LATAM Airlines Group S.A. (LTM) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the second-quarter 2026 LATAM Airlines Group earnings conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 LATAM 航空集團 2026 年第二季財報電話會議。(接線員指示)

Before I turn the call over to the 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、目標與預期表現或指引的評論，均屬前瞻性陳述。

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 2026 guidance earnings release, financial statements, and related CMF and SEC filings.

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。

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. And if there are any members of the press on the call, please note that for the media, this is a listen-only call.

由於多項因素（已在我們向 SEC 提交的文件中詳述），公司的實際結果可能與任何前瞻性陳述所預測或暗示者有重大差異。此外，若有媒體朋友在線上，請注意：對媒體而言，本通話僅供收聽。

I will now hand the conference over to Ricardo Bottas, CFO, Mr. Bottas, please go ahead.

現在我把會議交給財務長 Ricardo Bottas。Bottas 先生，請開始。

Thank you. Hello, everyone, and good morning. Welcome to our second-quarter 2026 conference, and thank you all for joining us today. 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 second-quarter 2026. I hand it over to Roberto to share his opening remarks. Roberto?

謝謝。各位好，早安。歡迎參加我們 2026 年第二季電話會議，感謝各位今天加入。與我一同出席的有執行長 Roberto Alvo、企業財務總監 Andres Del Valle，以及投資人關係主管 Tori Creighton；我們將介紹 2026 年第二季的重點與結果。我把時間交給 Roberto 發表開場致詞。Roberto？

Good morning, and thank you, Ricardo. The second quarter of 2026 was an important demonstration of the resilience of LATAM's group's business model. During this period, the industry faced one of the sharpest increases in jet fuel prices in recent years, creating a significant cost headwind across the sector. As we estimated back in May along had our first-quarter publication, the impact of higher jet fuel prices was in excess of $700 million in addition to -- in the second quarter alone.

早安，謝謝你，Ricardo。2026 年第二季是對 LATAM 集團商業模式韌性的重要展現。在此期間，產業面臨近年來最急遽的航空燃油價格上漲之一，為整個產業帶來顯著的成本逆風。正如我們在 5 月發布第一季資訊時所估計，僅第二季單季，較高的航空燃油價格影響就超過 7 億美元，此外還有——。

Yet despite this environment, LATAM delivered profitable results reflecting an adjusted operating margin of 5.4%, which was also on the higher end of the estimate that we have made of mid- to low-single digits back then. These results are not explained by a single initiative. We are the outcome of a business that has been consistently strengthened over the last several years to perform across different environments, which starts with a dedicated effort to care for our customers, constant to improving their experience, and making them willing to experience LATAM.

然而，即便在此環境下，LATAM 仍交出獲利表現，調整後營業利益率為 5.4%，也落在我們當時所估計的中至低個位數區間的較高端。這些成果並非由單一措施所致。而是過去數年持續強化的企業所帶來的結果，使我們能在不同環境下運作；其起點是專注照顧客戶、持續改善其體驗，並讓他們願意選擇 LATAM。

In addition to this, a diversified business structure integrating our passenger, cargo, and LATAM Pass businesses, together with an effective commercial strategy, a competitive cost structure, a strong balance sheet. and above all, the commitment of more than 43,000 employees across the group, enabled LATAM's agile response while maintaining a focus on profitability.

此外，多元化的業務結構整合了客運、貨運與 LATAM Pass 業務，並結合有效的商業策略、具競爭力的成本結構、強健的資產負債表；最重要的是，集團超過 43,000 名員工的投入，使 LATAM 得以在維持獲利聚焦的同時，敏捷回應。

Throughout the quarter, this ecosystem delivered exactly what it was designed to deliver. Customer preference remains strong across the network, particularly in the Premium segment, which now accounts for 29% of the passenger revenues allowing the group to partially offset higher fuel costs through deferred adjustments while preserving healthy demand.

整個季度中，這個生態系統交付了它原本設計要交付的成果。客戶偏好在整體航網仍然強勁，尤其是在高端（Premium）客群；目前高端客群已占客運收入的 29%，使集團得以透過遞延調整部分抵銷較高燃油成本，同時維持健康需求。

At the same time, cargo, loyalty, and other ancillary sources of revenue diversification reinforce the resilience of the model during a particularly challenging period. Diversification only becomes an asset where it's supported by effective execution, and LATAM has consistently demonstrated that capability. During the period, the group rapidly activated multiple commercial operation initiatives to mitigate the impact of higher fuel prices while continuing to invest in customer experience, operational reliability, and the long-term competitiveness of the business.

同時，貨運、忠誠計畫與其他附加收入來源的多元化，在特別艱困的期間進一步強化了該模式的韌性。多元化唯有在有效執行的支持下才會成為資產，而 LATAM 一直以來都持續展現此能力。在此期間，集團迅速啟動多項商業與營運措施，以緩解較高燃油價格的影響，同時持續投資於客戶體驗、營運可靠度以及業務的長期競爭力。

Financial strength also remained the key enabler, particularly in such a volatile environment. A strong balance sheet and healthy liquidity over 26% of last 12-month revenues provided LATAM with the flexibility to navigate a period of heightened uncertainty without losing focus on its long-term strategy and value-creating objectives.

財務實力仍是關鍵推動因素，尤其在如此波動的環境中。強健的資產負債表與充裕的流動性（超過過去 12 個月營收的 26%）為 LATAM 提供了彈性，使我們能在不確定性升高的期間中前行，同時不偏離長期策略與創造價值的目標。

As we enter the second half of 2026, the environment remains highly dynamic. Significant swings in jet fuel prices we have seen over the last few weeks are a clear reminder that volatility continues to be present. The second quarter provided us with one of the most severe fuel prices in the industry has experienced in recent years, and we believe we have navigated it well.

進入 2026 年下半年之際，環境仍高度動態。過去幾週我們看到航空燃油價格的大幅波動，清楚提醒我們波動性仍然存在。第二季為我們帶來了近年來產業所經歷最嚴峻的燃油價格之一，而我們相信我們已妥善因應。

We don't expect that price volatility to decrease during the remainder of the current quarter. In this sense, we remain cautious though this quarter also reinforces our confidence in the group's ability to navigate this challenging environment.

我們不預期在本季剩餘期間價格波動會下降。在此情況下，我們仍保持審慎；但本季也進一步強化了我們對集團在此具挑戰性環境中應對能力的信心。

As we now enter what is seasonally a stronger half of the year for the business, we do so with the confidence that comes from having demonstrated the resilience of our business model. LATAM Group has commercial and financial tools, operational flexibility, and most importantly, the people and the mindset to continue adapting effectively, navigating volatility, and creating long-term value.

隨著我們進入季節性而言較強勁的下半年，我們帶著已證明商業模式韌性所帶來的信心前行。LATAM 集團具備商業與財務工具、營運彈性，更重要的是，擁有能持續有效調整、穿越波動並創造長期價值的人才與思維。

Finally, regarding guidance, given the information we gathered in the past quarter and therefore, better visibility we are reinstating our full list of parameters, and we have improved our outlook for the year. However, it is important to note that because of the high fuel price volatility, these numbers should not be only seen as our expectation given the stated assumptions, but also as understanding of the resilience of the model in the current environment.

最後，關於財測指引，鑑於我們在過去一季所蒐集的資訊、因此能見度提升，我們將恢復提供完整的一系列參數，並上調我們對全年展望。然而，需要強調的是，由於燃油價格波動性很高，這些數字不應僅被視為在既定假設下的預期，也應被理解為在當前環境中該模式韌性的體現。

With that said, I'll hand it over to Ricardo to go over the specifics of LATAM's performance during the quarter. Thank you.

話說到這裡，我把時間交給 Ricardo，請他說明本季 LATAM 表現的細節。謝謝。

Thank you, Roberto. Please join me on the slide 4 to have a look at our overall results. As Roberto just explained, the second quarter was defined by an unprecedented increase in jet fuel prices. During the quarter, the all-wheel average fuel price, including [heads], increased by more than 80% year over year, resulting in a 93% increase in total fuel costs. and creating one of the most significant cost headwinds the industry has faced in recent years.

