A.Operating Results You should read the following discussion of our financial condition and results of operations together with our audited consolidated financial statements and the accompanying notes beginning on page F-1 of this annual report on Form 20-F. The summary consolidated annual financial information as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, has been prepared in accordance with IFRS Accounting Standards and has been derived from our audited consolidated annual financial statements included in this annual report on Form 20-F. The items included in the financial statements of each of the entities of LATAM Airlines Group and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM is the United States dollar, which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group and Subsidiaries. Overview We derive our revenues primarily from transporting passengers on our passenger aircraft, as well as from transporting cargo in the belly of our passenger aircraft and in our dedicated freighter aircraft. In 2025, 87.0% of our total revenues (including in the total for this purpose other income from operating activities) came from passenger revenues and 11.4% came from our cargo business. The remaining 1.6% was classified as other operating income, which consists primarily of LATAM travel business and other miscellaneous income. Passenger Operations In general, LATAM’s passenger revenues are driven by international and country-specific political and economic conditions, competitive activity, and the attractiveness of the destinations that are served. Passenger revenues are also affected by our capacity, traffic, load factors, yield and unit revenue. The capacity is measured in terms of ASKs, which represents the sum, across the network, of the number of seats made available for sale on each flight, multiplied by the kilometers flown by the respective flight. Traffic in RPKs is measured, as the sum, across the network, of the number of revenue passengers on each flight multiplied by the number of kilometers flown by the respective flight. Load factors represent RPKs (traffic) as a percentage of ASKs (capacity), or the percentage of our capacity that is actually used by paying customers. Yield, revenue from passenger operations divided by RPKs, is used to measure the average amount that 64 one passenger pays to fly one kilometer and unit revenue, or revenue per ASK, to measure the effect of capacity on revenues. For the year ended December 31, 2025 2024 Var. % ASKs (million) (at period end) International 90,418.4 82,187.7 10.0% SSC 27,647.5 27,817.1 (0.6)% Domestic Brazil 52,746.6 47,925.9 10.1% Total 170,812.5 157,930.8 8.2% RPKs (million) International 76,853.1 70,769 8.6% SSC 23,053.7 22,892.8 0.7% Domestic Brazil 44,203.3 39,475.6 12.0% Total 144,110.2 133,137.5 8.2% Passenger load factor (%) International 85.0 86.1 (1.1)p.p. SSC 83.4 82.3 1.1p.p. Domestic Brazil 83.8 82.4 1.4p.p. Combined load factor 84.4 84.3 0.1p.p. In terms of passengers transported by LATAM group, during 2025 we carried 5.4 million more passengers than in 2024, totaling 87.4 million passengers. As of December 31, 2025, consolidated passenger traffic increased by 8.2% and consolidated passenger capacity increased by 8.2%. As of December 31, 2025, LATAM Airlines Brazil increased its domestic operations, measured in ASKs, by 10.1% compared to 2024. Passenger traffic as measured in RPKs, increased by 12.0% in 2025 with regard to 2024, resulting in a 1.4 percentage points increase in the passenger load factor of LATAM Airlines Brazil, remaining at 83.8%. The domestic operations of our affiliate carriers based in Chile, Colombia, Ecuador and Peru, which accounted for 16.2% of total passenger capacity (measured in ASKs), showed an increase of 0.7% in passenger traffic (measured in RPKs) in 2025 while capacity decreased (0.6%) as compared to 2024. As a result, the passenger load factor remained stable at 83.4%. The group’s international operations expanded during 2025. Compared to 2024, capacity in international operations increased by 10.0% and traffic by 8.6% in 2025, resulting in a passenger load factor of 85.0%, a decrease of (1.1) percentage points versus the prior year. Cargo Operations Cargo operations depend on exports from South America to North America and Europe, and imports from North America and Europe to South America, where Brazil is the main import market. Cargo markets are affected by economic conditions, foreign exchange rates, changes in international trade, the health of particular industries and competition and fuel prices (which we usually pass on to our customers through a cargo fuel surcharge). Cargo revenues are affected by the capacity, traffic, cargo load factors and yield. The capacity is measured in terms of ATKs which represents the number of tons available across the network for the transportation of cargo on each flight, multiplied by the kilometers flown by the respective flights. Traffic in revenue ton kilometers is measured as the amount of cargo loads (measured in tons) on each flight multiplied by the number of kilometers flown by the respective flights. Load factors represent RTKs (traffic) as a percentage of ATKs (capacity), or the percentage of the cargo capacity that is actually used to transport cargo for the 65 customers. Finally, cargo yield, is used to measure the average amount that the customers pay to transport one ton of cargo per kilometer. As of December 31, 2025, cargo traffic increased by 2.2% relative to the same period in 2024, while cargo capacity increased 3.1% year-over-year, which led to a decrease of 0.4 percentage points in cargo load factor to 53.3%. Cargo yield decreased 1.1% year-over-year. As a result, revenues per ATK slightly decreased by 0.3% in 2025 compared to 2024, reflecting normalization following the extraordinarily strong cargo performance in late 2024. Cost Structure LATAM’s costs are largely driven by the size of its operations, fuel prices, fleet costs and exchange rates. These operating expenses include wages and benefits, fuel, depreciation and amortization, commissions to agents, aircraft rentals, other rental and landing fees, passenger services, aircraft maintenance and other operating expenses. The following is a discussion of the drivers of the most important costs. As an airline group, we are subject to fluctuations in costs that are outside of our control, particularly fuel prices. During 2025, average jet fuel prices decreased by 9.1% compared to 2024. LATAM has a hedging policy to protect medium term liquidity risk from fuel price increases, while participating in the benefits of fuel price reductions. Cost of fuel is also affected by the amount of gallons we consume, which depends on the size of our operation, the efficiency of our fleet and the impact of our efficiency programs. Personnel expenses are another significant component of our overall costs. Because a significant portion of our labor costs are denominated in Chilean pesos and in Brazilian reals, appreciation of these currencies against the U.S. dollar as well as increases in local inflation rates can result in increased costs in U.S. dollar terms and can negatively affect our results. Depreciation of local currencies results in decreases in costs in dollars. Other important drivers of personnel expenses are average headcount and average wages. Commissions paid to travel and cargo agents are also a significant cost to LATAM. LATAM group competes with other airlines over the amount of commission paid per sale, particularly in connection with special programs and marketing efforts, and to maintain competitive incentives with travel agents. Fleet related expenses, namely aircraft rentals, aircraft maintenance and depreciation, are another significant cost, and mainly depend on the number and type of aircraft that are owned and that are under leases. Generally, these costs are largely fixed and can be reduced on a per unit basis by achieving higher aircraft utilization rates. In 2024, only a small fraction of LATAM’s wide-body fleet operated on a payment-by-use basis (known as power-by-the-hour, “PBH”), as a result of the Company’s negotiations with creditors and lessors during its Chapter 11 Restructuring.These temporary arrangements concluded by year-end 2024, and no PBH-related expenses remain in 2025. The Aircraft Rentals expense corresponds exclusively to LATAM group’s fleet PBH contracts. The Aircraft Rentals expense line item is used to account for the expenses associated with the group’s variable payments related to aircraft. During 2021, the Company amended its Aircraft Lease Contracts to include lease payment based on PBH at the beginning of the contract and then switches to fixed-rent payments. A right of use asset and a lease liability was recognized as a result, at the date of modification of the contract.These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, the expenses for the year include both the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting (included in the Depreciation line) and interest from the lease liability (included in Lease Liabilities). 