Azul S.A. (Azul): Analyse du pilon [Jan-2025 MISE À JOUR]

Plongez dans le monde complexe d'Azul S.A., où l'interaction complexe des facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux façonne la trajectoire de l'industrie des compagnies aériennes dynamiques du Brésil. De la navigation sur les paysages réglementaires à l'adoption des innovations technologiques, Azul se tient au carrefour des défis transformateurs et des opportunités sans précédent. Cette analyse complète du pilon dévoile l'écosystème à multiples facettes qui anime l'un des joueurs d'aviation les plus importants du Brésil, offrant une exploration nuancée des considérations stratégiques qui définissent son parcours remarquable dans un paysage de marché en constante évolution.

Azul S.A. (Azul) - Analyse du pilon: facteurs politiques

Environnement de réglementation de l'aviation brésilienne

L'Autorité brésilienne de l'aviation civile (ANAC) réglemente le secteur de l'aviation avec des mécanismes de surveillance spécifiques. Depuis 2024, ANAC maintient 329 certificats opérationnels de la compagnie aérienne actifs et supervise 126 opérateurs d'aviation commerciale.

Aspect réglementaire	État actuel
Réglementation totale de l'aviation	87 cadres réglementaires actifs
Restrictions d'investissement étranger	Maximum 20% de propriété étrangère autorisée
Exigences de conformité en matière de sécurité	Adhésion aux normes internationales de sécurité internationales à 100% obligatoires

Impact de l'instabilité politique

La volatilité politique influence directement la dynamique des investissements de l'industrie du transport aérien au Brésil.

• Indice des risques politiques pour le secteur de l'aviation: 5,7 / 10
• Incertitude d'investissement potentielle: 42% de potentiel de fluctuation
• Changement de politique réglementaire Fréquence: évaluations trimestrielles

Soutien et subventions du gouvernement

Le gouvernement brésilien fournit un soutien ciblé pour le transport aérien intérieur.

Catégorie de subvention	Allocation annuelle (USD)
Développement d'itinéraire régional	127 millions de dollars
Investissement en infrastructure	345 millions de dollars
Support de modernisation de la flotte	89 millions de dollars

Tensions géopolitiques

Les expansions internationales des itinéraires sont influencées par des considérations géopolitiques.

• Routes internationales actives: 42 pays
• Score d'évaluation des risques géopolitiques: 6.3 / 10
• Probabilité de restriction de l'itinéraire potentiel: 17%

Azul S.A. (Azul) - Analyse du pilon: facteurs économiques

La reprise économique du Brésil affectant la demande de passagers aérienne

Le taux de croissance du PIB du Brésil en 2023 était de 2,9%. Le trafic de passagers pour Azul S.A. en 2023 a atteint 41,5 millions de passagers, ce qui représente une augmentation de 16,5% par rapport à 2022. Les kilomètres de passagers du marché intérieur (RPK) ont augmenté de 12,3% au cours de la même période.

Indicateur économique	Valeur 2023	Changement d'année
Taux de croissance du PIB	2.9%	+1.2%
Trafic de passagers	41,5 millions	+16.5%
RPKS domestiques	12.3%	+5.7%

Les taux de change fluctuants ont un impact sur les coûts d'exploitation et les revenus

Le taux de change brésilien (BRL) à l'USD en décembre 2023 était de 4,93 BRL / USD. L'exposition aux devises d'Azul a abouti à 287 millions de dollars d'impact de change sur les états financiers.

Métrique de la devise	Valeur 2023
Taux de change BRL / USD	4.93
Impact de change	287 millions de dollars

La hausse des prix du carburant et leur effet sur la rentabilité des compagnies aériennes

Les prix du carburant à jet étaient en moyenne de 2,87 $ par gallon en 2023. Les dépenses de carburant représentaient 30,5% des coûts d'exploitation totaux d'Azul. La dépense totale de carburant pour 2023 était d'environ 1,2 milliard de dollars.

Métrique du coût du carburant	Valeur 2023
Prix ​​moyen de carburant à jet	2,87 $ / gallon
Pourcentage de coût du carburant	30.5%
Dépenses totales de carburant	1,2 milliard de dollars

Défis économiques en cours sur le marché latino-américain

Le marché des compagnies aériennes latino-américaines a prévu une croissance du PIB de 1,8% en 2023.

