LATAM Airlines Group SA (LTM) 2024 Q4 法說會逐字稿

Hello, and welcome to the fourth quarter 2024 LATAM Airlines Group earnings conference call. My name is Alex. I'll be coordinating the call today. (Operator Instructions)

您好，歡迎參加 LATAM 航空集團 2024 年第四季財報電話會議。我叫亞歷克斯。我今天將負責協調這次電話會議。（操作員指令）

Before I turn the call over to management, I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations, and as such, constitute forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance or guidance, are forward-looking statements. These statements are based on a range of assumptions that LATAM believes are reasonable, but are subject to uncertainties and risks that are discussed in detail in the published 20-F, 2025 guidance earnings release, financial statements and related CMF and SEC filings.

在我將電話轉給管理層之前，我想提醒您，本次演示和問答過程中的某些陳述可能與未來事件和預期有關，因此構成前瞻性陳述。今天討論的任何非歷史事實的事項，特別是有關公司未來計劃、目標和預期業績或指導的評論，均為前瞻性陳述。這些聲明是基於 LATAM 認為合理的一系列假設，但受制於已發布的 20-F、2025 年指引收益報告、財務報表以及相關 CMF 和 SEC 文件中詳細討論的不確定性和風險。

The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors, which are discussed in detail in our SEC filings.

由於多種因素，公司的實際結果可能與任何前瞻性陳述中預測或建議的結果有很大差異，這些因素在我們提交給美國證券交易委員會的文件中進行了詳細討論。

I'd now like to turn it over to the management team to begin. Please go ahead.

現在我想把這個任務交給管理團隊開始。請繼續。

Hello, everyone, and good morning. Welcome to the fourth quarter and full year 2024 conference call, and thank you all of you for joining us today. My name is Andres Valle, Vice President of Corporate Finance at LATAM Airlines Group. Here with me today is Roberto Alvo, our CEO; Mr. Ricardo Bottas, our CFO, who recently joined the team; and Tori Creighton, Head of Investor Relations, and would present our highlights and results for the fourth quarter and full year 2024.

大家好，早安。歡迎參加 2024 年第四季和全年電話會議，感謝大家今天的加入。我叫 Andres Valle，是 LATAM 航空集團企業財務副總裁。今天和我一起在場的是我們的執行長 Roberto Alvo；我們的財務長 Ricardo Bottas 先生最近加入了團隊；以及投資者關係主管 Tori Creighton 將介紹我們 2024 年第四季和全年的亮點和業績。

I will hand it over to Roberto to share opening remarks over the quarters and years highlights. Once he's finished, I'll present them in more detail, alongside the financial results. Over to you, Roberto.

我將把時間交給羅伯托 (Roberto)，讓他分享本季和年度亮點的開場白。一旦他完成，我將更詳細地介紹它們以及財務結果。交給你了，羅伯托。

Thank you, Andres. Good morning, everyone, and thank you for joining us to review LATAM Group's performance for the fourth quarter and full year results.

謝謝你，安德烈斯。大家早安，感謝大家加入我們，回顧 LATAM 集團第四季和全年業績。

Before we begin, on behalf of LATAM Airlines, I'd like to express our deepest condolences about the recent accident in Washington. Our thoughts are with the love ones of passengers and crew on board of the aircraft and the helicopter and the American Airlines team during this difficult time.

首先，我謹代表拉美航空對最近在華盛頓發生的事故表示最深切的哀悼。在這艱難的時刻，我們的思念與飛機和直升機上的乘客、機組人員以及美國航空團隊的摯愛同在。

Also, before I turn to the results, I'd like to invite Ricardo to introduce himself. He has a proven track record of over two decades and vast experience in corporate finance, financial planning, tax, accounting and Investor Relations. Among other areas, working for multinational public companies in Brazil. He was also a CEO for a few years, and it's great to have him here.

另外，在我宣布結果之前，我想請里卡多做自我介紹。他在企業財務、財務規劃、稅務、會計和投資者關係方面擁有二十多年的豐富經驗。除其他領域外，他還為巴西的跨國上市公司工作。他也曾擔任過幾年的首席執行官，很高興他能來我們公司。

So Ricardo, over to you.

那麼里卡多，交給你了。

Thank you, Roberto. First of all, I'm thrilled to be joining LATAM Airlines, I've always admired it. It's an exciting time, and it's the best moment in the user of the group. But for sure, there's still a lot to be done, and I'm looking forward to the challenge.

謝謝你，羅伯托。首先，我很高興加入 LATAM 航空，我一直很欽佩它。這是一個令人興奮的時刻，也是群組使用者最開心的時刻。但可以肯定的是，還有很多事情要做，我期待著挑戰。

As Roberto mentioned, I've worked in finance in many different roles, in different industries related to health care, insurance and energy. And now I'm joining the aviation industry, and I could be more excited to work together with LATAM's teams from (inaudible). So thank you, Roberto, again, and back to you.

正如羅伯託所提到的，我在金融領域擔任過許多不同的職務，涉及醫療保健、保險和能源等不同的行業。現在我加入了航空業，我非常高興能夠與 LATAM 的團隊合作（聽不清楚）。所以，再次感謝你，羅伯托，祝你一切順利。

Thank you, Ricardo. Overall, 2024 was a year of significant achievements for LATAM. Not only in the financial sense, which we successfully met our 2024 updated guidance, but also with respect to our customer satisfaction, our operations and our capacity to profitably grow, not only on our passenger operations, but also in our cargo business and loyalty program. The results, in my view, are a testimony of the resilient model we have built over the years that allow us to achieve these results in the context of very dynamic macroeconomic and competitive environment.

謝謝你，里卡多。總體而言，2024 年對 LATAM 來說是取得重大成就的一年。不僅在財務意義上，我們成功實現了 2024 年最新指引，而且在客戶滿意度、營運和盈利增長能力方面，不僅在我們的客運業務方面，而且在我們的貨運業務和忠誠度計劃方面。我認為，這些結果證明了我們多年來建立的彈性模型，該模型使我們能夠在非常動態的宏觀經濟和競爭環境中取得這些成果。

We're incredibly proud of this accomplishment, which wouldn't have been possible without the hard work and dedication of our more than 38,000 employees. Thank you very much to each one of you. You are the engine that is driving LATAM today.

我們為這項成就感到無比自豪，如果沒有我們 38,000 多名員工的辛勤工作和奉獻，這項成就是不可能實現的。非常感謝你們每一個人。你們是如今推動 LATAM 發展的引擎。

In terms of operations, during the quarter, LATAM Group grew approximately 12% compared to the previous year and grew 15% for the full year, while maintaining healthy load factors, highlighting our ability to grow efficiently. For the full year, we transported a record-breaking 82 million passengers, further solidifying our role as a key player in connecting tool across 151 destinations in 27 countries, and allowing South America to be connected within itself and the world. These achievements reinforce LATAM Group's position as the number one carrier by market share in five domestic markets and the leading airline group in South America.

營運方面，本季度，LATAM集團較上年同期成長約12%，全年成長15%，同時維持了健康的載客率，凸顯了我們高效成長的能力。全年，我們運輸乘客量創下了 8200 萬人次的紀錄，進一步鞏固了我們作為連接 27 個國家 151 個目的地的重要工具的角色，並使南美洲能夠相互聯繫以及與世界相連。這些成就鞏固了 LATAM 集團作為國內五大市場佔有率第一的航空公司和南美領先航空集團的地位。

The group cargo operations also delivered robust results during the second half of 2024, ending the year with improved load factors, better unit revenue and showcasing operational growth. Similarly, as of the end of the year, our Frequent Flyer Program, LATAM pass, reached 49 million members, reaffirming its position as the largest loyalty program in the region.

