LATAM Airlines Group SA (LTM) 2025 Q1 法說會逐字稿

Hello everyone, and a warm welcome to the Latham Airlines Group first quarter 2025 earnings conference call. 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.

大家好，熱烈歡迎參加萊瑟姆航空集團 2025 年第一季財報電話會議。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。

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 2025 updated guidance, earnings release, financial statements, and related CMS and SEC filings.

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 2025 年更新指南、收益報告、財務報表以及相關 CMS 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 and any forward-looking statements due to a variety of factors which are which are discussed in detail in our SEC filings. And if there are any members of the press on the call, please note that for the media this is a listen-only call. I will now hand over to CFO Ricardo Bottas. Please go ahead.

由於各種因素，公司的實際結果可能與預測或建議的結果以及任何前瞻性陳述有很大差異，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。如果有任何媒體成員參加電話會議，請注意，對於媒體來說，這是一個僅供收聽的電話會議。現在我將把權力移交給財務長里卡多·博塔斯 (Ricardo Bottas)。請繼續。

Thank you. Hello, everyone, and good morning. Welcome to our first quarter 2025 conference call and thank you all for joining us today. My name is Ricardo Bottas, and I am the CFO of LATAM Airlines Group. Here with me is Roberto Alvo, our CEO; Andres del Valle, Corporate Finance Director, and [Tory Craig], Head of Investor Relations, and we will present our highlights and results for this first quarter.

謝謝。大家好，早安。歡迎參加我們的 2025 年第一季電話會議，感謝大家今天的參加。我叫里卡多·博塔斯 (Ricardo Bottas)，是 LATAM 航空集團的財務長。和我一起在場的有我們的執行長 Roberto Alvo、企業財務總監 Andres del Valle 和投資者關係主管 [Tory Craig]，我們將介紹第一季的亮點和業績。

I'll hand it over to Roberto to share opening remarks about the quarter's highlights. Once finished, I will present them in more detail alongside the financial results.

我將把時間交給羅伯托，讓他分享本季亮點的開場白。一旦完成，我將與財務結果一起更詳細地介紹它們。

Good morning everyone and thank you for joining us today. This quarter marked a strong start to the year for [laca] Group. The group transported over 21 million passengers and expanded capacity by 7.3% year over year, all while maintaining healthy low factors across our network. On the financial front, we delivered record profitability with adjusted EBITDA reaching nearly USD1 billion, a record for the company, and both operating at a bidder margins at the highest levels to date.

大家早安，謝謝你們今天加入我們。本季對於 [laca] 集團來說是一個強勁的開端。該集團運送了超過 2,100 萬名乘客，運能年增 7.3%，同時整個網路保持了健康的低水準。在財務方面，我們實現了創紀錄的盈利，調整後的 EBITDA 達到近 10 億美元，創下了公司的歷史新高，並且兩項業務的利潤率均達到了迄今為止的最高水平。

Net income totaled USD355 million, up 38% year over year, and the strongest first quarter result in LATAM's history. Behind these results, it's a commitment to our customers. The group has continued to invest in elevating the travel experience from modernizing cabins and expanding Wi-Fi connectivity across the street to enhancing digital services and operational reliability.

淨收入總計 3.55 億美元，年增 38%，是 LATAM 史上最強勁的第一季業績。這些成果的背後，是對客戶的承諾。該集團持續投資提升旅遊體驗，從客艙現代化改造、擴大街對面的 Wi-Fi 連接到增強數位服​​務和營運可靠性。

These are not one of improvements, but part of a consistent strategy to offer a better, more connected, and more personalized journey. This is the core of our value proposition to be the airline of choice in South America, not only because of the breadth of our network, but because the LATAM Group delivers a superior experience across every step of the journey.

這些並不是改進，而是提供更好、更連結、更個人化的旅程的一致策略的一部分。這是我們的價值主張的核心，即成為南美首選航空公司，這不僅是因為我們網絡的廣度，還因為 LATAM 集團在旅程的每一步都提供了卓越的體驗。

And it is in large part possible due to the hard work of all 39,000 LATAM Group employees that are committed to this shared purpose. Operationally, the group continued to execute with discipline, growing capacity were maintaining health load factors across all markets. Customer satisfaction reached record levels, confirming the progress made in elevating our travel experience.

這在很大程度上要歸功於 LATAM 集團所有 39,000 名致力於這一共同目標的員工的辛勤工作。在營運方面，該集團繼續嚴格執行紀律，不斷增長的運力使所有市場都保持著健康的載客率。顧客滿意度達到了創紀錄的水平，證明了我們在提升旅遊體驗方面所取得的進步。

On the financial side, that undelivered outstanding results supported by revenue growth, cost control, and favorable fuel dynamics. Profitability reached record levels for the first quarter, reflecting the strength of our business model.

從財務方面來看，在收入成長、成本控制和有利的燃料動態的支持下，該公司取得了出色的業績。第一季獲利達到創紀錄水平，反映了我們商業模式的實力。

Furthermore, following continuing cash generation, LATAM is in a position to carry out shareholder return focused capital allocation initiatives, shareholders approved distribution of dividends, and LATAM has launched its first ever share repurchase program, signaling management's belief in that current stock price is undervalued.

此外，隨著持續的現金產生，LATAM 能夠實施以股東回報為重點的資本配置計劃，股東批准分配股息，並且 LATAM 已啟動其首個股票回購計劃，這表明管理層認為當前股價被低估。

In parallel, we recently announced that the relevant authorities have approved the inclusion of Argentina within the scope of our agreement with Delta Airlines, further strengthening our strategic partnership. Looking ahead, we're raising our full year guidance, reflecting our strong financial performance and the confidence in our outlook.

同時，我們最近宣布，相關部門已批准將阿根廷納入我們與達美航空的協議範圍，進一步加強了我們的戰略合作夥伴關係。展望未來，我們提高了全年業績預期，這反映了我們強勁的財務表現和對前景的信心。

This update is supported by the group's operational flexibility and cost containment abilities, as well as continued demand strength observed across the group's domestic and international markets, particularly booking trends for the second quarter, historically the season is seasonally weakest, remains very healthy and are better than the levels observed at the same point last year.

此次更新得益於集團的營運彈性和成本控制能力，以及集團國內和國際市場持續強勁的需求，特別是第二季度的預訂趨勢，從歷史上看，第二季度是季節性最弱的季節，但目前仍然非常健康，並且比去年同期的水平要好。

We also see a favorable competitive environment across our core markets where LATAM Group is strengthening its network and capturing demand opportunities. Having said all that, we're aware that we face a dynamic macroeconomic environment.

我們也看到核心市場的競爭環境良好，LATAM 集團正在加強其網路並抓住需求機會。話雖如此，我們意識到我們面臨著動態的宏觀經濟環境。

The time is not exempt from global challenges, including fuel price volatility, geopolitical uncertainty, foreign exchange fluctuations, potential disruptions in cross-border traffic of goods, and potentially slower global economic activity. We're actively tracking developments and we're working on taking measures to minimize potential effects.

當今時代也面臨許多全球挑戰，包括燃料價格波動、地緣政治不確定性、外匯波動、跨境貨物運輸可能中斷以及全球經濟活動可能放緩。我們正在積極追蹤事態發展，並努力採取措施將潛在影響降至最低。

Do they occur, we reserve the rights to change or suspend our guidance in case developments have an effect that merits. Nonetheless, a strong capitalist structure, a diversified revenue base, a broad, flexible network, and the relative advantages that the time group has are key pillars that allow us not only to deliver strong results today, but also to be well prepared for the uncertainties of tomorrow.

如果發生這種情況，我們保留在事態發展產生應有影響的情況下更改或暫停我們的指導的權利。儘管如此，強大的資本主義結構、多元化的收入基礎、廣泛而靈活的網絡以及時代集團所擁有的相對優勢是關鍵支柱，使我們不僅能夠在今天取得強勁的業績，而且還能為未來的不確定性做好充分的準備。

Thank you for your time. I'd like to turn the call over to Ricardo before discuss the operation and financial results.

感謝您抽出時間。在討論營運和財務結果之前，我想先將電話轉給里卡多。

Thank you Roberto. So let's move to the slide the next slide, slide 4 in terms of operational performance, LATAM Group continues to show solid year over year growth across all segments. During the first quarter, as Roberto just mentioned, the group transported over 21 million passengers, representing an increase of 3.6% versus the same period in 2024.

謝謝你，羅伯托。讓我們轉到下一張投影片，即第 4 張投影片，就營運績效而言，LATAM 集團所有部門繼續呈現穩健的年成長。正如羅伯托剛才提到的，第一季度，該集團運送了超過 2,100 萬名乘客，比 2024 年同期成長了 3.6%。

Capacity [lay escape] grew by 7.3%, supported mainly by international operations, which expanded by 10.7% year over year, confirming our ability to allocate capacity for in high demand markets. Load factors remained healthy across all segments, with the consolidated load factor reaching 83.3%.