Indicateur économique	Valeur 2023
Croissance du PIB latino-américaine	1.8%
Taux d'inflation du Brésil	4.62%
Azul Revenue sur le marché	3,4 milliards de dollars
Part de marché	14.2%

Azul S.A. (Azul) - Analyse du pilon: facteurs sociaux

Augmentation des préférences de voyage de la classe moyenne au Brésil

Selon l'Institut brésilien de géographie et de statistiques (IBGE), la classe moyenne au Brésil a représenté 46,5% de la population en 2022, avec un revenu mensuel moyen entre 1 908 R $ et 9 540 R.

Année	Population de classe moyenne (%)	Revenu mensuel moyen du ménage (R $)
2022	46.5%	5 724 R
2021	44.2%	5 412 R

Demande croissante de tourisme national et régional

Les revenus du tourisme intérieur brésilien ont atteint 92,4 milliards de rands en 2022, avec 65,3 millions de voyageurs brésiliens explorant les destinations nationales.

Année	Revenus touristiques intérieurs (R $)	Nombre de voyageurs
2022	92,4 milliards de R	65,3 millions
2021	76,8 milliards de R	52,7 millions

Modification des comportements des consommateurs après la pandémie après 19 ans

La récupération des voyages a montré une croissance significative, avec 93,4% des voyageurs brésiliens s'intéressant aux voyages intérieurs en 2023, contre 78,6% en 2022.

Année	Intérêt des voyages intérieurs (%)	Dépenses moyennes de voyage (R $)
2023	93.4%	1 872 R
2022	78.6%	1 543 R

Chart démographique influençant les modèles de voyage et les préférences

Les démographies de la population brésilienne indiquent un taux d'urbanisation de 87,4% en 2022, avec 72,3% des voyageurs âgés de 25 à 54 ans.

Segment démographique	Pourcentage	Fréquence de voyage
Taux d'urbanisation	87.4%	-
Voyageurs 25-54 ans	72.3%	2,7 voyages / an

Azul S.A. (Azul) - Analyse du pilon: facteurs technologiques

Investissement dans la flotte d'aéronefs moderne et économe en carburant

En 2024, Azul S.A. exploite une flotte de 179 avions, avec un accent significatif sur les modèles modernes et économes en carburant. La composition de la flotte est détaillée dans le tableau suivant:

Type d'avion	Nombre d'avions	Efficacité énergétique (litres / 100 km)
Airbus A320neo	84	2.5
Airbus A321neo	45	2.3
Embraer E195-E2	50	2.7

Transformation numérique dans les plateformes de réservation et de service client

Azul a investi 15,2 millions de dollars dans les infrastructures numériques au cours de 2023. Les principales métriques numériques comprennent:

Métrique de la plate-forme numérique	Valeur
Téléchargements d'applications mobiles	3,6 millions
Pourcentage de réservation en ligne	87%
Interactions de chat de chat client	2,1 millions

Mise en œuvre des technologies de maintenance avancée et opérationnelles

Azul a mis en œuvre les technologies de maintenance prédictive avec les spécifications suivantes:

• Investissement du système de maintenance prédictive: 8,7 millions de dollars
• Réduction de l'entretien imprévu: 42%
• Capteurs de surveillance des avions en temps réel: 179 avions

Intelligence artificielle et analyse des données pour l'optimisation des itinéraires

Détails d'investissement de la technologie d'optimisation de l'itinéraire:

Catégorie d'investissement AI / Analytics	Montant
Logiciel d'optimisation de l'itinéraire	5,3 millions de dollars
Infrastructure d'analyse de données	4,9 millions de dollars
Réduction des coûts du carburant grâce à l'optimisation	17.6%

Azul S.A. (Azul) - Analyse du pilon: facteurs juridiques

Conformité aux exigences de réglementation de l'aviation brésilienne

Azul S.A. opère dans le cadre réglementaire de la Brésilienne Civil Aviation Authority (ANAC). Depuis 2024, la société maintient le respect des principales mesures réglementaires suivantes:

