LATAM Airlines Group SA (LTM) 2025 Q2 法說會逐字稿

Hello and welcome everyone to the 2Q 2025 LATAM Airlines Group earnings conference call. My name is Becky and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加拉丁美洲航空集團2025年第二季財報電話會議。我叫貝基，今天將擔任您的接線生。 （接線生指示）

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.

在我將電話會議轉交給管理階層之前，我想提醒大家，本次演講和問答環節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，尤其是關於公司未來計劃、目標、預期業績或指引的評論，均構成前瞻性陳述。

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, updated guidance, earning release, financial statements, and related CMF and SEC filings. 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 discussed in detail in our SEC filings.

這些聲明是基於LATAM認為合理的一系列假設，但仍受不確定因素和風險的影響，這些因素已在已發布的20-F、2025年更新指引、收益報告、財務報表以及相關的CMF和SEC文件中進行了詳細討論。由於各種因素，公司的實際業績可能與預測或建議的業績以及任何前瞻性陳述存在顯著差異，這些因素已在我們提交給SEC的文件中進行了詳細討論。

(Operator Instructions) I will now hand over to your host, Ricardo Bottas, CFO, to begin. Please go ahead.

（操作員指示）現在，我將把時間交給主持人、財務長里卡多·博塔斯。請開始。

Thank you. Hello, everyone, and good morning. Welcome to our second quarter of 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, the Corporate Finance Director; and Tori Creighton, Head of Investors Relations. And we will present our highlights and the results for the second quarter.

謝謝大家！大家好，早安！歡迎參加我們2025年第二季電話會議，感謝大家今天的參與。我叫里卡多·博塔斯 (Ricardo Bottas)，是拉美航空集團的財務長。和我一起出席的還有我們的執行長羅伯托·阿爾沃 (Roberto Alvo)、企業財務總監安德烈斯·德爾·瓦萊 (Andres del Valle) 和投資者關係主管托里·克雷頓 (Tori Creighton)。我們將介紹第二季的亮點和業績。

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

我現在把時間交給羅伯托，讓他先介紹公司績效亮點。講完之後，我會結合財務表現更詳細地介紹這些亮點。羅伯托。

Thank you, Ricardo. Good morning, everyone, and thank you for joining us today. I'm pleased to open our second quarter of 2025 earnings call by saying that LATAM Group continues to sustain growth and profitability once again, leaving robust results, a clear indication of the strength of the group's operating model, its commercial strategy, and above all, the extraordinary commitment of its people and the relentless dedication to improve the customer experience every day.

謝謝里卡多。大家早安，感謝大家今天加入我們。我很高興在2025年第二季度財報電話會議上宣布，LATAM集團再次保持成長和盈利，取得了強勁的業績，這充分體現了集團運營模式和商業戰略的強大實力，最重要的是，集團員工的非凡奉獻精神以及持續改善客戶體驗的不懈努力。

Let me start with a few headline numbers. During the second quarter, LATAM Group transported over 20.5 million passengers, expanded capacity by 8.3% year-over-year, and reached consolidated load factor of 83.5%. All while maintaining operation stability and growing customer preference across all markets.

首先，我想先介紹幾個重要數據。第二季度，LATAM集團客運量超過2,050萬人次，運能年增8.3%，綜合載客率達83.5%。同時，集團保持了營運穩定性，並在所有市場提升了客戶滿意度。

In terms of the LATAM Group product and experience, the focus is on strengthening the value proposition in every flight, every interaction, and every decision that is made. This quarter, we have a few updates in investments we're making in customer experience that Ricardo will comment on, which are supporting improved levels of customer satisfaction.

就LATAM集團的產品和體驗而言，重點在於強化每一次飛行、每一次互動和每一個決策的價值主張。本季度，我們將更新一些客戶體驗投資方面的信息，Ricardo將對此進行評論，這些投資有助於提升客戶滿意度。

During the quarter, LATAM Group's net promoter score matched the record-high achieved in the first quarter of 2025. Additionally, in June at the 2025 Skytrax World Airline Awards, LATAM was named the Best Airline in South America for the sixth year in a row and Best Airline Staff in South America for the fourth consecutive year. These awards are based on over 22 million passenger votes from more than 100 nationalities, and they reflect not just operational excellence, but trust, service, and consistency.

本季度，LATAM集團的淨推薦值追平了2025年第一季創下的歷史新高。此外，在6月舉行的2025年Skytrax世界航空大獎評選中，LATAM連續第六年榮獲「南美最佳航空公司」稱號，並連續第四年榮獲「南美最佳航空公司員工」稱號。這些獎項基於來自100多個國家的超過2200萬名乘客的投票，不僅體現了卓越的運營，更體現了其值得信賴、優質的服務和始終如一的品質。

From a financial standpoint, LATAM delivered another quarter of strong and balanced performance. Total revenues grew by 8.2% year-over-year, supported by healthy trends in both Passenger and Cargo segments. This topline expansion, combined with discipline, cost control, and a favorable fuel environment growth, and adjusted EBITDA of $850 million with a margin of 25.9%, reflecting a strong 5.5 percentage point improvement from the same period last year.

從財務角度來看，LATAM航空本季再次呈現強勁均衡的業績。得益於客運和貨運業務的良好成長勢頭，總收入年增8.2%。營收成長，加上嚴格的紀律、成本控制以及有利的燃油環境成長，使得調整後息稅折舊攤銷前利潤（EBITDA）達到8.5億美元，利潤率為25.9%，較去年同期強勁提升5.5個百分點。

LATAM also reached a record second-quarter adjusted operating margin with 12.9%, a 3.9 percentage point improvement from the second quarter 2024, a clear sign of how strategy and execution are delivering results. Net income reached to $242 million marking a 66% increase year-over-year. That figure brings first half net income to nearly $597 million.

LATAM第二季調整後營業利潤率創歷史新高，達到12.9%，較2024年第二季提升3.9個百分點，這清晰地表明了策略和執行力的成效。淨利達2.42億美元，年增66%。這使得上半年淨利達到近5.97億美元。

These results are particularly significant when considering the context of ongoing macroeconomic volatility across several of our key markets. They highlight the strength of the group's diversified and flexible business model, the ability to adapt to shifting external conditions, and the discipline focus on both operational execution, and financial strength.

考慮到我們幾個主要市場持續的宏觀經濟波動，這些業績尤其重要。這些業績凸顯了集團多元化靈活的業務模式、適應不斷變化的外部環境的能力，以及對營運執行和財務實力的嚴格把控。

This performance also supported a robust capital structure with $3.6 billion in liquidity and a 1.6 times adjusted net leverage even after returning $445 million to shareholders through dividends and the repurchase of 1.6% of LATAM's capital on the Santiago Stock Exchange. Looking ahead, current booking trends remain solid across both domestic and international markets, providing additional confidence in the demand environment for the coming quarters and reinforcing the outlook for the second half of the year.

這項業績也支撐了穩健的資本結構，即使在透過股利向股東返還4.45億美元以及在聖地牙哥證券交易所回購LATAM 1.6%的資本後，其流動性仍高達36億美元，調整後淨槓桿率仍達1.6倍。展望未來，目前國內外市場的預訂趨勢依然穩健，這為未來幾季的需求環境增添了信心，並鞏固了下半年的前景。

This is expressed in its improvements in most dimensions of LATAM's group full-year 2025 guidance, narrowing the ranges given improved visibility for the year. This revision reflects the strength of the group's commercial momentum, driving more high-quality traffic through its network, the flexibility of its operating model, and the disciplined approach to cost and investment that continues to guide the decision making. Ricardo will later elaborate a little bit more on these changes.