該集團的貨運業務在 2024 年下半年也取得了強勁的業績，年底的載客率有所提高，單位收入有所增加，並展示了營運成長。同樣，截至年底，我們的飛行常客計劃 LATAM pass 會員數已達 4900 萬，重申了其作為該地區最大忠誠度計劃的地位。

LATAM's financial results also reflected continuous cost efficiency. Adjusted passenger tax ex-fuel for the year was $0.042, which is 1.5% lower than our 2023 figure. This led us to another double-digit adjusted operating margin of 12.7% outperforming our guidance. Adjusted EBITDAR reached $3.1 billion for the year, bringing full year net income to $977 million, which nearly doubles our 2023 figure. These achievements are not just historical milestones for the company, but there are also a testament of the dedication, resilience and collective effort of the entire team.

LATAM 的財務表現也反映出持續的成本效率。全年調整後的不含燃油的乘客稅為 0.042 美元，比我們 2023 年的數字低 1.5%。這使我們的調整後營業利潤率再次達到兩位數，達到 12.7%，超出了我們的預期。調整後的 EBITDAR 全年達到 31 億美元，使全年淨收入達到 9.77 億美元，幾乎是我們 2023 年數字的兩倍。這些成就不僅是公司的歷史里程碑，更是整個團隊的奉獻精神、韌性和集體努力的證明。

We have consistently delivered strong improvements in our capital structure. As you have followed our progress, you've seen how we've actively reduced our leverage, which now stands at 1.7x, with liquidity currently at 27%, ensuring LATAM has a strong balance sheet. It is worth mentioning our successful refinancing exercise conducted in the fourth quarter, which significantly reduced the cost of the majority of our non-fleet debt.

我們持續不斷地大力改善資本結構。當您關注我們的進展時，您會看到我們如何積極降低槓桿率，目前槓桿率為 1.7 倍，流動性目前為 27%，確保 LATAM 擁有強勁的資產負債表。值得一提的是，我們在第四季度成功進行了再融資，大大降低了大部分非船隊債務的成本。

The focus and efforts we have devoted to placing our customers at the center of our decision-making, devoting ourselves to continuously improving the travel experience also bore fruit. Customer satisfaction reached an unprecedented level, achieving the highest-ever total Net Promoter Score of 51 points, and 56 points for our premium passengers and also the lowest rate of customer complaints in Chile, Brazil and Peru, where we have public figures to be compared.

我們將客戶置於決策中心，致力於不斷改善旅行體驗，這些努力也取得了成果。乘客滿意度達到了前所未有的水平，總淨推薦值達到了歷史最高水平，達到51分，高級乘客淨推薦值達到56分，同時在有公眾數據可供比較的智利、巴西和秘魯，乘客投訴率也達到最低水平。

Additionally, for the sixth consecutive year, LATAM ranked among the top 5 global airline groups in punctuality, underscoring its operational performance and commitment to ensuring passengers arrive on time and comfortably. Furthermore, LATAM Airlines Group was incorporated into the Dow Jones Sustainability Index and was recognized as the fifth most sustainable airline group worldwide and the most sustainable group in the Americas and the Western Hemisphere. Once again, these achievements underline our commitment to combining operational excellence with environmental and social responsibility.

此外，LATAM連續第六年躋身全球五大準點率航空集團之列，凸顯了其營運業績以及確保旅客準時舒適抵達的承諾。此外，拉丁美洲航空集團被納入道瓊永續發展指數，並被評為全球第五大最具永續發展能力的航空集團，以及美洲和西半球最具永續發展能力的集團。這些成就再次凸顯了我們致力於將卓越營運與環境和社會責任結合的承諾。

As we close 2024 and we embark in a new year, I believe it's important to summarize, again, our achievements. In 2024, we delivered our best financial results so far, including very strong balance sheet, keeping at the same time, our extremely efficient cost base. Our network presence is strong in every segment we operate.

隨著 2024 年即將結束、新的一年即將到來，我認為再次總結我們的成就非常重要。2024 年，我們取得了迄今為止最好的財務業績，包括非常強勁的資產負債表，同時保持了極其高效的成本基礎。我們的網路影響力在我們營運的每個領域都十分強大。

We transported more passengers than ever before, and we did so with our historically best customer satisfaction score, all of this in the context of being one of the most functional and more environmentally conscious airlines in the world.

我們運送的乘客數量比以往任何時候都多，並且取得了歷史上最高的客戶滿意度，而這一切都建立在我們成為世界上最具功能性和環保意識的航空公司之一的背景下。

Looking ahead, in the short term, we expect demand to remain healthy, with steady booking curve for the first quarter of 2025. In particular, the International segment continues to demonstrate strong levels of bookings for the current high season.

展望未來，短期內，我們預期需求將保持健康，2025 年第一季的預訂曲線將保持穩定。尤其是國際部分在當前旺季持續表現出強勁的預訂量。

Thanks again for your time. I'd like to turn the call over to Andres to further discuss our financial operating results.

再次感謝您的時間。我想將電話轉給安德烈斯，進一步討論我們的財務營運表現。

Thank you, Roberto. Let's move to the following slide, please. Diving deeper into fourth quarter operating figures, LATAM Group continues to show robust operational growth year-over-year with more passengers choosing us across all markets. In this sense, during the quarter, the group transported 21.5 million passengers. This is a 7% increase compared to fourth quarter of 2023 and achieved a record breaking 82 million passengers for the full year, reinforcing LATAM as the largest (inaudible) in South America and top 10 globally in terms of seats.

謝謝你，羅伯托。請讓我們轉到下一張投影片。深入研究第四季的營運數據，LATAM集團持續呈現強勁的營運成長，各個市場的旅客也越來越多地選擇我們。從這一意義上講，本季度該集團運送了 2,150 萬名乘客。與 2023 年第四季相比，這一數字增長了 7%，全年客運量達到創紀錄的 8,200 萬人次，鞏固了 LATAM 作為南美洲最大（聽不清楚）航空公司和全球座位數排名前十航空公司的地位。

Also, during this period, capacity grew by approximately 12%, while maintaining healthy load factors across all segments, with a notable consolidated load factor of almost 86% for the quarter. In terms of consolidated revenues per ASK, we see a decrease of 10% year-over-year, though stable compared to the third quarter of 2024. This increase was influenced by the decline in jet fuel prices year-on-year and currency depreciation in some of our main markets, especially in Brazil, since RASK are presented in USD.

此外，在此期間，運能成長了約 12%，同時所有部門的載客率均保持良好，本季的綜合載客率顯著接近 86%。就每 ASK 的綜合收入而言，我們發現其年減了 10%，但與 2024 年第三季相比保持穩定。這一增長受到航空燃油價格年減以及我們部分主要市場（尤其是巴西）貨幣貶值的影響，因為 RASK 以美元計價。

However, when analyzing RASK in local currency, we observed an average increase of 30% among Spanish-speaking countries, while LATAM (inaudible) affiliates operate. In Brazil, however, the comparison base is exceptionally high in the fourth quarter of 2023.

然而，在以當地貨幣分析 RASK 時，我們發現西班牙語國家的平均成長了 30%，而 LATAM（聽不清楚）的附屬公司則在運作。然而，在巴西，2023 年第四季的比較基數異常高。

LATAM Group's diversified network and strong value proposition has enabled us to deliver solid results this quarter with improved margins that we can see now on slide 5. In this fourth quarter, LATAM continued to consolidate the trend of strong financial performance, achieving an adjusted operating margin of 13.6%, supported by revenue growth and cost discipline. Total revenues increased by 4% year-over-year, driven by a remarkable 29% growth in tariff revenues, marking the third consecutive quarter of improvement. Total adjusted operating expenses increased by only 1% in the quarter, primarily driven by a 12% increase in capacity, offset by a decline of 23% in jet fuel prices, including hedges, which helped mitigate cost pressures and further contributed to operational efficiency.