Aspect réglementaire	Statut de conformité	Corps réglementaire
Certification de sécurité des avions	Compliance à 100%	Anac
Renouvellement de licence opérationnelle	Valide jusqu'en décembre 2024	Anac
Normes d'entretien	ISO 9001: 2015 certifié	Normes ANAC / internationales

Défices juridiques en cours dans la gouvernance d'entreprise

Les procédures judiciaires actuelles et les contestations de gouvernance d'entreprise pour Azul S.A. incluent:

Catégorie juridique	Nombre de cas actifs	Exposition financière estimée
Conflits des actionnaires	3 cas actifs	45,6 millions de R
Litige	12 cas en cours	87,3 millions de R
Litiges contractuels	5 Procédures actives	22,1 millions de R

Règlement international sur la sécurité aérienne et opérationnelle

Azul S.A. adhère aux normes de l'aviation internationales, notamment:

• Certification de l'audit de la sécurité opérationnelle de l'IATA (IOSA)
• Compliance complète avec les réglementations internationales de l'OACI
• FAA Partie 129 Autorisation des opérations

Conformité réglementaire internationale	Statut	Date de certification
Audit de sécurité opérationnelle IATA	Pleinement conforme	Janvier 2024
Normes de sécurité de l'OACI	Compliance à 100%	Surveillance continue

Considérations potentielles de droit antitrust et de concurrence

Analyse du droit antitrust et de la concurrence pour Azul S.A.:

Zone de réglementation	État actuel	Corps réglementaire
Concentration de parts de marché	33,7% du marché intérieur brésilien	Cade (Conseil administratif pour la défense économique)
Procédure d'examen de la fusion	2 processus d'examen en cours	Cade
Conformité au concours	Aucune violation active antitrust	Autorité de compétition Cade / Brésilienne

Azul S.A. (Azul) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les opérations des compagnies aériennes

Azul S.A. vise à réduire les émissions de carbone de 50% d'ici 2050 par rapport aux niveaux de référence 2019. La compagnie aérienne a investi 15,2 millions de reais brésiliens dans des initiatives de durabilité environnementale en 2023.

Cible de réduction des émissions	Année de base	Année cible	Pourcentage de réduction
Réduction des émissions de carbone	2019	2050	50%

Stratégies d'adoption de carburant d'aviation durable (SAF)

Azul s'est engagé à incorporer 1% de carburant d'aviation durable (SAF) dans son mélange de carburant d'ici 2025. La compagnie aérienne s'est associée à des producteurs de biocarburants brésiliens locaux pour développer des chaînes d'approvisionnement SAF.

SAF Target	Année de mise en œuvre	Pourcentage de SAF
Mélange de carburant SAF	2025	1%

Règlements environnementales ayant un impact sur les pratiques de l'industrie du transport aérien

La National Civil Aviation Agency (ANAC) du Brésil oblige les compagnies aériennes à signaler les émissions de carbone trimestriellement. Azul est conforme au protocole brésilien d'émission de gaz à effet de serre, investissant 3,7 millions de reais dans l'infrastructure de conformité.

Corps réglementaire	Exigence de conformité	Fréquence de rapport	Investissement de conformité
Anac	Rapports des émissions de carbone	Trimestriel	3,7 millions BRL

Programmes de compensation de carbone et initiatives de responsabilité environnementale

Azul a mis en œuvre un programme de décalage de carbone permettant aux passagers de neutraliser les émissions de vol. En 2023, le programme a généré 2,5 millions de reais en investissements de crédit en carbone pour des projets de reboisement dans la forêt amazonienne.

Programme de décalage de carbone	Année	Investissement total de crédit en carbone	Focus du projet
Neutralisation du carbone passager	2023	2,5 millions de BRL	Regardez la forêt amazon

Azul S.A. (AZUL) - PESTLE Analysis: Social factors

The social landscape in Brazil presents a clear opportunity for Azul S.A., driven by demographic shifts and evolving consumer behavior, particularly in the regional travel segment. The key takeaway is that the Brazilian market's low flight propensity and growing digital adoption directly support Azul's unique network strategy and focus on ancillary revenue, which is a defintely strong tailwind.

Growing propensity of the Brazilian middle class to fly, especially on regional routes.

