LATAM Airlines Group SA (LTM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the third quarter 2025 LATAM Airlines Group earnings conference call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 LATAM 航空集團 2025 年第三季業績電話會議。（操作說明）

Before I turn the call over to management, I'd like to remind you that certain statements in this presentation and during 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.

在將電話交給管理階層之前，我想提醒各位，本次演講和問答環節中的某些陳述可能涉及未來事件和預期，因此構成前瞻性陳述。今天討論的任何非歷史事實的事項，特別是有關公司未來計劃、目標和預期業績或指導的評論，都是前瞻性陳述。

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, earnings release, financial statements and related CMF and SEC filings. The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors, which are discussed in detail in our SEC filings. And if there are any members of the press on the call, please note that for the media, this is a listen-only call.

這些聲明是基於 LATAM 認為合理的一系列假設，但存在不確定性和風險，這些不確定性和風險已在已發布的 20-F 2025 年更新指引、盈利報告、財務報表以及相關的 CMF 和 SEC 文件中進行了詳細討論。由於各種因素的影響，本公司的實際業績可能與任何前瞻性聲明中預測或建議的業績存在重大差異，這些因素已在我們的美國證券交易委員會文件中詳細討論。若通話中有媒體記者參加，請注意，本次通話僅供媒體收聽。

I will now hand the conference over to Ricardo Bottas, Chief Financial Officer. Ricardo, please go ahead.

現在我將把會議交給財務長里卡多·博塔斯。里卡多，請繼續。

Hello, everyone, and good morning. Welcome to our third 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 Tori Creighton, Head of Investor Relations. We will present our highlights and results for the third quarter.

大家好，早安。歡迎參加我們2025年第三季電話會議，感謝各位今天蒞臨。我叫里卡多·博塔斯，我是 LATAM 航空集團的財務長。和我在一起的是我們的執行長 Roberto Alvo、企業財務長 Andres del Valle 和投資者關係主管 Tori Creighton。我們將介紹第三季的亮點和業績。

I will hand it over to Roberto to share his opening remarks. Once finished, I will present the key operational and financial figures, as well as provide other updates.

我將把發言權交給羅伯托，讓他發表開幕致詞。完成後，我將公佈關鍵的營運和財務數據，並提供其他最新資訊。

Good morning. Thank you, Ricardo, and thanks to all for being here today. This month, three years ago, LATAM emerged from financial restructuring. This period was one of learning, designing and executing. LATAM defined a blueprint that has a collection of essential elements we needed to excel. This blueprint was implemented and is working. The group's network is the most expansive in the region, and our loyalty program is by far the largest and most valued. No one else can connect South America within the region and to the world. We work loyalty and provide choice to customers as LATAM Group can.

早安.謝謝你，里卡多，也謝謝今天到場的各位。三年前的這個月，LATAM完成了財務重組。這段時期主要是學習、設計和執行。LATAM 制定了一套藍圖，其中包含了我們取得卓越成就所需的一系列基本要素。該方案已實施並運作良好。集團的網絡是該地區覆蓋範圍最廣的，我們的會員忠誠度計劃也是迄今為止規模最大、最受重視的。沒有其他人能夠像他們一樣，將南美洲與區域內部以及世界其他地區連接起來。我們致力於維護客戶忠誠度，並盡可能為客戶提供多種選擇。

However, these results are the product of more than a co-branded credit card and a map of routes. At LATAM, we are obsessed with execution. Every day, in every interaction, we strive to be better, to depart on time, standard zero on every flight, to improve on what we do, seek and find cost-saving opportunities for each of our activities, to make sure we deliver what was promised to the customer at every interaction, and to provide the care and respect that each one of them deserves as they entrust their journey to LATAM.

然而，這些結果並非只是聯名信用卡和路線圖的結果。在 LATAM，我們極為重視執行力。每天，在每一次互動中，我們都力求做得更好，準時起飛，每次航班零差錯率，不斷改進我們的工作，為每一項活動尋找和發現節約成本的機會，確保在每一次互動中兌現對客戶的承諾，並給予每一位將旅程託付給 LATAM 的乘客應有的關懷和尊重。

We have made considerable progress but are not satisfied. I believe we can do better. Looking forward, we must ensure that we remain disciplined, disciplined in execution, and disciplined in controlling costs. At the center of all of this is our people, a group of more than 40,000 employees who care about and love what they do every day.

我們取得了相當大的進展，但我們並不滿足。我相信我們還能做得更好。展望未來，我們必須確保保持紀律性，在執行上保持紀律性，在控製成本方面保持紀律性。這一切的核心是我們的員工，超過 4 萬名員工，他們關心並熱愛自己每天所做的工作。

People who believe in what they do and what it represents. They are the engine and the spirit that drives LATAM Group forward, and the most important commitment is to them, making sure that they feel that every day it is worth being part of the LATAM family. As we look into the future, I'm confident that we can continue the journey of improvement and deliver on purpose that we have, which is elevating every single journey.

相信自己所做的事情及其所代表的意義的人。他們是推動 LATAM 集團前進的引擎和精神，而對他們而言，最重要的承諾就是確保他們每天都能感受到成為 LATAM 大家庭的一員是值得的。展望未來，我相信我們能夠繼續不斷進步，實現我們的目標，那就是提升每一次旅程的體驗。

Thank you very much. Now, back to Ricardo for a description of how we are achieving profitable growth, improving the quality of our traffic, keeping high customer satisfaction, and maintaining our cost under control.

非常感謝。現在，讓我們回到里卡多，聽他描述我們如何獲利成長、提高流量品質、維持高客戶滿意度以及控製成本。

Thank you, Roberto. Please join me on slide 3. This quarter, LATAM Group continues to show the strength of its strategy, its unmatched network footprint, focus on displaying operational and commercial execution, as well as product improvement. In terms of operations, LATAM Group transported over 22.9 million passengers, reinforcing its role as the leading airline group in South America. Capacity grew by 9.3% year-over-year, with healthy load factors of 85.4% on a consolidated basis.