謝謝你，Roberto。請各位與我一起看第 4 張投影片，檢視我們的整體結果。如 Roberto 剛才所說，第二季的特徵是航空燃油價格前所未有的上漲。本季全輪平均燃油價格（包含 [heads]）年增超過 80%，導致燃油總成本增加 93%，並形成近年來產業所面臨最顯著的成本逆風之一。

In response, LATAM rapidly implemented revenue management actions and target capacity adjustments. With these, total revenues increased almost 28% year over year, reaching nearly $4.2 billion. This was propelled by passenger revenues, which grew 28%, reflecting the consistent capacity growth together with the successful implementation of continued fare adjustments while preserving resilient demand across the network.

為此，LATAM 迅速採取收益管理措施並進行針對性的運能調整。在這些措施下，總營收年增近 28%，達到接近 42 億美元。主要由客運收入帶動，客運收入成長 28%，反映運能持續成長，以及在維持航網需求韌性的同時，成功推動持續的票價調整。

Cargo revenues increased almost 22%, benefiting from both higher yields and continued growth in tonnes transported, which demonstrate the flexibility of this business to adjust pricing given its significantly shorter booking cycle. On the cost side, the adjusted costs excluding fuel increased by 14%, broadly in line with the continued growth of the operation. It's worth noting that part of this increase reflects costs that are directly linked to higher passenger fares together with the appreciation of local currencies, particularly the Brazilian real, which pressures the dollar-denominated cost base.

貨運收入成長近22%，同時受惠於更高的收益率以及持續增加的運輸噸數，這顯示該業務因訂位週期顯著較短，具備可依情況調整定價的彈性。在成本端，不含燃油的調整後成本增加14%，大致與營運規模持續成長一致。值得注意的是，這項增幅的一部分反映了與較高旅客票價直接連動的成本，以及當地貨幣升值（尤其是巴西雷亞爾），對以美元計價的成本基礎造成壓力。

Just as a reference, the Brazilian reference in Q2 2025 was [5.66] and now was [5.05]. That said, passenger CASK ex-fuel remained sequentially in line at $0.045. Despite these unprecedented fuel environment and while growing capacity by 8.9% at a healthy 82% consolidated load factor level, LATAM remained profitable and delivered an adjusted operating margin, as Roberto mentioned, at 5.4% during what is seasonally the weakest quarter of the year. This translated all the way to the bottom line, with the group generating a positive net income of $125 million.

僅供參考，2025年第二季巴西的參考匯率為[5.66]，而現在為[5.05]。即便如此，旅客CASK（不含燃油）仍維持與前一季大致一致，為0.045美元。在這種前所未見的燃油環境下，且在運能成長8.9%、合併載客率維持健康的82%水準之際，LATAM仍保持獲利，並如Roberto所提，在一年中季節性最疲弱的季度，交出5.4%的調整後營業利益率。這也一路反映至最終損益，集團淨利為正，達1.25億美元。

These results demonstrate that while the fuel shock had a significant impact on cost and costs, the combination of effective execution, commercial flexibility, and the resilience of LATAM's diversified business model allowed the group to increase unit revenues this quarter. So tail mitigating a substantial portion of that impact. Let's now take a closer look at the commercial execution behind these results on the next slide, slide number 5.

這些結果顯示，雖然燃油衝擊對成本與費用造成顯著影響，但憑藉有效的執行、商業彈性，以及LATAM多元化商業模式的韌性，使集團在本季得以提升單位收入。從而緩解了其中相當大一部分影響。接下來我們在下一張投影片（第5頁）更仔細看看支撐這些成果的商業執行。

During the quarter, LATAM Group continued executing its profitable growth strategy, increasing consolidated capacity by 8.9% year over year alongside some targeted capacity adjustments to mitigate the impact of higher fuel prices. These actions were selective, allowing LATAM to preserve profitability without compromising the strength, connectivity, or integrity of its overall network.

本季，LATAM集團持續執行其獲利成長策略，在年增8.9%的合併運能擴張下，同時進行部分有針對性的運能調整，以降低燃油價格上升的影響。這些措施具選擇性，使LATAM得以在不削弱整體航網的強度、連結性或完整性的前提下，維持獲利能力。

Importantly, demand for LATAM Group remained resilient across all markets, even under a high-share environment. Consolidated load factors declined modestly from 83.5% to 81.8%, remaining at healthy levels across all markets where the group's affiliates operate during the quarter. It's worth mentioning that particularly in June, there was a higher impact on demand, reflecting the temporary impact of the FIFA World Cup on travel patterns across South America.

重要的是，即使在高市占環境下，LATAM集團在所有市場的需求仍展現韌性。合併載客率由83.5%小幅下降至81.8%，在本季集團各子公司營運的所有市場中仍維持健康水準。值得一提的是，特別是在6月，需求受到較大影響，反映FIFA世界盃對南美洲旅遊型態造成的短期影響。

This combination of effective capacity management, a differentiated value proposition, revenue actions, and resilient demand translate into a 17.5% increase in consolidated passenger RASK during the quarter, which allowed LATAM Group affiliates to successfully pass through a significant portion of the increase in fuel costs. Looking at the different markets, LATAM's affiliates in the Spanish-speaking countries domestic markets delivered a particularly strong performance, increasing passenger RASK by 15% in local currency or 20% in US dollars.

有效的運能管理、差異化價值主張、收益措施與具韌性的需求相結合，使本季合併旅客RASK成長17.5%，讓LATAM集團各子公司得以成功轉嫁燃油成本上升的相當大一部分。就不同市場而言，LATAM在西語系國家的國內市場表現尤為強勁，旅客RASK以當地貨幣計成長15%，以美元計成長20%。

For its part, LATAM Airlines Brazil and its domestic market also successfully increased its unit revenues with passenger RASK growing 12% in local currency and almost 24% in US dollars, demonstrating its ability to implement fare adjustments while preserving healthy demand.

另一方面，LATAM Airlines Brazil及其國內市場也成功提升單位收入，旅客RASK以當地貨幣計成長12%，以美元計幾乎成長24%，顯示其在維持健康需求的同時，具備推動票價調整的能力。

Lastly, the International segment increased passenger RASK by almost 13%, even while we're expanding capacity by 12%. The quality of LATAM revenues also played an important role. Premium demand continued to demonstrate greater resilience than the broader market, allowing the group to implement fair adjustments while preserving passenger preference across the network.

最後，國際航線業務的旅客RASK成長近13%，即便我們的運能擴張達12%。LATAM收入的品質同樣扮演重要角色。高端需求持續展現較整體市場更強的韌性，使集團得以進行合理的票價調整，同時維持旅客在整體航網中的偏好。

Let's jump now to slide 6 to take a better view at this. LATAM's resilient revenue quality was particularly evident in two areas that continue to deliver exceptional results for the group: premium traffic and the LATAM Pass ecosystem. In the quarter, as challenge as this one, these two elements once again proved to be especially available because they make up a part of the LATAM customer base that is structurally less elastic and more resilient.

現在我們跳到第6頁投影片，以更清楚地檢視這點。LATAM具韌性的收入品質在兩個面向尤為明顯，且這兩個面向持續為集團帶來卓越成果：高端客流與LATAM Pass生態系。在像本季這樣充滿挑戰的季度，這兩項要素再次證明特別關鍵，因為它們所對應的LATAM客群在結構上價格彈性較低、韌性更強。

On the Premium side, demand remaining strong and continue to enhance the quality of the group's revenue mix with Premium revenues now representing 29% of the passenger revenues and growing at a rate faster than main cabin revenues. More importantly, this segment continued to respond positively to the differentiated value proposition LATAM has built over time, and reflected in Net Promoter Score that remains 3 points above the overall passenger average in line with historically high levels. This confirms that the investments made in product and services continue to strengthen customer preference.

在高端（Premium）方面，需求仍然強勁，並持續提升集團收入組合的品質；目前高端收入占旅客收入的29%，且成長速度快於經濟艙收入。更重要的是，該分眾持續對LATAM長期打造的差異化價值主張做出正向回應，反映在淨推薦值（Net Promoter Score）仍較整體旅客平均高出3分，並維持在歷史高檔水準。這證實在產品與服務上的投資持續強化客戶偏好。

LATAM Pass also remained at a key lever during the quarter. The program continued to deepen customer engagement and strength loyalty across the network while supporting a more resilient and higher quality revenue base. Over time, LATAM Pass has evolved well beyond the traditional frequent flyer program into a broader engagement ecosystem, allowing the group affiliates rent their customers' relationship, both in and beyond the travel experience.