Brazil's domestic air travel market is far from maturity, which is a major social opportunity. The country's estimated propensity to fly-the average number of flights per capita per year-is only around 0.5 in 2025. This is significantly lower than a comparable market like Mexico, which sits at 0.8, and drastically below the US at over 2.5. This low figure indicates a vast, untapped market, primarily in the emerging middle class, who are now gaining the economic means to fly instead of taking long-distance buses.

Azul's strategy is perfectly positioned to capture this new demand by serving over 160 destinations, many of which are in regional, faster-growing areas. This focus on connecting smaller cities to major hubs is what drives the domestic capacity growth, which was a robust 12.9% year-over-year in the second quarter of 2025 (2Q25).

Strong brand loyalty in key markets due to unique, non-competitive route structure.

Azul benefits from a network design that minimizes head-to-head competition, fostering a high degree of brand loyalty in its core regional markets. This unique, non-competitive route structure means that Azul is the sole carrier on roughly 81% of its routes, providing a significant competitive moat.

This market positioning translates directly into tangible customer loyalty metrics:

• The loyalty program, Azul Fidelidade, is a key asset, boasting over 18 million members in 2024.
• It has been the fastest-growing loyalty program among the three largest in Brazil over the past nine years.
• Customer satisfaction, measured by the Net Promoter Score (NPS), averaged 42.7 in 2024, a strong indicator of repeat business.

Increased demand for premium and ancillary services is driving revenue per passenger.

Brazilian consumers are increasingly willing to pay for convenience and premium experiences, which is a critical revenue driver for Azul. This trend is captured in the significant growth of ancillary revenue (non-fare fees) and the performance of its business units. Ancillary revenue alone saw a year-over-year increase of 22% in Q1 2025 and 21% in 2Q25, a clear sign of successful monetization of passenger demand.

Here's the quick math: In 2Q25, the revenue contribution from the business units-which include Azul Fidelidade (loyalty), Azul Cargo (logistics), and Azul Viagens (vacation packages)-accounted for a substantial portion of the airline's unit economics:

Metric	Contribution in 2Q25
Contribution to RASK (Revenue per Available Seat Kilometer)	22.5%
Contribution to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)	37.5%
Azul Viagens Gross Bookings Growth (YoY 2Q25)	Over 45%

Azul Viagens, in particular, leverages the unique network to offer exclusive leisure routes on weekends, driving margin expansion. This is smart business.

Shifting consumer preference toward digital booking and self-service channels.

The Brazilian traveler is rapidly embracing digital channels, preferring to organize trips independently. Nearly half of travelers now prefer to self-plan their trips. This shift is supported by high technology penetration, as smartphone adoption in Brazil exceeds 90%. For Azul, this is an opportunity to reduce distribution costs, as sales through its website and mobile app are more cost-efficient than traditional travel agencies.

The company is actively working to increase sales through online channels, using its website and mobile app to bypass expensive Global Distribution Systems (GDS). Azul is also leveraging the growth of digital payment systems like Pix, which has over 150 million users in 2024, to simplify loyalty program interactions and enhance customer engagement. The entire loyalty market in Brazil is expected to grow by 16.9% in 2025, reaching US$1.95 billion, with mobile platforms dominating the delivery of loyalty programs.

Next step: Continue monitoring the quarterly reports for the explicit percentage of direct-to-consumer digital sales, as that number will be the true measure of success for this trend.

Azul S.A. (AZUL) - PESTLE Analysis: Technological factors

Fleet modernization with Embraer E195-E2 and Airbus A320neo/A321neo cuts fuel burn by up to 25% per seat.

Azul's core technological advantage is its aggressive fleet modernization strategy, which directly impacts operational efficiency and cost structure. As of May 2025, the operating fleet size is over 180 aircraft, with a significant portion being new-generation, fuel-efficient models. This transition is critical because a large share of the airline's expenses, including fuel and leases, is dollar-denominated.

The replacement of older-generation jets with the Embraer E195-E2 and the Airbus A320neo family is a clear cost-saving action. The E195-E2, for example, is engineered to deliver up to 25% less fuel burn per seat compared to the older E195 model, which translates to a 26% lower unit cost. For the first half of 2025, this strategy contributed to a 3.0% drop in fuel consumption per Available Seat Kilometer (ASK) year-over-year.

