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2Q2025Results LATAM achieves a 12.9% adjusted operating margin, a 3.9 percentage point annual increase, with 8.3% capacity growth in the second quarter, demonstrating consistent profitable growth Santiago, Chile, July 28, 2025 – LATAM Airlines Group S.A. (NYSE: LTM; SSE: LTM) announced today its consolidated financial results for thesecond quarter ending June 30, 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 itsconsolidated affiliates, both passenger and cargo affiliates. LATAM prepares its financial statements under IFRS as issued by the IASB,however, for ease of presentation 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 SpecialItems 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 ofpresentation. 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 5.66 per USD (compared to BRL 5.21 per USD in 2Q 2024) HIGHLIGHTS Key Financial Results and Indicators 2Q25 2Q24 Var. Total Revenues (US$ million) 3,279 3,030 +8.2% Adjusted EBITDAR (US$ million) 850 619 +37.4% Adjusted EBITDAR Margin 25.9% 20.4% +5.5pp Adjusted Operating Income (US$ million) 423 274 +54.4% Adjusted Operating Margin 12.9% 9.0% +3.9pp Net Income attributable to owners of the parent company (US$ million)242 146 +66.0% Net Income Margin 7.4% 4.8% +2.6pp Adjusted Passenger CASK ex-fuel (US$ cents) 4.3 4.1 +3.8% • LATAM Airlines Group delivered its strongest-ever second quarter, reporting historic highs in operating revenue, adjusted EBITDAR, adjusted operating income, margins and net income, underscoring the value of its business model, solid strategy, strong execution and favorable fuel environment. • During the second quarter of 2025, LATAM group’s consolidated capacity increased by 8.3% compared to the same period of 2024. The quarter reflected solid operational performance, with a consolidated load factor of 83.5%, improving 1.2pp year-over-year, driven by a strong international load factor of 84.8%, as well as improvement in LATAM Airlines Brazil's domestic operations, where load factor rose to 82.6%, representing a 2.8pp increase year- over-year. • LATAM returned a total of US$445 million to shareholders during the second quarter of 2025—US$293 million through the payment of 2024 dividends and US$152 million via its first share repurchase program—reinforcing the group’s strong financial position and capital allocation discipline. • The Company ended the quarter with US$3.6 billion in liquidity, equivalent to 27.2% of last twelve months’ revenues, and maintained an adjusted net leverage of 1.6x, demonstrating a solid balance sheet and continued financial discipline. • In an Extraordinary Shareholders’ Meeting held on June 26, 2025, a second share repurchase program of up to 3.4% of outstanding shares was approved. Under this framework, the Board of Directors authorized a second 30-day local pro-rata OFB (Oferta Firme en Bloque) mechanism for up to 2.4% of the shares, which was launched on July 1st at CLP$19.00 per share, and will remain effective until July 30th. This second program reflects the group’s strong financial position and commitment to shareholder return. • LATAM Airlines Group has fully extinguished its high interest rate debt stemming from 2022. On June 26th, the group also announced its successful debt refinancing, which contemplated the issuance of US$800 million in senior secured notes in the international market, with a coupon of 7.625%, maturing in 2031. Proceeds were used to prepay the US$700 million in high-cost 2029 notes (13.375%), thus reducing the interest rate by over 570 bps.
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2Q2025Results LATAM's total weighted average cost of debt was reduced by 94bps. The transaction is expected to generate US$33 million in annual net savings in interest payments, with a one-time US$104 million non-operating Income Statement impact in the third quarter of 2025. • In June, LATAM received nine Skytrax World Airline Awards, including Best Airline in South America for the sixth consecutive year, and Best Airline Staff in South America for the fourth year in a row. Notably, 2025 marked the first time that LATAM won every Skytrax award available in the South American category, including awards for best business and economy class, onboard catering, cabin cleanliness, crew and lounges. • As part of its commitment to sustainability, LATAM continued to strengthen its Fuel Efficiency Program by implementing a performance monitoring software across the entire fleet that has the potential to reduce annual fuel costs by nearly 8,000 tons of CO per year. Since its launch in 2010, the Fuel Efficiency Program has helped LATAM avoid more than 5.6 million tons of CO. MANAGEMENT COMMENTS - SECOND QUARTER 2025 The second quarter of 2025 reaffirmed LATAM group’s ability to deliver profitable growth with consistency and discipline, despite seasonality and global macroeconomic uncertainty. It marked LATAM’s strongest second-quarter performance on record, across financial and operational metrics, highlighting the structural strength of its business model. Demand remained robust throughout the quarter, reflecting the continued preference of passengers for LATAM group’s differentiated value proposition. In line with its commitment to delivering a superior travel experience, the group continued investing in the premium segment, launching its new Business Class Suites across the wide-body fleet—featuring suites with doors, a first in South America— enhancing comfort and privacy for long-haul travelers. In parallel, LATAM group announced an investment to equip all wide-body aircraft with onboard Wi-Fi starting in 2026. These initiatives were complemented by the debut of the Signature Check-in at the new Lima Airport, further reinforcing the group’s premium offering. Customer satisfaction (via Net Promoter Score, NPS) remains at all-time high levels, evidencing the positive results of these investments and the continued customer preference across its network. Operational growth remained a key driver of performance. LATAM group has been increasing capacity, while the global aviation industry continues to face supply chain challenges affecting aircraft availability. The group has continued to receive aircraft in line with its fleet plan. During the quarter, LATAM group incorporated twelve aircraft (10 A320neos, 1 A321neo and 1 A330 via short-term lease) totaling 14 aircraft received so far in 2025. This continued fleet expansion has allowed LATAM group to reinforce its growth strategy by allocating capacity to attractive affiliate markets. LATAM Airlines Brazil launched six new domestic routes and expanded regional operations to and from Argentina. Growth in Brazil also benefited from the resumption of operations at Porto Alegre airport, which had been closed in the second