LATAM Airlines Group (LTM) Investor presentation summary

Market leadership and network

• Holds #1 market share in South America, more than double the next largest carrier, and ranks as the 13th largest globally by seats flown in 2025.

• Operates 351 passenger aircraft and 20 dedicated cargo aircraft, serving 170 destinations, including 10 cargo-only.

• Connects 160 destinations in 27 countries, with over 50 global partnerships, and dominates capacity share to/from/within South America at 30% in 2025.

• Maintains leading international and domestic market shares across South America, with strong positions on routes to North America, Europe, and Oceania.

Financial performance and guidance

• Transported 87.4 million passengers in 2025, generating $14.5bn in revenue (+11.2% YoY) and $4.1bn in adjusted EBITDAR (+31.6% YoY).

• Achieved an adjusted operating margin of 16.2% in 2025, with net income rising 49.4% to $1.46bn.

• 2026 guidance targets 8–10% ASK growth, 15–17% adjusted operating margin, and over $1.7bn in levered free cash flow.

• Liquidity expected to exceed $5.0bn in 2026, with net leverage at or below 1.4x.

• 2027 aspirations include mid-to-high single-digit ASK growth, stable or expanding EBITDA margin, ROIC above 20%, and net leverage below 2.0x.

Strategic initiatives and differentiation

• Focuses on customer-centric service, premium offerings, and operational excellence, earning multiple global awards including Skytrax and APEX Five Star.

• Premium revenues have more than doubled since 2019, now accounting for 23% of passenger revenues, with 100% of flights offering premium seats.

• LATAM Pass loyalty program leads South America with 54 million members and strong engagement.

• Maintains a favorable cost structure, with 2025 passenger CASK ex-fuel at $4.4 cents, competitive with ultra low-cost carriers.

• Drives efficiency through digital transformation, high aircraft utilization, and ongoing cost-saving initiatives.