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February 4, 2026 Results Presentation Fourth Quarter and Full Year 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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1. EPADS corresponds to earnings per diluted ADS, calculated as net income attributable to owners of the parent company divided by the weighted average number of diluted shares. LATAM group’s 2025 results reflect profitable growth • Transported over 87 million passengers in 2025, 23 million in the fourth quarter. • 7.7% capacity growth in 4Q-25. Full year capacity increased 8.2% vs 2024. • Received 26 aircraft during the year, of which 8 were received during 4Q-25. • Closed the year with a fleet of 371 aircraft, +7% vs 2024. • Launched 22 new routes, 15 of them international. 3 Expanding operations • Adjusted operating margin reached 16.2% in 2025. • Adj. EBITDAR of US$4.1 billion, a 31.6% increase vs 2024. • Net income came in at US$1.5 billion, with an EPADS1 of US$4.95. • Generated US$1.4 billion in cash, which enabled share repurchases and dividend payments. Profitability focus • Record passenger NPS of 54 points. • Four-time APEX “Five-Star Global Airline” and six-time “Best Airline in South America” by Skytrax. • “Cargo Airline of the Year” by Air Cargo News. • Highest Organizational Health Index (OHI) performance on record, at 83 points, entering the top decile for the first time. Experience excellence 3
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Adj. EBITDAR Income Statement (US$ million) 4Q-2025 4Q-2024 Change Revenues 3,949 3,395 +16.3% Passenger 3,450 2,867 +20.3% Cargo 425 470 (9.6)% Total Adjusted Expenses (3,288) (2,932) +12.1% Adj. EBITDAR Margin 28.6% 25.5% +3.1 p.p Adj. Operating Margin 16.7% 13.6% +3.1 p.p Net Income Margin 12.3% 8.0% +4.3 p.p Passenger RASK (US$ cents) 7.8 7.0 +11.7% Passenger CASK ex-fuel (US$ cents) 4.7 4.4 +7.9% US$1,129 million US$484 million +30.4% vs 4Q 2024 +78.1% vs 4Q 2024 US$661 million +42.7% vs 4Q 2024 Adj. Operating Income Net Income 4 Fourth quarter with strong top-to-bottom line performance and margin expansion
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Note: Domestic SSC refers to domestic operations of LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru, Domestic Brazil refers to LATAM Airlines Brazil domestic operations and International refers to international operations of LATAM Airlines Brazil, LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru. Passenger RASKs (PRASK) presented are calculated based on accounting revenues (tickets flown) by business unit. 41.0 44.2 4Q-24 4Q-25 12.4 13.9 4Q-24 4Q-25 7.2 7.1 4Q-24 4Q-25 21.4 23.2 4Q-24 4Q-25 21.5 23.0 4Q-24 4Q-25 9.2 10.4 4Q-24 4Q-25 8.1 8.1 4Q-24 4Q-25 4.2 4.5 4Q-24 4Q-25 +7.7% +12.2% (2.3)% +8.5% +6.7% +13.5% (0.3)% +5.8% 7.0 7.8 4Q-24 4Q-25 7.7 8.7 4Q-24 4Q-25 7.8 9.6 4Q-24 4Q-25 6.3 6.7 4Q-24 4Q-25 +11.7% +14.1% USD +9.8% BRL +23.0% USD +19.9% Local Currency +6.0% 85.5% 85.1% 4Q-24 4Q-25 84.6% 85.3% 4Q-24 4Q-25 83.4% 85.1% 4Q-24 4Q-25 86.8% 85.0% 4Q-24 4Q-25 (0.4)pp +0.7pp +1.7pp (1.8)pp Focused execution and customer preference drive PRASK increase 5 ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) Consolidated Domestic Brazil Domestic SSC International 5
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2.6 million elite members Welcoming new heights with service improvements and cabin enhancements 6 Upgraded premium offerings 6 Renewed Business Class New Signature Lounge Lima Premium Comfort in 2027 Premium Service Offerings Signature Check-in Lima 6x Best Airline in South America 4x Five-Star Global Airline Most improved brand South America Leader Airline Cargo Airline of the Year 54 million members +22% transactions and miles redeemed 60% of LATAM’s passenger revenues are generated by LATAM PASS members YoY growth Wide body Wi-Fi in 2026