運能[班次減少]成長了 7.3%，主要得益於國際業務，國際業務年增了 10.7%，證明了我們有能力為高需求市場分配運力。所有分部的載客率均保持良好，綜合載客率達 83.3%。

In terms of consolidated revenues for ASK, we observed a 5.3% decrease year over year, basically related with the current depreciation in some of our key Daman markets and capacity increase in our international operations. In Brazil, although RAC decreased by 12.4% in dollar terms, impacted by foreign exchange.

就 ASK 的綜合收入而言，我們發現其同比下降了 5.3%，這主要與我們目前一些主要達曼市場的貶值以及國際業務的運力增加有關。在巴西，儘管受外匯影響，RAC以美元計算下降了12.4%。

When we look at the performance in local currency, we see a positive trend with the Brazil increase by 3.9%, reflecting resilient demand and stable pricing in these relevant markets. The Spanish speaking countries posted an 11% RAC increase in local currency.

當我們以當地貨幣來觀察表現時，我們看到巴西的正面趨勢，成長了 3.9%，反映出這些相關市場的需求強勁且定價穩定。西班牙語國家的 RAC 以當地貨幣計算增加了 11%。

These performers reinforce the strength of LATAM Group diversified network and its ability to balance out localized volatility, maintaining profitability through strategic geographic exposure. Turning to the next slide, slide 5, the financial results underscores the group's ongoing commitment to enhancing customer satisfaction.

這些表現優異的公司增強了 LATAM 集團多元化網路的實力及其平衡局部波動的能力，並透過策略性地理佈局保持獲利能力。翻到下一張投影片，即第 5 張投影片，財務結果強調了該集團對提高客戶滿意度的持續承諾。

As of the end of the quarter, LATAM, passed our largest problem, reached the milestone, having now over 150 million members. In 2025, LATAM now offers an innovative experience with more options for earning and redeeming miles and greater ease of access to status as well as the opportunities to customize rewards as member reach intermediate milestones.

截至本季末，LATAM 已克服了我們面臨的最大難題，達到了里程碑，目前會員數量已超過 1.5 億。2025 年，LATAM 將提供創新體驗，提供更多賺取和兌換里程的選擇、更輕鬆的獲取會員資格以及在會員達到中級里程碑時定制獎勵的機會。

These enhancements are aiming to -- are aiming at increasing engagement to reward and incentivize member activity throughout the year. With regard to our fleet, almost 90% of the autobody fleet has been equipped with Wi-Fi.

這些改進的目的是——旨在提高參與度，以獎勵和激勵會員全年的活動。就我們的車隊而言，幾乎90％的車身車隊都配備了Wi-Fi。

In parallel, the cabin retrofit program continues to advance with 100% of the narrow-bodied fleet operating domestic and international in South America flights already incorporating premium economy cabins and reaching 61% of the wide body fleet with upgraded aircraft interiors to offer a more modern, comfortable, and connected travel experience to our customers.

同時，客艙改裝計畫也持續推進，目前執飛南美國內和國際航班的窄體機隊已全部配備高級經濟艙，而61%的寬體機隊也已升級了飛機內飾，為乘客提供更加現代、舒適、互聯的旅行體驗。

In addition, in April, the Group launched the new business class for its white body fleet. This new offering elevates the comfort even further by introducing suits doors, the first of its kind in South America for a world-class, for a world-class product with a full privacy.

此外，4月份，該集團為其白車身車隊推出了新的商務艙。這款新產品透過引進適合門進一步提升了舒適度，這是南美洲第一款世界一流的、具有完全隱私的世界級產品。

The group recently launched its new signature checking experience in the Santiago de Chile International Airport aimed at providing a faster, more personalized, and seamless services for premium passengers. We have also announced an investment for a new launch at Guarulhos Airport in Sao Paulo to be opened in 2027.

該集團近期在聖地牙哥國際機場推出了全新的簽名檢查體驗，旨在為高端乘客提供更快捷、更個人化、更無縫的服務。我們也宣布投資於聖保羅瓜魯柳斯機場的新航線，預計 2027 年開通。

As a result of these ongoing investments, customer satisfaction continues to improve. In the first quarter, our NPS reached 56 points, the highest in LATAM's history, and 61 points among premium travelers. This improvement in satisfaction is delivering concrete financial benefits. In the first quarter, the revenue contribution from premium travelers increased by 7% compared to the same period in 2024.

由於這些持續的投資，客戶滿意度不斷提高。第一季度，我們的NPS達到了56點，是LATAM歷史上的最高點，在高端旅行者中達到了61點。滿意度的提高帶來了實質的經濟效益。第一季度，高端旅客的營收貢獻與2024年同期相比成長了7％。

Moving on the financial results on the slide 6, total revenues reached USD3.4 billion, a 2.7% increase year over year, supported by stable passenger demand. Passenger revenues increased by 1.6% and cargo revenues grew almost 10%. On the cost side, the group continues to improve efficiency and deliver cost discipline.

繼續看第 6 張投影片上的財務業績，受穩定的客運需求支撐，總收入達到 34 億美元，較去年同期成長 2.7%。客運收入成長1.6%，貨運收入成長近10%。在成本方面，集團持續提高效率並實施成本管制。

Adjusted costs ex through increase by only 1.6% despite a 7.3% increase in capacity, reflecting strong cost containment efforts and productivity gains across the operation, together with a slight benefit from current depreciation in some of our key markets like Brazil, which helped reduce the dollar denominated portion of our cost base.

儘管產能增加了 7.3%，但調整後成本僅增加了 1.6%，這反映了強有力的成本控制措施和整個營運過程中生產力的提高，加上巴西等一些主要市場當前貶值帶來的輕微好處，這有助於降低我們成本基礎中以美元計價的部分。

These combined effects allowed us to maintain our unit cost base ex at competitive levels. The education of our cost containment strategy was a key driver of margin expansion, which combined with a 4.9% year over year decline in jets costs, even that capacity increases, play a central role in delivering these quarter record margin performance.

這些綜合效應使我們能夠將單位成本基礎維持在競爭水準。我們對成本控制策略的教育是利潤率擴大的關鍵驅動力，再加上噴射機成本年減 4.9%，甚至運力增加，在實現本季創紀錄的利潤率表現方面發揮了核心作用。

I've used that reached USD962 million representing a 20.9% increase compared to the same quarter last year. While adjusted EBITDA margin expanded by 4.3%percentage points to 28.2%, a clear sign of improving operating leverage and efficiency. Net income was USD355 million, a 37.6% increase year over year, marking the highest marking the highest first quarter profit in LATAM's history.

我已經達到了 9.62 億美元，比去年同期成長了 20.9%。調整後的 EBITDA 利潤率擴大了 4.3 個百分點，達到 28.2%，這明顯顯示經營槓桿和效率有所提高。淨利為3.55億美元，年增37.6%，創下LATAM史上第一季的最高利潤。

The net margin reached 10.4%, up more than 2.6% points compared to the first quarter of 2024. These results confirm the division of the strategy which combines profitable growth, continued focus on efficiency and cost control, strong operating margins, and solid return on capital.

淨利率達10.4%，較2024年第一季成長2.6個百分點以上。這些結果證實了該策略的分工，即結合獲利成長、持續關注效率和成本控制、強勁的營業利潤率以及穩健的資本回報率。

The next slide, slide 7, following the strong margin performance we saw this quarter, it's important to highlight that LATAM cost discipline is not new. It's the result of a consistent long-term approach that's embedded in our daily operations and our yearly goals. Over the years, we have implemented the structural cost strategy grounding the three pillars.

下一張投影片，第 7 張投影片，繼本季我們看到的強勁利潤率表現之後，需要強調的是，LATAM 的成本約束並不是新鮮事。這是我們日常營運和年度目標中堅持的長期方針的結果。多年來，我們實施以三大支柱為基礎的結構性成本策略。

Digital and data-driven tools, business simplification, and a more efficient, flexible click. These efforts and the commitment from our team have allowed us to sustain a stable unit cost based through changing environments. While local currency depreciation has provided a modest tailwind, our ability to consistently contain units cost over time is primarily the result of discipline, execution, and the structural efficiencies.

數位化和數據驅動的工具、業務簡化以及更有效率、靈活的點擊。這些努力和我們團隊的承諾使我們能夠在不斷變化的環境中維持穩定的單位成本。雖然當地貨幣貶值帶來了適度的順風，但我們能夠長期持續控制單位成本，主要是紀律、執行和結構效率的結果。

As a result, adjusted package task has remained stable over time, reaching $4.0 cents in Q1 2025 and $4.01 on the last 12 months, reinforcing our ability to deliver sustainable growth, investing in customer experience, and improving our NPS.

