SAO PAULO, Brazil – GOL Linhas Aereas Inteligentes SA the largest low-cost and best-fare airline in Latin America, announces its 1Q15 Results.

Highlights

• Net revenue of R$2.5 billion, stable compared to the same period of 2014. Ancillary and cargo revenue totaled R$277.8 million, an increase of 32.8% compared to 1Q14, representing 11.1% of total net revenue. International revenue recorded an 11.2% share of total net revenue, reaching R$279.6 million.

• In 1Q15, operating income (EBIT) reached R$153.8 million, with an operating margin of 6.1%, representing an increase of 6.5% over the R$144.5 million recorded in 1Q14, and margin of 5.8%.

• EBITDAR of R$468.9 million, with a margin of 18.7%, representing a decrease of 1.1 p.p. versus the same period in 2014. In the last twelve months, EBITDAR was R$1.8 billion with a margin of 17.8%.

• The consolidated load factor increased by 2.0 p.p. in the year, reaching 78.1%, with domestic up by 2.1 p.p. to 78.9%, and international load factors up by 1.2 p.p. to 72.6%.

• Net RASK in 1Q15 was R$19.22 cents, 3.4% lower, and total CASK was R$18.03 cents, down 3.8% compared to 2014. CASK ex-fuel increased by 12.4% for the same period.

• The exchange rate at the end of the quarter was R$3.2080, up 41.8% compared to R$2.2630 in 1Q14. The average exchange rate increased by 21.4%, R$2.8702 in 1Q15 and R$2.3652 in 1Q14. This huge devaluation of the Real against the Dollar in the period generated a negative net exchange variation of R$774.1 million, with no immediate cash effect, which explains the net loss of R$672.7 million in the quarter.

• Financial leverage ratio (adjusted gross debt/EBITDAR) was 7,3x, compared to 6,7x at the end of 2014 and 6.5x in 1Q14 – this indicator was impacted by the Real’s depreciation of 20.8% in 2014 and 41.8% against 1Q14.