Here are 1-3 brief analogies for LATAM Airlines:

• The Delta Air Lines of Latin America

• The Lufthansa of South America

• Passenger Air Transportation: Providing scheduled and charter flights for individuals and their luggage across a network of domestic and international routes.
• Air Cargo Services: Transporting freight, parcels, mail, and other goods for businesses and individuals using dedicated cargo aircraft and the belly space of passenger planes.
• Frequent Flyer Program (LATAM Pass): A loyalty program enabling members to earn and redeem points for flights, upgrades, and various travel-related benefits with LATAM Airlines and its partners.

LATAM Airlines (LTM), like most major passenger airlines, primarily sells its services to **individuals**. While companies may purchase tickets for their employees (business travel) and cargo services are sold to businesses, the vast majority of LATAM's revenue comes from individual passengers.

Based on this, here are the primary categories of individual customers that LATAM serves:

1. Leisure Travelers: This category includes individuals, couples, and families traveling for vacations, tourism, holidays, or other personal enjoyment. They often seek competitive fares and appealing destinations.
2. Business Travelers: These are individuals traveling for work-related purposes, such as attending meetings, conferences, client visits, or corporate events. While their tickets may be purchased by their employers, the service is rendered to the individual. Business travelers often prioritize convenience, reliability, and frequency.
3. VFR (Visiting Friends and Relatives) Travelers: A significant segment for airlines, especially those with extensive international networks like LATAM. These travelers fly to visit family and friends, often connecting different countries or regions. This segment is driven by personal connections and cultural ties.

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Roberto Alvo Chief Executive Officer

Roberto Alvo has been the Chief Executive Officer of LATAM Airlines Group since March 31, 2020. He joined LAN Airlines (now LATAM Airlines Group) in November 2001 and has held various positions, including Chief Commercial Officer, Senior Vice President of International and Alliances, Vice President of Strategic Planning and Development, Chief Financial Officer of LAN Argentina, Manager of Development and Financial Planning at LAN Airlines, and Deputy Chief Financial Officer of LAN Airlines. Prior to 2001, Mr. Alvo worked at Sociedad Química y Minera de Chile S.A., a Chilean non-metallic mining company. He is a civil engineer and holds an MBA from IMD in Lausanne, Switzerland.

Ricardo Bottas Dourado Chief Financial Officer

Ricardo Bottas Dourado was appointed Chief Financial Officer of LATAM Airlines Group S.A., effective January 2025. He is a Brazilian national with over two decades of experience in the financial sector, having held key roles in auditing, controllership, treasury, financial planning, mergers and acquisitions, and investor relations. Mr. Bottas has served as CFO and CEO in various public companies and regulated markets in Brazil, where he led significant transformations. He holds a degree in Business Administration from the University of Salvador, Brazil, and an MBA in Corporate Finance from IBMEC, Rio de Janeiro, Brazil.

Ramiro Alfonsín Chief Commercial Officer

Ramiro Alfonsín has been the Chief Commercial Officer of LATAM Airlines Group S.A. since November 2024. He previously served as LATAM's Chief Financial Officer from July 2016. Before joining LATAM, he worked for 16 years at Endesa, a leading utility company in Spain, Italy, and Chile, where he served as Deputy Chief Executive Officer and Chief Financial Officer for their Latin American operations. Prior to the utility sector, he spent five years in Corporate and Investment Banking for several European banks. Mr. Alfonsín holds a degree in business administration from Pontificia Universidad Católica.

Emilio del Real Human Resources Vice President

Emilio del Real assumed the position of Vice President of Human Resources at LATAM Airlines in August 2005. From 2003 to 2005, he was the Human Resources Manager of D&S, a Chilean retail company. Between 1997 and 2003, Mr. del Real worked at CCU, a beverage company.

Juliana Rios Chief Digital and IT Officer

Juliana Rios leads LATAM Airlines' digital transformation efforts while overseeing the company's applications and infrastructure. Before joining LATAM Airlines in 2015, she was a senior executive at Banco Santander in Brazil, where she headed the retail business strategy and customer experience. She also led integration programs in Brazil, Italy, and the Netherlands. Juliana holds a university diploma in business administration and an MBA in corporate management from IBMEC, Brazil.

