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INVESTOR DAY 2025
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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 Presentation is truthful or complete. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will LATAM or any of its respective subsidiaries, shareholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or liable for a direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from public filings from industry competitors, third-party industry publications and sources as well as from research reports prepared for other purposes. LATAM has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of LATAM. Viewers of this Presentation should read the same in full together with the Company’s SEC filings indicated herein and each make their own evaluation of LATAM and of the relevance and adequacy of the information taken as a whole and should make such other investigations as they deem necessary. Note on forward-looking assumptions, outlooks and expectations are not facts but rather a good faith estimate of reality based on selected information believed to be reasonable. However, reality may differ from assumptions, outlooks and expectations. This report also contains forward-looking statements. Such statements may contain words such as “could,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “believe” or other similar expressions. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on LATAM's current plans, estimates and projections and, therefore, you should not place undue reliance on such statements or the estimates arising from them. Forward-looking statements involve known and unknown inherent risks, uncertainties and other factors, many of which are beyond LATAM's control and are difficult to predict. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. The financial information contained herein does not constitute or replace in any way the submission of the corresponding financial statements of the Commission for the Financial Market (CMF) and the market, in terms of their content requirements, applicable procedures and deadlines of submission corresponding to the CMF in accordance with current regulations. These factors and uncertainties include in particular those described in documents we have filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update any of them, whether as a result of new information, future events or any other factor. Our results may not be indicative of future performance, which remains subject to a number of uncertainties, including the risks disclosed in our annual report on Form 20-F, which was filed on March 13, 2025, and especially the risks and uncertainties associated with global developments, including the conflicts in the Middle East, the more recent country-specific tariffs imposed by the U.S. Commerce Department for goods imported in the United States and the retaliatory measures imposed in response by certain countries, and its impact on the currency exchanges, the worldwide supply chain and the availability of inventory and the prices of goods in general in commerce. In addition, as disclosed in our annual report on Form 20-F, our business is seasonal and our passenger revenues are generally higher in the first and fourth quarters of each year, during the southern hemisphere’s spring and summer. Finally, demand for air travel and cargo services is influenced by a number of factors beyond our control, including global, regional and national political and socioeconomic developments as well as changes in our competitive landscape, all of which could have a material impact on our ability to achieve the guidance disclosed herein. Use of Non-GAAP Financial Metrics and Other Key Financial Metrics This Presentation includes certain non-IFRS financial measures such as EBIT (which consists of earnings for the period before income taxes and financial costs and financial income), EBITDA (which consists of earnings for the period before income taxes and financial costs and financial income, plus depreciation and amortization expense) and EBITDAR (which consists of earnings for the period before income taxes and financial costs and financial income, plus depreciation and amortization expenses and rentals expenses). In addition EBIT margin which is calculated by dividing EBIT by total operating revenue) These non-IFRS measures are an addition to, and not substitute for or superior to, measures of financial performance prepared in accordance with an IFRS alternative to net income or any other measures derived in accordance with IFRS. LATAM believes that these non-IFRS measures of financial results provide useful supplemental information to investors about LATAM. LATAM’s non-IFRS measures may not be directly comparable to similarly titled measures of other companies. 2 Disclaimer
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Today's presenters Paulo Miranda Chief Customer and Experience Officer Roberto Alvo Chief Executive Officer Ramiro Alfonsín Chief Commercial Officer Juliana Rios Chief Digital and IT Officer Ricardo Bottas Chief Financial Officer 3
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Building the LATAM of the Future Digital, Efficient, and Scalable Roberto Alvo Chief Executive Officer
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LATAM group: uniquely positioned to deliver value through South America Most awarded, largest passenger and cargo airline group, and airline loyalty program in South America. 2025 Best airline in South America 2025 5 Star Global Airline 2024 Airline Loyalty Program of the year +10 ADDITIONAL AWARDS 2025 South America Leader Airlines 2025 Cargo Airline of the Year Source: LATAM Airlines Group press releases. Fleet, passengers, destinations, employees as per Sep. 30th. Revenues as of last twelve months 3Q-25. CIRIUM report Jan. 1st - Sept. 30th 2025. Awards: Skytrax 2025, APEX 2025, Global Airlines Awards 2025, Cargo News 2025. Loyalty program position as measured by number of members as of June 30, 2025, airlines public information. 1. Internal management estimate 370+ aircraft fleet 85+ million passenger carried yearly & 1+ million Cargo tons Over 165 destinations worldwide (Passenger & Cargo) 40,000+ employees 5th most punctual airline globally (by Cirium) A unique wide portfolio of revenue diversification: 42% International | 29% Domestic Brazil | 17% Domestic Spanish Speaking Countries | 12% Cargo 8th largest Loyalty Program in the world1 5