quarter of 2024 due to flooding. Internationally, LATAM group expanded its Joint Venture with Delta Air Lines through the inclusion of Argentina in the agreement scope, improving the connectivity between South America and North America. “Our second-quarter results clearly demonstrate the operational and financial strength of the group, and its ability to navigate a volatile and uncertain macroeconomic environment,” said Ricardo Bottas, CFO of LATAM Airlines Group. “LATAM group remains firmly committed to the disciplined execution of our profitable growth strategy, investing continuously in product and service enhancements, focused on initiatives that elevate the customer experience across the group's network” Entering the second half of the year, the group continues to demonstrate that in the face of external challenges, its business diversification, cost discipline, and the flexibility to reallocate capacity provide the foundation to meet its commitments. LATAM group remains focused on disciplined execution, leveraging its strengths for profitable growth and reinforce its market share growth in the region. 2 2
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2Q2025Results MANAGEMENT DISCUSSION AND ANALYSIS OF SECOND QUARTER 2025 RESULTS Total operating revenues amounted to US$3,279 million in the second quarter, an increase of 8.2% compared to the same period of 2024, explained by a 8.5% increase in passenger revenues and a 10.2% increase in cargo revenues. For the second quarter of 2025, passenger and cargo revenues accounted for 86.1% and 12.8% of total operating revenues, respectively. • Passenger revenues amounted to US$2,824 million in the second quarter, increasing 8.5% versus the same period of 2024. This was driven mainly by an 8.3% capacity increase during the quarter, measured in ASKs, whilepassenger unit revenue (PRASK) had a slight increase of 0.2%, reaching US$6.9 cents. • Cargo revenues amounted to US$419 million in the second quarter, increasing 10.2% versus the same period of 2024. Increasing unit revenue and capacity contributed to the additional revenue generated. Cargo capacity, measured in ATK, grew by 3.9%, while unit revenue, measured in RATK, increased by 6.0%, mainly driven by continued strong southbound demand from Europe and North America to South America and supported by a positive Mother's Day season in which LATAM cargo affiliates transported over 25,000 tons of flowers. • Other income amounted to US$36 million in the second quarter, a decrease of US$11 million compared to the same period of 2024. Total adjusted operating expenses reached US$2,856 million during the quarter, increasing 3.6% versus 2Q24. This slight increase was primarily driven by an 8.3% increase in passenger operations, partially offset by a 16.1% reduction in average jet fuel prices (including hedges) and a 8.6% depreciation of the Brazilian real. The changes in adjusted operating expenses during the quarter were mainly explained by: • Wages and benefits rose 10.7% year-over-year, primarily due to a 6.8% increase in the average headcount of the group, particularly in cabin crew, in line with the increase in passenger operations. • Aircraft fuel costs decreased 10.6% versus the same period of 2024, driven by a 16.1% decrease in the average jet fuel price (including hedges) and a 6.5% increase in fuel consumption associated with the expansion of operations. • Commissions to agents increased 5.3% compared to 2Q24, reflecting the increased level of operations and partially offset by a greater penetration of digital direct sales. • Depreciation and amortization increased 23.9% versus 2Q24, primarily due to a higher average number of aircraft in the fleet. During the second quarter of 2025, LATAM group operated an average of 355 aircraft, up from 338 aircraft in the same period last year. The increase is also driven by a shift in fleet composition, as the group continues incorporating newer and higher-value aircraft as part of its fleet renewal strategy. • Other rental and landing fees increased 1.2% year-over-year. Despite increased international operations (+9.6% vs 2Q24), this expense line was positively impacted by lower airport fees and handling costs. • Passenger services expenses increased 9.6% versus the same period of 2024, explained by the 8.3% growth in capacity during the quarter and a more significant international mix in operations (+9.6% vs 2Q24). • Aircraft maintenance expenses totaled US$178 million, corresponding to a 11.3% increase versus 2Q24 related to an increased level of operation and cost escalation driven by supply chain issues. • Other operating expenses increased 14.7% compared to 2Q24 and amounted to US$366 million. This variation was mainly driven by higher crew-related expenses associated with the increased level of operations. • Other gains and losses totaled US$13 million in gains for the second quarter, primarily due to the impact related to early termination of aircraft under operating leases that consequently transitioned to finance leases, and partially offset by labor contingencies in Argentina.
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2Q2025Results Non-operating results • Interest income amounted to US$27 million in the quarter, with a slight decrease of US$4 million. The decline was explained by lower interest rates following the U.S. Federal Reserve's rate cuts, while the average cash balance remained at similar levels compared to the same period of last year. • Interest expense decreased 18.0% versus 2Q24, to US$155 million during the quarter, mainly explained by the interest rate savings obtained from the liability management completed in October 2024. • Foreign exchange gains and losses amounted to US$51 million in losses in the second quarter of 2025, driven by the appreciation of the Brazilian Real compared to March 31, 2025. This line reflects the net balance sheet effect of holding a strong U.S. Dollar-denominated asset position, larger than its liabilities, in its Brazilian affiliate. As such, when local currencies depreciate, the net value of these assets increases, resulting in a non-operational gain in the Income Statement. Conversely, currency appreciation leads to a loss. It is worth mentioning that this is a non-cash effect in the Income Statement. • Result of indexation units amounted to US$0.9 million in the quarter, a decrease compared to the same period of 2024 mainly due to lower inflation rates (CPI) compared to the same period of 2024, as well as a reduced hyperinflation adjustment linked to lower labor contingency expenses in Argentina. • Net income attributable to the owners of the parent company during the quarter amounted to US$242 million, an increase of 66.0%. Net income attributable to owners of the parent company serves as the basis for calculating dividend distributions.
