Earnings release
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1Q2025Results LATAM Airlines Group drives first quarter adjusted operating margin to 16.8% and reports US$355 million in net income San ago, Chile, April 28, 2025 – LATAM Airlines Group S.A. (NYSE: LTM; SSE: LTM) announced today its consolidated financial results for the first quarter ending March 31, 2025. References to "LATAM", "LATAM Airlines Group", the “Company” or the "parent company" pertain to LATAM Airlines Group S.A., and references to “LATAM group,” “we,” “us,” “our,” or the “group” refer to LATAM Airlines Group S.A. and its consolidated affiliates, both passenger and cargo affiliates. LATAM prepares its financial statements under IFRS as issued by the IASB, however, for ease of presenta on and comparison, the Income Statement in this report is presented in an adapted US Format. On some occasions, adjustments to these Income Statement figures are made for Special Items. A table reconciling the figures adjusted for Special Items to their as-reported IFRS figures can be found at the end of the report. All figures in this report are expressed in U.S. dollars. Percentages and certain U.S. dollar, Chilean peso and Brazilian real amounts contained in this report have been rounded for ease of presenta on. Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding. The Brazilian real / U.S. dollar average exchange rate for the quarter was BRL 5.85 per USD (compared to BRL 4.95 per USD in 1Q 2024) HIGHLIGHTS Key Financial Results and Indicators 1Q25 1Q24 Var. Total Revenues (US$ million) 3,411 3,321 2.7% Adjusted Opera ng Income (US$ million) 573 463 23.9% Adjusted Opera ng Margin 16.8% 13.9% 2.9pp Adjusted EBITDAR (US$ million) 962 796 20.9% Adjusted EBITDAR Margin 28.2% 24.0% 4.3pp Net Income a ributable to owners of the parent company (US$ million) 355 258 37.6% Net Income Margin 10.4% 7.8% 2.6pp Liquidity (as % of LTM revenues) 28.4% 27.1% 1.3pp Adj. Net Leverage 1.5x 1.7x (0.2x) Adjusted Passenger CASK ex-fuel (US$ cents) 4.0 4.3 (5.2%) • During the first quarter of 2025, LATAM group’s consolidated capacity, measured in available seat-kilometers (ASK), grew by 7.3% primarily driven by a 10.7% increase in interna onal opera ons. Addi onally, the group transported nearly 21 million passengers during the quarter, marking a 3.6% increase compared to the same period last year. • Throughout the quarter, LATAM group made significant strides in enhancing the overall travel experience, which translated into stronger customer sa sfac on, as passengers rated LATAM group with a Net Promoter Score (NPS) of 56 points, the highest score in the group’s history and a 5.6 percentage point increase compared to the first quarter of 2024. Addi onally, the NPS of “Premium Travelers” (LATAM Pass Elite program members and passengers in premium and business cabins) reached a historic high of 61 points. • The group received two new A320neo aircra deliveries, which support enhanced fuel efficiency and lower emissions. These addi ons are part of the 26 aircra scheduled for 2025, with 24 addi onal aircra s ll expected to be received this year in line with LATAM group’s fleet plan for growth and moderniza on. • During the Extraordinary Shareholders’ Mee ng held on March 17, shareholders approved a share repurchase program of up to 1.6% of the Company’s outstanding shares over the next 18 months. Accordingly, the Company is currently execu ng the program through a pro rata OFB (Oferta Firme en Bloque) mechanism on the San ago Stock Exchange for up to 9.67 billion shares (1.6% of total share capital), at a price of $15.02 Chilean pesos per share (approximately US$153 million). The OFB is effec ve from April 1 to April 30, 2025. • LATAM's shareholders approved a final dividend equivalent to 30% of 2024 net income, totaling approximately US$293 million at the Ordinary Shareholders' Mee ng held on March 24, 2025. The dividend was paid on April 22, 2025. Together, these ini a ves, the dividend and the buyback, reflect LATAM’s strong commitment to delivering shareholder value through disciplined capital alloca on.