LATAM 集團多元化的網絡和強大的價值主張使我們能夠在本季度取得穩健的業績，利潤率也有所提高，我們現在可以在幻燈片 5 上看到這一點。本季度，LATAM持續鞏固強勁的財務業績趨勢，在營收成長和成本控制的支持下，調整後營業利潤率達到13.6%。總收入年增 4%，其中關稅收入大幅成長 29%，這是連續第三個季度實現成長。本季調整後總營業費用僅成長1%，主要由於運能成長12%，但包括避險在內的航油價格下降23%抵銷了此影響，有助於緩解成本壓力，進一步提高營運效率。

Adjusted EBITDAR grew by 28% to $866 million, while net income for the quarter reached $272 million, marking a 228% increase compared to the same period of 2023. These results emphasize the effectiveness of our operational strategy and our focus on consistent financial performance.

調整後 EBITDAR 成長 28% 至 8.66 億美元，本季淨收入達 2.72 億美元，較 2023 年同期成長 228%。這些結果強調了我們的營運策略的有效性以及我們對持續財務表現的關注。

Turning to the next slide. The financial results achieved -- reflect commitment to enhancing the customer experience as a vital element of our strategic vision. This year, we made progress on elevating the quality and satisfaction of our services. A key metric of our success is the improvement in our Net Promoter Score, which climbed to 51 points, marking a three-point increase from the previous year, while our Net Promoter Score for payment travelers with 56 bonds during 2024.

翻到下一張投影片。所取得的財務表現反映了我們致力於提升客戶體驗的承諾，這是我們策略願景的重要組成部分。今年我們在提升服務品質和滿意度方面取得了進步。我們成功的一個關鍵指標是淨推薦值的提升，該值攀升至 51 分，比上一年增加了 3 個百分點，而 2024 年支付旅行者的淨推薦值則為 56 分。

While there is always room for improvement, LATAM (inaudible) has the lowest of customer complaints across Chile, Brazil and Peru. Punctuality is another corner of our service excellence, and we are proud to be recognized as one of the most punctual group of garments in the industry. This commitment to reliability ensures that our flights consistently depart and arrived on schedule and has the travel experience for all of our passengers.

儘管還有改進的空間，但 LATAM（聽不清楚）在智利、巴西和秘魯的客戶投訴率最低。準時是我們卓越服務的另一個方面，我們很自豪地被公認為業內最準時的服裝集團之一。對可靠性的承諾確保了我們的航班始終準時起飛和到達，並為所有乘客提供優質的旅行體驗。

To further enhance the passenger experience, we have successfully implemented Wi-Fi connectivity across 100% of the innovative fleet ready by LATAM (inaudible) Brazil, and 75% of the narrow-body fleet operated by affiliates based in Spanish-speaking countries. We have also completed the comprehensive monetization of our nobody fleet, incorporated the latest technology and conflated science to provide a superior travel experience.

為了進一步提升乘客體驗，我們已成功為 LATAM（聽不清楚）巴西航空準備好的 100% 創新機隊以及西班牙語國家附屬公司運營的 75% 窄體機隊實現了 Wi-Fi 連線。我們還完成了無人車隊的全面貨幣化，融入了最新技術並整合科學，以提供卓越的旅行體驗。

Additionally, as of December 2024, 54% of LATAM's Group fleet feature a retrofitted interior. These achievements reflect our relenting focus on customer satisfaction and loyalty.

此外，截至 2024 年 12 月，LATAM 集團 54% 的機隊均配備了經過改裝的內裝。這些成就體現了我們對客戶滿意度和忠誠度的持續關注。

Let's move to slide 7, please. As I just mentioned, we have made significant progress in the travel experience. But at the same time, we have demonstrated remarkable financial discipline by keeping our unit costs stable. Our unadjusted passenger cash ex-fuel remains at competitive $0.042, highlighting our effective cost management strategies amidst industry challenges and focus on continued investing in improving our product and customer experience.

請讓我們轉到第 7 張投影片。正如我剛才提到的，我們在旅行體驗方面取得了重大進展。但同時，我們透過維持單位成本穩定，展現了卓越的財務紀律。我們的未經調整的乘客現金（不含燃料）仍然保持在具有競爭力的 0.042 美元，突顯了我們在行業挑戰中有效的成本管理策略，以及專注於繼續投資於改善我們的產品和客戶體驗。

The next slide, please. Turning to the next slide. In 2024, sustainability continue to be a core sort of LATAM Group's strategy, cutting our investments and innovations across the region. In this sense, we have been reincorporated in the tar Jones sustain index and recognized as the most sustainable current group in the Americas and rank fifth worldwide.

請翻到下一張投影片。翻到下一張投影片。2024 年，永續發展將繼續成為 LATAM 集團的核心策略，並將在整個地區進行投資和創新。從這個意義上講，我們被重新納入焦油瓊斯永續發展指數，並被公認為美洲最具永續性的當代集團，在全球排名第五。

On the other hand, we proudly secured South America's first (inaudible) link loan, underscoring leadership and commitment to sustainable finance. Additionally, in December, Petersham, a joint study with the MIT and Airbus, were published which focused on advancing the production of sustainable edition fuel in our region. This initiative presents a step forward in reducing capital emissions and promoting cleaner aircraft.

另一方面，我們自豪地獲得了南美洲首筆（聽不清楚）連結貸款，彰顯了我們的領導力和對永續金融的承諾。此外，12 月，麻省理工學院和空中巴士公司共同發表了《彼得舍姆》研究報告，重點是推動我們地區可持續燃料的生產。這項措施對於減少資本排放和推廣更清潔的飛機而言是向前邁出的一步。

Beyond this advance, LATAM Group has made tangible environmental progress. In 2024 alone, we recycled 280 tons of waste on domestic flights, contributing to circle economy initiatives. And since 2010, our airports and fuel efficiencies have helped about 4.5 million tons of CO2 emissions. Our solidarity (inaudible) program has transported over 16,000 passengers and 3,500 tons of cargo free of charge since 2021, reaffirming our commitment to social impact.

除了這項進步之外，LATAM集團還取得了實際的環境進步。光是在 2024 年，我們就回收了國內航班上的 280 噸廢棄物，為循環經濟計畫做出了貢獻。自 2010 年以來，我們的機場和燃油效率已減少約 450 萬噸二氧化碳排放。我們的團結（聽不清楚）計畫自 2021 年以來已免費運送了超過 16,000 名乘客和 3,500 噸貨物，重申了我們對社會影響的承諾。

By investing in sustainable technologies and partnerships, Group is not only reducing its environmental footprint and not also setting new standards for the aviation industry. We are committed to leading the way in sustainability and through a greener future for durations to come.

透過投資永續技術和合作夥伴關係，集團不僅減少了對環境的影響，也為航空業樹立了新的標準。我們致力於引領永續發展，創造更綠色的未來。

Let's move to slide 9. Our performance results reflect a commitment to enhancing the customer experience, which contributed to both our quarterly and full year figures. For the full year 2024, LATAM delivered on its updated guidance, achieving notable financial results that continue to improve year-over-year. In this time, annual revenues reached $13 billion, representing an approximately 11% growth year-over-year. Annual adjusted operating margin was 12.7%. This is an increase of 1.5 percentage-points compared to 2023, while adjusted EBITDAR increased by 23% to $3.1 billion. LATAM was a solid foundation for sustained growth in 2025, as you can see in our two guidance figures, which support continued financial improvement.

