Ingresos auxiliares

Las fuentes de ingresos auxiliares incluyen:

• Tarifas de equipaje: 320 millones de BRL
• Tarifas de selección de asientos: 180 millones de BRL
• Ventas a bordo: 95 millones de BRL

Asociaciones frecuentes del programa de volantes

El Programa de Lealtad Tudoazul generó 580 millones de BRL en ingresos a través de millas de ventas y asociaciones en 2023.

Contratos de viajes corporativos y grupales

Los contratos de viajes corporativos generaron aproximadamente 750 millones de BRL en ingresos durante 2023.

Flujo de ingresos	Ingresos totales (BRL)	Año
Contratos de viajes corporativos	750 millones	2023

Azul S.A. (AZUL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Azul S.A. over the competition. It really boils down to unmatched reach and operational reliability, plus the convenience of a full travel suite.

The network design is a key differentiator. Azul S.A. offers extensive connectivity, maintaining a competitive moat with no non-stop competition on an estimated 82% of its routes. This unique network structure represented 77% of the company's revenue as of Q1 2025, showing how central this coverage is to the business.

Operational excellence is another major draw. For instance, the superior operational punctuality reached an impressive 92.15% on-time arrival rate in August 2025, according to Cirium's global report. Honestly, for a traveler, getting there on time is often the most valuable service you can provide.

The integrated travel ecosystem helps lock in customer spend across different travel needs. This means you aren't just buying a seat; you're accessing a full suite of services that work together. Here's a snapshot of how the key non-flight units are performing, based on recent figures:

Business Unit	Key Metric/Data Point	Period/Context
Flights (Core)	Total operating revenue of R$5.74 billion	3Q2025
Azul Viagens (Tourism)	Over 45% growth in gross bookings	2Q2025 vs 2Q2024
Azul Viagens (Tourism)	Discounts up to 50% on packages	Azul Friday 2025 promotion
Azul Cargo (Logistics)	Net revenue growth of more than 14%	2Q2025 year-over-year
Azul Cargo (Logistics)	Forecasted revenue growth between 25% and 30%	Full Year 2025

The commitment to a modern fleet directly translates into a better passenger experience and lower operating costs. Azul S.A. is actively managing this. As of October 2025, the operating fleet comprised approximately 200 aircraft, with a strategic focus on next-generation, fuel-efficient models.

This fleet modernization is a tangible cost-saver, which helps maintain competitive pricing and service levels. You can see the results in the fuel metrics:

• Fuel consumption per Available Seat Kilometer (ASK) dropped 1.4% year-over-year.
• Fuel consumption per ASK dropped 3% year-over-year.
• Achieved up to +2% monthly fuel savings from better management of Pilot Extra Fuel.
• The fleet includes Embraer E2 195s and Airbus A321neos.

The focus on operational precision, like the punctuality mentioned earlier, also drives efficiency. For example, the Cost per Available Seat Kilometer (CASK) dropped by 2.0% in 3Q25 compared to 2Q25, a direct result of cost-reduction strategies implemented as part of the restructuring process.

Azul S.A. (AZUL) - Canvas Business Model: Customer Relationships

Dedicated loyalty program (Azul Fidelidade) for points accumulation and redemption

The Azul Fidelidade program is expected to reach a milestone of 20 million registered customers by the end of 2025. As of May 2025, the program already boasted some 19 million members. The use of points for travel and non-travel rewards shows significant engagement.

Here is a look at the redemption activity for the first nine months of 2025 compared to the same period in 2024, and for the first half of 2025:

Metric	Period/Comparison	Value/Change
International Flight Redemptions Growth	January to September 2025	79% increase
Executive Cabin Redemptions Growth	January to September 2025	132% increase
Domestic Passenger Redemptions Growth	January to September 2025	17% increase
International Redemptions (Azul Pelo Mundo) Growth	First Half of 2025	84% growth
Air Ticket Redemptions Growth	First Half of 2025 vs. 1H 2024	64% increase
Shopping Azul Orders Growth	First Half of 2025	36% increase

The top five most redeemed items on the Shopping Azul platform in the first half of 2025 included vouchers from Accor, the iPhone 15 (128 GB), an Electrolux pot set, a Shopee gift card, and an Uber voucher valued at R$300. For partner brands in Shopping Azul during the first half of 2025, Accor Hotels saw an increase of 334% in being the most sought-after, followed by Camicado at 150%, Netshoes at 103%, Casas Bahia at 92%, and Portal das Malas at 77%.