LATAM Pass在本季同樣是關鍵槓桿。該計畫持續深化客戶互動並強化全航網的忠誠度，同時支撐更具韌性且品質更高的收入基礎。隨著時間推進，LATAM Pass已從傳統常旅客計畫，成功演進為更廣泛的互動生態系，使集團各子公司得以經營與客戶的關係，不僅限於旅遊體驗之中，也延伸至旅遊體驗之外。

Today, more than 67% of passenger revenues are generated by LATAM Pass members, up from 60% previously. reinforcing the growing importance of the program within the commercial ecosystem. The engagement of Elite members also continues to deepen. While the numbers of Elite members increased by 26% year over year, third-party sales generated by this segment grew 48% compared to the same period of 2025. highlighting the increasing of relevance of these customers across the board, the broader LATAM Pass ecosystem and they're growing engagement with the partner network.

目前，超過67%的旅客收入由LATAM Pass會員貢獻，高於先前的60%，進一步凸顯該計畫在商業生態系中的重要性日益提升。菁英會員（Elite）的互動程度也持續加深。菁英會員人數年增26%的同時，該分眾帶動的第三方銷售較2025年同期成長48%，凸顯這些客戶在整體、在更廣泛的LATAM Pass生態系，以及其與合作夥伴網路互動上的重要性持續提升。

Altogether, the trust in the LATAM brand by customers, the alignment with the premium customers, and the LATAM Pass acquisition help explain why LATAM affiliates were able to preserve revenue quality and successfully pass through a significant portion of higher fuel costs during the quarter.

綜合而言，客戶對LATAM品牌的信任、與高端客群的契合度，以及LATAM Pass的拓展，有助於解釋為何LATAM各子公司能在本季維持收入品質，並成功轉嫁燃油成本上升的相當大一部分。

More importantly, they represent the strategic pillars that create value across the cycle, not only strengthening the group's resilience during periods of heightened volatility, but also structural growth drives that will continue to support LATAM's group's commercial performance as operating environment improves over time.

更重要的是，這些是跨越景氣循環創造價值的策略支柱：不僅在波動加劇期間強化集團韌性，也作為結構性成長動能，將在營運環境隨時間改善時，持續支撐LATAM集團的商業表現。

Let's move to the slide 7. The differentiated value proposition we just discussed is not only reflected in Premium and LATAM Pass. It is the result of several complementary elements working together with the network playing a central role. The incorporation of the Embraer's E2 split is a key enabler of this strategy, allowing LATAM Group to further strengthen its premium offer, expanding connectivity, and opening new sources of profitable growth.

我們來看第7頁投影片。我們剛才討論的差異化價值主張不僅體現在高端與LATAM Pass。它是多項互補要素共同作用的結果，其中航網扮演核心角色。導入Embraer的E2機隊是此策略的關鍵推動因素，使LATAM集團得以進一步強化高端產品、擴大連結性，並開啟新的獲利成長來源。

The entry into service initiatives are advancing positively and are on track. The first aircraft have or red being manufactured, cabin certification is currently underway, and the seventh aircraft is already in production. LATAM Airlines Brazil expect to receive the first 12 aircraft between October and December of this year with commercial operations confirmed on November 3, 2026.

投入營運（entry into service）相關計畫進展良好，並按計畫推進。首批飛機已開始製造，客艙認證目前正在進行中，第七架飛機也已進入生產。LATAM Airlines Brazil預期將於今年10月至12月間接收首批12架飛機，並確認商業營運將於2026年11月3日開始。

The network will increase capillarity while furthering strength in LATAM Airlines Brazil connectivity. The initial deployment will cover a total of 42 domestic routes within the Brazilian market, which includes eight new routes, four connecting in Guarulhos with the new destinations of Cabo Frio, Ji Paraná, Rondonopolis, and Macae, enabling LATAM Airlines Brazil to expand into markets that were previously not part of its network and four additional routes linking existing bases.

該網路將提升毛細化覆蓋，同時進一步強化 LATAM Airlines Brazil 的連通性。初期部署將涵蓋巴西市場共 42 條國內航線，其中包括 8 條新航線；其中 4 條在瓜魯柳斯（Guarulhos）轉接至新目的地卡布弗里烏（Cabo Frio）、吉帕拉納（Ji Paraná）、龍多諾波利斯（Rondonopolis）與馬卡埃（Macae），使 LATAM Airlines Brazil 得以擴展至先前不在其航網內的市場；另有 4 條新增航線連結既有基地。

These aircraft provide the flexibility to expand the group's connectivity across Brazil, increasing capillarity and broadening access to regions with attractive corporate and leisure demand profiles while creating new opportunities.

這些飛機提供彈性，使集團得以擴大在巴西的連通性、提升毛細化覆蓋，並擴大對具吸引力的企業與休閒需求特徵之地區的可及性，同時創造新機會。

Altogether, LATAM Airlines Brazil will reach a total of 67 domestic destinations, the largest network in its history compared to 44 in 2019. Looking ahead, the airline is also evaluating up to 18 potential new bases for the next phase of its Embraer P2 expansion as an additional aircraft are delivered beginning early 2027.

整體而言，LATAM Airlines Brazil 將達到共 67 個國內目的地，較 2019 年的 44 個相比，為其歷史上最大的航網。展望未來，隨著自 2027 年初起陸續交付額外飛機，該航空公司也正在評估最多 18 個潛在新基地，作為其 Embraer P2 擴張下一階段的一部分。

Beyond the domestic market, while this network expansion significantly enhanced connectivity with in Brazil, the strategic value goes well beyond the mass travel by connecting smaller regional markets into the main focus cities, the Embraer E2 will provide customers with access to LATAM's Group extensive network across South America and the four continents served by the group. The increase the connectivity of overall network building LATAM Group's addressable market and further enhance the group's value proposition.

除國內市場外，儘管此次航網擴張大幅提升了巴西境內的連通性，但其策略價值遠不止於大眾旅行：透過將較小的區域市場連結至主要樞紐城市，Embraer E2 將讓客戶得以接入 LATAM 集團在南美以及集團所服務之四大洲的廣泛航網。提升連通性將擴大 LATAM 集團可觸及市場，並進一步強化集團的價值主張。

From a product perspective, the Embraer E2 will feature both the Economy and Premium Economy cabin, reinforcing consistency across the fleet and preserving the differentiated experience that LATAM Group customers expect. Even with the differentiated aircraft configuration of the group, we will continue delivering a consistent product standard so that the new aircraft type does not mean a different customer experience.

從產品角度來看，Embraer E2 將配置經濟艙與豪華經濟艙，強化機隊一致性，並維持 LATAM 集團客戶所期待的差異化體驗。即使集團的飛機配置有所差異，我們仍將持續提供一致的產品標準，使新機型不代表不同的客戶體驗。

Overall, the incorporation of the Embraer 2 is not only about adding aircraft. It's about reinforcing the network, improving connectivity through a more efficient and versatile aircraft, and continue to build on the differentiated value proposition that LATAM Group has developed across the region.

整體而言，導入 Embraer 2 不僅僅是增加飛機。更是要強化航網、透過更高效率且更具多用途的機型改善連通性，並持續建立 LATAM 集團在區域內所發展的差異化價值主張。

Moving on to slide 8, let's keep back to the quarter's performance and take a look on the cash generation. The group's strong operating performance continued to translate into solid cash generation during this quarter. LATAM generated $476 million in adjusted operating cash flow, even considering the impact of high jet fuel prices. Once again, demonstrating the business ability to consistently convert earnings into cash.

接著看第 8 頁，讓我們回到本季表現並檢視現金創造。本季集團強勁的營運表現持續轉化為穩健的現金創造。即使考量航油價格偏高的影響，LATAM 仍產生 4.76 億美元的調整後營運現金流。再次展現該業務能夠持續將獲利轉換為現金的能力。

As a result, the group generated a positive cash -- change in cash, close to $150 million before dividend payments, and ended the quarter with a positive net cash valuation of $110 million. It's worth noting that these dividend payments correspond only with the remaining balance required to complete the mandatory 30% dividend distributed base on 2025 net income. As you may recall, LATAM had already distributed $400 million in interest dividends during the fourth quarter of 2025 with this payment simply reflecting the final remaining.

