GOL Strengthens Market Confidence as Fitch Ratings Upgrades Credit Rating to 'B-' with Stable Outlook

Upgrade reflects consistent operational recovery, US$945 million in liquidity, and the Company's position as a leading player in Brazil's airline industry

SÃO PAULO, July 28, 2026 /PRNewswire/ -- In another strong demonstration of its financial and operational recovery, GOL Linhas Aéreas has received an upgrade from the international credit rating agency Fitch Ratings, which raised the Company's Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) from 'CCC+' to 'B-', with a Stable Outlook.

The credit rating upgrade from Fitch reinforces that financial markets and analysts are renewing their confidence in GOL's business performance. According to the agency, the upgrade directly reflects the Company's strong operating performance, continued deleveraging following its restructuring process, solid liquidity position, and leading position in the Brazilian aviation market.

The results reported for the first quarter of 2026 (1Q26) support this vote of confidence. GOL ended the period with a total liquidity position of US$945 million, consisting of US$431 million in unrestricted cash and cash equivalents and US$514 million in credit card receivables.

During the same period, adjusted EBITDAR reached US$452 million, representing a margin of 38.9%. In addition, the Company's net debt-to-last-twelve-months EBITDAR ratio declined to 2.8x, compared with 3.1x at the end of 2025.

The positive rating action is even more significant as it comes amid a challenging global environment and continued volatility in fuel prices, the airline industry's largest cost. The upgrade highlights GOL's ability to navigate different economic scenarios through disciplined execution, active liquidity management, and sustained operational efficiency.

The Company remains focused on adapting to the changing reality of the market, maintaining rigorous financial discipline, and creating long-term value for passengers, investors, and business partners.

ABOUT GOL AIRLINES

GOL, Brazil's most on-time airline, is part of the Abra Group - a leading air transportation company across Latin America that brings together the iconic Avianca and GOL airline brands, along with a strategic investment in Wamos Air, on a unified, pan-Latin American platform.

SOURCE GOL Linhas Aéreas Inteligentes