我們轉到第 9 張投影片。我們的業績體現了我們致力於提升客戶體驗的承諾，這對我們的季度和全年業績均有所貢獻。2024 年全年，LATAM 兌現了最新指引，取得了顯著的財務業績，並且逐年持續改善。在此期間，年收入達到 130 億美元，年增約 11%。年度調整後營業利益率為12.7%。與 2023 年相比，這增加了 1.5 個百分點，而調整後的 EBITDAR 則成長 23% 至 31 億美元。拉丁美洲為2025年的持續成長奠定了堅實的基礎，正如您從我們的兩個指導數據中所看到的，它們支持持續的財務改善。

All of these positive results are reflected in the net income generation for the year, which amounted to EUR977 million, near double the 233 figure.

所有這些積極成果都反映在全年淨收入中，達到 9.77 億歐元，幾乎是 233 億歐元的兩倍。

Moving to slide 10. As you know, we considered cash reasons with a true measure of performance. In this sense, adjusted operating cash flow generation for the year totaled $2.8 billion, while investments in maintenance and growth amounted to $1.5 billion. Through our 224 LATAM rated $243 million in cost in cash. Notably, this includes the allocation of $165 million for the mandatory minimum dividend payment and $207 million for the refinancing exercise conducted in October of last year.

移至投影片 10。如您所知，我們在考慮現金原因的同時，也考慮了真實的績效衡量標準。從這個意義上講，全年調整後的經營現金流總計 28 億美元，而維護和成長方面的投資則達到 15 億美元。透過我們的 224 LATAM 評級，現金成本為 2.43 億美元。值得注意的是，其中包括撥款 1.65 億美元用於強制性最低股息支付，以及撥款 2.07 億美元用於去年 10 月進行的再融資活動。

In both cases, we reinforced a commitment to sustainable capital allocation and the revalue shareholders. Please join me on slide 11. LATAM continues to strengthen its capital structure in 2024, and also deliver on this front with regard to its updated guidance. Liquidity at the end of the year reached $3.5 billion, equivalent to 27% of last Bank's revenues, while adjusted net leverage decreased 1.7 times.

在這兩種情況下，我們都加強了對永續資本配置和股東重新估值的承諾。請和我一起觀看第 11 張投影片。LATAM 將在 2024 年繼續加強其資本結構，並根據其更新後的指引在這方面取得進展。年末流動性達35億美元，相當於去年銀行收入的27%，而調整後的淨槓桿率下降了1.7倍。

These results have continued deleveraging efforts and commitment to financial discipline. This bus capital structure provides LATAM with the flexibility to fund growth initiatives, while ensuring long-term stability. Given the strong cash ratio in '24, LATAM's consistent financial performance over the past three years, the company has updated its financial policy aligned with its best interest and strategic objectives.

這些成果得益於持續的去槓桿努力和對財務紀律的承諾。這種公車資本結構為 LATAM 提供了資助成長計畫的靈活性，同時確保了長期穩定性。鑑於24年的強勁現金比率以及LATAM過去三年的穩定財務表現，該公司已更新了其財務政策，以符合其最佳利益和策略目標。

This policy establishes a capital allocation framework, (inaudible) balance sheet strength, profit growth investments and shareholder returns beyond the mandatory dividend distribution. The strategic focus of maintaining financial discipline by optimizing because of debt, having adjusted net leverage below 2 times and are starting to reach a BB-plus rating. The policy also outlines a range of optimal liquidity between 21% and 25% of [LATAM] (inaudible) revenues.

該政策建立了資本配置框架、（聽不清楚）資產負債表實力、利潤成長投資和超越強制性股息分配的股東回報。策略重點是透過優化債務來維持財務紀律，調整後的淨槓桿率已低於 2 倍，並開始達到 BB-plus 評級。該政策還概述了 [LATAM]（聽不清楚）收入的 21% 至 25% 之間的最佳流動性範圍。

In line with this policy, LATAM's Management Board recurrently analyze alternative for a further capital return program to shareholders, including, but not limited to, incremental dividends, share buybacks, and/or growth capital and strategic investments for most effective allocation of capital in 2025 and beyond.

根據這項政策，LATAM 管理委員會定期分析向股東提供進一步資本回報計畫的替代方案，包括但不限於增量股利、股票回購和/或成長資本和策略性投資，以便在 2025 年及以後實現最有效的資本配置。

Considering that the current share ADR price may be undervalued compared to historic multiples, and while share buybacks are not common practice, the Board of Directors will evaluate whether an $150 million, share buyback program can be implemented, while mitigating the impact to sure current trading liquidity.

考慮到目前的股票 ADR 價格與歷史倍數相比可能被低估，且股票回購並非常見做法，董事會將評估是否可以實施 1.5 億美元的股票回購計劃，同時減輕對確保當前交易流動性的影響。

Let's move to slide 12. Looking ahead to 2025, LATAM Group anticipates continued growth and financial strength. Capacity measured in A case is expected to grow by 7% to 9% as a whole, supported by the addition of 22 new aircraft throughout the year with revenues forecast reached $14 billion to $14.5 billion.

我們轉到第 12 張投影片。展望 2025 年，LATAM 集團預計將繼續實現成長並保持財務實力。A類情況預期整體運能成長7%-9%，得益於全年新增22架新飛機，營收預計達140億-145億美元。

Adjusted EBITDA is projected at $3.25 billion to $3.6 billion, supported by a healthy demand environment, a diversified value proposition, disciplined cost management and strong liquidity. LATAM remains focused on delivering operational excellence and create value for all stakeholders this year.

調整後的 EBITDA 預計為 32.5 億美元至 36 億美元，這得益於健康的需求環境、多樣化的價值主張、嚴格的成本管理和強大的流動性。今年，LATAM 將繼續致力於實現卓越營運並為所有利益相關者創造價值。

Let me conclude on slide 13. 224 was a strong year for LATAM Group. We witnessed a record-breaking number of passengers transported, while achieving significant operational males that underscore our strategic priorities. Throughout we consistently delivered strong financial results with an annual net income of $977 million, doubling '23 figure. 'We also achieved an adjusted EBITDA of $3.1 billion representing a 23% increase year-over-year.

讓我在第 13 張投影片上結束演講。我們見證了客運量創紀錄的同時也實現了重要的營運目標，凸顯了我們的策略重點。我們始終如一地保持強勁的財務業績，年淨收入達 9.77 億美元，是 23 年的兩倍。「我們也實現了 31 億美元的調整後 EBITDA，年增 23%。

Our commitment to cost containment is reflected in our unadjusted cash ex-fuel of $0.042. For 2025, we expect to sustain this growth momentum. Cash and satisfaction increased, as evidenced by net promoter score of 51 points, a three-point improvement over 2023. LATAM was ranked as the fourth most punctual global (inaudible) during the year, further enhancing customer satisfaction and our organization for availability.

我們對成本控制的承諾體現在未經調整的燃料現金價格 0.042 美元。到 2025 年，我們預計將保持這一成長勢頭。現金和滿意度增加，淨推薦值為 51 分，比 2023 年提高了 3 個百分點。LATAM 航空在今年的全球準時性排名中排名第四（聽不清楚），這進一步提高了客戶滿意度和我們的組織可用性。

Our leadership in sustainability distinguishes us within the industry, having secured South America's first subtended linked loan and recognition as the most sustainable airline group in the Americas and the fifth worldwide. These accomplishments illustrate LATAM's forward-looking focus, well prepared for future opportunities and to navigate the evolving aviation landscape.

我們在永續發展方面的領導地位使我們在業界脫穎而出，已獲得南美洲第一筆關聯貸款，並被公認為美洲最具永續性的航空集團和全球第五大航空集團。這些成就體現了 LATAM 的前瞻性重點，為未來機會做好了充分準備，並能駕馭不斷變化的航空格局。

Thank you. We now welcome any questions that you may have.

謝謝。現在我們歡迎您提出任何問題。

(Operator Instructions)

（操作員指令）

Michael Linenberg, Deutsche Bank.

