LATAM Airlines Group S.A. (LTM) 2026 Q1 法說會逐字稿

Hello, and welcome, everyone, to the 1Q 2026 LATAM Airlines Group earnings conference call. My name is Becky, and I will be your operator today.

各位好，歡迎參加 LATAM 航空集團 2026 年第一季（1Q 2026）財報電話會議。我叫 Becky，今天將由我擔任會議接線員。

Before I turn the call over to management, I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations and as such, constitute forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance or guidance are forward-looking statements. These statements are based on a range of assumptions that LATAM believes are reasonable, but are subject to uncertainties and risks that are discussed in detail in the published 20-F 2026 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.

在我把電話交給管理團隊之前，我想提醒各位，本簡報以及問答環節中的某些陳述可能涉及未來事件與預期，因此構成前瞻性陳述。今天討論的任何非歷史事實事項，特別是關於公司未來計畫、目標以及預期表現或指引的評論，均屬前瞻性陳述。這些陳述係基於 LATAM 認為合理的一系列假設，但仍受不確定性與風險影響；相關內容已在已發布的 2026 年 20-F 指引、財報新聞稿、財務報表以及相關 CMF 與 SEC 申報文件中詳加說明。由於多項因素，公司實際結果可能與任何前瞻性陳述中所預測或暗示者存在重大差異；相關因素亦已在我們向 SEC 提交的文件中詳細討論。

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

(接線員指示) 我現在把電話交給主持人 Ricardo Bottas 先生，財務長（CFO），開始會議。請開始。

Hello, everyone, and good morning. Welcome to our first quarter 2026 conference call and thank you all for joining us today. My name is Ricardo, and I'm CFO of the LATAM Airlines Group. Here with me is Roberto Alvo, our CEO; Andres Del Valle, Corporate Finance Director; and Tori Creighton, Head of Investor Relations. And we will present the highlights and results for the first quarter of 2026.

各位好，早安。歡迎參加我們 2026 年第一季電話會議，感謝各位今天加入。我叫 Ricardo，是 LATAM 航空集團的財務長（CFO）。與我一同出席的有我們的執行長（CEO）Roberto Alvo、企業財務總監 Andres Del Valle，以及投資人關係主管 Tori Creighton。我們將向各位報告 2026 年第一季的重點與結果。

I'll hand it over to Roberto to share his opening remarks.

接下來我把時間交給 Roberto，請他分享開場致詞。

Good morning, everyone, and thank you, Ricardo. Let me begin. LATAM began delivering a very strong set of results, which reflect the consistency of the execution and the structural strengths of the model built over the past years. During the first quarter, LATAM Group grew capacity by 10.4% and transported close to 23 million passengers, while maintaining a solid load factor of 85.3%, demonstrating once again its ability to grow efficiently and capture demand across the network.

各位早安，謝謝你，Ricardo。我先開始。LATAM 交出一組非常強勁的成績，反映出我們執行的一致性，以及過去幾年所建立之商業模式的結構性優勢。第一季期間，LATAM 集團運能成長 10.4%，載運乘客接近 2,300 萬人次，同時維持 85.3% 的穩健載客率，再次展現其高效率擴張並在全航網掌握需求的能力。

The strong operational performance translated into record financial results. Revenue reached $4.1 billion, adjusted EBITDA was $1.3 billion, and the adjusted operating margin was close to 20%. The highest quarterly figure in the company's history, resulting in a net income of $576 million, reflecting both revenue strength and disciplined cost execution.

強勁的營運表現轉化為創紀錄的財務成果。營收達 41 億美元，調整後 EBITDA 為 13 億美元，調整後營業利益率接近 20%。這是公司史上最高的單季水準，帶動淨利達 5.76 億美元，反映營收動能與嚴謹的成本執行。

These results were supported by continued progress in revenue quality, driven also by solid execution, well-tailored product differentiation, strong customer preference and a continuous increase in the contribution of premium revenues. This reflects a trend that has been building consistency over the recent quarters as LATAM's business model is delivering on the expected results.

這些成果亦受益於營收品質的持續提升，並由穩健執行、精準的產品差異化、強勁的客戶偏好，以及高端（premium）營收貢獻持續增加所驅動。這反映出近幾季逐步形成且更趨一致的趨勢，因為 LATAM 的商業模式正如預期般交付成果。

Even though the conflict in the Middle East pushed up jet fuel prices sharply starting in March, given the timing of fuel consumption, price lagging mechanisms and partial hedges, this increase did not materially impact the first quarter financial results. LATAM expects, however, these higher fuel prices to be reflected in the second quarter of this year. As fuel prices increased, LATAM Group began implementing fare adjustments in most of its network as well as executing targeted capacity reductions.

儘管中東衝突自 3 月起推升航空燃油價格大幅上漲，但考量燃油消耗時點、價格遞延機制以及部分避險安排，該上漲並未對第一季財務結果造成重大影響。然而，LATAM 預期較高的燃油價格將反映在今年第二季。隨著燃油價格上升，LATAM 集團已在其大部分航網開始實施票價調整，並執行針對性的運能縮減。

To date, the demand environment remains strong and stable, and these commercial actions are partially mitigating the higher fuel expenses. Looking forward, we face the upcoming months with a combination of optimism and caution. Optimism because over the last years, LATAM has built a very resilient model. Its passengers and cargo business integration, together with the presence of LATAM's Group has in most market it operates, the strength of the loyalty program, the design and delivery of the passenger experience, both on board and throughout the journey, the focus on premium traffic and less elastic segments of demand, its competitive cost, the strength of its balance sheet and liquidity and most importantly, the quality and commitment of its people are all features that are unique to LATAM in the region and provide a true advantage and a potential source of future opportunity.

截至目前，需求環境仍然強勁且穩定，而這些商業措施正部分抵銷較高的燃油支出。展望未來，我們以樂觀與謹慎並存的態度面對接下來幾個月。樂觀在於，過去幾年 LATAM 已建立非常具韌性的模式。其客運與貨運業務整合、以及 LATAM 集團在多數營運市場的布局、忠誠計畫的實力、旅客體驗的設計與交付（無論機上或全旅程）、對高端客群與需求彈性較低區隔的聚焦、具競爭力的成本結構、資產負債表與流動性的強健，以及最重要的員工素質與投入承諾，皆是 LATAM 在區域內獨有的特點，提供真正的優勢並可能成為未來機會的來源。

Caution on the other side, because the environment remains extremely uncertain and variables that significantly affect the business are outside of LATAM's control. However, LATAM's track record in navigating complex environments is well proven at this time, and the group really trusts its abilities.

