August 4, 2026
Business model strength reflected in solid second quarter results
Commercial execution Financial delivery Other updates
8.9% capacity growth, with load factor of 81.8%.
Passenger unit revenue increasing 17.5% year-over-year.
Premium revenues represent 29% of passenger revenues.
LATAM Pass reached 56 million members.
Revenues grew +28% YoY to US$4.2 billion, supported by both passenger and cargo business.
Adjusted operating margin reached 5.4%.
Net income came in at US$125 million, with an EPADS1 of US$0.44.
Adj. Operating cash flow of US$476 million.
Updating full year 2026 guidance: Adj. EBITDA to US$4.1 - 4.4 billion.
A new share repurchase program was approved by shareholders for up to 5% of the outstanding shares in five years.
Announcement of the Embraer fleet initial deployment in LATAM Airlines Brazil's domestic market, including 8 new routes and 4 new
Received 9 aircraft during the
quarter, including 2 wide-body, ending the period with 383 aircraft.
Liquidity at US$4.2 billion and Adj. Net leverage at 1.5x.
destinations.
3
LATAM remained profitable despite the unprecedented fuel environment
Revenues
Adj. Operating Margin
Net Income
US$4.2 B 5.4% US$125 M
Revenues | 4,183 | 3,279 | +27.6% |
Passenger | 3,613 | 2,824 | +27.9% |
Cargo | 510 | 419 | +21.8% |
Total Adjusted Expenses | (3,956) | (2,856) | +38.5% |
Adjusted Costs ex-fuel | (2,244) | (1,969) | +14.0% |
Fuel costs | (1,712) | (887) | +93.1% |
Adj. EBITDA | 713 | 850 | (16.1)% |
Adj. Operating Income | 227 | 423 | (46.3)% |
Net Income | 125 | 242 | (48.2)% |
Passenger RASK (US$ cents) | 8.1 | 6.9 | +17.5% |
Passenger CASK ex-fuel (US$ cents) | 4.5 | 4.3 | +5.6% |
Fuel Price (with hedge)1 (US$ per barrel) | 194.5 | 107.1 | +81.3% |
Income Statement (US$ million) | 2Q-2026 | 2Q-2025 | Change |
1. All in fuel cost is not comparable with Guidance assumptions as assumptions do not include into wing cost. 4
Combining capacity growth with solid unit revenue increase
ASK (billion)
Load Factor (%)
Passengers (million)
PRASK (US$ cent)
Consolidated
40.9 44.5
2Q-25 2Q-26
Domestic Brazil
12.7 13.4
2Q-25 2Q-26
Domestic SSC
6.5 6.9
2Q-25 2Q-26
International
21.6 24.2
2Q-25 2Q-26
+8.9%
+5.7%
+5.3%
+11.8%
83.5% 81.8%
2Q-25 2Q-26
82.6%
80.7%
2Q-25 2Q-26
80.4% 78.8%
2Q-25 2Q-26
84.8% 83.3%
2Q-25 2Q-26
-1.7 pp
-2.0 pp
-1.6 pp
-1.6 pp
20.6
21.1
8.1
+2.5%
6.9
+17.5%
2Q-25
2Q-26
2Q-25
9.3
9.5
2Q-26
8.9
+2.0%
7.2
+23.7% USD
+12.2% BRL
2Q-25
2Q-26
2Q-25
7.9
8.1
2Q-26
9.6
+1.3%
8.0
2Q-25
2Q-26
2Q-25
2Q-26
7.2
+20.2% USD
+14.9% Local Currencies
4.2
4.4
+5.5%
6.4
+12.7%
2Q-25 2Q-26
2Q-25 2Q-26
5
Note: Domestic SSC refers to domestic operations of LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru, Domestic Brazil refers to LATAM Airlines Brazil domestic operations and International refers to international operations of LATAM Airlines Brazil, LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru. Passenger RASKs (PRASK) presented are calculated based on accounting revenues (tickets flown) by business unit.