德意志銀行的麥可‧林伯格（Michael Linenberg）。

Roberto, Andreas, Ricardo, Tori. And by the way, a warm welcome to Ricardo. Not only are you joining an airline that is a leader in Latin America, but I think many viewed as the gold standard on a global basis. So welcome aboard.

羅伯托、安德烈亞斯、里卡多、托里。順便說一句，我熱烈歡迎里卡多。您不僅加入了拉丁美洲領先的航空公司，而且我認為很多人認為它是全球的黃金標準。歡迎加入。

I have two questions here. And maybe the first one to Andres and/or the team. You reiterated your December guidance. And yet, over the past two months, we've seen the currency depreciate pretty meaningfully against the dollar as well as fuel prices moved up. And so my question is, what are you seeing with respect to the pass-through of basically the higher cost of doing business that gives you confidence that you feel good about reiterating these numbers, the margins and revenue growth?

我有兩個問題。也許是第一個給安德烈斯和/或團隊的。您重申了 12 月的指引。然而，在過去兩個月裡，我們看到貨幣兌美元大幅貶值，同時燃料價格上漲。所以我的問題是，從基本上更高的經營成本的轉嫁方面來看，您看到了什麼，讓您有信心重申這些數字、利潤率和收入成長？

Thanks, Mike. This is Roberto, I'll take the question, and thanks for the compliments as well. Well, our guidance has $90 per barrel of jet fuel and BRL 5.8 at the current levels on both commodities are not very far from that, even though we've seen, of course, volatility. At this point in time, I think that we still feel very confident about our guidance. The booking curve in the first few months of the year is healthy and solid in almost every line of business where we have. Taro has bounced back nicely as well since the second semester of last year through the beginning of this year as well.

謝謝，麥克。我是羅伯托，我來回答這個問題，也感謝您的讚美。嗯，我們的預期是每桶航空燃油價格為 90 美元，而目前這兩種商品的價格為 5.8 巴西雷亞爾，距離這一價格相差不遠，儘管我們當然看到了波動。目前，我認為我們仍然對我們的指導非常有信心。幾乎在我們所有的業務範圍內，今年前幾個月的預訂曲線都是健康而穩健的。從去年下半年到今年年初，太郎的恢復情況也很好。

And I think that the ability we have to diversify our portfolio, move our assets around make sure that this is an opportunity for LATAM remains. One of the things I told you in past calls is that one of the things that we build is something I call relative strength. And actually, in these moments of volatility is when I think that our position allows us to take advantage of that relative strength and eventually induce opportunities of us solidifying our network and our presence. So we remain confident we have the tools, we believe to overcome this volatility.

我認為，我們有能力實現投資組合多元化，轉移資產，這確保了 LATAM 仍然有機會。我在過去電話中告訴你們的一件事是，我們所建構的東西之一就是我所說的相對強度。實際上，我認為，在這些動盪的時刻，我們的地位使我們能夠利用相對優勢，並最終帶來鞏固我們的網路和存在的機會。因此，我們仍然相信，我們擁有克服這種波動的工具。

I mean, be mindful that the real depreciated 20% in 2024. It was before below 5% at the beginning of the year ended in six. And despite of that, we were able to deliver the results we had in 2024. So we remain optimistic and confident that we have the ability to do that in 2025.

我的意思是，請注意，2024 年實際匯率將貶值 20%。年初時比率仍低於 5%，到 6 月結束時則為 5%。儘管如此，我們仍然能夠在 2024 年取得成果。因此，我們仍然保持樂觀並有信心，我們有能力在 2025 年實現這一目標。

Great. And then just my second question on -- Go ahead.

偉大的。然後是我的第二個問題——請說。

Go ahead. No, go ahead. Go ahead.

前進。不，繼續吧。前進。

Just my second question. Hearing your sort of potential opportunity with respect to capital deployment, shareholder returns, considering a share repurchase, are there any restrictions or mitigating factors that you mentioned $150 million on size. I realized that a good portion of your float is held by insiders. Is that one of the gating issues in sizing a potential share repurchase? If you could talk about that?

這只是我的第二個問題。聽到您在資本配置、股東回報、考慮股票回購方面的潛在機會，是否存在您提到的 1.5 億美元規模的限製或緩解因素。我意識到你的大部分流通股都是由內部人士持有的。這是確定潛在股票回購規模的限制問題之一嗎？您能談談這個嗎？

Thank you, Michael. So first, just to remind particularly people in the US that are not necessarily very close to Chilean loss, either dividend distribution at the end of the policy over 30% or buybacks need to be approved by shareholders, okay? So this is not a Board decision. Board can recommend. Ultimately, shareholders make that decision. So we will do that in case we decide to move in this direction.

謝謝你，麥可。所以首先，只是想特別提醒一下那些不一定非常接近智利損失的美國人，無論是政策結束時的股息分配超過 30% 還是回購都需要得到股東的批准，好嗎？所以這不是董事會的決定。董事會可以推薦。最終，股東做出決定。所以如果我們決定朝這個方向發展，我們就會這麼做。

Yes, we are mindful of the liquidity of the share. These operations are not very typical in Chile either. I mean there's very few cases, and none of relatively important side. So we want to analyze the law provides for this, so it can be done. But of course, we want to analyze very well the feasibility of doing that. But the size is limited today basically to our understanding that we don't want to impact the liquidity of the shares, particularly in the US market. So that's a constraint we have very much in mind today.

是的，我們關注股票的流動性。這種行動在智利也不是很典型。我的意思是這種情況很少，而且沒有相對重要的方面。所以我們要分析法律對此的規定，這樣才可以做到這一點。但當然，我們希望充分分析這樣做的可行性。但今天的規模基本上是有限的，因為我們不想影響股票的流動性，特別是在美國市場。所以這是我們今天非常重視的限制。

Jens Spiess, Morgan Stanley.

摩根士丹利的 Jens Spiess。

Congrats on the strong results to finish and wrap up the year. I just had a question on prices mainly. I mean looking at Brazilian market, in local currencies, your prices are down. So if you could just explain a bit more what's going on there? And if you see further pressure going forward?

恭喜您在今年取得的優異成績。我主要想問的是價格問題。我的意思是看看巴西市場，以當地貨幣計算，價格下降了。那麼你能進一步解釋一下那裡發生了什麼事嗎？如果您認為未來壓力會進一步增加？

And also, on the international side, understand what's mainly driving the decrease in prices? Is it more interregional international flights? Or is it long haul? In terms of mix, how should we think about it?

另外，從國際方面來看，您了解導致價格下降的主要原因是什麼嗎？是更多的跨區國際航班嗎？還是長途？在混合方面，我們該如何思考？

Yeah. So traffic in domestic Brazil remains healthy. And last quarter of 2023 was, in particular, very strong. So there's a very high basis of comparison vis-a-vis 2023. In absolute terms, nonetheless, during 2024, we saw a healthy movement of yields in domestic Brazil. And at this point in time, we have no indication that demand will not continue to be healthy going forward.

是的。因此巴西國內的交通依然健康。尤其是 2023 年最後一個季度，表現非常強勁。因此，與 2023 年相比，比較基礎非常高。儘管如此，從絕對值來看，在 2024 年，我們看到巴西國內殖利率呈現健康的趨勢。目前，我們沒有跡象表明未來需求不會繼續保持健康。

With respect to international, it's been relatively across the board. I would say that Brazil to Europe -- Latin America to Europe, in general, has been very healthy. A little bit less so to the US, but still in good healthy figures. And regional, which is international within South America, had a very nice rebound as well. Do we -- do remember that international was the last segment to recover from the pre-pandemic level. So what we saw in 2024 was still probably the last bit of the recovery, and that's why also we grew around 20% in international.