因此，在股利支付前，集團現金變動為正，接近 1.5 億美元，並於季末達到 1.10 億美元的淨現金為正的狀態。值得注意的是，這些股利支付僅對應於完成依 2025 年淨利分配之法定 30% 股利所需的剩餘餘額。如各位所記得，LATAM 已於 2025 年第四季以利息股利形式分配 4 億美元，本次支付僅反映最後剩餘部分。

This consistent cash generation remains one of the LATAM's key pillars, providing the financial flexibility to continue investing in the business, strengthen the balance sheet, and executing the group's long-term strategy.

這種持續的現金創造仍是 LATAM 的關鍵支柱之一，提供財務彈性以持續投資業務、強化資產負債表，並執行集團的長期策略。

Moving to slide 9, see how this translates into continuing strengthening the balance sheet and level of liquidities. The group closed the quarter with liquidity of more than $4.2 billion, equivalent to 26.2% of last 12 months' revenues.

接著看第 9 頁，看看這如何轉化為持續強化資產負債表與流動性水準。集團於季末的流動性超過 42 億美元，相當於過去 12 個月營收的 26.2%。

On the leverage side, adjusted net leverage remained at 1.5 times, comfortably below the company's financial policy target and consistent with the planned capital management that has [chartered] at LATAM over the last several years.

在槓桿方面，調整後淨槓桿維持在 1.5 倍，明顯低於公司財務政策目標，亦與 LATAM 過去數年所採行的資本管理規劃一致。

This liquidity and net leverage position, together with management's perception that the stock is under valuated at the current prices supported the Board's decision to propose a new share her purchase program, which was approved by shareholders early this week. The new proven contemplates a duration of no more than five years and allows for the repurchase up to 5% of the company's total subscriber and paid shares.

此一流動性與淨槓桿水位，加上管理層認為公司股票在目前價格被低估，支持董事會決定提案新的庫藏股回購計畫，並已於本週初獲股東核准。該新計畫規劃期限不超過五年，並允許回購最多相當於公司已認購且已繳足股份總數的 5%。

With these, shareholders have delegated to the Board of Directors, they afford you to determine the terms of the program's execution, including its time, mechanisms, price, and other relevant conditions.

基於此，股東已授權董事會決定該計畫執行條款，包括時間、機制、價格及其他相關條件。

With this, we remain confident that the strength and fundamentals of LATAM business model, the commercial strategy and execution capacity, both commercially and operationally, combined with the strength of the capital structure maintain the solid foundations of the aspiration contained in the financial policy.

因此，我們仍有信心：LATAM 商業模式的強健基本面、商業策略與執行能力（無論商務或營運面），再加上資本結構的穩健，持續支撐財務政策中所載之目標的堅實基礎。

The policy which considers the preservation of liquidity ratios between 21% and 25% and a net leverage below 2 times, allow us to continue on the path of improving LATAM's credit ratings.

該政策考量將流動性比率維持在 21% 至 25% 之間，並將淨槓桿控制在 2 倍以下，使我們得以持續走在提升 LATAM 信用評等的道路上。

Now let's move to the slide number 10, following the second quarter. And as also, as Roberto mentioned, we see a more constructive outlook for jet fuel prices over the remainder of the year. LATAM is updating its full-year guidance for 2026, reincorporating the full set of metrics, including capacity with year-over-year growth between 9% and 10%. And revenue projections between $17.3 billion and $17.7 billion, among others.

現在讓我們看第 10 頁，延續第二季之後的展望。同時，如 Roberto 所提到的，我們對今年剩餘期間的航油價格展望更為建設性。LATAM 正在更新其 2026 年全年財測指引，重新納入完整的一組指標，包括運能年增介於 9% 至 10%。以及營收預估介於 173 億至 177 億美元等。

The updated guidance reflects a more constructive backdrop for the remainder of the year than the one anticipated on the prior guidance was issued, particularly with respect to prices. Based on the assumptions incorporated today, LATAM expected the second quarter to have represented the most challenging operating environment of the year.

更新後的指引反映今年剩餘期間的背景較先前發布指引時所預期更為建設性，尤其是在價格方面。基於今日納入的假設，LATAM 預期第二季應是全年最具挑戰的營運環境。

As the group enters a seasonally stronger second half of the year under more favorable assumptions, the updated outlook also incorporates what LATAM demonstrated during this [quarter]. It's a bit to execute the discipline and deliver solid results even under challenging conditions.

隨著集團在較有利的假設下進入季節性更強的下半年，更新後的展望也納入 LATAM 在本[季度] 所展現的表現。也就是在具挑戰的條件下，仍能以紀律執行並交出穩健成果。

Turning first to the assumptions behind the updated guidance. In the prior guidance, LATAM assumed an average fuel price of $170 per barrel for the third quarter and $150 for the fourth quarter. Today, reflecting the evolution of the market, the company now expect average fuel prices of $147 per barrel in third quarter and $130 per barrel in the fourth quarter.

首先說明更新後指引背後的假設。在先前的指引中，LATAM 假設第三季平均燃油價格為每桶 170 美元、第四季為每桶 150 美元。今日，反映市場變化，公司目前預期第三季平均燃油價格為每桶 147 美元、第四季為每桶 130 美元。

Based on these updated assumptions, LATAM now expect adjusted EBITDA between $4.1 billion and $4.4 billion, improving the midpoint of the prior guidance by $250 million. Passenger CASK ex fuel is expected to remain in line with the prior guidance between $0.045 cents and $0.047 cents as the assumption of BRL exchange rate stayed at the same level of BRL5.15 per dollar.

基於這些更新後的假設，LATAM 目前預期調整後 EBITDA 介於 41 億至 44 億美元，較先前指引的中位數上調 2.5 億美元。在巴西雷亞爾匯率假設維持每美元 5.15 雷亞爾不變的情況下，預期旅客 CASK（不含燃油）將與先前指引一致，介於 0.045 美分至 0.047 美分之間。

In terms of the balance sheet, liquidity is expected to end the year of at least $4.7 billion, while adjusted net leverage is projected to be equal 2 or below 1.6 times. Overall, the updated guidance reflect a business that has multiple levers to deliver results, and that's now supported by a more constructive macroeconomic backdrop despite the level of uncertainty and the fuel price volatility.

就資產負債表而言，預期年底流動性至少達到 47 億美元，而調整後淨槓桿率預計為 2 倍或低於 1.6 倍。整體而言，更新後的指引反映出公司具備多項槓桿可推動業績，而在不確定性程度與燃油價格波動仍高的情況下，亦獲得較為建設性的總體經濟背景支持。

Lastly, let's move on to slide 11 for a few closing remarks. First, the second quarter did not change our strategy. It validated it. In one of the most challenging operating environments in recent years, LATAM once again demonstrated that the business has built and planned to perform across different macro and market conditions with now even more solid and tested foundations.

最後，我們來看第 11 張投影片，做幾點結語。第一，第二季並未改變我們的策略。它反而驗證了策略的正確性。在近年最具挑戰的營運環境之一中，LATAM 再次證明，公司所建立並規劃的營運模式能在不同的總體與市場條件下發揮表現，而且如今基礎更為扎實且經過驗證。

Second, the group showed that it has multiple levers to deliver results. Effective execution, commercial flexibility, and the group diversified ecosystem allowed LATAM to preserve profitability, increase unit revenues and mitigate a substantial portion of the fuel shop.

第二，集團展現出具備多項槓桿可交付成果。有效的執行、商業彈性，以及集團多元化的生態系，使 LATAM 得以維持獲利能力、提升單位收入，並緩解燃油衝擊的相當一部分。

Third, the high level of trust from customers and the quality of the group's revenue base continue to be among LATAM's key elements. Premium customers and LATAM Pass ecosystem once again, supported by a more resilient demand profile allowing the group to preserve revenue quality even in a significantly higher fare environment, fully a profitable growth strategy, combining capacity increase with healthy load factors levels.

第三，客戶的高度信任以及集團收入基礎的品質，仍是 LATAM 的關鍵要素之一。高端客戶與 LATAM Pass 生態系再次在更具韌性的需求結構支持下，使集團即使在票價顯著提高的環境中仍能維持收入品質，並落實獲利性成長策略，將運能提升與健康的載客率水準相結合。

And finally, LATAM is updating its full-year guidance for 2026 to reflect a more constructive outlook for the remainder of the year, having demonstrated to deliver solid results during what we expect to have been the most challenging quarter of the year, the group now enters a more favorable operating backdrop while we remain focused on disciplined execution, risk, and revenue management.