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1Q2025Results • Finally, LATAM received two recent important credit ra ng upgrades that reflect its solid financial performance and strengthened credit profile. On February 28th, S&P Global Ra ngs upgraded LATAM’s issuer credit ra ng to "BB" from "BB-", with a stable outlook. Shortly a er, on April 3rd, Fitch Ra ngs also upgraded LATAM to "BB" from "BB-", with a posi ve outlook. MANAGEMENT COMMENTS - FIRST QUARTER 2025 LATAM began 2025 with record financial performance, achieving the Company’s highest-ever quarterly results in terms of adjusted opera ng income and adjusted EBITDAR. These results reflect a con nued ability to execute with discipline and consistency, while efficiently responding to market dynamics. The performance of this quarter was further supported by healthy demand across the group's core markets, a stable opera ng environment and customer preference for our unique value proposi on. Addi onally, the fuel price environment provided tailwinds to our contained cost structure and contributed to margin expansion. "LATAM group's opera onal and financial adaptability enables the group to be well-prepared to face the coming months, leveraging its agility to deliver strong results and capture opportuni es across the region. Despite a dynamic and challenging macroeconomic environment, the group con nues to focus on driving profitable growth, eleva ng the customer experience, strengthening employee engagement, and genera ng value for LATAM Airlines Group S.A. shareholders," said Ricardo Bo as, CFO of LATAM Airlines Group. In addi on to our record profitability, LATAM generated US$585 million in adjusted opera ng cash flow and US$189 million net cash increase during the first quarter, a testament to the Company’s solid financial discipline and its ability to consistently deliver posi ve cash flow. This performance underscores our commitment to long-term value crea on, underpinned by efficient capital alloca on and a strengthened balance sheet. Furthermore, the extensive network con nues to a ract travelers who value LATAM group's connec vity, service and reliability. During the quarter, the group expanded its passenger network from 151 des na ons in December 2024 to 153 across 27 countries by March 2025. The addi on of Fernando de Noronha and Ribeirão Preto to LATAM Airlines Brazil network, highlights the ongoing commitment to connec ng the region. These new des na ons not only enhance travel op ons for passengers, but also reinforce the strength of the network. Addi onally, on April 23rd, LATAM and Delta Air Lines announced the inclusion of Argen na into their Joint Venture Agreement, further strengthening air connec vity between South and North America. Finally, as part of its broader value proposi on, LATAM group also con nues to strengthen its commitment to enhancing customer sa sfac on. As of the end of the quarter, the group's loyalty program, LATAM Pass, reached a milestone, surpassing 50 million members. In parallel, revamped in 2025, LATAM Pass now offers an innova ve experience, with more op ons for earning and redeeming miles, and greater ease of access to Elite Status, as well as opportuni es to customize rewards as members reach intermediate milestones. MANAGEMENT DISCUSSION AND ANALYSIS OF FIRST QUARTER 2025 RESULTS Total opera ng revenues amounted to US$3,411 million in the first quarter, an increase of 2.7% compared to the same period of 2024, explained by a 1.6% increase in passenger revenues and a 9.8% increase in cargo revenues. For the first quarter of 2025, passenger and cargo revenues accounted for 86.3% and 11.9% of total opera ng revenues, respec vely. • Passenger revenues amounted to US$2,943 million in the first quarter, increasing 1.6% versus the same period of 2024. This was driven by a 7.3% capacity increase during the quarter, measured in ASKs, and offset by the 5.3% decrease inconsolidated RASK to US$7.1 cents. This lower RASK is explained by foreign exchange rate deprecia on and the capacity expansion, par cularly in interna onal opera ons. Despite the year-over-year decline, consolidated RASK was 2.0% higher than in the fourth quarter of 2024, reflec ng sequen al improvement in unit revenues. • Cargo revenues amounted to US$406 million in the first quarter, improving 9.8% versus the same period of 2024. Increasing unit revenue and capacity contributed to the addi onal revenue generated. Cargo capacity, measured in ATK, grew by 4.4%, while unit revenue, measured in RATK, increased by 5.2%, mainly driven by a stronger southbound demand from Europe and North America to South America.
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1Q2025Results • Other income amounted to US$62 million in the first quarter, an increase of 14.8% compared to the same period of 2024, primarily driven by higher revenues from tour services and warehousing ac vi es. Total adjusted opera ng expenses were US$2,837 million during the quarter, decreasing 0.7% versus 1Q24. This slight decrease, despite the 7.3% increase in passenger opera ons, was the result of LATAM's commitment to cost containment, par ally supported by a decrease in jet fuel prices and the posi ve impact of foreign exchange rate effects associated par cularly with the deprecia on of the Brazilian Real. In par cular, adjusted passenger CASK ex-fuel amounted to US$4.0 cents in the first quarter of the year, posi vely impacted by approximately US$0.2 cents due to the deprecia on of the Brazilian Real. The changes in adjusted opera ng expenses during the quarter were mainly explained by: • Wages and benefits rose 6.2% year-over-year, primarily due to a 7.3% increase in the average headcount of the group, par cularly in cabin crew, in line with the increase in passenger opera ons. This was par ally offset by foreign exchange rate effects. • Aircra fuel costs decreased 4.9% versus the same period of 2024, driven by a 9.6% decrease in the average jet fuel price (including hedges) which more than offset a 5.1% increase in fuel consump on associated with the expansion of opera ons. • Commissions to agents decreased 13.1% compared to 1Q24, mostly a ributed to a greater penetra on of digital direct sales. • Deprecia on and amor za on increased 16.8% versus 1Q24, primarily due to a higher average number of aircra in the fleet. During the first quarter of 2025, LATAM group operated an average of 347 aircra , up from 334 aircra in the same period last year. The increase is also driven by a shi in fleet composi on, as the group con nues incorpora ng newer and higher-value aircra as part of its fleet renewal strategy. • Other rental and landing fees decreased 1.2% year-over-year. Despite increased interna onal opera ons (+10.7% vs 1Q24), this expense line was posi vely impacted by lower airport fees and handling costs, influenced by the effects of currency deprecia on (par cularly of the Brazilian real) and the reversal of certain provisions. • Passenger services expenses increased 10.8% versus the same period of 2024, explained by the 7.3% growth in capacity during the quarter and a more significant interna onal mix in the opera ons (+10.7% vs 1Q24) . • Aircra rentals expenses, which correspond exclusively to LATAM group’s fleet power-by-the-hour (PBH) contracts, amounted to US$0.0 million, as there are no longer any assets opera ng under PBH agreements. • Aircra maintenance expenses totaled US$186 million, corresponding to a 4.2% decrease versus 1Q24. Despite increased opera ons, this expense line was posi vely impacted by the reversal of maintenance provisions amoun ng to approximately US$32 million related to the acquisi on of six aircra by LATAM group during the quarter, which were previously registered as opera ng leases. • Other opera ng expenses decreased 10.5% compared to 1Q24 and amounted to US$337 million. Although crew-related expenses increased due to higher opera ons, this line was posi vely impacted by lower reserva on system costs, driven by a higher penetra on of NDC channels, as well as the effects of currency deprecia on (par cularly of the Brazilian real). • Other gains and losses totaled US$6 million in gains for the first quarter, primarily due to fair value adjustments related to the acquisi on of six aircra during the period, and par ally offset by labor con ngencies in Argen na. Non-opera ng results • Interest income amounted to US$33 million in the quarter, increasing 5.1% as a result of a higher cash and cash equivalents balance and amount invested compared to 1Q24.