另一方面也必須保持謹慎，因為環境仍極度不確定，且多項對業務影響重大的變數不在 LATAM 的控制範圍內。然而，LATAM 在應對複雜環境方面的過往紀錄已在此時得到充分驗證，集團也確實信任自身能力。

In this volatile context, LATAM has taken a prudent approach to its guidance as will be discussed in more detail later in the presentation. Extraordinarily, given the circumstances, the company has decided to replace its full year 2026 guidance with a more focused set of metrics.

在此波動的背景下，LATAM 對其指引採取審慎作法，稍後在簡報中將更詳細說明。在此特殊情況下，公司決定以一組更聚焦的指標取代原先的 2026 全年指引。

With that said, I'll hand it over to Ricardo, who will talk -- walk us through the performance of the first quarter together with a look into LATAM's group relative and absolute strengths. Thank you.

話不多說，我把時間交給 Ricardo，他將帶領我們回顧第一季表現，並同時說明 LATAM 集團的相對與絕對優勢。謝謝。

Thank you, Roberto. So Roberto, with his opening remarks, just covered slide 3, so we can jump to the slide 4. LATAM started the year with a strong financial performance, successfully translating a healthy demand environment into tangible financial results. Total revenues reached $4.1 billion, representing a 21.7% increase compared to the same period last year, mainly driven by the passenger business, which grew 24.4%, supported by strong customer preference for the LATAM Group product during the higher summer season in the Southern Hemisphere.

謝謝你，Roberto。Roberto 的開場致詞已涵蓋投影片 3，因此我們可以直接跳到投影片 4。LATAM 以強勁的財務表現展開今年，成功將健康的需求環境轉化為具體的財務成果。總營收達 41 億美元，較去年同期成長 21.7%，主要由客運業務帶動，客運營收成長 24.4%；在南半球暑期旺季期間，客戶對 LATAM 集團產品的強勁偏好提供了支撐。

At the same time, cargo revenues increased 3.4%, highlighting once again the importance of LATAM's group business diversification, which in the current context continued to be a key lever for the group. As a result of this top-line performance, LATAM achieved an adjusted operating margin of 19.8%, expanding 3 percentage points year-over-year, marking the highest quarterly operating margin in the company history. This reflects not only the strength of LATAM's brand, but also the disciplined execution of the strategy across the network.

同時，貨運營收成長 3.4%，再次凸顯 LATAM 集團業務多元化的重要性；在目前情境下，這仍是集團的關鍵槓桿。受惠於營收端表現，LATAM 的調整後營業利益率達 19.8%，年增 3 個百分點，創下公司史上最高的單季營業利益率。這不僅反映 LATAM 品牌的實力，也反映在全航網範圍內對策略的嚴謹執行。

On the cost side, total adjusted expenses increased 17.3% alongside operational activity and capacity growth. Importantly, fuel cost pressures during the quarter did not have an immediate or material impact on the results, given the delay of approximately 20 to 30 days in price adjustments supported by regional supply structures. In fact, given LATAM's hedging position in this dynamic, there was a reduction of 3.3% in fuel pricing during the quarter on a year-over-year basis. That said, there was an estimated impact close to $40 million during the period, which is expected to become more visible in the following quarter as elevated fuel prices are progressively incorporated.

在成本端，隨著營運活動與運能成長，總調整後費用增加 17.3%。重要的是，由於區域供應結構所支持的價格調整約有 20 至 30 天的遞延，第一季燃油成本壓力並未立即或重大影響結果。事實上，考量 LATAM 在此動態下的避險部位，本季燃油價格較去年同期下降 3.3%。儘管如此，期間仍估計有接近 4,000 萬美元的影響，預期在下一季將更為明顯，因為較高的燃油價格將逐步被納入。

At the unit cost level, passenger CASK ex fuel came in at $0.045. This is an increase versus the same period of 2025, mainly explained by the depreciation of the local currency, particularly the Brazilian real. Together with this, unit revenues increased at a stronger pace, rising 12.7%, reflecting a solid performance across all markets. All of this translated into a net income of almost $600 million for the quarter, an increase over 62% year-over-year and a net margin of almost 14%, enabling the consistent delivery of exceptional results from the top line down to the bottom line.

在單位成本層面，客運 CASK（不含燃油）為 0.045 美元。相較 2025 年同期有所上升，主要原因是本地貨幣貶值，尤其是巴西雷亞爾。同時，單位營收以更快速度成長，上升 12.7%，反映各市場皆有穩健表現。以上因素使本季淨利接近 6 億美元，年增逾 62%，淨利率接近 14%，讓我們從營收端到獲利端持續交付卓越成果。

Please join me on the next slide to take a deeper dive into revenue performance across different affiliates and business units. Now on the slide 5. The first quarter was characterized by a strong demand environment across the region. In this context, LATAM Group was able to very effectively capture this demand and translate into revenue performance, supported by its value proposition and network.

請跟我到下一張投影片，更深入探討不同子公司與事業單位的營收表現。現在來到第5張投影片。第一季的特徵是整個區域需求環境強勁。在此背景下，LATAM 集團得以非常有效地掌握這股需求，並在其價值主張與航網支持下，轉化為營收表現。

During the quarter, the group began navigating a context of increasing fuel prices and as a result, implemented target revenue management actions, though these are partly reflected in the first quarter given the percentage of tickets already sold for March at that time.

本季期間，集團開始因應燃油價格上升的情境，因此採取了目標式收益管理措施；但由於當時3月已有一定比例的機票提前售出，這些措施在第一季的反映僅為部分。

In the quarter, the group increased capacity by 10.4% and transported 22.9 million passengers, a 9.1% increase compared to the same period of 2025, mainly driven by the International segment and LATAM Airlines Brazil domestic market. This was accompanied by a consolidated load factor of 85.3%, a 2-percentage-point increase.

本季，集團運能增加10.4%，運送2,290萬名旅客，較2025年同期成長9.1%，主要由國際航線業務以及 LATAM 航空巴西的國內市場帶動。同時，合併載客率達85.3%，提升2個百分點。

At the market level, LATAM Airlines Brazil domestic market showed strong dynamics with demand growing above capacity, leading to higher load factors and a solid passenger RASK performance, increasing 17% in US dollars and 8% in local currency, supported by a more favorable exchange rate than last year. In the domestic Spanish-speaking affiliate markets, capacity remained stable, while improved traffic translated into a meaningful increase in load factors and a very strong unit revenue performance with passenger RASK increasing close to 25% in dollars and nearly 19% in local currency.

在市場層面，LATAM 航空巴西國內市場展現強勁動能，需求成長高於運能，帶動載客率上升，並帶來穩健的旅客 RASK 表現：以美元計成長17%，以當地貨幣計成長8%，並受惠於較去年更有利的匯率。在西語系子公司之國內市場，運能維持穩定，而運量改善轉化為載客率顯著提升，單位營收表現非常強勁，旅客 RASK 以美元計增加接近25%，以當地貨幣計接近19%。

In the International segment, capacity and traffic grew at a similar pace, maintaining very healthy load factors close to 87%, while Passenger RASK increased 6.3%, supported by a strong performance across both regional and long-haul operations.