最後，LATAM 正更新其 2026 全年指引，以反映對今年剩餘期間更為建設性的展望；在我們預期為全年最具挑戰的一季中已證明能交出穩健成果後，集團如今進入更有利的營運背景，同時我們仍專注於嚴謹的執行、風險與收益管理。

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

謝謝，現在開放提問。

(Operator Instructions) Michael Linenberg, Deutsche Bank.

(接線員指示) 德意志銀行 Michael Linenberg。

Good morning, everyone, and well done, the fact that we're now back to an EBITDA guide for the year that is within spitting distance of where you were prior to the war even beginning. So well done on the revenue recapture or revenue recovery.

各位早安，表現很出色；我們現在回到全年 EBITDA 指引，已非常接近戰爭甚至尚未開始前的水準。因此，在收入回補或收入復甦方面做得很好。

I have two questions here. Just more specifically on the International where the PRASK was up just under 13%, can you just give me a better feel for how that looked via geography? And I don't care about Oceana or Africa. I care more about Europe, North America, and just regional how those may have differed the trends in those various key markets?

我有兩個問題。更具體地談國際線，PRASK 上升了接近 13%，能否請你更清楚說明按地理區域來看是什麼樣子？我不在意大洋洲或非洲。我更關心歐洲、北美，以及就區域而言，這些關鍵市場的趨勢是否有所不同？

Hi, Mike, and thanks for the comments. Again -- yeah, across the board, international was solid. In the previous quarters, I mentioned that we saw a little bit of weakness from South America to the US linked at some point in time with potential visa restrictions also with the announcements and policies of the US government in general. We have seen, I would say, a little bit of an improvement in those lines vis-a-vis what we have seen in previous quarters.

嗨，Mike，謝謝你的評論。再說一次——是的，整體而言國際線表現穩健。在前幾季我提到，我們看到南美到美國的航線有些疲弱，某種程度上與潛在的簽證限制，以及美國政府整體的公告與政策有關。相較於前幾季，我們看到這些航線已有一些改善。

Europe remains very solid. We had a little bit of a slowdown in demand generally for the World Cup, actually, a little bit more than what we expected. We know that these events always have a little bit of an impact. And this I think also had some impact on the second quarter results, but we probably would have been a little bit better.

歐洲仍然非常穩健。由於世界盃的關係，我們整體需求出現了一點放緩，實際上比我們預期的還要多一些。我們知道這類活動通常都會帶來一些影響。我認為這也對第二季的結果造成了一些影響，否則我們可能會表現得更好一些。

But regardless of that, the demand remains very solid. In the regional I would divide it into, I would say that Argentina is a little bit slower, and this is probably a function of the economic situation of Argentina at this point in time. It was very, very strong in the beginning of the year. So a little bit weaker in that sense.

不過即便如此，需求仍然非常穩健。就區域而言，我會這樣劃分：阿根廷稍微慢一些，這可能與目前阿根廷的經濟情況有關。年初時非常、非常強勁。所以在這個意義上稍微轉弱。

The northern part of South America is in a good place. But I wouldn't mark any specific large concerns with respect to how we're seeing international demand. And Oceania, even though you don't want to hear, it's also a good place.

南美北部的狀況不錯。但就我們看到的國際需求而言，我不會特別標記任何重大的具體疑慮。至於大洋洲，雖然你不想聽，但那邊的狀況也不錯。

Okay. Good. Okay. And then just my second question to Ricardo. I did see that you took a tax credit in the quarter, what drove that? And what's a good tax rate that we should use for the back half of 2026?

好的。很好。好的。那我的第二個問題是問 Ricardo。我確實看到你們本季認列了一筆稅額抵減，是什麼原因造成的？以及 2026 年下半年我們應該採用怎樣的合理有效稅率？

Sure, Michael. That mentioned in the tax credits [itself], I call a regular business as usual situation because remember that we have a different tax environment in each country. So in some countries, we could have, in some moments, some additional provisions or some tax grads that could take in some local administrative or even the judicial decision. So that was the reason that we have that situation today in one affiliate. And I think the best way to see, Michael, because I mentioned, there is not a one-off itself, I think, is to have last 12 or 24 months average tax rate, and I think it could be a good driver for you.

當然，Michael。關於你提到的稅額抵減[本身]，我會稱之為一個正常、照常的情況，因為請記得我們在各國面臨不同的稅務環境。因此在某些國家，我們在某些時點可能會有額外的提列，或是一些稅務補助／調整，可能源自當地行政甚至司法裁決。這就是我們今天在某一家子公司出現該情況的原因。而我認為最好的方式，Michael，因為如我所說這並非一次性項目，是採用過去 12 或 24 個月的平均有效稅率，我想這會是對你很好的參考依據。

Okay. My question is you think about 2027, now that the disability is gradually improving. And looking at your fleet plan, the average number suggests that it should be increasing by mid- to high-single digits in next year. Just either up their assumption for capacity growth into 2027. And think about this yield environment that we are seeing given the (inaudible) fuel spike, is it fair to assume that once fuel comes down, LATAM and the rest of the industry should be able to keep most of that price increases that we saw throughout 2026 for 2027?

好的。我的問題是，展望 2027 年，現在運能限制正逐步改善。再看你們的機隊規劃，平均數看起來明年應該會以中到高個位數成長。能否更新你們對 2027 年運能成長的假設？另外，考量我們在這個收益環境中所看到的情況，以及（聽不清）燃油飆升，是否可以合理假設：一旦燃油回落，LATAM 與整個產業在 2027 年仍能保留 2026 年大部分的票價上漲幅度？

Thank you, Ellie. Let me see if I understood your fleet question correctly. So yes, we have on the fleet plan, that increase in fleet that you see in 2027. Do you remember, that we're receiving a significant number of Embraers in the last two months of the year? So even though the count for the end of the year of 410 accounts for a dozen Embraers, they basically will not fly almost anything in 2026.

謝謝你，Ellie。我先確認我是否正確理解你關於機隊的問題。是的，在機隊規劃上，你看到 2027 年機隊數量會增加。你還記得我們會在年底最後兩個月接收相當數量的 Embraer 飛機嗎？因此，即使年底的 410 架包含了約一打 Embraer，但它們在 2026 年基本上幾乎不會投入飛行。

So we'll see the impact of the Embraer fleet most significantly in 2027. We haven't finalized our capacity plans for 2027, So we don't have a figure for you but we have the potential of growing significantly with this part of the fleet and also remember that we have a number of old aircraft that we have decided to keep these in that are -- the flexibility that we have downwards in case of need.

因此，Embraer 機隊的影響將在 2027 年最為顯著。我們尚未完成 2027 年的運能規劃，所以目前沒有具體數字可以提供，但我們有機會藉由這部分機隊實現顯著成長；同時也請記得，我們決定保留一些較舊的飛機——這讓我們在有需要時具備向下調整的彈性。

Regarding your fair question for 2027, I mean I'd love to have a crystal ball here. I think that the comment here is demand is strong and stable. Premium revenues are growing. We see a lot of premium leisure. We see a lot of corporate.

關於您對 2027 年的合理提問，我的意思是，我也希望此刻能有一顆水晶球。我認為這裡的重點是需求強勁且穩定。高端收入正在成長。我們看到大量的高端休閒需求。我們也看到大量的企業需求。

Ultimately, I think that the fair environment in 2027 -- let's assume that fuel goes down to something that looks a little bit more like 2024, 2025. It will end up being, I guess, a function of industry capacity probably. But what we have seen in the past is that normally, you see fare sticking a little bit longer when they're high before coming down than going the other way around.

最終，我認為 2027 年的票價環境——假設燃油價格回落到更接近 2024、2025 年的水準。我想結果大概會取決於產業運能。但我們過去看到的是，通常當票價處於高位時，會比反向上升時更久才開始下滑。

But let's see how the environment behaves for the time being and for the rest of the year, we have a good outlook in terms of demand and the capacity we are deploying matches well what we believe is what we can serve and what the passengers want to try for the render of the year.