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2Q2025Results LIQUIDITY AND FINANCING LATAM Airlines Group ended the period with cash and cash equivalents of US$2,069 million (+5.7% vs December 31, 2024). During the first half of the year, it generated US$1,338 million in adjusted operating cash flow and achieved a positive net cash generation of US$111 million, even after returning US$445 million to shareholders. Additionally, LATAM has US$1,575 million in available and fully undrawn revolving credit facilities (“RCF”). Liquidity as a percentage of revenues of last twelve months stood at 27.2%. LATAM has total gross debt of US$7.5 billion and net debt of US$5.4 billion. At the end of the period, LATAM's adjusted net leverage was 1.6x. During the quarter, on June 26th, LATAM group announced the successful refinancing of its remaining high-interest rate debt from 2022 through the issuance of US$800 million in senior secured notes in the international market, with a coupon of 7.625% and maturity in 2031. The proceeds were used to prepay US$700 million in high-cost notes (13.375%) due in 2029, thus reducing the interest rate by 570 bps. The settlement of the transaction was completed on July 7, 2025. As a result, the group extended its debt maturity profile. The next relevant financial maturities are now scheduled for 2030 and the total weighted average cost of debt was reduced by 94 bps. For illustrative purposes, the debt maturity table is presented on a pro forma basis including this transaction: Financial Debt Composition(Pro forma as of July 7) Nominal Value (million) Interest Rate Maturity 2030 Senior Secured Notes US$1,400 7.875% 2030 2031 Senior Secured Notes US$800 7.625% 2031 Spare Engine Facility US$275 SOFR 3M + 2.1% 2028 UF Bond US$161 UF + 2.0% 2042 Fleet Financial Debt US$1,671 5.86% — Total Financial Debt US$4,306 6.82% — MARKET RISKS LATAM’s fuel hedging policy has the main objective of protecting against medium-term liquidity risk from fuel price increases, while benefiting from fuel price reductions. Accordingly, LATAM hedges a portion of its estimated fuel consumption. Hedge positions per quarter for the next 12 months, as of June 30, 2025, are shown in the table below: Fuel hedging 3Q25 4Q25 1Q26 2Q26 Hedge positions Estimated Fuel consumption hedged 54% 47% 18% 15% On the other hand, LATAM’s foreign exchange risk mainly comes from operations in currencies other than its functional currency, the US dollar. The largest operational cash flow exposure comes from the concentration of businesses in Brazil by LATAM Airlines Brazil, which are mostly denominated in Brazilian real. At a lower concentration, LATAM is also exposed to other currencies like the Euro, British Pound, and several Latin American currencies. BRL cash flow hedge positions per quarter for the next months, as of June 30, 2025, are shown in the table below: FX hedging (BRL) 3Q25 4Q25 1Q26 2Q26 Hedge positions Estimated cash flow mismatch hedged 59% 18% 0% 0% 5
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2Q2025Results LATAM FLEET PLAN LATAM group’s fleet consists of 281 Airbus narrow-body aircraft, 3 Airbus wide-body aircraft under short-term leases, 56 Boeing wide-body aircraft and 20 Boeing cargo freighters, totaling 360 aircraft. During the second quarter, the group received 12 aircraft, including 10 Airbus A320Neo, 1 A321Neo and 1 A330 via short-term lease. Consistent with the strategy, business development, and demand growth currently being experienced, medium-term opportunities for incremental growth have been identified in most markets where LATAM group affiliates operate. In this context, during the quarter, 11 additional A320 Neo family aircraft were secured for delivery in 2026, along with a decision to delay the progressive retirement of four of our A319 aircraft. Moreover, there may be potential opportunities for further growth over the next 2–3 years. In this context, LATAM group is analyzing the acquisition of additional aircraft from various manufacturers and lessors. This includes additions to its wide-body and narrow-body fleet, the latter including aircraft from the A320 family, as well as other smaller jets from manufacturers such as Airbus and Embraer. The primary focus of these additions will be to serve and grow passenger transportation within the region and cargo traffic in regional markets. As might be expected, the materialization of these options depends on several factors, including aircraft availability and the evolution of the markets in which the group operates. The group continues to maintain significant flexibility to adjust capacity as needed. As of the date of publication, LATAM group has fleet commitment agreements with Airbus and Boeing for new aircraft andadditionally has signed several contracts with lessors to receive both narrow-body Airbus and wide-body aircraft in thecoming years, as detailed below: Fleet Plan 2Q25 Projected as of the end of the year 2025 2026 2027 Passenger Aircraft Narrow Body Airbus Ceo Family 224 223 221 204 Airbus Neo Family 57 68 93 108 Total NB 281 291 314 312 Wide Body Boeing 787 37 38 41 41 Other 22 22 19 19 Total WB 59 60 60 60 TOTAL 340 351 374 372 Cargo Aircraft Boeing 767-300F 20 20 19 19 TOTAL 20 20 19 19 TOTAL FLEET (end of the period) 360 371 393 391 AVERAGE FLEET 355 359 384 394 Note: This fleet plan considers LATAM group's best estimates for committed arrivals, current decisions regarding aircraft sales, retirements and lease extensions. In the Financial Statements, Note 13 describes the aircraft that are currently held for sale.
