LATAM Airlines Group SA · BCS:LTM
LATAM Airlines Group SA — Q1 2026 Earnings Presentation
11 slides from LATAM Airlines Group SA's earnings presentation, May 5, 2026
Slide 1: Results Presentation First Quarter 2026
Results Presentation First Quarter 2026 May 5, 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: Solid start to the year supported by strong fundamentals
Solid start to the year supported by strong fundamentals Operational performance Financial execution Structural advantages • 10.4% capacity growth, • Premium revenues grew 28% vs • Strong and lean balance sheet transporting almost 23 million 1Q25, 14% faster than main cabin provides flexibility to n
Slide 4: Record operating margin driven by disciplined execution
Record operating margin driven by disciplined execution Adj. EBITDA Margin Adj. Operating Margin Net Margin 31.7% +3.5 p.p 19.8% +3.0 p.p. 13.9% +3.5 p.p vs 1Q 2025 vs 1Q 2025 vs 1Q 2025 Income Statement (US$ million) 1Q-2026 1Q-2025 Change Revenues 4,151 3,411 +21.7% Passenger 3,661 2,943 +24.4% Ca
Slide 5: Capturing yield growth through strategic revenue management and customer preference
Capturing yield growth through strategic revenue management and customer preference ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) 22.9 8.0 45.5 85.3% 21.0 83.3% 7.1 Consolidated 41.3 +10.4% +2.0 pp +9.1% +12.7% 1Q-25 1Q-26 1Q-25 1Q-26 1Q-25 1Q-26 1Q-25 1Q-26 13.9 82.5% 9.9 8.6
Slide 6: Premium passenger offering and value proposition driving revenue resilience
Premium passenger offering and value proposition driving revenue resilience 28% premium revenue growth 1Q26 vs 1Q25 27% premium revenue share1 +3x premium unique travelers vs 2019 4-star Skytrax rating Only airline in Latin American history to achieve this prestigious recognition. Wide body Wi-Fi in
Slide 7: LATAM generated US$391 million in cash during the quarter
LATAM generated US$391 million in cash during the quarter Adj. Cash Flow 1Q 2026 (US$ million) 858 2,630 2,541 (291) (58) (30) Cash generation 2,150 +480 (89) +391 Initial Cash Adj. CapEx Net of Financial Adj. Financial Cash Before Interim Ending Cash 2026 Operating Financing Interest Amortization D
Slide 8: Strong balance sheet position with flexibility for the future
Strong balance sheet position with flexibility for the future Liquidity US$4.1 bn Non-fleet financial debt amortization profile (US$ million) 27.0% of LTM revenues 1,400 Callable as of October 2026 Callable as of July Adj. Net leverage 2027 1.3x 800 WACD Weighted average cost of debt 275 6.6% 2026 2
Slide 9: Replacing 2026 full year guidance
Replacing 2026 full year guidance New 2026 Guidance Adj. Passenger CASK ex fuel Adj. EBITDA 4.50 - 4.70 3.80 - 4.20 US$ cents US$ billion Adj. Net Leverage Liquidity ≤1.8x ≥4.5 times US$ billion Assumptions: Jet fuel price Exchange rate US$170 - US$170 - US$150 BRL 5.15 per USD 2Q26 3Q26 4Q26 9
Slide 10: Takeaways
Takeaways 1 Differentiated and increasingly premium offering, combined with network strength, enabling effective revenue management. 2 Strong first quarter performance supported by a healthy and resilient demand environment, providing a solid foundation for the year. 3 Lean and strengthened balance
Slide 11: Results Presentation First Quarter 2026
Results Presentation First Quarter 2026 May 5, 2026