GOL announces 4Q23 EARNINGS RESULTS

BRAZIL - Portuguese

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Mar 28, 2024, 07:26 ET

SÃO PAULO, March 28, 2024 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3: GOLL4), one of the leading airlines in Brazil and part of the Abra Group, today announced its consolidated results for the fourth quarter of 2023 (4Q23). The Company remained focused on operational efficiency through an optimized fleet and yield management, in addition to being dedicated to the continuous delivery of excellence in the products offered to customers.

All information in this release is presented in Reais (R$), in accordance with international accounting standards (IFRS) and with adjusted metrics, made available to enable comparison of this quarter with the same period of the previous year (4Q23). Adjusted (recurring) indicators exclude non-recurring expenses related to the quarter's results and are detailed in the respective tables.

4Q23 Highlights

The Company recorded of R$5.0 billion net operating revenue in the fourth quarter of 2023 (4Q23), representing a growth of 6.7% compared to the fourth quarter of 2022 (4Q22);
Approximately were transported 7.8 million passengers in the quarter, an increase of 0.6% compared to 4Q22;
In 4Q23, the recurring EBITDA margin reached 32.0% of revenue, an increase of 7.3 percentage points compared to the same period in 2022;
CASK reduced 0.1% compared to 4Q22, and five new Boeing 737 MAX-8 aircraft were received in the quarter;
Net leverage³ reached 3.7x, 0.3x lower than 3Q23;
CASK ex-fuel increase by 15,1% as an impact of the ASK reduction.

SUMMARY OF the FOURTH Quarter 2023 Results (VS. 4Q22)

The number of Paid Passenger-Kilometers Transported (RPK) decreased by 1.0%, while the total Seat-Kilometer Offered (ASK) decreased by 5.6%;
Net Operational Revenue expanded 6.7% to R$5.0 billion;
Load factor was 84.0%, an increase of 3.9 p.p. Domestic load factor was 83.8%, 3.2 p.p. increase, and International load factor was 85.7%, increase of 10.1 p.p;
Operational aircraft utilization increased by 0.9% to 11.7 hours per day;
The number of passengers transported increased by 0.6%, to 7.8 million;
Net Revenue per Seat Kilometer Offered (RASK) increased 13.1% to 47.0 cents (R$);
Average yield per passenger increased by 9.2%, a record of 52.6 cents (R$) for a fourth quarter;
Cost Per Seat Kilometer (CASK) for passenger operations decreased by 1.9% to 35.31 cents (R$), while CASK Fuel decreased by 18.5% to 13.25 cents (R$), due to the 22.0% reduction in jet fuel prices.
EBITDA was R$1.62 billion with a 32.0% margin, while EBIT was R$1.2 billion with a 23.4% margin;
Net loss, excluding effects of exchange rate variation and mark-to-market of the derivative component of EESN, totaling R$1.1 billion, was R$22 million;
Ajusted net debt to LTM recurring EBITDA ratio was 3.7x on 12/31/2023, a reduction of 0.3x compared to leverage on 9/30/2023.
1) Recurrent EBITDA - there were no non-recurring events for 4Q23; (2) cash, cash equivalents, financial investments, deposits and accounts receivable; (3) Adjusted Net Debt/UTM EBITDA.

FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release, presentation and full financial statements at: www.voegol.com.br/ir

Investor Relations: [email protected]

About GOL Linhas Aéreas Inteligentes S.A.

GOL is a leading domestic airline in Brazil and part of Abra Group. Since it was founded in 2001, the Company has the lowest unit cost in Latin America, democratizing air transportation. The Company has alliances with American Airlines and Air France-KLM and makes available several codeshares and interline agreements available to Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of "Being the First for All," GOL offers the best travel experience to its passengers, including: the largest number of seats and more space between seats; the greatest platform with internet, movies and live TV; and the best frequent-flyer program, Smiles. In cargo transportation, Gollog delivers orders to different regions in Brazil and abroad. The Company has a team of 13,700 highly qualified aviation professionals focused on Safety. GOL's #1 value and operates a standardized fleet of 141 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, go to www.voegol.com.br/ir.

SOURCE GOL Linhas Aéreas Inteligentes S.A.