在國際航線業務方面，運能與運量以相近步調成長，維持接近87%的非常健康載客率；同時旅客 RASK 成長6.3%，受惠於區域與長程航線營運的強勁表現。

Overall, these results reflect LATAM Group disciplined execution and capacity deployment in revenue management, which supported by a favorable demand backdrop, allowed the group to deliver strong unit revenues, all underpinned by a differentiated value proposition, both in terms of product and its ability to connect the region like no other player.

整體而言，這些結果反映 LATAM 集團在收益管理上的紀律執行與運能投放；在有利的需求背景支持下，使集團得以交出強勁的單位營收表現，而其基礎來自差異化的價值主張，無論在產品面或在連結整個區域的能力上，都如同其他業者難以比擬。

Let's move to the slide 6, talking about the LATAM Group value proposition, in particular continued development of its premium offering and the results this is delivering in the next slide, slide 6. Product differentiation, customer preference and the growing relevance of premium revenues were key drivers of LATAM's performance during the quarter, underscoring the strength of the group's value proposition. These factors are all reflected in LATAM's recently awarded 4 Star in the Skytrax World Airline Star Rating, making LATAM the only airline in Latin America history to reach this level.

我們來到第6張投影片，談談 LATAM 集團的價值主張，特別是其高端產品的持續發展，以及這在下一張投影片（第6張）所帶來的成果。產品差異化、客戶偏好，以及高端營收日益重要，是本季 LATAM 表現的關鍵驅動因素，凸顯集團價值主張的強度。這些因素也反映在 LATAM 近期於 Skytrax 全球航空公司星級評等中獲頒四星，使 LATAM 成為拉丁美洲史上唯一達到此等級的航空公司。

The premium segment continues to gain importance with LATAM's revenue mix and therefore, enhance the revenue quality. During the quarter, premium revenues increased 28% year-over-year and actually premium revenues are increasing at a rate 14% higher than non-premium passenger revenues. With this premium passenger revenues share reached 27% of passenger revenues, a significant increase compared to the pre-pandemic levels, which becomes particularly relevant in the current context of heightened volatility and macroeconomic pressures as premium travelers tend to exhibit lower price elasticity and more stable demand patterns.

高端客群在 LATAM 的營收組合中持續提升重要性，因而改善營收品質。本季，高端營收年增28%，且高端營收的成長速度實際上比非高端旅客營收高出14%。因此，高端旅客營收占旅客營收比重達27%，相較疫情前水準顯著提升；在當前波動加劇與總體經濟壓力升高的情境下尤為重要，因為高端旅客通常價格彈性較低、需求型態更穩定。

Complementing this, LATAM Pass remains a key enabler of loyalty and customer engagement with 55 million members, including 2.6 million Elite members, making it the largest airline loyalty program in the region. Beyond its scale, it also serves as a relevant revenue channel with close to 60% of LATAM's passenger revenues generated by LATAM Pass members, reinforcing the strength of the ecosystem and the group's ability to deepen customer relationships.

與此相輔相成的是，LATAM Pass 仍是忠誠度與客戶互動的關鍵推動力，擁有5,500萬名會員，其中包含260萬名菁英會員，為本區域最大的航空忠誠計畫。除規模之外，它亦是重要的營收通路，LATAM 近60%的旅客營收由 LATAM Pass 會員貢獻，強化生態系的實力以及集團深化客戶關係的能力。

And as LATAM continues to elevate the customer journey, the group has announced a series of initiatives aimed at further enhancing its premium offering going forward. These include the rollout of the Wi-Fi connectivity in the wide-body fleet, which has already begun with the first long-haul flight operated in last March and will continue expanding in the coming years. The expansion of lounge infrastructure in the strategic hubs such as Sao Paulo and Miami and the introduction of the new premium comfort cabin expected from 2027.

隨著 LATAM 持續提升客戶旅程，集團已宣布一系列措施，旨在未來進一步強化其高端產品。包括在廣體機隊導入 Wi‑Fi 連線服務，已自去年3月首班長程航班開始，並將在未來數年持續擴大。亦包括在聖保羅與邁阿密等策略樞紐擴充貴賓室設施，以及預計自2027年起推出全新的高端舒適艙等。

Building on these developments, one of the most recent highlights is the incorporation of the Airbus A321XLR expected from 2027 onwards, which will feature the premium business cabin with full flat seats, suite doors, direct aisle access and onboard connectivity, reinforcing the group premium value proposition and ensuring consistency across the LATAM Group product experience. The continued development of LATAM's premium offering, together with its loyalty program and network strength allowed the group to capture more resilient and higher value demand, further supporting the sustainability of the financial performance even in the face of a complex macroeconomic scenario.

在上述發展基礎上，近期最受矚目的亮點之一，是預計自2027年起引進 Airbus A321XLR，將配置高端商務艙，具備全平躺座椅、套間艙門、直達走道通道以及機上連線功能，進一步強化集團的高端價值主張，並確保 LATAM 集團產品體驗的一致性。LATAM 高端產品的持續發展，結合其忠誠計畫與航網優勢，使集團得以掌握更具韌性且更高價值的需求，即使面對複雜的總體經濟情境，亦進一步支撐財務表現的可持續性。

Please join me on the next slide, slide 7. LATAM's strong performance was effectively translating into solid cash generation during the quarter. At the start of the year, the company generated $858 million in adjusted operating cash flow, reflecting the operational strength already discussed. After accounting for CapEx net of financing of $291 million as well as financial expenses and other items, LATAM generated close to $480 million in cash.

請跟我到下一張投影片，第7張。LATAM 的強勁表現於本季有效轉化為穩健的現金創造。年初至今，公司產生8.58億美元的調整後營運現金流，反映前述的營運實力。在扣除2.91億美元（已扣除融資）的資本支出，以及財務費用與其他項目後，LATAM 產生接近4.8億美元的現金。

During this period, paid amount to $90 million related with the interim dividends distributed in December '25, which given operational payments timing, were partially executed in January, the $89 million you see in the column. As a result, LATAM closed the quarter with a net cash generation of $391 million. This cash performance remained consistent with what we've seen in the previous quarters, where strong operating results are effectively converted into liquidity, which is the current context becomes a key source of strength, allowing LATAM to maintain a position of confidence in its financial standing while navigating in an environment with higher uncertainty.