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1Q2025Results • Interest expense decreased 20.7% versus 1Q24, to US$152 million during the quarter, mainly explained by the interest rate savings obtained from the liability management exercise completed in October 2024. • Foreign exchange gains and losses amounted to US$75 million in losses in the first quarter of 2025, driven by the apprecia on of the Brazilian Real compared to December 31, 2024. This line reflects the net balance sheet effect of holding more U.S. Dollar-denominated assets than liabili es in its Brazilian affiliate. As such, when local currencies depreciate, the net value of these assets increases, resul ng in a non-opera onal gain in the Income Statement. Conversely, currency apprecia on leads to a loss. It is worth men oning that this is a non-cash effect in the Income Statement. • Result of indexa on units amounted to US$0.2 million in the quarter, a decrease compared to the same period of 2024 mainly due to lower infla on rates (CPI) compared to the same period of 2024, as well as a reduced hyperinfla on adjustment linked to lower labor con ngency expenses in Argen na. • Net income a ributable to the owners of the parent company during the quarter amounted to US$355 million, an increase of 37.6%. Net income a ributable to owners of the parent company serves as the basis for calcula ng dividend distribu ons. LIQUIDITY AND FINANCING LATAM Airlines Group ended the quarter with cash and cash equivalents of US$2,146 million (+9.6% vs December 31, 2024). During the period, it generated US$585 million in adjusted opera ng cash flow and US$189 million net cash increase. Addi onally, LATAM has US$1,575 million in available and fully undrawn revolving credit facili es (“RCF”). Liquidity as a percentage of revenues of last twelve months stood at 28.4%. LATAM holds a total gross debt of US$7.1 billion and a net debt of US$4.9 billion. At the end of the period, LATAM's adjusted net leverage decreased to 1.5x, supported by con nued adjusted EBITDAR genera on, evidencing its strong capital structure and robust opera ons. Furthermore, the nearest-term relevant financial debt maturi es are scheduled for 2029 and 2030. It is worth no ng that the 2029 bond is callable in October 2025, and LATAM con nues to focus on reducing the cost of its debt. Financial Debt Composi on Nominal Value (million) Interest Rate Maturity 2030 Senior Secured Notes US$1,400 7.875% 2030 2029 Senior Secured Notes US$700 13.375% 2029 Spare Engine Facility US$275 SOFR 3M + 2.1% 2028 UF Bond US$156 UF + 2.0% 2042 Fleet Financial Debt US$1,259 5.61% — Total Financial Debt US$3,789 7.91% —
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1Q2025Results MARKET RISKS LATAM’s fuel hedging policy has the main objec ve of protec ng against medium-term liquidity risk from fuel price increases, while benefi ng from fuel price reduc ons. Accordingly, LATAM hedges a por on of its es mated fuel consump on. Hedge posi ons per quarter for the next 12 months, as of April 25, 2025, are shown in the table below: Fuel hedging 2Q25 3Q25 4Q25 1Q26 Hedge posi ons Es mated Fuel consump on hedged 52% 49% 42% 13% On the other hand, LATAM’s foreign exchange risk mainly comes from opera ons in currencies other than its func onal currency, the US dollar. The largest opera onal cash flow exposure comes from the concentra on of businesses in Brazil by LATAM Airlines Brazil, which are mostly denominated in Brazilian real. At a lower concentra on, LATAM is also exposed to other currencies like the Euro, Bri sh Pound, and several La n American currencies. BRL cash flow hedge posi ons per quarter for the next months, as of April 25, 2025, are shown in the table below: FX hedging (BRL) 2Q25 3Q25 4Q25 1Q26 Hedge posi ons Es mated cash flow mismatch hedged 41% 15% 2% 0%
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1Q2025Results LATAM FLEET PLAN LATAM group’s fleet consists of 270 Airbus narrow-body aircra , 2 Airbus wide-body aircra under short-term leases, 56 Boeing wide-body aircra and 20 Boeing cargo freighters, totaling 348 aircra . During the first quarter, the group received two Airbus A320Neo while one freighter exited the fleet. For a thorough breakdown of the current fleet, please see the fleet chart in the reference tables sec on toward the end of this report. Addi onally, during the first quarter, the group acquired six A321 aircra , previously accounted for as opera ng leases. This purchase is currently in the process of being financed, which will largely offset the associated cash impact once completed. As of the date of publica on, LATAM group has fleet commitment agreements with Airbus and Boeing for new aircra and addi onally has signed several contracts with lessors to receive both narrow-body Airbus and wide-body aircra in the coming years, as detailed below. The group con nues to follow its planned deliveries while maintaining flexibility to adjust capacity as needed. Fleet Plan As of 1Q25 As of end of year 2025 2026 2027 Passenger Aircra Narrow Body Airbus Ceo Family 224 223 217 200 Airbus Neo Family 46 68 82 97 Total NB 270 291 299 297 Wide Body Boeing 787 37 38 41 41 Other 21 22 19 19 Total WB 58 60 60 60 TOTAL 326 351 359 357 Cargo Aircra Boeing 767-300F 20 20 19 19 TOTAL 20 20 19 19 TOTAL FLEET 348 371 378 376 AVERAGE FLEET 347 358 376 378 Note: This fleet plan considers LATAM group's best es mates for commi ed arrivals, current decisions regarding aircra sales, re rements and lease extensions. In the Financial Statements, Note 13 describes the aircra that are currently held for sale and expected to be sold in 2025. 6
