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July 29, 2025 Results Presentation Second Quarter 2025
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Disclaimer Neither the United States Securities and Exchange Commission (“SEC”) nor the Chilean Comisión para el Mercado Financiero (the “CMF”) nor any securities commission of any other U.S. or non-U.S. jurisdiction has reviewed, approved or disapproved of this Presentation, or determined that this 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
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3 LATAM group sustains growth and profitability, alongside refinancing execution and shareholder return initiatives Solid Operational Performance Top-to-Bottom Positive Financial Performance Shareholder Return & Refinancing Execution • Transported over 20.5 million passengers. • 8.3% capacity growth (ASK) YoY. • Consolidated load factor reached 83.5%, +1.2pp vs 2Q-24. • 12 aircraft received (11 narrow-body + 1 wide-body). • Customer satisfaction (NPS) remained at its highest level of 56 points. • Best Airline in South America (6x winner) and Best Airline Staff in South America (4x winner) by Skytrax 2025. • Total operating revenues increased 8.2% YoY. • Adjusted EBITDAR of US$850 million (+37.4% YoY) and 25.9% margin. • Record second quarter 12.9% adjusted operating margin, +3.9pp vs 2Q-24. • Net income of US$242 million, up 66.0% vs 2Q-24. • Robust capital structure with US$3.6 billion in liquidity and 1.6x adjusted net leverage, post US$445 million shareholder return. • Updated 2025 full-year guidance reflects improved outlook. • A new share repurchase program was approved by shareholders for up to 3.4% of the outstanding shares. • Within the program, LATAM launched a share repurchase for up to 2.4% via pro rata mechanism (OFB, Oferta Firme en Bloque) effective between July 1st and July 30th. • LATAM fully extinguished its high interest rate debt through a successful US$800 million refinancing, cutting the interest cost by over 570 bps.
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ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) Consolidated Domestic Brazil Domestic SSC International Note: Domestic SSC refers to domestic operations of LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru, Domestic Brazil refers to LATAM Airlines Brazil domestic operations and International refers to international operations of LATAM Airlines Brazil, LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru. Passenger RASKs (PRASK) presented are calculated based on accounting revenues (tickets flown) by business unit. 37.7 40.9 2Q-24 2Q-25 11.5 12.7 2Q-24 2Q-25 6.5 6.5 2Q-24 2Q-25 19.8 21.6 2Q-24 2Q-25 19.1 20.6 2Q-24 2Q-25 8.1 9.3 2Q-24 2Q-25 7.3 7.1 2Q-25 2Q-24 3.7 4.2 2Q-24 2Q-25 +8.3% +10.9% (0.3)% +9.6% +7.6% +14.3% (2.2)% +12.1% 6.9 6.9 2Q-24 2Q-25 7.5 7.2 2Q-24 2Q-25 7.3 8.0 2Q-24 2Q-25 6.4 6.4 2Q-24 2Q-25 +0.2% (3.3)% USD +7.8% BRL +9.8% USD +11.4% Local Currency (0.7)% 82.2% 83.5% 2Q-24 2Q-25 79.8% 82.6% 2Q-24 2Q-25 80.1% 80.4% 2Q-24 2Q-25 84.3% 84.8% 2Q-24 2Q-25 +1.2pp +2.8pp +0.3pp +0.6pp Strong capacity growth and healthy load factors, with consolidated passenger RASK remaining stable year over year 4
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(1): Percentage of implementation of the fleet included in the project. 5 LATAM group continues to introduce new offerings that elevate its premium travel experience Modernization of fleet through retrofit1 Since May, the new Premium Business cabin has been in service in LATAM group's wide-body fleet. Improvement in NPS vs the previous configuration. Onboard Connectivity Implementation of onboard connectivity across the group's wide-body fleet in 2026. Wide-body fleet 64% ~90% Signature Check-in at Lima Airport On June 1st, the new airport in Lima (LIM) was inaugurated, extending the enhanced Signature Check-in experience already implemented for Black and Black Signature members in GRU and SCL. Narrow-body fleet Wide-body fleet