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2Q2025Results 2025 GUIDANCE Updated guidance for the full year 2025 issued on July 28, 2025, as detailed below: Indicator Guidance 2025E(April 28th) 2025E Updated (July28th) 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 vs2024 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 fuel (US$ cents) 4.55 -4.75 4.65 - 4.75 Adjusted Passenger CASK ex fuel (US$ cents) 4.15 -4.35 4.25 - 4.35 Adjusted Operating Income (US$ billion) 1.80 -2.05 2.00 - 2.15 Adjusted Operating Margin 13.0 % - 15.0% 14.0 % - 15.0% Adjusted EBITDAR (US$ billion) 3.40 -3.75 3.65 - 3.85 Adjusted EBITDAR Margin 24.5 % - 26.5% 26.0 % - 27.0% Adjusted Levered Free Cash Flow (US$ billion) > 1.2 > 1.3 Liquidity (US$ billion) > 4.1 > 4.0 Total Net Debt (US$ billion) < 5.2 < 5.4 Total Net Debt/Adjusted EBITDAR (x) ≤ 1.5x ≤ 1.5x Assumptions Average exchange rate (BRL/USD) 5.9 5.7 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 compensations associated with the Corporate Incentive Plan. Adjusted Passenger CASK ex fuel is further adjusted to exclude cargo costs associated with belly and freighter operations. 2) Adjusted Operating Income excludes other gains and losses and employee compensations associated with the Corporate Incentive Plan. Adjusted EBITDAR is further adjusted to exclude foreign exchange gains and results of indexation units 3) Adjusted Levered Free Cash Flow calculated as the sum of net cash (outflow) inflow from operating and investing activities, adding payments from lease liabilities (amortization and interest) and financing predelivery payments, excluding amounts raised from the sale of property, plant and equipment, adding aircraft and non-aircraft financing interest. 4) Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities. The updated guidance published on July 28, 2025, assumes the execution of the second share repurchase program announced on June 27, 2025 (approximately US$290 million, equivalent to 2.4% of outstanding shares at 19 CLP per share). Subject to the final execution of the second share repurchase, this figure could change. 5) Total Net Debt includes operating lease liabilities, financial leases and other financial debt, and net of Cash and Cash Equivalents. The updated guidance published on July 28, 2025, assumes the execution of the second share repurchase program announced on June 27, 2025 (approximately US$290 million, equivalent to 2.4% of outstanding shares at 19 CLP per share). Subject to the final execution of the second share repurchase, this figure could change. 6) The jet fuel price projection does not include into-wing cost. 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, includingstatements about our beliefs and expectations. These statements are based on LATAM's current plans, estimates and projections and, therefore, you should not place undue relianceon such statements or the estimates arising from them. Forward-looking statements involve known and unknown inherent risks, uncertainties and other factors, many of which arebeyond 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 forthe Financial Market (CMF) and the market, in terms of their content requirements, applicable procedures and deadlines of submission corresponding to the CMF in accordance withcurrent 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, futureevents 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 reporton 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 morerecent 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 certaincountries, 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, asdisclosed 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 southernhemisphere’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 nationalpolitical 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 disclosedherein. 1 1 2 2 2 2 3 4 5 6 7
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2Q2025Results FINANCIAL STATEMENTS PUBLICATION AND CONFERENCE CALL LATAM Airlines Group S.A. filed its financial statements for the period ended June 30, 2025 with the Comisión para el Mercado Financiero (CMF) of Chile on July 28, 2025. These financial statements are available in Spanish and English at http://www.latamairlinesgroup.net. For further inquiries, please contact the Investor Relations team at InvestorRelations@latam.com. The Company will hold a conference call to discuss the second quarter 2025 financial results on July 29, 2025, at 9:00 am ET / 9:00 am Santiago. Webcast Link: Click here Participant 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 Latin America present in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addition to international operations within Latin 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 aircraft. Additionally, the Airbus 330, operated under short-termleases, is also part of the current operations. LATAM Cargo Chile, LATAM Cargo Colombia and LATAM Cargo Brazil are the LATAM group cargo subsidiaries. In addition to having access to the bellies of the passenger affiliates's aircraft, they have a fleet of 20 freighters. They operate on the LATAM group network as well as international routes that are exclusively
