LATAM Airlines Group SA · BCS:LTM
LATAM Airlines Group SA — FY2025 Earnings Presentation
14 slides from LATAM Airlines Group SA's earnings presentation, Feb 4, 2026
Slide 1: Results Presentation: Fourth Quarter and Full Year 2025
Results Presentation Fourth Quarter and Full Year 2025 February 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 thi
Slide 3: LATAM group's 2025 results reflect profitable growth
LATAM group’s 2025 results reflect profitable growth Experience excellence Expanding operations Profitability focus • Record passenger NPS of 54 • Transported over 87 million • Adjusted operating margin points. passengers in 2025, 23 million in reached 16.2% in 2025. the fourth quarter. • Four-time
Slide 4: Fourth quarter with strong top-to-bottom line performance and margin expansion
Fourth quarter with strong top-to-bottom line performance and margin expansion Adj. EBITDAR Adj. Operating Income Net Income US$1,129 +30.4% US$661 +42.7% US$484 +78.1% million vs 4Q 2024 million vs 4Q 2024 million vs 4Q 2024 Income Statement (US$ million) 4Q-2025 4Q-2024 Change Revenues 3,949 3,395
Slide 5: Focused execution and customer preference drive PRASK increase
Focused execution and customer preference drive PRASK increase ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) 21.5 23.0 41.0 44.2 85.5% 85.1% 7.0 7.8 Consolidated +7.7% (0.4)pp +6.7% +11.7% 4Q-24 4Q-25 4Q-24 4Q-25 4Q-24 4Q-25 4Q-24 4Q-25 12.4 13.9 84.6% 85.3% 9.2 10.4 7.7 8.7 Do
Slide 6: Welcoming new heights with service improvements and cabin enhancements
Welcoming new heights with service improvements and cabin enhancements Upgraded premium offerings Renewed Business Class Signature Check-in Lima 54 million members Premium Comfort in 2027 2.6 million elite members 60% ofrevenues New Signature Lounge Lima Premium Service Offerings LATAM’s passenger a
Slide 7: Significantly improving customer metrics, while keeping costs contained
Significantly improving customer metrics, while keeping costs contained NPS 2025 Passenger operations 54 points Premium travelers 58 points NPS (points) & Adj. passenger CASK ex-fuel (US$ cents) NPS passenger operations NPS premium Travelers Adj. Passenger CASK ex-Fuel 58 54 33 32 4.2 4.4 2019 2025
Slide 8: Consistency in results delivery throughout the years
Consistency in results delivery throughout the years Revenues Adj. EBITDAR (US$ million) (US$ million) +11.2% +31.6% 14,495 13,034 4,091 11,789 3,108 2,533 2023 2024 2025 2023 2024 2025 Adj. Operating Margin Net Income (%) (US$ million) 16.2% +49.4% +3.5p.p. 12.7% 1,462 11.3% 977 582 2023 2024 2025
Slide 9: LATAM generated US$1.4 billion in cash before capital allocation initiatives
LATAM generated US$1.4 billion in cash before capital allocation initiatives and separately dividend payments Adj. Cash Flow FY 2025 (US$ million) 3,284 Cash generation 3,340 +192 (1,454) (290) (158) +1,382 2,150 1,958 (585) (605) Initial Cash Adj. CapEx Net Financial Adj. Cash Before Share Dividend
Slide 10: LATAM maintained a strong balance sheet considering financial policy ranges
LATAM maintained a strong balance sheet considering financial policy ranges Liquidity (US$ million) Adjusted Net Leverage (times) Liquidity Cash and equivalents RCF Financial Financial 2.1x Policy Policy 27.1% Range Target 25.7% 23.9% 25% <2.0x 3,725 3,533 21% 1.7x 2,814 2,150 1.5x 1,958 1,714 1,575
Slide 11: Continuous optimization of cost of capital and debt tenure
Continuous optimization of cost of capital and debt tenure Weighted average cost of financial debt Non-fleet financial debt WACD amortization profile (US$ million) 10.7% 2.8 pp Callable as of 1,400 October 2026 Callable as of July 2027 7.9% 1.3 pp 800 6.6% 275 2023 2024 2025 2026 2027 2028 2029 2030
Slide 12: 2026 guidance for continued profitable growth
2026 guidance for continued profitable growth CAPACITY GROWTH PROFITABILITY CASH GENERATION Available seat kilometers Adjusted operating margin Adj. Levered free cash flow (ASKs) 8% - 10% 15% - 17% >US$1.7bn From: 8.2% in 2025 From: 16.2% in 2025 From US$1.5bn in 2025 Liquidity >US$5.0bn Adj. Net le
Slide 13: Takeaways
Takeaways 1 Strong client and employee satisfaction, with record-setting NPS metrics and highest-ever organizational health measurement. 2 Transported a record number of passengers, expanded the network, and delivered a significant improvement in profitability. 3 Cash generation of US$1.4 billion be
Slide 14: Results Presentation
Results Presentation Fourth Quarter and Full Year 2025 February 4, 2026