Azul S.A. (Azul): Análise de Pestle [Jan-2025 Atualizado]

Mergulhe no mundo intrincado de Azul S.A., onde a complexa interação de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais moldam a trajetória do setor de companhias aéreas dinâmicas do Brasil. Desde a navegação de paisagens regulatórias até a adoção de inovações tecnológicas, Azul fica na encruzilhada de desafios transformadores e oportunidades sem precedentes. Esta análise abrangente de pestles revela o ecossistema multifacetado que impulsiona um dos jogadores de aviação mais proeminentes do Brasil, oferecendo uma exploração diferenciada das considerações estratégicas que definem sua notável jornada em um cenário de mercado em constante evolução.

Azul S.A. (Azul) - Análise de Pestle: Fatores Políticos

Ambiente regulatório da aviação brasileira

A Autoridade de Aviação Civil brasileira (ANAC) regula o setor de aviação com mecanismos específicos de supervisão. A partir de 2024, a ANAC mantém 329 certificados operacionais de companhias aéreas ativas e supervisionam 126 operadores de aviação comercial.

Aspecto regulatório	Status atual
Regulamentos totais de aviação	87 estruturas regulatórias ativas
Restrições de investimento estrangeiro	Máximo de 20% de propriedade estrangeira permitida
Requisitos de conformidade de segurança	100% de aderência de padrões de segurança internacional obrigatória

Impacto de instabilidade política

A volatilidade política influencia diretamente a dinâmica de investimento da indústria aérea no Brasil.

• ÍNDICE DE RISCOS POLÍTICOS PARA SETOR DE AVIATION: 5.7/10
• Potencial incerteza de investimento: 42% de potencial de flutuação
• Frequência de mudança de política regulatória: avaliações trimestrais

Apoio e subsídios do governo

O governo brasileiro fornece apoio direcionado ao transporte aéreo doméstico.

Categoria de subsídio	Alocação anual (USD)
Desenvolvimento de rota regional	US $ 127 milhões
Investimento de infraestrutura	US $ 345 milhões
Suporte de modernização da frota	US $ 89 milhões

Tensões geopolíticas

As expansões de rotas internacionais são influenciadas por considerações geopolíticas.

• Rotas internacionais ativas: 42 países
• Pontuação de avaliação de risco geopolítico: 6.3/10
• Probabilidade potencial de restrição de rota: 17%

Azul S.A. (Azul) - Análise de pilão: Fatores econômicos

A recuperação econômica do Brasil afetando a demanda de passageiros das companhias aéreas

A taxa de crescimento do PIB do Brasil em 2023 foi de 2,9%. O tráfego de passageiros para Azul S.A. em 2023 atingiu 41,5 milhões de passageiros, representando um aumento de 16,5% em relação a 2022. Os quilômetros de passageiros de mercado doméstico (RPKs) cresceram 12,3% no mesmo período.

Indicador econômico	2023 valor	Mudança ano a ano
Taxa de crescimento do PIB	2.9%	+1.2%
Tráfego de passageiros	41,5 milhões	+16.5%
RPKs domésticos	12.3%	+5.7%

Taxas de câmbio flutuantes que afetam os custos operacionais e receita

A taxa de câmbio Real (BRL) para USD em dezembro de 2023 foi de 4,93 BRL/USD. A exposição à moeda estrangeira de Azul resultou em US $ 287 milhões em impacto cambial em demonstrações financeiras.

Métrica de moeda	2023 valor
Taxa de câmbio BRL/USD	4.93
Impacto em câmbio	US $ 287 milhões

Crescente preços de combustível e seu efeito na lucratividade das companhias aéreas

Os preços dos combustíveis a jato tiveram uma média de US $ 2,87 por galão em 2023. As despesas com combustível representaram 30,5% dos custos operacionais totais da Azul. A despesa total de combustível para 2023 foi de aproximadamente US $ 1,2 bilhão.