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US$7.6 cents +23% +19% travelers +3.7 million pax More passengers flown +29% ATKs Cargo expansion Passenger RASK1 Cargo RATK2 US$19.2 cents +21% +16 destinations from SCL, LIM and GRU Developing HUBs +18% ASKs Profitable Growth Delivering Strong Growth (3Q 2025 vs 3Q 2019) Continuously improving results fueled by a clear and consistent strategy, and solid execution Adj. Operating Income Net Income Adj. EBITDAR Adj. Operating Margin Total Revenue Adj. EBITDAR Margin Outstanding 2025 Results (FY 2025 guidance midpoint – YoY Growth) US$14.5bn 11% US$4.1bn 30% US$2.4bn 42% US$1.3bn +37% 28.3% +5p.p. 16.3% +4p.p. Bloomberg consensus3 1..Passenger RASK represents passenger revenues per available seat kilometers. 2. RATK represents cargo revenues per available tons kilometers. 3. As of December 5, 2025 6
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LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and better experience Focus on Cost Efficiency Continuous cost improvement as a driver of sustained competitiveness Premium Revenues Driven by experience and an offering of products our customers truly value Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability 7
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LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Working with Purpose Passionate and committed culture focused on people, customer and environment 8
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Source: 1, Number of employees as of October 2025 and considers all LATAM group affiliates. eNPS measurement since Aug. 2021 (first Survey) / 2025 Jan. 1st - Sept. 30st. Employee Net Promoter Score: “Would you recommend LATAM as a place to work to a family member or friend?”. Engagement: Organizational Health Index (OHI) survey, 2024. LATAM group’s people, its most important asset, deliver value to customers every day Employee net promoter score +22p.p. 88% of employees feel engaged and satisfied ~40,000 passionate people focused on giving the best customer experience 1 9
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LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability 10
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A strong financial foundation: the key enabler for sustainable growth 11Source: LATAM Airlines Group Earnings Releases. 1) Guidance Earning Release as per 3Q 2025.Source: LATAM Airlines Group Earnings Releases. 1) Guidance Full Year 2025. Liquidity as a percent of last twelve months revenues is derived from 2025 guidance for liquidity / revenues midpoint LATAM’s financial structure ensures resilience and strategic flexibility, which reinforced by disciplined decision-making, provides a strategic advantage Provides optionality and ability to take advantage of industry cycles Disciplined capital allocation and prudent financial policy Key enabler for the network expansion A strong financial foundation: the key enabler for sustainable growth Generates headroom for strategic opportunities Liquidity1 28% (% of last twelve months’ revenues) Adj Net Leverage1 ≤1.4x (times) Adj.Levered Free Cash Flow1 >1.5 (US$ billion) 11
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Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and better experience LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability 12
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Operational excellence has strengthened the customer experience and consolidated LATAM group reliability Flights rated NPS 10 on main drivers and departing on time (STD +0) have increased sixteen-fold in recent years — a clear reflection of improved execution and customer experience. x16 ✓ Boarding = 10 ✓ Check-in = 10 ✓ On Boarding = 10 ✓ Deplaning = 10 OTP STD 0 NPS = 10** Source: LATAM Airlines group internal information. CIRIUM OTP reports Jan. 1st - Sept. 30th 2025 On-Time Arrival: a passenger flight/aircraft arrives at the gate within 15 minutes of the scheduled arrival time. Claims include any customer interaction resulting from an operational disruption or information request. 1H 2019 1H 2025 0.9 13.6 Focused on reducing operational claims(claims per 1,000 passengers) -17% CIRIUM 83.6% 5thGlobal Airlines (YTD 3Q 2025) LATAM consistently rank among the top 5 most punctual global airline group’s Flights per Semester (thousands) ☺ Perfect Flights increased by 16 times 13
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30% YTD 3Q25 Source: 1) Diio.net (Capacity by ASKs intra and from regions) YTD 3Q 2025. 24% Middle East 15% North America 9% Europe 7% Asia Unparalleled network and product, chosen by one in three passengers flying to, from, or within South America 27% FY 2019 Across the globe, no other airline plays such a defining role in its region as LATAM group does in South America, connecting more people, markets, and opportunities than any other carrier1 Capacity share to/from/within South America(measured in ASKs) 14
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15 World-class Signature Lounges Renewed Business Cabin Enhanced Premium Economy Exclusive Partnerships Top-Tiers Check-in Differentiated value proposition that serves every relevant segment with attention and care Modernized Economy Class 15
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Robust ecosystem, revenue engine, undisputed leadership in South America 1 Ipsos Survey October 2025 (CL, BR, CO, PE). Largest and most preferred airline loyalty program in South America 53m+ TOTAL MEMBERS Millions of travelers trust our program to turn their journeys into unique and memorable experiences 16 12% of the seats are redeemed with miles 60% of LATAM’s passenger revenue is generated by LATAM Pass members 51% of members declare LATAM Pass as their preferred loyalty program1 The most rewarding and differentiated loyalty program Airline Loyalty Program of the year 16
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1) Premium Travelers are defined as LATAM Pass Elite Members across all Elite tiers (Gold, Platinum, Black, and Black Signature), in addition to passengers traveling in our Premium cabins. 2) Full year estimated. # Premium Travelers evolution (counted as unique passengers) Net Promoter Score YTD 3Q 2025 2 Unmatched experience translates into greater customer preference for LATAM group 17 Unique Premium Traveler (million) 5% +3.0x Premium Travelers / Total 9% 10% 12% //Total Customers 55 (+ 22 p.p. vs 2019) Premium Travelers 59 Doubling premium travelers1 with a reimagined premium cabin experience and world-class service 17
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Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and better experience Premium Revenues Driven by experience and an offering of products our customers truly value LATAM group combines unique strategic assets that create a sustainable and long-lasting business model 18
