AZUL SA - AMERICAN DEPOSITARY SHARES (AZULQ) Institutional Ownership

13F Institutional Holders and Ownership History from Q2 2017 to Q3 2025

Type / Class: Equity / AMERICAN DEPOSITARY SHARES
Symbol: AZULQ on OTC
Shares outstanding: 446,583,712
Price per share: $0.14
All holders as of 30 Sep 2025: Q3 2025
Total 13F shares: 15,199
Total reported value: $22,595
% of total 13F portfolios: 0%
Share change: -1,606,192
Value change: -$752,541
Number of holders: 2

Reported Shares, Excluding Options vs Price

Reported Value, Excluding Options

Total Investors

Significant Owners of AZUL SA - AMERICAN DEPOSITARY SHARES (AZULQ) based on Schedule 13D/G filings

Filer	Ownership	Change %	Holdings Value	Net Change	Nb Shares	Change %	Reporting Name	Report Period
NEELEMAN DAVID	5.9%	-21%	$39,259,174	+$18,545,602	26,348,439	0%	NEELEMAN DAVID	08 Apr 2025

As of 30 Sep 2025, 2 institutional investors reported holding 15,199 shares of AZUL SA - AMERICAN DEPOSITARY SHARES (AZULQ). This represents 0% of the company’s total 446,583,712 outstanding shares.

Institutional Holders of AZUL SA - AMERICAN DEPOSITARY SHARES (AZULQ) across Reporting Periods

Period	Reported Shares, Excl. Options	Value, Excl. Options	Value Change	Puts Notional Value	Calls Notional Value	Price (Median)	Investors
2025 Q3	15,199	$22,595	-$752,541		$0	$1.14	2
2025 Q2	1,621,391	$774,712	-$21,790,812	$0	$28,018	$0.47	10
2025 Q1	13,828,831	$22,679,999	+$2,210,883	$6,438,476	$999,088	$1.64	51
2024 Q4	12,575,960	$21,751,687	-$7,804,089	$4,450,383	$1,501,163	$1.67	58
2024 Q3	14,553,692	$50,019,840	-$49,682,164	$16,173,976	$5,316,908	$3.44	75
2024 Q2	26,591,072	$107,537,591	-$11,507,021	$2,816,400	$3,062,400	$4.00	68
2024 Q1	25,303,258	$196,606,292	+$6,920,742	$9,831,381	$6,295,254	$7.77	83
2023 Q4	42,832	$415,042	-$161,726			$9.69	1
2023 Q3	25,213,764	$216,480,511	-$46,312,020	$11,208,373	$4,344,104	$8.59	76
2023 Q2	30,144,194	$412,623,333	-$1,010,214	$12,222,151	$6,248,925	$13.69	73
2023 Q1	35,847,108	$256,298,355	+$31,638,316	$11,153,265	$7,208,265	$7.15	61
2022 Q4	32,282,093	$197,258,080	-$9,854,550	$2,421,393	$5,597,936	$6.11	64
2022 Q3	33,799,516	$275,083,055	+$2,165,971	$2,196,000	$11,450,000	$8.14	73
2022 Q2	33,775,829	$239,799,418	-$32,792,982	$758,000	$2,445,000	$7.10	75
2022 Q1	37,594,251	$565,796,131	-$21,305,177	$4,213,000	$11,269,000	$15.05	81
2021 Q4	39,481,546	$521,146,799	-$38,626,677	$5,031,000	$7,171,000	$13.20	86
2021 Q3	40,659,017	$815,786,195	-$44,339,623	$7,072,000	$9,369,000	$20.06	83
2021 Q2	42,057,949	$1,110,347,091	+$26,016,214	$10,011,000	$12,617,000	$26.40	91
2021 Q1	41,143,683	$830,749,531	+$10,405,015	$5,497,000	$10,542,000	$20.19	85
2020 Q4	40,169,464	$916,581,208	+$112,813,613	$2,446,000	$7,703,000	$22.82	101
2020 Q3	35,133,418	$462,157,203	+$75,895,442	$1,182,000	$14,437,000	$13.16	79
2020 Q2	29,523,889	$330,164,572	-$86,899,208	$1,995,000	$12,064,000	$11.18	71
2020 Q1	37,462,052	$381,982,405	-$251,296,801	$524,000	$126,000	$10.19	67
2019 Q4	42,195,046	$1,806,499,478	-$54,469,911	$3,638,000	$2,255,000	$42.80	91
2019 Q3	43,550,569	$1,559,891,896	-$57,792,080	$3,508,000	$3,179,000	$35.82	95
2019 Q2	45,284,455	$1,514,145,058	-$1,949,095	$9,102,000	$3,416,000	$33.44	91
2019 Q1	46,317,479	$1,352,341,700	-$162,198,302	$5,476,000	$2,022,000	$29.21	90
2018 Q4	51,798,555	$1,433,410,004	-$198,883,100	$2,340,000	$3,253,000	$27.69	76
2018 Q3	60,381,920	$1,074,836,714	+$22,320,581	$2,642,000	$6,746,000	$17.79	78
2018 Q2	59,461,652	$969,054,727	+$338,836,328	$928,000	$6,598,000	$16.36	96
2018 Q1	34,735,341	$1,207,024,981	+$48,791,138	$2,207,000	$13,226,000	$34.75	82
2017 Q4	33,520,245	$798,760,702	+$30,438,277	$503,000	$2,186,000	$23.83	62
2017 Q3	32,026,020	$874,272,412	+$258,863,783	$763,000	$1,243,000	$27.45	62
2017 Q2	23,464,319	$494,590,367	+$494,590,449			$21.08	51