因此，調整後的套餐任務一直保持穩定，在 2025 年第一季達到 4.0 美分，在過去 12 個月達到 4.01 美元，增強了我們實現可持續增長、投資客戶體驗和提高 NPS 的能力。

Now moving to the slide 8. Looking now at our trading 12-month performance, LATAM continues to build on its consistent financial momentum. Adjusted EBITDA over the last 12 months reached USD3.3 billion, showing steady growth quarter after quarter. This represents not only the strongest [EBITDA] in our recent history, but also a clear sign of the long-term sustainability of our business model.

現在轉到投影片 8。現在回顧我們 12 個月的交易表現，LATAM 繼續保持其穩定的財務勢頭。過去12個月調整後EBITDA達33億美元，逐季穩定成長。這不僅代表了我們近期歷史上最強勁的 [EBITDA]，也清楚地表明了我們的商業模式的長期可持續性。

We have seen this improvement driven by multiple factors a healthy demand environment, discipline cost execution, and ongoing optimization of our network and fleet. The level of re recurring profitability enables us to continue investing in customer experience, fleet growth, and upgrades and sustainability, all while maintaining strong liquidity and delivery value to shareholders.

我們看到這種改善是由多種因素推動的：健康的需求環境、嚴格的成本執行以及我們網路和車隊的持續優化。經常性獲利水準使我們能夠繼續投資於客戶體驗、機隊成長、升級和永續性，同時保持強大的流動性並為股東帶來價值。

Turning to cash generation on slide 9, next slide, LATAM delivered another quarter of solid performance, reinforcing our ability to self-fund growth while preserving financial strength. In the first quarter, LATAM generated USD189 million in that cash, bringing our ending cash balance to USD2.1 billion.

談到下一張投影片第 9 張的現金產生情況，LATAM 又一個季度表現穩健，增強了我們自籌資金成長的能力，同時保持了財務實力。第一季度，LATAM 產生了 1.89 億美元的現金，使我們的期末現金餘額達到 21 億美元。

Our positive cash generation is driven by a strong adjusted operating cash flow of almost USD600 million, 40% higher than in the first quarter of 2024, and discipline and capital management. During the quarter we continue investing in fleet growth and maintenance while covering our interest expenses and financial obligations.

我們的正現金產生得益於強勁的調整後經營現金流，接近 6 億美元，比 2024 年第一季高出 40%，以及紀律和資本管理。本季度，我們繼續投資於船隊成長和維護，同時支付我們的利息支出和財務義務。

The uptick in growth CapEx this quarter reflects the acquisition of six A321 aircrafts, previously registered as operating leases. This purchase is in the process of being refinanced, which will offset the associated cash impact once completed in the upcoming quarters. Additionally, it's important to mention that we began to see the benefits of the bond refinance as in October of 2024, which contribute to lower interest expense.

本季度資本支出的成長反映了六架 A321 飛機的收購，這些飛機之前已註冊為經營租賃。此次收購目前處於再融資階段，一旦在未來幾季完成，將抵銷相關的現金影響。此外，值得一提的是，我們從 2024 年 10 月開始看到債券再融資的好處，這有助於降低利息支出。

Financial debt interest payments during the quarter were USD43 million lower when compared with the first quarter of 2024. As we look ahead, we're confident that our operations will remain generating cash throughout the year, providing the flexibility to support the strategic initiatives, reinvest in the business, and return value to shareholders.

本季金融債務利息支付與 2024 年第一季相比減少了 4,300 萬美元。展望未來，我們相信我們的營運將在全年繼續產生現金，提供靈活性來支持策略計劃、對業務進行再投資並為股東帶來回報。

Let's move now to slide 10 to discuss our capital structure, which remains one of LATAM's greatest strengths on both an absolute and relative basis. At the end of the first quarter, we reported liquidity of USD3.7 billion equivalent to 28.4% of the last 12 months' revenues, a level that places us well above our financial policy and our internal target range and provides significant flexibility to manage through cycles and capture future opportunities.

現在讓我們轉到第 10 張投影片來討論我們的資本結構，無論從絕對還是相對角度來看，這仍然是 LATAM 最大的優勢之一。截至第一季末，我們報告的流動資金為 37 億美元，相當於過去 12 個月收入的 28.4%，這一水平遠高於我們的財務政策和內部目標範圍，並為管理週期和抓住未來機會提供了極大的靈活性。

In terms of leverage, we closed the quarter with an adjusted net leverage ratio of 1.5 times from 1.7 times late last year. This strong capital structure allow us to pursue a balanced financial strategy. Investing in growth, enhancing our product and the customer experience, and returning capital to shareholders.

在槓桿率方面，本季末我們的調整後淨槓桿率為 1.5 倍，而去年底為 1.7 倍。這種強大的資本結構使我們能夠推行平衡的財務策略。投資於成長、增強我們的產品和客戶體驗並向股東返還資本。

All while maintaining robust credit metrics that have been consistently improving the last two years. Most recently, S&P and Fitch ratings upgraded [licence] to double B, reinforcing the confidence the market has in the strategy of the company.

同時，我們維持了過去兩年持續改善的強勁信貸指標。最近，標準普爾和惠譽將[許可證]評級上調至BB，增強了市場對該公司策略的信心。

We are also well positioned in terms of debt maturities with no flip maturities until 2029 and continued access to committed revolving credit lines. As we move forward, we will remain focused on protecting the solid financial position while continuing to optimize the cost of capital and explore further financial opportunities.

我們在債務到期日方面也處於有利地位，直到 2029 年才有翻轉到期日，並且可以繼續獲得承諾的循環信貸額度。在未來的發展中，我們將繼續致力於保護穩固的財務狀況，同時繼續優化資本成本並探索進一步的融資機會。

Moving to slide 11, in the as a result of the strong liquid position, LATAM has taken steps forward to return almost USD450 million of capital to its shareholders. On March 24, the company's shareholders approved the distribution of dividends totaling USD293 million which was paid in April. The payment corresponds to the legally require a 30% minimum distribution under the Chilean corporate law.

轉到第 11 張投影片，由於流動性強勁，LATAM 已採取措施向股東返還近 4.5 億美元的資本。3月24日，公司股東批准派發4月股息，總額為2.93億美元。該付款符合智利公司法規定的30%最低分配要求。

In addition, LATAM received an approval to initiate a share repurchase program for up to USD9.7 billion shares, equivalent to 1.6% of the outstanding shares to be executed on the next 18 months. This program is currently being executed through a block mechanism on the Santiago Stock Exchange.

此外，LATAM還獲得批准啟動一項價值高達97億美元的股票回購計劃，相當於未來18個月內將執行的流通股數的1.6%。該計劃目前正在聖地牙哥證券交易所透過區塊機制執行。

The repurchase was launched for a total of 1.6% of the shares at a price of USD15.2 billion pesos per share, which implies a potential distribution to holds close to USD153 million to be concluded, to expect it to be concluded tomorrow.

此次回購共計佔股份的 1.6%，每股價格為 152 億披索，這意味著可能向股東分配近 1.53 億美元，預計明天即可完成。

Together these initiatives illustrates balanced capital allocation strategy combining discipline, investment in future growth with a consistent effort to deliver value to shareholders supported by a strong balance sheet and liquidity levels. Let's now moving to the slide 12. So please join me on the slide 12 for an important update.

這些舉措共同體現了平衡的資本配置策略，將紀律、對未來成長的投資與持續努力相結合，以強大的資產負債表和流動性水平為股東創造價值。現在我們來看第 12 張投影片。因此，請和我一起觀看第 12 張投影片，以了解重要更新。

As LATAM Group enters and just, like Roberto mentioned at the beginning, we entered the next part of the year. The fundamental of the business remains solid with a diversified and extensive network and flexible fleet, a competitive cost structure and a robust capital position. LATAM is pleased to report that it has been closely monitoring bookings and as of this day and during the past weeks, passenger bookings, trains, and cargo sales have remained stable.

隨著 LATAM 集團的進入，正如 Roberto 在開始時提到的那樣，我們進入了今年的下半年。該公司的業務基礎仍然穩固，擁有多元化和廣泛的網絡、靈活的船隊、具有競爭力的成本結構和強勁的資本狀況。LATAM 很高興地報告，它一直在密切監控預訂情況，截至今天以及過去幾週，客運預訂、火車和貨物銷售保持穩定。

With this, LATAM is adjusting its guidance for the full year 2025, including its capacity and sales guidance, as well as guidance on key financial indicators due to the strong results of this first quarter and the current stable environment. The company now expects an adjusted operating margins between 13% and 15%, up from a range of 12% and 13.5% in the previous guidance issued on December 3 last year.