這體現在LATAM集團2025年全年業績指引的大多數方面均有所改進，鑑於全年業績的可預見性有所提升，業績指引區間有所縮小。此次調整反映了集團強勁的商業發展勢頭，透過其網路推動了更多高品質流量，營運模式更加靈活，以及持續指導決策的嚴謹的成本和投資方法。 Ricardo稍後將對這些變化進行更詳細的闡述。

During the quarter, the group incorporated 12 aircraft, including 10 A320Neos, one A321Neo, and one wide-body Airbus 330 operating under a short-term lease. With this, LATAM Group is on track with its fleet plan and has received 14 of the 26 aircraft scheduled for delivery in 2025.

本季度，該集團接收了12架飛機，包括10架A320Neos、1架A321Neos和1架短期租賃營運的寬體空中巴士330。至此，LATAM集團的機隊計畫進展順利，並已接收了計畫於2025年交付的26架飛機中的14架。

At the same time, I'm consistent with the strategy, business development, and demand growth currently being experienced. Medium-term opportunities for incremental growth have been identified in most markets where LATAM Group affiliates operate.

同時，我對目前的策略、業務發展和需求成長保持高度一致。 LATAM集團關聯公司營運的大多數市場都已發現中期增量成長機會。

In this context, during the quarter, 11 additional A320Neo family aircraft were secured for delivery in 2026, along with the decision to delay the progressive retirement of four of our 319 aircraft. Moreover, there may be potential opportunities for further growth over the next two to three years.

在此背景下，本季度，我們確認新增11架A320Neo系列飛機將於2026年交付，同時決定延後319架飛機中4架的逐步退役。此外，未來兩到三年內，我們可能還擁有進一步成長的潛在機會。

In this context, LATAM Group is analyzing the acquisition of additional aircraft from various manufacturers and the source. This includes additions to its wide-body and narrow-body fleet. The latter including aircraft from the A320 family, as well as other similar jets from manufacturers such as Airbus and Embraer.

在此背景下，LATAM集團正在研究從各製造商及其來源購買更多飛機。這包括擴充其寬體和窄體機隊。窄體機隊包括A320系列飛機，以及來自空中巴士和巴西航空工業公司等製造商的其他類似機型。

The primary focus of the expeditions will be to serve and grow passenger transportation within the region and cargo traffic in regional markets. As might be expected, the materialization of these options depends, of course, on several factors, including aircraft availability and the evolution of the markets in which the group operates. The group continues, nonetheless, to maintain significant flexibility to adjust capacity if we need to.

此次遠徵的主要重點將是服務並發展區域內的客運和區域市場的貨運量。正如預期的那樣，這些選項的實現當然取決於多種因素，包括飛機的可用性以及集團運營所在市場的發展。儘管如此，集團仍將保持相當大的靈活性，以便在必要時調整運力。

Building on LATAM's strong results. In June, shareholders approved a broader repurchase program of up to 3.4% of total shares. As part of that program, a second share repurchase for up to 2.4% of the company's outstanding shares is currently being executed through a 30-day pro rata mechanism on the Santiago Stock Exchange and is expected to conclude by the end of this month.

繼LATAM強勁業績之後，公司股東於6月批准了一項更廣泛的股票回購計劃，回購股份比例最高可達3.4%。作為該計畫的一部分，該公司目前正在聖地牙哥證券交易所透過為期30天的按比例機制進行第二次股票回購，回購股份比例最高可達2.4%，預計將於本月底完成。

We also carried out the final step in optimizing our non-fleet financial debt. In June, we fully eliminated our interest debt from 2022 high interest debt. I may recall refinancing $700 million of high costs notes with a new $800 million issuance at significantly lower rates. This is expected to generate $33 million in annual interest savings. In summary, we're very pleased to share with you the strong second quarter, the results, and the confident and positive view on the remainder of 2025.

我們也完成了非船隊金融債務優化的最後一步。 6月，我們完全消除了2022年高利債務中的利息債務。我還記得，我們以大幅降低的利率發行了8億美元的新債券，為7億美元的高成本票據進行了再融資。預計這將節省每年3300萬美元的利息。總而言之，我們非常高興地與大家分享我們強勁的第二季業績，以及對2025年剩餘時間的信心和樂觀展望。

Thank you, again, for being here today. I'll hand it over to Ricardo for the operational and financial review.

再次感謝大家今天的到來。接下來，我將把營運和財務審查交給里卡多。

Thank you, Roberto. I invite you to move to the next slide, slide 4. In terms of operational performance, LATAM Group continues to deliver solid year-over-year growth. Consolidated capacity measure in the ASK increased by 8.3%, driven primarily by a 10.9% expansion in LATAM Airlines Brazil domestic operations, a figure that partially reflects the impact of the temporary closure of Sarajevo International Airport in Porto Alegre during 2024, now fully recovered. As well as 9.6% increase in the group's international capacity, supported by positive momentum in both regional and long-haul travel.

謝謝Roberto。請翻到下一張投影片，也就是第四張。在營運績效方面，LATAM集團持續保持穩健的年成長。可用座位公里（ASK）的綜合運力指標增加了8.3%，主要得益於LATAM巴西航空國內業務增長10.9%，這一增長部分反映了2024年阿雷格里港薩拉熱窩國際機場臨時關閉的影響，該機場現已完全恢復運營。此外，受區域和長途旅行積極勢頭的推動，集團的國際運力增長了9.6%。

Commercially, domestic capacity across the groups affiliates in Chile, Colombia, Ecuador, and Peru recorded a slightly decline of 0.3%. This is explained by the strategic reallocation of part of LATAM Airlines Colombia's domestic fleet to support growth in international routes. Both effects are aligned with the updated 2025 guidance and reflect the ability to dynamically adjust capacity strategically towards high-demand markets.

商業方面，集團在智利、哥倫比亞、厄瓜多和秘魯的關聯公司的國內運力略有下降，下降了0.3%。這是由於哥倫比亞LATAM航空對其部分國內機隊的策略性重新分配，以支持國際航線的成長。這兩項措施均與最新的2025年指引相符，並體現了集團針對高需求市場進行策略性動態運力調整的能力。

Load factors remained healthy across all segments, with the consolidated load factor reaching 83.5%, a 1.2 percentage point improvement compared to the same period last year, reflecting strong demand and disciplined capacity growth. During the quarter, LATAM Group transported 20.6 million passengers, a 7.6% year-over-year increase.

所有航段的客座率均維持良好，綜合客座率達83.5%，較去年同期提升1.2個百分點，反映出強勁的需求和穩健的運能成長。本季度，LATAM集團客運量達2,060萬人次，較去年同期成長7.6%。

In terms of consolidated passenger revenue per ASK, it remained unstable year-over-year even as the group faced current depreciation in several key domestic markets and the jet fuel price. This, coupled with its continued growth and expansion, speaks to the resilience of the commercial performance and the strength of LATAM Group's diversified network.

就合併客運收入而言，每可用座位公里（ASK）收入同比依然保持不穩定，即便集團目前面臨多個主要國內市場的貶值以及航油價格上漲。這一表現，加上集團持續的成長和擴張，體現了商業表現的韌性以及LATAM集團多元化網絡的實力。

In particular, LATAM Airlines Brazil's domestic passengers RASK in local currency grew a solid 7.8% year-over-year, reflecting strong underlying demand. However, when we express in dollars, LATAM Airlines Brazil domestic passengers RASK declined by 3.3% due to the year-over-year depreciation of the Brazil real.