在此期間，支付了與2025年12月發放的期中股利相關的9,000萬美元；由於營運付款時點因素，部分於1月執行，因此你在欄位中看到的是8,900萬美元。因此，LATAM 本季淨現金增加3.91億美元。此現金表現與前幾季一致：強勁的營運成果有效轉化為流動性；在當前情境下，這成為關鍵的優勢來源，使 LATAM 能在不確定性較高的環境中，仍能以信心維持其穩健的財務狀況。

Let's move to the next slide, slide 8. In the current context of elevated fuel prices and ongoing macro volatility, having a strong and lean balance sheet drivers competitiveness, and this continues to be a key differentiator for LATAM. The group closed the quarter with liquidity of $4.1 billion and an adjusted net leverage of 1.3 times, supported by consistent cash flow generation, which remains at the core of the financial strategy. Additionally, in a scenario of prolonged and heightened volatility, the group maintained significant financial optionality through its asset base with more than $1.5 billion in unencumbered assets, providing further flexibility to navigate the cycle and act on opportunities.

我們來到下一張投影片，第8張。在燃油價格高企且總體波動持續的當前情境下，擁有強健且精實的資產負債表可提升競爭力，而這仍是 LATAM 的關鍵差異化優勢。集團本季以41億美元的流動性結束，調整後淨槓桿為1.3倍，並受惠於持續穩定的現金流創造，這仍是財務策略的核心。此外，在波動延長且加劇的情境下，集團透過其資產基礎維持顯著的財務選擇權，擁有超過15億美元的未設抵押資產，提供進一步的彈性以因應景氣循環並把握機會。

Matched with this, LATAM has proactively managed its maturity profile, resulting in no relevant short- and midterm maturities and a well-structured debt schedule. Importantly, all debt is now under market conditions with no remaining legacy from Chapter 11 process, further streamlining the balance sheet. This provides both visibility and financial flexibility going forward, which is also reflected in the group's credit profile with all major ratings agencies now assigning ratings in the BB+ category -- sorry, BB category with a positive outlook following Moody's outlook upgrade in March and Fitch's reaffirmation of its rating and outlook in April.

與此相配合，LATAM 主動管理其到期結構，使短期與中期並無重大到期項目，並具備良好架構的債務到期排程。重要的是，目前所有債務皆已在市場條件下進行，已無第11章程序所遺留的舊有安排，進一步精簡資產負債表。這為未來提供能見度與財務彈性；同時也反映在集團的信用概況上：在穆迪於3月上調展望、以及惠譽於4月確認其評等與展望之後，所有主要評等機構目前皆給予 BB+ 類別——抱歉，是 BB 類別——且展望為正向的評等。

Now on slide 9. And given the recent increase in volatility, particularly in fuel prices and the more limited visibility in the current environment, the company has decided to replace its previous full year 2026 guidance with a more focused set of metrics. While the previous 2026 guidance assumed an average jet fuel of $90 per barrel in a context that remains highly -- the dynamic LATAM's new guidance is based on a very specific set of assumptions.

現在來到第9張投影片。鑑於近期波動上升，特別是燃油價格波動，以及在當前環境下能見度較為有限，公司決定以一組更聚焦的指標，取代先前對2026全年所提供的指引。先前的2026指引假設平均航空燃油為每桶90美元，在一個仍然高度——動態的情境下；LATAM 的新指引則建立在一組非常明確的假設之上。

Regarding fuel prices, the expected price for each of the remaining quarters on the year is provided in a stable demand environment, consistent with what we observed so far is assuming and both are incorporated into new guidance. The assumptions for the next quarter is going to be $170 for the Q2 and Q3 and $150 for Q4.

關於燃油價格，在需求環境穩定的前提下，我們提供了今年剩餘各季度的預期價格，與我們迄今觀察到的情況一致，並且兩者都已納入新的指引之中。對於接下來幾個季度的假設為：Q2 與 Q3 為每桶 170 美元，Q4 為每桶 150 美元。

Regarding passenger unit cost ex fuel, this has been updated to a higher range of $0.045 and $0.047 compared to the previous guidance, which is explained by the appreciation of local currency and in particular, the Brazilian real, now expected to be BRL5.15 per US dollar compared to the previous assumptions of BRL5.5.

關於不含燃油的每位乘客單位成本，此項已更新至較先前指引更高的區間 0.045 美元至 0.047 美元；主要原因是本地貨幣升值，尤其是巴西雷亞爾，目前預期為每美元 5.15 巴西雷亞爾，相較先前假設的每美元 5.5 巴西雷亞爾。

On the adjusted EBITDA side, LATAM expected a range between $3.8 billion and $4.2 billion, which incorporates the estimated impact of higher fuel prices, supported by the levers already discussed, including the strength of the network, the ability to capture premium demand through LATAM's differentiated value proposition and its fuel price management strategy. LATAM's balance sheet strength is also reflected in the updated net leverage metric, which is expected to be somewhat higher than previously guided, but still at very healthy levels and well below the company's financial policy target limit, estimating the net leverage below or equal to 1.8 times.

在調整後 EBITDA 方面，LATAM 預期區間為 38 億至 42 億美元，已納入燃油價格上升的估計影響，並由先前討論的槓桿所支撐，包括航網的強勁、透過 LATAM 差異化價值主張捕捉高端需求的能力，以及其燃油價格管理策略。LATAM 的資產負債表強度也反映在更新後的淨槓桿指標上；該指標預期將略高於先前指引，但仍維持在非常健康的水準，且遠低於公司財務政策目標上限，估計淨槓桿低於或等於 1.8 倍。

Regarding liquidity, the new guidance is lower than the previous presented, mainly explained by the impact of higher fuel prices. Nevertheless, liquidity is expected to remain at or above $4.5 billion, once again demonstrating the company's strength in terms of financial flexibility and balance sheet resilience.

關於流動性，新指引低於先前所呈現的水準，主要是因燃油價格上升的影響所致。儘管如此，流動性預期仍將維持在 45 億美元或以上，再次展現公司在財務彈性與資產負債表韌性方面的實力。

In the near term and given the current level of visibility, LATAM expected additional fuel expenses of more than $700 million for the second quarter of 2026, assuming the jet fuel price, as I have mentioned before, of $170 per barrel. Despite the significant fuel impact, LATAM expected to deliver a mid- to low single-digit adjusted operating margin in the second quarter. Overall, while the environment remains dynamic, LATAM is navigating this context with a disciplined and measured approach, leveraging the strength of its business model.