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1Q2025Results 2025 GUIDANCE The Company is pleased to report that it has been closely monitoring bookings and, as of this date and during past weeks, passengerbooking trends and cargo sales have remained stable. LATAM is adjus ng its guidance for the full year 2025, including its capacity and sales guidance as well as guidance on key financial indicators, due to the strong results of the first quarter and the current stable demand environment. The Company expects an updated adjusted Opera ng Margin of 13.0% to 15.0% (up from 12.0% -13.5% in the previous guidance issued on December 3, 2024) and an adjusted EBITDAR of US$3.40 - US$3.75 billion (up from US$3.25 - US$3.60 billion as compared to the previous guidance). The current scenario, however, makes it very difficult to forecast the market macroeconomic expecta ons and uncertain es, which could impact passenger and cargo demand, due to poten al tariffimpacts. Any relevant changes could affect interna onal passenger and air freight demand to the United States, as well as passenger and cargo demand in other regions, including to, from and within La n America. In the case of cargo, although the changes would not necessarily impact LATAM group’s cargo business directly, they could create spare air freight capacity and could affect theindustry more generally. This guidance may also be updated or withdrawn at any me, should the impact of the previously men oned external environment or the macroeconomic vola lity and uncertain es increase to the point where it would impede the Company to project the guided parameters. Updated guidance for the full year 2025 issued on April 28, 2025, as detailed below: Indicator Guidance 2025E 2025E Updated Opera ng Indicators Total ASK Growth vs 2024 7% -9% 7.5% -9.5% Domes c Brazil ASK Growth vs 2024 6% -8% 7.0% -9.0% Domes c Spanish Speaking Countries ASK Growth vs 2024 4% -6% 2.0% -4.0% Interna onal ASK Growth vs 2024 7% -9% 9.5% -11.5% Total ATK Growth vs 2024 2% -4% 1.0% -3.0% Financial Indicators Revenues (US$ billion) 14.0 -14.5 13.8 -14.2 Adjusted CASK ex fuel (US$ cents) 4.6 - 4.8 4.55 - 4.75 Adjusted Passenger CASK ex fuel (US$ cents) 4.2 -4.4 4.15 -4.35 Adjusted Opera ng Income (US$ billion) 1.65 -1.90 1.80 -2.05 Adjusted Opera ng Margin 12.0% -13.5% 13.0% -15.0% Adjusted EBITDAR (US$ billion) 3.25 -3.60 3.40 -3.75 Adjusted EBITDAR Margin 23.5% -25.0% 24.5% -26.5% Adjusted Levered Free Cash Flow (US$ billion) > 1.0 > 1.2 Liquidity (US$ billion) > 3.9 > 4.1 Total Net Debt (US$ billion) < 5.4 < 5.2 Total Net Debt/Adjusted EBITDAR (x) ≤ 1.7x ≤ 1.5x Assump ons Average exchange rate (BRL/USD) 5.8 5.9 Jet fuel price (US$/bbl) 90 90 1) Adjusted CASK ex-fuel includes adjustments to add back the effect of other gains and losses and employee compensa ons associated with the Corporate Incen ve Plan. Adjusted Passenger CASK ex fuel is further adjusted to exclude cargo costs associated with belly and freighter opera ons. 2) Adjusted Opera ng Income excludes other gains and losses and employee compensa ons associated with the Corporate Incen ve Plan. Adjusted EBITDAR is further adjusted to exclude foreign exchange gains and results of indexa on units. 3) Adjusted Levered Free Cash Flow calculated as the sum of net cash (ou low) inflow from opera ng and inves ng ac vi es, adding payments from lease liabili es (amor za on and interest) and financing predelivery payments, excluding amounts raised from the sale of property, plant and equipment, adding aircra and non-aircra financing interest. 4) Liquidity is defined as Cash and Cash Equivalents and undrawn, commi ed revolving credit facili es. It assumes the dividend distribu on equivalent to 30% of 2024 net income (US$293 million) and the execu on of the share repurchase program announced on March 28, 2025 (approximately US$153 million). It does not include any poten al liability management exercise to be conducted during 2025. 1 1 2 2 2 2 3 4 5 6 7
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1Q2025Results 5) Total Net Debt includes opera ng lease liabili es, financial leases and other financial debt, and net of Cash and Cash Equivalents. It assumes the dividend distribu on equivalent to 30% of 2024 net income (US$293 million) and the execu on of the share repurchase program announced on March 28, 2025 (approximately US$153 million). It does not include any poten al liability management exercise to be conducted during 2025. 