Gol Linhas Aéreas Inteligentes S.A.

Greetings. Welcome to the ABRA Group's Q4FY 2025 performance call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now like to turn the conference over to your host, Maria Ricardo, Head of Investor Relations. You may begin.

Thanks, Operators. Good morning, and thank you for joining us today. With me are Adrian Neuhauser, Chief Executive Officer of ABRA, Manuelira Razabal, Chief Financial Officer of ABRA, Gabriel Oliva, President of Avianca, Nicolas Alvear, Chief Financial Officer of Avianca, Celso Ferrer, Chief Executive Officer of Gold, and Julian Ambev, Chief Financial Officer of Gold. Our financial statements for the year ended December 31st, 2025, as well as the presentation we will reference today, are available on our investor website, abragroup.net. This call is being recorded, and a replay will be available shortly after the call concludes. Before we begin, I would like to remind you that on June 6th, 2025, gold successfully emerged from Chapter 11 reorganization, at which point Abra became the controlling shareholder of gold and began consolidating its financial results. Accordingly, both results are included in average consolidated financial results from that date forward. To facilitate comparability of financial and operational performance, our remarks today will reference pro forma results as if Avianca and Gold were combined for the full year periods presented for both 2025 and 2024. Today's discussion may include forward-looking statements which are not a guarantee of future performance or results and involve a number of risks and uncertainties that are outside the company's control. including those related to the company's current plans, objectives, and expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. The company assumes no obligation to revise or update any forward-looking statements. We'll begin with an overview of the business, followed by a review of our operational financial performance for fourth quarter and full year 2025, and closing remarks before opening the call for questions. With that, I will turn the call over to Adrian. Adrian?

Thank you, Agustina. Hi, everyone, and thank you for joining us. If we can turn to page four, please. This is the first quarter where we are presenting our consolidated results as a group. We're really excited about this and proud of what we're going to show you. Slide four, for those of you that have not joined us before, is just a summary of really what we are. We are today the second largest airline group in Latin America were the result of the consolidation of three main carriers, Avianca, which is the number one airline in Colombia, Ecuador, and in Central America, Gol, the second largest airline in domestic Brazil, and Walmart, a European ACMI provider. By putting together those groups over a few short years, we've created, or those airlines over a few short years, we've created the second largest group in the region with over 300 aircraft, 375 routes, over 70 million passengers a year, 30,000 employees, Importantly, the strongest order book in the region, both on the narrow body and wide body side, and also an agreement in principle to acquire Sky, which would add to our footprint domestic Peru and domestic Chile. Turning to page five, what did we achieve this year? First of all, we, as Maria Cristina highlighted, we successfully completed goals restructuring, with goal emerging from its bankruptcy as a more sustainable and competitive airline, and with ABRA resulting as the controlling shareholder of gold. We continue driving synergies. Today we have over $180 million cumulative in value creation by increasing coordination across fleet, procurement, network, commercial, and loyalty, and we strengthen our leadership team as we drive more coordination through the group. We now have a chief procurement officer, a chief loyalty officer, and chief corporate responsibility officers at the group level. On the operational side, we announced a robust incremental fleet plan and then the expansion of our wide-body strategies, adding 330s and 350s to enable the future growth and drive more efficient operations. We enhanced our value by coordinating our airlines more and beginning the process of aligning our products to drive an improved travel experience and operational excellence. And we continue to progress in sustainability, delivering ongoing improvements in fuel efficiency while improving connectivity in the region. What does this mean financially? It means we achieved a pro forma adjusted EBITDA growth of 26%, $2.7 billion for the year at a 27.4% margin. That's an over 300 basis point increase. We ended the year with liquidity at over $2.5 billion, about 25% of our LTM revenues. and net debt to LTME Vidar decreasing sequentially to 3.3 times. Both of our important additional business units, cargo and loyalty, delivered strong performance. Cargo in particular delivering approximately 1.6 billion in revenue generation on a pro forma basis. And importantly, and we'll talk about this later on, we aligned accounting policies across the airlines in line with market standards. Turning to page six. So what are we today? As we said, second largest group in the region. Both of the key airlines in the region performing admirably. 98.3% scheduled completion for Avianca and 99.2% for Gol. Both airlines with some of the strongest on-time performance in the world. Continued to drive brand loyalty, one of the largest loyalty programs in the world, combined with over 46 million members. a 34% increase in premium customers through our networks, 7% increase in growth billings, and the program members' share of our total passengers on average at about 50%. We drove an enhanced customer experience. We upgraded our premium offering through Avianca and VIP lounges and an insignia check-in in Bogota, and we enhanced our long-haul insignia experience on the transatlantic routes. We've rolled out business class across the entire Avianca network, And we announced the fleet expansion, adding seven A330-900s to support international growth for the group. Up to five of those will initially go to GOL and two to ABIAC. Turning to page seven, consolidated business indicators, ASKs growing nearly 12% for the group, with load factors holding at above 80%. Passengers increasing by 5%, average fare in the network increasing, PRASC holding almost flat, and CASC holding about flat. Turning to page 8, if you look at the two carriers to understand what's going on in the underlying, both carriers showing strong growth in their networks. Goal, if you'll remember, putting its fleet back in the air and recovering its operations as it worked through its bankruptcy, but also an important redesign in the network with goal increasingly focused on strengthening its Rio hub. Avianca continuing to grow by extending stage length and expanding flights out from Bogota into the rest of the region. Passengers, in Avianca decreasing slightly as we extended the state's length over 7%. Average fare increasing. At goal, passengers increasing pretty much in line with the growth of the network. Cask of both companies holding in spite of the very strong network expansion. And cask of both companies at Avianca continuing to decrease slightly, at goal holding basically flat, passing through a little bit of inflation at about 4%. Turning to page 9, handing it off to Manuel de Arraso, now our CFO, to continue with the conversation.