在短期內，基於目前的可見度，LATAM 預期 2026 年第二季將增加超過 7 億美元的燃油支出，假設航空燃油價格如我先前提到的為每桶 170 美元。儘管燃油影響顯著，LATAM 預期第二季仍可達成中至低個位數的調整後營業利潤率。整體而言，儘管環境仍然多變，LATAM 正以嚴謹且審慎的方式因應此情境，並善用其商業模式的優勢。

Let me conclude with a few key takeaways and messages on the last slide, slide 10. The first quarter results reflect a very strong performance for LATAM achieved in the context of a healthy and resilient demand environment, particularly during the high season, which provides a solid starting point for the rest of the year. All of this finds LATAM in the strongest financial position in its history, allowing the group to face the current macroeconomic environment from a position of financial strength even as fuel price pressures begin to materialize in the coming quarters.

讓我在最後一張投影片、第 10 頁，做幾點重點結語與訊息整理。第一季的結果反映 LATAM 在健康且具韌性的需求環境下（尤其在旺季期間）所達成的非常強勁表現，為今年剩餘期間奠定了穩固的起點。這一切使 LATAM 處於其歷史上最強的財務位置，讓集團即使在未來幾季燃油價格壓力開始顯現之際，仍能以財務實力的優勢來面對當前的總體經濟環境。

In this context, LATAM benefits from both relative and structural advantages. At the core of this is a differentiated increasing premium offering, combined with a strong network, which allows the group to access a demand base that is structurally less elastic and therefore, enabling the group to pass through costs more effectively.

在此背景下，LATAM 同時受惠於相對優勢與結構性優勢。其核心在於差異化且持續提升的高端產品供給，結合強勁的航網，使集團得以觸及結構上較不具彈性的需求基礎，因此能更有效地轉嫁成本。

At the same time, LATAM operates today with a lean and strengthened balance sheet with high liquidity, low leverage, no short and midterm maturities with assets and significant flexibility and optionality to navigate in a more volatile environment. LATAM approaches the coming months with discipline and confidence, supported by its experience in navigating volatility and the robustness of its business model while maintaining a prudent stance in light of a still challenging and dynamic macroeconomic environment.

同時，LATAM 目前以精實且更強健的資產負債表運作，具備高流動性、低槓桿，且資產沒有短中期到期壓力，並擁有顯著的彈性與選擇權，以在更波動的環境中因應。LATAM 以紀律與信心迎接未來數月，憑藉其應對波動的經驗與商業模式的穩健性，同時在仍具挑戰且多變的總體經濟環境下維持審慎立場。

Thank you, and let's open the line for questions. Thank you.

謝謝，現在我們開放提問。謝謝。

(Operator Instructions) Guilherme Mendes, JPMorgan.

(接線員指示) JPMorgan 的 Guilherme Mendes。

The first one is on the guidance. Whatever you can share in terms of top line assumptions, thinking of -- you mentioned capacity adjustments, yield increases. So if you can provide a reference of how much even if a ballpark you are anticipating for the year? And the second point is on -- think about the price increases, if you can share how each of the different segments, think about leisure, corporate or different regions are performing following this increase on prices.

第一個問題是關於指引。就營收端假設而言，您能分享哪些資訊？例如——您提到運能調整、收益率提升。因此若您能提供一個參考，即使是大致區間，您對全年預期是多少？第二點是關於——談到票價上調後，若您能分享不同區隔（例如休閒、商務或不同區域）在這次漲價後的表現如何。

This is Roberto. So first question, we're not providing top line and capacity guidance because we see those figures are slightly more volatile than EBITDA. At the end of the day, I think that the industry will adjust capacity to try to balance results going further. So that's why we are focusing on a set of metrics that we believe give a good picture of the resilience of the model without trying to forecast variables that are going to be difficult to forecast.

我是 Roberto。第一個問題，我們不提供營收端與運能指引，因為我們認為這些數字相較於 EBITDA 略為更具波動性。歸根結底，我認為產業將會調整運能，以在未來更好地平衡結果。因此我們聚焦在一組我們認為能良好呈現商業模式韌性的指標，而不去預測那些將很難預測的變數。

Having said that, I think it's fair to expect that if high level fuel prices continue, we will see bigger capacity adjustments throughout the industry and particularly in the region. And I think that you can fairly estimate a potential revenue profile with that assumption having the other measures that we provided. In terms of the segments, so first and foremost, solid demand and stable demand environment throughout the network. We haven't seen particular places where the macro environment has affected demand.

話雖如此，我認為合理的預期是：若高位燃油價格持續，我們將看到整個產業、尤其是本區域出現更大的運能調整。在此假設下，結合我們提供的其他措施，我認為您可以合理估算一個可能的營收輪廓。就各區隔而言，首先也是最重要的是，整個航網的需求穩健，且需求環境穩定。我們尚未看到有特定地區的總體環境對需求造成影響。

We see a strong and stable corporate segment in almost every country. International and domestic Brazil probably stand out as slightly stronger than the rest. But on average, everything looks very healthy. We have seen, of course, a little bit of a slowdown in the more elastic segments of demand. The good thing is that today, this is comprising less and less of the number of passengers of LATAM, and they're easily compensated with different point of sale -- points of sale origins that we have in the network.

我們看到幾乎每個國家的商務客群都強勁且穩定。其中，巴西的國際與國內市場可能略強於其他市場。但平均而言，一切看起來都非常健康。當然，我們確實看到在需求彈性較高的區隔出現些許放緩。好消息是，這些區隔目前在 LATAM 乘客數中的占比愈來愈小，而且可透過我們航網中不同銷售點——也就是不同銷售來源地——輕易補足。

I think that large networks in this particular environment are, in general, much more -- what is the word in English, sustainable than smaller networks. But as the long AP in the beginning of the quarter, when fare increases, you could see an impact on long AP.

我認為在這樣的環境下，大型航網整體而言比小型航網更——英文怎麼說——更具可持續性。但如同本季初在長程 AP 上的情況，當票價上調時，你會看到長程 AP 受到影響。

As the quarter has progressed, you see the filling up of the aircraft nicely, even though from those initial lower levels. And this is, in my mind, a function of the diversification of the points of origin and the O&Ds that the LATAM network can provide. So in general, the picture looks stable. The forward bookings for the remainder of the quarter have not been affected by anything that we've seen outside of the industry. So in that context, we remain positive.

隨著季度推進，你會看到航班載客率逐步良好地回升，儘管是從一開始較低的水準起步。在我看來，這是 LATAM 航網所能提供的出發地點與 O&D（起訖點）多元化所帶來的結果。因此整體而言，情況看起來穩定。本季剩餘期間的預訂前瞻並未受到我們在產業之外所觀察到的任何因素影響。因此在此背景下，我們仍維持正向看法。

Michael Linenberg, Deutsche Bank.

德意志銀行的 Michael Linenberg。

This is Shannon Doherty on for Mike. Congrats on the record results. So maybe just a follow-up on your last response. You just mentioned potential slowdown in the more demand elastic segments. Can you dig in deeper there? And with premium revenue now at 27% of total, what is your long-term target?