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Premium revenue1 streams already account for 23% of passenger revenues, reflecting our differentiated value propositionA distinctive service proposition tailored to the South American markets Premium Revenue Share Seamless Execution: Consistent, precise delivery for every customer — powered by digital Personalized Experiences: Delivering unique journeys tailored to each customer’s preferences and needs A Strong Base of Premium Travelers, who trust, choose, and recommend LATAM Humanized Relationships:Built on Care, Choice, and Dependability World Class Product: A range of products that reflect customer desires and elevate their journey Total Revenues (US$ billions) 2 +39% +9pp. 14% 23% 1 2 3 4 5 LATAM's blueprint of care, consistent execution and world-class product design is delivering results 1 Premium Revenue includes Premium Cabins, Ancillaries & Upsell, LATAM Travel & Corporate revenues. 2 Midpoint Guidance 2025. // 19
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Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and better experience Premium Revenues Driven by experience and an offering of products our customers truly value LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Focus on Cost Efficiency Continuous cost improvement as a driver of sustained competitiveness 20
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Culture of constant efficiency-seeking that powers everything LATAM group does and sustains profitable growth Adj. Passenger CASK ex-fuel Cargo and others Adj. CASK ex-fuel ● Fleet renewal with E2 NG Embraer aircraft to improve operational performance and unit costs ● >20% of the A320 Family are NEOs ● >60% of the widebody fleet are new-generation aircraft ● Over ~700 annual initiatives oriented to contain and preserve our cost efficiency ● Driving efficiency through digital and technological transformation across the group Optimal Fleet for LATAM’s Scale 1) Global Full Service Carriers average CASK ex-fuel. This includes YTD 3Q 2025 results for: Delta Air Lines, American Airlines, United Airlines, Lufthansa, Air France/KLM and IAG. +68% Cost Saving Discipline 0.5 4.3 CASK ex-fuel YTD 3Q-25 (US$ cents) High Aircraft Utilization >12.5 hours Enhanced productivity -17% (+1 hour vs 2019) Full Time Employee/ASK vs 2019 Competitive costs that enable LATAM group to compete with ultra low-cost carriers and outperform legacy carriers 4.3 4.8 8.1 GFSCLATAM 21
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Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and a better experience LATAM group combines unique strategic assets that create a sustainable and long-lasting business model 22 Focus on Cost Efficiency Continuous cost improvement as a driver of sustained competitiveness Premium Revenues Driven by offering the products and services our customers truly value Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables the long-term sustainability 22
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Aircraft Journey Focus on processes, not functions Transforming the LATAM group from within: agile, scalable and AI-powered at core Embedding technology across the organization 1 Redesign of the teams bringing business and IT together under and agile execution and continuous experimentation setup2 Passenger Journey Loyalty Journey Data-driven decision making3 Cargo Journey Open, modular and scalable architecture4 Operational Window Aligned incentive systems+ 23
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24 Digital: Transforming the group from its core Source: LATAM Airlines Group internal information. 1) YTD Q3 2025. 2) Includes AI interactions. NPS stands for net promoter score. Traditional example 31% Boosting AI-enhanced customer processes Customer interaction transformation Contact Rate (Contact/Passenger) 0.30 → 0.21 -29% Contact Center NPS (Points) 6 → 31 +5x 0% 24
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25 vs the value of transformation at the core Digital: Transforming the group from its core Source: LATAM Airlines Group internal information. 1) YTD Q3 2025. 2) Includes AI interactions. NPS stands for net promoter score. Traditional example 31% Boosting AI-enhanced customer processes Customer interaction transformation Contact Rate (Contact/Passenger) 0.30 → 0.21 -29% Contact Center NPS (Points) 6 → 31 +5x Optimizing and scheduling maintenance activities Redesign of heavy maintenance planning 1,156 aircraft days available for service Equivalent to the purchase of ~4 aircrafts Through the work of 12 people over 30 months and a US$4 million investment +1.1% incremental capacity achieved 0% 25
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LATAM group combines unique strategic assets that create a sustainable and long-lasting business model Delivering an Outstanding Product Execution obsession and tailored products for all customers, giving them choice and better experience Focus on Cost Efficiency Continuous cost improvement as a driver of sustained competitiveness Premium Revenues Driven by experience and an offering of products our customers truly value Working with Purpose Passionate and committed culture focused on people, customer and environment Strong Financial Structure A solid financial foundation that enables long-term sustainability 26
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Source: LATAM Airlines Group internal information. *Premium Revenue Growth YTD 3Q 2025 vs YTD 3Q 2019. *Accumulated weighted CPI 2019-YTD 3Q 2025 ex Argentina. Putting it all together: People + Execution +Delivery + Efficiency. LATAM’s ecosystem at play 27 Operational NPS, Premium Revenue Growth & Adj. Passenger CASK ex Fuel (US$c) % Premium Revenue GrowthNPS % Operational NPS % Premium Revenue Growth % Adj. Passenger CASK ex Fuel (US$c) CASK ex Fuel (US$c) 4.2 4.3 vs 2019 Premium Revenue Growth +9p.p. vs YTD 3Q 2019 Operational NPS +22p.p. vs 2019 Adj. Passenger CASK ex Fuel +1.7% vs 2019 27 Net of FX depreciation, cumulative CPI 2019–24 implies ~17%
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LATAM: The power of a self-reinforcing ecosystem 28 A platform unlike any other in the region Offering the best customer value proposition with a product that customers truly love, improving the willingness to pay A unique combination of strengths, each building on the other to drive improving results The complementarity of each variable boosts their mutual impact, driving profitable growth and long-term sustainability Building additional capabilities and features that strengthen an ecosystem by continuous improvement Delivering consistent returns and long-term value creation For shareholders, employees, and customers 28
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Chief Customer and Experience Officer Customer-driven growth fueling sustainable returns Paulo Miranda
