# EDGAR Filing Document

**Accession Number:** 0000100517
**File Stem:** 0001104659-26-021571
**Filing Date:** 2026-2
**Character Count:** 21870
**Document Hash:** e735c4a69c7cfc56cab46a967a1db506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-021571.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001104659-26-021571

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZUL SA
- **CENTRAL INDEX KEY:** 0001432364
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90373
- **FILM NUMBER:** 26700035

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040
- **BUSINESS PHONE:** 55 11 4831 2880

**MAIL ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEB II PARTICIPACOES SA
- **DATE OF NAME CHANGE:** 20080415
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** United Airlines Holdings, Inc.
- **CENTRAL INDEX KEY:** 0000100517
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 362675207
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** E. ANNA HA - WHQLD
- **STREET 2:** 233 SOUTH WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 872-825-4000

**MAIL ADDRESS:**
- **STREET 1:** E. ANNA HA - WHQLD
- **STREET 2:** 233 SOUTH WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** United Continental Holdings, Inc.
- **DATE OF NAME CHANGE:** 20100930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UAL CORP /DE/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLEGIS CORP
- **DATE OF NAME CHANGE:** 19880613

## Ex-99.A

**SCHEDULE A**

The following sets forth information concerning the executive officers and directors of UAL, United and CALFINCO as of February 20, 2026, in response to Item 2 and Instruction C to Schedule 13D. Capitalized terms used herein have the meanings assigned thereto in the Schedule 13D to which this Schedule A relates. The principal address of each of the executive officers and directors of UAL, United and CALFINCO is 233 South Wacker Drive, Chicago, IL, 60606. Each of the executive officers and directors of UAL, United and CALFINCO is a citizen of the United States unless otherwise indicated.

**<u>UNITED AIRLINES HOLDINGS, INC. – BOARD OF DIRECTORS</u>**

---

| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment** |
| Edward M. Philip<br> *Chairman and Independent Director* | Former Chief Operating Officer, Partners in Health |
| Rosalind Brewer<br> *Independent Director* | Special Advisor and Former CEO, Walgreens Boots Alliance, Inc.; Interim President, Spelman College |
| Michelle Freyre<br> *Independent Director* | Global Brand President, Clinique and Origins, The Estee Lauder Companies, Inc. |
| Matthew Friend<br> *Independent Director* | Executive Vice President and Chief Financial Officer, NIKE, Inc. |
| Barney Harford<sup>1</sup><br> *Independent Director* | Former Chief Operating Officer, Uber Technologies, Inc.; Former Chief Executive Officer, Orbitz Worldwide, Inc. |
| Michele J. Hooper<br> *Independent Director* | President and Chief Executive Officer, The Directors' Council |
| Walter Isaacson<br> *Independent Director* | Professor of History, Tulane University; Advisory Partner, Perella Weinberg Partners |
| Richard Johnsen<br> *Director* | Air Transport Territory General Vice President, International Association of Machinists and Aerospace Workers |
| Scott Kirby<br> *Director and Chief Executive Officer* | Chief Executive Officer, United Airlines Holdings, Inc. |
| Captain Brian Noyes<br> *Director* | Master Chair, United Airlines Master Executive Council, ALPA |
| Edward L. Shapiro<br> *Independent Director* | Former Managing Partner, PAR Capital Management, Inc.; Managing Trustee, The Shapiro Foundation |
| Laysha Ward<br> *Independent Director* | Former EVP and Chief External Engagement Officer, Target Corporation |
| James M. Whitehurst<br> *Independent Director* | Managing Director, Silver Lake; Executive Chair, Unity Software Inc. |

---

**<u>UNITED AIRLINES HOLDINGS, INC. – EXECUTIVE OFFICERS</u>**

---

| | |
|:---|:---|
| **Name** | **Title** |
| Torbjorn J. Enqvist | Executive Vice President and Chief Operations Officer |
| Kate Gebo | Executive Vice President Human Resources and Labor Relations |
| Brett J. Hart | President |
| Scott Kirby | Chief Executive Officer |
| Michael Leskinen | Executive Vice President and Chief Financial Officer |
| Andrew Nocella | Executive Vice President and Chief Commercial Officer |