Revenue quality supported by premium passengers and the LATAM Pass program
Premium segment
Premium segment that positively responds to the differentiated value proposition
Deepens customer engagement and loyalty supporting a more resilient and higher-quality revenue base
29% Premium revenue share1
Premium revenue growth
Premium NPS
+9 p.p.
vs main cabin
vs passenger NPS of 56 points
+3 points
67%Passenger revenues generated by LATAM Pass members
LATAM Pass elite members Elite member
Third Party sales
+26% YoY +48% YoY
1. Premium revenue share calculated upon passenger revenues. Premium Revenue includes Premium Cabins, Ancillaries & Upsell, LATAM Travel & Corporate revenues. Note: LATAM Pass elite members include Gold, Platinum, Black and Black Signature categories. 6
Announcement of the first Embraer 195-E2 aircraft deployment in Brazil
Including Premium Economy Offering
Maintaining a consistent customer experience across aircraft types.
New destinations New routes
Existing destinations
7
Initial operation between November 2026 and March 2027:
42 routes served with the Embraer aircraft
8
Combination of new destinations and already established bases.
New routes
New destinations
4
Cabo Frio Ji-Paraná
Rondonópolis
Macaé
67
domestic destinations in Brazil
vs 44 in 2019
Reaching
LATAM generated US$476 million in Adj. Operating Cash Flow
476
Adj. Cash Flow 2Q 2026 (US$ million)
Cash variation
+110
2,541
(168) (85)
(75)
2,689
+148
(38)
2,651
Initial Cash | Adj. | CapEx Net of | Financial | Adj. Financial | Cash Before | Dividend | Ending Cash |
2Q 2026 | Operating | Financing | Interest | Amortization | Dividends | Payment | 2Q 2026 |
Cash Flow | Expense | & others |
1. Remaining dividend to be paid to complete the mandatory distribution of 30% of 2025 net income, following the US$400 million interim dividend already paid. 8
Continued strengthening of the balance sheet
1.7x
1.5x
1.5x
Liquidity (US$ million)
27.1%
26.2%
Net leverage (x)
Financial Policy Target
<2.0x
Financial Policy Top Range 25%
25.7%
3,533 3,725
4,226
1,958 2,150 2,651
1,575
1,575
1,575
2024 2025 2Q26
RCF Cash and cash equivalents Liquidity2024 2025 2Q26
9
Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities and does not consider other sources of liquidity such as credit cards and accounts receivable. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDA for the last twelve months.
Updating 2026 full year guidance under adjusted improved jet fuel scenario
Indicator
Guidance
Updated 2026E 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 % | - | 5.0% | |
International ASK Growth vs 2025 | 11.0 % | - | 12.0% | |
Total ATK Growth vs 2025 | 5.0 % | - | 6.0% | |
Financial Indicators | Revenues (US$ billion) | 17.3 | - | 17.7 |
Adjusted CASK ex fuel (US$ cents) | 5.00 | - | 5.20 | |
Adjusted Passenger CASK ex fuel (US$ cents) | 4.50 | - | 4.70 | |
Adjusted Operating Income (US$ billion) | 2.10 | - | 2.30 | |
Adjusted Operating Margin | 12.0% | - | 13.0% | |
Adjusted EBITDA (US$ billion) | 4.10 | - | 4.40 | |
Adjusted EBITDA Margin | 23.0% | - | 25.0% |
Assumptions
Adjusted Levered Free Cash Flow (US$ billion) Liquidity (US$ billion)
≥1.3
≥4.7
≤6.8
≤1.6x
Total Net Debt (US$ billion)
Total Net Debt/Adjusted EBITDA (x)
Average exchange rate (BRL/USD) 5.15
Jet fuel price5 (US$/bbl) Q3:147 | Q4:130
10
Note: For the full version of the updated guidance, please refer to the Earnings Release document, where a detailed description of the indicators is provided.
Takeaways
Business model validated through effective execution under an unprecedented fuel environment.
Diversified ecosystem and commercial flexibility enabled effective mitigation of higher fuel costs.
Premium customers and LATAM Pass continue strengthening revenue quality and long-term competitiveness.
Updated 2026 guidance supported by improved jet fuel prices and consistent execution.
11
Results Presentation Second Quarter 2026
August 4, 2026
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