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Corporate Update February 2026
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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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Best-in-class product and service Most comprehensive cargo network in the region Growing base of premium travelers • #1 clear market share leader within South America (>2x share of second largest carrier) • #13 largest player worldwide1 • 351 passenger aircraft fleet including 60 wide-bodies • Largest air cargo carrier group in South America • 20 dedicated cargo aircraft (plus belly in all passenger aircraft) • 170 destinations (10 cargo only) • ~54mm members • #1 airline loyalty program in South America2 • #8 airline loyalty program in the world2 Leading airline group in South America and world driven by its three core businesses (1) Based on 2025 seats flown. (2) As measured by number of members as of June 30, 2025. 3
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14 North & Central America 8 Europe Oceania 3 1 Africa 160 Destinations (+10 cargo only) 27 Countries (+4 cargo only) 22 Routes launched in 2025 134 South America 7 Domestic 12 Regional 3 Long Haul 351 passenger aircraft (+20 freighters) +50 partnerships worldwide Global network connecting South America to the world 4
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25.7% of LTM revenues 87.4 million US$4.1bn +31.6% YoY growth$4.4 cents 1.5x Liquidity Passengers Transported Adj. EBITDAR Adj. Net Leverage US$14.5bn +11.2% YoY growth Total Revenue Adj. Pax CASK ex-fuel 2025 Key Stats Cost of debt significantly reduced Attractive capital allocation Operational and service excellence Strong cash generation and healthy capital structure A solid financial foundation that enables long-term sustainability 5 5
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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$3.7bn in 2025 From: 1.5x in 2025 Assumptions Average exchange rate 5.5 BRL per US$ Average jet fuel price 90 US$ per barrel 6
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2027 aspirations for continued profitable growth Capacity growth Available seat kilometers (ASK) Mid-to-high single digit YoY growth Return on Invested Capital ROIC >20% Profitability growth Adjusted EBITDA margin Stable or expanding YoY growth Financial policy Liquidity 21% - 25% Adj. Net leverage <2.0x Cash Generation Adj. Levered Free Cash Flow >1.8bn 7
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8 LATAM group key differentiating factors The truly global leading carrier group in South America Operating in high-growth markets with the tools to grow Customer-centric focus through a unique and differentiated value proposition Favorable cost structure vs global full-service carriers Consistent financial strength with disciplined capital allocation strategy 1 2 3 4 5 8
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(1): Source: ANAC Brazil’s website (RPKs), JAC Chile’s website (RPKs), DGAC Peru’s website (number of passengers carried as of October 2025), for Colombia Aerocivil (RPK as of November, 2025), for Ecuador Direct Data Solutions from IATA (passengers transported). (2): Source: Diio.net (ASKs). (3): Based on ASKs and calculated for all of South America to United States and Canada. Within South America 40% South America - North America3 33% South America - Oceania 78% South America - Europe 13% & International Capacity Shares2 (2025) Leading passenger airline group connecting South America and beyond 40% 65% 66% 50% 24% Domestic Market Shares1 (2025) 9 1
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30% 2025 Source: 1) Diio.net (Capacity by ASKs intra and from regions) YTD 3Q 2025. 24% Middle East 9% Europe 7% Asia Unparalleled network and product, chosen by one in three passengers flying to, from, or within South America 27% 2019 Across the globe, no other airline plays such a defining role in its region as LATAM group does in South America, connecting more people, markets, and opportunities than any other carrier1 Capacity share to/from/within South America (measured in ASKs) 15% North America 10 1
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Operating in an extensive and underpenetrated region with significant growth potential Underdeveloped and under- penetrated market Geographic barriers and limited connectivity across very long distances Strained infrastructure for ground transportation 0.6 2.5 South America North America 5.0% 2.1% South America North America Trips per capita 20231 Passenger growth (CAGR 2025E – 2031E)1 1) Source: IATA/Tourism economics APF, Dec. 2023. Airbus Global Market Forecast as of 2023. 2) Source IATA as of December 2019. 11 11 2
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41 27 41 30 38 27 35 21 3 6 9 Narrow BodyWide Body 2026 2027 2028 2028-2030 Secured order book of 140 aircraft 410 422 451 329 343 36662 60 6619 19 19 Narrow BodyWide Body Freighters 2026 2027 2028 Order book from 2025-20301 Fleet plan2 1) This order book includes scheduled deliveries from LATAM group's purchase agreements and updated commitments with lessors, disclosed in the LATAM's third financial statements. It also considers LATAM group's best estimates for committed arrivals. 2) Number of aircraft end of year. 12 2
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2.6 million elite members Welcoming new heights with service improvements and cabin enhancements Upgraded premium offerings 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 13 3
