Investor Relations
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Shareholder structure

Due to regulatory requirements, Azul created a differentiated shareholder structure to appropriately distribute economic ownership and voting rights among common and preferred shareholders. Under this structure, each preferred share is equivalent to 75 common shares and is entitled to receive 75 times the amount of dividends distributed to holders of common shares. Common shareholders have voting control over Azul and preferred shareholders have 100% tag along rights.

Shareholder structure

Common % Common Preferred % Preferred Total Economic Shares
(1 PS = 75 OS)
% Economic Interest
David Neeleman 622,406,638 67.00% 7,329,683 2.18% 15,628,438 4.49%
Trip Shareholders* 306,558,420 33.00% 13,481,040 4.02%  17.568.486 5,05%
United Airlines, Inc. (Calfinco) 18,632,216 5.35% 26,995,316 7.76%
Others  287,317,369 85.61%  287,317,369 85.61%
Treasury  705,875 0.20%  500,000 0.15%
TOTAL 928,965,058 335,623,408 100.0% 348,009,609 100.0%

* Represents Trip Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda.

* Note: One ADR represents three preferred shares.

Last update: March 18, 2024