SCHEDULE 13G 0002010204 XXXXXXXX LIVE Common Shares, without par value 02/20/2026 0001432364 AZUL SA 05501U403 Avenida Marcos Penteado de Ulhoa Rodrigu 939, 8th floor Edificio Jatoba Barueri D5 06460-040 Rule 13d-1(c) BlackBarn Capital Partners LP DE 0.00 4603614558460.00 0.00 4603614558460.00 4603614558460.00 8.4 IA PN BlackBarn Capital Master Fund, LP E9 0.00 4603614558460.00 0.00 4603614558460.00 4603614558460.00 8.4 PN BlackBarn Capital GP, LLC DE 0.00 4603614558460.00 0.00 4603614558460.00 4603614558460.00 8.4 HC BlackBarn Capital Partners GP, LLC DE 0.00 4603614558460.00 0.00 4603614558460.00 4603614558460.00 8.4 HC Jonathan Carter X1 0.00 4603614558460.00 0.00 4603614558460.00 4603614558460.00 8.4 HC IN AZUL SA Avenida Marcos Penteado de Ulhoa Rodrigu, 939, 8th floor Edificio Jatoba, Barueri, BRAZIL, 06460-040 This statement is being filed by (1) BlackBarn Capital Partners LP, ( the "Firm"), (2) BlackBarn Capital Master Fund, LP ("BlackBarn Master"), (3) BlackBarn Capital GP, LLC ("BlackBarn Master GP"), (4) BlackBarn Capital Partners GP, LLC, ("BlackBarn GP"), and (5) Jonathan Carter. Each a "Filer" and collectively, the "Filers". The Firm is the investment manager to BlackBarn Master. BlackBarn Master GP is the general partner of BlackBarn Master. BlackBarn GP is the general partner to the Firm. Jonathan Carter is a Limited Partner of the Firm and a Managing Member of BlackBarn Master GP and BlackBarn GP. The address for BlackBarn Capital Partners LP, BlackBarn Capital GP, LLC, BlackBarn Capital Partners GP, LLC, and Jonathan Carter is 250 W 55th Street, 25th Floor, New York, NY 10019. The address for BlackBarn Capital Master Fund, LP is c/o Maples Corporate Services Limited, Ugland House, South Church Street, PO Box 309, Grand Cayman KY1-1104, Cayman Islands. See Item 4 of the cover page for each Filer. Y See Item 9 of the cover page for each Filer. By virtue of the Firm's position as the investment manager of BlackBarn Master, the direct holder of 4,603,614,558,460 Common Shares, Without par value (the "Common Shares"), consisting of 4,458,214,000,000 Common Shares and 145,400,558,460 Common Shares issuable upon exercise of warrants of Azul S.A. (the "Issuer"). The Firm may be deemed to exercise voting and investment power over such Shares held by BlackBarn Master and thus may be deemed to beneficially own such Common Shares. By virtue of its position as the General Partner of BlackBarn Master, BlackBarn Master GP may be deemed to exercise voting and investment power over the Common Shares held directly by BlackBarn Master and thus may be deemed to beneficially own such Common Shares. By virtue of its position as the general partner of the Firm, BlackBarn GP may be deemed to exercise voting and investment power over the Common Shares held directly by BlackBarn Master and thus may be deemed to beneficially own such Common Shares. By virtue of Jonathan Carter's position as the Limited Partner of the Firm and the Managing Member of BlackBarn Master GP and BlackBarn GP, Jonathan Carter may be deemed to exercise voting and investment power over the Shares held directly by BlackBarn Master and thus may be deemed to beneficially own such Common Shares. Ownership percentages are based on 54,876,251,778,811 Common Shares reported as issued and outstanding as of February 19, 2026 in the Issuer's Form 6-K filed with the Securities and Exchange Commission on February 20, 2026, plus 145,400,558,460 hares of Common Shares of which the Filers may acquire upon the exercise of which the Filers may acquire upon the exercise of the warrants. See Item 11 of the cover page for each Filer. See Item 5 of the cover page for each Filer. See Item 6 of the cover page for each Filer. See Item 7 of the cover page for each Filer. See Item 8 of the cover page for each Filer. Y N 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. Exhibit 1: Joint Filing Agreement BlackBarn Capital Partners LP Jeremy Edelstein 02/27/2026 BlackBarn Capital Master Fund, LP Jonathan Carter 02/27/2026 BlackBarn Capital GP, LLC Jonathan Carter 02/27/2026 BlackBarn Capital Partners GP, LLC Jonathan Carter 02/27/2026 Jonathan Carter Jonathan Carter 02/27/2026