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Continent-sized demand bases One in every three customers flying to, from, or within South America chooses LATAM Population - 2025 341m 436m 1 Population|United Nations (UN) / United Nations Population Fund (UNFPA) 2 International Air Transport Association (IATA). (2024, June). Global Outlook for Air Transport – June 2024. Annual increase in transported passengers from 2023 to 2043 Latin America & Caribbean growth projection 2023-20432 Growth rate in real GDP per capita Highest forecasted growth in trips per capita vs North America, Europe and Africa 30
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Consistently superior passenger experience, verified by customer reviews and independent audits LATAM is recognized within a select group of full-service airlines FIVE STAR™ GLOBAL 2026 FOUR STAR™ 2026 31
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A customer-centric value proposition achieving industry-leading customer preference and results Operation Reliability & Performance Personalizing & Humanizing the Customer Relationship Building a World-Class Product 32
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Active listening and customer centricity in big and small decisions Promoters Clients who recommend LATAM1 70% Onboard Wi-Fi across the Widebody fleet Premium Comfort Cabin New Business Suites CUSTOMER SMART ACTIONS RESULTS 20+ Touch points monitored to capture feedback >500k responses per month >350k monthly verbatim comments + video feedback Balancing satisfaction impact, cost efficiency and others 1. LATAM NPS internal Surveys 33
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OPERATIONAL RELIABILITY & PERFORMANCE Earning & keeping customers’ trust is a top priority 1 Cirium: On-Time Performance (OTP) Review- On time arrival 2024 2 Sita Baggage report 2024 Baggage Rate = Mishandled baggage/ 1000 passenger 3 JAC July 2025/, Claims per 1,000 pax, Indecopi and DGAC Jan-Jun 25/ Claims per 1,000 pax, ANAC power BI passenger data and Brazil's air transportation service quantity report (Consumidor.gov)/ Claims per 1,000 pax. No public date from Ecuador and Colombia 4 S&P Global: Most sustainable airlines in the world - December 2024 Top 5 on time performance Globally - for the last 5 years LATAM group flew 547k flights in 2024, 83.6% arrived on time1 ~ -50% Baggage rate2 vs Europe and US LATAM group rate per 1,000 passenger: 3.4 2 Most sustainable airline in the Americas, Europe, Oceania & Africa 4 Top 5 in the World Lowest Complaint Rate 3 -6% vs next competitor -70% vs next competitor -40% vs next competitor 34
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HOSPITALITY FOCUSED Driving value from personalizing and humanizing the customer relationship EXCLUSIVE SERVICES FOR TOP TIER ELITE MEMBERS Staff Kindness >65points 1Sky Trax Awards 2025: Best Airline Staff in South America 2 LATAM group Post Flight Survey - Black Signature Boarding satisfaction vs regular remote experience Best Airline Staff in South America since 20221 Signature remote boarding GRU & CGH Special Services Personalized services for Black Signature members +27 points vs 2019 >80 NPS +9p.p. Boarding Satisfaction 2 35
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WORLD-CLASS PRODUCT Selective investments in airports and cabins — focus on product consistency and excellence Signature Check-in for Black Signature & Black members - Exclusive service in Lima, Santiago & São Paulo. Customer Satisfaction +10 points vs Premium Check-in Lima Santiago São Paulo
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WORLD-CLASS LOCALLY INSPIRED LOUNGES MIA BOG LIM SCL EZE GRU Signature Lounge Signature Lounge Award-winning customer reviews Award-winning lounges, delivering value across customer segments Lima Santiago More than 2 different lounges for Santiago and Lima Featuring local chefs and gastronomy Multi-offer lounges 37
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OPTIMIZED CABIN INVESTMENTS Best onboard product in the region, and continuing to evolve LIMA Only provider with onboard Wi-Fi coverage throughout the continent ● Narrow body fleet >95% complete ● Wide body service starting in 2026 Award-winning business class suite Value vs Speed - Smart implementation Premium Business Suite Wi-Fi onboard 38
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NEW PREMIUM COMFORT CLASS STARTING 2027 The right product for the right customer - Enhanced segmentation ー Differentiated onboard service ー Privacy Wings ー Calfrest + Footrest ー +50% Living Space vs Economy % Premium Seats Based on Boeing 787-9 fleet 10% 18% 39
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Introducing the new Embraer platform, strengthening the network for customers ✓ New aircraft arriving in 2026 ✓ Premium Economy and Economy seats in a 2-2 configuration ✓ Wi-Fi onboard available ✓ 40
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Redesigned service elements with customer insights Representing the warmth and colors of South America ✓ Design vision ✓ Smart function ✓ Launched on December 1, 2025 41
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Customer feedback continues to validate strategy 50 pts Quality Zone Source: Post flight survey 1 LATAM Pass NPS baseline 2023 Premium Travelers 1.7x vs 2019 1.9x vs 2019 1.2x vs 20231 1.6x vs 2019 Net Promoter Score by Year (YTD Oct 2025) 42
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Customers that choose LATAM are more discerning and demanding higher quality products Share of passengers choosing the airline for experience and loyalty Source: Reason to choose airline in Strategic NPS, Internal Surveys. 2025 2 Yield LATAM 2024 Experience-driven customers yield +10% than price-driven ones 2 Increased loyalty and repurchase Reduced risk and impact from externalities 2025 LATAMSouth American Competitors EU & USA Competitors 1.5x 2.3x 43
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Premium travelers = Premium yield potential LATAM’s differentiated service model captures higher yield without compromising scalability Average Revenue (US$) - 2025 Customers with >8 trips in 6 months have grown Faster than seat growth since 2019 6x Profitability by tier 2x> Non-members Elite 44
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South American travelers recognizing the elevated market positioning Sources: IPSOS Brand Tracking YTD Oct 2025. IPSOS has presence in over 90 countries across all continents with more than 5.000 different companies using it, including Google, Nestlé, Unilever, P&G, J&J, Scotiabank, Facebook, IAG, Movistar, Uber. Which airline would be your first choice for your next domestic/international flight? #1 since 2023 +6pp vs 2019 #1 since 2019 +7pp vs 2019 #1 since 2019 +23pp vs 2019 #1 since 2019 +15pp vs 2019 #1 in First Choice in 4 out of the last 11 months +13pp vs 2019 #1 in First Choice 45
