Latam Airlines Group Sa · BCS:LTM
Latam Airlines Group Sa — Q3 2026 Earnings Presentation
14 slides from Latam Airlines Group Sa's earnings presentation, Nov 3, 2026
Slide 1: Results Presentation Third Quarter 2026
Results Presentation Third Quarter 2026 November 3, 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: LATAM group's unique value proposition continues to drive solid results
LATAM group’s unique value proposition continues to drive solid results Commercial execution Financial delivery Other updates ◦ Capacity up 7.7% with load factor ◦ Revenues up 18.4% YoY to ◦ 2026 guidance updated: Adj. EBITDA of 83.7%. US$4.6 billion. of US$3.90 - 4.05 billion. ◦ Passenger unit reve
Slide 4: Revenues grew 18% and operating margin reached 12.5% despite higher jet fuel prices
Revenues grew 18% and operating margin reached 12.5% despite higher jet fuel prices, reflecting effective commercial execution Adj. EBITDA Margin Adj. Operating Margin Net Income Margin 24.0% 12.5% 9.6% Income Statement (US$ million) 3Q-2026 3Q-2025 Change Revenues 4,567 3,856 +18.4% Passenger 3,998
Slide 5: Delivering higher unit revenues alongside continued capacity growth and healthy load factors
Delivering higher unit revenues alongside continued capacity growth and healthy load factors ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) 8.3 47.9 85.4% 83.7% 23.5 7.6 22.9 Consolidated 44.5 +7.7% -1.7 pp +2.7% +9.4% 3Q-25 3Q-26 3Q-25 3Q-26 3Q-25 3Q-26 3Q-25 3Q-26 86.1% 9.2 13
Slide 6: Customer preference for LATAM group continues to increase across all three businesses
Customer preference for LATAM group continues to increase across all three businesses Premium segment Premium customers respond to the Faster pass-through of fuel costs Deepens customer engagement and differentiated value proposition through shorter sales cycles loyalty across the ecosystem LATAM Pa
Slide 7: Strong commercial performance offset higher jet fuel prices
Strong commercial performance offset higher jet fuel prices Adj. EBITDA bridge, 3Q25 to 3Q26 (US$ Million) What drove the quarter ~80% pass-through Strong commercial execution Including positive FX supported by LATAM group’s impact network and diversified revenues. 410 301 Including negative FX impa
Slide 8: Unit cost contained despite external pressures
Unit cost contained despite external pressures Passenger CASK ex-fuel evolution 3Q25 to 3Q26 (US$ cent) What drove the quarter +3.5% Unit cost increases were driven by currency appreciation, inflation, contractual escalations, and revenue-related costs. 4.6 4.4 +0.1 Operational efficiencies continue
Slide 9: LATAM generated US$878 million of Adj. Operating Cash Flow
LATAM generated US$878 million of Adj. Operating Cash Flow Adj. Cash Flow 3Q 2026 (US$ million) 878 2,956 (432) 2,871 (65) 2,651 (76) +305 +220 (85) Initial Cash Adj. CapEx Net of Financial Adj. Financial Cash Before Share Ending Cash 3Q 2026 Operating Financing Interest Amortization Share repurchas
Slide 10: Ongoing balance sheet strengthening
Ongoing balance sheet strengthening Liquidity (US$ million) Net leverage (x) 26.4% 25.7% Financial Policy Financial Policy Target Top Range 25% 4,446 <2.0x 3,725 1.5x 1.5x 2,871 2,150 1,575 1,575 2025 3Q26 2025 3Q26 RCF Cash and cash equivalents Liquidity Liquidity is defined as Cash and Cash Equiva
Slide 11: LATAM's resilience has been recognized through further credit rating upgrades
LATAM’s resilience has been recognized through further credit rating upgrades Where LATAM stands today BBB- BBB- Rating on senior secured notes, investment grade Issuer ratings Fitch BB+ Up from BB on Oct 2, 2026 Stable S&P BB+ Up from BB on Sep 21, 2026 Stable Moody's Last update from stable to pos
Slide 12: Updating 2026 full year guidance with higher jet fuel prices scenario
Updating 2026 full year guidance with higher jet fuel prices scenario Updated 2026E Guidance Indicator Guidance (November 3, 2026) Operating Indicators Total ASK Growth vs 2025 8.5% - 9.5% Domestic Brazil ASK Growth vs 2025 7.5% - 8.5% Domestic Spanish Speaking Countries ASK Growth vs 2025 4.0% - 5.
Slide 13: LATAM Investor Day - Save the Date
WELCOMING | rs LATAM NEW HEIGHTS LATAM INVESTOR DAY SAVE THE DATE DECEMBER 14, 202€ 9:00AM. New York, NY : at the NYSE
Slide 14: Results Presentation Third Quarter 2026
Results Presentation Third Quarter 2026 November 3, 2026