我是代替 Mike 的 Shannon Doherty。恭喜創下紀錄的業績。那我可能就您剛才的回覆追問一下。您提到在需求彈性較高的區隔可能出現放緩。能否更深入說明？另外，目前高端收入已占總收入的 27%，你們的長期目標是多少？

So yes, I mean, I think it's absolutely normal to see a slowdown in more elastic segments. On the other hand, I think that airlines that tailor to more elastic segments in general are decreasing capacity faster than airlines that don't have that exposure. So that balances out in a way, this slowdown in demand. And at the end of the day, I think benefits companies that LATAM that can fill their planes with higher quality passengers in the other moments of the curve and in the other segments. So it's a total manageable situation given what we have. And I think that what we're seeing here is very clear. Airlines that are more exposed to more elastic segments, airlines that have weaker balance sheet are going to probably be more exposed to the current situation. LATAM's absolute and relative advantages clearly stand out in this particular scenario.

是的，我的意思是，我認為在彈性較高的區隔看到放緩是完全正常的。另一方面，我認為一般而言，服務較高彈性客群的航空公司，其運能縮減速度會快於沒有這類曝險的航空公司。因此某種程度上會平衡這種需求放緩。而歸根結底，我認為這會讓像 LATAM 這樣的公司受益，因為我們能在需求曲線的其他時點、以及其他區隔，以更高品質的旅客來填滿航班。因此就我們目前的條件而言，這是完全可控的情況。我認為我們看到的情況非常清楚。更曝險於高彈性區隔的航空公司、以及資產負債表較弱的航空公司，可能會更容易受到當前情勢的影響。在這個特定情境下，LATAM 的絕對與相對優勢都非常突出。

Second question was the long-term premium revenues target. So we don't provide a public target of long-term premium revenues. I think that the expectation we have is to continue to grow premium revenues faster than total revenues. Ricardo pointed out to that stat for the first quarter. We haven't seen at this point in time, any slowdown in this trend, and it's been already over several quarters that we have seen that outpacing of premium travelers vis-a-vis the rest. And I think that the delivery of our product, the way we're managing the network, the quality of the experience today, the FFP, all these features point out that we can continue seeing that different balance vis-a-vis the past going forward.

第二個問題是關於長期高端（Premium）營收目標。因此，我們不提供長期高端營收的公開目標。我認為我們的預期是，持續讓高端營收的成長速度快於總營收。Ricardo 在第一季已指出那項統計數據。截至目前，我們尚未看到這個趨勢有任何放緩，而且我們已經連續好幾個季度看到，高端旅客相較於其他旅客的成長持續領先。我認為，我們的產品交付、我們管理航網的方式、目前的體驗品質、FFP（常旅客計畫），以及所有這些特點，都顯示我們未來可以持續看到相較於過去不同的結構平衡。

Great. And how much on the higher fuel costs are you capturing during the June quarter? Do you expect to fully capture higher fuel by the end of this year, like we've heard from some of the US airlines?

很好。那麼，在 6 月季度，你們能轉嫁多少較高的燃油成本？你們是否預期在今年年底前能完全轉嫁較高的燃油成本，就像我們從一些美國航空公司聽到的那樣？

Again, we don't provide that specific information, but I think that with the mid- to low single-digit operating margin figure together with the fuel spend that we are telling you guys that we're going to have in the second quarter, you can estimate relatively well the impact of fuel and pass-through that we are seeing for the quarter.

同樣地，我們不提供那項特定資訊；但我認為，結合我們所提供的中到低個位數營業利益率區間，以及我們告訴各位第二季將會發生的燃油支出，你們可以相對準確地估算燃油的影響，以及我們在該季度所看到的轉嫁程度。

Andre Ferreira, Bradesco.

Andre Ferreira，Bradesco。

So one quick question here. So if you could comment on the forward booking curve. I guess in a previous question, you commented on specifically for the second quarter. But in general, how are you seeing it? Is it shorter? And if so, do you believe it's more due to like a permanent price sensitivity? Or is it more due to passengers kind of wishing or waiting for fares to go down closer to the trip?

我這裡有一個簡短問題。想請你們評論一下未來訂位曲線（forward booking curve）。我想在前一個問題中，你們有特別針對第二季做了評論。但整體而言，你們怎麼看？是否變得更短？如果是，你們認為這比較像是永久性的價格敏感度提高？還是比較像乘客希望或等待票價在接近出發時下降？

Yes. Andre, again, I mean, significant amount of the passengers we fly are domestic passengers, which have relatively low APEs. So the visibility we have on the booking curve doesn't go too much further away than a couple of months, maybe international a little bit more. So in the visibility we have, which is the rest of the second quarter and probably the first peak on the high season in the July winter holidays for us in this part of the world, it looks healthy in general. July is an important month just as January are because it's holiday time in the Southern Hemisphere. And the first indications we have on bookings for July look healthy as well. But beyond that, it's still very early to get a sense on how the planes will feel. We'll see that in the upcoming weeks.

是的。Andre，再次說明，我們載運的乘客中有相當大一部分是國內旅客，其 APE 相對較低。因此，我們對訂位曲線的能見度通常不會超過幾個月，國際線可能稍微更長一些。就我們目前的能見度而言，也就是第二季剩餘期間，以及大概是旺季第一個高峰——對我們這個地區來說是 7 月的冬季假期——整體看起來是健康的。7 月是重要月份，就像 1 月一樣，因為南半球那段時間是假期。而我們目前看到的 7 月訂位初步跡象也很健康。但再往後看，現在仍然太早，還無法判斷航班的載客情況會如何。我們會在接下來幾週觀察。

Perfect. And if I can just squeeze in another one. If you could comment on -- can you hear me?

完美。如果我可以再塞一個問題。如果你們可以評論一下——你們聽得到我嗎？

Yes. Yes, we can.

聽得到。是的，我們聽得到。

So if you -- if you could just comment on the competitive landscape across the region. So I guess in Brazil, we have Azul leaving Chapter 11, but with lower growth as per the plan GOL out for a while now. So just how are the rest of the competition in Brazil behaving and on the other markets as well?

那如果你們——如果你們可以簡單評論一下整個區域的競爭態勢。我想在巴西，我們看到 Azul 走出 Chapter 11，但依照計畫成長較低，而 GOL 也已經退出一段時間了。那麼，巴西其他競爭者的行為如何？其他市場也是如此嗎？

Thanks, Andre. So we normally don't comment on competition. I guess the two things that I can tell you, one is airlines publish their capacity, and therefore, you can see capacity changes week after week as this crisis has progressed. I think that what we are seeing in general is a trend in downward capacity on most of the airlines in the region, including LATAM, by the way, in the second quarter vis-a-vis what was published before February 27. I think that airlines or more than I think what we see because this is actually public information, what we see is ULCCs decreasing capacity faster than players that have a better revenue quality average, if I can call it like that.

