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Results Presentation Second Quarter 2026 ERS - E2 EMBRAER ....... LATAM E LTM LATAM LISTED NYSE AIRLINES ORLD AIRL KYRA ARDS 20 APEX GLOBAL 2026 August 4 , 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 3, 2026, and in our Annual Integrated Report filed April 2026, and especially the risks and uncertainties associated with global developments, including the conflicts in the Middle East. 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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• Revenues grew +28% YoY to US$4.2 billion, supported by both passenger and cargo business. • Adjusted operating margin reached 5.4%. • Net income came in at US$125 million, with an EPADS1 of US$0.44. • Adj. Operating cash flow of US$476 million. • Liquidity at US$4.2 billion and Adj. Net leverage at 1.5x. Business model strength reflected in solid second quarter results 3 • 8.9% capacity growth, with load factor of 81.8%. • Passenger unit revenue increasing 17.5% year-over-year. • Premium revenues represent 29% of passenger revenues. • LATAM Pass reached 56 million members. • Received 9 aircraft during the quarter, including 2 wide-body, ending the period with 383 aircraft. Commercial execution Financial delivery Other updates • Updating full year 2026 guidance: Adj. EBITDA to US$4.1 - 4.4 billion. • A new share repurchase program was approved by shareholders for up to 5% of the outstanding shares in five years. • Announcement of the Embraer fleet initial deployment in LATAM Airlines Brazil’s domestic market, including 8 new routes and 4 new destinations.
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Revenues Income Statement (US$ million) 2Q-2026 2Q-2025 Change Revenues 4,183 3,279 +27.6% Passenger 3,613 2,824 +27.9% Cargo 510 419 +21.8% Total Adjusted Expenses (3,956) (2,856) +38.5% Adjusted Costs ex-fuel (2,244) (1,969) +14.0% Fuel costs (1,712) (887) +93.1% Adj. EBITDA 713 850 (16.1)% Adj. Operating Income 227 423 (46.3)% Net Income 125 242 (48.2)% Passenger RASK (US$ cents) 8.1 6.9 +17.5% Passenger CASK ex-fuel (US$ cents) 4.5 4.3 +5.6% Fuel Price (with hedge)1 (US$ per barrel) 194.5 107.1 +81.3% US$4.2 B US$125 M5.4% Adj. Operating Margin Net Income LATAM remained profitable despite the unprecedented fuel environment 41. All in fuel cost is not comparable with Guidance assumptions as assumptions do not include into wing cost.
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Note: Domestic SSC refers to domestic operations of LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru, Domestic Brazil refers to LATAM Airlines Brazil domestic operations and International refers to international operations of LATAM Airlines Brazil, LATAM Airlines Chile, LATAM Airlines Colombia, LATAM Airlines Ecuador and LATAM Airlines Peru. Passenger RASKs (PRASK) presented are calculated based on accounting revenues (tickets flown) by business unit. 40.9 44.5 2Q-25 2Q-26 12.7 13.4 2Q-25 2Q-26 6.5 6.9 2Q-25 2Q-26 21.6 24.2 2Q-25 2Q-26 20.6 21.1 2Q-25 2Q-26 9.3 9.5 2Q-25 2Q-26 7.9 8.1 2Q-25 2Q-26 4.2 4.4 2Q-25 2Q-26 +8.9% +5.7% +5.3% +11.8% +2.5% +2.0% +1.3% +5.5% 6.9 8.1 2Q-25 2Q-26 7.2 8.9 2Q-25 2Q-26 8.0 9.6 2Q-25 2Q-26 6.4 7.2 2Q-25 2Q-26 +17.5% +23.7% USD +12.2% BRL +20.2% USD +14.9% Local Currencies +12.7% 83.5% 81.8% 2Q-25 2Q-26 82.6% 80.7% 2Q-25 2Q-26 80.4% 78.8% 2Q-25 2Q-26 84.8% 83.3% 2Q-25 2Q-26 -1.7 pp -2.0 pp -1.6 pp -1.6 pp Combining capacity growth with solid unit revenue increase 5 ASK (billion) Load Factor (%) Passengers (million) PRASK (US$ cent) Consolidated Domestic Brazil Domestic SSC International 5
