SÃO PAULO, May 14, 2024 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3: GOLL4), one of the leading airlines in Brazil and part of the Abra Group, today announced its consolidated results for the first quarter of 2024 (1Q24). The Company remained focused on operational efficiency through its single fleet model and diligent yield management, while striving for excellence in the products offered to 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 (1Q23). Adjusted (recurring) indicators exclude non-recurring expenses related to the quarter's results and are detailed in the respective tables.


  • The Company's recurring EBITDA margin in 1Q24 was 30.3%, an improvement of 5.1 p.p. compared to the same period of the previous year;
  • Net operating revenue was R$4.7 billion in 1Q24;
  • On January 25th, the Company filed for Chapter 11 in United States to restructure its balance sheet and enhance its capabilities to remain one of the leading airlines in Brazil;
  • GOL secured a total of US$1.0 billion of "debtor-in-possession" loan financing (the "DIP Loan Commitments"), of which US$550 million was funded by the end of 1Q24. Since the end of the 1Q24. GOL has fully drawn the remaining US$450 million of DIP Loan Commitments;
  • Cash increased to R$2.0 billion, 150% higher than the end of 1Q23 (R$0.8 billion) due to the initial DIP Loan financing funded in 1Q24 (which excluded the undrawn US$450 million of DIP Loan Commitments) and Accounts Receivable increased to R$2.0 billion, twice the 1Q23's amount (R$1.0 billion) as a result of lower receivables factoring;
  • Recurring CASK reduced by 5.3% when compared to 1Q23 due to decrease in fuel price. Recurring CASK ex-fuel increased by 8.9% due to the return of one Boeing 737 NG aircraft and delivery of two new Boeing 737 MAX-8 in the quarter, in addition to non-recurring financial restructuring costs within the context of Chapter 11;
  • Net leverage³ reached 4.0x, 2.0x lower than 1Q23;
  • During 1Q24, the Company received two new Boeing 737 MAX-8 and returned one Boeing 737 NG as part of its fleet renewal process.


Celso Ferrer, Chief Executive Officer, commented: "The first quarter of 2024 was marked by the improvement on our operational performance, with Adjusted EBITDA for 1Q, at R$1.4 billion and an Adjusted EBITDA margin of 30.3%, demonstrating our consistency and efficiency in our path during the financial restructuring. March 2024 saw us back into first place as the most on-time airline in Brazil (A15²) according to ANAC. We demonstrated strong continued execution of our commercial strategy, together with initiatives from the Smiles and Gollog business units, allowing us to deliver solid results. We also maintained a disciplined approach to cost control.  I am impressed by the dedication of our Team of Eagles to improve our products and processes in order to enhance our operational reliability and continue to deliver value to customers. At the same time, we have made progress in GOL's U.S. court-supervised restructuring process, including securing US$ 1.0 billion DIP Loan Commitments (of which US$550 million was drawn by the end of the 1Q24; renegotiating agreements with the  majority of the aircraft under leases with lessors to ensure GOL has the right capacity to continue to serve our current destinations; and making progress on the financing plan that will underpin our standalone Plan of Reorganization."


  • The number of international Revenue Passenger Kilometers (RPK) increased by 39.6% compared to 1Q23, with total RPK decreasing by 4.1% in the same period, in line with our investment in the international services;
  • Total international Seat Kilometers Offered (ASK) increased by 27.0% compared to 1Q23, while total ASK decreased by 3.9% in the same period given domestic market conditions;
  • Net Operating Revenue decreased 4.2% to R$4.7 billion;
  • Load factor remained stable and reached 83.1%, a 0.2% improvement compared to 1Q23. Domestic load factor decreased 1.3% to 82.7%, while International load factor improved 7.8% to 85.6%;
  • Operational aircraft utilization increased by 1.7% to 11.9 hours per day;
  • Total passengers carried decreased by 8.3%, to 7.3 million;
  • Net Revenue per Seat Kilometer Offered (RASK) decreased 0.3% to 43.7 cents (R$);
  • Average yield per passenger reduced 0.7%, to 48.2 cents (R$);
  • Recurring Cost Per Seat Kilometer (CASK) is down 5.3% at 34.44 cents (R$), due in most part to lower fuel prices and lower consumption per ASK (0.9%) driven by our growth on international routes;
  • Cost Per Seat Kilometer excluding fuel costs and non-recurring items (CASK Ex-fuel) increased 8.9% to 22.44 cents (R$) compared to 1Q23;
  • Recurring EBITDA was R$1.4 billion with a 30.3% margin, while recurring EBIT was R$1.0 billion with a 21.2% margin;
  • Adjusted net loss was R$ 130 million, excluding the effects of the exchange rate variation and the mark-to-market of the ESSN derivative component, which represented R$3.9 billion in the 1Q24;
  • Adjusted net debt to LTM recurring EBITDA was 4.0x on 1Q24, a reduction of 2.0x compared to 1Q23.

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

Investor Relations: ir@voegol.com.br 

About GOL Linhas Aéreas Inteligentes S.A.

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, democratizing air transportation. The Company has alliances with American Airlines and Air France-KLM and makes available several codeshares and interline agreements available to Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of "Being the First for All," GOL offers the best travel experience to its passengers, including: the largest number of seats and more space between seats; the greatest platform with internet, movies and live TV; and the best frequent-flyer program, Smiles. In cargo transportation, Gollog delivers orders to different regions in Brazil and abroad. The Company has a team of 13,700 highly qualified aviation professionals focused on Safety. GOL's #1 value and operates a standardized fleet of 142 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, go to www.voegol.com.br/ir.

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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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