SCHEDULE 13G

AZUL SA

Common Shares with no par value · CUSIP: 000000000

Event date: 2026-02-20

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• VR Advisory Services Ltd

  Shares: 2,877,742,163,070 · Class: 5.3%

• VR Global Partners, L.P.

  Shares: 2,877,742,163,070 · Class: 5.3%

• VR Capital Participation Ltd.

  Shares: 2,877,742,163,070 · Class: 5.3%

• VR Capital Group Ltd.

  Shares: 2,877,742,163,070 · Class: 5.3%

• VR Capital Holdings Ltd.

  Shares: 2,877,742,163,070 · Class: 5.3%

• Deitz Richard

  Shares: 2,877,742,163,070 · Class: 5.3%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.