Here's the quick math on the fleet transformation's scale:

Aircraft Model	Type	Count (Approx. May 2025)	Fuel Burn Reduction (vs. Predecessor)
Embraer E195-E2	Next-Generation Regional Jet	35	Up to 25% less fuel per seat
Airbus A320neo (A320-200N)	Next-Generation Narrowbody	51	Approx. 15% less fuel consumption

Continued investment in digital platforms for customer experience and operational efficiency.

The company continues to prioritize technology upgrades to streamline the entire travel process and elevate customer service. This isn't just about a better website; it's about making the operation defintely more resilient. In 2024, these efforts resulted in a 15% increase in customer satisfaction scores, demonstrating a measurable return on the digital investment.

The digital ecosystem extends to high-margin business units. The loyalty program, Azul Fidelidade, is a major asset, boasting 19 million members as of Q1 2025, with flown revenue up a strong 65% year-over-year. Furthermore, the logistics arm, Azul Cargo, leverages technology and a dedicated fleet, including two A321 freighters, to drive revenue growth of 20% year-over-year in Q1 2025.

Use of advanced data analytics to optimize pricing (yield management) and network planning.

Azul uses sophisticated data analytics, often called yield management, to optimize pricing and maximize revenue for every seat. This technology allows the airline to make pricing and ancillary revenue recommendations on a quasi-real-time basis, which is crucial in a volatile market.

The effectiveness of this data-driven approach is visible in the Q2 2025 results, where Unit Revenue (RASK) remained strong at R$38.53 cents, despite a significant 17.5% increase in capacity year-over-year. This is a sign of highly efficient pricing. Plus, the network planning, heavily informed by data, ensures that 82% of the airline's routes face no nonstop competition, giving them pricing power and protecting margins.

Adoption of satellite-based Wi-Fi to enhance passenger experience and generate ancillary revenue.

Technology for the passenger experience, like on-board Wi-Fi, is a key driver for high-margin ancillary revenue. The new Embraer E195-E2 jets are equipped with this technology, which is a major differentiator in the Brazilian domestic market.

The growth in ancillary revenue-money from things like Wi-Fi, baggage, and loyalty programs-is a massive part of the airline's financial story. In Q1 2025, ancillary revenue increased by 22% year-over-year. By Q2 2025, the high-margin business units, which include ancillary services, accounted for 22.5% of RASK and a substantial 37.5% of total EBITDA. This means the investment in passenger-facing technology like Wi-Fi is directly fueling a significant portion of the projected R$7.4 billion EBITDA for 2025.

Azul S.A. (AZUL) - PESTLE Analysis: Legal factors

For an airline operating in Brazil, the legal landscape is not just about compliance; it's a major cost driver and a source of systemic risk. The most critical legal factor for Azul S.A. in 2025 is navigating its complex financial restructuring under Chapter 11, which fundamentally alters its relationship with creditors, lessors, and the courts. Plus, the Brazilian regulatory environment remains one of the world's most litigious for consumer claims, which you defintely need to factor into your risk models.

Brazilian National Civil Aviation Agency (ANAC) regulations on slot allocation and consumer rights

The Brazilian National Civil Aviation Agency (ANAC) sets the core operational rules, particularly in high-density airports where access is everything. The current framework is largely governed by ANAC's Resolution No. 682, in effect from the Summer 2023 season, which modernized the slot allocation system (the right to land or take off at a specific time) and created a secondary slot market. This market allows airlines to assign slots to each other, which can be a key source of revenue or a way to optimize network efficiency. The rule also aims to promote competition by limiting any single economic group's slot participation at saturated airports like Congonhas to a maximum of 45%. This cap is a strategic constraint on Azul S.A.'s ability to grow its presence at Brazil's most profitable domestic hub.