為此，LATAM 正在調整其 2025 年全年業績指引，包括運力和銷售額指引，以及由於第一季業績強勁和當前環境穩定的關鍵財務指標指引。該公司目前預計調整後的營業利潤率在 13% 至 15% 之間，高於去年 12 月 3 日發布的預期中的 12% 至 13.5%。

Together with these, LATAM forecasts an adjusted EBITDAR between USD3.4 billion and USD3.75 billion up from USD3.25 billion to USD3.6 billion as compared to previous guidance for 2025. In terms of liquidity and capital structure, we are updating our expectations to close this year with an adjusted lever free cash flow above USD1.2 billion,

除此之外，LATAM 預測調整後的 EBITDAR 將在 34 億美元至 37.5 億美元之間，高於 2025 年的先前預測的 32.5 億美元至 36 億美元。在流動性和資本結構方面，我們更新了預期，預計今年年底調整後的槓桿自由現金流將超過 12 億美元。

up from above USD1 billion, an improvement on our liquidity levels from USD3.9 billion to now USD4.1 billion and also reducing our forecasted adjusted leverage to be below 1.5 times from a previous guidance of below 1.7 times. However, the current scenario makes it very difficult to forecast the market's macroeconomic expectations and uncertainties which could impact passenger and cargo demand due to potential tariff impact.

高於 10 億美元，我們的流動性水準從 39 億美元提高到現在的 41 億美元，同時將我們預測的調整後槓桿率從先前預測的 1.7 倍以下降低到 1.5 倍以下。然而，目前的情況使得預測市場宏觀經濟預期和不確定性變得非常困難，因為潛在的關稅影響可能會影響客運和貨運需求。

Any relevant change could affect international passenger and air freight demand from and to the United States as well as passenger cargo demand in other regions, including to, from and within Latin America. While we remain confident in our trajectory, we are mindful of revolving macroeconomic environment.

任何相關變更都可能影響往返美國的國際客運和航空貨運需求以及其他地區（包括往返拉丁美洲和拉丁美洲內部的客運貨運需求）。雖然我們對我們的發展軌跡充滿信心，但我們也注意到不斷變化的宏觀經濟環境。

We continue to monitor key external factors such as fuel prices affect volatility and geopolitical trends, and we remain prepared to adapt with discipline and flexibility if needed. Before we move to the Q&A session, let me just briefly recap the main takeaways from the strong quarter on slide 13.

我們將繼續監測燃料價格影響波動性和地緣政治趨勢等關鍵外部因素，並準備在必要時採取紀律性和靈活性進行調整。在我們進入問答環節之前，請允許我在第 13 張投影片上簡要回顧一下強勁季度的主要內容。

We kicked off the year with solid momentum transporting over USD21 million passengers and growing capacity by 7.3%, a clear reflection of both operational agility and sustained demand across our network. On the financial front, we deliver record profitability with USD355 million in that income and almost USD1 billion in adjusted EBITDAR, supported by a profitable growth strategy, a continued cost discipline, and lower food costs.

我們以強勁的勢頭開啟了新的一年，運送了超過 2,100 萬美元的乘客，運力增長了 7.3%，這清楚地反映了我們整個網路的營運靈活性和持續的需求。在財務方面，我們實現了創紀錄的盈利，收入達到 3.55 億美元，調整後的 EBITDAR 達到近 10 億美元，這得益於盈利增長戰略、持續的成本控制和較低的食品成本。

From a customer perspective, the group achieved the highest satisfaction scores today which speaks to the impact of our investment in fleet onboard experience, digital services, and a strong commitment from the more than 39,000 employees of the group to deliver the best services and experience to our customers.

從客戶角度來看，集團今天獲得了最高的滿意度評分，這體現了我們對機隊機上體驗、數位服務的投資以及集團 39,000 多名員工致力於為客戶提供最佳服務和體驗的堅定承諾。

At the same time, we reinforce our commitments to shareholders, distributing USD293 million in dividends and launching a share repurchase program for over USD150 million, all maintaining a solid balance sheet, a strongly above USD3.7 billion and a healthy level adjusted net leverage of 1.5.

同時，我們加強對股東的承諾，派發2.93億美元的股息，並啟動超過1.5億美元的股票回購計劃，所有這些都保持了穩健的資產負債表、遠高於37億美元的資產負債表和1.5的健康調整後淨槓桿率水平。

And lastly, upward revision of its four year guidance incorporates the strong margin expectations supported by discipline, cost management and a stable demand environment. Let's now open the line for your questions and thank you.

最後，對其四年指導方針的上調反映了紀律、成本管理和穩定的需求環境所支持的強勁利潤預期。現在讓我們開始回答你們的提問，謝謝。

(Operator Instructions)

（操作員指示）

Michael Linenberg, Deutsche Bank

麥可林伯格，德意志銀行

Oh yeah, hey, good morning. Thanks. Two questions. Congrats on the really solid results. Roberto, I want to pose the first question to you. Just a few weeks ago we had the IMF lower global GDP growth by 0.5%, and I've, in my professional career, I've never seen a revision of that magnitude. It's usually 1 to 2 [tents].

哦是的，嘿，早安。謝謝。兩個問題。恭喜您取得如此優異的成績。羅伯托，我想向您提出第一個問題。就在幾週前，國際貨幣基金組織將全球 GDP 成長率下調了 0.5%，在我的職業生涯中，我從未見過如此幅度的修正。通常有 1 到 2 個 [帳篷]。

We've seen airlines all around the world withdraw guidance, many guide to a much more challenging outlook, and yet you took your numbers up. You took margins up, you took guidance up, and I'm curious how much of that is just a function of your primary market and your competition and the fact that, the pressure that we're going to see on the global economy will be much more impactful to some of the weaker carriers.

我們看到世界各地的航空公司都撤回了預期，許多航空公司的預期前景更加艱難，但你們卻提高了預期數字。你們提高了利潤率，提高了預期，我很好奇這在多大程度上只是你們的主要市場和競爭對手的結果，而且事實上，我們將在全球經濟上看到的壓力將對一些實力較弱的航空公司產生更大的影響。

And I'm curious if you know that may be your thinking here that if things do slow down, it will impact everybody, but it will impact the weaker carriers disproportionately more so creating more opportunities for someone like yourselves, the thinking that the rich get richer. Is that underlying as you think about your forecast that even if things slow, that LATAM will be able to do even better than the competition?

我很好奇，您是否知道，您的想法可能是，如果經濟真的放緩，它將影響到每個人，但對實力較弱的運營商的影響將更大，從而為像您這樣的人創造更多機會，認為富人會越來越富。您是否認為，即使情況放緩，LATAM 也能比競爭對手做得更好？

Because right now you're the only carrier out there, who at least seems to be pointing to a better outlook versus most other carriers. Thanks.

因為現在你們是唯一一家至少看起來比大多數其他業者前景更好的業者。謝謝。

Thanks, Michael. You said you had two questions. You want to ask the second one after I answer.

謝謝，麥可。你說你有兩個問題。我回答後你再問第二個問題。

Yeah, that's what I'll do. I'll do a quick second.

是的，我會這麼做。我來快速做一下。

Great. All right, great, thanks and thanks for the question. I think it's a really good question. So, a couple comments. First, we have not seen to date in our bookings or in our cargo revenues any relevant impact from all the announcements and the news that we have seen from the northern industry coming.

偉大的。好的，太好了，謝謝，也謝謝您的提問。我認為這確實是一個好問題。所以，有幾點評論。首先，到目前為止，我們還沒有看到北方航運業發布的所有公告和新聞對我們的預訂量或貨運收入產生任何相關影響。

I believe that on the one hand our markets are not following necessarily the dynamics that you see in the US. We don't have dodge, for example, and I think in general, we haven't seen those trends and we remain so far pretty isolated and relatively confident that even though this may impact us going forward the world altogether.

我認為，一方面，我們的市場不一定會遵循美國市場所見的動態。例如，我們沒有閃避，我認為總的來說，我們還沒有看到這些趨勢，而且到目前為止，我們仍然相當孤立，並且相對有信心，儘管這可能會影響我們整個世界的前進。

It doesn't look today and as for the bookings we have, but it's something that we are overly concerned in the short term. Having said that, of course this can change, and that's why we remain vigilant and to your point, yes, I would agree with you in general but let me say something important here. You see growth in our forecast there, but the important thing is we don't chase market share, we chase growth where we can win.