謝謝你，羅伯托。請看第三張投影片。本季度，LATAM集團持續展現其策略實力、無與倫比的網路覆蓋範圍、對營運和商業執行的重視以及產品改進。在營運方面，LATAM 集團運送了超過 2,290 萬名乘客，鞏固了其作為南美領先航空公司集團的地位。運能年增 9.3%，綜合客運量佔比達到健康的 85.4%。

The group is seeing consistently high levels of customer satisfaction, increased customer preference, especially in the premium segment and sustained customer loyalty. LATAM translated these operational performances into financial results, driven by an 8.4% increase in passenger unit revenues while keeping unit costs broadly stable. Adjusted operating margin expanded to 18.1%, while adjusted EBITDAR reached $1.15 billion during the quarter, and net income totaling $379 million.

該集團的客戶滿意度持續保持高位，客戶偏好度不斷提高，尤其是在高端市場，客戶忠誠度也持續保持高位。LATAM 將這些營運績效轉化為財務業績，客運單位收入成長了 8.4%，同時保持單位成本基本穩定。經調整後的營業利潤率擴大至 18.1%，經調整後的 EBITDAR 在本季達到 11.5 億美元，淨利潤總計 3.79 億美元。

During this quarter, LATAM executed second share repurchase program for a total of $433 million, with the company's disciplined approach to capital allocation. During this quarter, LATAM Airlines Group signed a major agreement for an acquisition of up to 74 Embraer E2 aircrafts. Moving to the next slide about the fleet and this acquisition and the transaction, the E2 will indeed enhance LATAM Group affiliates' regional connectivity in South America and represent an opportunity for our network to open up to 35 new destinations. They also offer a 30% improvement in fuel efficiency per seat compared to previous generation aircraft, reinforcing the group's commitments to sustainability and cost discipline.

本季度，LATAM 執行了第二輪股票回購計劃，總額達 4.33 億美元，體現了公司在資本配置方面的嚴謹態度。本季度，LATAM 航空集團簽署了一項重大協議，擬收購多達 74 架巴西航空工業公司 E2 型飛機。接下來，我們將討論機隊、這項收購和交易。 E2 確實將增強 LATAM 集團旗下子公司在南美洲的區域連通性，並為我們的網路開闢多達 35 個新目的地。與上一代飛機相比，它們每座的燃油效率也提高了 30%，這進一步鞏固了該集團對永續發展和成本控制的承諾。

In total, LATAM Group will receive 24 E2s, with 12 deliveries scheduled for the fourth quarter of 2026 and the remaining 12 in 2027. With this addition, LATAM's order book now exceeds 140 aircraft through 2030, supporting the group's long-term growth and fleet modernization strategy. Initial deliveries are set to begin with LATAM Airlines Brazil, which will be the first to deploy these aircraft in its network. In Brazil, these aircraft will enhance capillarity across the country, enabling LATAM Group to expand into under-penetrated regions and destinations that are currently not served by the group.

LATAM 集團總共將接收 24 輛 E2，其中 12 輛計劃於 2026 年第四季交付，其餘 12 輛將於 2027 年交付。此次新增訂單使 LATAM 的訂單量在 2030 年前超過 140 架飛機，支持該集團的長期成長和機隊現代化策略。首批交付將首先由 LATAM 巴西航空公司開始，該公司將成為首家在其航線網路中部署這些飛機的航空公司。在巴西，這些飛機將增強全國的航空網絡，使 LATAM 集團能夠擴展到目前尚未被該集團服務的欠發達地區和目的地。

Over time, and subject to market conditions and strategic evaluations, other LATAM affiliates may also incorporate the E2s into their operations. Still, on this slide, we expect to receive an additional eight aircraft on this fourth quarter of 2025, and also, we project to receive an additional 44 aircraft next year, including the E2s.

隨著時間的推移，根據市場狀況和策略評估，其他拉丁美洲關聯公司也可能將 E2 納入其營運中。不過，根據目前的計劃，我們預計在 2025 年第四季將再接收 8 架飛機，並且預計明年將再接收 44 架飛機，其中包括 E2 型飛機。

Let's move to the following slide, slide 5. As mentioned earlier, LATAM Group delivered another quarter of strong traffic performance, transporting almost 23 million passengers with a consolidated load factor of 85.4%. LATAM has been committed to profitable growth at the consolidated level, passenger RASK increased by 8.4% year-over-year in US dollars, a result that reflects the strength of LATAM Group's strategy and execution.

讓我們來看下一張投影片，第 5 張投影片。如前所述，LATAM 集團又一個季度實現了強勁的客運業績，運送了近 2,300 萬名乘客，綜合載客率達到 85.4%。LATAM 一直致力於在合併層面實現獲利成長，客運 RASK 年成長 8.4%（以美元計），這一結果反映了 LATAM 集團策略和執行的實力。

A clear example of this is Brazil, where LATAM Airlines Brazil grew capacity by over 12% year-over-year. With this expansion, customer preference remained strong, and the load factor even increased by 2.2 percentage points. During the quarter, the Brazilian affiliate launched six new domestic routes, further supporting the strategy to deepen its presence and enhance connectivity in this market. In the Spanish-speaking countries, LATAM Group's affiliates have also improved performance during this quarter, with passenger RASK increasing 18% year-over-year.

巴西就是一個明顯的例子，LATAM 巴西航空的運能年增超過 12%。隨著此次擴張，顧客的偏好依然強勁，客座率甚至提高了 2.2 個百分點。本季度，巴西分公司開通了六條新的國內航線，進一步支持了其深化在該市場的業務並增強在該市場的連通性的策略。在西班牙語國家，LATAM 集團的附屬公司本季業績也有所改善，客運 RASK 年增 18%。

In particular, as compared to 2024, LATAM Airlines Colombia experiences stable domestic industry capacity, also seeing healthy demand. Demand is in the other Spanish-speaking affiliates. Domestic markets also remained healthy, except for Chile, where industry traffic figures are stable against last year. However, the focus on delivery execution and a higher premium product offering helped fully offset these effects.