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operated by freighters. They offer modern infrastructure, a wide variety of services and protection options to meet all customer needs. For LATAM press inquiries, please write to comunicaciones.externas@latam.com. Additional financial information is available at www.latamairlinesgroup.net. 8
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2Q2025Results LATAM Airlines Group S.A. Consolidated Operational Statistics For the three month period ended June 30 For the six month period ended June 30 2025 2024 % Change 2025 2024 % Change System Costs per ASK (US$ cents) 7.0 7.3 (5.1%) 6.9 7.5 (7.2%) Adjusted Costs per ASK (US$ cents) 7.0 7.3 (4.3%) 6.9 7.4 (5.9%) Costs per ASK ex fuel (US$ cents) 4.8 4.7 1.9% 4.7 4.8 (3.2%) Adjusted Costs per ASK ex fuel (US$ cents) 4.8 4.7 3.1% 4.7 4.7 (1.2%) Adjusted Passenger CASK ex fuel (US$ cents) 4.3 4.1 3.8% 4.2 4.2 (0.8%) Fuel Gallons Consumed (millions) 347 326 6.5% 696 657 6.0% Fuel Gallons Consumed per 1,000 ASKs 8.5 8.6 (1.7%) 8.5 8.6 (1.7%) Fuel Price (with hedge) (US$ per gallon) 2.55 3.04 (16.1%) 2.67 3.07 (13.0%) Fuel Price (without hedge) (US$ per gallon) 2.50 3.05 (18.0%) 2.65 3.10 (14.5%) Average Trip Length (km) 1.656 1.622 2.1% 1.648 1.613 2.2% Total Number of Employees (average) 39,430 36,922 6.8% 39,129 36,556 7.0% Total Number of Employees (end of the period) 39,657 37,124 6.8% 39,657 37,124 6.8% Passenger ASKs (millions) 40,863 37,737 8.3% 82,120 76,198 7.8% RPKs (millions) 34,103 31,028 9.9% 68,486 63,486 7.9% Passengers Transported (thousands) 20,592 19,135 7.6% 41,561 39,370 5.6% Load Factor (based on ASKs) % 83.5% 82.2% 1.2pp 83.4% 83.3% 0.1pp Yield based on RPKs (US$ cents) 8.3 8.4 (1.3%) 8.4 8.7 (2.8%) Revenues per ASK (US$ cents) 6.9 6.9 0.2% 7.0 7.2 (2.7%) Cargo ATKs (millions) 2,053 1,975 3.9% 4,068 3,906 4.2% RTKs (millions) 1,108 1,048 5.7% 2,177 2,060 5.6% Tons Transported (thousands) 256 247 3.4% 499 482 3.7% Load Factor (based on ATKs) % 54.0% 53.1% 0.9pp 53.5% 52.8% 0.8pp Yield based on RTKs (US$ cents) 37.8 36.2 4.2% 37.9 36.4 4.1% Revenues per ATK (US$ cents) 20.4 19.2 6.0% 20.3 19.2 5.6% Note: Adjusted figures include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect) andemployee compensations associated with the Corporate Incentive Plan. Adjusted Passenger CASK ex fuel also excludes cargo costs associated with belly andfreighter operations. 9
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2Q2025Results LATAM Airlines Group S.A. Consolidated Financial Results for the Second Quarter 2025 (in thousands of US Dollars) For the three month period ended June 30 2025 Adjustments 2025 Adjusted 2024 Adjusted % Change REVENUE Passenger 2,824,314 — 2,824,314 2,603,275 8.5% Cargo 418,641 — 418,641 380,006 10.2% Other Income 36,087 — 36,087 46,637 (22.6%) TOTAL OPERATING REVENUE 3,279,042 — 3,279,042 3,029,918 8.2% EXPENSES Wages and Benefits (450,761) 3,901 (446,860) (403,804) 10.7% Aircraft Fuel (886,803) — (886,803) (992,453) (10.6%) Commissions to Agents (56,904) — (56,904) (54,050) 5.3% Depreciation and Amortization (427,252) — (427,252) (344,789) 23.9% Other Rental and Landing Fees (408,363) — (408,363) (403,522) 1.2% Passenger Services (85,634) — (85,634) (78,168) 9.6% Aircraft Maintenance (177,923) — (177,923) (159,913) 11.3% Other Operating Expenses (366,497) — (366,497) (319,423) 14.7% Other gains/(losses) 12,679 (12,679) — — n.m TOTAL OPERATING EXPENSES (2,847,458) (8,778) (2,856,236) (2,756,122) 3.6% OPERATING INCOME/(LOSS) 431,584 (8,778) 422,806 273,796 54.4% Operating Margin 13.2% (0.3pp) 12.9% 9.0% 3.9pp Interest Income 26,975 — 26,975 31,080 (13.2%) Interest Expense (155,324) — (155,324) (189,445) (18.0%) Foreign exchange gains (50,903) 50,903 — — n.m Result of indexation units 949 (949) — — n.m INCOME/(LOSS) BEFORE TAXES 253,281 41,176 294,457 115,431 155.1% Income Taxes (11,480) — (11,480) (10,885) 5.5% NET INCOME/(LOSS) 241,801 41,176 282,977 104,546 170.7% Attributable to: Owners of the parent company 241,569 41,176 282,745 104,803 169.8% Non-controlling interest 232 — 232 (257) n.m NET INCOME/(LOSS) attributable to the owners of the parent company 241,569 41,176 282,745 104,803 169.8% Net Margin attributable to the owners of the parent company 7.4% 1.3pp 8.6% 3.5% 5.2pp Effective Tax Rate (4.5%) 0.6pp (3.9%) (9.4%) 5.5pp Financial Metrics for the Second Quarter 2025 (in thousands of US Dollars) For the three month period ended June 30 2025 2024 Change (%) Adjusted EBITDAR 850,058 618,585 37.4% Adjusted EBITDAR Margin 25.9% 20.4% 5.5pp Note: Adjustments include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employeecompensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units. 10
