Latam Airlines Group Sa · BCS:LTM
Latam Airlines Group Sa — Q2 2026 Earnings Presentation
12 slides from Latam Airlines Group Sa's earnings presentation, Aug 4, 2026
Slide 1: Results Presentation Second Quarter 2026
Results Presentation Second Quarter 2026 August 4, 2026
Slide 2: Disclaimer
Disclaimer Neither the United States Securities and Exchange Commission (“SEC”) nor the Chilean Comisión para el Mercado Financiero (the “CMF”) nor any securities commission of any other U.S. or non-U.S. jurisdiction has reviewed, approved or disapproved of this Presentation, or determined that this
Slide 3: Business model strength reflected in solid second quarter results
Business model strength reflected in solid second quarter results Commercial execution Financial delivery Other updates • 8.9% capacity growth, with load • Revenues grew +28% YoY to US$4.2 • Updating full year 2026 guidance: factor of 81.8%. billion, supported by both Adj. EBITDA to US$4.1 - 4.4 bil
Slide 4: LATAM remained profitable despite the unprecedented fuel environment
LATAM remained profitable despite the unprecedented fuel environment Revenues Adj. Operating Margin Net Income US$4.2 B 5.4% US$125 M Income Statement (US$ million) 2Q-2026 2Q-2025 Change Revenues 4,183 3,279 +27.6% Passenger 3,613 2,824 +27.9% Cargo 510 419 +21.8% Total Adjusted Expenses (3,956) (2
Slide 5: Combining capacity growth with solid unit revenue increase
Combining capacity growth with solid unit revenue increase ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) 83.5% 8.1 81.8% 20.6 21.1 44.5 6.9 Consolidated 40.9 +8.9% -1.7 pp +2.5% +17.5% 2Q-25 2Q-26 2Q-25 2Q-26 2Q-25 2Q-26 2Q-25 2Q-26 82.6% 8.9 12.7 13.4 80.7% 9.3 9.5 +23.7% USD
Slide 6: Revenue quality supported by premium passengers and the LATAM Pass program
Revenue quality supported by premium passengers and the LATAM Pass program Premium segment Premium segment that positively responds to the Deepens customer engagement and loyalty supporting a differentiated value proposition more resilient and higher-quality revenue base 29% 67% Passenger revenues P
Slide 7: Announcement of the first Embraer 195-E2 aircraft deployment in Brazil
Announcement of the first Embraer 195-E2 aircraft deployment in Brazil Initial operation between November 2026 and March 2027: 42 routes served with the Embraer aircraft New routes New destinations Reaching 8 4 67 Combination of new Cabo Frio domestic destinations and Ji-Paraná destinations in Brazi
Slide 8: LATAM generated US$476 million in Adj. Operating Cash Flow
LATAM generated US$476 million in Adj. Operating Cash Flow Adj. Cash Flow 2Q 2026 (US$ million) Cash variation 476 +110 (168) 2,689 2,651 2,541 (85) +148 (75) (38) Initial Cash Adj. CapEx Net of Financial Adj. Financial Cash Before Dividend Ending Cash 2Q 2026 Operating Financing Interest Amortizati
Slide 9: Continued strengthening of the balance sheet
Continued strengthening of the balance sheet Liquidity (US$ million) Net leverage (x) Financial Policy Target 27.1% <2.0x 26.2% Financial Policy 25.7% 1.7x Top Range 4,226 25% 3,533 3,725 2,651 1.5x 1.5x 1,958 2,150 1,575 1,575 1,575 2024 2025 2Q26 2024 2025 2Q26 RCF Cash and cash equivalents Liquid
Slide 10: Updating 2026 full year guidance under adjusted improved jet fuel scenario
Updating 2026 full year guidance under adjusted improved jet fuel scenario Updated 2026E Guidance Indicator Guidance (August 4, 2026) Operating Indicators Total ASK Growth vs 2025 9.0 % - 10.0% Domestic Brazil ASK Growth vs 2025 8.0 % - 9.0% Domestic Spanish Speaking Countries ASK Growth vs 2025 4.0
Slide 11: Takeaways
Takeaways 1 Business model validated through effective execution under an unprecedented fuel environment. 2 Diversified ecosystem and commercial flexibility enabled effective mitigation of higher fuel costs. 3 Premium customers and LATAM Pass continue strengthening revenue quality and long-term comp
Slide 12: Results Presentation Second Quarter 2026
Results Presentation Second Quarter 2026 August 4, 2026