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Premium Revenues defined as Premium Business + Premium Economy + Upsell + Ancillaries 1 As disclosed in the Investor Day press release dated December 9th. Premium revenues have more than doubled since 2019 ◦ Unique value proposition in the region: 100% flights with premium seats. ◦ Premium revenue grows faster than total revenues, and accounts for 23% of passenger revenues. ◦ Corporate Passenger has 2x yield vs other segments . Capturing premium: where product meets profitability Premium Revenue US$ billion +14% Premium revenues share of passenger revenues // 23% 14% 2.9 3.3 202520242019 14 3
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Significantly improving customer metrics, while keeping costs contained 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 15 15 54 points NPS Passenger operations 58 points Premium travelers 2025 3
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Culture of constant efficiency-seeking that powers everything LATAM group does and sustains profitable growth Adj. Passenger CASK ex-fuel Cargo and others Adj. CASK ex-fuel • Fleet renewal with E2 NG Embraer aircraft to improve operational performance and unit costs • >20% of the A320 Family are NEOs • >60% of the widebody fleet are new-generation aircraft • Over ~700 annual initiatives oriented to contain and preserve our cost efficiency • Driving efficiency through digital and technological transformation across the group Optimal Fleet for LATAM’s Scale 1) Global Full Service Carriers average CASK ex-fuel. This includes 2025 results for: Delta Air Lines, American Airlines and United Airlines. +72% Cost Saving Discipline 0.5 4.3 CASK ex-fuel 2025 (US$ cents) High Aircraft Utilization >12.5 hours Enhanced productivity -17% (+1 hour vs 2019) Full Time Employee/ASK vs 2019 Competitive costs that enable LATAM group to compete with ultra low-cost carriers and outperform legacy carriers 4.4 4.9 8.4 GFSCLATAM 16 4
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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 17 5
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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 LATAM generated US$1.4 billion in cash before capital allocation initiatives and separately dividend payments +1,382 Cash generation +192 18 5
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Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities and does not consider other sources of liquidity such as credit cards and accounts receivable. Adjusted Net Leverage is calculated as our Adjusted Net Debt divided by Adjusted EBITDAR for the last twelve months. 19 LATAM maintained a strong balance sheet considering financial policy ranges 2.1x 1.7x 1.5x 2023 2024 2025 Liquidity (US$ million) Adjusted Net Leverage (times) Financial Policy Target <2.0x Financial Policy Range 25% 21% 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 19 5
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275 1,400 800 2026 2027 2028 2029 2030 2031 2032 2033 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. 20 Continuous optimization of cost of capital and debt tenure Weighted average cost of financial debt WACD Non-fleet financial debt amortization profile (US$ million) 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 20 5
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In summary, LATAM group is stronger than ever Large scale and competitiveness The leading airline group in South America and one of the largest globally, driven by its three core businesses and a diversified model. 21 1. Large scale and competitiveness The leading airline group in South America and one of the largest globally, driven by its three core businesses and a diversified model. 2. Opportunities in the region South America is a region experiencing structural growth through expanding trips and GDP per capita. 3. Unique value proposition Enhancing client experience and uniquely poised to capture premium demand as the global full-service carrier in the region. 4. Continued cost containment The group continues to execute its cost containment strategy, delivering exceptional results driven by a consistent, long-term approach embedded in LATAM group’s daily operations. 5. Focus on shareholder return Supported by robust financial performance and healthy cash generation, LATAM is delivering on its financial policy objectives and capital allocation strategy, returning approximately US$880 million to shareholders year-to-date. 6. Positive future outlook LATAM updated its full year 2025 guidance, reflecting improved margin indicators supported by contained costs and stable demand environment. Opportunities in the region South America is a region experiencing structural growth through expanding trips and GDP per capita. Unique value proposition Enhancing client experience and uniquely poised to capture premium demand as the global full- service carrier in the region. Continued cost containment The group continues to execute its cost containment strategy, delivering exceptional results driven by a consistent, long-term approach embedded in LATAM group’s daily operations. Robust cash generation and solid balance sheet Cash generation allowing for dividend payment and execution of share repurchase programs. Strengthened balance sheet, aiming at financial policy targets. Profitable growth into the future 2026 guidance and 2027 aspirations with path for continued profitable growth. 21
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Corporate Update February 2026