從今天的預訂情況來看，情況似乎並非如此，但這是我們短期內過度擔心的事情。話雖如此，當然這種情況可能會改變，這就是我們保持警惕的原因，對於你的觀點，是的，我總體上同意你的觀點，但讓我在這裡說一些重要的事情。您可以看到我們的預測有所增長，但重要的是我們並不追求市場份額，而是追求能夠取勝的成長。

So, we are very specific and targeted in finding our strengths and investing where our strengths are. I do believe today that we have something I like to call relative advantage, which is the strength of our numbers vis a vis the rest of the industry and particularly in the region.

因此，我們非常具體且有針對性地尋找我們的優勢並在我們的優勢領域進行投資。我今天確實相信，我們擁有我稱之為相對優勢的東西，即相對於業內其他公司、特別是該地區公司而言，我們的數位實力。

So, even though the uncertainty may affect the industry in general, I think that the time has position itself both from a financial perspective and from a network perspective. In the right place to take advantage of volatility.

因此，儘管不確定性可能會影響整個行業，但我認為從財務角度和網絡角度來看，時機已經成熟。在正確的地方利用波動性。

So, even though we remain cautious in terms of the overall impact that this may have, we have the ability today to be very targeted in where we grow and how we improve our network and our position further, and I believe that's one of the key advantages that we have created over the last two years, which we expect to exploit if the conditions of that.

因此，儘管我們對此事可能造成的整體影響保持謹慎，但今天我們有能力非常有針對性地確定我們的成長方向以及如何進一步改善我們的網絡和地位，我相信這是我們在過去兩年中創造的關鍵優勢之一，如果條件允許，我們希望能夠充分利用這一優勢。

Great. Thanks for that thorough response. And then just my second question, this is just a little bit more nuanced. Across the region, I know in the past, Colombia, domestic had been one of the weaker markets, Maybe things are stabilizing there as you look across your region, where are the strong points? Where are the weak points?

偉大的。感謝您詳盡的回覆。這是我的第二個問題，這個問題比較微妙。縱觀整個地區，我知道過去哥倫比亞國內市場一直是較弱的市場之一，也許那裡的情況正在穩定下來，放眼整個地區，優勢在哪裡？弱點在哪裡？

I know we've sort of heard that, Argentina now is maybe becoming one of the better, if not the best performing markets in the region. Just any color on that, how things have, sort of evolved over, since the last quarter.

我知道我們已經聽說過，阿根廷現在可能正在成為該地區表現較好的市場之一，甚至是最好的市場。自從上個季度以來，情況發生了怎樣的變化。

Sure, yes, in the last two quarters we pointed out that we thought that domestic Colombia was under excess of capacity. I think that that has stabilized in the last few months. Capacity for the whole industry has been negative in terms of growth in the last month, and therefore the market is in a slightly more healthy position than it was in the previous six months.

當然，是的，在過去兩個季度中，我們指出我們認為哥倫比亞國內產能過剩。我認為這種情況在過去幾個月裡已經穩定下來。上個月整個產業的運力成長為負，因此市場狀況比前六個月略微健康一些。

Across the rest of the domestic markets in general, we see good strong demand and in a stable environment, I would say that the weakest point is today Ecuador, which is very small for us, but it's basically related to the geopolitical issues or the political issues and safety issues they have there, but it's a very minor part of our operation, even though it still remains healthy.

總體而言，在其他國內市場中，我們看到了強勁的需求，在穩定的環境中，我想說，目前最薄弱的環節是厄瓜多爾，雖然對我們來說規模很小，但這基本上與地緣政治問題或政治問題以及那裡的安全問題有關，但這只是我們運營中很小的一部分，儘管它仍然保持健康。

International has been very strong, particularly of international travel within South America, where most of our international growth has been focused, less so in the no, the growth just because we don't have the fleet. But when we see long haul, we see good performance both in Trans-Pacific, Europe and the US, being Europe and Trans-Pacific slightly better than the US.

國際業務一直非常強勁，尤其是南美洲的國際旅行，我們的大部分國際成長都集中在那裡，而海外業務的成長則較少，因為我們沒有機隊。但從長遠來看，跨太平洋、歐洲和美國的表現都很好，歐洲和跨太平洋的表現略優於美國。

So, in general, I would say that the markets have remained stable and domestic Colombia, which was a little bit of a pain point, has relatively good to the last six months. Lastly, on cargo, we have seen a very strong end of 2024, albeit a very weaker first half of 2024, first half of 2025 has been stable in general, a little bit less active than the end of 2024.

因此，總的來說，我認為市場保持穩定，而哥倫比亞國內市場（以前有點痛點）在過去六個月表現相對較好。最後，就貨運而言，我們看到 2024 年底表現非常強勁，儘管 2024 年上半年表現非常疲軟，但 2025 年上半年整體保持穩定，比 2024 年底略微活躍。

It's also very feasible. The second half of the year is much better than the first half of the year in cargo, and we have seen so far no impact of the tariffs that are imposed basically in the US with respect to cargo traffic. However, we're very mindful of the minis waiver that ends on May 2, and we're monitoring if that will have an effect on cargo traffic and particularly on capacity going forward. But so far sales have remained in a good place.

這也是非常可行的。下半年的貨運情況比上半年好得多，到目前為止，我們還沒有看到美國對貨運徵收關稅的影響。然而，我們非常清楚小型飛機的豁免將於 5 月 2 日結束，我們正在監測這是否會對貨運量產生影響，特別是對未來的運力產生影響。但到目前為止，銷售情況仍然良好。

Great. Thanks for that comprehensive rundown. Thank you.

偉大的。感謝您提供如此全面的概述。謝謝。

Okay.

好的。

Gabriel Rezende, Itau BBA.

Gabriel Rezende，伊塔烏 BBA。

Okay. Hi, good morning, everyone. Thanks for the call. Regarding the guidance, it's actually a follow up to the previous question. I was just wondering how much have you guys been positively surprised by the first few numbers as we have been just trying to understand whether the better guidance for the year reflects a better first quarter.

好的。大家好，早安。謝謝您的來電。關於指導，這實際上是對上一個問題的後續。我只是想知道你們對前幾個數字感到多大的驚喜，因為我們只是想了解今年更好的指導是否反映了更好的第一季。

And the next nine months would be pretty much the same as you guys were expecting or if you guys are seeing a better demonstrated figures in the coming quarters as well. Just trying to understand what you have put into the guidance in that.

接下來的九個月將與你們預期的大致相同，或者你們在未來幾季也會看到更好的數據。只是想了解您在其中提供了什麼指導。

And also regarding the guidance, you are posting a [gas ex] that is already below what you are getting for the full year. So the overall feeling that your guidance might have some room to be upset. Am I correct? Those are my two questions. Thank you.

另外關於指導，您發布的 [gas ex] 已經低於您全年的所得。因此總體感覺你的指導可能會有一些令人不安的空間。我說得對嗎？這是我的兩個問題。謝謝。

Thanks. So with respect to your question, first question, we have good visibility, good bookings visibility for the remainder of the second quarter, and in general we see positive trends and stable demand throughout most of our business units, and that that gives us confidence that despite the uncertainty we've seen around the world, this has not made an impact to our demand trends in this part of the world.

謝謝。因此，關於您的問題，第一個問題，我們在第二季度剩餘時間內具有良好的可見性，良好的預訂可見性，並且總體而言，我們在大多數業務部門都看到了積極的趨勢和穩定的需求，這讓我們有信心，儘管我們看到世界各地存在不確定性，但這並沒有對我們在這一地區的需求趨勢產生影響。

Having said that, and I probably forgot to mention this when Michael asked the question, I think that an important driver also of our group numbers is that we are seeing a better share of premium traffic coming our way. We have devoted a significant amount of effort and time and Investments to enhance our product, improve our product throughout the experience of the customer

話雖如此，我可能在麥可提問時忘了提到這一點，我認為我們集團業績成長的一個重要驅動因素是，我們看到越來越多的優質流量湧向我們。我們投入了大量的精力、時間和投資來增強我們的產品，並改善客戶的體驗

and as Ricardo mentioned it in his words, premium revenue is increasing far faster than total passenger revenue has been increasing. Passenger revenue increased 21.6% and the quarter of premium revenue increased over 7%, and I think that's a distinctive change that we have made in the last few years.

正如里卡多所說，保費收入的成長速度遠遠快於總客運收入的成長速度。客運收入成長了21.6％，季度保費收入成長了7％以上，我認為這是我們在過去幾年中做出的顯著改變。

We're focusing more in a segment of the market where we believe there was willingness to pay that not necessarily we had understood as we are understanding it today, and this is an important part of our focus going forward.

