May 5, 2026
Solid start to the year supported by strong fundamentals
Operational performance Financial execution Structural advantages
10.4% capacity growth, transporting almost 23 million passengers.
Load factor of 85.3%.
Unit revenue increasing 12.7% year-over-year.
Received 4 aircraft during the quarter, ending the period with 375 aircraft.
4-star Skytrax rating. Only airline in Latin American history to achieve this important global recognition.
Premium revenues grew 28% vs 1Q25, 14% faster than main cabin revenues.
Adjusted operating margin reached 19.8%, best quarterly result in history.
Adj. EBITDA of US$1.3 billion, a 36.7% increase vs 1Q25.
Net income came in at US$576 million, with an EPADS1 of US$2.01.
Liquidity at US$4.1 billion and Adj. Net leverage at 1.3x.
Strong and lean balance sheet provides flexibility to navigate external macro and geopolitical challenges.
Unique value proposition enabling the capture of premium revenues and more resilient, high-margin demand.
Proactive and route-specific revenue management actions and targeted capacity adjustments through strategic allocation of assets.
Fuel hedging policy providing partial mitigation.
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Record operating margin driven by disciplined execution
Adj. EBITDA Margin
Adj. Operating Margin
Net Margin
31.7%
+3.5 p.p
vs 1Q 2025
19.8% +3.0 p.p.
13.9%
+3.5 p.p
vs 1Q 2025
vs 1Q 2025
Income Statement (US$ million) | 1Q-2026 | 1Q-2025 | Change |
Revenues | 4,151 | 3,411 | +21.7% |
Passenger | 3,661 | 2,943 | +24.4% |
Cargo | 419 | 406 | +3.4% |
Total Adjusted Expenses | (3,328) | (2,837) | +17.3% |
Adj. EBITDA | 1,315 | 962 | +36.7% |
Adj. Operating Income | 823 | 573 | +43.5% |
Net Income | 576 | 355 | +62.1% |
Passenger RASK (US$ cents) | 8.0 | 7.1 | +12.7% |
Passenger CASK ex-fuel (US$ cents) | 4.5 | 4.0 | +12.0% |
Fuel Price (with hedge)1 (US$ per barrel) | 113.8 | 117.6 | -3.3% |
1. Fuel price paid is not comparable with Guidance assumptions as assumptions do not include into wing cost. |
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Capturing yield growth through strategic revenue management and customer preference
ASK (billion)
Load Factor (%)
Passengers (million)
PRASK (US$ cent)
Consolidated
45.5
41.3
1Q-25 1Q-26
Domestic Brazil
12.4 13.9
1Q-25 1Q-26
Domestic SSC
7.3 7.3
1Q-25 1Q-26
International
24.4
21.5
1Q-25 1Q-26
+10.4%
+11.9%
(0.7)%
+13.3%
83.3% 85.3%
1Q-25 1Q-26
80.8% 82.5%
1Q-25 1Q-26
85.8%
82.9%
1Q-25 1Q-26
86.8%
85.0%
1Q-25 1Q-26
+2.0 pp
+1.7 pp
+3.0 pp
+1.8 pp
21.0 22.9
1Q-25 1Q-26
8.8 9.9
1Q-25 1Q-26
7.9 8.1
1Q-25 1Q-26
4.3 4.9
1Q-25 1Q-26
+9.1%
+13.2%
+2.6%
+12.9%
8.0
7.1
1Q-25 1Q-26
8.6
7.3
1Q-25 1Q-26
9.8
7.9
1Q-25 1Q-26
6.8 7.2
1Q-25 1Q-26
+12.7%
+17.1% USD
+8.0% BRL
+24.7% USD
+18.8% Local Currency
+6.3%
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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.
1Q26 vs 1Q25
Wide body Wi-Fi in 2026
São Paulo and Miami Lounges
vs 2019
Premium Comfort in 2027
4-star Skytrax rating
Only airline in Latin American history to achieve this prestigious recognition.
55 million membersUpcoming 2027
The Airbus A321XLR will include Premium Business Cabin
Full-flat seats
2.6 million elite members1. Premium revenue share calculated upon passenger revenues.
Suite doors
Direct aisle access
Wi-Fi and Bluetooth connection
~60%of LATAM's passenger revenues are generated by LATAM PASS
members
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+premi3um unxique travelers
2prem7ium r%evenue share1
2prem8ium re%venue growth
Premium passenger offering and value proposition driving revenue resilience
LATAM generated US$391 million in cash during the quarter
Adj. Cash Flow 1Q 2026 (US$ million)
2,150
858
(291) (58) (30)
2,630
+480
(89)
Cash generation
+391
2,541
Initial Cash | Adj. | CapEx Net of | Financial | Adj. Financial | Cash Before | Interim | Ending Cash |
2026 | Operating | Financing | Interest | Amortization | Dividends | Dividend | 1Q 2026 |
Cash Flow | Expense | & others | Payment |
1. Interim dividend approved in December for a total of US$400 million. Given operational payment timings, US$89 million was executed in January. 7
Strong balance sheet position with flexibility for the future
Liquidity
US$4.1 bn
27.0% of LTM revenues
Adj. Net leverage
1.3x
Weighted average cost of debt
WACD
6.6%
Unencumbered assets1
US$1.5 bn
More than
Non-fleet financial debt amortization profile (US$ million)
October 2026
Callable as of July 2027
800
275
2026
2027
2028
2029
2030
2031
2032
2033
All international credit ratings with
BB/Ba2 and Positive Outlook
1,400
Callable as of
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1. As of December 31, 2025.
Replacing 2026 full year guidance
New 2026 Guidance
Adj. Passenger CASK ex fuel
4.50 - 4.70
US$ cents
Adj. Net Leverage
≤1.8x
times
Adj. EBITDA
3.80 - 4.20
US$ billion
Liquidity
≥4.5
US$ billion
Assumptions:
Jet fuel price
US$170 - US$170 - US$150
2Q26 3Q26 4Q26
Exchange rate
BRL 5.15 per USD
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Takeaways
Differentiated and increasingly premium offering, combined with network strength, enabling effective revenue management.
Strong first quarter performance supported by a healthy and resilient demand environment, providing a solid foundation for the year.
Lean and strengthened balance sheet with high liquidity, low leverage, no short-term maturities, with assets and flexibility to navigate macro
volatility.
LATAM group operating from the strongest financial and operational position in its history, entering the current environment with
momentum.
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Results Presentation First Quarter 2026
May 5, 2026