X0202 SCHEDULE 13G/A 0001104659-26-021637 0001900923 XXXXXXXX LIVE 1 American Depositary Shares ("ADSs"), each representing two common shares, without par value 08/12/2026 0001432364 Azul S.A. 05501U601 Edificio Jatoba, 8th flr., Castelo Branc Avenida Marcos Penteado de Ulhoa Rodrigu Tambore, Barueri, Sao Paulo D5 SP 06460-0 Rule 13d-1(c) Readystate Asset Management, LP DE 0.00 39637319.00 0.00 39637319.00 39637319.00 N 10.7 IA PN The percentages reported in this Schedule 13G are based upon 369,527,261 Shares outstanding comprised of (i) 368,557,924 Shares outstanding as of July 1, 2026 (according to the Issuer's prospectus as filed with the Securities and Exchange Commission on July 1, 2026), and (ii) 969,337 Shares issuable upon conversion of certain warrants held by affiliates of the reporting persons, which the Issuer is contractually obligated to issue to certain of the reporting persons. Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on August 14, 2026. The shared voting power and shared dispositive power reported herein represent the aggregate common share equivalent holdings of the ADSs beneficially owned by the reporting persons, together with the Shares issuable upon conversion of the warrants described above. Each ADS represents two common shares of the Issuer. All references to "Shares" herein mean common shares of the Issuer. Readystate Master Fund, Ltd. E9 0.00 32106242.00 0.00 32106242.00 32106242.00 N 8.7 OO Readystate Strategic Opportunities Master Fund Ltd. E9 0.00 7531077.00 0.00 7531077.00 7531077.00 N 2.0 OO Ryan Garino X1 0.00 39637319.00 0.00 39637319.00 39637319.00 N 10.7 HC IN David Grossman X1 0.00 39637319.00 0.00 39637319.00 39637319.00 N 10.7 HC IN Azul S.A. Edificio Jatoba, 8th flr., Castelo Branco Office Park Avenida Marcos Penteado de Ulhoa Rodrigues, 939 Tambore, Barueri, Sao Paulo, Brazil, SP 06460-04 This Schedule 13G is being jointly filed by Readystate Asset Management, LP ("RSAM"), Readystate Master Fund, Ltd. ("RSMF"), Readystate Strategic Opportunities Master Fund Ltd. ("RSSO"), Mr. David Grossman and Mr. Ryan Garino (collectively with RSAM, RSMF, RSSO and Mr. Grossman, the "Reporting Persons") with respect to the Shares of the above-named Issuer held of record by RSMF and RSSO. Such owned Shares may include other instruments exercisable for or convertible into Shares as well as ADSs representing Shares. RSAM is the investment manager of RSMF and RSSO and holds voting and investment power over RSMF and RSSO's investments. Mr. Grossman and Mr. Garino are Managing Partners of RSAM, and may be deemed to indirectly beneficially own the securities reported. Each of Mr. Grossman and Mr. Garino disclaim beneficial ownership of the securities beneficially owned by RSAM, RSMF and RSSO, except to the extent of his pecuniary interest therein. 360 N Green Street, Suite 1400, Chicago, IL 60607. Readystate Asset Management, LP is organized as a limited partnership under the laws of the State of Delaware. Each of Readystate Master Fund, Ltd. and Readystate Strategic Opportunities Master Fund Ltd. is organized as an exempted company under the laws of the Cayman Islands. Mr. Grossman and Mr. Garino are U.S. citizens. Y 1. Readystate Asset Management, LP may be deemed to beneficially own 39,637,319 Shares. 2. Readystate Master Fund, Ltd. may be deemed to beneficially own 32,106,242 Shares. 3. Readystate Strategic Opportunities Master Fund Ltd. may be deemed to beneficially own 7,531,077 Shares. 4. Mr. Grossman may be deemed to beneficially own 39,637,319 Shares. 5. Mr. Garino may be deemed to beneficially own 39,637,319 Shares. 1. The number of Shares that Readystate Asset Management, LP may be deemed to beneficially own constitutes 10.7% of the Shares outstanding. 2. The number of Shares that Readystate Master Fund, Ltd. may be deemed to beneficially own constitutes 8.7% of the Shares outstanding. 3. The number of Shares that Readystate Strategic Opportunities Master Fund Ltd. may be deemed to beneficially own constitutes 2.0% of the Shares outstanding. 4. The number of Shares that Mr. Grossman may be deemed to beneficially own constitutes 10.7% of the Shares outstanding. 5. The number of Shares that Mr. Garino may be deemed to beneficially own constitutes 10.7% of the Shares outstanding. 1. Readystate Asset Management, LP: 0 2. Readystate Master Fund, Ltd.: 0 3. Readystate Strategic Opportunities Master Fund Ltd.: 0 4. Mr. Grossman: 0 5. Mr. Garino: 0 1. Readystate Asset Management, LP: 39,637,319 2. Readystate Master Fund, Ltd.: 32,106,242 3. Readystate Strategic Opportunities Master Fund Ltd.: 7,531,077 4. Mr. Grossman: 39,637,319 5. Mr. Garino: 39,637,319 1. Readystate Asset Management, LP: 0 2. Readystate Master Fund, Ltd.: 0 3. Readystate Strategic Opportunities Master Fund Ltd.: 0 4. Mr. Grossman: 0 5. Mr. Garino: 0 1. Readystate Asset Management, LP: 39,637,319 2. Readystate Master Fund, Ltd.: 32,106,242 3. Readystate Strategic Opportunities Master Fund Ltd.: 7,531,077 4. Mr. Grossman: 39,637,319 5. Mr. Garino: 39,637,319 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. Readystate Asset Management, LP /s/ Shellane Mulcahy 08/14/2026 Readystate Master Fund, Ltd. /s/ Shellane Mulcahy 08/14/2026 Readystate Strategic Opportunities Master Fund Ltd. /s/ Shellane Mulcahy 08/14/2026 Ryan Garino /s/ Ryan Garino 08/14/2026 David Grossman /s/ David Grossman 08/14/2026