---

**<u>UNITED AIRLINES, INC. – BOARD OF DIRECTORS</u>**

---

| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment** |
| Brett J. Hart<br> *Director* | President |
| Scott Kirby<br> *Director* | Chief Executive Officer |
| Michael Leskinen<br> *Director* | Executive Vice President and Chief Financial Officer |

---

**<u>UNITED AIRLINES, INC. – EXECUTIVE OFFICERS</u>**

---

| | |
|:---|:---|
| **Name** | **Title** |
| Torbjorn J. Enqvist | Executive Vice President and Chief Operations Officer |
| Kate Gebo | Executive Vice President Human Resources and Labor Relations |
| Brett J. Hart | President |
| Scott Kirby | Chief Executive Officer |
| Michael Leskinen | Executive Vice President and Chief Financial Officer |
| Andrew Nocella | Executive Vice President and Chief Commercial Officer |

---

**<u>CALFINCO CAYMANS LTD. – BOARD OF DIRECTORS</u>**

---

| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment** |
| Brett J. Hart<br> *Director* | President, United Airlines Holdings, Inc. |
| Michael Leskinen<br> *Director* | Executive Vice President and Chief Financial Officer, United Airlines Holdings, Inc. |
| Andrew Nocella<br> *Director* | Executive Vice President and Chief Commercial Officer, United Airlines Holdings, Inc. |

---

**<u>CALFINCO CAYMANS LTD. – EXECUTIVE OFFICERS</u>**

---

| | |
|:---|:---|
| **Name** | **Title** |
| Brett J. Hart | President |
| Michael Leskinen | Executive Vice President |
| John Gebo | Senior Vice President |
| J. Eric Harder | Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

The undersigned hereby agree that the Schedule 13D to which this agreement is attached as an exhibit, as well as any and all future amendments thereto (including amendments on Schedule 13G), shall be filed on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k) under the Securities Exchange Act of 1934.

February 27, 2026

---

| | |
|:---|:---|
| **United Airlines Holdings, Inc.** | **United Airlines Holdings, Inc.** |
| By: | /s/ Michael Leskinen |
|  | Name: Michael Leskinen |
|  | Title: Executive Vice President and Chief Financial Officer |

---

---

| | |
|:---|:---|
| **United Airlines, Inc.** | **United Airlines, Inc.** |
| By: | /s/ Michael Leskinen |
|  | Name: Michael Leskinen |
|  | Title: Executive Vice President and Chief Financial Officer |

---

---

| | |
|:---|:---|
| **CALFINCO Caymans, Ltd.** | **CALFINCO Caymans, Ltd.** |
| By: | /s/ Michael Leskinen |
|  | Name: Michael Leskinen |
|  | Title: Executive Vice President |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**AZUL SA**

*(Name of Issuer)*

**American Depositary Shares, each representing 500,000 common shares, no par value and common shares, no par value**

*(Title of Class of Securities)*

**05501U502**

*(CUSIP Number)*

**Robert S. Rivkin**<br>United Airlines Holdings, Inc.<br>233 South Wacker Drive<br>Chicago IL 60606<br>(872) 825-4000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/20/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **05501U502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**United Airlines Holdings, Inc.** | Name of reporting person<br>**United Airlines Holdings, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4775834632216.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4775834632216.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4775834632216.00** | Aggregate amount beneficially owned by each reporting person<br>**4775834632216.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.7%** | Percent of class represented by amount in Row (11)<br>**8.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8, 10, and 11: Excludes up to 716,372,446,058 Shares (as defined below) issuable to United Airlines, Inc. ("United") upon exercise by United of certain United Warrants (as defined below). The United Warrants are exercisable on the terms and conditions set forth therein, including obtaining certain regulatory approvals.

Row 13: This percentage is based on a total of 54,730,851,778,811 Shares issued and outstanding immediately after completion of Azul's reorganization process and following the issuance and sale of certain Shares being offered in connection with such reorganization, as reported by the Issuer on a Form 6-K released on February 20, 2026.

| **CUSIP No.** | **05501U502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**United Airlines, Inc.** | Name of reporting person<br>**United Airlines, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4775834632216.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4775834632216.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4775834632216.00** | Aggregate amount beneficially owned by each reporting person<br>**4775834632216.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.7%** | Percent of class represented by amount in Row (11)<br>**8.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Rows 8, 10, and 11: Excludes up to 716,372,446,058 Shares issuable to United upon exercise by United of certain United Warrants. The United Warrants are exercisable on the terms and conditions set forth therein, including obtaining certain regulatory approvals.