66 Results of Operations LATAM Financial Results Discussion: For the year ended December 31, 2025, compared to the year ended December 31, 2024. The following table sets forth certain income statement data for LATAM, for the year ended December 31, 2025, and December 31, 2024. For the year ended December 31, 2025 2024 2025 2024 (in US$ millions, except per share data) As a percentage of total operating revenues 2025/2024% change Consolidated Results of Income by Function Operating revenues Passenger 12,611.5 11,233.3 88.4 % 87.5 % 12.3% Cargo 1,653.5 1,599.8 11.6 % 12.5 % 3.4% Total revenues 14,265.1 12,833.0 100.0 % 100.0 % 11.2% Cost of sales (10,104.9) (9,565.9) (70.8) % (74.5) % 5.6% Gross margin 4,160.2 3,267.1 29.2 % 25.5 % 27.3% Other income 229.9 200.7 1.6 % 1.6 % 14.6% Distribution costs (579.0) (606.2) (4.1) % (4.7) % (4.5)% Administrative expenses (870.5) (824.5) (6.1) % (6.4) % 5.6% Other expenses (603.9) (459.8) (4.2) % (3.6) % 31.3% Financial income 146.3 142.4 1.0 % 1.1 % 2.7% Financial costs (721.4) (882.0) (5.1) % (6.9) % (18.2)% Foreign exchange gains (losses) (141.5) 172.9 (1.0 %) 1.3 % (181.8)% Result of indexation units (0.3) 19.5 — % 0.2 % (101.5)% Other gains/(losses) (1.2) (36.2) — % (0.3) % (96.7)% Income before taxes 1,618.6 993.9 11.3 % 7.7 % 62.8% Income tax (expense) (155.1) (16,489) (1.1) % (0.1) % 840.4% Net income for the year 1,463.6 977.4 10.3 % 7.6 % 49.7% Income attributable to owners of the parent company 1,460.0 977.0 10.2 % 7.6 % 49.4% Income (loss) attributable to non-controlling interests 3.6 0.5 — — (656.2)% Net income for the year 1,463.6 977.4 10.3 % 7.6 % 49.7% Earning (loss) per share Basic earning (loss) per share (US$) 0.00248 0.00162 n.a n.a 53.3% Diluted earning (loss) per share (US$) 0.00248 0.00162 n.a n.a 53.3% ______________________________________________________ *The abbreviation “n.a.” means not available. 67 Operating Revenues Our total revenues increased by 11.2% to US$14,265.1 million for the year ended December 31, 2025 from US$12,833.0 million as of December 31, 2024. Passenger revenues increased by 12.3% to US$12,611.5 million in 2025 from US$11,233.3 million in 2024. Total passenger capacity (measured in ASKs) increased by 8.2%, while passenger traffic (measured in RPKs) increased by 8.2%, due to a healthy demand environment throughout 2025, resulting in a consolidated passenger load factor of 84.4%, up 0.1 percentage points versus 2024. Passenger yields increased 3.7% when compared to 2024, and revenues per ASK (PRASK) rose 3.8%, reflecting in our view the strength of LATAM group's differentiated value proposition. Cargo revenues increased by 3.4%, to US$1,653.5 million in 2025 from US$1,599.8 million in 2024. Total cargo capacity (measured in ATKs) increased by 3.1% year-over-year, which led to a decrease of 0.4 percentage points in cargo load factor to 53.3%. Cargo yield decreased 1.1% year-over-year. As a result, revenues per ATK slightly decreased by 0.3% in 2025 compared to 2024, reflecting normalization following strong cargo performance in late 2024. Passenger and cargo revenues accounted for 88.4% and 11.6% of total revenues in 2025, respectively. Cost of Sales Cost of sales increased by 5.6% to US$10,104.9 million for the year ended December 31, 2025 (from US$9,565.9 million in 2024), mainly due to an 8.2% increase in passenger operations. The table below presents cost of sales information for the fiscal year ended December 31, 2025 and 2024. For the year ended December 31, 2025 2024 2025 2024 (in US$ millions) As a percentage of total operating revenues 2025/2024% change Revenues 14,265.1 12,833.0 100.0 % 100.0 % 11.2% Cost of sales (10,104.9) (9,565.9) (70.8) % (74.5) % 5.6% Aircraft Fuel (3,804.8) (3,970.1) (26.7) % (30.9) % (4.2)% Wages and Benefits (1,530.7) (1,330.5) (10.7) % (10.4) % 15.0% Other Rental and Landing Fees (1,635.1) (1,469.3) (11.5) % (11.4) % 11.3% Depreciation and Amortization (1,586.2) (1,318.1) (11.1) % (10.3) % 20.3% Aircraft Maintenance (862.7) (815.9) (6.0) % (6.4) % 5.7% Passenger Services (382.3) (331.9) (2.7) % (2.6) % 15.2% Aircraft Rentals — (4.2) — — % (100.0)% Other Costs of Sales (303.1) (325.9) (2.1) % (2.5) % (7.0)% For the year ended December 31, 2025, aircraft fuel expenses were US$3,804.8 million, a 4.2%, or US$165.3 million, decrease compared to US$3,970.1 million in the year ended December 31, 2024. This decrease was driven by a 9.9% decrease in the average jet fuel price (including hedges) which more than offset a 6.4% increase in fuel consumption associated with the expansion of operations. Additionally, during the year ended December 31, 2025, we recorded a US$19.1 million gain from fuel hedges compared to a US$18.1 million gain recorded during the year ended December 31, 2024. For the year ended December 31, 2025, other rentals and landing fees totaled US$1,635.1 million, a 11.3%, or US$165.8 million, increase compared to US$1,469.3 million in the same period in 2024. The increase in this expense line is related to the 8.2% increase in passenger operations. For the year ended December 31, 2025, wages and benefits expense totaled US$1,530.7 million, a 15.0%, or US$200.2 million, increase compared to US$1,330.5 million for the year ended December 31, 2024. This increase is mainly explained by the increase in the average headcount of the group, particularly in cabin crew, in line with the increase 68 in passenger operations, together with higher compensation paid by the respective affiliates to their employees, including a special bonus of US$40 million in recognition of the strong results in recent years. For the year ended December 31, 2025, depreciation and amortization reached US$1,586.2 million, a 20.3%, or US$268.1 million, increase compared to US$1,318.1 million in the year ended December 31, 2024, mainly explained by an increase in the number of aircraft in the fleet during this period, including newer aircraft. For the year ended December 31, 2025, aircraft maintenance totaled US$862.7 million, an 5.7%, or US$46.8 million, increase compared to US$815.9 million in the same period in 2024 explained by increased level of operations and cost escalation driven by supply chain issues, and partially offset by the reversal of certain maintenance provisions related to the early termination of operating lease contracts that subsequently transitioned to finance leases. For the year ended December 31, 2025, passenger service totaled US$382.3 million, a 15.2%, or US$50.4 million, increase compared to US$331.9 million in the same period in 2024, which is primarily explained by a 6.6% increase in the number of passengers carried during the period, and a more significant international and premium mix in operations. For the year ended December 31, 2025, aircraft rentals were US$0.0 million, a 100.0%, or US$4.2 million, decrease compared to US$4.2 million in the year ended December 31, 2024. This decrease is explained by the expiration of all power-by-the-hour (“PBH”) contracts for aircraft. The aircraft rentals expense line item includes costs associated with lease payments based on PBH for contracts that have been modified to that structure. The aircraft rentals expense line item is used to account for the expenses associated with the group’s variable payments related to aircraft. For the year ended December 31, 2025, other cost of sales reached US$303.1 million, a 7.0%, or US$22.8 million, decrease compared to US$325.9 million in the year ended December 31, 2024, driven by lower scrap and amortization expenses resulting from cost reduction initiatives. This was partially offset by higher crew variable expenses due to expanded passenger operations in 2025. As a result of the above, gross margin (defined as total revenue minus cost of sales) for the year ended December 31, 2025, totaled a gain of US$4,160.2 million, compared to a gain of US$3,267.1 million for the year ended December 31, 2024. Other Consolidated Results For the year ended December 31, 2025, other income totaled US$229.9 million, generated primarily from strong performance in ancillary services sales within the LATAM Travel business. This represented a 14.6%, or US$29.3 million, increase compared to the year ended December 31, 2024. For the year ended December 31, 2025, distribution costs totaled US$579.0 million, a 4.5%, or US$27.2 million, decrease compared to the year ended December 31, 2024, mostly attributed to lower booking system expenses. For the year ended December 31, 2025, administrative expenses totaled US$870.5 million, a 5.6%, or US$46.0 million, increase compared to the year ended December 31, 2024, mainly due to the increase in headcount. For the year ended December 31, 2025, other expenses totaled US$603.9 million, a 31.3%, or US$144.1 million, increase compared to the year ended December 31, 2024, mainly due to higher software and infrastructure services expenses, as well as the reversal of provisions for tax contingencies, during 2024, which affect the comparison base. For the year ended December 31, 2025, financial income totaled US$146.3 million, a 2.7%, or US$3.9 million, increase compared to the year ended December 31, 2024, mainly as a result of a higher level of cash balance compared to the year ended December 31, 2024. For the year ended December 31, 2025, financial costs totaled US$721.4 million, a 18.2%, or US$160.5 million, decrease compared to the year ended December 31, 2024, mainly explained by the interest rate savings obtained from the refinancing of our senior secured notes due 2027 and 2029 completed in October 2024 and July 2025, respectively, partially offset by the income statement impacts related to these refinancings. 