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Significantly improving customer metrics, while keeping costs contained (1) Source: Strategic NPS survey YTD as of March 2025. (2) Adjusted Passenger CASK ex-fuel excludes cargo costs associated with belly and freighter operations, adjusted to add back the effect of other gains and losses, variable aircraft rental expenses (non-cash P&L effect), and employee compensations associated with the Corporate Incentive Plan. 4.2 4.4 2019 2025 NPS (points) & Adj. passenger CASK ex-fuel (US$ cents) 33 54 32 58 NPS passenger operationsNPS premium TravelersAdj. Passenger CASK ex-Fuel 7 7 54 pointsNPS Passenger operations 58 points Premium travelers 2025
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Adj. Operating Margin 11.3% 12.7% 16.2% 2023 2024 2025 Adj. EBITDAR 2,533 3,108 4,091 2023 2024 2025 Revenues 11,789 13,034 14,495 2023 2024 2025 (US$ million) (%) +11.2% (US$ million) +31.6% +3.5p.p. Net Income 582 977 1,462 2023 2024 2025 (US$ million) +49.4% Consistency in results delivery throughout the years 8
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Adj. Cash Flow FY 2025 (US$ million) 1,958 3,284 (1,454) (290) (158) 3,340 (585) (605) 2,150 Initial Cash 2025 Adj. Operating Cash Flow CapEx Net of Financing Financial Interest Expense Adj. Financial Amortization & others Cash Before Share Repurchases and Dividends Share Repurchases Dividend Payments Ending Cash 2025 9 LATAM generated US$1.4 billion in cash before capital allocation initiatives and separately dividend payments +1,382 Cash generation +192
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Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities and does not consider other sources of liquidity such as credit cards and accounts receivable. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDAR for the last twelve months. 10 LATAM maintained a strong balance sheet considering financial policy ranges 2.1x 1.7x 1.5x 2023 2024 2025 Liquidity (US$ million) Adjusted Net Leverage (times) Financial Policy Target <2.0x Financial Policy Range 25% 21% 10 1,100 1,575 1,575 1,714 1,958 2,150 2,814 3,533 3,725 23.9% 27.1% 25.7% Liquidity Cash and equivalentsRCF 2023 2024 2025
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275 1,400 800 20262027202820292030203120322033 10.7% 7.9% 6.6% 2023 2024 2025 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 Continuous optimization of cost of capital and debt tenure Weighted average cost of financial debt WACD Non-fleet financial debt amortization profile (US$ million) 11 Company credit ratings BB (positive outlook) BB (positive outlook) Ba2 (stable outlook) Callable as of October 2026 Callable as of July 2027 2030 and 2031 notes credit ratings BBB- BB+ Ba2 2.8 pp 1.3 pp
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2026 guidance for continued profitable growth CAPACITY GROWTH Available seat kilometers (ASKs) PROFITABILITY Adjusted operating margin CASH GENERATION Adj. Levered free cash flow Liquidity >US$5.0bn Adj. Net leverage ≤1.4xBalance sheet LATAM's 2026 guidance published December 3, 2025. For the full version of the updated guidance, please refer to the Earnings Release document, where a detailed description of the indicators is provided. 8% - 10% 15% - 17% >US$1.7bn From: 8.2% in 2025 From: 16.2% in 2025 From US$1.5bn in 2025 From: >US$3.7bn in 2025 12 From: 1.5x in 2025 Assumptions Average exchange rate 5.5 BRL per US$ Average jet fuel price 90 US$ per barrel
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13 Transported a record number of passengers, expanded the network, and delivered a significant improvement in profitability. Takeaways 1 Cash generation of US$1.4 billion before executing two share repurchases and, separately, distributing dividends to shareholders. 3 Strengthened the balance sheet, aiming at financial policy targets.4 Strong client and employee satisfaction, with record-setting NPS metrics and highest-ever organizational health measurement. 2 2026 guidance with path for continued profitable growth.5
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February 4, 2026 Results Presentation Fourth Quarter and Full Year 2025