我們更加關注市場中某個部分，我們認為該部分存在支付意願，而我們先前對它的理解可能不像今天這樣，這是我們未來關注的重要部分。

And for the remainder of the year, we're following long term trends and as far as the information we have, again we feel confident of what we're seeing, but as I said on my script, on my remarks, we remain vigilant and if there's anything that merits any change in our guidance, we'll post it when appropriate if it happens. For the cost part, I'll turn it to Ricardo.

在今年剩餘的時間裡，我們將關注長期趨勢，就我們掌握的資訊而言，我們對所看到的情況再次充滿信心，但正如我在我的腳本和評論中所說的那樣，我們將繼續保持警惕，如果有任何值得我們改變指導的事情，我們會在適當的時候發布。對於成本部分，我將把它交給 Ricardo。

Okay. Thank you for your question. I think we also exclose for the updated guidance the assumptions that we have for jet food price, which is $90 per barrel. So yes, we depend on the scenarios. We could have some upside but also downside risks to the guidance considering the level of price as well as the FX exchange rate that we also disclosed on this guidance at USD5.9 Reais per each dollar.

好的。感謝您的提問。我認為我們還披露了更新後的指導意見中對航空食品價格的假設，即每桶 90 美元。是的，我們依賴場景。考慮到價格水準以及我們在本指南中揭露的每美元兌 5.9 雷亞爾的外匯匯率，我們的指南可能面臨一些上行風險，但也可能面臨下行風險。

Okay, that's clear Thank you very much.

好的，很清楚，非常感謝。

Jen Spiece, Morgan Stanley

摩根士丹利的 Jen Spiece

Yes, hello, thank you for taking my questions and congrats on the strong results. I just want to follow up on the previous question. Basically, on the cost print you had this quarter and the guidance you're providing for the full year. I was looking that you had some benefit from like lower maintenance costs.

是的，您好，感謝您回答我的問題，並祝賀您取得優異的成績。我只是想繼續回答上一個問題。基本上，根據您本季的成本記錄以及您為全年提供的指導。我希望您能從降低維護成本等方面獲得一些好處。

You explained in your release that part of it is driven by a reversal of pre-delivery -- redelivery provisions due to acquisition of aircraft. I think it was like USD32 million. That obviously is probably not sustainable, right?

您在新聞稿中解釋道，部分原因是由於購買飛機而導致的交付前——重新交付條款的逆轉。我認為大約是 3200 萬美元。這顯然是不可持續的，對吧？

So are there any other items we need to adjust for and also you had in other expenses some apparently some FX benefits. If you could maybe elaborate on how what percentage of those expenses are denominated in local currency, it would be quite useful.

那麼，我們還需調整其他項目嗎？另外，您在其他開支中顯然還包含一些外匯收益。如果您可以詳細說明這些費用中有多少百分比是以當地貨幣計價的，那將會非常有用。

Thank you. Okay, yes, it's Ricardo here. Thanks for your question. I think the maintenance adjustment that we have disclosed, it's related with the six aircraft acquisition, and it's just a move from an operational leasing structures to annexed financial leasing structure.

謝謝。好的，是的，我是里卡多。謝謝你的提問。我認為我們揭露的維護調整與六架飛機的收購有關，這只是從經營租賃結構轉向附加融資租賃結構的轉變。

So, we closed just like you're aware about, but we are still confident that we could also manage to control under efficiency, digitalization, and other a lot of group initiatives of initiatives that we have inside the company to keep controlling the costs, but I think it's important to share with you that reversion in provisions.

因此，正如您所知道的，我們已經結束了，但我們仍然相信，我們能夠控制效率、數位化以及公司內部採取的其他許多集體舉措，以控製成本，但我認為與您分享規定的回歸很重要。

We're focused on continuing cost saving initiatives, so we have a lot of initiatives, not only for the costs and admin expenses costs, but also for maintenance and other relative operating costs inside the company. So, we are adding to these forecasts and our confidence for the guidance that yes we still have a long journey to keep controlling and find alternative to even reduce even more of the costs.

我們專注於持續節約成本，因此我們採取了許多舉措，不僅針對成本和管理費用，還針對公司內部的維護和其他相關營運成本。因此，我們增強了這些預測和信心，即我們還有很長的路要走，以保持控制並找到替代方案，甚至降低更多成本。

On these period of first quarter, we had an impact of 0.2 tanks from the FX. So we also need to understand the real outcome for the FX over the final cost but I think it's also important to emphasize. And from another relevant part of the cost which is fuel, we disclose our performance in terms of the way that we could reduce the cost of fuel, but remember we improved the [cax] the capacity 7%.

在第一季的這段時間裡，FX 對我們產生了 0.2 輛坦克車的影響。因此，我們還需要了解 FX 對最終成本的實際影響，但我認為強調這一點也很重要。從成本的另一個相關部分——燃料來看，我們披露了我們在降低燃料成本方面的表現，但請記住，我們將 [cax] 容量提高了 7%。

So actually the consumption in barrels was up 5% and the average price was down close to 10%. So the average was a reduction that we have disclosed in our financials. And after all, we disclosed, there's no specific figures for the exposure that we have for the US, the nominated part of our costs.

因此實際上桶裝消費量上漲了 5%，而平均價格卻下降了近 10%。因此，平均值是我們在財務報表中揭露的減少量。畢竟，我們曾揭露過，我們在美國的風險敞口，也就是我們成本的指定部分，並沒有具體的數字。

But together with oil, we're talking about around 7% of our total costs could be denominated in US dollars. But remember that we have from our mix of revenues, including international and the US and Europe, point of sales and also relevant part of revenues also denominated in [hard queries] which could represent more than 60% of our total revenues, okay.

但加上石油，我們總成本的約 7% 可以用美元計價。但請記住，我們的收入來自國際、美國和歐洲，銷售點以及以[硬查詢]計價的相關部分收入，這些收入可能占我們總收入的 60% 以上，好的。

Okay, perfect, and the 0.2, you mentioned on your caskets you benefit from the FX, that's year by year, right?

好的，完美，您提到的 0.2，您在棺材上受益於 FX，這是逐年增加的，對嗎？

Yeah.

是的。

Okay perfect. Thank you. I appreciate it.

好的，完美。謝謝。我很感激。

Joel Brizo, Goldman Sachs

高盛的喬爾布里佐

Yes, hey, good morning, everyone. Thanks for taking my questions. Congrats on the results. I have two quick questions, and one follow up. So, on the guidance itself, you guys are not expecting even better than expected level ratio by the end of this year. So, I just wanted to wanted to understand what would make you guys consider announcing an extraordinary dividend.

是的，嘿，大家早安。感謝您回答我的問題。恭喜取得成果。我有兩個簡單的問題和一個後續問題。因此，就指導本身而言，你們並不期望今年年底的水平比率甚至比預期的還要好。所以，我只是想了解是什麼讓你們考慮宣布特別股息。

I know this is a fluid situation right in the macro globally, but you, the leveraging the leverage path seems to be on track, right, and you guys guided for below two times the average in your investor day so this opens room for maybe an extraordinary dividends. I just wanted to get a sense on that.

我知道在全球範圍內宏觀層面上這是一個不穩定的情況，但是你們的槓桿路徑似乎已經步入正軌，對吧，而且你們在投資者日指導的股息低於平均水平的兩倍，所以這或許為特別股息打開了空間。我只是想了解這一點。

My second question is around the selling shareholders, right? If you guys could provide an update on their willingness and timing of those guys potentially selling more shares into the market. And finally, just a quick follow up on the guidance, your just your expectations remain change it.

我的第二個問題是關於出售股東的，對嗎？如果你們可以提供有關這些人可能向市場出售更多股票的意願和時間的最新消息。最後，只需快速跟進指導，您的期望就會保持不變。

I just wanted to double check if that accounts for the hedges you guys undertook in the period or that is excluding hedges and then if you could provide what would be the adjusted jet fuel accounting for hedges, that would be nice as well. Thank you very much, guys.

我只是想再確認一下，這是否考慮了你們在此期間進行的對沖，或者是否排除了對沖，然後如果您可以提供調整後的航空燃油對沖會計，那也很好。非常感謝你們，夥伴們。

Okay, John. Thank you for your question. I think regarding our liquidity levels and the dividend decisions, actually remember that we are sharing with the market our discussions with the board of directors regarding the capital allocations, which could include additional dividends but also other structures to have an additional repurchase of shares.

好的，約翰。感謝您的提問。我認為關於我們的流動性水平和股息決定，實際上請記住，我們正在與市場分享我們與董事會關於資本配置的討論，其中可能包括額外的股息，但也包括進行額外股票回購的其他結構。

So we are having that kind of discussions with the board, and yes, we depend on the final decision from the board and also the way that we are seeing our figures and the forecast figures complying with the financial policy and the guidance that we have provided. But yes, we are comfortable with the liquid situation that we have to have that kind of discussions with our board.

