EBITDA of R$1.25 billion and margin of 26.8%

SÃO PAULO, Nov. 6, 2023 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3: GOLL4), a leading domestic airline in Brazil and part of Abra Group, today announced its consolidated results for the third quarter of 2023 (3Q23). The Company maintains its ongoing focus on increasing productivity with an efficient fleet and disciplined yield management, as well as delivering the best product to the Customers.

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 (3Q22). Adjusted (recurring) indicators exclude non-recurring expenses related to the quarter's results and are detailed in the respective tables.


  • Net operating revenue reached a record-breaking R$4.7 billion for the 3Q, a 16.4% year-over-year increase;
  • Strong operational performance achieved 620 daily flights, 156 markets served and over 8 million passengers transported;
  • EBITDA was R$1.25 billion and margin reached 26.8%, a 9.5 p.p. increase compared to 3Q22;
  • Cash flow from operating activities was R$0.9 billion;
  • Yields increased 4.5% compared to 3Q22 due to increased productivity and optimized inventory management;
  • CASK decreased by 8.0% compared to 3Q22, and a new Boeing 737 MAX-8 aircraft was received in the quarter (elevating this highly efficient model to 28% of the fleet);
  • Net leverage reached 4.0x (5.5x using 7x leases and 3.2x excluding the SSN due 2028), 1.0x lower than 2Q23 and 4.2x decrease compared to 3Q22.


Celso Ferrer, CEO, commented: "Thanks to the outstanding work of our Team of Eagles, our operational reliability continues to strengthen for our Customers, and we delivered record third quarter revenue with a 17.7% operating margin, among the best in the industry. Our strategy to diversify our revenue streams, primarily with Smiles and Gollog, capitalize on growth opportunities and continuously innovate to enhance our products for our Customers demonstrates that we are in the right way and is permitting us to achieve consistent results for 2023."


  • The number of Revenue Passenger Kilometers (RPK) increased by 8.2%, while Available Seat Kilometers (ASK) grew by 5.2%;
  • Net Revenue expanded 16.4% to R$4.7 billion. Ancillary Revenues, primarily Smiles and Gollog, increased 65.1%, to R$412.6 million;
  • Load factor was 83.7%, an increase of 2.4 p.p. Domestic load factor was 83.8%, a 2.8 p.p. increase, and international load factor was 82.3%;
  • Operational aircraft utilization increased by 2% to 11.3 hours per day;
  • The number of passengers transported increased 16.4% to 8.1 million;
  • Net Revenue per Available Seat Kilometer (RASK) grew 10.7% to 43.1 cents (R$);
  • Average yield per passenger increased by 4.5%, to a third quarter record of 46.9 cents (R$);
  • Cost per Seat Kilometer (CASK) for passenger operations decreased by 9.5% to 34.92 cents (R$) while CASK ex-fuel for passenger operations increased by 5.0% to 22.28 cents (R$). CASK Fuel decreased 25.2% to 12.99 cents (R$), due to the 29.6% reduction in jet fuel prices.
  • EBITDA was R$1.25 billion with a margin of 26.8%, while EBIT was R$825.1 million with a margin of 17.7%;
  • Net loss excluding R$1.0 billion in negative exchange rate variation in the quarter was R$0.3 billion;
  • Cash flow from operating activities reached R$0.9 billion due to higher operating volumes and working capital initiatives;
  • Net debt over recurring LTM EBITDA ratio was 4.0x on 09/30/2023 (5.5x using 7x leases and 3.2x excluding the SSN due 2028), a decrease of 1.0x compared to leverage on 06/30/2023.


Access the earnings release, presentation and full financial statements at: www.voegol.com.br/ir

3Q23 Conference Call: November 06, 2023, 09:00 am (New York time; US EDT), broadcast via webcast (https://mzgroup.zoom.us/webinar/register/WN_1hIuPVvUQIaMqauWAAdLJA#/registration).

Investor Relations: ir@voegol.com.br, +55(11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A. (www.voegol.com.br): GOL is a leading domestic airline in Brazil and part of Abra Group. 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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