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Deepens customer engagement and loyalty supporting a more resilient and higher-quality revenue base premium unique travelers vs 2019 29% 6 +9 p.p. vs main cabin +3 points vs passenger NPS of 56 points Premium revenue growth Premium NPS Premium revenue share1 1. Premium revenue share calculated upon passenger revenues. Premium Revenue includes Premium Cabins, Ancillaries & Upsell, LATAM Travel & Corporate revenues. Note: LATAM Pass elite members include Gold, Platinum, Black and Black Signature categories. Revenue quality supported by premium passengers and the LATAM Pass program 67% +26% YoY +48% YoY LATAM Pass elite members Elite member Third Party sales Passenger revenues generated by LATAM Pass members Premium segment that positively responds to the differentiated value proposition Premium segment
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Initial operation between November 2026 and March 2027: Including Premium Economy Offering Maintaining a consistent customer experience across aircraft types. Announcement of the first Embraer 195-E2 aircraft deployment in Brazil 7 8 New routes 4 New destinations Reaching 67 domestic destinations in Brazil vs 44 in 2019 42 routes served with the Embraer aircraft Combination of new destinations and already established bases. Cabo Frio Ji-Paraná Rondonópolis Macaé New destinations New routes Existing destinations
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Adj. Cash Flow 2Q 2026 (US$ million) 2,541 476 (168) (85) (75) 2,689 (38) 2,651 Initial Cash 2Q 2026 Adj. Operating Cash Flow CapEx Net of Financing Financial Interest Expense Adj. Financial Amortization & others Cash Before Dividends Dividend Payment Ending Cash 2Q 2026 LATAM generated US$476 million in Adj. Operating Cash Flow +148 8 Cash variation +110 1. Remaining dividend to be paid to complete the mandatory distribution of 30% of 2025 net income, following the US$400 million interim dividend already paid.
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3,533 3,725 4,226 1,575 1,575 1,575 1,958 2,150 2,651 27.1% 25.7% 26.2% RCF Cash and cash equivalentsLiquidity 2024 2025 2Q26 9 Continued strengthening of the balance sheet 9 Liquidity (US$ million) 1.7x 1.5x 1.5x 2024 2025 2Q26 Net leverage (x) Financial Policy Top Range 25% Financial Policy Target <2.0x 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 EBITDA for the last twelve months.
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Updating 2026 full year guidance under adjusted improved jet fuel scenario 10 Indicator Guidance Updated 2026E Guidance (August 4, 2026) Operating Indicators Total ASK Growth vs 2025 9.0 % - 10.0% Domestic Brazil ASK Growth vs 2025 8.0 % - 9.0% Domestic Spanish Speaking Countries ASK Growth vs 2025 4.0 % - 5.0% International ASK Growth vs 2025 11.0 % - 12.0% Total ATK Growth vs 2025 5.0 % - 6.0% Financial Indicators Revenues (US$ billion) 17.3 - 17.7 Adjusted CASK ex fuel (US$ cents) 5.00 - 5.20 Adjusted Passenger CASK ex fuel (US$ cents) 4.50 - 4.70 Adjusted Operating Income (US$ billion) 2.10 - 2.30 Adjusted Operating Margin 12.0% - 13.0% Adjusted EBITDA (US$ billion) 4.10 - 4.40 Adjusted EBITDA Margin 23.0% - 25.0% Adjusted Levered Free Cash Flow (US$ billion) ≥1.3 Liquidity (US$ billion) ≥4.7 Total Net Debt (US$ billion) ≤6.8 Total Net Debt/Adjusted EBITDA (x) ≤1.6x Assumptions Average exchange rate (BRL/USD) 5.15 Jet fuel price5 (US$/bbl) Q3:147 | Q4:130 Note: 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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Updated 2026 guidance supported by improved jet fuel prices and consistent execution. Takeaways 1 Premium customers and LATAM Pass continue strengthening revenue quality and long-term competitiveness. 3 Business model validated through effective execution under an unprecedented fuel environment. Diversified ecosystem and commercial flexibility enabled effective mitigation of higher fuel costs. 2 4 11
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August 4, 2026 Results Presentation Second Quarter 2026