就國際而言，它是相對全面的。我想說，整體而言，巴西與歐洲——拉丁美洲與歐洲之間的連結非常健康。與美國相比，情況稍差一些，但仍處於良好的健康水平。南美洲境內的國際區域性市場也出現了非常好的反彈。我們是否記得，國際市場是最後一個從疫情前水準恢復的市場。因此，我們在 2024 年看到的可能仍是復甦的最後一點，這也是我們在國際上實現 20% 左右成長的原因。

But there are no segments in international that are particularly concerning us, whether it's the regional, again, international within South America or the (inaudible).

但在國際上，沒有特別讓我們擔心的部分，無論是南美洲的區域性國際事件，或是（聽不清楚）。

And I would complement that, of course, whenever currencies depreciate, we see, I think, a pickup in inbound traffic from coming to South America, I think which becomes (inaudible). And we definitely see that across all markets inbound traffic.

當然，我想補充的是，每當貨幣貶值時，我們都會發現來自南美的入境客流量會增加，我認為這會（聽不清楚）。我們確實看到所有市場都有入站流量。

Okay. Understood. Yes. On that last point, that's what I'm trying to dissect. So because international, obviously, you're probably seeing some weakness on the interregional flights, which is volatility in the local currencies, but also it could end up being positive for long haul, right, in terms of pricing?

好的。明白了。是的。關於最後一點，這正是我想分析的。因此，由於國際航班，顯然，您可能會看到跨區域航班存在一些疲軟，這是當地貨幣的波動，但從定價的角度來看，這也可能對長途航班產生積極影響，對嗎？

Yeah, I don't think we have seen weakness. Probably I misexplained myself. I think that regional, (inaudible) has been solid. And what Andres says is very important. So let me just give you an example.

是的，我認為我們沒有看到弱點。我可能誤解了自己。我認為區域（聽不清楚）一直很穩定。安德烈斯所說的話非常重要。讓我給你舉個例子。

There's a currency depreciation in Brazil, we do know, but there's actually in real terms a currency appreciation in Argentina. And Argentines love to travel. So you see a significant increase in outbound traffic from Argentina through our hubs to long haul within the region.

我們確實知道巴西的貨幣在貶值，但實際上阿根廷的貨幣實際上正在升值。阿根廷人熱愛旅遊。因此，您將看到從阿根廷經我們的樞紐飛往該地區長途航班的出境客流量顯著增加。

So at the end of the day, the volatility we've seen in the currency this year has been, in a way, counterbalanced by other markets. We see, in general, strong flows in almost every one of our international segments, whether it's within South America or long haul.

所以最終，今年我們看到的貨幣波動在某種程度上已經被其他市場抵銷。總體而言，我們看到幾乎每個國際航段都有強勁的流量，無論是在南美洲還是長程航線。

Andre Ferreira, Bradesco

安德烈費雷拉，布拉德斯科銀行

Congrats on the results. Two topics here. So first, about the (inaudible) plan, it looks like it relies on a significant increase of the number of meters being delivered, and also significantly more than what was delivered in 2024.

恭喜你所取得的成果。這裡有兩個主題。首先，關於（聽不清楚）計劃，它似乎依賴於交付的電錶數量的大幅增加，而且數量也大大超過 2024 年交付的數量。

So my question is, if you see risk of this being hampered by further delays in deliveries by Airbus? And my second question, it looks like the combination of Azul and APRA or gold (inaudible). I just wanted to get your view on, I mean, how would this impact LATAM? How would this impact the local fare environment? And if it changes anything in LATAM's longer-term strategy for (inaudible) if it goes ahead?

所以我的問題是，您是否認為空中巴士進一步延遲交付會阻礙這一進程？我的第二個問題是，它看起來像是 Azul 和 APRA 或金色的組合（聽不清楚）。我只是想聽聽您的看法，這會對 LATAM 產生什麼影響？這會對當地的票價環境產生什麼影響？如果它繼續前進，是否會對 LATAM 的長期策略產生任何改變（聽不清楚）？

Yes. Thank you, (inaudible). So we do have 22 Airbus 320 arrivals 325 (inaudible) arrivals in 2025. We are not concerned today with the delivery stream from Airbus. Actually, I believe that this relatively high fleet in coming is an advantage for LATAM because I think it will allow us to take advantage of our relative strength going forward.

是的。謝謝你，（聽不清楚）。因此，到 2025 年，我們將有 22 架空中巴士 320 飛機抵達，325 架（聽不清楚）飛機抵達。我們今天並不關心空中巴士的交付流。實際上，我相信，相對較高的機隊規模對 LATAM 來說是一個優勢，因為我認為這將使我們能夠在未來充分利用我們的相對優勢。

We have two 787s arriving in 2025. Probably there's risk of delays there, but we're monitoring very closely Boeing's increasing production. They're trying to recover the 787 production. So we remain very attentive to that. But I would say that there is no big concern that we have internally with respect to our fleet plan in 2025.

我們有兩架 787 飛機將於 2025 年交付。可能有延誤的風險，但我們正在密切關注波音公司的產量成長。他們正在努力恢復 787 的生產。因此我們對此保持高度關注。但我想說的是，我們內部對於 2025 年的機隊計畫並沒有太大的擔憂。

I would say probably that more than the deliveries, it's the engine situation, the one that we're monitoring more closely as (inaudible) Whitney and Rolls-Royce have had issues with their supply chains. We've had a very productive interactions with them. We have a few 787s, three at this moment on ground and seven 325 mini aircraft on ground. It's a relatively low number. And we have very constructive conversations with them, and this is what we're monitoring more closely. But that risk is, of course, included in our guidance so far.

我想說，可能比交付更重要的是引擎的情況，我們正在密切關注引擎的情況，因為（聽不清楚）惠特尼和勞斯萊斯的供應鏈出現了問題。我們與他們進行了非常有成效的互動。我們有幾架 787 飛機，目前地面上有三架，還有七架 325 微型飛機。這是一個相對較低的數字。我們與他們進行了非常有建設性的對話，這也是我們正在密切關注的事情。但迄今為止，我們的指導中當然已經包含這一風險。

With respect to your second question, I mean, what we have today seen as everybody is a nonbinding MOU that had a little detail on this transaction. I think it's still premature to opine on what this exactly will mean for LATAM. This is a big potential combination that we'll have no doubt mitigations, if approved, and we are expecting to see what are the mitigations that Aura and Azul will propose, and then we'll have a better understanding of what this will mean.

關於您的第二個問題，我的意思是，我們今天看到的是一份不具約束力的諒解備忘錄，其中對這筆交易進行了一些詳細說明。我認為現在判斷這對 LATAM 究竟意味著什麼還為時過早。這是一個具有巨大潛力的組合，如果獲得批准，我們毫無疑問會採取緩解措施，我們期待看到 Aura 和 Azul 會提出哪些緩解措施，然後我們將更好地理解這意味著什麼。

So in the meantime, we have improved our presence in domestic Brazil in 2024. We are almost 40% of the market. And I think we're very happy with the performance of our domestic operation in that market. So we'll see what happens in the next weeks and months.

因此同時，我們在 2024 年提升了在巴西國內的業務。我們佔了近40%的市佔率。我認為我們對該市場國內業務的表現非常滿意。我們將拭目以待未來幾週和幾個月會發生什麼。

Stephen Trent, Citi Group.

花旗集團的史蒂芬‧特倫特 (Stephen Trent)。

First of all, I definitely appreciate the thoughts for the tragedy that happened in D.C. Along those lines, I would love to hear your guys' view on sort of the adequacy of infrastructure and traffic control capability in your key markets. Do you see sort of room for improvements there? Or you're pretty happy with how the infrastructure set up?