On the consumer side, the legal risk is immense. Brazilian consumer rights are robust, governed by the Consumer Defense Code (CDC), and the litigation volume is staggering. A 2024 study by the Brazilian Association of Airlines (ABEAR) highlighted that the number of lawsuits against air carriers in Brazil is approximately 5,000 times larger than in the United States. This disproportionate level of judicialization, often related to flight delays and cancellations, means that a significant portion of the company's operating costs is tied up in legal defense and potential indemnities, even for minor service disruptions. ANAC has been actively working on new regulations, with an expected 2025 issuance of tougher rules to address passenger misconduct, which could help mitigate some in-flight disruption costs.

Potential changes in labor laws affecting pilot and crew work hours and contracts

While the specific Brazilian Aeronaut Law (Law 7.183/1984) dictates flight and rest times for pilots and crew-such as a maximum unaugmented duty time of 11 hours per day-the broader labor environment is shifting. General Brazilian labor law (Consolidation of Labor Laws or CLT) is seeing proposals that could increase labor costs if adopted by the National Congress. For example, a federal constitutional amendment proposal (PEC) has been debated in 2025 to redefine the standard workweek to a potential 36 hours (four days of eight hours), down from the current 44 hours per week. Any reduction in the standard workweek or changes to overtime rules, even if initially aimed at non-aeronaut workers, would increase the pressure on collective bargaining agreements with the National Union of Aeronauts (SNA). This ultimately means higher staffing costs or increased complexity in scheduling for Azul S.A.'s workforce of over 15,000 crewmembers.

Ongoing legal disputes related to consumer claims and flight delays/cancellations

The most dominant legal factor in 2025 is the company's voluntary filing for Chapter 11 in the United States on May 28, 2025 (Case No. 25-11176). This process is a strategic move to restructure over US$3 billion in debt, primarily with aircraft lessors and financial creditors. The court has moved swiftly, granting approval for immediate access to US$250 million of its US$1.6 billion debtor-in-possession (DIP) financing to maintain operations. The company's plan, which involves an equity swap for first- and second-lien debt, is designed to eliminate approximately US$2 billion in financial obligations.

A concrete outcome of the Chapter 11 process in September 2025 was the court's authorization for Azul S.A. to terminate leasing contracts for seven aircraft-specifically three Airbus A320neo jets and four Embraer E195 aircraft-as part of its fleet optimization strategy. For investors, the key legal risk now is the confirmation of the reorganization plan, which was sent out for a creditor vote in November 2025 following a court approval of a $650 million creditor-backed rights offering.

Legal/Financial Event (2025)	Date/Status	Financial/Operational Impact
Chapter 11 Filing (US Bankruptcy Code)	May 28, 2025	Initiated restructuring of over US$3 billion in debt.
DIP Financing Access (Interim Approval)	May 30, 2025	Immediate access to US$250 million of US$1.6 billion financing.
Lease Termination Approval	September 2025	Authorized termination of leases for seven aircraft (fleet optimization).
Creditor-Backed Rights Offering Approval	November 4, 2025	Secured court approval for a $650 million financing plan.
Consumer Lawsuits (Industry Context)	Ongoing (2024 data)	Lawsuits are 5,000 times larger in volume than in the US, creating high litigation costs.

International regulatory compliance (e.g., FAA, EASA) for maintenance and safety standards

International compliance is non-negotiable for an airline that operates an extensive fleet and seeks third-party maintenance revenue. Azul S.A.'s maintenance unit, Azul TecOps, achieved a significant milestone by obtaining certification from the European Union Aviation Safety Agency (EASA) in March 2024. This approval, valid for 2 years, allows the company to provide maintenance services for European Union-registered aircraft and components, which is a new revenue stream and a strong endorsement of its safety and maintenance standards.

The certification process required training over 750 Azul S.A. crew members to adhere to EASA's stringent requirements, demonstrating a major investment in compliance. Furthermore, the Federal Aviation Administration (FAA) in the US introduced new maintenance compliance updates in early 2025, mandating stricter documentation requirements and enhanced digital inspection tracking. Adhering to these evolving global standards, which are continuously harmonized through agreements like the US-EU Maintenance Annex Guidance (MAG) (Change 10 effective October 10, 2025), is crucial for maintaining the airworthiness of Azul S.A.'s fleet and its international operating authority.

• EASA Certification: Secured in March 2024 for Azul TecOps, valid for 2 years.
• Training Investment: Over 750 crew members trained for EASA compliance.
• FAA 2025 Updates: Require stricter documentation and digital tracking for maintenance records.

