As submitted to the Securities and Exchange Commission on April 28, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUA ...

Core Insights - The airline industry is experiencing mixed results, with some carriers reporting disappointing earnings while others show positive traffic growth and expansion plans [2][4][8]. Group 1: Company Performance - Azul reported fourth-quarter 2024 earnings of 9 cents per share, below the Zacks Consensus Estimate of 12 cents, but showed over 100% year-over-year improvement. Total revenues were $948.9 million, missing the estimate of $957.6 million [4]. - Allegiant Travel's scheduled traffic in January 2025 rose 7.4% year-over-year, with capacity increasing by 9.9%. However, the load factor declined to 78.8% from 80.7% the previous year [6]. - Volaris reported fourth-quarter 2024 earnings per share of 39 cents, below the estimate of 55 cents, with total operating revenues declining 7% year-over-year to $835 million. The company faced challenges due to aircraft groundings [8]. Group 2: Market Trends - The NYSE ARCA Airline Index declined 7.4% to $66.43 over the past week, although it has increased 28.4% over the past six months [11]. - JetBlue Airways plans to launch a new daily summer-seasonal service between Manchester-Boston Regional Airport and New York's JFK Airport starting June 12, 2025, to cater to increasing air travel demand [9][10]. Group 3: Future Outlook - Ryanair Holdings is expected to release its February traffic results soon, with optimistic air travel demand likely to boost passenger revenues and improve load factors year-over-year [12].

Core Viewpoint - Azul S.A. reported a fourth-quarter 2024 earnings per share of 9 cents, which was below the Zacks Consensus Estimate of 12 cents, but showed over 100% improvement year-over-year [1] Financial Performance - Total revenues for the fourth quarter were $948.9 million, missing the Zacks Consensus Estimate of $957.6 million, driven by strong demand and robust ancillary revenues [2] - Passenger revenues, which accounted for 92.7% of total revenues, increased by 10% year-over-year, while cargo revenue and other grew by 9.9% due to improved performance and partial recovery of international operations [3] Traffic and Capacity - Consolidated traffic, measured in revenue passenger kilometers (RPKs), rose by 16.9% year-over-year, with domestic traffic increasing by 20.2% and international traffic by 5.9% [4] - Consolidated available seat kilometers (ASK) increased by 11% from the previous year, with domestic capacity rising by 13.3% and international capacity by 3.1% [4] - The load factor improved by 4.2 percentage points to 84.2%, indicating that traffic growth outpaced capacity expansion [4] Cost and Expenses - Total revenues per ASK (RASK) were R$44.98 cents, down 0.7% year-over-year, while passenger revenues per ASK (PRASK) also decreased by 0.7% [5] - Cost per ASK (CASK) fell by 6.5% year-over-year, attributed to a 17% reduction in fuel prices and cost reduction initiatives, although partially offset by the depreciation of the Brazilian real [6] - Operating expenses increased by 3.8% year-over-year to R$4.31 billion, driven by a rise in total capacity and currency depreciation [7] Liquidity and Debt - Azul ended the fourth quarter with total liquidity of R$7.49 billion, an increase from R$6.27 billion in the previous quarter, while gross debt decreased to R$33.6 billion from R$27.9 billion [8] Guidance - For 2025, Azul reaffirmed its EBITDA guidance at R$7.4 billion [9]

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Group 1 - The company is undergoing a financial restructuring, with an anticipated dilution of 85% [1] - The focus of Quipus Capital is on operational aspects and long-term earnings power rather than market-driven dynamics [1] - Most recommendations from Quipus Capital will be holds, indicating a cautious approach to investment opportunities [1] Group 2 - The article emphasizes the importance of understanding competitive dynamics within industries for making informed investment decisions [1] - A small fraction of companies are deemed suitable for buying at any given time, highlighting a selective investment strategy [1]

Core Viewpoint - MAX Resource Corp. has reported significant assay results from its Sierra Azul Copper-Silver Project, including a new target discovery and an increased exploration budget for 2025, indicating strong potential for large-scale copper-silver discoveries in the region [2][4][7]. Exploration Results - The exploration target at AM-13 has been expanded to 1,500 meters by 100 meters, with notable copper-silver mineralization identified over this area [6][11]. - Recent composite channel assay results include: - 1.6% Copper and 6 g/t Silver over 55.0 meters - 1.6% Copper and 7 g/t Silver over 49.0 meters - 1.0% Copper and 6 g/t Silver over 26.0 meters [6][16]. New Target Discovery - A new Manto-style target, AM-15, has been discovered approximately 1,000 meters northwest of AM-13, with early work suggesting a large target footprint [4][17]. - Initial assay results from AM-15 include: - 4.0% Copper and 35 g/t Silver over 2.0 meters - 0.7% Copper and 7 g/t Silver over 12.0 meters [20]. 2025 Exploration Budget - The company has approved a fully funded exploration budget of US$ 4.8 million for 2025, which is a 14% increase compared to 2024 [7][21]. - The budget will focus on three components: Drill Target Development, District Scale Exploration, and Basin Scale Prospectivity Analysis [21][24]. Geological Context - The Sierra Azul Project is located in a region with geological similarities to the Manto deposits of northern Chile, which have historically hosted significant copper resources [14][30]. - The project area spans 120 kilometers and includes three districts: AM, Conejo, and URU, with a total land tenure of 188 km² [30][38].