首先，我非常感謝大家對華盛頓發生的悲劇的關注。您認為那裡還有改進的空間嗎？還是您對基礎設施的設置非常滿意？

Stephen, I mean, this industry in South America in the last 20 years has grown incredibly. I mean it was a very mature industry in the beginning of the century. Now, still immature in the sense that we can still carry much more passengers as our figures are relatively low as compared to developed markets.

史蒂芬，我的意思是，在過去 20 年裡，南美洲的這個產業發展得非常迅速。我的意思是，在本世紀初，它是一個非常成熟的行業。現在，我們仍不成熟，因為我們的運能數量與已開發市場相比相對較低，所以我們仍然可以運載更多的乘客。

So -- and I think that in every in every area of the chain of aircraft, transportation, cargo and passengers, we've seen improvement in the last few years. I mean airports have grown. ATC systems have improved. Today, we have GPS-guided landings and takeoffs in almost every significant airport. It works relatively well.

所以——我認為，在航空、運輸、貨物和乘客鏈的每個領域，我們在過去幾年都看到了改善。我的意思是機場已經發展起來了。空中交通管制系統已經改進。今天，幾乎每個重要機場都有 GPS 引導的飛機起降。效果相對較好。

We have much less congestion, particularly in ATC than what you have in the US. We don't have the complexity of the system of so many regional airports, small aircraft, jets, private jets, Air Force bases that you have in the US. So it's clearly less complex in our view than what you have there.

我們的壅塞情況比美國少得多，特別是在空中交通管制方面。我們的系統並不像美國那麼複雜，沒有那麼多的地區機場、小型飛機、噴射機、私人飛機和空軍基地。所以在我們看來，它顯然比你所擁有的還要簡單。

Having said that, yes, of course, infrastructure has challenges. We're expecting to see the new Lima airport, which hopefully will open in the next two or three months. That's very needed. The concession program in Brazil, about new airports, I think has helped infrastructure as well. We have a new terminal in Santiago that is only three years old.

話雖如此，基礎設施當然也面臨挑戰。我們期待看到新的利馬機場，希望它能在未來兩三個月內開放。這個很需要啊我認為巴西的新機場特許經營計畫也對基礎建設起到了促進作用。我們在聖地牙哥有一個新航站樓，它才建成三年。

I would say probably the airport where there's more constraint today is Eldorado in Bogota, where really slots are taking at every single hour of the day. And it's a little bit of a constraint in certain places. But I think that the programs of infrastructure, sometimes a little bit slower than what would love have a company growth of the industry in the last 15 or 20 years.

我想說，目前限制最嚴格的可能是波哥大的埃爾多拉多機場，那裡每天的每個小時都在佔用航班時刻。在某些地方，這是一種限制。但我認為，基礎設施項目有時會比過去 15 年或 20 年內公司所希望的產業成長速度慢一些。

We actually are doing something very interesting. We are looking at our data, but not data where we have our parameters probably out of our ranges, much of the country where we have our parameters within our ranges, and that is helping us understand if there's things that can be done to improve safety for operations and the regional together. And actually, that's been very helpful because we have identified opportunities that we have passed to airports and operators in terms of how to improve the way they manage the infrastructure and the operations.

我們實際上正在做一些非常有趣的事情。我們正在查看我們的數據，但不是那些參數可能超出範圍的數據，而是全國大部分地區參數在我們範圍內的數據，這有助於我們了解是否可以採取一些措施來共同提高營運和區域的安全性。事實上，這非常有幫助，因為我們已經確定了在如何改善機場和營運商管理基礎設施和營運方式方面給予他們的機會。

At this point in time, we're, I think, leading that in the region, and being happy to not only help our own operation, but share this with the authorities so that the whole operation in the region is safer. So I wouldn't say that this is an -- I mean it's important, of course, but it's not in the level of complexity that you have in the US or that control, for example, has in Europe as well.

目前，我認為我們在該地區處於領先地位，並且很高興不僅能幫助我們自己的行動，也能與當局分享這一點，以便該地區的整個行動更加安全。因此，我不會說這是一個——我的意思是，這當然很重要，但它的複雜程度不如美國，也不如歐洲。

That's very helpful color. Really appreciate that. And as a very quick follow-up, when we think about the joint business agreement with Delta Airlines, where would you consider you are in terms of the extent to which that opportunity continues to spool up? Are we still kind of early stages? Are we sort of mid-cycle in terms of the revenue contribution you expect from that?

這是非常有用的顏色。真的很感激。作為一個非常快速的後續問題，當我們考慮與達美航空的聯合業務協議時，您認為這一機會在多大程度上會繼續顯現？我們還處於早期階段嗎？從您預期的營收貢獻來看，我們是否處於中期週期？

Thanks, Tim. So I mean, in the -- so the JV with Delta is just over two years old now. The increase in capacity that both airlines put in the first 18 months was significant. We grew around 30%. Our seat count between South America and the US. Delta also upgates in several markets. It launched now Rio as a seasonal route as well.

謝謝，蒂姆。我的意思是，與達美航空的合資關係已經成立兩年多了。在前 18 個月中，兩家航空公司的運能都有顯著提升。我們成長了約30%。我們的座位數位於南美洲和美國之間。達美航空也在多個市場進行了升級。目前，該公司也開闢了裡約熱內盧航線作為季節性航線。

I think that -- I mean there's a ton of opportunity for growth and development there. But it's also a moment of maturing, I think, of the investments we have made in the last 18 to 24 months. I would say where our focus today is in customer satisfaction. We are working very hard in making sure that the connectivity between both metals work seamlessly. We still have, I think, things to improve in that sense as the systems, of course, are different. And that's where our short-term focus is.

我認為——那裡有大量的成長和發展機會。但我認為，這也是我們在過去 18 到 24 個月內所進行的投資走向成熟的時刻。我想說我們今天的重點是客戶滿意度。我們正在努力確保兩種金屬之間的連接無縫銜接。我認為，從這個意義上來說，我們仍有需要改進的地方，因為系統當然是不同的。這就是我們的短期關注點。

But we just started Ecuador in the scope of the JV late this year. So we see opportunity growing there, also opportunity in Colombia. And clearly, the combination of both networks has a ton of potential going forward. Very happy with the deal.

但我們今年底才開始將厄瓜多納入合資範圍。因此，我們看到那裡的機會不斷增長，哥倫比亞的機會也同樣如此。顯然，這兩個網路的結合在未來具有巨大的潛力。對這筆交易非常滿意。

Guilherme Mendes, JPMorgan.

摩根大通的吉列爾梅門德斯 (Guilherme Mendes)。

And welcome, Ricardo. Good luck on the (inaudible). I have two questions. The first one is a follow-up on the capital allocation. Besides the dividends and the buybacks that we already discussed, Andres (inaudible), you also mentioned strategic investments as a potential use of capital. What exactly are you guys thinking about this one?

歡迎里卡多。祝你好運（聽不清楚）。我有兩個問題。第一個是資金配置的跟進。除了我們已經討論過的股息和回購之外，安德烈斯（聽不清楚），您還提到策略投資是資本的潛在用途。大家對於這一點到底有什麼想法？

And second one is, Robert, you mentioned about the strong demand across different regions. But in terms of competition, do you see any excessive capacity in other regions that could pressure prices in the near term?

第二個問題是，羅伯特，您提到了不同地區的強勁需求。但從競爭方面來看，您是否認為其他地區的產能過剩會對短期價格造成壓力？

Thank you, Guilherme, and congratulations on your new position, by the way. So capital allocation -- so dividends and buyback are the two ways that we consider today among others, but the most important and which we're considering eventually returning capital to shareholders.