69 For the year ended December 31, 2025, foreign exchange gains (losses) totaled US$141.5 million in losses, a 181.8%, or US$314.4 million, decrease compared to the year ended December 31, 2024, mainly as a result of the appreciation of the Brazilian real compared to December 31, 2024. For the year ended December 31, 2025, other gains and losses amounted to US$1.2 million in losses, compared to a loss of US$36.2 million in 2024, mainly explained by lower expenses associated with labor proceedings in Argentina. This line item also includes the effect of the early termination of contracts for aircraft under operating leases, which were subsequently replaced with finance leases. For the year ended December 31, 2025, income tax cost totaled US$155.1 million, a 840.4%, or US$138.6 million, increase compared to the year ended December 31, 2024. This difference is mainly explained by an increase of US$3.1 million in deferred tax benefits and an increase of US$141.7 million in current tax expense related to certain subsidiaries of the group. Net profit Net profit for the year ended December 31, 2025 totaled US$1,463.6 million, compared to a net profit of US$977.4 million recorded in 2024. Net profit attributable to owners of the parent company was US$1,460.0 million in 2025 70 LATAM Financial Results Discussion: For the year ended December 31, 2024 compared to the year ended December 31, 2023. The following table sets forth certain income statement data for LATAM, for the year ended December 31, 2024, and December 31, 2023. For the year ended December 31, 2024 2023 2024 2023 (in US$ millions, except per share data) As a percentage of total operating revenues 2024/2023 % change Consolidated Results of Income by Function Operating revenues Passenger 11,233.3 10,215.1 87.5 % 87.8 % 10.0% Cargo 1,599.8 1,425.4 12.5 % 12.2 % 12.2% Total revenues 12,833.0 11,640.5 100.0 % 100.0 % 10.2% Cost of sales (9,565.9) (8,816.6) (74.5) % (75.7) % 8.5% Gross margin 3,267.1 2,824.0 25.5 % 24.3 % 15.7% Other income 200.7 148.6 1.6 % 1.3 % 35.0% Distribution costs (606.2) (587.3) (4.7) % (5.0) % 3.2% Administrative expenses (824.5) (683.3) (6.4) % (5.9) % 20.7% Other expenses (459.8) (532.8) (3.6) % (4.6) % (13.7)% Financial income 142.4 125.4 1.1 % 1.1 % 13.6% Financial costs (882.0) (698.2) (6.9) % (6.0) % 26.3% Foreign exchange gains 172.9 85.9 1.3 % 0.7 % 101.3% Result of indexation units 19.5 5.3 0.2 % — 268.1% Other gains/(losses) (36.2) (91.0) (0.3) % (0.8) % (60.2)% Income before taxes 993.9 596.5 7.7 % 5.1 % 66.6% Income tax (expense) / benefits (16.5) (14.9) (0.1) % (0.1) % 10.7% Net income for the year 977.4 581.6 7.6 % 5.0 % 68.1% Income attributable to owners of the parent company 977.0 581.8 7.6 % 5.0 % 67.9% Income (loss) attributable to non-controlling interests 0.5 (0.3) — — 257.7% Net income for the year 977.4 581.6 7.6 % 5.0 % 68.1% Earning (loss) per share Basic earning (loss) per share (US$) 0.00162 0.00096 n.a n.a 68.4% Diluted earning (loss) per share (US$) 0.00162 0.00096 n.a n.a 68.4% ______________________________________________________ *The abbreviation “n.a.” means not available. 71 Operating Revenues Our total revenues increased by 10.2% to US$12,833.0 million for the year ended December 31, 2024 from US$11,640.5 million as of December 31, 2023. Passenger revenues increased by 10.0% to US$11,233.3 million in 2024 from US$10,215.1 million in 2023. Total passenger capacity (measured in ASKs) increased by 15.1%, while passenger traffic (measured in RPKs) increased by 16.8%, due to a healthy demand environment throughout 2024. As a result, consolidated passenger load factor increased by 1.2 percentage points when compared to 2023. Passenger yields fell 5.8% when compared to 2023, resulting in a 4.4% decrease in revenues per ASK when compared to 2023, mainly due to a 12.3% decrease in average fuel price (without hedge) as well as foreign exchange rate variations when compared to 2023. Cargo revenues increased by 12.2%, to US$1,599.8 million in 2024 from US$1,425.4 million in 2023. Total cargo capacity (measured in ATKs) increased by 12.5%, in line with the increase of passenger fleet and the use of their bellies for cargo, while cargo traffic (measured in RTKs) increased by 16.9%, resulting in a 2.0 percentage points increase of the cargo load factor when compared to 2023. Moreover, cargo yield fell 4.0% when compared to 2023, resulting in a 0.2% decrease in revenues per ATK when compared to 2023, mainly due to lower performance levels in the first half of 2024, followed by a strong recovery in the second half of the year, driven by increased southbound demand from Europe and North America to South America. Passenger and cargo revenues accounted for 86.2% and 12.3% of total revenues in 2024, respectively. Cost of Sales Cost of sales increased by 8.5% to US$9,565.9 million for the year ended December 31, 2024 (from US$8,816.6 million in 2023), mainly due to a 15.1% increase in passenger operations. The table below presents cost of sales information for the fiscal year ended December 31, 2024 and 2023. For the year ended December 31, 2024 2023 2024 2023 In US$ millions As a percentage of total operating revenues 2024/2023 % change Revenues 12,833.0 11,640.5 100.0 % 100.0 % 10.2% Cost of sales (9,565.9) (8,816.6) (74.5) % (75.7) % 8.5% Aircraft Fuel (3,970.1) (3,947.2) (30.9) % (33.9) % 0.6% Wages and Benefits (1,330.5) (1,225.2) (10.4) % (10.5) % 8.6% Other Rental and Landing Fees (1,469.3) (1,317.2) (11.4) % (11.3) % 11.5% Depreciation and Amortization (1,318.1) (1,102.8) (10.3) % (9.5) % 19.5% Aircraft Maintenance (815.9) (601.8) (6.4) % (5.2) % 35.6% Passenger Services (331.9) (271.8) (2.6) % (2.3) % 22.1% Aircraft Rentals (4.2) (91.9) — (0.8) % (95.4)% Other Costs of Sales (325.9) (258.6) (2.5) % (2.2) % 26.0% Fuel costs increased by 0.6%, mainly as a result of a 13.6% increase in fuel consumption compared to 2023, attributed to a 15.1% increase in passenger operations during 2024. This increase was offset by a 12.3% decrease in average fuel price (without hedge). Furthermore, during the period ended December 31, 2024, LATAM recognized losses of US$18.1 million for fuel hedging net of premiums in the costs of sales for the year, compared to a gain of US$15.7 million as of December 31, 2023. Wages and benefits increased by 8.6%, mainly explained by higher crew and airport staff costs, along with a 9.3% increase in the average number of employees during 2024. 