謝謝，Andre。我們通常不評論競爭對手。我想我能告訴你的兩點是：第一，航空公司會公布其運能，因此，隨著這場危機的發展，你可以逐週看到運能變化。整體而言，我們看到本區域多數航空公司（順帶一提也包括 LATAM）在第二季的運能，相較於 2 月 27 日之前公布的計畫呈現下修趨勢。我認為——或者更準確地說，因為這其實是公開資訊——我們看到 ULCC（超低成本航空）縮減運能的速度，比起平均營收品質較佳的業者更快，如果我可以這樣稱呼的話。

I personally think that with an environment like the one we are using for the guidance, capacity may -- decreases may accelerate to balance out the longer-term impact of demand. LATAM takes -- the way we have looked at this particular guidance, we call it guidance, but this is -- nobody knows where this is going to go. We'd rather put ourselves in a scenario that looks a little bit more conservative than the forward curves and prepare for that. Then we will see how we execute as the information goes through and the changes in the environment.

我個人認為，在我們用於財測指引的那種環境下，為了平衡需求的長期影響，運能下調可能會加速。LATAM 對於這份所謂的指引——我們稱之為指引，但其實沒有人知道事情會往哪裡走——我們寧可把自己放在一個看起來比遠期曲線更保守一些的情境，並為此做好準備。然後我們會隨著資訊逐步明朗、環境變化發生，再看我們如何執行。

But we're taking this crisis seriously in the sense that it can -- there's a chance that it can last longer. And in that case, the whole organization needs to be prepared. If it gets better and we have, I guess, positive news flows during the night yesterday, then we will adjust accordingly. But for the time being, I guess that's the assessment I can -- I can give you on how we see the dynamics of the market here.

但我們很嚴肅地看待這場危機，因為它——有可能會持續更久。在那種情況下，整個組織都需要做好準備。如果情況好轉，而且我想昨晚我們也看到一些正面的消息流，那我們會相應調整。但就目前而言，我想這就是我能給你們的、我們如何看待這裡市場動態的評估。

(Operator Instructions) Gabriel Rezende, Itau BBA.

（接線員指示）Gabriel Rezende，Itau BBA。

So just following up on the impact into the second quarter talking about fuel prices. We're trying to understand here what is LATAM actually seeing in terms of fuel price increases just because we have seen some of the regions, particularly Brazil on which Petrobras is very relevant, kind of is smoothing out the international price trend for fuel prices into jet fuel. So just trying to understand whether the $700 million plus that you're estimating for impact into the second quarter is already incorporating the fact that Petrobras and policies for price pass-through here for jet fuel in Brazil were kind of smooth out as the crisis took place in late February.

我想延續第二季影響的問題，談談燃油價格。我們想了解 LATAM 實際看到的燃油價格上漲幅度，因為我們看到某些地區，特別是巴西（Petrobras 影響很大），似乎在把國際燃油價格趨勢平滑地反映到航空燃油（jet fuel）上。所以想了解，你們估計第二季影響超過 7 億美元的數字，是否已經納入了 Petrobras 以及其在巴西航空燃油價格轉嫁政策在 2 月底危機發生時所帶來的平滑效果。

And also, if you could comment how is the company at this point? I understand there's a lot of uncertainty and their visibility is limited. But just trying to assess how you're weighting market share versus profitability when assessing the price increases that you need to implement to offset the higher cost that you're facing with fuel.

另外，也想請你們評論公司目前的取捨。我理解不確定性很高、能見度有限。但我們想評估的是：在你們為了抵銷燃油成本上升而需要實施漲價時，你們如何在市占率與獲利能力之間做權衡？

Okay. Gabriel, it's Ricardo, and thank you for your question. Actually, regarding the Petrobras issue, I'm not talking about a specific provider in Brazil. It's relevant in Brazil, for sure. But it's not a question of price policy. It's just a mechanism in terms of the way that they capture the international price in terms of lagging. So we mentioned a range on the average of all providers to have between 20 and 30 days lagging in terms of the way that the average price from our suppliers are getting the impact from international prices, I mean, in terms of price commodities, right? So it's just the way that when we see these assumptions for the second quarter of $170, for instance, we are capturing everything on it. And like we have mentioned also, the most relevant impact from March, for instance, it's captured in the Q2 assumptions for price.

好的。Gabriel，我是 Ricardo，謝謝你的問題。其實，關於 Petrobras 的議題，我不是在談巴西某一家特定供應商。它在巴西當然很重要。但這不是價格政策的問題。這只是他們在反映國際價格時的機制，也就是存在時間落後（lagging）。因此我們提到，就所有供應商的平均而言，他們把國際價格影響反映到供應給我們的平均價格上，大約有 20 到 30 天的落後期；我的意思是，就大宗商品價格而言，對吧？所以，當我們看到第二季例如每桶 170 美元這樣的假設時，我們已經把所有因素都納入其中。而且如我們也提到的，像 3 月最相關的影響，其實已經反映在第二季的價格假設之中。

But to be clear, we're not assuming nor forecasting any changes to the price that are not market changes to the price. So no subsidies or anything like that in any of the markets where we operate. Regarding the second question, thanks for the question on market share. Let me be extremely clear here. In LatAm, market share is not a goal. Market share is the result of what we do. So for us, we don't manage the business in terms of the market share we can achieve. We manage the business looking at the flows, understanding where we can win, executing upon where we see strength.

但為了說清楚，我們並未假設或預測任何非市場因素所導致的價格變動。因此，在我們營運的任何市場都不會有補貼或類似措施。關於第二個問題，謝謝你提到市占率。我在這裡要非常明確地說。在拉丁美洲（LatAm），市占率不是目標。市占率是我們所做事情的結果。因此，對我們而言，我們不會以能達到多少市占率來管理業務。我們管理業務是看流量，理解我們在哪裡能贏，並在我們看到優勢之處執行。

And then the outcome of that equation is market share. And LatAm has improved almost in every market where it operates its market shares over the last two or three years. But this is not a function of seeking them. It's a function of the results of our strategy. So -- so I don't focus -- we don't focus in profitability vis-a-vis market share. We focus in long-term development of the network, delivering on the strength that we have built in the model. And then we will see what the market share outcome of that equation is.