Row 13: This percentage is based on a total of 54,730,851,778,811 Shares issued and outstanding immediately after completion of Azul's reorganization process and following the issuance and sale of certain Shares being offered in connection with such reorganization, as reported by the Issuer on a Form 6-K released on February 20, 2026.

| **CUSIP No.** | **05501U502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**CALFINCO Caymans Ltd.** | Name of reporting person<br>**CALFINCO Caymans Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18632216.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18632216.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**18632216.00** | Aggregate amount beneficially owned by each reporting person<br>**18632216.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.0%** | Percent of class represented by amount in Row (11)<br>**0.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 13: This percentage is based on a total of 54,730,851,778,811 Shares issued and outstanding immediately after completion of Azul's reorganization process and following the issuance and sale of certain Shares being offered in connection with such reorganization, as reported by the Issuer on a Form 6-K released on February 20, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
American Depositary Shares, each representing 500,000 common shares, no par value and common shares, no par value

**(b) Name of Issuer:**
AZUL SA

**(c) Address of Issuer's Principal Executive Offices:**
AV. MARCOS PENTEADO ULHOA RODRIGUES, NO. 939, 9 FLOOR, ED. JATOBA, BARUERI, D5, 06460-040

This statement on Schedule 13D relates to (i) American Depositary Shares ("ADSs"), each representing 500,000 common stock, no par value (the "Shares"), of Azul S.A., a Brazilian corporation (the "Issuer" and "Azul") directly held by United (as defined below), and (ii) Shares directly held by CALFINCO (as defined below), and is being filed pursuant to Section 13(d) of the Act. The Issuer's principal executive offices are located at Edificio Jatoba, 8th floor, Castelo Branco Office Park, Avenida Marcos Penteado de Ulhoa Rodrigues, 939 Tambore, Barueri, Sao Paulo, Brazil.

**Item 4. Purpose of Transaction**

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 5. Interest in Securities of the Issuer**

**(a)**
As of the date hereof, each of United and UAL may be deemed to own approximately 4,775,834,632,216 Shares, which represents approximately 8.7% of the Shares issued and outstanding as of February 20, 2026.

As of the date hereof, CALFINCO may be deemed to own approximately 18,632,216 Shares, which represents approximately 0.0000003% of the Shares issued and outstanding as of February 20, 2026.

This percentage is based on a total of 54,730,851,778,811 Shares issued and outstanding immediately after completion of Azul's reorganization process and following the issuance and sale of certain Shares being offered in connection with such reorganization, as reported by the Issuer on a Form 6-K released on February 20, 2026.

**(b)**
As the indirect holding company of CALFINCO, United shares with CALFINCO the power to vote or direct the vote, and the power to dispose or direct the disposition of, the Shares directly owned by CALFINCO.

As the holding company of United, UAL shares with United the power to vote or direct the vote, and the power to dispose or direct the disposition of, the ADSs directly owned by United (and the Shares represented thereby), and the Shares directly owned by CALFINCO.

**(c)**
The disclosure in Item 3 of this Schedule 13D is incorporated by reference into this Item 5(c). Except as set forth in this Schedule 13D, no transactions in the ADSs (or the Shares represented thereby) have been effected by the Reporting Persons within the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosure in Item 3 and Item 4 of this Schedule 13D is incorporated by reference into this Item 6.

The Reporting Persons are filing this Schedule 13D jointly pursuant to a joint filing agreement under Rule 13d-1(k) under the Act, a copy of which is filed as Exhibit 99.1 to this Schedule 13D.

Except as otherwise set forth in this Schedule 13D, there are no contracts, arrangements, understandings or relationships between the Reporting Persons and any other person with respect to any securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** United Airlines Holdings, Inc.

**Signature:** /s/ Michael Leskinen

**Name/Title:** Michael Leskinen, Executive Vice President and Chief Financial Officer

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** United Airlines, Inc.

**Signature:** /s/ Michael Leskinen

**Name/Title:** Michael Leskinen, Executive Vice President and Chief Financial Officer

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** CALFINCO Caymans Ltd.

**Signature:** /s/ Michael Leskinen

**Name/Title:** Michael Leskinen, Executive Vice President

**Date:** 02/27/2026