72 Other rental and landing fees increased 11.5%, mainly due to higher costs of airport fees and handling services impacted by increased operations and the use of larger aircraft, tariff updates at domestic and international airports, and the effects of inflationary adjustments during 2024. Depreciation and amortization increased by 19.5%, explained by the use of a newer fleet and 48 additional aircraft designated for operational purposes as of December 31, 2024, when compared to the same period in 2023. Aircraft maintenance increased by 35.6%, mainly due to a larger average fleet, increased operations, and passenger and cargo traffic. Additionally, during 2024 escalation costs associated with changes in supply chains and costs related to the return of certain aircraft increased when compared to 2023. Passenger services costs increased by 22.1%, mainly as a result of increased catering and onboard service costs driven by growth in demand, which resulted in an 11.0% increase in the number of passengers transported during 2024, primarily in the international segment. Aircraft rental expenses decreased by 95.4% to US$4.2 million in 2024, due to a significant reduction in the number of aircraft under the PBH payment, as almost all contracts expired. As of December 31, 2024, only one aircraft remained with PBH pricing. As a result of the above, gross margin (defined as revenues minus cost of sales) totaled a gain of US$3,267.1 million, compared to a gain of US$2,824.0 million in 2023. Other Consolidated Results Other operating income increased in 2024 by 35.0%, from US$148.6 million in 2023 to US$200.7 million in 2024, mainly due to higher revenues recognized from the redemption of non-airline products in the LATAM Pass program and tour services and codeshare agreements. Distribution costs increased by 3.2% totaling US$606.2 million in 2024, mainly due to an increase in fixed costs related with the commercial areas, partially offset by a decrease in sales commissions attributed to a greater penetration of direct sales. Administrative expenses increased by 20.7% from US$683.3 million in 2023 to US$824.5 million in 2024, due to the increase in headcount, together with an increase in marketing expenses. In 2023, LATAM group had an average of 34,174 employees, increasing to an average of 37,355 employees in 2024. Other expenses decreased by 13.7% from US$532.8 million in 2023 to US$459.8 million in 2024, mainly due to the reversal of interest and fines associated with provisions for tax contingencies, including VAT and income tax from previous years. Financial income increased by 13.6% from US$125.4 million in 2023 to US$142.4 million in 2024, mainly due to a higher level of cash and cash equivalents compared to 2023, which were mainly invested in fixed-term bank deposits. Financial costs increased by 26.3% from US$698.2 million in 2023 to US$882.0 million in 2024, mainly explained by a high average interest rate environment, an increase in fleet operating leases due to a higher number of aircraft during 2024, and a US$134 million expense resulting from the termination of the Term Loan B and the 2027 Notes as described in Note 2.1 (c) of our consolidates financial statements. This effect was partially mitigated by the reduction in cost of debt in the fourth quarter of 2024 due to a decrease in interest rates of the refinanced debt compared to its previous debt. The foreign exchange gain of US$172.9 million in 2024, compared to a gain of US$85.9 million in 2023, was driven mainly by the depreciation of the Brazilian Real during 2024. Other gains (losses) registered a loss of US$36.2 million in 2024, compared to a loss of US$91.0 million in 2023, mainly explained by higher expenses associated with labor proceedings in Argentina, which were largely offset by favorable impacts from non-recurring operations, fair value adjustments and other non-recurring effects. The income tax expense for 2024 amounted to US$16.5 million as compared to an income tax expense of US$14.9 million in 2023. This difference is mainly explained by a US$29.1 million increase in the deferred tax assets, a US$13.5 million increase in current tax expenses and a decrease in partial offset of tax losses by US$17.2 million in taxes owed by certain affiliates of the group. For more information, see Note 17 to our audited consolidated financial statements. 73 Net profit Net profit for the year ended December 31, 2024 totaled US$977.4 million, compared to a net profit of US$581.6 million recorded in 2023. Net profit attributable to owners of the parent company was US$977.0 million in 2024. U.S. Dollar Presentation and Price-Level Adjustments General Foreign currency transactions (a)Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and its subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b)Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c)Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS Accounting Standards, hyperinflationary. The financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive income and cash flows of the group’s entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index (“CPI”), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that, the financial statements are prepared under the historical cost criterion. Net losses or gains arising from the re-expression of non-monetary items and income and costs, recognized in the consolidated income statement under “Result of indexation units.” Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in the consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period or exercise in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d)Group entities The results and the financial situation of the Group’s entities, whose functional currency is different from the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i)Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; 74 (ii)The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii)All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income, within “Gain (losses) for currency translation differences income (losses) or currency translation, before tax.” For those subsidiaries of the group whose functional currency is different from the presentation currency and corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. Effects of Exchange Rate Fluctuations Our functional currency is the U.S. dollar for financial reporting purposes, including the composition of our balance sheet and effects on our results of operations. In 2025, 45.5% of our revenues were denominated in U.S. dollars or Euros, while 61.9% were either denominated, linked or pegged to those currencies. Additionally, 68.9% of our expenses were denominated in U.S. dollars or Euros, particularly fuel costs, insurance, aircraft components and supplies, and aircraft rentals. A substantial majority of our liabilities are denominated in U.S. dollars (62.5% as of December 31, 2025), including bank loans, certain air traffic liabilities, and certain amounts payable to our suppliers. As of December 31, 2025, 74.3% of our assets were denominated in U.S. dollars, principally aircraft, cash and cash equivalents, accounts receivable and other fixed assets. Substantially all of our commitments, including operating lease and purchase commitments for aircraft, are denominated in U.S. dollars. Balance sheet imbalance denominated in currencies other than the functional currency of each specific entity creates a foreign exchange rate exposure that impacts our foreign exchange losses and gains due to exchange rate fluctuations. We recorded a net foreign exchange loss of US$141.5 million in 2025, compared to a net foreign exchange gain of US$172.9 million in 2024, which are set forth in our consolidated statement of income under “—Foreign Exchange gains/(losses).” For more information, see Notes 2.3 and 28 to our audited consolidated financial statements. Critical Accounting Policies The Company has used estimates to value and record some of the assets, liabilities, revenue, expenses and commitments. Basically, these estimates refer to: (a)Impairment of Intangible asset with indefinite useful life. (b)Depreciation expense and impairment of Properties, Plant and Equipment. (c)Recoverability of deferred tax assets. (d)Air tickets sold that will not be finally used. (e)Valuation of miles and points awarded to holders of loyalty programs, pending use. (f)Legal Contingencies. (g)Leases. See Note 4 (Accounting estimates and judgments) to our audited consolidated financial statements for a full description of our critical accounting policies. IFRS Accounting Standards / Non-IFRS Accounting Standards Reconciliation We use “Adjusted Cost per ASK” and “Adjusted Cost per ASK excluding fuel price variations” in analyzing operating expenses on a per unit basis. We believe “Adjusted Operating Expense” is a useful measure as it presents the sum of our costs of sales and several components of our operating expenses to provide a supplemental measure of the expenses 75 we incur in running our business. “Adjusted Operating Expenses” include adjustments to add back the effect of other gains and losses (including, but not limited to, contingencies related to non-current operations, fair value adjustments, and other one-time effects), and to deduct restructuring activities gains, as further adjusted by the aircraft rentals expense and by our Corporate Incentive Plan. ASKs measures the number of seats of capacity available for the transportation of passengers multiplied by the kilometers flown across our network. To obtain our adjusted unit costs, which are used by our management in the analysis of our results, we divide our total Adjusted Operating Expenses by our total ASKs. The cost component is further adjusted to obtain “Adjusted Costs per ASK excluding fuel price variations,” in order to remove the impact of changes in fuel prices for the year. “Adjusted Cost per ASK” and “Adjusted Cost per ASK excluding fuel price variations” do not have a standardized meaning, and as such may not be comparable to