6) The jet fuel price projec on does not include into-wing cost. Note on forward-looking assump ons, outlooks and expecta ons are not facts but rather a good faith es mate of reality based on selected informa on believed to bereasonable. However, reality may differ from assump ons, outlooks and expecta ons. This report also contains forward-looking statements. Such statements may containwords such as “could,” “will,” “expect,” “intend,” “an cipate,” “es mate,” “project,” “believe” or other similar expressions. Forward-looking statements are statements that arenot historical facts, including statements about our beliefs and expecta ons. These statements are based on LATAM's current plans, es mates and projec ons and, therefore,you should not place undue reliance on such statements or the es mates arising from them. Forward-looking statements involve known and unknown inherent risks,uncertain es and other factors, many of which are beyond LATAM's control and are difficult to predict. We cau on you that a number of important factors could cause actualresults to differ materially from those contained in any forward-looking statements. The financial informa on contained herein does not cons tute or replace in any way thesubmission of the corresponding financial statements of the Commission for the Financial Market (CMF) and the market, in terms of their content requirements, applicableprocedures and deadlines of submission corresponding to the CMF in accordance with current regula ons. These factors and uncertain es include in par cular those describedin documents we have filed with the United States Securi es and Exchange Commission. Forward-looking statements speak only as of the date they are made, and weundertake no obliga on to publicly update any of them, whether as a result of new informa on, future events or any other factor. Our results may not be indica ve of futureperformance, which remains subject to a number of uncertain es, including the risks disclosed in our annual report on Form 20-F, which was filed on March 13, 2025, andespecially the risks and uncertain es associated with global developments, including the conflicts in the Middle East, the more recent country-specific tariffs imposed by theU.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 currencyexchanges, the worldwide supply chain and the availability of inventory and the prices of goods in general in commerce. In addi on, as disclosed in our annual report on Form20-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 andsummer. Finally, demand for air travel and cargo services is influenced by a number of factors beyond our control, including global, regional and na onal poli cal andsocioeconomic developments as well as changes in our compe ve landscape, all of which could have a material impact on our ability to achieve the guidance disclosedherein. FINANCIAL STATEMENTS PUBLICATION AND CONFERENCE CALL LATAM Airlines Group S.A. filed its financial statements for the period ended March 31, 2025 with the Comisión para el Mercado Financiero (CMF) of Chile on April 28, 2025. These financial statements are available in Spanish and English at h p://www.latamairlinesgroup.net. For further inquiries, please contact the Investor Rela ons team at InvestorRela ons@latam.com. The Company will hold a conference call to discuss the first quarter 2025 financial results on April 29, 2025, at 9:00 am ET / 9:00 amSan ago. Webcast Link: Click here Par cipant Call Link: Click here About LATAM Airlines Group S.A.: LATAM Airlines Group S.A. and its affiliates are the principal group of airlines in La n America present in five domes c markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addi on to interna onal opera ons within La n America and to / from Europe, the United States, Oceania, Africa and the Caribbean. The group has a fleet of Boeing 767, 777, 787, Airbus A321, A321Neo, A320, A320Neo, and A319 aircra . Addi onally, the Airbus 330, operated under short-term leases, is also part of the current opera ons. LATAM Cargo Chile, LATAM Cargo Colombia and LATAM Cargo Brazil are the LATAM group cargo subsidiaries. In addi on to having access to the bellies of the passenger affiliates's aircra , they have a fleet of 20 freighters. They operate on the LATAM group network as well as interna onal routes that are exclusively operated by freighters. They offer modern infrastructure, a wide variety of services and protec on op ons to meet all customer needs.
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For LATAM press inquiries, please write to comunicaciones.externas@latam.com. Addi onal financial informa on is available at www.latamairlinesgroup.net. 8
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1Q2025Results LATAM Airlines Group S.A. Consolidated Operational Statistics For the three month period ended March 31 2025 2024 % Change System Costs per ASK (US$ cents) 6.9 7.6 (9.2%) Adjusted Costs per ASK (US$ cents) 6.9 7.4 (7.5%) Costs per ASK ex fuel (US$ cents) 4.6 4.9 (8.0%) Adjusted Costs per ASK ex fuel (US$ cents) 4.5 4.8 (5.3%) Adjusted Passenger CASK ex fuel (US$ cents) 4.0 4.3 (5.2%) Fuel Gallons Consumed (millions) 348 331 5.1% Fuel Gallons Consumed per 1,000 ASKs 8.4 8.6 (2.0%) Fuel Price (with hedge) (US$ per gallon) 2.80 3.10 (9.6%) Fuel Price (without hedge) (US$ per gallon) 2.79 3.15 (11.4%) Average Trip Length (km) 1,640 1,604 2.2% Total Number of Employees (average) 38,827 36,190 7.3% Total Number of Employees (end of the period) 39,005 36,477 6.9% Passenger ASKs (millions) 41,257 38,461 7.3% RPKs (millions) 34,383 32,458 5.9% Passengers Transported (thousands) 20,968 20,235 3.6% Load Factor (based on ASKs) % 83.3% 84.4% (1.1pp) Yield based on RPKs (US$ cents) 8.6 8.9 (4.1%) Revenues per ASK (US$ cents) 7.1 7.5 (5.3%) Cargo ATKs (millions) 2,016 1,931 4.4% RTKs (millions) 1,068 1,012 5.6% Tons Transported (thousands) 244 235 3.9% Load Factor (based on ATKs) % 53.0% 52.4% 0.6pp Yield based on RTKs (US$ cents) 38.0 36.5 4.0% Revenues per ATK (US$ cents) 20.1 19.1 5.2% Note: Adjusted figures include adjustments to add back the effect of other gains and losses, variable Aircra Rental expenses (non-cash P&L effect) and employeecompensa ons associated with the Corporate Incen ve Plan. Adjusted Passenger CASK ex fuel also excludes cargo costs associated with belly and freighter opera ons. 9