具體而言，拉美航空巴西國內乘客量（RASK）以當地貨幣計算年增7.8%，反映出強勁的潛在需求。然而，以美元計算，由於巴西雷亞爾同比貶值，拉美航空巴西國內乘客量（RASK）下降了3.3%。

Meanwhile, passenger RASK in the mass markets of the affiliate based in Spanish-speak countries remained robust, supported by continued strain across geographics and the stabilization of capacity of LATAM Airlines Colombia's markets. Lastly, international passenger RASK held nearly flat despite a 9.6% increase in capacity, underscoring healthy demand, dynamic, and network optimization efforts across the long-haul markets.

同時，由於各地區持續承壓以及哥倫比亞LATAM航空市場運力趨於穩定，其位於西班牙語國家的關聯航空公司在大眾市場的客運RASK（平均客運量）依然保持強勁。此外，儘管運能成長了9.6%，但國際客運RASK幾乎持平，這凸顯了長途市場需求旺盛、充滿活力以及航線網路優化的良好勢頭。

Moving to the next slide, slide, now, 5. Beyond operational performance, LATAM Group continue to make progress on elevating the customer journey through investments in products, technology, and services design. In particular, enhancements in the Premium segment have elevated the overall experience and customer satisfaction, while also driven a stronger revenue contribution.

現在轉到下一張投影片，第5張。除了營運績效之外，LATAM集團也透過對產品、技術和服務設計的投資，持續提升客戶旅程。尤其是高端細分市場的改進，提升了整體體驗和客戶滿意度，同時也帶來了更強勁的收入貢獻。

Regarding LATAM Group retrofit, significant progress has already been made on the narrow-body fleet, and the current focus is now on retrofitting the wide-body aircraft. In May, a new Premium Business cabin was introduced and this is a red operation in select aircraft. This redesigned cabin features three doors for full privacy, full-flat seats, 18-inch high-definition screens, and a layout inspired by South American landscapes and textures. The new retrofitted aircraft are already with passengers delivering the improvement in customer satisfaction levels of NPS versus the previous generation of retrofitted aircraft.

在LATAM集團的改裝方面，窄體機隊已取得重大進展，目前的重點是寬體機的改裝。今年5月，集團推出了全新的高級商務艙，目前部分機種已啟用。重新設計的客艙配備三個可完全私密的艙門、全平躺座椅、18英寸高清螢幕，以及靈感源自南美風光和紋理的佈局。全新改裝的飛機已投入運營，其淨推介價（NPS）與上一代改裝飛機相比，客戶滿意度有所提升。

In terms of connectivity, WiFi is now available across the entire narrow-body fleet of LATAM Airlines Brazil and continues to scale rapidly across the region, reaching nearly 90% of all affiliate carriers narrow-body aircraft operating domestic, international, intra-South America flights. The implementation remains on track to complete the rollout across the entire LATAM Group narrow-body fleet network by the end of 2025.

在互聯互通方面，LATAM巴西航空的所有窄體機隊現已覆蓋WiFi網絡，並將繼續在該地區快速擴張，覆蓋近90%的旗下航空公司運營國內、國際和南美洲內部航班的窄體機隊。該網路的部署工作正在按計劃進行，預計將於2025年底在LATAM集團所有窄體機隊網路全面覆蓋。

Looking ahead, LATAM Group is preparing to expand connectivity with its wide-body fleet, beginning in 2026 through a commercial agreement with Viasat. This next generation system will be implemented across long-haul aircraft operating intercontinental routes, further strengthened LATAM Group's commitment to offering a modern and connected onboard experience.

展望未來，LATAM集團正準備透過與Viasat簽署的商業協議，從2026年開始擴大其寬體機隊的互聯互通。此新一代系統將應用於營運洲際航線的長途飛機，進一步強化LATAM集團致力於提供現代化互聯互通機上體驗的承諾。

LATAM Group is also elevating the premium on ground experience. On June 1, the new terminal at Lima International Airport opened its doors, and LATAM launched its signature checking services for Black and Black Signature members, a feature that previously exists in that hub. With this addition, LATAM Group now offers signature checking services at the three major hubs: Santiago, San Paulo, and now in Lima.

LATAM集團也正在提升地面體驗的優質性。 6月1日，利馬國際機場新航廈正式啟用，LATAM集團為Black會員和Black Signature會員推出了簽名核對服務，這項服務先前已在利馬樞紐提供。隨著這項服務的推出，LATAM集團目前在三大樞紐——聖地牙哥、聖保羅以及利馬——提供簽名核對服務。

Moving to the next slide, slide 6. The results of the ongoing investments in the passenger experience are clearly reflected in LATAM Group's customers' satisfaction and metrics. During the second quarter, LATAM Group maintaining an operational net promoter score of 56 points, matching the record-high reached in the first quarter of 2025. Among Premium passengers, NPS rose to 60 points, confirming the continued positive response to enhancements across our product and service touch points.

轉到下一張投影片，第6張。持續投資於乘客體驗的成果清楚地體現在LATAM集團的顧客滿意度和各項指標上。第二季度，LATAM集團的營運淨推薦值（NPS）保持了56分，與2025年第一季創下的歷史新高持平。在高端旅客中，NPS上升至60分，證明了我們產品和服務觸點的改進持續獲得積極的反響。

This progress was reinforced by a global recognition, as Roberto mentioned at the beginning. In June at the 2025 Skytrax World Airlines Awards, LATAM received nine distinctions, marking the first time the group won every award available in the South America category. These included recognitions for Best Business and Economy Class, Onboarding Catering, Cabin Cleanness, and Creole and Lounge.

正如Roberto在開篇所提到的，這項進步得益於全球的認可。今年6月，在Skytrax 2025年世界航空大獎評選中，LATAM航空榮獲九項殊榮，標誌著該集團首次囊括南美地區所有獎項。這些獎項包括「最佳商務艙和經濟艙」、「最佳登機餐飲」、「最佳客艙清潔度」以及「最佳克里奧爾和休息室」等。

This broad recognition is a testament to the dedication of LATAM Group's teams and the strength of the travel experience the affiliated air carriers of the group offer across the region. It also confirms its position as the airline group of choice in South America, not only because of the scale of its network, but because of the quality and consistency of the journey the group delivers.

這項廣泛認可充分證明了LATAM集團團隊的敬業精神，以及集團旗下航空公司在該地區提供的卓越旅遊體驗。這也鞏固了LATAM集團作為南美地區首選航空集團的地位，這不僅得益於其龐大的航線網絡，更源於集團提供的優質且始終如一的旅程。

Turning to the next slide, slide 7. About the LATAM financial results, the second quarters reflect a strong and disciplined execution across all fronts. Total revenues reached $3.3 billion an increase of 8.2% year-over-year, supported by healthy demand across both Passengers and Cargo segments.

翻到下一張投影片，第七張。關於LATAM的財務業績，第二季反映了各方面強勁且嚴謹的執行力。總營收達33億美元，年增8.2%，這得益於客運和貨運業務的強勁需求。

Passenger revenues rose by 8.5%, while revenues from Premium travelers performing even better, increasing by 12% year-over-year. Cargo revenues also grew by 10.2% with notable performance during seasonal peaks such as Mother Day, particularly in Colombia and Ecuador.

客運收入成長了8.5%，高端旅客收入表現更佳，較去年同期成長12%。貨運收入也成長了10.2%，尤其是在母親節等季節性高峰期，尤其是在哥倫比亞和厄瓜多爾，表現特別突出。

On the cost side, LATAM Group benefited from a favorable fuel environment with jet fuel costs decreasing by 10.6% year-over-year. At the same time, it maintained a disciplined approach to controllable costs, supporting margins expansions.