特別是與 2024 年相比，LATAM 航空公司哥倫比亞分公司國內航空業運力穩定，需求也十分強勁。其他西班牙語附屬機構也有需求。除智利外，國內市場也保持健康，智利的工業運輸量與去年相比保持穩定。然而，對交付執行的重視和更高端的產品供應，完全抵消了這些影響。

Meanwhile, the international segment continued to operate with high load factors, reflecting the relevance of the network and LATAM Group's role as the main connector in the region with a diversified network. Altogether, the unit revenues, even in the context of increased capacity, reflect the effectiveness of the group's commercial and customer strategy. It is the result of offering the right product in the right markets while executing with discipline.

同時，國際航線繼續保持高客運率，這反映了該航線網絡的重要性以及 LATAM 集團作為該地區主要連接者在多元化航線網絡中的作用。總而言之，即使在產能增加的情況下，單位收入也反映了該集團商業和客戶策略的有效性。這是在合適的市場提供合適的產品，並嚴格執行的結果。

Looking ahead, LATAM Group continues to focus on maintaining a sustained trajectory of discipline and profitable growth. The group is also focused on reaching the goal of high single-digit consolidated capacity growth next year compared to 2025, supported by an ongoing focus on efficiency, a relevant fleet delivery schedule, and a margin preservation on top of a healthy demand environment.

展望未來，LATAM集團將繼續專注於維持穩健的紀律和獲利成長動能。該集團還致力於實現明年與 2025 年相比高個位數的綜合產能成長目標，這得益於持續專注於效率、合理的車隊交付計劃以及在健康的需求環境下保持利潤率。

Moving to the next slide, slide 6, regarding our value proposition and customer experience. LATAM Group remains committed to delivering a superior travel experience and increasing customer preference. During the quarter, the group continued advancing initiatives. The new Lima Lounge was inaugurated at the recently opened Jorge Chavez International Airport, one of the group's main hubs.

接下來是第 6 張投影片，關於我們的價值主張和顧客體驗。LATAM集團始終致力於提供卓越的旅遊體驗，並持續提升顧客滿意度。本季度，集團持續推動各項舉措。全新的利馬貴賓休息室在最近開業的豪爾赫·查韋斯國際機場落成啟用，該機場是該集團的主要樞紐之一。

This new space offers a modern and comfortable environment and comes in addition to the signature check-in area that was previously inaugurated at the same terminal, both part of a strategy to elevate the end-to-end experience for premium travelers and LATAM Pass members.

這個新空間提供了一個現代舒適的環境，與先前在同一航站樓啟用的標誌性報到區相得益彰，這兩項舉措都是為了提升高端旅客和 LATAM Pass 會員的端到端體驗。

Looking ahead, LATAM Group also announced that the launch of its new Premium Comfort Class, which will begin rolling out in 2027 on long-haul routes. This product reflects a commitment to offering more choices to our passengers for how they want to fly. This new class will be an additional option other than the existing economy and business class cabins for passengers seeking more space and personalized services.

展望未來，LATAM 集團也宣布推出全新的高級舒適艙，該艙位將於 2027 年開始在長程航線上推出。該產品體現了我們致力於為乘客提供更多飛行方式選擇的承諾。除了現有的經濟艙和商務艙之外，這種新艙等將為尋求更大空間和個人化服務的乘客提供另一種選擇。

Finally, LATAM Group was once again recognized by APEX as a Five Star Global Airline for 2026. This marks the fourth consecutive year the group has received this distinction, based on independent passenger feedback gathered from over 1 million flights worldwide. It's a testament to the team's dedication and to the impact of the investment being made across the network.

最後，LATAM 集團再次被 APEX 評為 2026 年五星級全球航空公司。這是該集團連續第四年獲得此項殊榮，該獎項是根據從全球超過 100 萬個航班收集的獨立乘客回饋選出來的。這證明了團隊的奉獻精神，也反映了整個網路中投資所產生的正面影響。

In addition, LATAM Cargo Group was named Air Cargo Airline of the Year by Air Cargo News, becoming the only South American carrier to win in any category, further underscoring the group's excellence across all segments of the business. Together, these efforts underscore LATAM Group's dedication to continuous improvement and reinforce its strategic commitment to quality, consistency, and the passenger experience, a focus that continues to support more passengers choosing to fly with LATAM and the group's ability to capture premium revenues.

此外，LATAM Cargo Group 被《航空貨運新聞》評為年度最佳航空貨運航空公司，成為唯一一家在任何類別中獲獎的南美航空公司，進一步凸顯了該集團在業務各個領域的卓越表現。這些努力共同凸顯了 LATAM 集團致力於持續改進的決心，並強化了其對品質、一致性和乘客體驗的戰略承諾，這一重點將繼續支持更多乘客選擇乘坐 LATAM 航班，並增​​強集團獲取優質收入的能力。

Next, let's move to slide 7. I will now walk you through the financial results for the third quarter, a period in which LATAM once again reflects a solid execution. Total revenues reached $3.9 billion, an increase of 17.3% year-over-year, supported by growth across both Passenger and Cargo segments. Passenger revenues rose by 18.5%, with revenues from premium travelers also showing relevant growth, increasing by more than 15% compared to the same period last year, while Cargo revenues grew by 6.3%.

