SCHEDULE: VR Capital Group Discloses 5.3% Stake in Azul S.A.

VR Global Partners and affiliated entities, including VR Capital Group, have disclosed a 5.3% beneficial ownership stake in Azul S.A. common shares.

Summary

• VR Global Partners, L.P., along with its general partner VR Advisory Services Ltd and other affiliated entities (VR Capital Participation Ltd., VR Capital Group Ltd., VR Capital Holdings Ltd.), and control person Richard Deitz, have collectively reported beneficial ownership of Azul S.A. common shares.
• The aggregate amount beneficially owned by each reporting person is 2,877,742,163,070 Common Shares.
• This ownership represents approximately 5.3% of Azul S.A.'s outstanding Common Shares, based on 54,730,851,778,811 Common Shares outstanding as of February 20, 2026.
• The beneficial ownership includes 5,659,968 American Depositary Shares (ADS), with each ADS representing 500,000 Common Shares, totaling 2,829,984,000,000 Common Shares.
• Additionally, the Fund was awarded warrants exercisable for 47,758,163,070 Common Shares within sixty days.
• The reporting persons have sole voting power and sole dispositive power over the entire 2,877,742,163,070 Common Shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Azul S.A., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant beneficial ownership disclosure by an institutional investor like VR Capital Group can be interpreted as a vote of confidence in Azul S.A.'s value and future prospects.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• The reporting persons certify that, to the best of their knowledge and belief, the securities 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, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

StockSavvy.ai notes that a significant stake by an investment group like VR Capital in an airline company such as Azul S.A. could signal confidence in the company's long-term prospects or a strategic investment in the Brazilian aviation market. This type of institutional investment often attracts further market attention to the issuer.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may increase investor confidence and potentially influence stock valuation.
• Management: The presence of a large institutional investor could lead to increased scrutiny or engagement regarding corporate strategy and performance.

Key Dates

Keywords

Azul S.A., VR Global Partners, VR Advisory Services, Richard Deitz, Beneficial Ownership, Schedule 13G, Common Shares, American Depositary Shares, Institutional Investment, Airline Industry