High-touch service model, including the Tapete Azul (Blue Carpet) boarding system

Operational improvements are reflected in customer perception metrics. The Net Promoter Score (NPS) recovered by more than 33 points in June 2025 compared to December 2024. In the second quarter of 2025, Azul transported nearly 8.0 million passengers, which was a 7.7% increase over the same period the prior year. The load factor for 2Q25 reached 81.5%. Historically, Azul was named the second most punctual airline in the world in 2023 by Cirium.

Self-service and personalized digital interactions via app and website

Digital channel performance is evident in ancillary revenue. Revenue from ancillary sales, or non-fare fees, was up more than 20% year-on-year in the first quarter of 2025, with a reported increase of 22% year-over-year in ancillary revenue for Q1 2025. The business segment generated a positive impact of more than R$480 million during the first three months of 2025.

Azul S.A. (AZUL) - Canvas Business Model: Channels

You're looking at how Azul S.A. (AZUL) gets its product-seats on planes and travel packages-into the hands of customers. The channel strategy for Azul S.A. is clearly multi-pronged, balancing direct control with third-party reach across its extensive network.

Azul's proprietary Online Booking Website and Mobile Application form a critical direct channel. While an exact percentage of total ticket sales attributed solely to these digital platforms isn't explicitly broken out in the latest reports, the strong performance of ancillary revenue is a good indicator of digital engagement. For instance, in the first quarter of 2025, ancillary revenue saw a 22% year-over-year increase. Also, the overall operating revenue for Q1 2025 hit a record R$5.4 billion, and for Q2 2025, it was R$4,942.3 million, showing high customer interaction across all sales points, heavily influenced by digital self-service.

Direct sales are also captured through traditional methods like airport ticket counters and dedicated call centers. These channels support the core network operations, which, as of October 2025, included operating over 800 daily flights to 137 destinations. The total operating revenue for October 2025 alone was R$1,900.6 million.

Azul Viagens (in-house travel agency) is a significant, growing channel for package sales, which diversifies revenue away from just the flight segment. This unit showed substantial momentum; in the second quarter of 2025, Azul Viagens saw gross bookings surge by over 45% compared to the second quarter of 2024. This business unit contributed to the overall strong operational performance, with business units accounting for 37.5% of EBITDA in Q2 2025. Passenger revenue for the third quarter of 2025 reached R$5.29 billion, a segment where package sales play a role.

The final piece involves third-party travel agencies and global distribution systems (GDS). These partners provide necessary reach, especially for corporate or complex international bookings that might not originate on the proprietary site. While the specific revenue split is not detailed, these external channels are integral to supporting the airline's capacity, which grew 17.5% year-over-year in Q2 2025. The overall financial results reflect the combined output of all these distribution methods.

Here's a quick look at some of the top-line figures that reflect the performance across these channels in the first half of 2025:

Metric	Period/Date	Value (R$ or %)	Source Context
Total Operating Revenue	Q1 2025	5.4 billion BRL	Record revenue for the quarter
Total Operating Revenue	Q2 2025	R$4,942.3 million	Record operating revenue for a second quarter
Total Operating Revenue	October 2025 (Monthly)	R$1,900.6 million	Unaudited monthly results
Azul Viagens Gross Bookings Growth	Q2 2025 vs Q2 2024	Over 45%	Surge in package sales
Ancillary Revenue Growth	Q1 2025 vs Prior Year	Up 22%	Indicates strong digital/direct add-on sales
Azul Cargo Net Revenue Growth	Q2 2025 vs Prior Year	Grew by more than 14%	Logistics business unit performance
Network Size	October 2025	Over 800 daily flights	Scale of the operation supported by channels

The growth in business units like Azul Viagens, which saw its gross bookings jump over 45% in Q2 2025, suggests that specialized, often digitally-driven, package sales are a key focus area for channel development. Also, Azul Cargo's net revenue grew by more than 14% in the same period.

