Recurring operating income of R$842 million and margin of 17.1%

SÃO PAULO, April 26, 2023 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3: GOLL4), the largest domestic airline in Brazil, today announced its consolidated results for the first quarter of 2023 (1Q23). During the quarter, the Company concluded its tenth capital raise in the last three years, which led to a reduction of its short-term liabilities. The quarter also showed ongoing improvement in operating results which advanced GOL's recovery process, and positioned the Company to make even further gains as growth in air travel continues.

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 (1Q22). Adjusted (recurring) indicators exclude non-recurring expenses related to the quarter's results, and are detailed in the respective tables.


  • Record recurring EBITDA of R$ 1.2 billion and positive operating cash flow due to higher operating volumes in the quarter enabled by accelerated debt reduction;
  • Record net operating revenue of R$4.9 billion, 52.8% higher than 1Q22 and 4.1% above 4Q22;
  • Net income of R$620 million, representing R$1.48 per share and US$0.57 per ADS;
  • Unit cost ex-fuel of 3.9 cents (US$), 12.4% higher than 1Q22;
  • Net leverage of 7.9x (6.0x in IFRS16 and 4.6x excluding the SSN due 2028), 1.6x. lower than 4Q22;
  • Total liquidity (cash and cash equivalents, financial investments, deposits and accounts receivable) of R$4.4 billion, 36% higher than 1Q22; and
  • 2023 outlook reiterated for EPADS of ~US$0.20 (fully diluted) and Net Debt/EBITDA of ~6x.


Celso Ferrer, Chief Executive Officer, commented: "2023 is off to a strong start thanks to the excellent work and dedication of our Team of Eagles. During the quarter we delivered another sequential increase in our operating performance. We continue to add supply and with our disciplined approach to costs further drive higher levels of productivity. In January, we reached operating fleet utilization levels above 12 hours a day, a level last seen in 2019. As the market recovery continues, our objective is to increase annual average utilization and strengthen our low-cost operating model with our standardized fleet. We also successfully completed a transformative financial transaction that strengthens our capital structure, significantly reduces maturities over the next three years, and provides an additional source of liquidity to help drive our growth. I am extremely proud of the work of the Team of Eagles and how, together, we achieved another successful quarter, demonstrating extraordinary commitment to safety and to serving our Customers."


  • The number of Revenue Passenger Kilometers (RPK) increased by 14.1%, while Available Seat Kilometers (ASK) increased by 11.0%;
  • Net Revenue increased by 52.8%, reaching a record R$4.9 billion. Ancillary Revenues, mainly from SMILES and GOLLOG, increased 83.8%, reaching R$383.6 million;
  • Load factor increased by 2.3 pp to 83.3%. The domestic load factor was 84.0%, 2.8 pp higher than in 1Q22, while the international load factor was 77.8%;
  • Aircraft utilization was 11.7 hours per day;
  • The number of passengers transported by the Company was 7.9 million, a year-over-year increase of 17.7%;
  • Net Revenue per Available Seat Kilometer (RASK) increased by 37.7% to 43.8 cents (R$);
  • Average yield per passenger increased by 32.0% to 48.5 cents (R$), the highest level in GOL's history;
  • Recurring Cost per Available Seat Kilometer (CASK) increased by 20.9% to 36.35 cents (R$). CASK Fuel increased by 32.0% to 15.75 cents (R$), due to the 24.4% increase in jet fuel prices. Recurring CASK ex-Fuel excluding cargo freighter operations increased by 12% to 20.24 cents (R$), or 3.9 cents (US$) due to inflationary effects on variable costs and an increase in take-offs per ASK;
  • Recurring EBITDA was R$1.2 billion with a margin of 25.2%, while recurring EBIT was R$841.5 million with a margin of 17.1%;
  • The Company generated approximately R$0.2 billion of free cash flow in 1Q23 due to higher revenues and working capital initiatives, partially offset by the increase in aviation fuel prices;
  • Net income was R$619.5 million (R$1.48/share and US$0.57/ADS), while recurring net income was R$136.4 million (R$0.33/share and US$0.13/ADS); and
  • The net debt ratio (including 7x annual lease payments and excluding perpetual bonds) over recurring LTM EBITDA was 7.9x as of March 31, 2023, 1.6x lower than the leverage at the end of 2022 (6.0x under IFRS16 and 4.6x excluding SSN 2028). In March, a private placement of Senior Secured Notes maturing in 2028 in the amount of up to US$1.4 billion was concluded with Abra Group, GOL's controlling shareholder.


Access the earnings release, presentation and full financial statements at:

1Q23 Conference Call: April 26, 2023, 09:00 am (New York time; US EDT), broadcast via webcast (

Investor Relations:, +55(11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A. ( The largest airline in Brazil, leader in the corporate and leisure segments. Since it was founded in 2001, the Company has the lowest unit cost in Latin America, thus democratizing air transportation of passengers.


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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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