不過，先看看目前以及今年剩餘時間的環境表現；就需求而言我們的展望良好，而我們投放的運能也很符合我們認為可服務的範圍，以及旅客在今年剩餘時間想要的需求。

Andre Ferreira, Bradesco BBI.

Andre Ferreira，Bradesco BBI。

Good morning. I have two. So one is recently the Brazil development and approve credits for airlines usable tabulation funds at attractive rates. My question is, if you plan on moving it and what's the latest on when the credit will actually be the first?

早安。我有兩個問題。第一個是，最近巴西政府推出並核准了給航空公司的信貸，可用於周轉資金，利率也相當具吸引力。我的問題是，你們是否計畫使用？以及最新進度是，這筆信貸實際上何時會首次撥付？

And my second question, in the guidance, the same domestic [ASK continue 89% raise] compared to the December guidance, right, while cutting domestic Spanish-speaking countries through 4 to 5, looking at RASK in the two regions here where they are somewhat similar. So my question is, if it's better relative demand strength capacity discipline by competitors still driven economics? So what was the riding force in the division?

第二個問題是，在你們的指引中，國內（ASK 持續 89% 提升）相較於 12 月的指引是相同的，對吧？但同時把西語系國家的國內運能下修了 4 到 5；看兩個區域的 RASK，其實相對接近。所以我的問題是，這是否反映相對更好的需求強度、競爭對手的運能紀律，或仍是由經濟因素驅動？因此，做出這個調整的主要驅動因素是什麼？

Sorry, the audio was quite bad. So I think we understood your questions. So first one regarding FNAC. I'll pass it to Ricardo, and I'll take the capacity question on the domestic Brazil for the guidance.

抱歉，音訊品質很差。不過我想我們理解您的問題。第一個是關於 FNAC。我把它交給 Ricardo，我來回答關於巴西國內運能指引的問題。

Okay. Regarding FNAC, I think it was public that was a line of credit provided to the Brazilian Airlines. So we are taking part of the exit of that line of credit. And yes, we are still having some ongoing conversations with the [BMDS] in terms of the ways that we should execute that line. But so far, it is the information we have in terms of the line available for the entire market in Brazil until the end of this year. Okay?

好的。關於 FNAC，我想公開資訊已經提到，這是一條提供給巴西航空公司的授信額度。我們正在參與使用這條授信額度。是的，我們仍在與 [BMDS] 進行一些持續的討論，關於我們應該如何執行／動用這條額度。但截至目前，這就是我們掌握的資訊：這條額度對巴西整個市場開放，直到今年年底。好嗎？

Regarding capacity for domestic Brazil, and I think I understood you were comparing it to the guidance for domestic Spanish-speaking countries. Remember again that we have the Embraer fleet coming into domestic Brazil specifically. So we're accounting for that in the guidance.

關於巴西國內的運能，我想我理解您是在把它與西語系國家的國內指引做比較。請再次記得，我們的 Embraer 機隊將投入巴西國內市場。因此我們在指引中已將此納入考量。

We see very healthy demand in Brazil. In general, we see a number of opportunities to continue growing our network as it was explained before. Domestic Brazil capacity is a little bit higher in this guidance than what we published in the beginning of the year when we gave the first outlook of 2026. This is basically a function of the robustness that we see in demand and the solidity of our network and our presence in Brazil.

我們看到巴西的需求非常健康。整體而言，我們看到許多機會可以持續擴張我們的航網，如先前所說明。本次指引中的巴西國內運能，比我們在年初首次提供 2026 年展望時公布的略高。這基本上反映了我們所看到的需求韌性，以及我們在巴西的航網與市場布局的穩固性。

Also remember the fleet has a lot of flexibility, so we can move capacity around within the network. And the current spread of capacity that you see between Spanish-speaking Brazil is basically a function of where we see the opportunities.

也請記得，我們的機隊具有很高的彈性，因此可以在航網內調整運能配置。而您目前看到的西語系市場與巴西之間的運能差異，基本上取決於我們在哪裡看到機會。

I think it's fair to say, finally, on domestic Spanish-speaking, that we are seeing a little bit of a weak domestic Chile environment actually, the economy hasn't grown for the last six or seven months, if you see the reports on the economy altogether. And that has a little bit of an impact on the average that we see in Spanish speaking. The position we have in domestic Chile is very healthy, still 65% market share. But the outlook still is positive for the remainder of the year. I hope we answered your questions because we prepare them pretty well.

最後，談到西語系國家的國內市場，我認為可以合理地說，我們確實看到智利國內市場環境稍微偏弱；如果您看整體經濟報告，過去六到七個月經濟沒有成長。這對我們在西語系市場看到的平均表現有一些影響。我們在智利國內的地位仍然非常健康，市占率仍有 65%。但對今年剩餘時間的展望仍然是正面的。希望我們回答了您的問題，因為我們準備得相當充分。

(Operator Instructions) Jen Spiess, Morgan Stanley.

(接線員指示) Jen Spiess，Morgan Stanley。

Yeah. Congrats on the results considering the challenging environment, quite impressive. So I just -- I have two questions basically. One on your hedging and the hedging results for the quarter. You had a negative fuel-hedging results. So just trying to understand like how to forecast it into the future. Because at the end of the day, I do understand that your hedging strategy protects up to a certain range, but we're still a bit surprised to see like negative results on that line specifically and just want to have a better understanding on how we can do a better job in forecasting that line going forward?

是的。在充滿挑戰的環境下還能交出這樣的成績，恭喜，確實令人印象深刻。我有兩個問題。第一個是關於你們的避險，以及本季的避險結果。你們的燃油避險結果是負的。我想了解未來該如何把它納入預測。因為我理解你們的避險策略是在一定區間內提供保護，但我們仍有點意外看到這一行出現負數，因此想更清楚了解，未來我們要如何更好地預測這一項目？

And also considering that you're now incorporating more like downside protection without limits. And my second question goes to -- in general, like the Brazilian market environment, how are you seeing the competitive environment evolving, not just in terms of capacity, but prices, I mean you've been very successful in raising prices. So just wondering what's your sense of how things are heading.

另外，考量到你們現在納入了更多沒有上限的下行保護。第二個問題是關於整體巴西市場環境：你們如何看待競爭環境的演變，不只是運能，還包括價格；我的意思是，你們在提高票價方面非常成功。所以想請教你們對未來走向的看法。

Thank you, Jen. It's Ricardo speaking. Remember that the last quarter, we have disclosed that we have hired some additional calls together with the colors, the traditional colors that regular LATAM used to protect against the fuel-price volatility and after all, the negative impact on this quarter came from the premiums that we pay for those costs. And because of the positive evolution in terms of prices, we have a relevant concentration about the negative impact from the premiums, much more than the positive impact that will come from the settlement of the hedge.

謝謝你，Jen。我是 Ricardo。請記得，上個季度我們已揭露，我們在傳統的 collars（區間式避險）之外，另外買進了一些 call（買權），以因應燃油價格波動以及其可能帶來的負面影響；而本季的負面影響主要來自我們為這些 calls 支付的權利金。由於價格走勢偏正向，我們在權利金造成的負面影響上出現了較為集中的影響，遠大於未來避險結算可能帶來的正面影響。

And also, if you see the disclosure that we have for the next quarter, we have close to 8% of the protection in terms of volumes for Q3 in terms of costs. that was also higher at the beginning of the crisis. So everything that you should project is connected with this. The level of calls that we used to have in the Q2 was higher than the level of cost that we have for Q3. And because of that, the level of premium should be lower. That's the way that you should forecast.

另外，如果您看我們對下一季的揭露，第三季在 volumes（量）方面的保護比例接近 8%，以 calls 來看；在危機初期這個比例其實更高。因此，您需要做的任何推估都應與此相關。我們在第二季使用的 call 水準高於第三季的 call 水準。因此，權利金水準應該會更低。這就是您應該用來預測的方法。

And yes, we do see and continue to use the colors in some ways, we could wind in the range in terms of protection to capture more protection in terms of that fall way structures under the same hedge policy. So we just now need to wait and see the market conditions to understand the way that we should move forward.