成本方面，LATAM集團受惠於有利的燃油環境，航油成本較去年同期下降10.6%。同時，集團保持了嚴謹的成本控制策略，支持了利潤率的提升。

As a result, LATAM delivered an adjusted EBITDAR of $850 million with a 25.9% margin, improving 5.5 percentage points year-over-year, and reaching an adjusted operating margin of 12.9%, the highest ever for a second quarter, a clear demonstration of improved operating leverage. Ultimately, net income for the quarter total of $242 million up 66% year-over-year, bringing first-half net income close to $600 million.

最終，LATAM 的調整後息稅折舊攤銷前利潤 (EBITDAR) 達到 8.5 億美元，利潤率為 25.9%，同比增長 5.5 個百分點；調整後營業利潤率達到 12.9%，創下第二季度歷史新高，這充分體現了營運槓桿的提升。最終，本季淨利潤總計 2.42 億美元，年增 66%，使上半年淨利接近 6 億美元。

Moving to the next slide, slide 8. The strength of the second quarter performance is not only the result of revenue growth of favorable fuel dynamics, but it's also a reflection of LATAM's long-standing discipline and cost containment. In the second quarter, adjusted CASK ex-fuel remained at $4.8, and adjusted passenger CASK ex-fuel held at $4.3, both aligned with the updated full-year guidance.

轉到下一張投影片，第8張。第二季業績的強勁成長不僅是燃油市場利多帶來的營收成長的結果，也體現了LATAM長期以來的嚴謹紀律和成本控制策略。第二季度，調整後的CASK（不含燃油）價格維持在4.8美元，調整後的客運CASK（不含燃油）價格維持在4.3美元，均與最新的全年指引一致。

LATAM Group's cost strategy continues to be one of the defining pillars of its business model. It is what allows the group to invest in the customer, expand the network, and consistently deliver healthy margins.

LATAM集團的成本策略仍然是其商業模式的核心支柱之一。正是這項策略使集團能夠投資客戶、拓展網路並持續保持健康的利潤率。

Turning to the slide 9. Looking at LATAM's trailing 12 months' performance. The company reached an adjusted EBITDAR of $3.5 billion from the last 12 months with a margin of 26.2%, continued the upward trend we have seen over the past several quarters. This sustained growth reflects the strength of the business operating model, combining solid demand, its strategic capacity deployment, and strict cost discipline. And also reinforce LATAM's ability to invest in the business, improve the customer journey, and preserve financial flexibility, all while maintaining healthy leverage and delivering returns to shareholders.

翻到第9張投影片，回顧LATAM過去12個月的表現。公司調整後息稅折舊攤提前利潤（EBITDAR）達到35億美元，利潤率為26.2%，延續了過去幾季的上升趨勢。持續的成長反映了其業務營運模式的強勁，包括強勁的需求、策略性的產能部署以及嚴格的成本控制。這也增強了LATAM投資業務、改善客戶旅程和保持財務靈活性的能力，同時保持了健康的槓桿率並為股東帶來回報。

Turn to next slide, slide 10. The cash generation, as we show in this slides, the second quarter, LATAM delivered another solid performance driven by a strong adjusted operating cash flow of $753 billion in this quarter, continued discipline in capital allocation.

翻到下一張投影片，第 10 張投影片。正如我們在本幻燈片中所展示的那樣，第二季度，LATAM 再次取得了穩健的業績，這得益於本季度 7530 億美元的強勁調整後營運現金流，並繼續嚴格控制資本配置。

Throughout the quarter, the company maintained an investment plans to support fleet growth and maintenance, resulting in not just unleveraged free cash flow of $522 million. After accounting for interest expenses, adjusted leverage free cash flow amounted to $395 million.

整個季度，公司維持了支持機隊成長和維護的投資計劃，從而實現了5.22億美元的無槓桿自由現金流。扣除利息支出後，調整後的槓桿自由現金流達到3.95億美元。

Overall, LATAM generated $367 million in net cash before implementing shareholders' return initiatives. In total, $445 million was returned to shareholders during the quarter, comprising $293 million in dividends equivalent to the 30% of the fiscal year 2024 net income, and $152 million through the first share repurchase program, as Roberto mentioned at the beginning. After accounting for these returns, LATAM's cash balance was largely unchanged, with a slightly decrease of $78 million quarter-over-quarter, supported by healthy underlying profitability and solid liquidity management.

總體而言，在實施股東回報計畫之前，LATAM 的淨現金為 3.67 億美元。本季度，LATAM 向股東返還了總計 4.45 億美元，其中包括 2.93 億美元的股息，相當於 2024 財年淨收入的 30%，以及 1.52 億美元透過首次股票回購計畫返還，正如 Roberto 在開篇中提到的那樣。計入這些返還後，LATAM 的現金餘額基本上保持不變，環比略有下降 7800 萬美元，這得益於健康的基礎盈利能力和穩健的流動性管理。

Considering the first half of the year, LATAM has generated $1.3 billion in adjusted and operating cash flow, $743 million in adjusted and leveraged free cash flow, and $592 million in adjusted leverage free cash flow. And also, net cash variation of $111 million in the first semester. Looking ahead, LATAM remains confident that the operation will continue to generate cash throughout the second half of the year in line with the updated 2025 guidance, giving the company the flexibility to support the strategic initiatives, reinvest in the business, and return value to shareholders in a sustainable and disciplined way.

縱觀上半年，LATAM 已產生 13 億美元的調整後經營現金流、7.43 億美元的調整後槓桿自由現金流以及 5.92 億美元的調整後槓桿自由現金流。此外，第一季淨現金變動為 1.11 億美元。展望未來，LATAM 堅信，公司下半年將持續產生現金，符合最新的 2025 年指引，使公司能夠靈活地支持戰略舉措、進行業務再投資，並以可持續且嚴謹的方式為股東創造價值。

Moving to the next slide, now, it is slide 11. About the capital structure. At the end of the second quarter, LATAM reported liquidity of $3.6 billion, equivalent to 27.2% of the last 12 months' revenues. This strong financial position was maintained, supported by continued access to committed revolving credit lines even after deploying cash during the quarter to return capital to shareholders.

現在轉到下一張投影片，也就是第11張。關於資本結構。截至第二季末，LATAM報告的流動性為36億美元，相當於過去12個月營收的27.2%。即使在本季部署現金以向股東返還資本後，LATAM仍能繼續獲得承諾的循環信貸額度，從而保持了強勁的財務狀況。

In terms of leverage, LATAM closed the quarter with an adjusted net leverage ratio of 1.6% (sic - see slide 11, "1.6x"), which reflects the company consistent financial discipline and well below the financial policy target. LATAM capital structure continues to be one of its key strengths, both in absolute terms and relative to the industry. As we move forward, we will remain focused on protecting the solid financial position, staying within the parameters of our financial policy while continuing to explore opportunities to enhance efficiency and create long-term value.

就槓桿率而言，LATAM本季調整後淨槓桿率為1.6%（原文如此 - 請參閱第11張投影片「1.6倍」），這體現了公司一貫的財務紀律，且遠低於財務政策目標。 LATAM的資本結構仍然是其主要優勢之一，無論從絕對值還是相對於行業而言。未來，我們將繼續專注於維護穩健的財務狀況，在財務政策的框架內運作，同時繼續探索提升效率和創造長期價值的機會。

Moving to the slide 12. An important update, a milestone for the group. In the continuous strength of LATAM's capital structures in June, last June, the second and final stage of our post restructuring refinancing plans was completed with the issuance of $800 million in senior security notes during 2031 and the [758 coupon].