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2Q2025Results LATAM Airlines Group S.A. Consolidated Financial Results for the six-month period ended June (in thousands of US Dollars) For the six month period ended June 30 2025 Adjustments 2025 Adjusted 2024 Adjusted Var. % REVENUE Passenger 5,767,202 — 5,767,202 5,501,117 4.8% Cargo 824,231 — 824,231 749,363 10.0% Other Income 98,210 — 98,210 100,771 (2.5%) TOTAL OPERATING REVENUE 6,689,643 — 6,689,643 6,351,251 5.3% EXPENSES Wages and Benefits (901,739) 24,740 (876,999) (808,845) 8.4% Aircraft Fuel (1,860,766) — (1,860,766) (2,016,826) (7.7%) Commissions to Agents (110,555) — (110,555) (115,782) (4.5%) Depreciation and Amortization (816,154) — (816,154) (677,611) 20.4% Other Rental and Landing Fees (791,460) — (791,460) (791,181) —% Passenger Services (169,985) — (169,985) (154,299) 10.2% Aircraft Maintenance (363,986) — (363,986) (354,144) 2.8% Other Operating Expenses (703,703) — (703,703) (696,062) 1.1% Other gains/(losses) 18,583 (18,583) — — n.m TOTAL OPERATING EXPENSES (5,699,765) 6,157 (5,693,608) (5,614,750) 1.4% OPERATING INCOME/(LOSS) 989,878 6,157 996,035 736,501 35.2% Operating Margin 14.8% 0.1pp 14.9% 11.6% 3.3pp Interest Income 60,033 — 60,033 62,530 (4.0%) Interest Expense (307,049) — (307,049) (380,830) (19.4%) Foreign exchange gains (126,048) 126,048 — — n.m Result of indexation units 710 (710) — — n.m INCOME/(LOSS) BEFORE TAXES 617,524 131,495 749,019 418,201 79.1% Income Taxes (19,086) — (19,086) (26,028) (26.7%) NET INCOME/(LOSS) 598,438 131,495 729,933 392,173 86.1% Attributable to: Owners of the parent company 596,857 131,495 728,352 390,754 86.4% Non-controlling interest 1,581 — 1,581 1,419 11.4% NET INCOME/(LOSS) attributable to the owners of the parent company 596,857 131,495 728,352 390,754 86.4% Net Margin attributable to the owners of the parent company 8.9% 2.0pp 10.9% 6.2% 4.7pp Effective Tax Rate (3.1%) 0.5pp (2.5%) (6.2%) 3.7pp Financial Metrics for the six-month period ended June (in thousands of US Dollars) For the six month period ended June 30 2025 2024 Change (%) Adjusted EBITDAR 1,812,189 1,414,112 28.2% Adjusted EBITDAR Margin 27.1% 22.3% 4.8pp Note: Adjustments include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employeecompensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units. 11
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2Q2025Results LATAM Airlines Group S.A. Consolidated Balance Sheet (in thousands of US Dollars) As of June 30 As of December 31 2025 2024 Assets Cash and cash equivalents 2,068,558 1,957,788 Other financial assets 84,080 67,295 Other non-financial assets 235,145 203,661 Trade and other accounts receivable 1,351,297 1,163,707 Accounts receivable from related entities 41 25 Inventories 459,179 438,530 Current tax assets 88,868 40,275 Total current assets other than non-current assets (or disposal groups) classified as held forsale 4,287,168 3,871,281 Non-current assets (or disposal groups) classified as held for sale 10,338 29,138 Total current assets 4,297,506 3,900,419 Other financial assets 59,049 53,772 Other non-financial assets 96,747 89,416 Accounts receivable 12,792 12,342 Intangible assets other than goodwill 1,104,118 1,000,170 Property, plant and equipment 11,028,746 10,186,697 Deferred tax assets 5,952 10,549 Total non-current assets 12,307,404 11,352,946 Total assets 16,604,910 15,253,365 Liabilities and shareholders' equity Other financial liabilities 750,839 635,213 Trade and other accounts payables 2,720,039 2,133,572 Accounts payable to related entities 20,408 12,875 Other provisions 13,136 14,221 Current tax liabilities 13,607 6,281 Other non-financial liabilities 3,697,881 3,488,680 Total current liabilities 7,215,910 6,290,842 Other financial liabilities 6,771,424 6,515,238 Accounts payable 464,499 491,762 Other provisions 686,771 623,846 Deferred tax liabilities 339,761 312,677 Employee benefits 174,701 167,427 Other non-financial liabilities 47,689 140,244 Total non-current liabilities 8,484,845 8,251,194 Total liabilities 15,700,755 14,542,036 Share capital 5,003,534 5,003,534 Retained earnings/(losses) 1,566,091 1,148,291 Treasury Shares (152,151) — Other equity 39 39 Other reserves (5,502,705) (5,428,597) Parent’s ownership interest 914,808 723,267 Non-controlling interest (10,653) (11,938) Total equity 904,155 711,329 Total liabilities and equity 16,604,910 15,253,365 12
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2Q2025Results LATAM Airlines Group S.A. Consolidated Statement of Cash Flow – Direct Method (in thousands of US Dollars) As of June 30, As of June 30, 2025 2024 Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 7,151,738 6,817,279 Other cash receipts from operating activities 88,864 125,484 Payments for operating activities Payments to suppliers for the supply goods and services (4,514,461) (4,854,611) Payments to and on behalf of employees (895,660) (653,235) Other payments for operating activities (211,464) (159,655) Income taxes (paid) (37,724) (29,372) Other cash inflows (outflows) (40,322) 108,947 Net cash (outflow) inflow from operating activities 1,540,971 1,354,837 Cash flows from investing activities Amounts raised from sale of property, plant and equipment 27,031 37,740 Purchases of property, plant and equipment (934,050) (427,762) Purchases of intangible assets (47,936) (35,040) Interest received 55,762 58,016 Other cash inflows (outflows) 28,715 34,469 Net cash (outflow) inflow from investing activities (870,478) (332,577) Cash flows inflow (out flow) from financing activities Payments to acquire or redeem the entity's shares (151,997) — Amounts raised from long-term loans 445,020 — Loans repayments (124,965) (143,323) Payments of lease liabilities (202,369) (148,118) Dividends paid (293,396) (174,838) Interest paid (294,430) (337,531) Other cash (outflows) inflows 1,170 719 Net cash inflow (outflow) from financing activities (620,967) (803,091) Net (decrease) increase in cash and cash equivalents before effect of exchanges rate change 49,526 219,169 Effects of variation in the exchange rate on cash and cash equivalents 61,244 (80,571) Net (decrease) increase in cash and cash equivalents 110,770 138,598 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 2,068,558 1,853,359 13