接下來，我們來看第 7 張投影片。接下來，我將帶大家了解第三季的財務業績，在這段時期，拉丁美洲市場再次展現穩健的執行力。總營收達到 39 億美元，年增 17.3%，這得益於客運和貨運業務的成長。客運收入成長了 18.5%，其中高端旅客的收入也呈現顯著增長，與去年同期相比增長超過 15%，而貨運收入增長了 6.3%。

On the cost side, total adjusted expenses ex-fuel increased by 21% year-over-year, driven mainly by increased operations, especially international and also a lower base of comparison due to the one-off impact in the same period of last year. This increase was partially offset by a 4.7% year-over-year decrease in jet fuel costs. That said, on the unit cost front, LATAM upheld its firm commitment to cost efficiency, a key pillar of its strategy.

成本方面，扣除燃料費用後的總調整支出年增 21%，主要原因是營運規模擴大，尤其是國際業務，以及由於去年同期的一次性影響導致比較基數降低。這一增長被航空燃油成本年減 4.7% 部分抵消。儘管如此，在單位成本方面，LATAM 仍然堅持其對成本效益的堅定承諾，這是其策略的關鍵支柱。

As a result, LATAM delivered an adjusted operating margin of 18.1%, a testament to LATAM's operational excellence through profitable growth, while also holding its cost control performance and advantage. Again, a non-negotiable and relevant part of LATAM's strategy.

因此，LATAM 的調整後營業利潤率為 18.1%，這證明了 LATAM 透過獲利成長實現了卓越的運營，同時也維持了其成本控制績效和優勢。再次強調，這是拉丁美洲策略中不可或缺的重要組成部分。

Lastly, net income for the quarter totaled $379 million, up 26% year-over-year, even after a $105 million negative non-operational income statement impact related to the liability management exercise completed in last July, as disclosed to the market before. Net income for the nine months was $976 million, 38% higher than the same period of last year.

最後，儘管先前已向市場披露，去年 7 月完成的負債管理工作對非經營性損益表產生了 1.05 億美元的負面影響，但本季淨收入仍達到 3.79 億美元，年增 26%。前九個月的淨收入為 9.76 億美元，比去年同期成長 38%。

Now, moving to slide 8, as you can see on this slide, LATAM operational performance this quarter is a result of consistent and disciplined execution of the group's strategy over the past several years. Since 2019, LATAM has steadily expanded its adjusted operating margin, rising from 7.1% to 18.1% in the third quarter of 2025.

現在，請看第 8 張投影片，如您在這張投影片上看到的，本季拉丁美洲的營運業績是集團過去幾年持續、有紀律地執行其策略的結果。自 2019 年以來，拉丁美洲的調整後營業利潤率穩步增長，從 7.1% 增長到 2025 年第三季的 18.1%。

At the same time, LATAM has maintained tight control of its cost base. Adjusted passenger CASK ex-fuel has been stable between $0.042 and $0.043 on the last 12 months' basis, despite inflationary pressures and higher activity. This disciplined approach to cost has enabled LATAM to consistently grow margins while preserving efficiency in order to continue delivering sustainable and profitable growth going forward.

同時，拉美航空對其成本基礎保持了嚴格的控制。儘管面臨通膨壓力和更高的經濟活動，過去 12 個月經調整的乘客 CASK（不含燃油）一直穩定在 0.042 美元至 0.043 美元之間。這種嚴格的成本控制方法使 LATAM 能夠在保持效率的同時不斷提高利潤率，從而在未來繼續實現可持續的獲利成長。

With regard to cash generation, as shown on slide 9, in the third quarter, LATAM delivered strong adjusted operating cash flow generation, reaching $859 million. Interest payments remained contained at $52 million, mainly as a result of the debt refinancing executed in 2024, which enabled LATAM's significant reduction of the cost of its non-fleet financial liabilities, which continued to translate into meaningful interest savings and overall cost of capital reduction.

關於現金產生，如投影片 9 所示，第三季拉丁美洲實現了強勁的調整後經營現金流，達到 8.59 億美元。利息支出維持在 5,200 萬美元，這主要是由於 2024 年執行的債務再融資，這使得 LATAM 大幅降低了其非機隊財務負債的成本，從而繼續轉化為可觀的利息節省和整體資本成本降低。

After both 2024 and 2025 refinance execution, combined interest payment savings expected for next year amount to $151 million compared to last year. Finally, during the quarter, LATAM executed its second share repurchase program for a total of $433 million. This reflects the group's capital allocation strategy and discipline.

2024 年和 2025 年的再融資完成後，預計明年可節省的利息支出總額將比去年減少 1.51 億美元。最後，在本季度，LATAM 執行了第二次股票回購計劃，總額達 4.33 億美元。這體現了該集團的資本配置策略和紀律。

Let's move to slide 10 to discuss LATAM's capital structure. LATAM ended the third quarter with a liquidity level of 25.8%, while it is likely above the upper end of the financial policy range. The execution of the share repurchase program this quarter brought liquidity more in line with the target levels. LATAM ended the quarter with an adjusted net leverage ratio of 1.5 times, aligning with the full-year guidance and well below the cap from the financial policy.

讓我們翻到第 10 張投影片，討論拉丁美洲的資本結構。拉丁美洲第三季末的流動性水準為 25.8%，可能高於金融政策範圍的上限。本季股票回購計畫的執行使流動性更接近目標水準。拉丁美洲本季末調整後的淨槓桿率為 1.5 倍，與全年預期一致，遠低於財務政策規定的上限。

A strong capital structure is not just a financial metric for LATAM, it is a strategic asset. It gives the group the flexibility to pursue growth where it is most profitable, return capital to shareholders when appropriate and manage the most accretive capital structure. This financial strength, combined with assets and cost advantage, sets LATAM apart from its peers and remains central to its ability to compete, adapt and lead into the region over the long term.