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Unlocking South America’s Potential Ramiro Alfonsín Chief Commercial Officer
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Disciplined and profitable growth Network: Growing strategically, reinforcing Sao Paulo, Santiago & Lima hubs Strong revenue performance, accelerated by: Premium revenue & ancillaries growth Loyalty: 4 Million new members in 2025 with increased engagement levels 1 Revenue per available seat kilometer (RASK) is consistent with the updated 2025 published guidance metrics. 2. Mid-point figure of the guidance 2. TRASK: Total Revenues by ASKs. Revenues (US$ billion) // 2 +11% Unit revenues1 (US$ cents) TRASK 2 // 7.0 8.3 8.5 +2% Capacity (billions) Available seat kilometers // 171 +8% 2 158 149 13.0 14.5 47
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Supported by structural tailwinds Higher preference for premium A large, opportunity-rich market ● South America has a population of 436m, +100m vs the US ● Underserved domestic markets, with only 0.6 trips per capita1 Growing demand ● Latin America’s International demand grew 14% in 2024, the second fastest region overall ● Brazil’s domestic market is the fastest growing in the world1 ● Consumers increasingly value travel experiences ● Discerning client in corporate and high-end leisure segments Higher preference for premium Source: 1. IATA BOEING, AIRBUS, McKinsey, DIIO / United Nations Population Fund (UNFPA) / Trips per capita as of February 2024 (IATA) / Brazil capacity growth year on year 48
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Leadership in network, loyalty & high-margin revenues Accelerating Network Advantages setting clear strategic guidelines for disciplined growth ● Improving LATAM group’s footprint at key airports ● Building better connectivity for South America ● Global network reach expanded through commercial agreements ● Accelerating premium revenues ● Increasing corporate revenues ● Loyalty: 53 million members, largest program in the region Expanding High-Margin Revenues by leveraging LATAM group’s full service product & the largest loyalty program in the region 49
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Corporate offering: growing in high-demand time slots to offer better alternatives to corporate passengers Domestic market presence in ~80% of South America’s GDP LATAM affiliates leads in 4 of its 5 domestic markets Unparalleled network: South America's flag carrier group Source: As of 3Q-25. JAC Chile, DGAC Perú (2Q-25 latest public data available), ANAC Brazil, Aerocivil Colombia, Ecuador: DDS. Relative Frequency Share defined number of frequencies vs largest competitor 41% 66% 67% 51% 25% The five largest airports in South America concentrate 60% of its connectivity, and LATAM leads in 4 out of 5 Leading Relative Frequency Share in key airports: Sao Paulo (Guarulhos) 2.1x, Lima 4.2x, Santiago 3.0x Served Internationally Domestic Market Share Affiliates - 2025 50
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Source: DIIO as of 3Q-25. Total destinations for LATAM as of 3Q-25 plus additional destinations announced in November. North & Central America Global network connecting South America to the world 13 10 Europe 161 Destinations Oceania3 2 Africa +50 Partnerships worldwide +200 destinations within the scope of the JVA Capacity share to North America 32% Capacity share 51
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Expanding high margin revenues ● LATAM group continues to increase corporate preference ● LATAM Pass is growing membership and deepening engagement: Elite members are expanding faster than total member Best NPS in the region and lowest complaint rate Source: Anonymous survey of Latin American Customers / Complaints based on JAC, Indecopi, DGAC and ANAC ● Product Investments to cater to premium segments: new Lounges, Signature Check In, new cabins & Wi-Fi ● Award winning lounges in South America 52
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Premium Revenues defined as Premium Business + Premium Economy + Upsell + Ancillaries 1 As disclosed in the Investor Day press release dated December 9th. Premium revenues have more than doubled since 2019 ● Unique value proposition in the region: 100% flights with premium seats ● Premium passengers prefer LATAM: Premium NPS reaching 60pts, +5pp vs total LATAM ● Premium revenue grows faster than total revenues, and accounts for 23% of total ● Corporate Passenger has 2x yield vs other segments Capturing premium: where product meets profitability Premium Revenue US$ billion +14% 1 Premium revenues share of total revenues // 23% 14% 2.9 3.3 53
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1. Internal management estimate // Active members last 24 months LATAM Pass: Loyalty generating profitable engagement 53 million members +4 million new members YoY 35% active members engaging with flights, financial & commercial alliances 2.4 million elite members +22% YoY +24% growth YoY on transactions and miles redeemed ● LATAM Pass is the #1 Airline Loyalty Program in the region, and 8th largest in the world1. ● 8 co-branded cards with leading banks & +100 commercial alliances ● New app and record customer satisfaction boosting membership engagement ● Elite members spend 6x more than non members ● ~30 thousand seats are redeemed daily: the equivalent of 1.5 Madison Square Gardens 54
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Fleet plan evolution supporting LATAM's growth trajectory +12 E2 +8 NB +4 XLR 1. Number of aircraft, end of year as published in 3Q-25 press release. Note. Capacity figures 2026 as per 2026 published guidance. + 12 E2 + 29 NB + 3 WB 1 Fleet Plan1 8% - 10% Consolidated capacity YoY growth 6% - 8% Domestic Brazil 5% - 7% Domestic Spanish speaking countries 11% - 13% International Available seat kilometers (ASKs) Capacity guidance 2026 55
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24 firm orders 50 purchase options to be delivered between 2026 and 2027 to be potentially delivered between 2027 and 2030 Improved corporate offering with increased frequencies, strengthening key airports Capillarity increase Builds a more resilient and profitable network Enhance passenger connectivity Plan 2026 Opening 8+ new destinations, 16+ new routes Strengthen LATAM group’s network & Expanding capillarity & unlocking network value 35 new destinations opportunity in South America 56