轉到第12張投影片。這是一項重要的更新，也是集團的里程碑。在LATAM資本結構持續強勁的背景下，去年6月，我們重組後再融資計畫的第二階段也是最後一階段已完成，於2031年發行了8億美元的優先證券票據，票面利率為[758]。

This transaction allowed us to fully prepay the remaining high interest rate debt from 2022 with a strong reduction above 570 basis points in the cost of the refinancing debt. This represents an annual -- additional annual savings -- sorry, in interest, about $33 million savings. Together with the savings from last year negotiation, we are counting now combined savings close to $151 million.

這項交易使我們能夠從2022年起全額預付剩餘的高利率債務，並將再融資債務成本大幅降低570個基點以上。這意味著每年——額外年度節省——抱歉，是利息節省，大約3300萬美元。加上去年談判節省的金額，我們現在總計節省近1.51億美元。

Let's turn to the slide 13. As LATAM Group moves into the second half of the year, the business fundamental remains strong, and there is less uncertainty in the macroeconomic environment. In this sense, we are pleased to report that we have been closely monitoring demand trends, and both Passengers bookings and Cargo have remained stable in the recent weeks.

我們來看第13張投影片。隨著LATAM集團進入下半年，其業務基礎依然強勁，宏觀經濟環境的不確定性也逐漸降低。因此，我們很高興地報告，我們一直在密切關注需求趨勢，最近幾週客運預訂量和貨運量都保持穩定。

And in light of this, we have narrowed the range of LATAM Group's guidance for the full year and made certain revisions and upwards adjustments, including capacity and some key financial indicators. In terms of capacity, the company has narrowed its consolidated growth range while now expecting larger growth in the Brazilian domestic market with the updated guidance reflecting an increase from between 7% to 9% to 9.5% and 10.5%. This is supported by stable demand trends and the group's ability to deploy capacity in markets with a strong performance and better opportunities.

有鑑於此，我們縮減了LATAM集團全年業績預期範圍，並做出了一些修訂和上調，包括運力和一些關鍵財務指標。在運能方面，本公司已縮減了合併成長區間，同時預期巴西國內市場將實現更大成長，最新預期顯示增幅將從7%至9%升至9.5%至10.5%。穩定的需求趨勢以及集團在業績強勁、機會更佳的市場部署運力的能力，為這一增長提供了支撐。

The company also expects an adjusted operating margins between 14% and 15%, up from previous range between 13% to 15%. Additionally, adjusted EBITDAR is now forecasted between $3.65 billion and $3.85 billion, revised upwards from $3.4 billion to $3.75 billion.

該公司也預計調整後營業利潤率將在14%至15%之間，高於先前預期的13%至15%。此外，調整後息稅折舊攤銷前利潤（EBITDAR）目前預計在36.5億美元至38.5億美元之間，先前預期為34億美元至37.5億美元。

In terms of capital structure, the expectations for adjusted leveraged free cash flow have been increased to above $1.3 billion, up from above $1.2 billion. The company is also reaffirming the targets of maintaining a net leverage ratio at or below 1.5 times. These updates reflect LATAM Group's consistent execution and confidence in its ability to generate sustainable value, going forward.

在資本結構方面，調整後槓桿自由現金流預期已從12億美元以上調高至13億美元以上。公司也重申將淨槓桿率維持在1.5倍或以下的目標。這些更新反映了LATAM集團持續的執行力以及對未來創造永續價值的信心。

Moving to the last slide before we move to the Q&A. Let me quickly recap the main takeaways from the strong second quarter. First, we saw solid performance, operational performance, with continued growth and efficiency. LATAM Group transported over 20 million passengers in this last quarter and ended this quarter with a consolidated load factor of 83.5%, supported by strong demand across all business segments.

在進入問答環節之前，我們先來看最後一張投影片。讓我快速回顧一下第二季強勁表現的主要亮點。首先，我們的業績表現穩健，營運表現優異，並持續成長且效率高。 LATAM集團在上一季運送了超過2,000萬名乘客，本季末的綜合載客率達到83.5%，這得益於所有業務部門強勁的需求。

Second, financial results were robust. LATAM delivered a solid adjusted EBITDA, and a double adjusted operating margin of 12.9%, supported by stable unit revenue, lower fuel prices, and continued cost discipline.

其次，財務業績強勁。由於穩定的單位收入、較低的燃油價格以及持續的成本控制，LATAM航空實現了穩健的調整後息稅折舊攤銷前利潤 (EBITDA)，以及12.9%的調整後營業利潤率，同比翻番。

Third, we continue to deliver value to shareholders. LATAM report a net income of $242 million for the quarter and close to $600 million for the first half of the year, demonstrating consistent execution and profitability. Additionally, the company returned $445 million to shareholders through dividends and the repurchase of 1.6% of its outstanding shares in the Santiago Stock Exchange.

第三，我們持續為股東創造價值。 LATAM報告稱，本季淨利潤為2.42億美元，上半年淨利潤接近6億美元，展現出持續的執行力和獲利能力。此外，公司透過派發股息和回購聖地牙哥證券交易所1.6%的流通股，向股東返還了4.45億美元。

Fourth, customer satisfaction remained at record levels, driven by the continuing investments in premium cabins and enhance the onboard connectivity. This is also reflected in the recognition that we have mentioned regarding the LATAM recognized as the Best Airline in South America in 2025 Skytrax Awards.

第四，由於對高端客艙和機上互聯互通的持續投入，乘客滿意度保持了創紀錄的水平。我們之前提到的LATAM航空在2025年Skytrax大獎中榮獲「南美最佳航空公司」的殊榮也體現了這一點。

Fifth, we reached a major milestone in capital structure optimization through the recent $800 million refinancing, significantly reducing our interest costs and unlocking over $30 million in annual savings. And finally, LATAM Group's fleet plans remain firmly on track. The group has already incorporated 14 new aircraft during the first half of the year and expect to receive 12 more in the second half, reinforcing its growth strategy and operational efficiency.

第五，我們透過近期8億美元的再融資，在資本結構優化方面取得了重要里程碑，這顯著降低了我們的利息成本，並帶來了超過3000萬美元的年度節餘。最後，LATAM集團的機隊計畫穩步推進。該集團上半年已接收14架新飛機，預計下半年還將接收12架，將鞏固其成長策略和營運效率。

With that, now, we can open the line for the questions. Thank you.

好了，現在我們可以開始問問題了。謝謝大家。

(Operator Instructions) Guilherme Mendes, JPMorgan.

（操作員指示） 吉列爾梅‧門德斯 (Guilherme Mendes)，摩根大通。

Yes. Thank you and good morning, Roberto, Ricardo, Andres, and Tori. Two questions. The first one is on the growth outlook. You mentioned the release on the on the intro that you see growth fraternities for the next two or three years. But what does it mean in terms of ASK growth? I know there's no formal guidance beyond 2025, but any color on how each of the markets could grow would be appreciated.

是的。謝謝大家，Roberto、Ricardo、Andres 和 Tori，大家早安。我有兩個問題。第一個是關於成長前景的。您在開場白中提到，未來兩三年將出現成長動能。但這對平均門市數量成長意味著什麼？我知道目前還沒有關於2025年以後的正式指導，但如果能透露每個市場的成長前景，我將不勝感激。

And the second point is on the capital location and leverage. It's clear that the company continues to generate free cash flow, reduce leverage. And although we saw dividend payments and the ongoing buyback program, should we think that any gap between the current leverage and what you said as the 2 times financial target could be distributed as dividends going forward? Thank you.