謝謝你，Guilherme，順便恭喜你獲得新職位。因此，資本配置－股利和回購是我們今天考慮的兩種方式，但也是最重要的，我們考慮最終將資本返還給股東。

One of the things that we are being very mindful of is to have the flexibility of growing eventually our portfolio are growing within the scope that is important to us. And in that sense, I think that the financial strength we have allows us for the opportunity to take potential opportunities.

我們非常注意的事情之一就是保持成長的靈活性，最終讓我們的投資組合在對我們來說重要的範圍內成長。從這個意義上來說，我認為我們的財務實力使我們有機會抓住潛在的機會。

Nothing to report at this point in time. If there's something, of course, we will let you know in due time. But we consider today the position we have built as one that provides options to LATAM, options in terms of growing, bringing fleet, options in looking at deals, options in returning capital to shareholders, and we will ponder all these options and make use of the capital in the way that it's more efficient for both the company and the shareholders of the (technical difficulty)

目前尚無可報告。當然，如果有事情，我們會及時通知您。但我們今天認為，我們所建立的地位可以為 LATAM 提供選擇，包括發展、引進船隊的選擇、尋找交易的選擇、向股東返還資本的選擇，我們將仔細考慮所有這些選擇，並以對公司和股東都更有效的方式利用資本。（技術難度）

Sorry, second question, competition. So clearly, I would say that still domestic Colombia is a market that is of overcapacity. There's been very aggressive growth in the last 18 months by other players there. And it will come, in my opinion, to some kind of equilibrium hasn't arrived yet. So we're looking at domestic Colombia.

抱歉，第二個問題，競爭。因此顯然，我想說哥倫比亞國內市場仍然是產能過剩的。在過去 18 個月中，其他參與者也實現了非常迅猛的成長。我認為，它會達到某種平衡，但尚未到來。因此，我們正在關注哥倫比亞國內。

There's a little bit of also intensity and capacity between the US and Brazil, mostly driven by a very big growth in capacity from American in the high season into Brazil, but it's seasonal. The rest, I would say that the capacity is relatively balanced in most of the markets.

美國和巴西之間的強度和容量也有一些差異，主要是由於旺季美國到巴西的容量大幅增長，但這是季節性的。其餘的，我想說大多數市場的產能相對均衡。

So no big concerns in terms of that equilibrium at this point in time. Also, we don't see today significant evidence of new entrants potentially in the markets where we operate.

因此，就目前而言，對於這種平衡沒有什麼大的擔憂。此外，我們今天沒有看到任何證據表明我們經營的市場可能有新進者。

(Operator Instructions)

（操作員指令）

Pablo Monsivais, Barclays.

巴克萊銀行的 Pablo Monsivais。

Just a quick question on the demand per segment in terms of corporate and leisure. I remember that you have said, probably from the last 1.5 years, that leisure has been very, very strong, and corporate is also recuperating fastly. But what are you seeing right now? And what should we expect in terms of your capacity allocation going forward for leisure?

我只想問一下關於商務和休閒方面每個細分市場的需求。我記得您曾經說過，大概從過去的一年半開始，休閒業務一直非常非常強勁，企業也在快速復甦。但你現在看到的是什麼？那麼，對於您未來的休閒容量分配，我們該抱持什麼樣的期望呢？

Thank you, Pablo. So I think that probably two calls ago or something like that, I gave a little bit of a flavor there. We talked about that leisure demand was above 100% as compared to 2019 levels, and that corporate demand, at that time, was around 100% against 2019 levels.

謝謝你，帕布羅。因此我認為，大概在兩次通話之前或類似的事情之前，我就已經透露了一點資訊。我們談到，與 2019 年的水準相比，休閒需求超過了 100%，而當時的企業需求與 2019 年的水準相比約為 100%。

I think that we're seeing today is evolution of demand by segment, relatively similar in all segments. So we're not seeing any changes significant in the mix. We see good support on corporate demand across most of the traffic and also leisure. So no real changes in the mix at least over the last six months.

我認為我們今天看到的是各細分市場需求的演變，各個細分市場的需求都相對相似。因此，我們沒有看到組合中發生任何重大變化。我們看到，大多數交通和休閒領域的企業需求都得到了良好的支持。因此，至少在過去六個月中，組合情況沒有真正的變化。

What we have done, though, and we believe it's important for our corporate travels, is that today, we're focusing in three important things. One is on-time performance. We do understand that time is the most important commodity that our customers have, and the most premium customers value it the most. We have brought Wi-Fi also to all of our narrow-body fleet. In the Pacific side of South America, we're the only airline that provides Wi-Fi. And of course, we have the largest FFP in the region with almost 50 million members.

然而，我們已經做了一些事情，我們相信這對我們的商務旅行非常重要，那就是今天，我們專注於三件重要的事情。一是按時履約。我們確實明白，時間是我們客戶最重要的商品，最優質的客戶也最重視時間。我們也為所有窄體機隊配備了 Wi-Fi。在南美洲太平洋地區，我們是唯一提供 Wi-Fi 的航空公司。當然，我們擁有該地區最大的 FFP，擁有近 5000 萬會員。

What we have seen actually growing faster in the last year is the number of members in our flyer program. So we believe that's an important addition to that. And in particular, in Brazil, I would say, because in Chile and Peru, our corporate traffic figures have always been healthy, have improved significantly as well in 2024.

去年，我們發現傳單計劃的會員數量實際上增長得更快。因此我們認為這是一個重要的補充。特別是在巴西，我想說，因為在智利和秘魯，我們的企業流量一直很健康，2024 年也得到了顯著改善。

Abracorp, which is the travel agents -- the corporate travel agency in Brazil producer report, with respect to that, and we reached 40.8% revenue share in the corporate segment in Brazil in 2024. That's the highest level we've had since 2013.

Abracorp 是一家旅行社－巴西的企業旅行社製作報告，據此顯示，到 2024 年，我們在巴西企業旅行社領域的營收份額將達到 40.8%。這是自 2013 年以來我們所達到的最高水準。

If I may ask a follow-up on that. And probably, I know it's too early to reach to this conclusion, but after (inaudible) merge, would you expect that share from the corporate partners in Brazil for you to be higher than what you already have? You see that perhaps direct impact of the competitive landscape?

我可以就此問題進行後續詢問。也許，我知道現在下這個結論還為時過早，但在（聽不清楚）合併之後，您是否預計您從巴西企業合作夥伴處獲得的份額將比現在更高？您認為這也許是競爭格局的直接影響嗎？

Pablo, I think it's -- as I said before, I think it's very early to speculate about that. What we have seen today is a nonbinding MOU that has, again, very little detail. And I think that we need to see they're filing -- their public filing. What mitigations they will propose. (inaudible) needs to review, and this is a big transaction eventually, which will have a lot of details in (inaudible).

帕勃羅，我認為——正如我之前所說，我認為現在推測這一點還為時過早。我們今天看到的是一份不具約束力的諒解備忘錄，而且內容非常少。我認為我們需要看到他們提交了公開文件。他們會提出哪些緩解措施。 （聽不清楚）需要審查，這最終是一筆大交易，其中會有很多細節（聽不清楚）。

So I'd rather see how this develops. I don't think it's time to speculate what will happen, and we'll see how this evolves in the next few weeks and months.

所以我更想看看事情會如何發展。我認為現在不是猜測會發生什麼的時候，我們將在接下來的幾週和幾個月內觀察事情將如何發展。

And at this time, we have no further questions, so I'll hand back to Andres for any further remarks.

目前，我們沒有其他問題，因此我將把發言權交還給安德烈斯，以便進一步發表評論。

Thank you very much, all, for joining us today. As always, our Investor Relations team is available for any further questions, and have a good day, everyone.

非常感謝大家今天參加我們的活動。像往常一樣，我們的投資者關係團隊隨時可以回答您的任何其他問題，祝大家有愉快的一天。

Thank you, all, for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。