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1Q2025Results LATAM Airlines Group S.A. Consolidated Financial Results for the First Quarter 2025 (in thousands of US Dollars) For the three month period ended March 31 2025 Adjustments 2025 Adjusted 2024 Adjusted % Change REVENUE Passenger 2,942,889 — 2,942,889 2,897,842 1.6% Cargo 405,589 — 405,589 369,357 9.8% Other Income 62,123 — 62,123 54,134 14.8% TOTAL OPERATING REVENUE 3,410,601 — 3,410,601 3,321,333 2.7% EXPENSES Wages and Benefits (450,978) 20,839 (430,139) (405,042) 6.2% Aircra Fuel (973,963) — (973,963) (1,024,373) (4.9%) Commissions to Agents (53,651) — (53,651) (61,732) (13.1%) Deprecia on and Amor za on (388,902) — (388,902) (332,822) 16.8% Other Rental and Landing Fees (383,096) — (383,096) (387,659) (1.2%) Passenger Services (84,351) — (84,351) (76,131) 10.8% Aircra Rentals — — — — n.m. Aircra Maintenance (186,063) — (186,063) (194,231) (4.2%) Other Opera ng Expenses (337,205) — (337,205) (376,638) (10.5%) Other gains/(losses) 5,903 (5,903) — — n.m TOTAL OPERATING EXPENSES (2,852,306) 14,936 (2,837,370) (2,858,628) (0.7%) OPERATING INCOME/(LOSS) 558,295 14,936 573,231 462,705 23.9% Opera ng Margin 16.4% 0.4pp 16.8% 13.9% 2.9pp Interest Income 33,057 — 33,057 31,450 5.1% Interest Expense (151,725) — (151,725) (191,385) (20.7%) Foreign exchange gains (75,145) 75,145 — — n.m Result of indexa on units (239) 239 — — n.m INCOME/(LOSS) BEFORE TAXES 364,243 90,320 454,563 302,770 50.1% Income Taxes (7,606) — (7,606) (15,143) (49.8%) NET INCOME/(LOSS) 356,637 90,320 446,957 287,627 55.4% A ributable to: Owners of the parent company 355,288 90,320 445,608 285,951 55.8% Non-controlling interest 1,349 — 1,349 1,676 (19.5%) NET INCOME/(LOSS) a ributable to the owners of the parent company 355,288 90,320 445,608 285,951 55.8% Net Margin a ributable to the owners of the parent company 10.4% 2.6pp 13.1% 8.6% 4.5pp Effec ve Tax Rate (2.1%) 0.4pp (1.7%) (5.0%) 3.3pp Financial Metrics for the First Quarter 2025 (in thousands of US Dollars) For the three month period ended March 31 2025 2024 Change (%) Adjusted EBITDAR 962,133 795,527 20.9% Adjusted EBITDAR Margin 28.2% 24.0% 4.3pp Note: Adjustments include adjustments to add back the effect of other gains and losses, variable Aircra Rental expenses (non-cash P&L effect), employee compensa onsassociated with the Corporate Incen ve Plan, foreign exchange gains and results of indexa on units. 10
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1Q2025Results LATAM Airlines Group S.A. Consolidated Balance Sheet (in thousands of US Dollars) As of March 31 As of December 31 2025 2024 Assets Cash and cash equivalents 2,146,299 1,957,788 Other financial assets 83,124 67,295 Other non-financial assets 231,327 203,661 Trade and other accounts receivable 1,243,672 1,163,707 Accounts receivable from related en es 12 25 Inventories 460,115 438,530 Current tax assets 63,927 40,275 Total current assets other than non-current assets (or disposal groups) classified as held for sale 4,228,476 3,871,281 Non-current assets (or disposal groups) classified as held for sale 10,337 29,138 Total current assets 4,238,813 3,900,419 Other financial assets 56,028 53,772 Other non-financial assets 98,396 89,416 Accounts receivable 12,627 12,342 Intangible assets other than goodwill 1,061,054 1,000,170 Property, plant and equipment 10,379,778 10,186,697 Deferred tax assets 10,923 10,549 Total non-current assets 11,618,806 11,352,946 Total assets 15,857,619 15,253,365 Liabili es and shareholders' equity Other financial liabili es 689,380 635,213 Trade and other accounts payables 2,580,504 2,133,572 Accounts payable to related en es 153,075 12,875 Other provisions 13,004 14,221 Current tax liabili es 8,191 6,281 Other non-financial liabili es 3,352,624 3,488,680 Total current liabili es 6,796,778 6,290,842 Other financial liabili es 6,401,970 6,515,238 Accounts payable 468,773 491,762 Other provisions 664,729 623,846 Deferred tax liabili es 327,952 312,677 Employee benefits 189,935 167,427 Other non-financial liabili es 68,312 140,244 Total non-current liabili es 8,121,671 8,251,194 Total liabili es 14,918,449 14,542,036 Share capital 5,003,534 5,003,534 Retained earnings 1,396,993 1,148,291 Other equity 39 39 Other reserves (5,450,488) (5,428,597) Parent’s ownership interest 950,078 723,267 Non-controlling interest (10,908) (11,938) Total equity 939,170 711,329 Total liabili es and equity 15,857,619 15,253,365 11