第二點是關於資本配置和槓桿率。顯然，公司持續產生自由現金流，並降低槓桿。儘管我們看到了股息支付和持續的回購計劃，但我們是否應該認為，當前槓桿率與您所說的2倍財務目標之間的任何差距，都可以在未來以股息的形式分配？謝謝。

Thanks. Hi, Guilherme, how are you? Nice, talking to you again. This is Roberto on this side.

謝謝。嗨，吉列爾梅，你好嗎？很高興能再次和你聊天。我是羅伯托。

So in terms of your first question, what we're seeing is, in general, solid demand in most of the markets without many impact from all the geopolitical things that we are seeing. We have been able to improve the connectivity, the quality of our network.

關於你的第一個問題，我們看到的是，整體而言，大多數市場的需求都很強勁，地緣政治因素的影響並不大。我們已經能夠改善網路連接和網路品質。

Our Premium revenue is growing faster than our capacity is growing. The fact that we have remained at pretty much the same cost per ASK since before the pandemic, I think talks well about our discipline in costs. So all of that provides us with a good set of opportunities for growth in the upcoming years.

我們的高端航線收入成長速度快於運能成長速度。自疫情爆發以來，我們的每可用座位公里成本基本上保持不變，這充分體現了我們在成本控制方面的嚴謹。所有這些都為我們未來幾年的成長提供了良好的機會。

And as you well mentioned, we are still not providing any guidance on 2026 and onwards. But if you just take the fleet plan and think about how much operation comes from that, I think it's fair to say that that would give you a high-single digit growth prospect for 2026, and that includes already the 11 aircraft that we have secured that I mentioned in my introduction.

正如您所提到的，我們目前還沒有提供任何關於2026年及以後的預測。但如果您只考慮機隊規劃，並考慮由此帶來的運營量，我認為可以公平地說，這將為2026年帶來高個位數的增長前景，這已經包括了我在介紹中提到的我們已訂購的11架飛機。

So I think that you can use that as a broad level indicator coming out of fleet plan. And of course, we'll provide more detailed guidance towards the end of the year. And 2027 onwards, I think it's still early to say, but again, if what we see in the market today in the upcoming months and quarters remains, I think that we have interesting opportunities to keep a momentum on our growth for a little bit longer.

所以我認為你可以把它當作機隊計畫的大致指標。當然，我們會在年底提供更詳細的指引。至於2027年後，我認為現在下結論還為時過早，但如果未來幾個月和幾季我們目前看到的市場狀況保持不變，我認為我們有機會在更長時間內保持成長勢頭。

And if I can give you just a little bit of market color again. So with the overcapacity situation that we saw in Colombia in the first quarters of the year and late last year has been balanced today. Domestic Brazil is in a good place as well as domestic Spanish-speaking countries internationally is in a very solid stance as well.

我可以再給你介紹一下市場狀況。今年第一季和去年年底哥倫比亞的產能過剩局面，如今已取得平衡。巴西國內市場表現良好，國際上西班牙語國家的市場也表現非常穩健。

I would say that the only small concern is Chile to US point of view. Chile, as people are trying to understand US policies regarding traffic between both countries.

我想說，唯一的小問題是智利對美國的看法。智利人正試圖了解美國關於兩國間交通的政策。

Cargo has not been affected by the Liberation Day announcements in early April, if you remember, that's within the quarter, just marginally. And we haven't seen any significant impacts. And again, our network, our position in Cargo has allowed us to continue improving our revenues and our capacity there.

貨運業務並未受到4月初解放日公告的影響，如果您還記得的話，那隻是在本季度內，只是略有影響。我們尚未看到任何重大影響。而且，我們的網路和在貨運業務中的地位使我們能夠繼續提高那裡的收入和運力。

So in general, I would say that we see a good market situation for the time being. And on the second question, I'll pass it to Ricardo.

所以總的來說，我認為目前市場情況良好。第二個問題，我交給里卡多。

Okay, thank you for your question. I think it's important to mention that the financial policy is part of the framework that we have to deploy capital to shareholders. So it's not only the leverage itself, like you mentioned, but a combination of the performance of the liquidity, and remember that we should target to have, under the financial policy, the liquidity between 21% and 25%, also to be below 2 times under the financial policy, the leverage level.

好的，謝謝你的提問。我認為有必要指出，財務政策是我們向股東配置資本的框架的一部分。所以，不只是槓桿本身，就像你提到的那樣，還要結合流動性的表現。請記住，我們的目標是，在財務政策下，流動性維持在21%到25%之間，同時，槓桿率也要低於2倍。

But we have the target for this year, as I have mentioned during the presentation, to be, at the end of this year, on the -- at or below 1.5 times. And also, we have an ambitious to target a BB+ rating. So we have to combine everything before discuss the alternatives we have to deploy capital to shareholders.

但正如我在演講中提到的，我們今年的目標是，到今年年底，本益比達到或低於1.5倍。此外，我們也雄心勃勃地爭取BB+評級。因此，我們必須綜合考慮所有因素，才能討論向股東配置資本的替代方案。

But remember that we also, together with the Board of Directors, we always evaluate all possibilities we have to deploy capital, like incremental dividends, buybacks, and other alternatives that we could suggest to shareholders and also to the Board of Directors. So under the financial policy, looking for the framework we have, nothing prevents us to start and evaluate and to propose any alternative.

但請記住，我們始終會與董事會一起評估所有資本配置的可能性，例如增量股息、股票回購以及我們可以向股東和董事會建議的其他替代方案。因此，在現有的財務政策框架下，沒有什麼可以阻止我們啟動、評估並提出任何替代方案。

Just as a compliment of Ricardo's question, I think it's important to point out two things. One is that we are able to do this distribution back to shareholders. At the same time, while we grow close to very high-single digits. And I think that's very important because we have the ability to do, at this moment in time, both things.

作為對里卡多問題的補充，我認為有必要指出兩點。第一，我們能夠將利潤分配給股東。同時，我們的成長率接近個位數。我認為這非常重要，因為目前我們有能力同時做到這兩點。

And when you think, looking forward, just keep in mind that, of course, the development of the business and seeking market opportunities, commercial opportunities will come, of course, first. So within the guidelines of the financial policy and after we review our growth prospects is when we will make decisions regarding further distribution to shareholders. Thanks.

展望未來，請記住，業務發展、市場機會和商業機會當然是第一位的。因此，我們會在財務政策的指導下，在評估成長前景後，再決定是否進一步向股東分配利潤。謝謝。

That's very clear. Thank you, both, for the answers.

很清楚。謝謝兩位的回答。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Hey. Good morning, Roberto, Ricardo, Tori. Very good results. I guess two questions here in revenue, you can see how well your Cargo revenues held up despite the Liberation Day announcements and, obviously, we've heard other carriers talk about some cargo softness. But your other revenue was down pretty meaningfully. I know it's not a big number, but what was driving that other piece? What's in there?

嘿。早安，Roberto、Ricardo、Tori。業績非常好。我想問兩個關於收入的問題。儘管有解放日的公告，我們顯然也聽到其他航空公司談到貨運業務疲軟，但你們的貨運收入仍然保持良好。但你們的其他收入下降相當顯著。我知道這個數字不大，但是什麼導致了其他收入的下降？這其中有什麼原因？

So Tori, do you want to answer that?

那麼 Tori，你想回答這個問題嗎？

Sure. Hi, Mike. This is Tori speaking. With regard to the other revenues that we had in the period -- nice to hear from you. Other income, so in this period, amounted to $36 million. It's not something that really moves the needle significantly or materially for us.