You can see the company is definitely pushing its own platforms, given the strong ancillary revenue growth, but it still relies on the broader market access provided by third parties to fill the capacity that grew 17.5% in Q2 2025. Finance: draft 13-week cash view by Friday.

Azul S.A. (AZUL) - Canvas Business Model: Customer Segments

You're looking at the core groups Azul S.A. (AZUL) serves as it navigates its post-restructuring environment in late 2025. The customer base is diverse, but the focus is clearly on maximizing yield from the high-frequency domestic network while strategically growing international presence. Honestly, the mix of leisure and business travel is what gives Azul its unique resilience in the Brazilian market.

We can see the financial impact of these segments by looking at the contribution of the business units, which often capture the higher-yield corporate and ancillary spend. For instance, in the second quarter of 2025 (2Q25), these units accounted for 22.5% of RASK (Revenue per Available Seat Kilometer) and 37.5% of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). This compares to Q1 2025, where they represented 23% of RASK and 35% of EBITDA. The preliminary October 2025 figures show an adjusted EBITDA margin of 37.7%, reflecting strong operational leverage from these customer groups.

Here's a quick look at how some of the key financial metrics related to revenue streams looked in the recent past, which gives you context for the revenue-generating segments:

Metric (R$ or %)	3 Months Ended Sep 30, 2025 (3Q25)	3 Months Ended Jun 30, 2025 (2Q25)	3 Months Ended Mar 31, 2025 (1Q25)
Total Operating Revenue (R$ million)	5,737.0	4,942.3	5,400.0
Passenger Revenue (R$ million)	5,294.0	Not Explicitly Separated	Not Explicitly Separated
Business Units Contribution to EBITDA (%)	Not Explicitly Stated	37.5%	35.0%

The primary customer segments Azul targets, based on their established market focus, include:

• - Domestic Leisure Travelers, representing approximately 65% of passenger traffic.
• - Business Professionals and Corporate Clients (approx. 25% of passenger revenue).
• - Passengers in underserved regional Brazilian markets. This segment is core to Azul's initial strategy, as the airline is the only operator on roughly 81% of its routes as of 2024, connecting more than 130 Brazilian cities.
• - International Travelers on routes to the U.S. and Europe. International capacity saw a substantial increase of 36.8% year-over-year in 2Q25, and the focus is now strongly on the U.S. market after suspending the Paris (ORY) route.

The airline remains the domestic leader in Brazil by departing frequencies, holding a nearly 40% share. You should note that Azul is currently the third-largest airline in Brazil by international passengers carried year-to-date in 2025. Finance: draft 13-week cash view by Friday.

Azul S.A. (AZUL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Azul S.A.'s operations, especially as the company works through its Chapter 11 reorganization. The cost structure is heavily weighted toward fixed commitments, which is typical for an airline, but recent restructuring efforts aim to shift this balance.

The fixed cost base is substantial, stemming primarily from aircraft lease obligations and depreciation. While Azul has been actively renegotiating these terms, such as the extensive settlement with its largest lessor, AerCap, which provided over $1 billion in cost savings, the underlying commitment remains significant. Depreciation and amortization is a key non-cash fixed cost; for instance, in the third quarter of 2025 (3Q25), this line item increased by 14.6% year-over-year, reflecting the fleet transformation process. To give you a sense of the scale of fixed commitments, the company's total operating expenses in 3Q25 reached R$4.47 billion.

Variable costs are dominated by jet fuel, which is highly sensitive to both global commodity prices and the local currency exchange rate. As per the required data point for the period, variable costs are dominated by jet fuel (Q3 2025: R$1.370 billion). This is a major component of the overall operating expense base, though fuel costs in 3Q25 did decrease by 8.3% year-over-year due to a 13.2% drop in the fuel price per liter.