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LATAM Airlines (LTM) operates primarily in two main product/service categories: passenger air transport and air cargo services. The addressable market sizes for these services, focused on the Latin American region, are as follows:

• Air Cargo Services: The Latin America air cargo and freight logistics market generated a revenue of USD 5,686.6 million in 2023. This market is projected to reach a revenue of US$ 11,856.5 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 11.1% from 2024 to 2030.
• Passenger Air Transport: Null

LATAM Airlines (LTM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Capacity and Passenger Growth: LATAM Airlines has demonstrated consistent passenger growth and plans for high single-digit capacity expansion in the coming years. The company reported a 9.3% year-over-year capacity growth in Q3 2025 and anticipates high single-digit capacity growth in 2026. Its 2024 guidance projected capacity growth between 15% and 16%. This expansion reflects the airline's ability to attract and retain passengers amidst varying market conditions.
2. Fleet Expansion and Modernization: A significant driver of future revenue is the ongoing modernization and expansion of LATAM's fleet. The airline has placed orders for up to 74 Embraer E2 aircraft, with firm deliveries scheduled between Q4 2026 and 2027, and secured commitments for over 120 aircraft through 2030. These new aircraft are expected to offer improved operational efficiency, including a 30% reduction in fuel consumption per seat.
3. Growth in the Premium Segment and Enhanced Customer Experience: LATAM has experienced substantial revenue growth from its premium travelers, exceeding 15% year-over-year. The company is strategically investing in its premium product, including the introduction of a redesigned onboard experience for its premium cabins in Q4 2025, to reinforce its differentiated value proposition and attract higher-yield passengers.
4. Network Expansion and Increased Connectivity: The expanded fleet is also intended to boost connectivity across South America, with the potential to add up to 35 new destinations. Recent route additions, such as Bariloche (Argentina) to Guarulhos (Brazil), underscore the strategy to connect regional hubs and cater to leisure travelers. Strategic partnerships, including the Delta Joint Venture, further enhance its competitive position in key South American markets.
5. Robust Cargo Operations Growth: LATAM's cargo division is a consistent contributor to revenue growth. The company reported a 6.3% increase in cargo revenues in Q3 2025 and a 15.7% increase in Q3 2024. This growth is attributed to increasing unit revenue and capacity, leveraging the fleet's flexibility to meet demand for perishables and e-commerce shipments.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• On June 26, 2025, LATAM Airlines Group approved a new share repurchase program allowing for the repurchase of up to 3.4% of its outstanding shares (equivalent to 20,550,887,837 shares) over an 18-month period.
• A share repurchase program approved on March 17, 2025, for up to 1.6% of shares, was successfully completed on April 30, 2025.
• In Q3 2025, LATAM executed a share repurchase program totaling $433 million, reflecting the group's capital allocation strategy.

Share Issuance

• LATAM Airlines Group emerged from Chapter 11 bankruptcy in October 2022, following a restructuring that involved an approximately $8 billion capital injection through new equity, convertible notes, and debt.
• Major shareholders, including Delta Air Lines, Qatar Airways, and Grupo Cueto, contributed $5.4 billion as part of the reorganization plan to recapitalize the company.
• In 2025, LATAM completed multiple follow-on equity offerings, raising over $1.7 billion through American Depositary Shares to support ongoing investments.

Inbound Investments

• Delta Air Lines completed its acquisition of a 20% equity stake in LATAM for approximately $1.9 billion on December 30, 2019, expanding its access to the Latin American market.
• Delta also invested an additional $350 million to support the strategic partnership with LATAM.
• As of September 26, 2025, significant institutional shareholders include Sixth Street Partners Management Company (16.53%), Delta Air Lines, Inc. (10.05%), and Qatar Airways Investments (UK) Ltd. (10.03%).

Capital Expenditures

• In 2023, LATAM announced plans to invest an estimated $4.5 billion in fleet renewal, including the procurement of 20 Airbus A320neo aircraft and 12 Boeing 787 Dreamliners.
• LATAM Airlines Group announced an agreement to acquire up to 74 Embraer E195-E2 small narrowbody aircraft, with 24 firm deliveries starting in the second half of 2026, to enhance South American connectivity.
• The company continues to invest in product and service enhancements, including the launch of new Premium Business suites across its wide-body fleet.