當然。嗨，麥克。我是托里。關於本季的其他收入，很高興收到你的來信。本季的其他收入總計3600萬美元。這對我們來說並沒有太大或實質的影響。

Usually, what's considered in other income is a combination of our LATAM Travel business. So all of our main -- our other businesses that are not the Passenger business or Cargo, so we have some revenues there that are considered LATAM Travel. Sometimes we see relative to the other joint venture agreements, et cetera. So it's a little bit of everything.

通常，其他收入指的是我們LATAM旅行業務的總和。也就是說，我們所有的主要業務，除了客運業務和貨運業務之外，都有一些收入被計入LATAM旅行業務。有時，我們也會將其與其他合資協議等相關。所以，這裡面什麼都有一點。

Another revenue like sale of assets and stuff like that. So it's a combination of very small things, Michael.

其他收入包括出售資產之類的。所以，邁克爾，這些都是由各種小事組成的。

Okay. No. That's good. I didn't know if there's a loyalty piece in there or some sort of reclassification. That's all I was getting to.

好的。不，很好。我不知道裡面有沒有關於忠誠度的部分，或是某種重新分類的內容。我只是想說這些。

No. FSP revenues, loyalty revenues are within the Passenger.

不是。 FSP 收入、忠誠度收入都在乘客範圍內。

Okay. Great. And then just my second question, and this is more big picture. I mean, the June quarter historically was always the tough quarter when you think about LATAM from a seasonal perspective. And the margin that you just put up in that June quarter, that's eye opening. And I have to go back many years, that may be one of your best June quarters ever from a profitability standpoint.

好的。太好了。接下來是我的第二個問題，這是一個更宏觀的視角。我的意思是，從季節性角度來看，拉美地區的二月季度歷來都是比較艱難的季度。而你們二月季度的利潤率，真是令人大開眼界。而且，回顧過去，從獲利能力的角度來看，這可能是你們有史以來最好的二月季度之一。

And I just -- as it speaks to seasonality and it may be just as your network has just grown and expanded, and also, the strength that you have within your domestic markets. Are we at a point where -- the June quarter, I guess, will still always be maybe a seasonally more challenging quarter for LATAM, but when we think about the balance of your network today, is it just -- is it going to be less of an impact that we would have seen in the past?

我只是——因為它涉及季節性因素，可能正值你們的網絡剛剛發展壯大，而且你們在國內市場的實力也很強。我們是否正處於這樣一個階段——我想，6月季度對拉美地區來說可能仍然會是季節性挑戰更大的季度？但是，當我們考慮到你們目前網路的平衡時，它的影響會不會比過去小呢？

I mean, it feels like you've moved into this next level. It's like the next chapter of LATAM where you've now found enough markets and you have such a diversified revenue stream that you've basically mitigated the seasonal impact that we used to see. I mean, there was a time where you would actually lose money in the June quarter.

我的意思是，感覺你已經進入下一個階段了。這就像拉丁美洲地區的下一個篇章，你現在已經找到了足夠的市場，而且你的收入來源非常多元化，基本上減輕了我們過去常見的季節性影響。我的意思是，曾經有一段時間，你在6月份這個季度實際上會虧損。

And this margin, this is going to be one of the -- among some of the best margins for carriers that the June quarter, seasonally, one of the strongest quarters. So I'm just -- if you can speak to that because it does feel like there's some structural changes underway that may be permanent that are helping your overall full-year profitability. Thanks for taking my question.

這個利潤率，對於營運商來說，這將是6月份季度中利潤率最高的季度之一，也是季節性表現最強勁的季度之一。所以，如果您能談談這一點，我感覺我們正在進行一些結構性改革，這些改革可能是永久性的，有助於提高你們的全年盈利能力。感謝您回答我的問題。

Thanks, Michael. Yes, I mean, second quarter is going to be -- I mean, there -- we have holidays in January, February, and in July in this part of the world. So -- and no holidays or no important holidays in the second quarter to take that into consideration. People come back from the large summer holidays as well.

謝謝，麥可。是的，我的意思是，第二季度……我的意思是，我們這個地區一月、二月和七月都有假期。所以——第二季沒有假期或沒有重要假期，所以沒有假期。人們也剛從漫長的暑假回來。

So I think that trend will be there. It's not linked to demand. Having said that, yes, I think that we have seen a little bit less from the demand side seasonality than in the past. I'm not sure I can point out to passenger --changes in passenger behavior yet. Probably, we will need a little bit more time to do that.

所以我認為這種趨勢會持續下去。它與需求無關。話雖如此，我認為需求方面的季節性變化比過去有所減弱。我不確定我能否指出乘客行為的改變。或許，我們還需要更多時間才能做到這一點。

What is true is what you mentioned in terms of the diversification of our network. Not all the countries have the same seasonality. We have been able to drive significant growth on Premium traffic revenue that is less seasonal than the leisure revenue. And that is certainly helping to ease -- to change a little bit the seasonality curve as well, and that's important.

您提到的關於我們網路多元化的說法確實如此。並非所有國家/地區的季節性都相同。我們能夠推動高端流量收入的顯著成長，其季節性特徵比休閒收入更弱。這無疑有助於緩解——也有助於稍微改變季節性曲線，這很重要。

So for me, the bottom line here, if you ask me, is we're in this position where we have the financial strength to take opportunities in the market. We have cost discipline. We are investing a ton of time and effort in increasing our customer experience.

所以對我來說，如果你問我，最重要的是，我們目前擁有雄厚的財務實力，能夠抓住市場機會。我們有成本控制的紀律。我們正在投入大量時間和精力來提升客戶體驗。

And what we have seen is, I think, an untapped avenue of a premium revenue that we hadn't identified in the past. And shame on me. In the past, I was the commercial guy and I didn't see it, but now we're seeing it, and that helps as well.

我認為，我們看到了一條尚未開發的優質收入管道，過去我們從未發現過。我感到慚愧。過去，我是個商業人士，沒有看到這一點，但現在我們看到了，這也有幫助。

And together with that, I think that we have a good demand profile. So can't speak for second-quarter 2026 yet, but I think that some of the things that you point out sound that they make sense. But if you want to live with one message from all this conversation is, again, Premium traffic is less seasonal and our mix is changing and that will help the second quarter.

除此之外，我認為我們的需求狀況良好。所以現在還不能預測2026年第二季的情況，但我認為您指出的一些事情聽起來很有道理。但如果您想從所有這些討論中得到一個信息，那就是：Premium 流量的季節性較弱，我們的產品組合也在發生變化，這將有助於第二季度的業績。

Great. Thank you.

太好了，謝謝。

(Operator Instructions) Gabriel Rezende, Itau BBA.

（操作員說明）Gabriel Rezende，Itau BBA。

Hi, Roberto. Hi, Ricardo. Thanks for taking my questions. I just wanted to do a follow up over your guidance update. So just trying to understand what is underpinning your higher than anticipated capacity for the full year? Just trying to break this down on LATAM's ability to receive the aircraft, maybe, at a faster pace than anticipated?

你好，Roberto。你好，Ricardo。謝謝你回答我的問題。我只是想跟進一下你們的指導更新。所以，你想知道是什麼原因導致你們全年的運力高於預期嗎？能否具體分析LATAM航空接收飛機的能力，或許是比預期更快的速度？

Or whether this is solely related to a better anticipated demand across the board for your geography? Again, trying to understand how strong these demand at this point and that it might also have benefited from aircraft being delivered earlier than you thought.