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2Q2025Results LATAM Airlines Group S.A. Adjusted Free Cash Flow (in thousands of US Dollars) Adjusted Free Cash Flow For the three month period endedJune 30, For the six month period ended June30, 2025 2024 2025 2024 Adjusted EBITDAR 850,058 618,585 1,812,189 1,414,112 Changes in working capital 82,960 349,633 (146,529) 103,014 Cash taxes (15,731) (6,728) (37,724) (29,372) Operating lease payments (189,270) (126,945) (345,798) (273,992) Interest Income 24,734 20,599 55,762 58,016 Adj. Operating cash flow 752,749 855,144 1,337,900 1,271,778 Maintenance CapEx (181,981) (131,470) (310,050) (241,956) CapEx for growth & Fleet CapEx Net of Financing (49,182) (272,436) (285,166) (324,049) Adj. Investment cash flow * (231,163) (403,906) (595,216) (566,005) Adj. Unlevered FCF 521,586 451,238 742,684 705,773 Interest on financial debt (109,591) (126,424) (117,497) (177,388) Interest on finance leases (17,149) (17,748) (33,504) (36,514) Adj. Levered FCF 394,846 307,066 591,683 491,871 Finance lease amortization (57,742) (81,451) (124,965) (130,051) Non-Fleet Financial debt net amortization — (10,522) — (13,272) Shareholder Distribution (445,089) (174,549) (445,393) (174,838) Other (Incl. Asset Sale, Fx and others) 30,244 (38,558) 89,445 (35,112) Adj. Financing & Others cash flow (599,327) (449,252) (631,914) (567,175) Change in cash (77,741) 1,986 110,770 138,598 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 2,146,299 1,851,373 1,957,788 1,714,761 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 2,068,558 1,853,359 2,068,558 1,853,359 Fleet Cash Cost (254,080) (220,977) (484,081) (429,445) *Adjusted Investment cash flow is equivalent to total CapEx net of financing. A reconciliation table can be found in page 18. Notes: 1) Adjusted EBITDAR includes adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employee compensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units. 2) Operating lease payments include variable Aircraft Rentals (Pay by the Hour “PBH”) and Operational Leases under IFRS 16 including amortization and interest (both fleet and non-fleet). 3) Maintenance CapEx primarily includes engine shop visits, aircraft c-checks and restocking of parts for existing operation, as well as CapEx associated with fleet projects that do not contribute additional capacity to the group's operations or add new features to the existing offered product. 4) Growth & Fleet CapEx (net of financing) includes CapEx associated with additional spare parts and engines, engine shop visits, aircraft c-checks and restocking of parts for additional operation, PDPs, fleet projects that contribute additional capacity or new features to the existing offered product and certain other strategic projects that add value, and fleet arrivals net of their financing. 5) Fleet Cash cost includes Finance lease amortization, interest on finance leases and operating lease payments (Excluding Non-fleet lease liabilities). Calculation can be found in page 18. 14
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2Q2025Results LATAM Airlines Group S.A. Consolidated Balance Sheet Indicators (in thousands of US Dollars) As of June 30,As of December 31, 2025 2024 Total Assets 16,604,910 15,253,365 Total Liabilities 15,700,755 14,542,036 Total Equity* 904,155 711,329 Total Liabilities and Shareholders equity 16,604,910 15,253,365 Fleet lease liabilities 3,116,456 3,174,760 Fleet financial debt 1,670,712 1,188,771 Total Fleet Debt 4,787,168 4,363,531 Total Non-Fleet Debt (includes non-fleet lease liabilities and non-fleet financial debt)2,731,073 2,786,920 Total Gross Debt 7,518,241 7,150,451 Cash, cash equivalents and liquid investments (2,068,558) (1,957,788) Total Net Debt 5,449,683 5,192,663 *Includes non-controlling interest.**Excluding associated guarantees. LATAM Airlines Group S.A. Main Financial Ratios As of June 30,As of December 31, 2025 2024 Cash, cash equivalents and liquid investments 2,068,558 1,957,788 Revolving Credit Facilities (RCF) 1,575,000 1,575,000 Liquidity (US$ thousands) 3,643,558 3,532,788 Liquidity as % of LTM revenues 27.2% 27.1% Gross Debt (US$ thousands) 7,518,241 7,150,451 Gross Debt / Adjusted EBITDAR (LTM) 2.1x 2.3x Net Debt (US$ thousands) 5,449,683 5,192,663 Net Debt / Adjusted EBITDAR (LTM) 1.6x 1.7x Note: Adjusted EBITDAR (LTM) refers to Adjusted EBITDAR (Last Twelve Months) (US$ thousands). For the ratios as of June 30, 2025, and December 31,2024, it is calculated using the last twelve months as of June 30, 2025 (US$3,505,958) and the full twelve months in 2024 (US$3,107,878).