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READY FOR NEW HEIGHTS Expanding Global Network +7% CAGR premium seats offering growth over the next 4 years. Enhanced Digital Investment. Welcoming New Heights ● LATAM is achieving profitable growth ● Strong demand Passenger CAGR 2025-2031 of 5%, in a region with high potential in trips per cápita Middle class growth driving higher end leisure and corporate ● LATAM group is ready for new heights Expanding global Network with 6 new Long Haul routes LATAM Premium Seats offering is forecasted to grow 7% CAGR the next 4 years Enhanced Digital Investment Opportunities to increase Loyalty revenue shares LATAM continues on a profitable path Source 1.: Middle class growth forecast as per Boeing Commercial Market Outlook 2025 for Latin America STRONG DEMAND 5% passenger growth 2025-2031 in a region with high potential in trips per capita. Growth from higher-end leisure and corporate.1 57
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Becoming a Digital Enterprise A Journey of Continuous Evolution Juliana Rios Chief Information and Digital Officer
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Technology creates potential — digital changes the mindset and unlocks value. New model, new speed — results never before possible. Scale and data — LATAM’s distinctive asset. Digital can become our enduring competitive strength driving growth, efficiency, and loyalty 59
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Siloed structure and inward focus Low collaboration, high friction Duplicated processes and tools Slow adoption of new technologies digital The ‘LATAM Way’ to becoming digital is through an integrated, digital-enabled organization SUPPORT FUNCTIONS FROM Siloed functions BUSINESS FUNCTIONS ✖ ✖ ✖ ✖ 60
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Journey-based structure across Passenger, Cargo, Aircraft, and Loyalty Cross-functional teams own outcomes end-to-end Shared platforms — build once, reuse everywhere AI-enabled process redesign — from idea to impact ACCELERATORS TO Multifunctional teams JOURNEYS PLATFORMS digital SUPPORT FUNCTIONS FROM Siloed functions BUSINESS FUNCTIONS The ‘LATAM Way’ to becoming digital is through an integrated, digital-enabled organization 61
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LATAM’s scale transforms data volume into intelligence at scale 4. Compounding Impact 0.1–1% efficiency gains scale into millions in measurable value Precision improvements across fleet, network, and customer experience 3. Built for Speed Data-to-action cycle 10× faster than industry peers Insights tested and validated in live operations 1. Unmatched Scale of Data Top-5 largest data ecosystem in the region 90K flight minutes per day 100M web/APP visits per month 2. Learning System Continuous data feedback improving daily decisions Every flight and click fuels smarter operations 2 3 4 1 COMPOUNDS ACROSS NETWORK HIGHER MACHINE LEARNING PRECISION SCALE OF DATA MARGINAL, MEASURABLE IMPACT Source: LATAM internal data management systems. 62
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How it works: Leveraging data at scale to optimize every step of the aircraft journey 1,078 decoded and captured sensors 1 Tb analysed data per week +5,000 data users Reliable travel starts before takeoff Preparation Take Off Cruise Landing +14,000 type of sensors in our fleet 2,000 a 4,000 sensors per aircraft 4.5 Pb data stored Source: LATAM internal data management systems. 63
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TAIL TAIL ● Support for maintenance diagnostics ● Visibility into fuel efficiency and policy adherence ● Gaps in monitoring crew compliance to specific procedures Use of 0.1% of flight data for operational improvements e.g.: Predictive operations to keep journeys safe and on track through predictive operations 64
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TOTAL Predictive operation models now use 100% of aircraft flight data ● Combined with weather data, send real-time alert to pilots when conditions change ● By assessing similar landing data, improved infrastructure issues ● Predictive models to prevent turbulences when crossing the Andes (approx. 90 daily flights) ● Support for maintenance diagnostics ● Visibility into fuel efficiency and policy adherence ● Gaps in monitoring crew compliance to specific procedures Use of 0.1% of flight data for operational improvements e.g. LATAM data products to date:e.g.: Predictive operations to keep journeys safe and on track through predictive operations 65
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TOTAL Predictive operation models now use 100% of aircraft flight data ● Combined with weather data, send real-time alert to pilots when conditions change ● By assessing similar landing data, improved infrastructure issues ● Predictive models to prevent turbulences when crossing the Andes (approx. 90 daily flights) ● Support for maintenance diagnostics ● Visibility into fuel efficiency and policy adherence ● Gaps in monitoring crew compliance to specific procedures Use of 0.1% of flight data for operational improvements All flight data now available to improve other processes. e.g. LATAM data products to date:e.g.: Predictive operations to keep journeys safe and on track through predictive operations 66
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Optimize Standby allocation with fewer reserves. 10% cost reduction with no increase in crew-related flight issues. Standby Crew Optimization Optimize every flight phase through advanced analytics. 10–20 kg less fuel per flight across the 1,600 daily flights. Fuel Efficiency Avoid unplanned aircraft issues and costly cancellations. ~300 potential issues avoided annually; 75 AOGs prevented by supply models. Maintenance Predictions Turning scale and data into a real-world experimentation lab — testing and validating improvements 10× faster Source: LATAM internal data management systems. AOG refers to Aircraft on Ground. 67
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Enterprise-wide change takes time, and we’re accelerating it by putting technology in everyone’s hands Enterprise Transformation Redesigning processes and experiences for impact at scale. End-to-end transformation AI-embedded experiences Technology integrated into organizational design Structural value creation through smarter, data-driven execution Digital Adoption & Enablement Accelerating value creation through agility, technology, and talent. Empowered employees with digital tools and AI assistants Decentralized innovation — teams solving their own problems Automation and data to optimize daily work High digital capabilities and confidence 68