是的，我們確實看到並且在某些方面持續運用這些「顏色」（策略），我們可以在保護區間上做調整，透過同一套避險政策下的下檔結構，以取得更多的保護。所以我們現在只需要等待並觀察市場狀況，來理解我們應該如何往前推進。

Okay. Regarding your question on the competitive environment and domestic Brazil, 2025 domestic Brazil out of the 10 largest domestic market in the world was the one that grew the most. And this year, the trend despite of the few situation continues. So in general, we see a good development of the market. We have taken a leading position in the most important market in Brazil, which is Guarulhos Airport today our relative frequency share in that airport is around 2.5 times versus the second.

好的。關於你對競爭環境以及巴西國內市場的問題，2025 年巴西國內市場在全球前 10 大國內市場中是成長最多的。而今年，儘管有一些情況，這個趨勢仍在延續。因此整體而言，我們看到市場有良好的發展。我們已在巴西最重要的市場取得領先地位，也就是瓜魯柳斯機場；目前我們在該機場的相對班次市占約為第二名的 2.5 倍。

And also remember that Guarulos is basically the entry point for international travel to Brazil 65% of international capacity to Brazil flies into the airport. So today, the combination of the hub we have in Guarulos, together with Brazilia and our hub in the Northeast in Fortaleza and the presence we have in [Colgonias] are a very solid footprint with respect to how we can serve the corporate business and the leisure business in Brazil.

另外也請記得，瓜魯柳斯基本上是國際旅客進入巴西的入口點，飛往巴西的國際運能有 65% 進入該機場。因此，今天我們在瓜魯柳斯的樞紐，加上巴西利亞，以及我們在東北部福塔雷薩的樞紐，並結合我們在 [Colgonias] 的布局，形成非常穩固的版圖，使我們能夠服務巴西的企業旅客與休閒旅客。

And of course, this is going to be enforced -- reinforced with the addition of the routes that Ricardo talked about on the two. Capacity in the market is in the high single digits if you account for everybody here. But what we see in terms of capacity is, I would say, a level consistent with the dynamism of the domestic market in Brazil. So in general, we have a good and positive outlook for the remainder of the year for the Brazilian market.

當然，這也將隨著 Ricardo 提到的兩條航線的新增而得到加強——強化。若把所有業者都算進來，市場運能大約是高個位數成長。但就我們看到的運能而言，我會說其水準與巴西國內市場的活力相一致。因此整體來看，我們對巴西市場今年剩餘期間的展望良好且正面。

Filipe Nielsen, Citi.

Filipe Nielsen，花旗。

I just have one question regarding the E2 strategy. I think it was quite clear about this first phase on how you're deploying the aircraft, water drought and et cetera. I just wanted to understand a little bit better the strategy behind choosing the markets and choosing the routes here.

我只有一個關於 E2 策略的問題。我認為你們對第一階段如何部署飛機、水位乾旱等等講得很清楚。我只是想更了解一些，選擇市場與選擇航線背後的策略。

Is it a strategy more focused on opening new markets? Or are you targeting any specific gaps or regions that should enable more feed for your main cabin or international? How does the strategy behind choosing the market? And a follow-up to this one. Just wondering, how are you seeing the profitability regarding CASK and the margin profile compared to the other aircraft and the other routes that you're already serving in the country?

這個策略是更著重於開拓新市場嗎？還是你們鎖定某些特定缺口或區域，以便為你們的主幹線或國際航線提供更多銜接客源（feed）？選擇市場背後的策略是什麼？以及一個追問。想請問你們如何看待獲利性：就 CASK 與利潤率輪廓而言，與你們在國內已經營運的其他機型與其他航線相比如何？

Thanks. So on (inaudible), let me separate for a second existing route with Europe. So on existing routes, E2 allows us to do two things. One is to right size the aircraft to the demand on specific times of the day where probably the 320 is a little bit big for that particular time of the day. So we're, in some cases, we pay in frequencies, I'll say 320s with frequencies of E2, the second thing we can do on those existing routes is add new times on parts of the day where the demand is a little bit lower.

謝謝。所以關於（聽不清），讓我先把既有航線與歐洲的部分先分開說。在既有航線上，E2 讓我們能做兩件事。第一是讓機型大小更貼近需求：在一天中某些時段，A320 對那個時段的需求而言可能稍微偏大。因此在某些情況下，我們會用 E2 的班次來取代（我會說）A320 的班次；第二件事是在既有航線上，我們可以在需求較低的時段新增新的時刻。

So we -- what you're seeing in some routes is more frequencies than the ones that we would have with only 320 specific fleet. So this improves the product on those routes. And then on new routes, you have kind of two possibilities. One is operate airports where the E2, from an operational perspective, can fly and the 320 or 319 cannot fly just because of airport infrastructure, runway, whatever.

所以你在某些航線上看到的是，比起只有 A320 單一機隊時，我們提供了更多班次。這會改善這些航線的產品體驗。至於新航線，基本上有兩種可能。第一是營運一些從作業角度來看 E2 能飛、但 A320 或 A319 因機場基礎設施、跑道等因素而無法飛的機場。

And two, airports, where we do operate today with the A23 and things in particular, but because these are less efficient, they're older aircraft and heavy aircraft. The economics of opening E2s is much better than the economics of operating [390].

第二是一些我們今天確實有在營運的機場，使用 A23 等機型，特別是因為這些飛機效率較差、機齡較高且較重。因此，引進 E2 的經濟性遠優於使用[390] 營運的經濟性。

So those are the drivers on how we deploy E2s across the network, whether it's for current routes or for new routes. We haven't yet flown E2, so I can't give you a sense of the reality of the operation but we're very confident that it looks like a great airplane. We have seen the experience of other operators, all of them very happy. So we are actually very excited [and anxious] for November to arrive and have our first slide with the [November flights] in Brazil. That was first question.

所以這些就是我們在整個航網中部署 E2 的驅動因素，不論是既有航線或新航線。我們還沒有實際飛過 E2，所以我無法給你營運現實面的感受，但我們非常有信心，它看起來是一架很棒的飛機。我們也看過其他營運商的經驗，他們都非常滿意。所以我們其實非常期待、也有點迫不及待 11 月到來，讓我們在巴西以 [11 月航班] 迎來第一次亮相。這是第一個問題。

The second one was regarding the economics, but I think it was already answered.

第二個是關於經濟性，但我想這個已經回答過了。

Gabriel Rezende, Itau Bank.

Gabriel Rezende，Itaú 銀行。

Two questions here on our side. So just if you could remind us a little bit more about the company's dividend policy. And also how you're thinking about shareholder's remuneration when you're deciding between share buybacks versus dividend announcements? Just trying to understand what's the possibility here for the coming quarters on tops of the share buyback. You have already announced it.

我們這邊有兩個問題。首先，能否請你們再提醒一下公司的股利政策？另外，在你們於庫藏股回購與宣布配息之間做選擇時，是如何思考股東報酬（remuneration）的？我想了解在接下來幾個季度，除了你們已宣布的庫藏股回購之外，還有什麼可能性。你們已經宣布了。

And also on a second point, here, it's a little bit tricky for us to calculate what's your actual CASK growth because of all the different FX components into the equation. So just trying to understand how are you seeing operational leverage improving and potentially diluted CASK as we look into this capacity expansion you're planning for the coming quarters under constant FX.

第二點是，因為方程式中有很多不同的匯率（FX）組成，我們要計算你們實際的 CASK 成長有點棘手。所以想了解，在固定匯率（constant FX）假設下，隨著你們規劃在未來幾季擴張運能，你們如何看待營運槓桿的改善，以及 CASK 被稀釋（diluted）的可能性？

So we had the shareholders' meeting on the third, approving a dieback for up to 5% of our shares. Remember that in Chile, buybacks need to be first approved by the shareholders, and they have certain limits. You can only buy up to 5% and you have up to five years, eventually to buy the shares. So what we actually approved was the program.

我們在 3 日召開了股東會，核准最多回購我們 5% 的股份。請記得，在智利，回購必須先由股東核准，而且有一定限制。你最多只能買回 5%，並且最長有五年的時間最終完成買回。所以我們實際上核准的是這個計畫。

Now the Board has the ability to take the decision on how to execute on this program. And I think that the important line here is we first prioritize the growth of the business. And if we see profitable growth that makes sense for what we're doing, that's the first priority. On top of that, look at the financial policy and that we meet the guidance of the policy that you know well.