對拉丁美洲而言，強大的資本結構不僅是一項財務指標，更是一項策略性資產。它賦予集團在最有利可圖的領域追求成長、在適當的時候向股東返還資本以及管理最具增值性的資本結構方面的靈活性。這種財務實力，加上資產和成本優勢，使 LATAM 從其同行中脫穎而出，並且仍然是其在該地區長期競爭、適應和領導能力的核心。

Please join me on slide 11. Given this solid year-to-date performance, supported by continued customer preference and the disciplined execution of a strategy centered on profitable growth, cost efficiency and financial strength, LATAM has updated its full-year 2025 guidance. Consolidated capacity is projected to remain broadly in line with previous estimates, while revenues are expected to be higher within a tighter range.

請看第11張投影片。鑑於今年迄今的穩健業績，以及客戶持續的青睞和以盈利增長、成本效益和財務實力為中心的戰略的嚴格執行，LATAM 更新了其 2025 年全年業績預期。預計綜合產能將與先前的估計基本保持一致，而收入預計將在更窄的範圍內增長。

In terms of margins, adjusted EBITDAR guidance has also been refined to be between $4 billion and $4.1 billion, close to 9% higher than the previous guidance. The updated range reflects a more constructive outlook, now positioned higher than the previous estimate.

就利潤率而言，調整後的 EBITDAR 預期也已調整為 40 億美元至 41 億美元之間，比先前的預期高出近 9%。更新後的預期範圍反映了更樂觀的展望，高於先前的預期。

Adjusted passenger CASK ex-fuel was updated to be between $4.35 to $4.40, mainly due to FX valuation in this period. Liquidity was also updated after the execution of the share repurchase program, and we are maintaining the same estimate to be above $4 billion by the end of this year. Mainly considering the adjusted EBITDAR improvement in the cash generation, the forecasted leverage for year-end is now at 1.4 times. And for next year, as I mentioned before, the group is focused on reaching the goal of high single-digit capacity growth compared to 2025, supported by an ongoing dedication to efficiency and margin preservation.

經調整的乘客單位成本（不含燃油）更新為 4.35 至 4.40 美元，主要是由於該期間的匯率估值。在執行股票回購計畫後，流動性也進行了更新，我們維持先前的估計，即到今年年底流動性將超過 40 億美元。主要考慮到現金流的調整後 EBITDAR 改善，預計年底槓桿率為 1.4 倍。至於明年，正如我之前提到的，集團的目標是實現 2025 年產能成長接近兩位數的目標，同時繼續致力於提高效率和維持利潤率。

Finally, before we move to the Q&A, I'd like to take a moment to remind you that LATAM will be hosting an Investor Day in New York on December 9, 2025. We invite you also to tune into the live webcast on this event.

最後，在進入問答環節之前，我想提醒大家，LATAM 將於 2025 年 12 月 9 日在紐約舉辦投資者日活動。我們也邀請您收看本次活動的現場網路直播。

With that, we now open the line for your questions.

接下來，我們將開放提問環節。

(Operator Instructions) Guilherme Mendes, JPMorgan.

（操作說明）Guilherme Mendes，摩根大通。

And congrats on another pretty strong results. My question is on the international front. When compared to Brazil, domestic and Spanish-speaking countries, it looks like the past performance was relatively weaker, although it's still growing on a year-over-year basis. Can you share more details on how international is tracking, maybe on a per-region basis, which other routes have been pressuring the overall results and which are doing relatively better?

恭喜你們又取得了非常優異的成績。我的問題涉及國際層面。與巴西、國內和西班牙語國家相比，過去的表現似乎相對較弱，儘管它仍然在逐年增長。能否分享更多關於國際航線營運的細節，例如按地區劃分，哪些航線對整體業績造成了壓力，哪些航線表現相對較好？

We have seen in general stable and healthy demand in most of the international segments. I would say that South America to the US is a little bit softer than what we used to see in the last few months. And this is, in our view, linked to people probably avoiding going to the US and moving themselves a little bit into other regions. Also, the northern part of South America, the regional traffic, which is international flights on the northern part, is a little bit softer as well. But in general, nothing that we have seen that is worrisome or concerning with respect to the level and the quality of the demand. In that sense, we remain confident on the prospects for the remainder of the year.

整體而言，我們看到大多數國際市場領域的需求保持穩定健康。我認為，南美對美國的出口比過去幾個月的情況要緩和一些。我們認為，這可能與人們避免前往美國，轉而遷往其他地區有關。此外，南美洲北部地區的區域交通，也就是北部地區的國際航班，也相對較為疲軟。但總的來說，就需求水平和品質而言，我們沒有看到任何令人擔憂或不安的情況。從這個意義上講，我們對今年剩餘時間的前景仍然充滿信心。

Very clear, Robert. Thank you. When you say softer into the US, this is more leisure related or even corporate related?

羅伯特，說得很清楚。謝謝。您說的「對美關係緩和」是指休閒娛樂方面，還是指商務方面？

No, this is more leisure related.

不，這比較是休閒娛樂方面的事。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林恩伯格。

I have a couple here. I guess, Roberto, can you just update us on this measure in Brazil to potentially force airlines to offer up a free bag? Is that just domestic? Is that domestic and international? And where is that in the legislative process right now?

我這裡有幾個。羅伯托，我想請你向我們介紹一下巴西這項可能迫使航空公司提供免費行李額的措施的最新進展？那是國內的嗎？包括國內和國際嗎？目前這項立法程序進行到什麼階段了？

A few weeks ago, a couple of weeks ago, the lower chamber in Brazil passed a law to allow basically passengers to carry a bag without being charged and also select a seat without charge on seats that have no distinction in terms of space. This, as the law was passed, was for both domestic and international flights. It affects eventually, therefore, domestic and international carriers into Brazil.

幾週前，巴西下議院通過了一項法律，允許乘客免費攜帶行李，並免費選擇座位，而座位在空間上並沒有區別。該法頒布時，適用於國內航班和國際航班。因此，最終會影響巴西的國內和國際航空公司。

The law needs to go to the Senate. It has not been presented at the Senate floor at this point in time, and we have no clarity if that will happen and when it will happen. So for the time being, that still has that second step. Ultimately, the presidential veto is also something that the Brazilian constitution allows for laws like this. We will see.