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LATAM AIRLINES APP InspireOffering Servicing Pre-flight Boarding Post Flight 1.7K daily users; in travel AI concierge52% digital revenue share 94% digital voluntary exchange 68% of passengers ready ro go straight to gate 40% share mobile document check 2–4x fewer complaints than competitors Empowering passengers with autonomy at every step of the journey Source: LATAM internal data management systems. 1. Million users per month; 2. Average from App store ratings in our home markets.. Passenger Journey App Store Rating2 4.8 Monthly active users1 4.3 69
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Join & Discover Miles Accrual Miles Redeem Servicing Fulfill +8% non-air transactions +44% active members +30% third-party sales +20% in total transaction -16% claims per member LATAM Pass with our customers on their journey of life, always Source: LATAM internal data management systems. 1. Average from App store ratings in our home markets. Loyalty Journey App Store Rating1 4.6 LATAM PASS APP 70
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Customer Identity Customer Data Payments Personalization Mobile ENTERPRISE PLATFORMS Passenger and Loyalty journeys connected in an unified flywheel Growth, engagement, and consistent experience for our customers across journeys. Passenger Journey Loyalty Journey 71
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Network optimization analytics being deployed to improve resource allocation. AI-driven sales and servicing processes under design to elevate customer experience. Digital documental and AI validation prototypes already cutting processing time from hours to minutes. Smart cargo-tracking and warehouse systems in early rollout - expected to reach high performance transported as planned. Example: 3D digital pallet build-up models in testing - already indicates potential to add ~10% more tons per flight.¹ At LATAM Cargo, a data-driven transformation to redefine air logistics Notes: 1 Only in selected flights 72
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Becoming a Digital Enterprise is a never-ending journey of continuous evolution 2025202420232022202120202019 Transformations launched 2026+ Data embedded within squadsOrganizational design, agility and business and tech profiles integrated Product mindset, experimentation and platforms to scale Scarcity mindset and GenAI augmentation Passenger Journey1 Digital Experience Aircraft Journey1 Maintenance Loyalty Journey Cargo Journey Advance pending journeys and accelerators Notes: 1. Partially transformed 73
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One stop travel in our customers pocket. Passenger Journey1 Digital Experience 2019 Digital NPS 30 to 68 Digital Claims / 1000 passenger 6.9 to 2.3 Ever-ready aircraft for optimal operations. Aircraft Journey1 Maintenance 2022 Annual Savings +$135 m Airplane days +1,100 Unlocking a world of rewards, everyday. Loyalty Journey 2024 YoY Transactions +24% Customer Satisfaction +20% Redefining the standards for Air Cargo. Cargo Journey 2025 LATAM Customer Satisfaction Stronger service Cargo capacity Higher per flight Our journey-led transformation starts with customer needs then redefines the experience Notes: 1. Partially transformed. Source: LATAM internal data management systems. 74
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An endless loop of transformation, learning and growth. Our future with digital is taking shape and gaining speed Data and personalization deepening customer connection builds sustained trust and lifetime value. AI integration transforms scale into speed, precision, and efficiency. Digital initiatives and mindset sustain competitive costs. NEXT: Transformation of Operational Window processes and teams. Our foundation creates value within—and ultimately beyond—aviation. 75
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Achieving New Heights Creating Sustainable Value Ricardo Bottas Chief Financial Officer
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LATAM’s performance reflects its robust business model and the execution of its strategy Consistently delivering strong results 1. Bloomberg consensus as of December 5, 2025. Net Income (US$ bn) 4.9% 7.5% 9.5% Net Income Margin Adj. Operating Margin 2.3 - 2.4 Adj Operating Income (US$ bn) 11.3% 12.7% 16% - 16.5% Revenues (US$ bn) 14.4 - 14.5 1 77
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LATAM group leads in capacity growth and margin generation among global full service carriers Growing profitably ASK growth YoY LTM 3Q-25 Adj. Operating margin LTM 3Q-25 Source: Company's public filings and releases as of 3Q-25. 78
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Growth, discipline and execution Return on invested capital Evolution and spread over time Order book and CapEx plan Order book of 140 aircraft Continuous efficiency initiatives Cost discipline as key driver Balance sheet strength & hedge strategy Liability management initiatives & volatility mitigation Financial policy: Liquidity 21% - 25% Adj. Net leverage <2.0x BB+ credit rating 79
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Fleet plan growth Order book from 2025-20301 Secured order book of 140 aircraft from 2026 onward 2026-2027 fleet enhancements This order book includes scheduled deliveries from LATAM group's purchase agreements and updated commitments with lessors, disclosed in the LATAM's third financial statements. It also considers LATAM group's best estimates for committed arrivals. 1. Considers only passenger fleet as of end of year. 2.As disclosed in the Investor Day press release dated December 9, 2025. Incorporation of more efficient fleet1 Average age of fleet2 ≤12 years 2025 → 371 2026 → 410 2027 → 422 +13 p.p. Next generation aircraft share of total vs 2025 Includes 24 embraer aircraft Includes 5 Airbus XLR 80
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CapEx to support growth and efficiency 81 LATAM finances 85% - 100% of the value of its fleet deliveries. Maintenance CapEx: Maintenance, engines, spare parts, etc. Growth CapEx net of financing: Fleet net of financing, cabins, retrofits, lounges, digital initiatives, etc. CapEx figures disclosed in the Investor Day press release dated December 9, 2025. CapEx net of financing (US$ bn) 81
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Operational efficiency driving stable unit cost US$4.35 - 4.40 cents Adj. passenger cask ex-fuel External factors Internal factors 82 Supplier partnerships Digital initiatives Fleet efficiency Operational agility and scale Efficiency levers ensuring cost stability: US$4.30 - 4.50 cents 82
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11% ~2x peer average Strong financial foundation with tools to navigate a dynamic environment Unencumbered aircraft as % of total aircraft RCF as % of LTM revenues 1.5x Lowest for a wide body operator in the Americas Adj. Net leverage 30% More than triple LATAM’s 2019 level Note: information as of 3Q-25. Unencumbered fleet information as of December 2024. Peer average considers: Delta, American, United, Lufthansa, AF-KLM, IAG.. Total liquidity as % of LTM revenues 26% >US$2.0bn in cash and cash equivalents 83
