Core Viewpoint - AZUL has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - Changes in a company's earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, leading to stock price fluctuations based on their buying or selling activities [3]. AZUL's Earnings Outlook - AZUL's rising earnings estimates and the rating upgrade suggest an improvement in the company's underlying business, which is expected to drive the stock price higher [4]. - The Zacks Consensus Estimate for AZUL has increased by 168.7% over the past three months, with expected earnings of $0.16 per share for the fiscal year ending December 2025, representing a year-over-year change of 109.5% [7]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimates and has a strong track record, with Zacks Rank 1 stocks averaging a +25% annual return since 1988 [6]. - The upgrade of AZUL to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

Core Viewpoint - AZUL has experienced significant selling pressure, declining 57.1% over the past four weeks, but is now positioned for a potential trend reversal as it is in oversold territory, supported by positive earnings forecasts from Wall Street analysts [1]. Group 1: Stock Performance - AZUL's stock has declined 57.1% in the last four weeks, indicating substantial selling pressure [1]. - The stock's Relative Strength Index (RSI) is currently at 23.35, suggesting it is oversold and may soon experience a trend reversal [5]. Group 2: Analyst Sentiment - There is strong consensus among sell-side analysts that AZUL will report better earnings than previously predicted, with the consensus EPS estimate increasing by 8.3% over the last 30 days [7]. - AZUL holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [8].

Group 1 - Azul Brazilian Airlines filed its Form 20-F report for the fiscal year 2024 with the U.S. Securities and Exchange Commission on April 28, 2025 [1] - The report is accessible on the SEC's website and Azul's Investor Relations website, and shareholders can request it from the Investor Relations department [1] Group 2 - Azul S.A. is the largest airline in Brazil by number of flight departures and cities served, operating over 1,000 daily flights to more than 150 destinations [2] - The company has an operating fleet of over 180 aircraft and employs more than 15,000 crewmembers, with a network of 300 non-stop routes [2] - Azul was recognized as the most on-time airline in the world in 2022 by Cirium, marking a significant achievement for a Brazilian airline [2] - In 2020, Azul was awarded the title of best airline in the world by TripAdvisor, becoming the first Brazilian flag carrier to earn this recognition [2]

[Form 6-K Report: Update on Outstanding Shares](index=1&type=section&id=Form%206-K%20Report) [Update on Outstanding Shares](index=2&type=section&id=Azul%20Provides%20Current%20Outstanding%20Shares) Azul updates total outstanding shares following a capital increase and debt conversion into preferred shares - Total outstanding shares updated to include shares from a capital increase for aircraft lessors, controlling shareholders, and a debt conversion of **35% of notes due in 2029 and 2030** into preferred shares[5](index=5&type=chunk) - Key share issuances in April 2025 included **96,009,988 new preferred shares** to lessors on April 3, **1,200,000,063 new common shares** to controlling shareholders on April 10, and **450,572,669 new preferred shares** for bondholders on April 28[9](index=9&type=chunk) Updated Shareholder Information | Shareholders | Common Shares | % Common Shares | Preferred Shares | % Preferred Shares | Total Economic Shares (1 PS = 75 CS) | % Economic Interest | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | David Neeleman | 1,426,406,701 | 67.0% | 7,329,683 | 0.8% | 26,348,439 | 2.85% | | Trip Shareholders** | 702,558,420 | 33.0% | 5,981,040 | 0.7% | 15,348,486 | 1.66% | | United Airlines, Inc. (Calfinco) | - | - | 18,632,216 | 2.1% | 18,632,216 | 2.02% | | Others | - | - | 863,832,318 | 96.4% | 863,832,318 | 93.45% | | Treasury | - | - | 264,496 | 0.0% | 264,496 | 0.03% | | **TOTAL** | **2,128,965,121** | **100.0%** | **896,039,753** | **100.0%** | **924,425,955** | **100.0%** | [About Azul](index=2&type=section&id=About%20Azul) Azul S.A. is Brazil's largest airline, recognized for extensive operations and high service quality - Azul is the **largest airline in Brazil** by flight departures and cities served[8](index=8&type=chunk) - Operational metrics include **over 1,000 daily flights**, **more than 150 destinations**, and a fleet of **over 180 aircraft** with **more than 15,000 Crewmembers**[8](index=8&type=chunk) - Azul received international recognition as the **most on-time airline in 2022** by Cirium and the **best airline in 2020** by TripAdvisor[8](index=8&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) The report is formally signed by Azul S.A.'s CFO, Alexandre Wagner Malfitani, on April 28, 2025 - The report was signed by Alexandre Wagner Malfitani, Chief Financial Officer of Azul S.A[11](index=11&type=chunk)[13](index=13&type=chunk) - The signature date is **April 28, 2025**[12](index=12&type=chunk)

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]

Core Insights - The article emphasizes the importance of insightful analysis on foreign equities, particularly in emerging markets, to facilitate informed investment decisions [1]. Group 1 - The author has a background in research and operations management, contributing to various financial platforms [1]. - The focus is on providing analysis that empowers investors, highlighting the significance of understanding market dynamics in emerging economies [1].

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].