X0202 SCHEDULE 13G 0001512348 XXXXXXXX LIVE Common Shares without par value; the CUSIP relates to American Depository Shares, each representing five hundred thousand Common Shares. 02/20/2026 0001432364 AZUL SA 05501U932 939 Tambore, Barueri Edificio Jatoba, 8th floor Barueri D5 06460-040 Rule 13d-1(b) Thomas A. Wagner III X1 0.00 4063104500000.00 0.00 4063104500000.00 4063104500000.00 N 7.4 HC IN CUSIP number 05501U403 reported on the cover page above and in Item 2(e) below applies to the unrestricted class of the Issuer's (as defined below) American Depository Shares ("ADSs"). The Reporting Persons (as defined below) also beneficially own the Issuer's restricted ADSs, CUSIP number 05501U601. The ADSs are managed by Knighthead Capital Management, LLC ("KCM") and Knighthead Opportunities Capital Management, LLC ("KOCM" and, together with KCM, the "Advisers"), of which the Reporting Persons are managing partners, each entity individually beneficially owning less than 5% of the Issuer shares. Ara D. Cohen X1 0.00 4063104500000.00 0.00 4063104500000.00 4063104500000.00 N 7.4 HC IN CUSIP number 05501U403 reported on the cover page above and in Item 2(e) below applies to the unrestricted class of the Issuer's (as defined below) American Depository Shares ("ADSs"). The Reporting Persons (as defined below) also beneficially own the Issuer's restricted ADSs, CUSIP number 05501U601. The ADSs are managed by the Advisers, of which the Reporting Persons are managing partners, each individually beneficially owning less than 5% of the Issuer shares. AZUL SA Avenida Marcos Penteado de Ulhoa Rodrigues, 939, 8th floor Edificio Jatoba, Barueri, Brazil, 06460-040 This Schedule 13G is being jointly filed by Mr. Wagner and Mr. Cohen (collectively, the "Reporting Persons") with respect to the Shares of the above-named Issuer. Such owned Shares include warrants exercisable for Shares as well as ADSs representing Shares. The Reporting Persons are the managing partners of the Advisers, and may be deemed to indirectly beneficially own the securities reported. The address for the Reporting Persons is 320 Park Avenue, Floor 28 New York, NY 10022 United States N HC 8,126,209 ADS, each representing five hundred thousand Common Shares ("Common Shares") of Azul S.A. (the "Issuer") reported as beneficially owned herein are managed by the Advisers, of which the Reporting Persons are managing partners, representing a total of 4,034,449,500,000 Common Shares. In addition to the ADSs, the Reporting Persons were awarded warrants exercisable for 28,655,000,000 Common Shares of the Issuer, which are exercisable within sixty days (the "Warrants"). Therefore, the Reporting Persons may be deemed to exercise shared voting and dispositive power over an aggregate of 4,063,104,500,000 Common Shares. As of the date hereof, each Reporting Person may be deemed to beneficially own 4,063,104,500,000 Common Shares of the Issuer, representing approximately 7.4% of the Common Shares outstanding. The above percentage is based on 54,730,851,778,811 Common Shares reported as issued and outstanding as of February 19, 2026 in the Issuer's Form 6-K filed with the Securities and Exchange Commission on February 20, 2026 and giving effect to the Warrants. 0.00 4,063,104,500,000 0.00 4,063,104,500,000 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. Thomas A. Wagner III /s/ Thomas A. Wagner III 04/06/2026 Ara D. Cohen /s/ Ara D. Cohen 04/06/2026