Métrica de custo de combustível	2023 valor
Preço médio de combustível de jato	US $ 2,87/galão
Porcentagem de custo de combustível	30.5%
Despesa total de combustível	US $ 1,2 bilhão

Desafios econômicos em andamento no mercado latino -americano

O mercado de companhias aéreas da América Latina projetou o crescimento do PIB de 1,8% em 2023. A taxa de inflação do Brasil foi de 4,62% ​​em 2023. A receita de Azul no mercado latino -americano atingiu US $ 3,4 bilhões, com uma participação de mercado de 14,2%.

Indicador econômico	2023 valor
Crescimento do PIB latino -americano	1.8%
Taxa de inflação do Brasil	4.62%
Receita Azul no mercado	US $ 3,4 bilhões
Quota de mercado	14.2%

Azul S.A. (Azul) - Análise de pilão: Fatores sociais

Aumentando as preferências de viagem de classe média no Brasil

De acordo com o Instituto Brasileiro de Geografia e Estatística (IBGE), a classe média no Brasil representou 46,5% da população em 2022, com uma renda média média das famílias entre R $ 1.908 e R $ 9.540.

Ano	População de classe média (%)	Renda familiar média mensal (R $)
2022	46.5%	R $ 5.724
2021	44.2%	R $ 5.412

Crescente demanda por turismo doméstico e regional

A receita do turismo doméstico brasileiro atingiu R $ 92,4 bilhões em 2022, com 65,3 milhões de viajantes brasileiros explorando destinos nacionais.

Ano	Receita de turismo doméstico (R $)	Número de viajantes
2022	R $ 92,4 bilhões	65,3 milhões
2021	R $ 76,8 bilhões	52,7 milhões

Mudança de comportamentos do consumidor pós-Covid-19 Pandemia

A recuperação de viagens mostrou um crescimento significativo, com 93,4% dos viajantes brasileiros manifestando interesse em viagens domésticas em 2023, em comparação com 78,6% em 2022.

Ano	Juros de viagem doméstica (%)	Despesas médias de viagem (R $)
2023	93.4%	R $ 1.872
2022	78.6%	R $ 1.543

Mudanças demográficas que influenciam os padrões e preferências de viagem

A demografia da população brasileira indica 87,4% da taxa de urbanização em 2022, com 72,3% dos viajantes de 25 a 54 anos.

Segmento demográfico	Percentagem	Frequência de viagem
Taxa de urbanização	87.4%	-
Viajantes de 25 a 54 anos	72.3%	2.7 viagens/ano

Azul S.A. (Azul) - Análise de pilão: Fatores tecnológicos

Investimento na frota de aeronaves modernas e com eficiência de combustível

A partir de 2024, Azul S.A. opera uma frota de 179 aeronaves, com um foco significativo em modelos modernos e com eficiência de combustível. A composição da frota é detalhada na tabela a seguir:

Tipo de aeronave	Número de aeronaves	Eficiência de combustível (litros/100 km)
Airbus A320neo	84	2.5
Airbus A321neo	45	2.3
Embraer E195-E2	50	2.7

Transformação digital em plataformas de reserva e atendimento ao cliente

Azul investiu US $ 15,2 milhões em infraestrutura digital durante 2023. As principais métricas digitais incluem:

Métrica da plataforma digital	Valor
Downloads de aplicativos móveis	3,6 milhões
Porcentagem de reserva on -line	87%
Interações de atendimento ao cliente ai chatbot	2,1 milhões

Implementação de tecnologias avançadas de manutenção e operacional

Azul implementou tecnologias de manutenção preditiva com as seguintes especificações:

• Investimento preditivo do sistema de manutenção: US $ 8,7 milhões
• Redução na manutenção não programada: 42%
• Sensores de monitoramento de aeronaves em tempo real: 179 aeronaves

Inteligência artificial e análise de dados para otimização de rota

Detalhes de investimento em tecnologia de otimização de rota:

Categoria de investimento da IA/Analytics	Quantia
Software de otimização de rota	US $ 5,3 milhões
Infraestrutura de análise de dados	US $ 4,9 milhões
Redução de custos de combustível através da otimização	17.6%

