GOL Announces First Quarter 2022 Results

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• Brazil - Português

• GOL reports best operational results since the beginning of the pandemic, with a 5.6% EBIT margin and 16.8% EBITDA margin;
• Sales in the first quarter of 2022 surpassed the same pre-pandemic period in 2019 – particularly in March that saw 60% sales growth driven by a strong recovery in the corporate segment;
• Fifth consecutive quarter of increased yield per passenger, reaching a record of R$36.77 for a first quarter;
• Load factor (+1.1 pp) and aircraft utilization (+13.4%) continued to expand, confirming
• the ongoing demand recovery and the efficacy of GOL's capacity management processes;
• The Company took delivery of eight new Boeing 737 MAX-8 aircraft in the quarter, driving operating cost efficiencies, lower carbon emissions.

SÃO PAULO, April 28, 2022 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, has provided its consolidated results for the first quarter of 2022 (1Q22). In the first quarter, the Company continued its focus on structural cost cutting initiatives by accelerating its fleet transformation, renegotiating with suppliers, diluting fixed costs and other initiatives.

All information in this press release is presented in Brazilian Reais (R$), as per the international accounting standards (IFRS) and with adjusted metrics, made available to enable the comparison of this quarter with the same year-ago quarter (1Q21). Adjusted (recurring) indicators exclude non-recurring expenses linked to the quarter's results and are detailed in their respective tables.

Paulo Kakinoff, CEO of GOL, said: "Our ability to emerge from one of the worst crises in the history of the airline industry as a more competitive company with strong results is a testament to our flexible business model, which allows us to quickly adapt to current market dynamics. When paired with the execution of our experienced Team of Eagles, these competitive advantages will continue to drive our sustainable sales growth over the long- term."

• Paid Passenger-Kilometers (RPK) increased 46.5%, while total Offered Seat-Kilometers (ASK) grew by 44.4%;
• Net Revenue increased over 100% to R$3.2 billion. Ancillary Revenue, chiefly driven by the SMILES and GOLLOG business units, increased 37.9% to R$209 million;
• Average load factor increased by 1.1 pp to 81.0%. The domestic load factor increased by 1.3 pp to 81.2%, while the international load factor totaled 75.6%;
• Aircraft utilization reached 11 hours per day, a 13.4% increase in productivity;
• Passengers transported by GOL increased 49.5% to 6.7 million, which was equivalent to 73.4% of the 1Q19 figure;
• Net Revenue per Seat-Kilometer Offered (RASK) increased 42.2% to R$31.85;
• Average yield per passenger increased 45.2% to a first quarter record of R$36.77;
• Recurring Cost per Available Seat Kilometer (CASK) increased by 6.5% to R$30.06. Fuel CASK increased 47.4% to R$11.93 due to the 60% increase in jet fuel (QAV) prices;
• Recurring EBIT totaled R$181.4 million, while Recurring EBITDA was R$542.2 million;
• Net Income totaled R$2,6 billion, or R$6.58 in earnings per share and US$2.52 in earnings per ADS, primarily due to currency and exchange rate fluctuations;
• Operating cash generation totaled R$1.8 million/day, including operational inflows, outflows, and lease payments. As of the end of the first quarter, liquidity reached approximately R$3.3 billion, excluding unencumbered assets;
• The net debt ratio (including 7x annual lease payments and excluding the perpetual bond) to recurring EBITDA LTM reached 10.1x as of March 31, 2022, an increase of 0.4x as compared to December 31, 2021, primarily due to deliveries of 8 aircraft for accelerated transition to a 737-MAX fleet.

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

1Q22 Conference Call: April 28, 2022, 09:00 a.m. (New York time; US EDT), Phone: +1 (412) 317-6382, Code: GOL, broadcast via webcast (https://webcastlite.mziq.com/cover.html?webcastId=19f33d98-973a-430d-87e5- 193ff9bf1639).

Investor Relations: [email protected], +55(11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A. (www.voegol.com.br): The largest airline in Brazil, leader in the corporate and leisure segments. Since founded in 2001, the Company has the lowest unit cost in Latin America, thus democratizing air transportation.

SOURCE GOL Linhas Aéreas Inteligentes S.A.