現在董事會有權決定如何執行這個計畫。我認為這裡的重要原則是：我們首先優先考量業務成長。如果我們看到有利可圖、且符合我們正在做的事情的成長機會，那是第一優先。在此之上，我們會檢視財務政策，並確保符合你們很熟悉的政策指引（guidance）。

And any excess cash after these two points is for consideration in terms of capital allocation. And now we did but we have another two. So we have dividends, and we have now this. We also look at reprofiling eventually or changing the debt. So as the weeks and months progress, and we have a better outlook of the next quarters and years. The Board will have the ability to eventually execute on the buyback -- share buyback program.

在這兩點之後的任何超額現金，才會納入資本配置的考量。而現在我們做了，但我們還有另外兩個工具。也就是股利，以及現在這個（回購）。我們也會評估是否要重新調整（reprofiling）或變更債務。因此，隨著接下來幾週與幾個月的推進，當我們對未來幾季與幾年的展望更清晰時，董事會將有能力在適當時點執行這個回購——庫藏股回購計畫。

Maybe an important just addition to this is the Chilean stock exchanges, they revamped and what is we're probably a more current their procedures in terms of how to buy shares. It was a little bit cumbersome we had to wait at least 20 days. I mean the whole process was a little bit more complicated. Now it's much more streamlined.

或許這裡一個重要的補充是智利證券交易所，他們已經改造更新了（我們認為）更符合現況的買股流程。以前有點繁瑣，我們至少要等 20 天。我的意思是，整個流程比較複雜。現在順暢精簡很多。

It looks a little bit more like what the US does. So that, I think, increases the ability of companies in general in Chile to execute on those programs because the procedure is simpler than what it was in the past.

看起來更像美國的做法。所以我認為，這提升了智利企業整體執行這些計畫的能力，因為程序比過去更簡單。

Gabriel, it's Ricardo. Regarding your question about CASK and because we are not providing any guidance for next years, I will trying to answer a question regarding two different considerations. Yes, we do have an impact from the inflation and escalation over the cost that we have, but we also have the operational leverage that we could dilute part of this increase in terms of costs with the capacity and the way that we manage our business through an efficient agenda.

Gabriel，我是 Ricardo。關於你對 CASK 的問題，且因為我們不提供未來幾年的指引，我會嘗試從兩個不同面向來回答。是的，我們確實受到通膨以及成本上升（升級/遞增）的影響，但我們也有營運槓桿，可以透過產能以及以高效率的管理議程來稀釋部分成本上升。

But remember, if you see the way that we updated the -- actually, the guidance for this year for CASK execute passengers, it's almost the same that we updated last time in Q1 but was higher than the original guidance that we disclosed to the market late on December, but mainly because the change in the FX assumption. So it's also important to bear in mind that you have to also have your forecast for the FX assumption that could have an impact.

但請記得，如果你看我們更新的方式——其實是今年 CASK（每可用座位公里成本）不含旅客相關項目的指引——幾乎和我們在第一季上次更新的一樣，但高於我們在 12 月底對市場揭露的原始指引，主要是因為外匯（FX）假設的變動。因此也要記住，你對外匯假設的預測也可能帶來影響。

And still not answered your question for the future by the way that you could take some driver, not as a guidance. If you see the level of CASK from the group since 2019, we are having a very intense agenda in an efficient way and also through digitalization and all leverage that we could take to hold and that capacity to hold the same level of CASK for years. And years mean more than six years. So having said that, I think it's fair to think that we are working hard to hold the cost as a real advantage for the group.

另外，雖然我仍未以「指引」的方式回答你對未來的問題，但你可以把一些因素當作驅動因子來看，而不是指引。如果你看集團自 2019 年以來的 CASK 水準，我們一直以非常密集且高效率的管理議程運作，同時透過數位化以及我們能運用的各種槓桿，讓 CASK 多年維持在相同水準。而「多年」指的是超過六年。因此，我認為可以合理地認為，我們正努力把成本維持作為集團的實質優勢。

And just one additional clarification because you asked about the mix of currencies. We have, of course cost in Chilean pesos in soles, in Peru, in Colombian pesos and so on. but the real one that matters is the real. And this is why when we provide guidance, we basically focus there. So I think that you can simplify the model by assuming that the real is what matters in terms of FX changes in the cost.

再補充一點說明，因為你問到幣別組合。我們當然有以智利披索、秘魯索爾、哥倫比亞披索等計價的成本，但真正重要的是巴西雷亞爾（real）。這也是為什麼我們在提供指引時基本上聚焦在那裡。所以你可以把模型簡化為：就成本的外匯變動而言，雷亞爾是關鍵。

The others are relatively small. They're not very significant. So as Ricardo said, that significant amount -- a significant -- most significant portion, almost all of the difference between the guidance we gave in December and the guidance we have today, the change in the cost ex fuel is related to the appreciation of the real. So that gives you, I think, one data point in terms of how to model this.

其他幣別相對較小。影響不大。因此如 Ricardo 所說，我們 12 月給的指引與今天的指引之間差異中，最大的一部分——幾乎全部——在不含燃油的成本變動，都是與雷亞爾升值有關。所以我想這提供你一個資料點，作為建模時的參考。

And sorry, just another side comment. Don't forget to also look the impact from this FX situation a little bit RASK because we also have an impact from these variations in terms of FX over the rest. And after all, it's important to see the evolution of RASK in the gas.

抱歉，再補充一個旁註。別忘了也要看這個外匯情況對 RASK 的一些影響，因為外匯變動也會對其他項目造成影響。而且歸根結底，觀察 RASK 的演變很重要。

And that's why we provide the two figures in terms of RASK in domestic markets.

這也是為什麼我們在國內市場的 RASK 方面提供兩個數字。

(Operator Instructions) Jal Frio, Goldman Sachs.

（接線員指示）Jal Frio，高盛。

I have a quick follow-up on the guidance for leverage. You guys mentioned you're expecting leverage to be below 1.6 times for the year-end. Just wanted to hear your thoughts on what's the leverage excluding planes that are expected to come in towards the end of this year?

我想就槓桿指引快速追問一下。你們提到預期年底槓桿會低於 1.6 倍。想聽聽你們對於排除預計在今年底才交付的飛機後，槓桿會是什麼看法？

Leverage comes first, right, and then EBITDA comes afterwards. So I just wanted to hear about what's average without the planes that are only going to generate that towards the end of this year, beginning of 2027.

槓桿是先出來的，對吧，然後 EBITDA 之後才會反映。所以我想了解的是：如果不把那些只會在今年底、2027 年初才開始貢獻的飛機算進去，平均會是什麼情況？

Okay. Thank you. I think we're not providing any guidance in terms of the breakdown that you are asking, but I think it's important to mention that all -- and it doesn't matter in the way that we decide to finance the fleet if it's going to be through finance lease or operating lease. After all, it's everything accounted as that and I think it's also important to note that this updated guidance to be below or equal to 1.6 times, it's also including our decisions to finance the fleet and when we will finance the fleet.

好的。謝謝。我想我們不會就你所問的拆分提供任何指引，但我認為重要的是要提到：不論我們決定如何為機隊融資——不管是融資租賃或營運租賃——最終都會以相同方式入帳；同時也要注意，這次更新的指引（低於或等於 1.6 倍）也已納入我們對機隊融資的決策以及我們何時進行融資。

And also in the earnings release, you can see that we have added some additional facilities in this quarter. And also, it's included in the net leverage and the way that we are forecasting the leverage. But I think it's complicated to split that level of leverage, not including. But it's quite easy to make the calculation having a list of debt that we have in the attachment of the earnings release. I don't know if I help you, but that's the way that I should answer your question.

另外，在本季的財報新聞稿中，你可以看到我們新增了一些額外的融資額度。這也已包含在淨槓桿以及我們對槓桿的預測方式中。但我認為要把槓桿水準拆分成「不包含」某些項目會很複雜。不過，如果你參考財報新聞稿附件中列出的債務清單，其實很容易自行計算。不知道是否有幫助，但這就是我回答你問題的方式。

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

目前沒有其他問題。我現在把電話交回給 Ricardo Bottas 做結語。

Thank you all again for participating in today's call. And if you have any further questions, please reach out to our investor relations team. Thank you again, and have a nice day.

再次感謝各位參與今天的電話會議。如果還有任何問題，請聯繫我們的投資人關係團隊。再次謝謝，祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。