GOL - Investor Update

• GOL expects an EBITDA margin for the quarter of 29% to 30%, an increase in relation to the quarter ended in March 2018 (28%). 

• Passenger unit revenue (PRASK) for the first quarter is expected to be up approximately 3% year over year. For the quarter ended in March, GOL expects unit revenue (RASK) to increase approximately 3%.

• Non-fuel unit costs (CASK ex-fuel), are expected to increase by approximately 3% in relation to the first quarter of the prior year, primarily due to the depreciation of the Brazilian real in the year-over-year comparison.

• GOL's financial leverage, as measured by the Net Debt³/LTM EBITDA ratio, was approximately 3.2x (IFRS 16) at the end of the March 2019 quarter. The Company amortized R$203 million of debt in the quarter and total liquidity at quarter-end is expected to be at R$3.5 billion.

EBITDA Margin²

29% - 30%

EBIT Margin²

 16% - 17%

Ancillary Revenue (cargo and other)

6% of total net revenues

Average fuel price per liter

R$2.70 - R$2.78

Average exchange rate

R$3.77

March Quarter 2019 

vs. March Quarter 2018

Passenger unit revenue (PRASK)

Up ~3.0%

CASK Ex-fuel² 

Up ~3.0%

Total Capacity – ASK

Up ~5.0%

Total Capacity – Seats

 Up ~3.0%