Financial expenses represent another critical, non-operational cost area, heavily influenced by the depreciating Brazilian Real. Azul ended 3Q25 with a gross debt of R$37.3 billion, reflecting new debtor-in-possession (DIP) financing as part of its ongoing restructuring. The company's net debt to EBITDA ratio stood at 5.1x at the quarter end. The impact of currency fluctuation is clear when looking at related line items; for example, in the second quarter of 2025 (2Q25), foreign currency exchange net impact was a significant gain of R$1,775.1 million, highlighting the volatility associated with dollar-denominated liabilities.

Maintenance and repairs are defintely impacted by the depreciating Brazilian Real, as many parts and services are dollar-denominated. This pressure is compounded by the need to service a growing fleet. Here is a look at how some key cost components trended in recent quarters, showing the scale of the expense base:

Cost Component	Period	Amount (R$ million)	Context/Change
Aircraft Fuel	Q3 2025 (Required)	1,370.0	Variable cost driver
Aircraft Fuel	Q2 2025	1,388.7	Increased 1.1% YoY despite lower price per liter
Aircraft Fuel	Q4 2024	1,362.7	Decreased 9.9% YoY
Total Operating Expenses	Q3 2025	4,470.0	Up 8.9% YoY
Depreciation & Amortization	Q3 2025	N/A	Increased 14.6% YoY
Depreciation & Amortization	Q1 2025	200.7 (Increase)	Increased 32.7% YoY

The restructuring process is specifically designed to address these fixed and financial burdens. The updated Business Plan projects the company will emerge from Chapter 11 with a net leverage of 2.5x, significantly lower lease liabilities, and lower aircraft lease payments, aiming for a more competitive cost structure moving forward.

You should review the impact of the expected 4.2% inflation for 2025 on local costs like salaries and SG&A, which are also part of the overall expense base.

Azul S.A. (AZUL) - Canvas Business Model: Revenue Streams

You're looking at how Azul S.A. brings in the cash flow to power its massive network across Brazil, and it's definitely more than just selling seats.

The core of the business remains the movement of people. Passenger Ticket Sales generated R$5,294.1 million in the third quarter of 2025, contributing significantly to the total operating revenue of R$5,737.0 million for that same period. For the first nine months of 2025, total operating revenue hit R$16,073.8 million.

Here's a quick breakdown of the major components making up that top-line number for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (R$ million)	Year-over-Year Change (%)
Passenger Revenue	5,294.1	11.2%
Cargo/Other Revenue	442.9	20.7%
Total Operating Revenue	5,737.0	11.8%

Ancillary revenue is a critical, high-margin component that diversifies the income base beyond the ticket price. For instance, in the second quarter of 2025, these non-ticket sources, which include things like baggage fees and seat selection, accounted for 22.5% of the Unit Revenue (RASK). This segment showed strong growth, with ancillary revenue itself growing 21% year-over-year in 2Q25.

The logistics arm, Azul Cargo Express, is another distinct revenue stream that shows resilience. Its net revenue for Q3 2025 was reported at R$442.9 million, marking a 20.7% increase compared to the third quarter of 2024. This unit is strategically positioned, with expectations that e-commerce could represent up to 50% of its total revenue by the end of 2025.

The company also monetizes its customer base through its loyalty program, TudoAzul. This involves the Sale of loyalty points, often through co-branded credit card partnerships, which drives engagement and provides upfront cash flow. In 3Q25, the broader business units, which encompass cargo and loyalty alongside ancillary sales, represented 25.3% of RASK and contributed 29.7% of the period's EBITDA.

You can see the importance of these non-ticket streams by looking at the growth rates:

• Passenger Ticket Sales (Q3 2025: R$5.29 billion).
• Ancillary Revenue (e.g., baggage fees, seat selection, accounting for 22.5% of RASK in 2Q25).
• Cargo Services via Azul Cargo Express (Q3 2025: R$442.9 million).
• Sale of loyalty points through the TudoAzul program.

Finance: draft 13-week cash view by Friday.