或者這僅與您所在地區整體需求預期改善有關？再次強調，您需要了解目前這些需求有多強勁，而且飛機交付時間可能比您預期的要早，這也可能對市場有利。

And just trying to follow up, again, on the discussions for the coming quarters. If you could help us to understand where you're seeing more upside for cost projections. I understand that you're benefiting from a good mix on the topline but just trying to understand what are the other opportunities for you to continue to increase efficiency from a cost perspective line-by-line on your income statement. Thank you.

再次，我想跟進一下關於未來幾季的討論。能否請您幫我們了解一下，您認為成本預測在哪些方面還有更大的提升空間？我知道您從良好的營收組合中獲益良多，但我只是想了解一下，從成本角度來看，您還有哪些其他機會可以繼續提高效率，並逐項列示在損益表中。謝謝。

Yeah, thanks for the question. So on the capacity growth, I think that this is a factor of several things. One is, yes, we have been able to receive the aircraft that we were expecting in time. And we don't see many risks with respect to that.

是的，謝謝你的提問。關於運能成長，我認為這是由幾個因素造成的。首先，是的，我們能夠及時收到預期的飛機。我們認為這方面的風險不大。

We're monitoring very closely the Pratt & Whitney AOG situation, which has remained relatively stable during the last months, and we expect that to be stable for the end of the year. We have improved our expectation on 787 AOG.

我們正在密切關注普惠公司的AOG情況，過去幾個月一直保持相對穩定，我們預計到年底也會保持穩定。我們已上調了787 AOG的預期。

In the first part of the year, I think we were a little bit more cautious with that. We've done great work and we've also been extremely supportive and hopefully we will be cleared out of 787 AOGs next month. In the last call, if I recall we had three or four. So that helps as well. We have three [wet] lease aircraft that we secured last year to support this that we will operate during the second half of the year nonetheless.

今年上半年，我覺得我們在這方面比較謹慎。我們做得很好，也給予了極大的支持，希望下個月能把787的AOG（停飛）清理乾淨。我記得上次電話會議的時候，有三、四架飛機停飛。所以這也有幫助。我們去年獲得了三架[濕租]飛機來支持這項業務，不過下半年我們還會繼續營運。

And then finally, the benefit of the large network, which allows us to mix and match our aircraft and increase our utilization. Our numbers are slightly better than 2024. And we see a little bit of further opportunity going forward as well. So I think that all those factors add up to us putting ourselves in the high-end of the old capacity guidance.

最後，龐大的航線網絡讓我們能夠靈活搭配飛機，提高利用率。我們的運力數據略優於2024年。而且，我們也看到了未來一些機會。所以，我認為所有這些因素加在一起，使我們的運力達到了原有運力指引的高端。

And then the rest is just balancing capacity between the markets as we see how the opportunities evolve. One of the beauties of LATAM is that even though we operate in several different markets, we can move assets around relatively quickly and adjust to market opportunities. And this is not only a factor of diversification that we have but also the fact that we have built an operational machine, if I can put it like that, that allows us to do that very quickly. So in general, we feel confident with respect to the capacity outlook and the reasons are the ones I just mentioned to you. (technical difficulty)

剩下的就是在觀察機會演變的同時，平衡不同市場之間的運能。 LATAM 的優勢之一在於，即使我們在多個不同的市場運營，我們也能相對快速地調配資產，並根據市場機會進行調整。這不僅是我們多元化營運的一個因素，也是因為我們建立了一套營運機制——如果我可以這樣說的話——這套機制使我們能夠非常快速地完成這一目標。因此，總的來說，我們對運力前景充滿信心，原因就是我剛才提到的那些。 （技術難題）

Second question, cost efficiency. I mean -- so let me tell you two important things. Here, we don't do these cost-cutting programs that we launch one day that we intend to save millions or hundreds of millions of dollars. We do that every day. And this is very much embedded in the culture.

第二個問題，成本效率。我的意思是──讓我告訴你兩件重要的事情。我們不會像某些公司那樣，為了節省數百萬或數億美元而臨時推出一些削減成本的計劃。我們每天都在這樣做。這已經深植於我們的文化之中。

We have -- can you hear me? Sorry, we had a little bit of IT -- can you hear me?

我們有－你聽得到我說話嗎？抱歉，我們有點IT問題──你聽得到我說話嗎？

Yes, I can hear you. Yeah, the line was breaking a little bit but I can hear you.

是的，我聽得到你說話。是的，電話線斷了一點，但我能聽到你說話。

All right, so take that into consideration. We all -- every day, all day, we're looking at opportunities and at the end of the day, there's always a little bit of drops that you can extract to the lemon as you squeeze it. If you ask me going forward, I think that a big change is the inception of technology.

好的，那就考慮一下吧。我們每天都在尋找機會，最終，當你擠壓檸檬時，總會有一點點收穫。如果你問我未來會如何發展，我認為一個重大的改變就是科技的誕生。

Everybody talks about AI and technology, and all of this regarding the customer, and personalization, and offering, and so on, which I think is true and we're working hard on that. But I think that technology has the opportunity of streamlining changing the way we operate.

大家都在談論人工智慧和技術，以及所有關於客戶、個人化、產品和服務等等的內容，我認為這是事實，我們也正在為此努力。但我認為科技有機會簡化並改變我們的運作方式。

I don't think that we will see, in the next 20 years, any new -- or 15 years, any new significant technology changes in the hardware. So the aircraft we're operating today are probably going to be the aircraft we will operate in the next decade or so.

我認為，在未來20年——或15年——我們不會看到任何新的、重大的硬體技術變革。因此，我們今天運作的飛機很可能就是我們未來十年左右的營運飛機。

So the change in this industry in the next 10 or 15 years in terms of efficiency is going to come from the, let me call it, the software side rather than the hardware side, which is how do we use technology in a way of changing the way we operate. And there's, in my mind, significant opportunity for that.

所以，未來10年到15年，這個產業在效率方面的變革將來自軟體層面，而不是硬體層面，也就是我們如何運用科技來改變我們的營運方式。在我看來，這方面蘊藏著巨大的機會。

And we are very focused today in that we have the whole maintenance organization, for example, is moving into a digital organization internally. We're transforming all of the Cargo operation as well as we speak at the same time. And we have, I think, a good runway to continue looking at efficiency improvements as we understand how to use technology more broadly in our operation.

我們目前非常專注，例如，我們整個維護部門正在內部轉型為數位化組織。我們正在對整個貨運業務進行轉型，同時，我們也在進行溝通。我認為，隨著我們了解如何在營運中更廣泛地運用技術，我們擁有良好的發展平台，可以繼續尋求效率提升。

Thank you. (multiple speakers)

謝謝。 （多位發言者）

I hope that I have answered your question.

我希望我已經回答了你的問題。

And Gabriel, just to make sure, were you able to understand and hear the first answer?

加布里埃爾，為了確認一下，您是否能夠理解並聽到第一個答案？

Hey, Gabriel?

嘿，加布里埃爾？

Yes. It was breaking a little bit, but I could hear you, yeah.

是的。聲音有點小，但我聽得到。

Okay. Perfect.

好的。完美。

Thank you.

謝謝。

Thank you. We currently have no further questions, so I'll hand back to the management team for closing remarks.

謝謝。目前沒有其他問題了，我將把發言交還給管理團隊，請他們做最後發言。

So thank you all for joining us today, and if you have any further or other questions, please, make a contact and we are fully available for you all. Have a nice day. Thank you.

感謝大家今天的參與。如果您還有其他問題，請聯絡我們，我們將竭誠為您服務。祝您擁有美好的一天。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以掛斷電話了。