然後，這個方程式的結果就是市占率。而 LatAm 在過去兩到三年裡，幾乎在其營運的每個市場都提升了市占率。但這並不是因為我們刻意追求市占率。而是我們策略成果的體現。所以——所以我不會把重點——我們也不會把重點放在獲利能力相對於市占率的取捨上。我們專注於網路的長期發展，兌現我們在此模式中建立的優勢。然後我們會看到這個方程式所帶來的市占率結果。

Having said that, we are a rational player in terms of how we want to develop the business going forward. We find ourselves in a place where we can grow profitably. You see this very clearly throughout 2025 and in the first quarter of 2026. And I think that the way we conduct ourselves and the business is pretty clear at this point in time. So no market share goals for LATAM.

話雖如此，對於未來如何發展業務，我們是一個理性的參與者。我們目前所處的位置，使我們能夠在獲利的前提下成長。你在 2025 年全年以及 2026 年第一季都能非常清楚地看到這一點。我認為我們的行事方式以及經營方式，在此時此刻已相當清楚。因此，LATAM 沒有市占率目標。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

Yes. Just two questions from me. One, to clarify your jet fuel price assumption, just to make sure that that's market prices not considering any hedges, right? And if those market prices materialize, what would be like the effective hedged price that you would be realizing considering that you now have also incorporated additional hedging instruments for your hedging -- within your hedging policy?

是的。我有兩個問題。第一，想釐清你們對航空燃油價格的假設：確認一下，那是市場價格、未考慮任何避險部位，對嗎？如果那些市場價格實現，考量你們現在也在避險政策中納入了額外的避險工具，你們實際會實現的有效避險後價格大概會是多少？

And my second question is on the XLRs that you will be adding to your fleet in 2027. Where do you plan to deploy those mainly? Will it be intra-South America or also like to the US and other markets, just to get a bit more clarity on that.

第二個問題是關於你們將在 2027 年加入機隊的 XLR。你們主要計畫把這些機型部署在哪裡？會是在南美洲內部航線，還是也會飛往美國及其他市場？想更清楚了解。

Thank you, Jens. And regarding the hedging policy and the assumptions we use for the guidance, yes, the reference in terms of the price of the commodity, it's not including any reference in terms of the impact that could come from the hedge. But yes, the guidance that we are providing or the guidance is capturing the contracts that we have disclosed that we have in our -- under the hedge policy that we are seeing.

謝謝你，Jens。關於避險政策以及我們用於財測指引的假設，是的，就商品價格的參考而言，並未納入任何可能來自避險的影響。但我們所提供的指引——或說該指引——已反映我們在避險政策下所揭露、目前持有的合約。

And we also made some reference in terms of the way that we see the collars and also the recent call options that are partially in the money right now. So as a reference and not giving any additional information regarding the conditions from these instruments, the guidance is capturing the contracts that we have until the end of April, okay?

我們也提到我們如何看待領口策略（collars），以及近期部分處於價內（in the money）的買權。因此，作為參考、且不提供這些工具條件的額外資訊，指引已反映截至 4 月底我們持有的合約，好嗎？

And on the XLR, so we are receiving in total 13 XLRs starting in 2027. There are several applications of the XLR in our network. Lima, Brasilia, Fortaleza are three good examples. We were initially going to deploy the XLRs in Lima, given the fact that there's a connection fee now imposed in Peru, which we believe it's a terrible and pretty bad public policy. We are evaluating where those XLRs will go.

至於 XLR，我們將自 2027 年起總共接收 13 架 XLR。XLR 在我們航網中有多種應用。利馬、巴西利亞、福塔雷薩是三個很好的例子。我們原本打算把 XLR 部署在利馬，因為秘魯現在徵收轉機費，我們認為這是一項糟糕且相當不良的公共政策。我們正在評估這些 XLR 最終會部署到哪裡。

But as a general probably guide here, we bought these planes to fly long segments, particularly to the US if it were from Lima or Brasilia, it would be probably Europe and the rest of South America if they were to be placed in Fortaleza. But we'll keep you posted on the deployment of them. We still are over a year away from the first delivery, so no decision made in terms of where they're going to finally go.

但作為一個大致的指引，我們購買這些飛機是為了飛較長航段；若從利馬或巴西利亞出發，主要會飛往美國；若部署在福塔雷薩，則可能是歐洲以及南美洲其他地區。不過我們會持續向各位更新其部署情況。距離首架交付仍超過一年，因此最終要部署到哪裡，目前尚未做出決定。

(Operator Instructions) Ewald Stark, BICE Inversiones.

(接線員指示) Ewald Stark，BICE Inversiones。

I have a question on jet fuel. Your jet fuel guidance for the coming quarters looks somewhat high relative to the evolution of the jet fuel futures curve. So I was wondering if you can provide any details on how the strategy was used to reach those expectations.

我有一個關於航空燃油的問題。你們對未來幾季的航空燃油指引，相較於航空燃油期貨曲線的走勢看起來偏高。因此我想請問，你們能否提供一些細節，說明是如何運用策略來得出這些預期的？

Thanks for the question. I mean, forecasting future prices of fuel today, not even the pros, I mean we have seen just the second half of the forward curve moving something like $15 on average in the last 15 or 20 days. So the way I think that you need to read the assumption here is in two ways. One is we are wanting to be slightly more conservative in terms of this because we'd rather prepare for a worse scenario. In the case it gets better, fine by us, it will be great. It will be an upside to what we're seeing.

謝謝你的問題。我的意思是，今天要預測未來燃油價格，就算是專家也做不到；我們看到遠期曲線的後半段在過去 15 到 20 天平均波動大約 15 美元。所以我認為你需要用兩個角度來解讀這個假設。第一，我們希望在這方面稍微保守一些，因為我們寧可為更差的情境做準備。如果情況變得更好，對我們來說也沒問題，會很棒。那將會是我們目前所見的上行空間。

But on the other side, I think that rather than just simply thinking that we're assuming something special with the market, we have absolutely no clue just as anybody does. I think that you need to read a set of metrics that we gave you as the proof of the resilience of the LATAM model. So you have the EBITDA, you have the liquidity, you have the leverage and you have the price assumption on fuel, make up your idea on how LATAM today is being built to withstand a moment like the one we're living.

但另一方面，我認為與其單純認為我們對市場做了什麼特別假設，不如說我們其實完全沒有頭緒，跟任何人一樣。我認為你應該把我們提供的一組指標，視為 LATAM 模式韌性的證明。你有 EBITDA、你有流動性、你有槓桿，還有燃油價格假設；請自行形成你對 LATAM 如今如何被打造、以承受我們正在經歷這種時刻的看法。

We currently have no further questions. So I'll hand back over to Ricardo for closing remarks.

目前沒有進一步的提問。那我把時間交回 Ricardo 做結語。

Thank you all for joining us today. And if you have any further questions, please let us know and reach out the Investor Relations team. Thank you, and have a good day.

感謝各位今天參與。如果你們還有任何進一步問題，請告訴我們，並與投資人關係團隊聯繫。謝謝，祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位參與。你們現在可以掛線。