因此，我們正在與董事會進行此類討論，是的，我們依賴董事會的最終決定，以及我們看到的數據和預測數據是否符合我們提供的財務政策和指導。但是的，我們對流動性狀況感到滿意，我們必須與董事會進行此類討論。

Regarding the shareholder decisions to have a secondary or follow on, I think it's more on the shareholder decisions. So we have no information, and if we got that information from shareholders, we will let the market aware, okay. And your last question just to remind me was related with the share of the hacks that we have for fuel or for FX.

關於股東決定進行二次發行或後續發行，我認為這更多的取決於股東的決定。所以我們沒有訊息，如果我們從股東那裡得到了這些訊息，我們就會讓市場知道，好的。您的最後一個問題只是為了提醒我，與我們在燃料或 FX 方面的駭客攻擊份額有關。

Yeah. Well, just to double check whether the jet fuel price you guys provided in the guidance account for the hedges you guys took or if there might be some upside to that price as you guys maybe did hedges in the following, in the following jet fuel environments.

是的。好吧，只是想再檢查一下你們在指導中提供的航空燃油價格是否考慮了你們採取的對沖，或者該價格是否可能有一些上漲空間，因為你們可能在接下來的航空燃油環境中進行了對沖。

What I cannot give you any specific price and the size that we have actually we have disclosed it in the earnings release, the average part of our consumption forecasted for the next four quarters that are covered partially with hedge

我無法給你任何具體的價格和規模，實際上我們已經在收益報告中披露了這一點，我們預測未來四個季度的消費中，部分對沖覆蓋的平均部分

What I can tell you now is that the USD90 per barrel is aligned with the strategy that we for the forecast together with the impact from the hedge outcomes. So, that's why we are confident with and range under a low level of volatility. We are committed to reach and to work with the guidance supported by these USD90.

我現在可以告訴你的是，每桶 90 美元與我們預測的策略以及對沖結果的影響是一致的。所以，這就是我們對低波動程度充滿信心和信心的原因。我們致力於實現並遵循這 90 美元所支持的指導。

Thank you very much, super clear guys, have a good one.

非常感謝你們，你們太清楚了，祝你們一切順利。

Ewald Stark, BICE

埃瓦爾德·斯塔克，BICE

Thanks for taking my question and congratulations for the results. My first question is with regard to fields in international segment which were pretty strong. I would want to ask him what do you expect going forward.

感謝您回答我的問題，並祝賀您所取得的成果。我的第一個問題是關於國際領域的，這些領域表現相當強大。我想問他您對未來有何期望。

And the second question is about growth expectations for Brazil which were listed against the previous guidance, but up to this point, industry figures provided by [AAC] and LATAM figures show modest growth in the first quarter. So when you could expect that as a growth will convert to the guidance of LATAM airlines.

第二個問題是關於巴西的成長預期，這與先前的指引相悖，但到目前為止，[AAC] 提供的產業數據和 LATAM 數據顯示第一季成長溫和。因此，您可以預期，成長將轉變為 LATAM 航空公司的指導。

Thanks. So on the first question, so please remember that our international business segment is comprised both of long haul and international within South America, and you have to see those two segments separately in terms of their dynamics, but what we have put on the guidance and the expectation in general of, as I said, stable demand and a good growth environment, particularly in regional.

謝謝。因此，關於第一個問題，請記住，我們的國際業務部門包括南美洲的長途航線和國際航線，您必須分別從動態角度看待這兩個部門，但正如我所說，我們對穩定的需求和良好的成長環境（特別是在區域）給出了指導和預期。

So, we don't disclose going forward yields and [REIS] per business area or for the company, but, they're embedded our expectations are embedded in the guidance altogether, and with respect to domestic Brazil. So first, the slight proof capacity that we have posted here is purely based on utilization and fleet usage. So we're not adding more assets to our fleet during 2025 vis a vis of what we had expected.

因此，我們不會透露每個業務領域或整個公司的未來收益率和 [REIS]，但是，它們已融入我們的預期中，並且與巴西國內情況有關。因此，首先，我們在此處發布的輕微證明容量純粹基於利用率和車隊使用情況。因此，與我們的預期相比，我們在 2025 年不會為我們的船隊增加更多資產。

This is simply a better utilization of the current assets we have. And looking at the environment in Brazil, which is a demand perspective stable and on a capacity perspective as well stable, we see good opportunities to reinforce where we have strength and what the guidance is expecting is the opportunities that we see where we can improve the product and the network for our passengers.

這只是更好地利用我們現有的資產。綜觀巴西的環境，從需求角度和容量角度來看都是穩定的，我們看到了鞏固優勢的良好機會，而指導預期是，我們看到了可以為乘客改善產品和網路的機會。

Yeah, okay, perfect. Just following up on that last question on that last answer, I want to know, how do you see competition in Brazil as other competitors such as GOL or Azul are expecting higher growth rates in capacity for the passenger segments. I know that GOL and Azul don't disclose, don't break down domestic and international air travel, but it seems like they're expecting to grow at higher rates than Americans.

是的，好的，完美。接下來是最後一個問題的最後一個答案，我想知道，您如何看待巴西的競爭，因為其他競爭對手如 GOL 或 Azul 都預計客運部門的運力增長率會更高。我知道 GOL 和 Azul 沒有披露、沒有細分國內和國際航空旅行，但看起來他們預計的成長速度將高於美國人。

I don't like to comment on capacity growth of our competitors. That's their decision and their strategy. What I focus on is our own operation and particularly where we have strength. So, what I think is important in terms of our strategy here is that we do invest where we know we can win and the focus that we have in growing in domestic facilities in the places where we believe we can enhance our network and bring a better product for our passengers.

我不喜歡評論我們競爭對手的產能成長。這是他們的決定和策略。我關注的是我們自己的運營，特別是我們的優勢領域。因此，我認為就我們的策略而言，重要的是我們確實在我們知道能夠獲勝的地方進行投資，並且專注於在我們認為可以增強我們的網路並為我們的乘客帶來更好產品的地方發展國內設施。

So, we'll see how it develops during the year, but we're very confident in our position, what we have built and developed over the last two years in domestic and we're looking forward to trying to have a better product and a better network for our passengers during the year.

因此，我們將觀察它在今年的發展情況，但我們對自己的地位以及過去兩年在國內市場所建立和發展的地位非常有信心，我們期待在今年為乘客提供更好的產品和更好的網絡。

Okay, thanks. Have a nice day.

好的，謝謝。祝你今天過得愉快。

Stephen Trent, Citigroup.

花旗集團的史蒂芬‧特倫特。

Good morning, gentlemen, and thanks very much for taking my question. Actually, the first question I have is maybe a follow up to the gentleman that was just speaking. When we think about Brazil's domestic market and you look at your guidance, asking another way, are you basically assuming that sort of the competitive environment stays steady state for the rest of the year vis a vis where it is today?

先生們，早安，非常感謝您回答我的問題。實際上，我的第一個問題可能是對剛才那位先生的提問的後續。當我們考慮巴西的國內市場並且您查看指導意見時，換個角度問，您是否基本上假設競爭環境在今年剩餘時間內相對於目前保持穩定狀態？

And no blowback from this ticket fraud stuff from Despegar or you know anything like that was just love to hear what you're thinking about that high level?

而 Despegar 的票務詐欺行為沒有任何反擊，或者你知道類似的事情，只是想聽聽你對高層的看法？

Yeah, hi Stephen. I mean, we see, as I said, a good demand environment in the rest of Brazil, and we see a relatively good capacity discipline in general in the market. We see our strengths, we understand where we and improve our network and that's where we're focusing.

是的，嗨，史蒂芬。我的意思是，正如我所說，我們看到巴西其他地區的需求環境良好，而且我們看到市場整體的產能紀律相對較好。我們看到了我們的優勢，我們了解我們在哪裡，我們改善我們的網絡，這就是我們關注的重點。

You mentioned something on Despegar. I don't think I'm not going to refer to Despegar, but I don't think that those environments are relevant to the dynamic of the market, which is much bigger than the size of Despegar itself. So again, very confident on what we have built over the last two or three years in domestic Brazil and investing basically where we have our strengths and taking advantage of a demand environment that has been paid.

您提到了有關 Despegar 的一些事情。我認為我不會提及 Despegar，但我不認為這些環境與市場動態相關，而市場動態比 Despegar 本身的規模要大得多。因此，我們對過去兩、三年在巴西國內取得的成就非常有信心，我們基本上在有優勢的領域進行投資，並利用已經付費的需求環境。

Great, appreciate that. And just a quick follow up, I definitely appreciate the color you gave on FX, assuming it's going to be a bit weaker. Any view on, why there was you didn't adjust fuel guide? I know you've got hedges there about, USD214 a gallon for the air. You did USD2.80 and one Q.