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(2): Premium travelers includes: LATAM Pass Elite program members (Gold, Gold plus, Platinum, Black and Black signature) + Passengers in premium and business cabins. 6 LATAM group’s customer investments were recognized by passengers worldwide this quarter LATAM was honored with 9 awards at Skytrax 2025, including Best Airline in South America (sixth consecutive year) and Best Airline Staff in South America (fourth consecutive year). For the first time ever, LATAM won every possible award available in its category. Passenger operations 33 48 51 56 2019 2023 2024 2Q25 Premium travelers 32 54 56 60 2019 2023 2024 2Q25 Customer satisfaction (NPS) / points Award-winning service quality 2
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Adjusted figures exclude other gains and losses, expenses related to the Corporate Incentive Plan and variable Aircraft Rental expenses (non-cash P&L effect). Adjusted EBITDAR further adjusted to add back the effect of foreign exchange gains and results of indexation units. Net Income corresponds to Net Income attributable to owners of the parent company. 7 LATAM records a net income of US$242 million in the quarter, driven by healthy operational growth and lower jet fuel prices Income Statement (US$ million) 2Q-2024 2Q-2025 Change Revenues 3,030 3,279 +8.2% Passenger 2,603 2,824 +8.5% Cargo 380 419 +10.2% Total Adjusted Expenses (2,756) (2,856) +3.6% Adjusted Costs ex-fuel (1,764) (1,969) +11.7% Fuel Costs (992) (887) (10.6)% Adj. EBITDAR Margin 20.4% 25.9% +5.5 p.p Adj. Operating Margin 9.0% 12.9% +3.9 p.p Net Income Margin 4.8% 7.4% +2.6 p.p Adj. EBITDAR Net income US$850 million US$242 million + 37.4% vs 2Q 2024 + 66.0% vs 2Q 2024 Adj. operating income US$423 million + 54.4% vs 2Q 2024
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Adjusted figures exclude other gains and losses, expenses related to the Corporate Incentive Plan and variable Aircraft Rental expenses (non-cash P&L effect). Adjusted Passenger CASK ex Fuel also exclude costs associated with belly and freighter operations. 8 LATAM’s strong quarterly results are once again underpinned by a firm focus on cost containment Adj. Passenger CASK ex-fuel (US$ cents) 4.2 4.3 4.2 4.2 4.3 2019 2023 2024 LTM 2Q25 2Q 2025 Adj. CASK ex-fuel (US$ cents) 4.5 4.7 4.7 4.7 4.8 2019 2023 2024 LTM 2Q25 2Q 2025
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Adjusted figures exclude other gains and losses, expenses related to the Corporate Incentive Plan and variable Aircraft Rental expenses (non-cash P&L effect). Adjusted EBITDAR further adjusted to add back the effect of foreign exchange gains and results of indexation units. 9 Last Twelve Months Adj. EBITDAR generation continues its positive trend Last Twelve Months Adj. EBITDAR (US$ billion) 2.8 2.9 3.1 3.3 3.5 22.2% 22.6% 23.8% 25.0% 26.2% 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25
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10 Positive net cash generation of US$367 million before dividend payments and the first share repurchase execution Adj. Cash Flow 2Q 2025 (US$ million) 2,146 753 (231) (127) (27) 2,514 (445) 2,069 Initial Cash 2Q 2025 Adj. Operating Cash Flow CapEx Net of Financing Financial Interest Expense Adj. Financial Amortization & others Cash Before Shareholders Return Shareholder Distribution Ending Cash 2Q 2025 (78) +367 Note:CapEx Net of Financing corresponds to CapEx for maintenance and growth & fleet CapEx Net of Financing. Adj. Financial amortization includes, finance lease amortization, non-fleet financial debt amortization and others.