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1Q2025Results LATAM Airlines Group S.A. Consolidated Statement of Cash Flow – Direct Method (in thousands of US Dollars) As of March 31, As of March 31, 2025 2024 Cash flows from opera ng ac vi es Cash collec on from opera ng ac vi es Proceeds from sales of goods and services 3,458,397 3,313,955 Other cash receipts from opera ng ac vi es 49,260 79,829 Payments for opera ng ac vi es Payments to suppliers for the supply goods and services (2,205,100) (2,510,340) Payments to and on behalf of employees (473,786) (344,111) Other payments for opera ng ac vi es (117,481) (94,536) Income taxes (paid) (21,993) (22,644) Other cash inflows (ou lows) (10,952) 35,972 Net cash (ou low) inflow from opera ng ac vi es 678,345 458,125 Cash flows from inves ng ac vi es Amounts raised from sale of property, plant and equipment 27,031 19,966 Purchases of property, plant and equipment (370,271) (102,484) Purchases of intangible assets (25,105) (13,297) Interest received 31,028 37,417 Other cash inflows (ou lows) 14,129 27,589 Net cash (ou low) inflow from inves ng ac vi es (323,188) (30,809) Cash flows inflow (out flow) from financing ac vi es Amounts raised from long-term loans 49,500 — Loans repayments (67,223) (51,350) Payments of lease liabili es (90,120) (86,035) Dividends paid (304) (289) Interest paid (90,669) (129,510) Other cash (ou lows) inflows (880) 719 Net cash inflow (ou low) from financing ac vi es (199,696) (266,465) Net (decrease) increase in cash and cash equivalents before effect of exchanges rate change 155,461 160,851 Effects of varia on in the exchange rate on cash and cash equivalents 33,050 (24,239) Net (decrease) increase in cash and cash equivalents 188,511 136,612 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,957,788 1,714,761 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 2,146,299 1,851,373 12
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1Q2025Results LATAM Airlines Group S.A. Adjusted Free Cash Flow (in thousands of US Dollars) Adjusted Free Cash Flow For the three month period ended March 31, 2025 2024 Adjusted EBITDAR 962,133 795,526 Changes in working capital (229,489) (246,618) Cash taxes (21,993) (22,644) Opera ng lease payments (156,528) (147,047) Interest Income 31,028 37,417 Adj. Opera ng cash flow 585,151 416,634 Maintenance CapEx (128,069) (110,486) CapEx for growth & Fleet CapEx Net of Financing (235,984) (51,613) Adj. Investment cash flow * (364,053) (162,099) Adj. Unlevered FCF 221,098 254,535 Interest on financial debt (7,906) (50,964) Interest on finance leases (16,355) (18,766) Adj. Levered FCF 196,837 184,805 Finance lease amor za on (67,223) (48,600) Non-Fleet Financial debt net amor za on — (2,750) Statutory Dividends (304) (289) Other (Incl. Asset Sale, Fx and others) 59,201 3,446 Adj. Financing & Others cash flow (32,587) (117,923) Change in cash 188,511 136,612 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,957,788 1,714,761 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 2,146,299 1,851,373 Fleet Cash Cost (230,001) (208,468) *Adjusted Investment cash flow is equivalent to total CapEx net of financing. A reconcilia on table can be found in page 17. Notes: 1) Adjusted EBITDAR includes adjustments to add back the effect of other gains and losses, variable Aircra Rental expenses (non-cash P&L effect), employee compensa ons associated with the Corporate Incen ve Plan, foreign exchange gains and results of indexa on units. 2) Opera ng lease payments include variable Aircra Rentals (Pay by the Hour “PBH”) and Opera onal Leases under IFRS 16 including amor za on and interest (both fleet and non-fleet). 3) Maintenance CapEx primarily includes engine shop visits, aircra c-checks and restocking of parts for exis ng opera on, as well as CapEx associated with fleet projects that do not contribute addi onal capacity to the group's opera ons or add new features to the exis ng offered product. 4) Growth & Fleet CapEx (net of financing) includes CapEx associated with addi onal spare parts and engines, engine shop visits, aircra c-checks and restocking of parts for addi onal opera on, PDPs, fleet projects that contribute addi onal capacity or new features to the exis ng offered product and certain other strategic projects that add value, and fleet arrivals net of their financing. 5) Fleet Cash cost includes Finance lease amor za on, interest on finance leases and opera ng lease payments (Excluding Non-fleet lease liabili es). Calcula on can be found in page 16. 13
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1Q2025Results LATAM Airlines Group S.A. Consolidated Balance Sheet Indicators (in thousands of US Dollars) As of March 31, As of December 31, 2025 2024 Total Assets 15,857,619 15,253,365 Total Liabili es 14,918,449 14,542,036 Total Equity* 939,170 711,329 Total Liabili es and Shareholders equity 15,857,619 15,253,365 Fleet lease liabili es 3,061,867 3,174,760 Fleet financial debt 1,258,580 1,188,771 Total Fleet Debt 4,320,447 4,363,531 Total Non-Fleet Debt (includes non-fleet lease liabili es and non-fleet financial debt) 2,770,465 2,786,920 Total Gross Debt 7,090,911 7,150,451 Cash, cash equivalents and liquid investments (2,146,299) (1,957,788) Total Net Debt 4,944,612 5,192,663 *Includes non-controlling interest.**Excluding associated guarantees. LATAM Airlines Group S.A. Main Financial Ratios As of March 31, As of December 31, 2025 2024 Cash, cash equivalents and liquid investments 2,146,299 1,957,788 Revolving Credit Facili es (RCF) 1,575,000 1,575,000 Liquidity (US$ thousands) 3,721,299 3,532,788 Liquidity as % of LTM revenues 28.4% 27.1% Gross Debt (US$ thousands) 7,090,911 7,150,451 Gross Debt / Adjusted EBITDAR (LTM) 2.2x 2.3x Net Debt (US$ thousands) 4,944,612 5,192,663 Net Debt / Adjusted EBITDAR (LTM) 1.5x 1.7x Note: Adjusted EBITDAR (LTM) refers to Adjusted EBITDAR (Last Twelve Months) (US$ thousands). For the ra os as of March 31, 2025, and December 31, 2024, it is calculatedusing the last twelve months as of March 31, 2025 (US$3,274,485) and the full twelve months in 2024 (US$3,107,878).
