X0202 SCHEDULE 13G/A 0001011438-26-000166 0001348145 XXXXXXXX LIVE 1 Common Shares with no par value 06/30/2026 0001432364 Azul S.A. 000000000 ED. JATOBA, 8TH FLOOR AV. MARCOS PENTEADO ULHOA RODRIGUES, 939 TAMBORE, BARUERI, SAO PAULO D5 06460-040 Rule 13d-1(b) Rule 13d-1(c) VR Advisory Services Ltd E9 17900336 0 17900336 0 17900336 N 4.9 PN VR Global Partners, L.P. E9 17900336 0 17900336 0 17900336 N 4.9 CO IA VR Capital Participation Ltd. E9 17900336 0 17900336 0 17900336 N 4.9 CO HC VR Capital Group Ltd. E9 17900336 0 17900336 0 17900336 N 4.9 CO HC VR Capital Holdings Ltd. E9 17900336 0 17900336 0 17900336 N 4.9 CO HC Deitz Richard X1 17900336 0 17900336 0 17900336 N 4.9 IN HC Azul S.A. ED. JATOBA, 8TH FLOOR, AV. MARCOS PENTEADO ULHOA RODRIGUES, 939, TAMBORE, BARUERI, SAO PAULO, Brazil, 06460-040 The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): (i) VR Advisory Services Ltd ("VR"); (ii) VR Global Partners, L.P. (the "Fund"); (iii) VR Capital Participation Ltd. ("VRCP"); (iv) VR Capital Group Ltd. ("VRCG"); (v) VR Capital Holdings Ltd. ("VRCH"); and (vi) Richard Deitz. For the Fund, VRCP, VRCG and VRCH: c/o Intertrust (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands For VR: 601 Lexington Avenue, 59th Floor, New York, New York, 10022, USA For Mr. Deitz: The Kensington Building, 1 Wrights Lane, Fourth Floor, London W8 5RY, United Kingdom (i) The Fund is a Cayman Islands exempted limited partnership; (ii) VR is a Cayman Islands exempted company; (iii) VRCP is a Cayman Islands exempted company; (iv) VRCG is a Cayman Islands exempted company; (v) VRCH is a Cayman Islands exempted company; and (vi) Mr. Deitz is a United States citizen. N IA HC 8,854,652 American Depositary Shares ("ADS"), each representing two Common Shares ("Common Shares") of Azul S.A. (the "Issuer") reported as beneficially owned herein are directly held by the Fund representing a total of 17,709,304 Common Shares. In addition to the ADSs, the Fund was awarded warrants exercisable for 191,032 Common Shares of the Issuer, which are exercisable within sixty days (the "Warrants"). Therefore, the Fund may be deemed to exercise sole dispositive power over an aggregate of 17,900,336 Common Shares. VR, as the general partner and investment adviser of the Fund, may be deemed to exercise voting and investment power over the 17,900,336 Common Shares held by the Fund and thus may be deemed to beneficially own such Common Shares. VRCP, as the sole shareholder of VR, also may be deemed to beneficially own the 17,900,336 Common Shares held by the Fund. VRCG, as the sole shareholder of VRCP, also may be deemed to beneficially own the 17,900,336 Common Shares held by the Fund. VRCH, as the sole shareholder of VRCG, also may be deemed to beneficially own the 17,900,336 Common Shares held by the Fund. Mr. Deitz, as the control person of VR and VRCP, also may be deemed to beneficially own the 17,900,336 Common Shares held by the Fund. The Common Shares do not currently have a CUSIP. The CUSIP for the ADSs is 05501U601. As of June 30, 2026, each of the Fund, VR, VRCP, VRCG, VRCH and Mr. Deitz may be deemed to beneficially own 17,900,336 Common Shares of the Issuer, representing approximately 4.9% of the Common Shares outstanding. The above percentages are based on 368,557,924 Common Shares of the Issuer outstanding as of June 8, 2026, as reported in the Issuer's Form F-1/A filed with the Securities and Exchange Commission on June 9, 2026. 17,900,336.00 0 17,900,336.00 0 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. VR Advisory Services Ltd /s/ Emile du Toit 08/14/2026 VR Global Partners, L.P. /s/ Emile du Toit 08/14/2026 VR Capital Participation Ltd. /s/ Emile du Toit 08/14/2026 VR Capital Group Ltd. /s/ Emile du Toit 08/14/2026 VR Capital Holdings Ltd. /s/ Emile du Toit 08/14/2026 Deitz Richard /s/ Richard Deitz 08/14/2026