SCHEDULE: BlackBarn Capital Discloses 8.4% Stake in Azul SA

BlackBarn Capital Partners and affiliates report beneficial ownership of 8.4% of Azul SA's common shares, including warrants.

Summary

• BlackBarn Capital Partners LP and its affiliated entities, including BlackBarn Capital Master Fund, LP, BlackBarn Capital GP, LLC, BlackBarn Capital Partners GP, LLC, and Jonathan Carter, collectively reported beneficial ownership of 8.4% of Azul SA's Common Shares.
• The aggregate amount beneficially owned by the reporting persons is 4,603,614,558,460 Common Shares.
• This total includes 4,458,214,000,000 existing Common Shares and 145,400,558,460 Common Shares issuable upon the exercise of warrants.
• Ownership percentages are calculated based on 54,876,251,778,811 Common Shares reported as issued and outstanding by Azul SA as of February 19, 2026, plus the warrant shares.
• The reporting persons share both voting and dispositive power over these beneficially owned shares.
• The filing indicates a passive investment, with no intent to change or influence control of Azul SA.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive signal, as a substantial institutional investment often reflects confidence in the company's long-term prospects and valuation.

Positives

• A significant institutional investor, BlackBarn Capital, has disclosed an 8.4% beneficial ownership stake in Azul SA, signaling notable institutional interest and potential confidence in the company.
• The stake includes both existing common shares and shares issuable upon warrant exercise, indicating a long-term perspective on the investment.

Future Outlook

This filing does not contain forward-looking statements or guidance from Azul SA or the reporting persons regarding the company's future performance.

Industry Context

StockSavvy.ai notes that the airline industry, particularly in emerging markets like Brazil where Azul SA operates, can be subject to significant volatility from fuel prices, currency fluctuations, and economic conditions. A substantial institutional investment by BlackBarn Capital suggests a belief in Azul SA's resilience and strategic positioning within this challenging environment.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding an 8.4% stake may influence market perception and trading activity for Azul SA shares.

Key Dates

Keywords

Azul SA, BlackBarn Capital, Schedule 13G, Beneficial Ownership, Common Shares, Warrants, Institutional Investment, Airline Industry