similarly titled measures provided by other companies. These metrics should not be considered in isolation or as a substitute for operating expenses or as indicators of performance or cash flows or as a measure of liquidity. For the year ended December 31, 2025 2024 2023 Adjusted Cost per ASK Cost of sales (US$ million) 10,104.9 9,565.9 8,816.6 Distribution costs (US$ million) 579.0 606.2 587.3 Administrative expenses (US$ million) 870.5 824.5 683.3 Other expenses (US$ million) (1) 603.9 459.8 532.8 Other gains/(losses) (US$ million) 1.2 36.2 91.0 Total Operating Expenses (US$ million) 12,159.5 11,492.7 10,711.0 Other gains/(losses) (US$ million) (1.2) (36.2) (91.0) Corporate Incentive Plan (US$ million) (2) (18.2) (78.8) (66.8) Aircraft Rentals (US$ million) (3) — (4.2) (91.9) Gains from restructuring activities (US$ million) — — — Adjusted Operating Expenses (US$ million) 12,140.0 11,373.5 10,461.3 Divided by ASK (million) 170,812.5 157,930.8 137,251.1 - Adjusted Cost per ASK (US$ cents) 7.11 7.20 7.62 Adjusted Cost per ASK excluding fuel price variations Adjusted Operating Expenses (US$ million) 12,140.0 11,373.5 10,461.3 - Aircraft fuel (US$ million) (3,804.8) (3,970.1) (3,947.2) Divided by ASK (million) 170,812.5 157,930.8 137,251.1 - Adjusted Cost per ASK excluding fuel price variations (US$ cents) 4.88 4.69 4.75 ___________________________________________ 1.Other expenses include, but are not limited to, IT and communication services, banking, fixed costs related to non-air operations (tours, warehouse, logistics) and other general expenses. 2.With the aim of incentivizing the retention of talent among the executives of the Company and in response to the exit of the Chapter 11 proceedings, the Company created an extraordinary incentive plan (the “Corporate Incentive Plan”). These items can be found within the administrative expenses line, specifically the wages and benefits expenses. For additional information about our Corporate Incentive Plan, see Notes 22(c) and 33(b) to our Financial Statements. 3.Corresponds exclusively to LATAM group’s fleet power-by-the-hour (“PBH”) contracts. The aircraft rentals expense line item is used to account for the expenses associated with the group’s variable payments related to aircraft. During 2021, the Company amended its Aircraft Lease Contracts to include lease payments based on PBH at the beginning of the contract and fixed-rent payments later on. For these contracts that contain an initial period based on PBH and then a fixed amount, a right of use asset and a lease liability was recognized at the date of modification of the contract. These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, the expenses for the year include both the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets (included in the Depreciation line) and interest from the lease liability (included in Lease Liabilities). 76 Other Operating Measures LATAM uses revenues per ASK or ATK, as applicable, in analyzing revenues on a per unit basis. To obtain unit revenues, we divide our passenger revenues by our total ASKs and our cargo revenues by our total ATKs. We use our revenues as defined under IFRS Accounting Standards for purposes of the calculation of this metric. Revenues per ASK or ATK, as the case may be, do not have a standardized meaning, and as such may not be comparable to similarly titled measures provided by other companies. This metric is not an IFRS Accounting Standards measure of performance or liquidity. It should not be considered in isolation or as a substitute for revenues or as indicators of performance or cash flows as a measure of liquidity. The table below shows the calculation of our revenues per ASK or ATK, as applicable, in each of the periods indicated. For the year ended December 31, 2025 2024 2023 Passenger Revenues (US$ thousands) 12,611,528 11,233,287 10,215,148 ASK (million) 170,812.5 157,930.8 137,250.5 Passenger Revenues/ASK (US$ cents) 7.38 7.11 7.44 Cargo Revenues (US$ thousands) 1,653,528 1,599,756 1,425,393 ATK (million) 8,312.7 8,066.1 7,171.0 Cargo Revenues/ATK (US$ cents) 19.89 19.83 19.88 Seasonality Operating revenues are substantially dependent on overall passenger and cargo traffic volume, which is subject to seasonal and other changes in traffic patterns. Passenger revenues are generally higher in the first and fourth quarters of each year, during the southern hemisphere’s spring and summer. However, seasonality is partially mitigated by LATAM group’s focus on business passengers (which are less sensitive to seasonality) and higher paying leisure passengers that contribute premium revenues. Additionally, the expansion of the LATAM group into other countries and the cargo segment with different seasonal patterns has also moderated the overall seasonality of the passenger business. Operating Data The table below presents LATAM group’s unaudited operating data as of and for the years ended December 31, 2025, 2024 and 2023. We believe this operating data is useful in reporting the operating performance of its business and may be used by certain investors in evaluating companies operating in the global air transportation sector. However, these measures may differ from similarly titled measures reported by other companies, and should not be considered in isolation or as a substitute for measures of performance in accordance with IFRS Accounting Standards. This unaudited operating data is not included in or derived from LATAM’s financial statements. For the year ended December 31, Operating Data 2025 2024 2023 (in millions) ASKs 170,812.5 157,930.8 137,250.5 RPKs 144,110.2 133,137.5 114,006.6 ATKs 8,312.7 8,066.1 7,171.0 RTKs 4,426.8 4,330.4 3,704.0 B.Liquidity and Capital Resources LATAM’s cash and cash equivalents amounted to US$2,150.1 million as of December 31, 2025, US$1,957.8 million as of December 31, 2024, and US$1,714.8 million as of December 31, 2023. The US$192.3 million net increase in cash and cash equivalents from 2024 to 2025 was driven by cash flow from operations of US$3,737.1 million. This operating performance funded the Company’s capital allocation of 2025, which included US$605.2 million in dividend payments and US$584.8 million across two share repurchase programs. 77 The US$243.0 million increase in cash and cash equivalents from 2023 to 2024 can be explained by an increase in the cash flow from operations, which amounted to US$3,106.3 million. Cash position and liquidity The following table provides a summary of our cash flows from operating activities, investing activities and financing activities for the years ended December 31, 2025 , 2024 and 2023 and our total cash position as of December 31, 2025, 2024 and 2023. For the year ended December 31, 2025 2024 2023 (in US$ million) Net cash flow from operating activities 3,737.1 3,106.3 2,263.6 Net cash flow from (used in) investing activities (1,579.8) (1,169.7) (659.5) Net cash flow from (used in) financing activities (2,019.6) (1,564.9) (1,150.2) Effects of variation in the exchange rate on cash and cash equivalents 54.6 (128.8) 44.2 Cash and cash equivalents at the beginning of the year 1,957.8 1,714.8 1,216.7 Cash and cash equivalents at the end of the year 2,150.1 1,957.8 1,714.8 As of December 31, 2025 in addition to cash and cash equivalents, LATAM has US$1,550 million related to two undrawn Revolving Credit Facilities and a new Spare Engine Facility that increased available liquidity by US$25 million. Net cash flows from operating activities Cash flow from operations derives primarily from providing air passenger and cargo transportation to customers. Operating cash outflows are primarily related to expenses of airline operations, including fuel consumption. Net cash inflows from operating activities in 2025 increased by US$630.8 million, from US$3,106.3 million in 2024 to US$3,737.1 million in 2025, mainly explained by a better operating margin, higher inflows from sales and other collections. This was partially offset by an increase in payments to suppliers, increased taxes, employee expenses and other operating outflows. Net cash inflows from operating activities in 2024 increased by US$842.8 million, from US$2,263.6 million in 2023 to US$3,106.3 million in 2024, which was driven mainly by a better operating margin, higher inflows from sales, other collections and a decrease in payments to suppliers, offset by increased taxes, employee expenses and other operating outflows. Net cash flow used in investing activities Net cash used in investing activities in 2025 increased to US$1,579.8 million from US$1,169.7 million in 2024. This increase was primarily driven by fleet and capacity expansion, which resulted in higher maintenance expenditures, purchases of intangible assets, and cabin improvement investments. This was partially offset by interest received, other cash inflows and proceeds from the sale of aircraft and other assets. Net cash used in investing activities in 2024 increased to US$1,169.7 million from US$659.5 million in 2023. The increase is primarily due to higher maintenance, purchases of intangible assets, and cabin improvements. This was partially offset by interest received and proceeds from the sale of aircraft and other assets. Net cash flows used in financing activities In 2025, net cash used in financing activities amounted to US$2,019.6 million, an increase of US$454.7 million from the US$1,564.9 million in cash used in financing activities in 2024. In 2025, the Company paid US$1,023.1 million in loan repayments, a decrease of US$981.4 million compared to US$2,004.5 million paid in 2024, explained mainly by the repayment and refinancing of exit-financing debt in 2024. In 2025, the Company also issued US$1,349.1 million principal amount of new debt, whereas in 2024, US$1,750.1 million of new debt was issued. The Company also paid dividends totaling US$605.2 million in 2025. In addition, two share repurchase programs were executed for an aggregate amount of US$584.8 million. 