Azul S.A.: 5%+ holders

As of November 6, 2026, 5 holders' latest Schedule 13D or 13G filings report owning 5% or more of Azul S.A. The largest reported stake is Readystate Asset Management, LP's, at 10.7%. 12 filings are on record since August 14, 2025 (Schedule 13G/A, August 14, 2026).

American Airlines Group Inc. also filed stake reports on 1 other company ↓

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Key facts

• Filing 2026-10-26 · Reporting person: American Airlines Group Inc. · Sole voting: 0 · Shared voting: 31,838,775 · Sole dispositive: 0 · Shared dispositive: 31,838,775 · SCHEDULE 13D, 2026-10-26
• Filing 2026-08-14 · Reporting person: Readystate Asset Management, LP · Sole voting: 0 · Shared voting: 39,637,319 · Sole dispositive: 0 · Shared dispositive: 39,637,319 · SCHEDULE 13G/A, 2026-08-14
• Filing 2026-08-14 · Reporting person: VR Advisory Services Ltd · Sole voting: 17,900,336 · Shared voting: 0 · Sole dispositive: 17,900,336 · Shared dispositive: 0 · SCHEDULE 13G/A, 2026-08-14
• Filed 2026-04-06 · Holder: Thomas A. Wagner III · Percent: 7.4% · SCHEDULE 13G
• Filed 2026-03-05 · Holder: Flow Traders U.S. LLC · Percent: 0% · SCHEDULE 13G/A

Azul S.A. has 12 Schedule 13D or 13G filings on record since 2025-08-14. 5 holders' latest filing reports 5% or more of common shares, no par value. Each figure below is the holder's own, as filed, with the filing linked.

Holders

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Keep reading

More on Azul S.A. and the records around it.

Azul S.A. elsewhere on the record

• Who owns it

Companies that share a holder

• American Airlines Group Inc. also filed stake reports on 1 other company: Republic Airways Holdings Inc. (Dec 2025)
• United Airlines Holdings, Inc. also filed stake reports on 1 other company: Republic Airways Holdings Inc. (Feb 2026)
• VR Advisory Services Ltd also filed stake reports on 2 other companies: ProPetro Holding Corp. (Jul 2026), D-MARKET Electronic Services & Trading (Jun 2026)

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4. Who Runs It, And How To Reach Them

5. The Money: Funding, Valuation, Runway

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7. Warning Bells

8. Sources

   12 cited sources found

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Voting and dispositive power, as filed

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The latest filing identifies Azul S.A. by CUSIP 05501U601 and gives its principal executive office as AV. MARCOS PENTEADO ULHOA RODRIGUES, NO. 939, 8 FLOOR, ED. JATOBA, BARUERI (SCHEDULE 13D, 2026-10-26).

What the percentages are based on

As of June 30, 2026, each of the Fund, VR, VRCP, VRCG, VRCH and Mr.VR Advisory Services Ltd, SCHEDULE 13G/A, 2026-08-14

Source of funds (Item 3)

On October 20, 2026, the Reporting Persons exercised warrants to purchase 31,838,775 Common Shares (the "Warrant Exercise"). The aggregate exercise price paid by the Reporting Persons for the exercise of the warrants was $100.0 million. The Reporting Persons used working capital to exercise the warrants.American Airlines Group Inc., SCHEDULE 13D, 2026-10-26

Purpose of Transaction (Item 4)

Neeleman David

The response set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: The information in Item 3 is incorporated by reference herein. On January 12, 2026, the holders of Common Shares and the holders of preferred shares of the Issuer ("Preferred Shares") approved the conversion of all Preferred Shares into Common Shares at a conversion rate of 75 Common Shares for each Preferred Share (the "Conversion"). On February 12, 2026, the holders of Common Shares approved a reverse share split of the issued and outstanding Common Shares, at a ratio of 75 Common Shares to form one Common Share post-split (the "Reverse Split"), which was implemented prior to the February 2026 Issuance (as defined below). On January 13, 2026, the Issuer consummated the issuance of 723,861,340,715 new Common Shares and 723,861,340,715 new Preferred Shares (the "January 2026 Issuance"), and on February 20, 2026, the Issuer consummated the issuance of 45,477,707,683,900 Common Shares (the "February 2026 Issuance" and, together with the January 2026 Issuance, the "2026 Issuances"). Neither of the Neeleman Parties acquired any Common Shares in the 2026 Issuances and, as a result, the beneficial ownership of the Neeleman Parties was diluted such that neither of the Neeleman Parties currently holds more than five percent of the Common Shares.Item 4 of the SCHEDULE 13D/A filed 2026-02-24

United Airlines Holdings, Inc.

The disclosure in Item 3 of this Schedule 13D is incorporated by reference into this Item 4. The Reporting Persons hold their securities of the Issuer for investment purposes. In connection with the completion of Azul's reorganization process and United's investment in Azul, Patrick Wayne Quayle, United's Senior Vice President, Global Network Planning and Alliances, remained on Azul's board of directors and was appointed to Azul's newly constituted strategy committee. The Reporting Persons expect to review from time to time their investment in the Issuer and may, depending on the market and other conditions and subject to applicable law: (i) acquire beneficial ownership of additional Shares in the open market, in privately negotiated transactions or otherwise; (ii) dispose of all or part of their holdings of securities of the Issuer; or (iii) take other actions which could involve one or more of the types of transactions or have one or more of the results described in Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons do not have any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.Item 4 of the SCHEDULE 13D filed 2026-02-27

American Airlines Group Inc.

Warrant Exercise Item 3 above includes a description of the Warrant Exercise and is incorporated by reference to this Item 4. General The Reporting Persons acquired the securities described in this Schedule 13D in connection with the Warrant Exercise and intend to review their investment in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake may be made at any time and from time to time without prior notice and will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management, the board of directors, other securityholders of the Issuer and other relevant parties, or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or other transaction that could result in the de-listing or de-registration of the Common Shares; security offerings and/or …The first part of Item 4 of the SCHEDULE 13D filed 2026-10-26; the filing has the rest

Timeline

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Questions about who owns Azul S.A.

Who owns Azul S.A.?

On this page, 5 holders' latest ownership filings report 5% or more of Azul S.A.: Readystate Asset Management, LP (10.7%, Schedule 13G/A, filed 2026-08-14), United Airlines Holdings, Inc. (8.7%, Schedule 13D, filed 2026-02-27), BlackBarn Capital Partners LP (8.4%, Schedule 13G, filed 2026-02-27), American Airlines Group Inc. (7.9%, Schedule 13D, filed 2026-10-26) and Thomas A. Wagner III (7.4%, Schedule 13G, filed 2026-04-06).

Who are the largest shareholders of Azul S.A.?

By the share each holder's latest filing reports, the largest holders of Azul S.A. on this page are Readystate Asset Management, LP (10.7%), United Airlines Holdings, Inc. (8.7%) and BlackBarn Capital Partners LP (8.4%).

When did Readystate Asset Management, LP buy into Azul S.A.?

The filings give report dates, not purchase dates. The earliest filing from Readystate Asset Management, LP on this page is the Schedule 13G, filed 2026-02-27, reporting 9%; its latest, Schedule 13G/A filed 2026-08-14, reports 10.7%.

Is this an audit or a full list?

Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 12 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.

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Where this comes from

Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.

Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.

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