Financial Data and Key Metrics Changes - Azul reported a record revenue of BRL 5.5 billion, up 10% year-over-year, with a strong RASK of BRL 0.45 [14][15] - The quarterly EBITDA reached BRL 2 billion with a margin of 35.2%, and EBIT was BRL 1.2 billion, reflecting industry-leading profitability [14][15] - Overall CASK decreased by 6.5% year-over-year, with CASK ex-fuel remaining flat despite an 18% devaluation of the local currency [23][24] Business Line Data and Key Metrics Changes - The contribution of high-margin business units to RASK grew from 15% in Q4 2023 to 23% in Q4 2024, positively impacting EBITDA [18][19] - The loyalty program now has over 18 million members, with a 27% increase in gross billings ex-airline year-over-year [20] - The logistics business saw a 9% increase in international revenue for the full year and a 54% growth quarter-over-quarter [21] Market Data and Key Metrics Changes - Azul's capacity grew by 11% year-over-year, with a disciplined industry environment and encouraging revenue trends expected [16][27] - The company operates in a unique market position, being the only carrier in 82% of its routes, connecting over 150 destinations [10][12] Company Strategy and Development Direction - The company aims to grow its market presence by accessing previously untapped demand, focusing on expanding its network and fleet flexibility [10][12] - The Elevate plan has been integrated into the long-term strategic planning, focusing on efficiency and productivity improvements [24][38] - Azul is optimistic about future profitability, with a projected record EBITDA of BRL 7.4 billion for 2025 [27][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2024, including supply chain issues and currency devaluation, but emphasized the resilience of the business model [6][7] - The outlook for 2025 is positive, with expectations of significant revenue growth and continued operational improvements [27][40] Other Important Information - The company successfully completed a comprehensive restructuring, eliminating BRL 8.5 billion in debt and improving liquidity [30][34] - The restructuring included the issuance of new preferred shares and a focus on enhancing the capital structure [33][35] Q&A Session Summary Question: Update on major cash flow components for '25 and '26 - Management reaffirmed a BRL 7.4 billion EBITDA guidance, noting that a 2% fare increase would be feasible to maintain free cash flow guidance despite currency devaluation [45][48] Question: Expectations for fleet deliveries and capacity growth - The company expects a 10% to 12% overall capacity growth, with a focus on E2 deliveries and some retirements of older aircraft [52][55] Question: Status of the BRL 200 million equity raise - Management confirmed that controlling shareholders are expected to subscribe to the equity raise, which is part of the restructuring plan [58][62] Question: Clarification on the 2030 notes haircut and commercial agreements - The haircut on the 2030 notes was exchanged for cash and other commercial agreements, including future aircraft deliveries and maintenance reimbursements [72][74] Question: Insights on current demand environment - Management reported positive demand trends in January and February, with stable operations and no signs of slowdown in corporate demand [80][82] Question: Expectations regarding M&A with Gol - Management expressed confidence in the low overlap between Azul's and Gol's networks, which is expected to drive future growth [92][94]

4Q24 Results February 24, 2025 Disclaimer The information contained in this presentation is only a summary and does not purport to be complete. This presentation has been prepared solely for informational purposes and should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to b ...

Core Viewpoint - AZUL is expected to report its fourth-quarter 2024 results on February 24, with a history of disappointing earnings surprises, missing estimates in the last four quarters with an average miss of 100.8% [1][2]. Financial Estimates - The Zacks Consensus Estimate for AZUL's earnings for the upcoming quarter is flat at 12 cents per share, while revenue estimates are at $957.6 million, indicating a year-over-year decline of 5.7% [2]. - Total operating expenses are projected to increase by 2% year-over-year, driven by high labor and fuel costs [3]. Earnings Performance - AZUL reported a loss of 32 cents per share in the third quarter of 2024, which was worse than the Zacks Consensus Estimate of a loss of 10 cents. Total revenues for the third quarter were $925.1 million, falling short of the estimate of $953.2 million [5]. Earnings Prediction Model - The current model does not predict an earnings beat for AZUL, with an Earnings ESP of -59.18% and a Zacks Rank of 3 (Hold) [4]. Industry Comparisons - Delta Air Lines reported fourth-quarter 2024 earnings of $1.85 per share, surpassing estimates and showing a year-over-year increase of 44.5% due to low fuel costs. Revenues reached $15.56 billion, exceeding estimates and increasing by 9.4% year-over-year [8][9]. - J.B. Hunt Transport Services reported earnings of $1.53 per share, which was below estimates, but total operating revenues of $3.15 billion narrowly beat expectations despite a year-over-year decline of 4.8% [10][11].

Core Insights - The company has successfully completed a restructuring process that eliminated US$ 2.1 billion in debt and financial obligations while securing US$ 525 million in new capital [1][2][4] Financial Restructuring - The negotiation process involved converting US$ 557 million in instruments held by lessors and OEMs into 94 million preferred AZUL4 shares, and converting over US$ 785 million of financial debt maturing in 2029 and 2030 [2][3] - The restructuring is expected to improve cash flow by more than US$ 300 million until the end of 2027 and will deleverage the company by approximately 1.4x on a pro-forma basis using 3Q 2024 figures [5] Operational Context - The company faced significant challenges in the previous year, including currency devaluation, high operational costs due to aviation fuel prices, litigation rates, global supply chain issues, and natural disasters [3] - Despite these challenges, the company managed to reach amicable agreements with investors and partners, demonstrating strong market trust [3] Future Outlook - The company plans to add 15 new Embraer E2 aircraft to its fleet within the year, which is expected to enhance its operational capabilities and expand access to air travel across Brazil [6]