Azul S.A. reported strong first-quarter results for 2025, achieving a record operating revenue of R$5.4 billion, up 15.3% year-over-year, but with EBITDA at R$1.4 billion, down 2.1% due to inflation and currency impacts. The company transported nearly 8 million passengers and maintained an 81.5% load factor, reflecting robust demand despite macroeconomic challenges.