太好了，非常感謝。再簡單問一下，我真的很欣賞你給 FX 的色彩，假設它會弱一點。有什麼看法，為什麼你們沒有調整燃油指南？我知道你們那裡有對沖，空氣價格為每加侖 214 美元。你賺了 2.80 美元和一個 Q。

And the hedge versus unhedged difference was just a penny a gallon with sort of. Just love to hear, high level sort of the that USD90 per barrel boggy that's included in the guide. Thank you.

而對沖與未對沖之間的差價僅為每加侖一美分。很高興聽到有關指南中包含的每桶 90 美元的沼澤地的高級資訊。謝謝。

Hi Stephen, Andres here. USD90 a barrel is what we see here. If you look at the last year, I think fuel price was all over the map. We have been asked frequently whether this could be an upset as Ricardo said, could be USD90 a barrel price and those levels, so we feel confident with that USD90 a barrel for jet fuel for the full year.

你好，史蒂芬，我是安德烈斯。我們現在看到的是每桶90美元。如果你回顧去年，我認為燃料價格波動很大。我們經常被問到這是否會像里卡多所說的那樣令人意外，價格可能是每桶 90 美元左右，因此我們對全年航空燃油價格將達到每桶 90 美元充滿信心。

Okay, I appreciated that. Thank you.

好的，我很感激。謝謝。

Sure.

當然。

Pablo Benavides, Barclays

巴克萊銀行的Pablo Benavides

Hi, thanks for taking my question. I just wanted to pick your brain on. It seems that US carriers are full on capacity.

你好，謝謝你回答我的問題。我只是想向你徵求意見。看來美國航空公司的運力已經滿載了。

I'm sorry, Pablo. We cannot hear you. Sorry, Pablo.

對不起，巴布羅。我們聽不到你的聲音。抱歉，巴布羅。

Hello, can you hear me now?

你好，現在能聽到我說話嗎？

Okay.

好的。

Much better. Thank you.

好多了。謝謝。

Perfect. Okay, my question is regarding the, you read through from US airlines pulling out capacity in general. Have you seen any material impact on the international routes you operate? Is this an opportunity for you to increase capacity or how you plan to navigate on this condition? That's my first question.

完美的。好的，我的問題是關於您讀到的美國航空公司總體上削減運力的情況。您所營運的國際航線是否受到了任何實質影響？這是您增加容量的機會嗎？或者您計劃如何應對這種情況？這是我的第一個問題。

And my second question is if you can provide some color in terms of the demand from transatlantic routes and within each point of sale. Thank you.

我的第二個問題是，您是否可以提供一些有關跨大西洋航線和每個銷售點的需求的資訊。謝謝。

Thank you. So, well I think one important thing to remember is that the southern cone is less has been historically less exposed to migratory traffic to the US as compared to the northern part of South America, Central America, and Mexico. And therefore I think that the impact that that other countries further north have seen in terms of traffic to the US are not as relevant to the southern corners.

謝謝。所以，我認為需要記住的一件重要事情是，與南美洲北部、中美洲和墨西哥相比，南錐體在歷史上較少受到前往美國的移民交通的影響。因此，我認為，其他更北部的國家對美國交通的影響與南部角落的影響並不大。

They are probably in the northern part of our subcontinent. We have seen very minor changes in demand, generally to the US from our home markets and even though it's something we're monitoring well, it's not something that that today looks meaningful and do remember that we have the joint venture with Delta as well, which provides a very good diversification in terms of point of sale with respect to what we sell in South America, vis a vis of what they sell in the US all in all.

它們可能位於我們次大陸的北方。我們看到需求發生了非常小的變化，一般來說，從我們的本土市場到美國，儘管我們正在密切監控這一變化，但今天看來這並不是什麼重大變化，請記住，我們還與達美航空有合資企業，就我們在南美銷售的產品而言，相對於他們在美國銷售的產品，這為我們在銷售點提供了非常好的多樣化。

In general, so far, even though the US is a little bit slower than transatlantic and Pacific, it has been still in a good position and the impact has been relatively low from all the news that has come into the US and in the case of Transatlantic, as you've asked, in general, the demand between South America and Europe has been strong in the last, I would say two years.

總體而言，到目前為止，儘管美國比跨大西洋和太平洋地區稍慢一些，但它仍然處於良好地位，而且所有進入美國的消息對其影響相對較小，就跨大西洋而言，正如您所問，總體而言，南美和歐洲之間的需求在過去兩年一直很強勁。

And it has good components of strength from both European point of sale and South American, nothing especially important to report with respect to how those who trends go there are relatively stable on both ends.

它在歐洲銷售點和南美都擁有良好的實力成分，至於那些走向那裡的趨勢在兩端都相對穩定，沒有什麼特別重要的值得報告。

Perfect, thank you.

非常好，謝謝。

Guilherme Mendes, JP Morgan

吉列爾梅·門德斯（JP Morgan）

Hey, good morning, Roberto Ricardo and Andres. Thanks for taking my question. Two quick ones. The first one you mentioned that demand remains good. So the outlook overall remains pretty solid, but assuming some kind of demand deterioration, what kind of capacity and fleet flexibility would you have in terms of the delivery schedule from Airbus and Boeing?

嘿，早上好，羅伯托·里卡多和安德烈斯。感謝您回答我的問題。兩個簡單的。您首先提到的是需求仍然良好。因此，整體前景仍然相當穩固，但假設需求出現某種惡化，就空中巴士和波音的交付時間表而言，你們將擁有什麼樣的運力和機隊靈活性？

And the second one, a follow up on Brazil domestic, a lot of talks on the potential M&A between the zoo and go, and if I have any preliminary views on how LATAM could be impacted? Thank you.

第二個問題，關於巴西國內的情況，有很多關於 zoo 和 go 之間潛在併購的討論，我對 LATAM 可能受到的影響有什麼初步看法？謝謝。

Thank you. On the first question, so remember that when we saw and we reported this last year when we saw delays on the air side and also issues with the par with the engines, we took the decision of extending an important number of 319s and keep operating them.

謝謝。關於第一個問題，請記住，當我們看到並在去年報告了這一情況時，我們發現空中延誤以及發動機方面存在問題，我們決定延長大量 319 飛機的運作並繼續運行它們。

These are very low capital cost aircraft that are run almost on a 100% variable cost basis today, and it's the flexibility we have decided to keep within the fleet to either compensate for slowdowns or increase speed in the case of us seeing better demand.

這些都是資本成本非常低的飛機，目前幾乎以 100% 的變動成本運行，我們決定在機隊中保持靈活性，以便在需求更好的情況下彌補速度下降或提高速度。

So, we have the ability to adjust our capacity. With that in particular, we don't expect that if there's a slowdown, we'll see or want to have any changes with respect to Airbus deliveries. What we would do eventually is decrease the utilization of those very low cost of capital assets to adjust if that what was the case and was necessary.

因此，我們有能力調整我們的能力。特別是考慮到這一點，我們預計，如果出現經濟放緩，我們不會看到或希望空中巴士交付方面發生任何變化。如果情況確實如此且有必要，我們最終會做的是減少那些資本成本非常低的資產的利用率來進行調整。

And we like very much the flexibility of having something between 5% and 3% of our capacity which is running on almost 100% variable cost base that allows us to move in this in this way and with respect to Azul, I mean we've seen the news on the on the non-binding [LOI] for quite a while already.

我們非常喜歡這種靈活性，可以將我們的產能控制在 5% 到 3% 之間，而這些產能幾乎都是以 100% 的可變成本為基礎運行的，這使我們能夠以這種方式進行調整，至於 Azul，我的意思是我們已經看到有關非約束性 [LOI] 的消息很長一段時間了。

And I don't think it's a position to speculate if there's further news on that we will react at this point in time, I still believe it's premature to me to have a reaction on those potential non-binding conversations for now.

我認為現在還不能推測我們是否會對進一步的消息做出反應，我仍然認為現在對這些潛在的非約束性對話做出反應還為時過早。

That's perfect, Roberto. Thank you very much.

太完美了，羅伯托。非常感謝。

Thank you. Those are all the questions we have and so I'll turn the call back over to Ricardo to conclude.

謝謝。這些就是我們的全部問題，因此我將把電話轉回給里卡多來結束演講。

So, thank you all for joining us today. If you have any further questions, please reach out to our investors relations team and have a great day. Thank you.

所以，感謝大家今天的參加。如果您還有其他問題，請聯絡我們的投資者關係團隊，祝您有美好的一天。謝謝。

Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.

感謝大家今天的參與。我們的通話到此結束，您可以掛斷電話了。