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2Q2025Results LATAM Airlines Group S.A. Consolidated Fleet As of June 30, 2025 Aircraft on Property, Plant& Equipment Aircraft on Right of Useunder IFRS16 Total Passenger Aircraft Boeing 767-300ER 9 — 9 Boeing 777-300ER 10 — 10 Boeing 787-8 6 4 10 Boeing 787-9 2 25 27 Airbus A319-100 11 29 40 Airbus A320-200 88 47 135 Airbus A320-Neo 6 36 42 Airbus A321-200 32 17 49 Airbus A321-Neo 1 14 15 TOTAL 165 172 337 Short-term leases Airbus A330-200 — 3 3 TOTAL — 3 3 Cargo Aircraft Boeing 767-300F 19 1 20 TOTAL 19 1 20 TOTAL FLEET 184 176 360
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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. 16
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2Q2025Results 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 “International Financial Reporting Standards” (“IFRS”) as issuedby the IASB, however, for ease of presentation and comparison, the Income Statement in this report is presented in an Adapted by Nature Format. On someoccasions, adjustments to these Income Statement figures are made for Special Items. These adjustments to include or exclude special items allowsmanagement an additional tool to understand and analyze its core operating performance and allow for more meaningful comparison in the industry. Therefore,LATAM believes these non-GAAP financial measures, derived from the consolidated financial statements but not presented in accordance with IFRS, mayprovide useful information to investors and others. In this table, you can find a reconciliation of the IFRS and the Adapted by Nature Format as LATAM reports itsIncome Statement in this earnings release for ease of comparison and further disclosure, as well as the adjustments made for Special Items. These non-GAAP items may not be comparable to similarly titled non-GAAP items of other companies and should be considered in addition to results preparedin accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show these reconciliations: For the three month period ended June 30,For the six month period ended June 30, 2025 2024 % Change 2025 2024 % Change Cost of sales (2,366,330) (2,346,447) 0.8% (4,766,212) (4,740,306) 0.5% Distribution costs (128,998) (143,092) (9.8%) (264,028) (301,384) (12.4%) Administrative expenses (206,141) (193,706) 6.4% (397,919) (381,148) 4.4% Other expenses (158,668) (89,573) 77.1% (290,189) (230,552) 25.9% Other gains/(losses) 12,679 3,304 283.7% 18,583 (43,127) (143.1%) TOTAL OPERATING EXPENSES (2,847,458) (2,769,514) 2.8% (5,699,765) (5,696,517) 0.1% Other gains/(losses) (12,679) (3,304) 283.7% (18,583) 43,127 (143.1%) Adjustments for Corporate Incentive Plan 3,901 15,684 (75.1%) 24,740 36,395 (32.0%) Aircraft rentals expense — 1,012 (100.0%) — 2,245 (100.0%) ADJUSTED TOTAL OPERATING EXPENSES (2,856,236) (2,756,122) 3.6% (5,693,608) (5,614,750) 1.4% TOTAL OPERATING EXPENSES (2,847,458) (2,769,514) 2.8% (5,699,765) (5,696,517) 0.1% Aircraft fuel expenses 886,803 992,453 (10.6%) 1,860,766 2,016,826 (7.7%) Operating Expenses (Ex-Fuel) (1,960,655) (1,777,061) 10.3% (3,838,999) (3,679,691) 4.3% ASKs (millions) 40,863 37,737 8.3% 82,120 76,198 7.8% CASK (Ex-Fuel) (4.8) (4.7) 1.9% (4.7) (4.8) (3.2%) ADJUSTED TOTAL OPERATING EXPENSES (2,856,236) (2,756,122) 3.6% (5,693,608) (5,614,750) 1.4% Aircraft fuel expenses 886,803 992,453 (10.6%) 1,860,766 2,016,826 (7.7%) Adjusted Operating Expenses (Ex-Fuel) (1,969,433) (1,763,669) 11.7% (3,832,842) (3,597,924) 6.5% ASKs (millions) 40,863 37,737 8.3% 82,120 76,198 7.8% ADJUSTED CASK Ex-Fuel (US$ cents) (4.8) (4.7) 3.1% (4.7) (4.7) (1.2%) Operating lease payments (189,270) (126,945) 49.1% (345,798) (273,992) 26.2% Interest on finance leases (17,149) (17,748) (3.4%) (33,504) (36,514) (8.2%) Finance lease amortization (57,742) (81,451) (29.1%) (124,965) (130,051) (3.9%) Non-fleet lease liabilities 10,081 5,167 95.1% 20,186 11,112 81.7% FLEET CASH COSTS (254,080) (220,977) 15.0% (484,081) (429,445) 12.7% NET INCOME/(LOSS) 241,801 145,289 66.4% 598,438 405,243 47.7% Income Taxes 11,480 10,885 5.5% 19,086 26,028 (26.7%) Interest Expense 155,324 189,445 (18.0%) 307,049 380,830 (19.4%) Interest Income (26,975) (31,080) (13.2%) (60,033) (62,530) (4.0%) Depreciation and Amortization 427,252 344,789 23.9% 816,154 677,611 20.4% EBITDA 808,882 659,328 22.7% 1,680,694 1,427,182 17.8% Aircraft rentals expense — 1,012 (100.0%) — 2,245 (100.0%) EBITDAR 808,882 660,340 22.5% 1,680,694 1,429,427 17.6% Other gains/(losses) (12,679) (3,304) 283.7% (18,583) 43,127 (143.1%) Foreign exchange gains/(losses) 50,903 (47,455) n.m 126,048 (87,082) n.m Results of indexation units (949) (6,680) (85.8%) (710) (7,755) (90.8%) Adjustments for Corporate Incentive Plan 3,901 15,684 (75.1%) 24,740 36,395 (32.0%) ADJUSTED EBITDAR 850,058 618,585 37.4% 1,812,189 1,414,112 28.2% 17
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2Q2025Results For the three month period ended June 30,For the six month period ended June 30, 2025 2024 % Change 2025 2024 % Change Purchases of property, plant and equipment (563,779) (325,278) 73.3% (934,050) (427,762) 118.4% Purchases of intangible assets (22,831) (21,743) 5.0% (47,936) (35,040) 36.8% Reconciled by: Leased Maintenance Capitalizations (54,659) (63,766) (14.3%) (86,965) (130,672) (33.4)% Capital raised for fleet related financing 395,520 — n.m 445,020 — n.m Financing of Pre delivery payments — — n.m — — n.m Recoveries of credits and Guarantee deposit receivedfrom the sale of aircraft* 14,586 6,880 112.0% 28,715 27,469 4.5% Insurance recovery — — n.m — — n.m TOTAL CAPEX NET OF FINANCING (231,163) (403,906) (42.8%) (595,216) (566,005) 5.2% *For the six month period ended June 30, 2024, excludes US$7 million related to advanced payments arising from the sale of aircraft in the period. 18