Azul S.A. (Azul) - Análise de pilão: Fatores legais

Conformidade com os requisitos regulatórios da aviação brasileira

Azul S.A. opera sob a estrutura regulatória da Autoridade de Aviação Civil brasileira (ANAC). A partir de 2024, a empresa mantém a conformidade com as seguintes métricas regulatórias seguintes:

Aspecto regulatório	Status de conformidade	Órgão regulatório
Certificação de segurança de aeronaves	100% de conformidade	Anac
Renovação de licença operacional	Válido até dezembro de 2024	Anac
Padrões de manutenção	Certificado ISO 9001: 2015	ANAC/Padrões Internacionais

Desafios legais em andamento na governança corporativa

Os procedimentos legais atuais e os desafios de governança corporativa para Azul S.A. incluem:

Categoria legal	Número de casos ativos	Exposição financeira estimada
Disputas de acionistas	3 casos ativos	R $ 45,6 milhões
Litígios trabalhistas	12 casos em andamento	R $ 87,3 milhões
Disputas contratuais	5 procedimentos ativos	R $ 22,1 milhões

Regulamentos Internacionais de Segurança da Aviação e Operacional

Azul S.A. adere aos padrões internacionais de aviação, incluindo:

• Certificação de Auditoria de Segurança Operacional da IATA (IOSA)
• Conformidade total com os regulamentos internacionais da ICAO
• FAA Parte 129 Autorização de operações

Conformidade regulatória internacional	Status	Data de certificação
Auditoria de segurança operacional da IATA	Totalmente compatível	Janeiro de 2024
Padrões de segurança da ICAO	100% de conformidade	Monitoramento contínuo

Considerações em leis antitruste e concorrência em potencial

Análise de direito antitruste e concorrência para Azul S.A.:

Área regulatória	Status atual	Órgão regulatório
Concentração de participação de mercado	33,7% do mercado doméstico brasileiro	Cade (Conselho Administrativo de Defesa Econômica)
Processos de revisão de fusões	2 processos de revisão em andamento	Cade
Conformidade com a concorrência	Sem violações antitruste ativas	Cade/Autoridade de Concorrência Brasileira

Azul S.A. (Azul) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono em operações de companhias aéreas

Azul S.A. visa reduzir as emissões de carbono em 50% até 2050 em comparação com os níveis basais de 2019. A companhia aérea investiu 15,2 milhões de reais brasileiros em iniciativas de sustentabilidade ambiental em 2023.

Alvo de redução de emissão	Ano base	Ano -alvo	Porcentagem de redução
Redução de emissões de carbono	2019	2050	50%

Estratégias de adoção de combustível de aviação sustentável (SAF)

Azul se comprometeu a incorporar 1% de combustível de aviação sustentável (SAF) em seu mix de combustível até 2025. A companhia aérea fez parceria com os produtores locais de biocombustíveis brasileiros para desenvolver cadeias de suprimentos da SAF.

SAF Target	Ano de implementação	Porcentagem de segurança
Mix de combustível SAF	2025	1%

Regulamentos ambientais que afetam as práticas da indústria de companhias aéreas

A Agência Nacional de Aviação Civil do Brasil (ANAC) exige as companhias aéreas que relatem emissões de carbono trimestralmente. Azul está em conformidade com o protocolo de emissão de gases de efeito estufa brasileiro, investindo 3,7 milhões de reais na infraestrutura de conformidade.

Órgão regulatório	Requisito de conformidade	Frequência de relatório	Investimento de conformidade
Anac	Relatórios de emissões de carbono	Trimestral	3,7 milhões de brl

Programas de compensação de carbono e iniciativas de responsabilidade ambiental

Azul implementou um programa de compensação de carbono, permitindo que os passageiros neutralizem as emissões de vôo. Em 2023, o programa gerou 2,5 milhões de reais em investimentos em crédito de carbono para projetos de reflorestamento na floresta amazônica.

Programa de compensação de carbono	Ano	Investimento total de crédito de carbono	Foco do projeto
Neutralização de carbono de passageiros	2023	2,5 milhões de brl	Reflorestamento da floresta tropical da Amazônia

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.