78 In 2024 , net cash in financing activities amounted to US$1,564.9 million, a decrease of US$414.6 million from the US$1,150.2 million in cash used in financing activities in 2023. In 2024, the Company paid US$2,004.5 million in loan repayments, an increase of US$1,662.5 million compared to US$342.0 million paid in 2023, explained mainly by the repayment and refinancing of exit-financing debt. In 2024, the Company also issued US$1,750.1 million principal amount of new debt, whereas no new debt was issued in 2023. In 2024, dividend payments amounted to US$174.5 million. Sources of financing Fleet Financing LATAM typically finances the fleet with long-term loans covering between 85% and 100% of the net purchase price. It also finances our aircraft under sale and leaseback arrangements and operational leases in order to add flexibility to the fleet. For more information regarding fleet financing, refer to the information below and to “Long Term Indebtedness.” From time to time in the past, we have considered, and may consider in the future, other forms of financing such as equity or debt, either secured or unsecured, securitization of cargo or ticket receivables or the securitization of fleet and engines. Revolving Credit Facilities On March 29, 2016, LATAM entered into a revolving credit facility agreement with several banks as lenders and Citibank NA as administrative agent for such lenders. This agreement was subsequently amended and restated on November 3, 2022, whereby LATAM was granted a revolving credit facility in the principal amount of US$600 million (the “Revolving Credit Facility I”). On July 15, 2024, LATAM, acting through its branch domiciled in the State of Florida, United States of America, entered into an amendment to the Revolving Credit Facility I (the “Revolving Credit Facility I Amendment”) intended to, among other things: (i) extend the scheduled maturity date of the Revolving Credit Facility I to July 2029 with an option to extend it until July 2030; (ii) increase the amount of the Revolving Credit Facility I from US$600 million to an aggregate amount of US$800 million; (iii) eliminate references to the reorganization proceeding to which LATAM and several of its subsidiaries were subject under the rules of Chapter 11; and (iv) include additional lenders to the Revolving Credit Facility I. On October 12, 2022, in the context of the financing granted to the Company to emerge from the Chapter 11 Restructuring, the Company, acting through its branch domiciled in the State of Florida, United States of America, entered into on October 12, 2022, a US$500 million revolving credit facility named “Super-Priority Debtor-In-Possession and Exit Revolving Loan Agreement” with several banks and financial institutions as lenders, JPMorgan Chase Bank as administrative agent for such lenders and Wilmington Trust, National Association as collateral trustee agent for the secured parties (the “Revolving Credit Facility II,” and together with the Revolving Credit Facility I, the “Revolving Credit Facilities”). On July 15, 2024, LATAM, acting through its branch domiciled in the State of Florida, United States of America, entered into the amendment to the Revolving Credit Facility II (the “Revolving Credit Facility II Amendment,” and together with the Revolving Credit Facility I Amendment, the “Revolving Credit Facility Amendments”) to, among other things: (i) extend the scheduled maturity date of the Revolving Credit Facility II from November 2026 to July 15, 2029; provided, however, that the Revolving Credit Facility II may be payable in advance 180 days prior to the maturity date of any of the financing agreements that share collateral with the Revolving Credit Facility II if by then such financing agreements have not been paid or extended; (ii) increase the amount of the Revolving Credit Facility II from US$500 million to US$750 million; (iii) delete references to the Chapter 11 Restructuring; (iv) include additional lenders to the Revolving Credit Facility II; and (v) modify certain commercial terms of the Revolving Credit Facility II relating to interest rates, fees and collateral involved. On November 4, 2024, the Company secured a new credit line under a “Spare Engine Facility” amounting to US$300 million (of which US$275 million had been drawn as of December 31, 2024), maturing on November 4, 2028. The funds were used to repay the previous Spare Engine Facility maturing on November 3, 2027. 79 As of December 31, 2025, the Company has US$1,575 million fully committed and available from the undrawn Revolving Credit Facilities. The available revolver capacity consists of three lines of credit: one for US$800 million, one for US$750 million and one for US$25 million. Capital expenditures Total Capital Expenditure Net of Financing is defined as the total capital expenditure incurred by the company for the acquisition, maintenance, or improvement of strategic assets, net of any third-party financing specifically used for these purposes. This metric serves as a direct reflection of the cash outflows committed to these activities. This is calculated as the sum of maintenance CapEx and CapEx for growth and fleet net of financing. The definition of each line is as follows: •Maintenance CapEx: Primarily includes engine shop visits, aircraft C-checks, and restocking of parts for existing operations, as well as CapEx associated with fleet projects that do not contribute additional capacity to the group’s operations or add new features to the existing product offered. •CapEx for growth and fleet net of financing: Includes CapEx associated with additional spare parts and engines, engine shop visits, aircraft C-checks, and restocking of parts for additional operations, pre-delivery payments (“PDPs”), fleet projects that contribute additional capacity or new features to the existing offered product, and certain other strategic projects that add value, and fleet arrivals, net of their associated financing. The division between Maintenance CapEx and CapEx for growth and fleet is calculated internally based on the Company’s different strategic investments. This division is not publicly available. LATAM Airlines Group’s total capital expenditures net of financing can be reconciled through the following lines: Purchase of Property, Plant and Equipment, Purchases of Intangible Assets, leased maintenance capitalization, along with the net impact of financing and other accounts. For the year ended December 31, Historical Capital Expenditures 2025 2024 2023 (in US$ millions) Purchases of property, plant and equipment (1,776) (1,325) (796) Purchases of intangible assets (104) (94) (68) Reconciled by: Leased maintenance capitalization (185) (246) (295) Capital raised for fleet related financing 559 99 — Financing of pre-delivery payments — — (71) Recoveries of credits and guarantee deposit received from the sale of aircraft(1) 52 27 48 Insurance recovery — — 11 Total CapEx net of financing(2) (1,454) (1,540) (1,170) _____________________________________________________ 1.In 2025, US$10.0 million was excluded from these line items, as it corresponded to advance payments related to aircraft sales during the period. In 2024, US$7.0 million was excluded for the same purpose. Estimated CapEx The table below shows LATAM’s estimated total capital expenditures net of financing for the years 2026, 2027 and 2028, which are subject to change and may differ from actual capital expenditures. 