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1Q2025Results LATAM Airlines Group S.A. Consolidated Fleet As of March 31, 2025 Aircra on Property, Plant &Equipment Aircra on Right of Useunder IFRS16 Total Passenger Aircra Boeing 767-300ER 9 — 9 Boeing 777-300ER 10 — 10 Boeing 787-8 4 6 10 Boeing 787-9 2 25 27 Airbus A319-100 11 29 40 Airbus A320-200 86 49 135 Airbus A320-Neo 4 28 32 Airbus A321-200 25 24 49 Airbus A321-Neo — 14 14 TOTAL 151 175 326 Short-term leases Airbus A330-200 — 2 2 TOTAL — 2 2 Cargo Aircra Boeing 767-300F 19 1 20 TOTAL 19 1 20 TOTAL FLEET 170 178 348
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Note: This table includes 1 Boeing 767-300F that was reclassified from Property, Plant and Equipment to Assets Held for Sale. 15
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1Q2025Results LATAM Airlines Group S.A. Reconciliation of Reported Amounts to Non-GAAP Items (in thousands of US Dollars) LATAM Airlines Group S.A. ("LATAM" or "the Company") prepares its financial statements under “Interna onal Financial Repor ng Standards” (“IFRS”) as issued by the IASB,however, for ease of presenta on and comparison, the Income Statement in this report is presented in an Adapted by Nature Format. On some occasions, adjustments tothese Income Statement figures are made for Special Items. These adjustments to include or exclude special items allows management an addi onal tool to understand andanalyze its core opera ng performance and allow for more meaningful comparison in the industry. Therefore, LATAM believes these non-GAAP financial measures, derivedfrom the consolidated financial statements but not presented in accordance with IFRS, may provide useful informa on to investors and others. In this table, you can find areconcilia on of the IFRS and the Adapted by Nature Format as LATAM reports its Income Statement in this earnings release for ease of comparison and further disclosure, aswell as the adjustments made for Special Items. These non-GAAP items may not be comparable to similarly tled non-GAAP items of other companies and should be considered in addi on to results prepared in accordancewith GAAP, but should not be considered a subs tute for or superior to GAAP results. The tables below show these reconcilia ons: For the three month period ended March 31, 2025 2024 % Change Cost of sales (2,399,882) (2,393,859) 0.3% Distribu on costs (135,030) (158,292) (14.7%) Administra ve expenses (191,777) (187,442) 2.3% Other expenses (131,520) (140,978) (6.7%) Other gains/(losses) 5,903 (46,431) n.m TOTAL OPERATING EXPENSES (2,852,306) (2,927,002) (2.6%) Other gains/(losses) (5,903) 46,431 n.m Adjustments for Corporate Incen ve Plan 20,839 20,710 0.6% Aircra rentals expense — 1,233 (100.0%) ADJUSTED TOTAL OPERATING EXPENSES (2,837,370) (2,858,628) (0.7%) TOTAL OPERATING EXPENSES (2,852,306) (2,927,002) (2.6%) Aircra fuel expenses 973,963 1,024,373 (4.9%) Opera ng Expenses (Ex-Fuel) (1,878,343) (1,902,629) (1.3%) ASKs (millions) 41,257 38,461 7.3% CASK (Ex-Fuel) (4.6) (4.9) (8.0%) ADJUSTED TOTAL OPERATING EXPENSES (2,837,370) (2,858,628) (0.7%) Aircra fuel expenses 973,963 1,024,373 (4.9%) Adjusted Opera ng Expenses (Ex-Fuel) (1,863,407) (1,834,255) 1.6% ASKs (millions) 41,257 38,461 7.3% ADJUSTED CASK Ex-Fuel (US$ cents) (4.5) (4.8) (5.3%) Opera ng lease payments (156,528) (147,047) 6.4% Interest on finance leases (16,355) (18,766) (12.8%) Finance lease amor za on (67,223) (48,600) 38.3% Non-fleet lease liabili es 10,105 5,945 70.0% FLEET CASH COSTS (230,001) (208,468) 10.3% NET INCOME/(LOSS) 356,637 259,955 37.2% Income Taxes 7,606 15,143 (49.8%) Interest Expense 151,725 191,385 (20.7%) Interest Income (33,057) (31,450) 5.1% Deprecia on and Amor za on 388,902 332,822 16.8% EBITDA 871,813 767,855 13.5% Aircra rentals expense — 1,233 (100.0%) EBITDAR 871,813 769,088 13.4% Other gains/(losses) (5,903) 46,431 n.m Foreign exchange gains/(losses) 75,145 (39,627) n.m Results of indexa on units 239 (1,075) n.m Adjustments for Corporate Incen ve Plan 20,839 20,710 0.6% ADJUSTED EBITDAR 962,133 795,527 20.9% 16
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1Q2025Results For the three month period ended March 31, 2025 2024 % Change Purchases of property, plant and equipment (370,271) (102,484) 261.3% Purchases of intangible assets (25,105) (13,297) 88.8% Reconciled by: Leased Maintenance Capitaliza ons (32,306) (66,906) (51.7%) Capital raised for fleet related financing 49,500 — n.m Financing of Pre delivery payments — — n.m Recoveries of credits and Guarantee deposit received from the sale of aircra * 14,129 20,589 (31.4%) Insurance recovery — — n.m TOTAL CAPEX NET OF FINANCING (364,053) (162,099) 124.6% *For the three month period ended March 31, 2024, excludes US$7 million related to advanced payments arising from the sale of aircra in the period.
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