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Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities and does not consider other sources of liquidity such as credit cards and accounts receivable. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDAR for the last twelve months. 11 LATAM's balance sheet remained strong and resilient during the quarter, reflecting consistent financial discipline 2.1x 1.7x 1.6x 2023 2024 2Q25 Liquidity (US$ million) Adjusted Net Leverage (times) Financial Policy Target <2.0x Financial Policy Range 25% 21% 1,100 1,575 1,575 1,714 1,958 2,069 2,814 3,533 3,644 23.9% 27.1% 27.2% Liquidity Cash and equivalentsRCF 2023 2024 2Q25
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12 LATAM has eliminated its high interest rate debt, significantly reducing its cost of financing through lower interest payments Instrument Amount (million) Original Coupon New Instrument Amount (million) New Coupon Annual Savings Total Annual Savings 2024 Refinancing Term Loan B US$1,081 ~15% 2030 Notes US$1,400 7.875% US118 mm US$151 mm 2027 Notes US$450 13.375% 2025 Refinancing1 2029 Notes US$700 13.375% 2031 Notes US$800 7.625% US$33 mm The recent liability management exercise is expected to have a negative, non-operating, one-time impact on the Company’s Income Statement of approximately US$104 million during the third quarter of the current year. Pro forma non-fleet financial debt amortization profile (US$ million) $275 $1,400 $800 2025 2026 2027 2028 2029 2030 2031 2032 2033 Callable as of October 2026 Callable as of July 2027 2031 Notes 2030 NotesSEF (1): The settlement of the transaction was completed on July 7, 2025.
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13 Indicator Guidance 2025E (April 28th) 2025E Updated (July 28th) Operating Indicators Total ASK Growth vs 2024 7.5% - 9.5% 8.5% - 9.5% Domestic Brazil ASK Growth vs 2024 7.0% - 9.0% 9.5% - 10.5% Domestic Spanish Speaking Countries ASK Growth vs 2024 2.0% - 4.0% 1.0% - 2.0% International ASK Growth vs 2024 9.5% - 11.5% 10.0% - 11.0% Total ATK Growth vs 2024 1.0% - 3.0% 2.5% - 3.5% Financial Indicators Revenues (US$ billion) 13.8 - 14.2 14.0 - 14.2 Adjusted CASK ex fuel1 (US$ cents) 4.55 - 4.75 4.65 - 4.75 Adjusted Passenger CASK ex fuel1 (US$ cents) 4.15 - 4.35 4.25 - 4.35 Adjusted Operating Income2 (US$ billion) 1.80 - 2.05 2.0 - 2.15 Adjusted Operating Margin2 13.0% - 15.0% 14.0% - 15.0% Adjusted EBITDAR2 (US$ billion) 3.40 - 3.75 3.65 - 3.85 Adjusted EBITDAR Margin2 24.5% - 26.5% 26.0% - 27.0% Adjusted Levered Free Cash Flow3 (US$ billion) > 1.2 > 1.3 Liquidity4 (US$ billion) > 4.1 > 4.0 Total Net Debt5 (US$ billion) < 5.2 < 5.4 Total Net Debt/Adjusted EBITDAR (x) ≤ 1.5x ≤ 1.5x LATAM group updates its guidance for the full year 2025 The assumptions include an average exchange rate of 5.7 BRL to the US dollar and a jet fuel price of US$90 per barrel. For the full version of the updated guidance, please refer to the Earnings Release document, where a detailed description of the indicators is provided.
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Second quarter 2025 takeaways 1. Positive operational performance: Sustained growth and efficiency, underpinned by a healthy demand environment and a consolidated load factor of 83.5%. 2. Record financial results for a second quarter: Adjusted operating margin of 12.9% and adjusted EBITDA of US$850 million, supported by stable passenger RASK, lower fuel prices and continued cost discipline. 3. Ongoing value creation for shareholders: Net income of US$ 242 million in the quarter and US$ 597 million in the first half of the year, reflecting consistent financial execution and profitability. Additionally, the Company returned US$445 million to shareholders through dividends and the share repurchase of 1.6%. 4. Customer experience at all-time high: Customer satisfaction remained at a record 56 points in 2Q25, driven by enhanced premium cabins, planned onboard connectivity and LATAM’s multi-award-winning service. 5. Successful refinancing and capital optimization: Eliminated last of high interest rate debt from 2022 via an US$800 million refinancing, cutting interest costs significantly and unlocking annual savings of US$33 million. 6. Fleet plan on track: During the first half of the year, LATAM group received 14 new aircraft and expects 12 more in the second half of 2025, supporting its growth and efficiency strategy. 14
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July 29, 2025 Results Presentation Second Quarter 2025