80 Annual CapEx estimates for the year ended December 31, 2026 2027 2028 (in US$ millions) Estimated Total CapEx net of financing (1,692) (1,714) (1,739) Fleet Commitments The total of fleet commitments is calculated utilizing LATAM’s purchase price from manufacturers and the present value of commitments for aircraft to be received from lessors as operating leases according to International Financial Reporting Standards (IFRS 16). These fleet commitment amounts are calculated based upon the fleet commitments consistent with the fleet arrivals considered in the fleet plan published in the quarterly Earnings Releases, which are based on the best estimates of fleet arrivals from both aircraft manufacturers and lessors. In general, LATAM evaluates financing alternatives to meet its fleet commitments and, therefore, the amounts presented are not necessarily indicative of a cash outflow. Aircraft arriving under an operating lease do not represent a cash outflow upon arrival, but rather represent the recognition of a right-of-use asset and a lease liability. On the other hand, aircraft arriving under financial leases will represent a cash outflow equivalent to the cost of the aircraft net of the total financing raised. The cash outflow from aircraft arriving under financial leases is included within the total CapEx net of financing. Estimates for the year, ended December 31 2026 2027 2028 (in US$ millions) Fleet Commitments (2,112) (1,290) (3,587) Long Term Indebtedness As of December 31, 2025, the average interest rate of our total financial debt was 6.6%. Out of the total financial debt, approximately 66% accrues interest at a fixed rate (through a stated fixed interest rate) or is subject to interest rate caps. As of December 31, 2025, LATAM had US$4.3 billion in nominal financial debt liabilities. Of this amount, there are no remaining disputed claims. For additional information on our long-term indebtedness, see Note 31 (Commitments) in our audited consolidated financial statements. Secured Debt Aircraft Debt 1.ECA/EXIM: Bank loans and bonds guaranteed by Export Import Bank of the United States (“EX IM Bank”) and Export Credit Agency (“ECA”) guaranteed loan debt. As of December 31, 2025, the total outstanding amount under these facilities was US$306 million. 2. Commercial Bank Loans: As of December 31, 2025, secured commercial bank loans debt totaled US$1,100 million. 3. Tax Leases: LATAM has secured debt through Tax Structures with a call option. As of December 31, 2025, the outstanding obligations under these tax leases were US$158 million. 81 Non Aircraft Debt 1.Senior Secured Notes: On October 15, 2024, LATAM Airlines Group issued senior secured notes due 2030 for an aggregate principal amount of US$1,400 million with a coupon of 7.875%. On June 26, 2025, LATAM Airlines Group issued senior secured notes for an aggregate principal amount of US$800 million with a coupon of 7.625% and used the proceeds to fully repay the senior secured notes maturing in 2029 which were issued on October 18, 2022, for an aggregate principal amount of US$700 million. 2.Spare Engine Facility: On November 4, 2024, we, through our Florida branch, entered into a New Spare Engine Facility credit line for up to US$300 million (of which US$ 275 million had been drawn as of December 31, 2025), maturing on November 4, 2028. This sustainability-linked facility reflects the Company’s commitment to reduce the intensity of CO2 emissions from March 2025 through the New Spare Engine Facility’s maturity. The facility provided for an interest step-up or step-down depending on whether the sustainability targets have been complied with or not. 3.Revolving Credit Facility I: On March 29, 2016, LATAM entered into a revolving credit facility agreement, which was subsequently amended and restated on November 3, 2022, and on July 15, 2024, for an aggregate amount of US$800 million, maturing in July 2029. 4.Revolving Credit Facility II: On October 12, 2022, LATAM Airlines Group, acting through its Florida branch, entered into a revolving credit facility on October 12, 2022, which was subsequently amended and restated on July 15, 2024, for an aggregate amount of US$750 million, maturing in July 2029. 5.Other Guaranteed Obligations: As of December 31, 2025, LATAM’s other guaranteed outstanding debt with the EXIM Bank was US$79 million. This debt is derived from the sale of old aircraft, where the sale price was less than the debt outstanding, which left a shortfall financed by EXIM Bank and now guaranteed indirectly by other EXIM aircraft. This facility matures in November 2029. For a detailed description of the non-aircraft debt, see Note 31 (Commitments) in our audited consolidated financial statements. Unsecured Debt 1.Local Bonds: On September 5, 2022, LATAM Airlines Group registered with the Comisión para el Mercado Financiero, the Chilean local regulator, local bonds in the aggregate amount of UF 3,818,042 comprised of the Series F Bonds (BLATM-F), with a maturity in 2042 and a coupon of 2%. On September 5, 2023, UF 60,357 of these bonds were canceled as a result of the expiration of the placement period contemplated in the relevant issuance agreement. As a result, the outstanding amounts of the Series F Bonds totaled UF 3,757,685. As of December 31, 2025, the outstanding amount of Local Bonds was approximately US$165 million. As of December 31, 2025, we had purchase obligations with Airbus, Boeing, and Embraer totaling US$21.3 billion (according to manufacturer’s list price), with deliveries scheduled between 2026 and 2030, as set forth below: •Narrow-body passenger aircraft deliveries (Airbus A320-Family Aircraft / other aircraft): 78 aircraft. •Narrow-body passenger aircraft deliveries: (Embraer E195-E2) 24 aircraft. •Wide-body passenger aircraft deliveries (Boeing 787-9): 15 aircraft. Leases 2025 Fleet Additions During 2025, LATAM completed the addition of the following wide-body aircraft: •One Boeing 787-9 through an operating lease and one Airbus A330 via wet lease. During 2025, LATAM completed the addition of the following narrow-body aircraft: •17 Airbus A320neo through operating leases, four Airbus A320neo through financial leases and three A321neo through finance leases. 82 2024 Fleet Additions During 2024, LATAM completed the addition of the following wide-body aircraft: •One Boeing 787-9 through an operating lease and two Airbus A330 through wet leases. During 2024, LATAM completed the addition of the following narrow-body aircraft: •Four Airbus A320neo through operating leases, two Airbus A320neo through financial leases and seven A321neo through operating leases. In connection with our outstanding secured and unsecured debt, we may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. C.Research and Development, Patents and Licenses, etc. LATAM has been registered and/or renewed in Argentina, Australia, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, the European Union, Guatemala, Honduras, Hong Kong, India, Japan, Mexico, Nicaragua, New Zealand, Panama, Paraguay, Peru, South Korea, Taiwan, Uruguay, the United States, United Kingdom and Venezuela. LATAM AIRLINES has been registered and/or renewed in Argentina, Bolivia, Brazil, Chile, China, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, the European Union, Guatemala, Honduras, India, Japan, Mexico, Nicaragua, Panama, Paraguay, Peru, South Korea, Spain, Taiwan, United Kingdom, Uruguay and Venezuela. LATAM AIRLINES BRASIL has been registered and/or renewed in Brazil; LATAM AIRLINES ARGENTINA has been registered and/or renewed in Argentina; LATAM AIRLINES COLOMBIA has been registered and/or renewed in Colombia; LATAM AIRLINES ECUADOR has been registered and/or renewed in Ecuador; LATAM AIRLINES PARAGUAY has been registered and/or renewed in Paraguay and LATAM AIRLINES PERU has been registered and/or renewed in Peru. LAN has been registered and/or renewed in Argentina, Australia, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, the European Union, Guatemala, Honduras, Hong Kong, India, Japan, Mexico, Nicaragua, New Zealand, Panama, Paraguay, Peru, South Korea, Taiwan, Uruguay, the United States, United Kingdom and Venezuela. LAN AMERICA has been registered and/or renewed in Bolivia; LAN BOLIVIA has been registered and/or renewed in Bolivia; LAN CHILE has been registered and/or renewed in Chile, Argentina, Paraguay, Peru, United Kingdom, the European Union; LANPERU has been registered and/or renewed in Costa Rica; Paraguay, Venezuela; LAN PERU has been registered and/or renewed in Brazil and Peru; TAM has been registered and/or renewed in Argentina, Brazil, China, Colombia, South Korea, Hong Kong, Macao, Mexico, Paraguay, Peru, United Kingdom, the European Union, Uruguay, the United States and Venezuela. LANTAM GRUPO LATAM AIRLINES has been registered and/or renewed in Ecuador. LATAM CORPORATE has been registered and/or renewed in Argentina, Bolivia, Colombia, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, the European Union, United Kingdom and Uruguay. LATAM