該法案需要提交參議院審議。目前該議案尚未提交參議院審議，我們也不清楚是否會提交以及何時提交。所以目前來看，還需要第二步。最終，巴西憲法也允許總統對這類法律行使否決權。我們會看到。

The reason I ask is, and you mentioned international, is that, all right, domestic is one thing, but international, from the perspective, I know at least from the US, they may view it as a potential tax or additional cost that's unilateral and therefore in violation of the bilateral. So I just wonder how they implement it internationally when international carriers have different ways and how they price their product and obviously are protected by the bilateral arrangements between Brazil and those countries.

我這麼問的原因是，你提到了國際層面，好吧，國內層面是一回事，但國際層面，至少從我所知的美國的角度來看，他們可能會將其視為潛在的稅收或額外成本，這是單方面的，因此違反了雙邊協議。所以我很好奇，當國際航空公司有不同的定價方式，並且顯然受到巴西與這些國家之間的雙邊協議保護時，他們是如何在國際上實施這項政策的。

Yes, I completely agree with you, Michael. Of course, LATAM does not support the passing of the law, and we have together with IATA and ABEAR in Brazil been making very clear and explaining the impact of this potential measure. This is not good, clearly, for the industry, airline industry in Brazil. I think it has the potential of ending up with higher fares for passengers that fly, whether into Brazil or outside or coming to Brazil. So I think that at an industry level, we are making a lot of effort in making sure that everybody understands the impact that this has on traffic and on the industry. We're completely sure that this would not be a positive measure for us all.

是的，我完全同意你的看法，邁克爾。當然，LATAM 不支持該法案的通過，我們一直與國際航空運輸協會 (IATA) 和巴西航空運輸協會 (ABEAR) 一起，非常明確地闡明和解釋了這項潛在措施的影響。顯然，這對巴西航空業來說並非好事。我認為這有可能導致乘客乘坐飛機（無論是飛往巴西、飛往巴西還是從巴西飛往巴西）的票價上漲。所以我認為，在產業層面，我們正在努力確保每個人都了解這會對交通和產業產生怎樣的影響。我們完全確信，這對我們所有人來說都不會是一個積極的措施。

Great. Just my second on capital allocation. And this is, Roberto, to you or Ricardo, how you think about it longer term. You've had a nice balance. Obviously, the dividend is, you know, statutory, but you pay the dividend, you've been paying down debt, you've also been buying back stock. As we think about the sort of the various levers going forward, should we expect to see, say, regular reductions in shares outstanding or was that more of just an opportunistic initiative on your part?

偉大的。這是我對資本配置的第二點看法。羅伯托，這就是你或里卡多從長遠角度考慮的問題。你一直保持著很好的平衡。顯然，股利是法定的，但是你支付股利的同時，也在償還債務，而且還在回購股票。當我們思考未來可能採取的各種措施時，我們是否應該期待看到，例如，定期減少流通股數量，或者這只是你們的機會主義舉措？

First of all, I mean, as we think about capitalization, do remember that the development of the business and how we see and foresee opportunities for growth is the priority. That will always take over other potential decisions. At this point in time, we believe we have done a balanced mix of initiatives, and we remain very close to the target that we have in terms of financial policy. So we are content with what we have done during 2025.

首先，我的意思是，當我們考慮資本化時，請記住，業務發展以及我們如何看待和預見成長機會才是首要任務。這總是會凌駕於其他潛在決策之上。目前，我們認為我們已經採取了一系列均衡的舉措，並且在金融政策方面，我們距離既定目標仍然非常接近。因此，我們對2025年所取得的成就感到滿意。

Going forward, looking forward, I think we will see. I mean, this is a board decision. Ultimately, the dividend payout in Chile per law is a shareholders meeting, the shareholder decision, which will happen in April. All options for capital allocation and growth investment remain open. And as we progress in the next few months, the company will for sure explain to the market how we continue depending on our results and, of course, the situation in the region and the opportunities we may see.

展望未來，我想我們會看到的。我的意思是，這是董事會的決定。最終，根據智利法律，股息支付是由股東大會決定的，該決定將於四月做出。所有資本配置和成長投資方案仍開放。在接下來的幾個月裡，隨著業務的推進，公司一定會根據我們的業績，以及該地區的情況和我們可能看到的機遇，向市場解釋我們將如何繼續發展。

Gabriel Rezende, Itau BBA. Your line is open. Please go ahead.

Gabriel Rezende，伊塔烏工商管理學士。您的線路已開通。請繼續。

And congrats on these very strong results. I would like to follow up on your comments regarding the investments and the efforts you have been putting into bringing a more premium experience to the customers and just trying to understand how relevant it has been so far in terms of your revenue growth as well as your profitability. If you could maybe provide some color on how relevant these premium revenues are at this point. You mentioned that it has grown by 15% year on year. Just trying to understand how much it represents out of total passenger revenue at this point and how much could it represent in the future as you bring more efforts into this. .

祝賀你們取得如此優異的成績。我想就您之前提到的投資和為客戶帶來更優質體驗所做的努力進行一些後續討論，並想了解到目前為止，這些努力對您的收入增長和盈利能力有多大影響。如果您能詳細說明這些高級收入在目前階段的重要性就更好了。您提到它同比增長了15%。我只是想了解目前這部分收入佔乘客總收入的比例，以及隨著你們加大投入，未來這部分收入可能佔多大比例。。

I think it's important to remark what is it what we're experiencing. First, yes, premium revenue is growing faster than capacity. A relevant portion of the improvement that we see in the RASK for Spanish-speaking domestic, Brazil, and to an extent international is due to a change of mix where we have a larger proportion and portion of premium revenue coming from there. That's both corporate and as well, let me call it high leisure. I don't know if that's a context or the concept in English, revenue that we're seeing.

