SCHEDULE 13G 0001602716 XXXXXXXX LIVE AMERICAN DEPOSITARY SHARES 06/30/2025 0001432364 AZUL SA 05501U106 Avenida Marcos 8th floor Branco D5 06460-040 Rule 13d-1(b) LONG FOCUS CAPITAL MANAGEMENT, LLC b DE 0.00 0.00 0.00 0.00 0.00 N 0 IA JOHN HELMERS b DE 0.00 0.00 0.00 0.00 0.00 N 0 IN AZUL SA Avenida Marcos, 8th floor, Branco Office Park, Federative Republic of Brazil LONG FOCUS CAPITAL MANAGEMENT LLC JOHN HELMERS 207 CALLE DEL PARQUE A&M TOWER, 8TH FLOOR SAN JUAN, PR 00912 Long Focus Capital Management, LLC, a Delaware single member limited liability company; and John Helmers, a United States citizen. N IA The information required by Item 4(a) is set forth in Row (9) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. Long Focus Capital Management, LLC and John Helmers directly own no American Depositary Shares. Pursuant to investment management agreements with its clients, Long Focus Capital Management, LLC maintains dispositive and voting power with respect to the securities held in its clients' accounts. John Helmers controls Long Focus Capital Management, LLC. The information required by Item 4(b) is set forth in Row (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. The information required by Item 4(c)(i) is set forth in Row (5) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. The information required by Item 4(c)(ii) is set forth in Row (6) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. The information required by Item 4(c)(iii) is set forth in Row (7) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. The information required by Item 4(c)(iv) is set forth in Row (8) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on June 30, 2025. N Y N [ ] Not Applicable Securities reported on this statement on Schedule 13G as being beneficially owned by Long Focus Capital Management, LLC were purchased on behalf of its clients and no one client owns more than 5 percent of a class of such securities. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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 of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. LONG FOCUS CAPITAL MANAGEMENT, LLC /s/ John Helmers 08/14/2025 JOHN HELMERS /s/ John Helmers 08/14/2025