LINEAS AEREAS has been registered and/or renewed in Argentina, Chile, Colombia, Ecuador and Peru; LATAM MRO has been registered and/or renewed in Argentina; Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, the European Union, United Kingdom, Uruguay, the United States and Venezuela. LATAM CARGO has been registered and/or renewed and/or renewed in Argentina, Australia, Bolivia, Brazil, Chile, China, Colombia, Ecuador, Mexico, Paraguay, Peru, the European Union, United Kingdom, Uruguay, the United 83 States and Venezuela; LATAM CARGO BRASIL has been registered and/or renewed in Brazil; LATAM CARGO COLOMBIA has been registered and/or renewed in Colombia; LINEA AEREA CARGUERA DE COLOMBIA has been registered and/or renewed in Colombia; LATAM CARGO MEXICO has been registered and/or renewed in Mexico; LAN CARGO MEXICO has been registered and/or renewed in Mexico; ABSA has been registered and/or renewed in Chile; LAN CARGO COLOMBIA has been registered and/or renewed in Colombia; LAN ECUADOR has been registered and/or renewed in Ecuador, United Kingdom and the European Union; TAM CARGO been renewed in Brazil and Venezuela; TAM CARGO CONVENCIONAL has been registered and/or renewed in Brazil. LATAM CARGO GROUP has been registered and/or renewed in Argentina, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Paraguay, Peru, Uruguay, Australia, Brazil, Canada, China, the European Union, India, United Kingdom and the United States. LATAM CARGO ACERCANDO OPORTUNIDADES has been registered and/or renewed in Peru; ACERCANDO OPORTUNIDADES has been registered and/or renewed in Ecuador and Colombia; LATAM CARGO BRINGING OPPORTUNITIES CLOSER has been registered and/or renewed in the United States; LATAM CARGO APROXIMANDO OPORTUNIDADES has been registered and/or renewed in Brazil; CHILLCARGO has been registered and/or renewed in Chile. LATAM FIDELIDADE has been registered and/or renewed in Argentina, Australia, Brazil, Chile, Colombia, Ecuador, Mexico, New Zealand, Paraguay, Peru, the European Union, United Kingdom, Uruguay and the United States; FIDELIDAD has been registered and/or renewed in Argentina; FIDELIDADE has been registered and/or renewed in Argentina and Brazil. LATAM PASS has been registered and/or renewed in Argentina, Australia, Bolivia, Brazil, Chile, Canada, Colombia, Ecuador, Mexico, New Zealand, Paraguay, Peru, the European Union, United Kingdom, Uruguay, the United States and Venezuela; LATAM PASS MILES has been registered and/or renewed in New Zealand and Australia; LAN PASS has been registered and/or renewed in Chile, Argentina, Brazil, Colombia, Mexico and Uruguay; LATAM TOURS has been registered and/or renewed in Argentina, Chile, Colombia, Ecuador and Peru; LATAM TRADE has been registered and/or renewed in Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, the European Union, United Kingdom and Uruguay; LATAM TRAVEL has been registered and/or renewed in Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, the European Union, United Kingdom, Uruguay, the United States and Venezuela; LATAM TRAVEL SOLUTIONS has been registered and/or renewed in Panama; LATAM VIAGENS has been registered and/or renewed in Brazil; TAM VIAGENS has been renewed in Brazil and Venezuela; TAM VACATIONS has been renewed in Argentina and Brazil; DESTINOS LANTOURS has been registered and/or renewed in Peru. LATAM, JUNTOS MÁS LEJOS has been registered and/or renewed in Argentina, Chile, and Ecuador; LATAM, TOGETHER, FURTHER has been registered and/or renewed in Australia, New Zealand, United Kingdom and the European Union. LATAMPLAY has been registered and/or renewed in Argentina, Brazil, Chile, Colombia and Ecuador; LATIN AIRLINE NETWORK has been registered and/or renewed in Chile; LIBREVOLADOR has been registered and/or renewed in Bolivia, Chile, Ecuador, Paraguay and Peru; LIBREVOLADORES has been registered and/or renewed in Bolivia, Chile, Ecuador, Paraguay and Peru; LIDERES DEL SERVICIO has been registered and/or renewed in Argentina. LATAM AIRLINES, SANS FRONTIÈRES has been registered and/or renewed in France; LATAM AIRLINES, GRENZENLOS has been registered and/or renewed in Germany; LATAM AIRLINES, SIN FRONTERAS has been registered and/or renewed in Spain; LATAM, SIN FRONTERAS has been registered and/or renewed in Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, Uruguay and Venezuela. LATAM AIRLINES, SENZA FRONTIERE has been registered and/or renewed in Italy. LATAM, SOSTENIBILIDAD: UN DESTINO NECESARIO has been registered and/or renewed in the European Union; LATAM UN DESTINO NECESARIO has been registered and/or renewed in Argentina, Chile, Colombia, Ecuador, Mexico and Peru; LATAM A NECESSARY DESTINATION has been registered and/or renewed in United Kingdom and the United States; LATAM DESTINADAS A ESTAR JUNTAS has been registered and/or renewed in Colombia and Peru. 84 LATAM VUELA NEUTRAL has been registered and/or renewed in Bolivia, Colombia, Mexico, Peru, the European Union and Uruguay; SOSELVA has been registered and/or renewed in Peru; POSITIVE FS POSITIVE FLIGHT SPECIFIC has been registered and/or renewed in Canada. LATAM RECICLE SUA VIAGEM has been registered and/or renewed in Brazil and the European Union; LATAM RECICLA TU VIAJE has been registered and/or renewed in Argentina, Bolivia, Chile, Colombia, Ecuador, Mexico, Peru, the European Union, Paraguay and Uruguay. LATAM 1+1 COMPENSAR PARA CONSERVAR has been registered and/or renewed in Argentina, Brazil, Chile, Ecuador, Mexico and the European Union. LATAM 1+1 OFFSET TO CONSERVE has been registered and/or renewed in Australia, United Kingdom, New Zealand and the United States. LATAM SEGUNDO VUELO has been registered and/or renewed in Argentina, Bolivia, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, the European Union and Uruguay; LATAM SECOND FLIGHT has been registered and/or renewed in Australia, United Kingdom, the United States, and New Zealand. LATAM AVIÓN SOLIDARIO has been registered and/or renewed in Argentina, Bolivia, Chile, Colombia, Ecuador, the European Union, Mexico, Peru, Paraguay and Uruguay; LATAM AVIÃO SOLIDÁRIO has been registered and/or renewed in Brazil and the European Union. VOLAMOS POR TI has been registered and/or renewed Colombia; EN LATAM VOLAMOS POR TI has been registered and/or renewed Colombia. CYBER LATAM has been registered and/or renewed in Chile. TAM has filed for trademark registration, registered or renewed the following trademarks in Brazil: AJATO, BUSINESS CLASSIC, BUSINESS PLUS, CLASSIC FIDELIDADE, FIRST, LATAM, LATAM 1+1 COMPENSAR PARA CONSERVAR, LATAM AIRLINES, LATAM AIRLINES BRASIL, LATAM AVIÃO SOLIDÁRIO, LATAM CARGO, LATAM CARGO APROXIMANDO OPORTUNIDADES, LATAM CARGO BRASIL, LATAM DESTINADAS A ESTAREM JUNTAS, LATAM FIDELIDADE, LATAM LINHAS AÉREAS, LATAM MRO, LATAM PASS, LATAM RECICLE SUA VIAGEM, LATAM SEGUNDO VOO, LATAM SEM FRONTEIRAS, LATAM SEXTAS COMPENSAM, LATAM TRADE, LATAM TRAVEL, LATAM VIAGENS, LATAM WALLET, LATAMPLAY, LOGO ASOCIADO A MARCA LATAM, MAX, MEGA PROMO, MERCADO LATAM, PAIXÃO PELO RIO TAM, PROMO, TAM, TAM AIRLINES, TAM CARGO, TAM CARGO CONVENCIONAL, TAM CARGO PRÓXIMO DIA, TAM CARGO PRÓXIMO VÔO, TAM EXPRESS, TAM MILOR, TAM PREMIUM BUSINESS, TAM SEARCH BY PRICE, TAM TARIFA LIGHT, TAM TARIFA MAX, TAM TARIFA PROMO, TAM TARIFA TOP, TAM VACATIONS, TAM VIAGENS, VAMOS LATAM D.Trend Information For 2026, LATAM expects total passenger ASK growth to be between 8% and 10% versus 2025. International passenger growth for the full year 2026 is expected to be between 11% and 13%. LATAM Airlines Brazil’s domestic passenger ASKs in the Brazilian market are expected to increase between 6% and 8%. LATAM group’s domestic ASKs in Spanish-speaking Countries (“SSC”) are expected to increase by approximately 5% to 7%. Regarding cargo operations, LATAM group expects cargo ATKs to increase between 5% and 7% for full year 2026, mainly driven by the increases in LATAM’s international passenger capacity which result in additional capacity related to the space in the belly of those aircraft. LATAM aims to enhance operational efficiency by maintaining a competitive and agile cost structure. This strategy drives the continuous strengthening of its value proposition, while focusing on sustainable, profitable growth, preserving a healthy capital structure, and consistently delivering value to customers and stakeholders. LATAM intends to continue using fuel hedging programs and fuel surcharge in our operation to help minimize the impact of short-term movements in crude oil prices. As of.December 31, 2025 , LATAM had hedged approximately 47%, 33%, 30% and 20% of its estimated fuel consumption for the first, second, third and fourth quarters of 2026 respectively. 85 E.Critical Accounting Estimates For information on the Company’s accounting estimated, see Note 4 of our audited consolidated financial statements below.