我認為有必要指出我們正在經歷的是什麼。首先，是的，高級收入的成長速度超過了產能的成長速度。我們看到，西班牙語國內市場、巴西以及一定程度上國際市場的 RASK 改善，很大程度上是由於市場結構的變化，其中來自這些地區的保費收入佔比更大。這既適用於企業，也適用於，我稱之為高端休閒。我不知道我們看到的「收入」是指英語中的語境還是概念。

Now, this is a function of, in my mind, two things. Most importantly, it's impeccable execution and care in every interaction that we made for the customer. Secondly, it's improvements in products, as you probably saw in the presentation, the Lima Lounge, premium economy in the international, and other things. But as we have, in a way, decommoditized,

在我看來，這取決於兩件事。最重要的是，我們在與客戶的每一次互動中都展現出無可挑剔的執行力和細緻周到的服務。其次，產品方面也有所改進，正如您可能在演示中看到的那樣，例如利馬貴賓休息室、國際航班的高級經濟艙等等。但正如我們在某種程度上已經實現的，

if you want, our product, we have focused very much on experience. That, I think, has brought a willingness to pay that customers probably had that we were simply not exploiting because our product probably was not as good as they were expecting. Now we are, I think, very clearly seeing the impact that this has in our results.

如果您願意，我們的產品非常注重使用者體驗。我認為，這激發了顧客的付費意願，而我們之前可能並沒有充分利用這種意願，因為我們的產品可能沒有達到他們的期望。現在，我認為我們已經非常清楚地看到了這對我們的業績產生的影響。

(Operator Instructions) Felipe Ballevona, Santander.

（操作說明）Felipe Ballevona，桑坦德。

First of all, congrats on the strong results. I have a couple of questions here. First is following actually on the first question of the Q&A. What was the reason behind the growth slowdown in international traffic recorded in October? Is international traffic being dragged down by Colombia? The last couple of data points have shown a slowdown in your international, not only in the domestic as has been the case for the previous months, but also in the international front.

首先，恭喜你們取得優異成績。我這裡有幾個問題。首先，其實是針對問答環節的第一個問題。10月份國際交通運輸量成長放緩的原因是什麼？哥倫比亞是否拖累了國際交通流量？最近幾個數據點顯示，您的國際業務成長放緩，不僅國內業務像前幾個月那樣放緩，國際業務也放緩了。

Also, my second question, if you have any news regarding a potential buyback.

另外，我的第二個問題是，您是否有任何關於潛在回購的消息？

Yes. Hi, Felipe. First of all, our international Colombia operation is very small as compared to the total international traffic. We have not seen in particular an impact on international traveling in and out of Colombia, and that is very unsubstantial to the size of our traffic, particularly out of Brazil and secondly Chile and then Peru.

是的。你好，費利佩。首先，與國際業務總量相比，我們在哥倫比亞的國際業務規模非常小。我們沒有看到對進出哥倫比亞的國際旅行產生特別的影響，而且就我們的客流量而言，這種影響微乎其微，尤其是來自巴西的客流量，其次是來自智利的客流量，然後是來自秘魯的客流量。

No, I guess this is a function, as I explained in the beginning, softer demand into the US, particularly on leisure traffic. We believe that this is linked to people probably deciding to go elsewhere and probably spending more time within their countries and to the region. We do not see this as a fundamental slowdown in demand. It is probably a sign to more external factors than that. That is the main reason. Okay.

不，我想這正如我一開始解釋的那樣，是由於對美國的需求疲軟，特別是休閒旅遊需求疲軟造成的。我們認為這與人們可能決定去其他地方旅行，以及可能在本國和本地區花費更多時間有關。我們認為這並非需求的根本放緩。這或許顯示存在更多外在因素。這是主要原因。好的。

Having said that, do remember that we do expect that our ASK growth for the whole of 2025 is going to be around 10% to 10.5% increase in capacity, which is a significant increase in capacity. That is a reflection of a good level of demand that we see to operate this level.

話雖如此，但請記住，我們預計 2025 年全年可用座位公里數 (ASK) 成長率將達到 10% 至 10.5%，這是一個顯著的產能成長。這反映出市場對維持這種營運水準的需求良好。

That's very good color. Do you have any news regarding a potential buyback or is it -- oh, sorry. You're fine.

這個顏色真好看。你有關於潛在回購的消息嗎？還是——哦，抱歉。你沒事。

As I said before, at this point in time, we are close to the financial policy targets that we have. Going forward, we will see what the board decides. Do remember that the company has a range of alternatives to allocate capital and also be mindful that the first priority will always be growing the business. After that, any excess that we believe should go back to shareholders, the company has a few tools to define how to do it. Rest stay tuned eventually.

正如我之前所說，目前我們已經接近既定的金融政策目標。接下來，我們將拭​​目以待董事會的決定。請記住，公司有多種資本分配方案可供選擇，同時也要記住，首要任務始終是發展業務。之後，對於我們認為應該返還給股東的任何盈餘，公司有一些工具可以確定如何實現這一目標。敬請期待後續報道。

Understood. Congrats on the results.

明白了。恭喜取得好成績。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

And congrats on the very strong results. Just wanted to know if you could provide any context on next year, how is the order book, the booking curve looking like? Also, how much do you expect to grow in terms of ASKs next year based on your fleet plan? That would be very helpful. If you could remind us how many leases you have expiring next year, I would very much appreciate that.

祝賀你們取得了非常優異的成績。我想了解您能否提供一些關於明年的情況，例如訂單情況和預訂曲線如何？另外，根據您的機隊計劃，您預計明年可用座位公里數（ASK）將增長多少？那將非常有幫助。如果您能提醒我們明年有多少租約到期，我將非常感激。

As we explained in the press release and Ricardo mentioned here, we expect high single-digit ASK growth, or that is our goal for 2026. We will provide more detailed guidance on 2026 in a few more weeks. You asked about the first part of the question, fleet. By the way, yes, fleet. So we have, on slide 4 of the presentation, you can see 41 arrivals of A320 family and seven E2 aircraft plus three widebodies. We have relatively few leases. I do not have the correct figure here, the right figure, but we have the option to, of course, extend them if we want to. Our expectation at this point in time is to end up the year with a total fleet of just over 400 aircraft, around 410. You can see that as well in the press release.