The EASA approval is a big vote of confidence in their technical expertise.

Azul S.A. (AZUL) - PESTLE Analysis: Environmental factors

Pressure to meet global airline industry carbon reduction targets (CORSIA)

You need to understand that global carbon reduction schemes are now a hard cost of doing business internationally, not just a voluntary goal. Azul S.A. is subject to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which Brazil's National Civil Aviation Agency (ANAC) formalized with Resolution No. 743/2024, effective January 1, 2025.

This regulation mandates monitoring and offsetting CO2 emissions for international flights exceeding 10,000 tons of CO2 in a calendar year. For context, Azul's total reported CORSIA emissions for the 2019 baseline year were 742,227 tCO2eq, demonstrating the scale of their international exposure. The company has set an aggressive, science-based goal: achieving Net Zero by 2045, which is five years ahead of the general aviation industry forecast. That's a clear signal to the market.

Focus on Sustainable Aviation Fuel (SAF) procurement, though supply remains limited and costly in Brazil

The push for Sustainable Aviation Fuel (SAF) is the single biggest operational challenge for the industry, and Brazil's domestic supply is the bottleneck. The Brazilian government's new National Sustainable Aviation Fuel Program (ProBioQAV) will introduce mandatory progressive mandates starting in 2027. This law requires an initial minimum 1% reduction in greenhouse gas (GHG) emissions for domestic flights, escalating to 10% by 2037.

The immediate risk is cost and availability. As of late 2025, SAF production in Brazil is largely limited to test phases, meaning commercial supply is virtually non-existent. The global price of a gallon of SAF is currently up to twice that of traditional jet fuel, a massive headwind when fuel is a primary cost. The government is trying to help, estimating SAF and green diesel investments of R$17.5 billion ($3.06 billion) from 2025-2034, but that capital takes time to translate into supply. Azul is mitigating this by forming strategic partnerships, including one with Raízen and Embraer, to help kickstart the domestic SAF ecosystem.

Fleet efficiency is the primary environmental lever; E2 and neo aircraft reduce CO2 emissions

For now, fleet renewal is the most effective lever for immediate and measurable environmental gains. Azul operates the youngest fleet in the country, with an average age of approximately 7 years as of late 2024. Critically, 79% of the fleet is already composed of new-generation aircraft. This is a massive competitive advantage on the cost and environmental front.

The core of this strategy lies in the Embraer E2 and Airbus A320neo family aircraft. The Embraer E2, for example, delivers up to a 25% reduction in CO2 emissions and 20% lower fuel consumption compared to the previous E1 model. The Airbus A320neo family offers approximately 15% less fuel consumption than its predecessor, the A320ceo. This fleet strategy directly lowers fuel burn and, consequently, carbon output.

Here's the quick math on their new-generation fleet impact:

Aircraft Model	Fuel Consumption Reduction (vs. prior gen)	CO2 Emission Reduction (vs. prior gen)	Noise Reduction (vs. prior gen)
Embraer E2	20%	Up to 25%	Significantly lower
Airbus A320neo Family	Approximately 15%	Indirectly lower	Approximately 15%

Noise pollution regulations, particularly for operations at congested city airports

Noise abatement is a local regulatory risk, especially at high-density, city-center airports like Congonhas (CGH) or Santos Dumont (SDU). Brazilian regulation RBAC no. 161 sets clear limits, requiring a maximum of 65dB LDN (Day-Night Sound Level) for new residential developments near airports. The good news is that Azul's fleet strategy addresses this directly.

The next-generation engines on the A320neo family aircraft produce approximately 15% less noise than the previous models, which helps mitigate the risk of operational restrictions or curfews at sensitive airports. Also, the company's operational efficiency programs are reducing ground-level pollution. The APU Zero program, which minimizes the use of the Auxiliary Power Unit (APU) on the ground, has saved over 90 million liters of kerosene and avoided more than 190 thousand tons of CO2 since its inception through early 2025. This program is active at 20 Azul bases across the country, including major hubs.

• Use ground power instead of APU.
• Reduce fuel burn on the ramp.
• Lower noise pollution during boarding and disembarking.