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Non-fleet financial debt amortization profile (US$ million) Continuous optimization of cost of capital and debt tenure Credit rating aspiration of BB+ BB (stable outlook) BB (positive outlook) Ba2 (stable outlook) Note: Information as of 3Q-25. Weighted average cost of debt as of end of year. Debt profile in line with the information published in LATAM's 3Q-25 Financial Statements and only includes financial debt incurred as of September 30, 2025. Weighted average cost of financial debt WACD Callable as of October 2026 Callable as of July 2027 84
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Passenger Operations Combining natural and hedge instruments to ensure cash flow stability Local currencies • Provides stability amid volatile jet fuel prices. • Strategy based on the projected booking curve. • Curve and passthrough capacity, managing exposure over the next 12 months. • 40%+ of consumption hedged for the next 6 months. • Asymmetric hedge instruments, providing protection within a range, against higher prices. while allowing participation from declining fuel prices. Cargo & others International Domestic Brazil Domestic SSC • Focused on Brazilian Real (BRL) cash flow exposure. • ~US$500M hedged via forwards & natural offsets (revenue and booking curve potential capacity). • Smoothing cash flows and protecting profits. FX HEDGING INSTRUMENTS 85 Revenues by business unit - LTM Revenue by currency - LTM 1 Hard currency revenues includes revenues in dollars, euros, and currencies pegged or indexed to the U.S. dollar. Additionally, it considers revenue with rates indexed or denominated in U.S. dollars, euros, and currencies pegged or indexed to the U.S. dollar. Data as of 3Q-25. Hard currencies1 DIVERSIFICATION PROVIDES NATURAL HEDGE FUEL HEDGING INSTRUMENTS ~70% of costs in hard currencies 85
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Consistent top to bottom line results delivery Liability management initiatives to reduce cost of capital Consistent and accretive capital allocation Expanding value creation spread over time >20% ROIC is defined as adjusted operating income minus cash tax, divided in aircraft assets based on market value plus non-fleet assets plus net working capital. 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, as percentage of LTM revenues. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDAR for the last twelve months. 1. WACC is weighted average cost of capital. 2.ROIC figure disclosed in the Investor Day press release dated December 9, 2025. Return on invested capital ROIC 1 2 86
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Capital allocation framework •Profitable investments in growth with high ROIC, including fleet, ground, digital and other product enhancements to support customer experience and premium revenues improvements •Cost efficiency and cost containment discipline •High level of liquidity, low leverage and other unencumbered assets •Hedging Policy commitment - risk management & cash flow stability •Continuous actions to optimize cost of capital and debt tenure •A minimum of 30% dividends and interim dividends •Constantly evaluating ways to enhance shareholders return 87
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2025 capital allocation highlights 88 Note: information as of November 26, 2025. 1. ADTV- 90 days of local stock trading volumes (SSE:LTM) and ADR trading volumes (NYSE:LTM). 1. 1. As of December 5,2025 US$400m Interim Dividends* 4Q2025 US$293m US$585m 2 share repurchase programs 2Q2025 and 3Q2025 30% Minimum Dividends* 2Q2025 US$1.5bn CapEx net of financing Full year 2025E Note: CapEx figure disclosed in the Investor Day press release dated December 9, 2025. *Shareholder return 88
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ADTV 90 days Investor confidence built on consistent delivery SHARE PRICE +112%1 Since relisting in July 2024 AVERAGE DAILY VOLUME (ADTV)1 MARKET CAP US$14.8bn1 US$120+ m1 LTM ADR price (US$) 89 Note: information as of November 26, 2025. 1. ADTV- 90 days of local stock trading volumes (SSE:LTM) and ADR trading volumes (NYSE:LTM). ADTV 90 days local share + ADR (US$ MM) LATAM's NYSE relisting 2024 Refinancing FY-24 Results 1Q-25 Results Share repurchase 2Q-25 Results 2025 Refinancing Share repurchase 3Q-25 Results LTM ADR share price & volumes Announced interim dividends Minimum dividend payment 1. 1. As of December 5,2025 TOP 11 Most valuable airline worldwide 89
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2026 guidance for continued profitable growth CAPACITY GROWTH Available seat kilometers (ASKs) PROFITABILITY Adjusted operating margin CASH GENERATION Adj. Levered free cash flow Liquidity >US$5bn Adj. Net leverage ≤1.4xBalance sheet LATAM's 2026 guidance published December 3, 2025. 2025 guidance updated on November 14, 2025. 8% - 10% 15% - 17% >US$1.7bn From: 8.0% - 8.5% in 2025 From: 16.0% - 16.5% in 2025 From >US$1.5bn in 2025 From: >US$4.0bn in 2025 Stable vs 2025 90
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Financial policy Liquidity2 21% - 25% Adj. Net leverage3 <2.0x 2026 guidance (US$ bn) Revenues 15.5 - 16.0 Liquidity2 >5.0 Funds available for additional capital allocation in 2026 Funds available for additional capital allocation US$1.0 - 1.6bn After minimum statutory dividend and CapEx net of financing Financial policy Upper limit & lower limit 25% - 21% of LTM1 revenues — Liquidity2 >31% of LTM1 revenues = LATAM's 2026 guidance published December 3, 2025. 1. Last twelve months 2. 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. 3. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDAR for the last twelve months 91
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2027 aspirations for continued profitable growth Capacity growth Available seat kilometers (ASK) Mid-to-high single digit YoY growth Return on Invested Capital ROIC >20% Profitability growth Adjusted EBITDA margin Stable or expanding YoY growth Liquidity 21% - 25%Financial policy 92 Financial policy Liquidity 21% - 25% Adj. Net leverage <2.0x Note: Aspirations disclosed in the Investor Day press release dated December 9, 2025. Cash Generation Adj. Levered Free Cash Flow >1.8bn 92
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Welcoming New Heights Consistent and proven track record Top-tier profitable growth among full service carriers Expanded value creation Disciplined capital allocation Enhanced shareholder return 93
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INVESTOR DAY 2025