正如我們在新聞稿中所解釋的，以及里卡多在這裡提到的，我們預計 ASK 將實現高個位數成長，或者說，這是我們 2026 年的目標。我們將在幾週後提供關於 2026 年的更詳細指導。艦隊，你問的是問題的第一部分。順便說一句，是的，艦隊。所以，在簡報的第 4 張投影片上，您可以看到 41 架 A320 系列飛機和 7 架 E2 飛機以及 3 架寬體飛機的到港。我們的租賃合約相對較少。我這裡沒有準確的數字，但當然，如果我們願意的話，我們可以選擇擴展它們。目前我們預計到年底，機隊總規模將略超過 400 架飛機，約 410 架。你也可以在新聞稿中看到這一點。

Okay. Sorry, I am just looking at a note here they are sending me. Yes. Last thing, they just reminded me to make you feel comfortable that we have the fleet we need to grow for what we are expecting next year. I do not expect, we do not expect, that we would need to make changes in our fleet plan for the capacity we have planned.

好的。抱歉，我正在看他們發給我的通知。是的。最後，他們提醒我，要讓您放心，我們有足夠的船隊來應對明年的預期成長。我預計，我們也預計，我們不需要對我們已規劃的運力進行任何更改。

The first part of the question you asked me now, remember, is booking curve into the beginning of the year. Very early still, particularly on domestic markets, the percentage of booked seats is very low. But what we're seeing initially for the first couple of months of the year looks in the current trend that we have seen on third quarter and that we expect for the rest of the year.

請記住，你現在問我的問題的第一部分是關於年初的預訂曲線。目前還處於非常早期的階段，尤其是在國內市場，已預訂座位的比例非常低。但我們從今年前幾個月的情況來看，目前的趨勢與第三季的情況類似，我們也預期這種趨勢將持續到今年年底。

Ewald Stark, BICE.

Ewald Stark，BICE。

I want to know if you can provide any color behind what is driving the lower percentage of hedge fuel during this quarter. Especially as I would like to focus on if there is anything on booking going forward that is driving this lower percentage of hedge fuel or maybe you're looking at something different about forecast of oils.

我想知道您能否解釋一下導致本季對沖燃料佔比下降的具體原因。尤其是我想重點關注的是，未來預訂方面是否有任何因素導致對沖燃料的比例下降，或者您是否在關注石油預測方面的其他因素。

If you look at the press release, it's nothing that different from what we usually do. You have a 47% for Q4 of this year and then 33% for Q1. Of course, as soon as we approach the next quarters, we will have, of course, consistent with the policy, an increase in the fuel hedge. I wouldn't say that this is any different from what you have seen in the past. It's a very standard, I think, coverage that we have today for fuel price. Nothing that really deviates from the policy.

如果你看新聞稿，你會發現它和我們通常的做法並沒有什麼不同。今年第四季佔 47%，第一季佔 33%。當然，隨著下一個季度的臨近，我們肯定會按照既定政策增加燃料對沖。我認為這和你過去看到的並沒有什麼不同。我認為，這是我們目前對燃油價格的非常標準的報道方式。沒有什麼真正偏離政策的地方。

Financial statements say that it says you have a 26% hedge fuel for the next 12 months. Starting from quarter one, first quarter of 2026, every quarter is below 30%.

財務報表顯示，您未來 12 個月的避險資金佔比為 26%。從 2026 年第一季開始，每季都低於 30%。

If you look at the detail on the earnings release, it's more detailed here. I think at the financial, that's a sort of a weighted average of what's going forward. But here you have the actual percentages covered for every quarter. Again, 47% for Q4, 33% for Q1. So that's a difference. You would look at the financials here. Then this is as of November 14, 2025. It's more updated. I think, of course, the financials, they called for, I think, September 30, but this is you have the most updated vision of the current portfolio as of November 14.

如果你查看收益報告的詳細信息，你會發現這裡有更詳細的說明。我認為從財務角度來看，這可以看作是對未來發展趨勢的一種加權平均值。但這裡列出了每個季度的實際百分比。第四季為 47%，第一季為 33%。所以這就是差別所在。這裡需要查看財務數據。這是截至 2025 年 11 月 14 日的數據。它更新一些。我認為，當然，他們要求的財務數據是9月30日，但這是截至11月14日您所能獲得的最新投資組合資訊。

(Operator Instructions) Guilherme Mendes, JPMorgan.

（操作說明）Guilherme Mendes，摩根大通。

Regarding the pallet strike in Chile, can you share some potential expected impact for the fourth quarter? I understand it should be material, but I just wanted to hear your thoughts on what you expect on this negotiation.

關於智利的托盤工人罷工，您能否分享一下對第四季可能產生的影響？我知道這應該與實質問題有關，但我只是想聽聽你對這次談判的預期。

At this point in time, we have no clarity of the potential impact. We will update that if necessary at an appropriate time.

目前，我們尚不清楚其潛在影響。如有必要，我們會在適當的時候更新相關資訊。

There are no further questions at this time. I will now turn the call back to Ricardo Botas for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給里卡多·博塔斯，請他作總結發言。

I would like to thank you all for participating in today's call and remind you that we will have our investor day again on December 9. We would love to have all of you participating on that opportunity to get more information from the company and on additional updates. Thank you all and have a good day.

感謝各位參加今天的電話會議，並提醒大家，我們將於 12 月 9 日再次舉行投資者日活動。我們非常希望大家都能參與這個活動來，從公司獲取更多資訊和最新動態。謝謝大家，祝大家今天過得愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。