Q4 2025 LATAM Airlines Group SA Earnings Call Transcript
Key Points
- LATAM Airlines Group SA (LTM) achieved a record Net Promoter Score of 54 points in 2025, indicating high customer satisfaction.
- The company transported over 87 million passengers in 2025, with a capacity increase of 8.2% for the full year.
- Adjusted operating margin reached 16.2% for the year, with adjusted EBITDA at nearly $4.1 billion.
- LATAM Airlines Group SA (LTM) distributed $400 million in interim dividends, reflecting strong financial performance.
- The company successfully reduced its weighted average cost of debt from 10.7% in 2023 to 6.6% by the end of 2025.
- Cargo revenues declined by 9.6% in the fourth quarter of 2025 due to a high comparison base from the previous year.
- Unit costs ex-fuel increased, partly due to the appreciation of local currencies and non-recurring costs in wages and benefits.
- Net debt came in at $5.9 billion, which was around 8% above the initial guidance.
- The company faces potential challenges from fuel and currency volatility in 2026.
- Despite strong performance, the domestic Chilean market was slower in the last months of 2025 compared to 2024.
Hello and welcome everyone to the 4Q 2025 LATAM Airlines Group earnings conference call. My name is Becky, and I will be your operator today.
Before I turn the call over to management, Iâd 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 companyâs future plans, objectives, and expected performance or guidance, are forward-looking statements. These statements are based on a range of assumptions that LATAM believes are reasonable but are subject to uncertainties and risks that are discussed in detail in the published 20-F 2026 guidance earnings release financial statements and related CMF and SEC filings.
The companyâs 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.
(Operator Instructions)
I will now hand
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