LATAM Airlines Group S.A.

Hello everyone and a warm welcome to the LATAM Airlines Group first quarter 2025 earnings conference call. Before I turn the call over to management, I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations and as such constitute forward-looking statements. Any matters discussed today that are not historical facts, particularly comments regarding the company's future plans, objectives and expected performance, or guidance are forward-looking statements. These statements are based on a range of assumptions that LATAM believes are reasonable, but are subject to uncertainties and risks that are discussed in detail in the published 20F, 2025 updated guidance, earnings release, financial statements, and related CMS and SEC filings. 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. I will now hand over to CFO Ricardo Bottas. Please go ahead.

Thank you. Hello, everyone, and good morning. Welcome to our first quarter 2025 conference call, and thank you all for joining us today. My name is Ricardo Bottas, and I am the CFO of the Standard Lines Group. Here with me is Roberto Alvo, our CEO, Andres Del Valle, corporate finance director, and Tory Craig, head of investor relations. And we will present our highlights and results for this first quarter. I'll hand it over to Roberto to share opening remarks about the quarter's highlights. Once finished, I will present them in more detail alongside the financial results.

Good morning, everyone, and thank you for joining us today. This quarter marked the strong start to the year for LATAM Group. The group transported over 21 million passengers and expanded capacity by 7.3% year-over-year, all while maintaining healthy low factors across our network. On the financial front, we delivered record profitability with adjusted EBITDA reaching nearly $1 billion, a record for the company, and both operating and EBITDA margins are the highest levels to date. Net income totaled $355 million, up 38% year over year, and the strongest first quarter result in LATAM's history. Behind these results, it's a commitment to our customers. The group has continued to invest in elevating the travel experience from modernizing cabins and expanding Wi-Fi connectivity across the fleet to enhancing digital services and operational reliability. These are not one-off improvements, but part of a consistent strategy to offer a better, more connected and more personalized journey. This is the core of our value proposition, to be the airline of choice in South America, not only because of the breadth of our network, but because the LATAM Group delivers a superior experience across every step of the journey. And it is in large part possible due to the hard work of all 39,000 LATAM Group employees that are committed to this shared purpose. Operationally, the group continued to execute with discipline. Growing capacity were maintaining health load factors across all markets. Also, satisfaction reached record levels, confirming the progress made in elevating our travel experience. On the financial side, LATAM delivered outstanding results, supported by revenue growth, cost control, and favorable fuel dynamics. Profitability reached record levels for our first quarter, reflecting the strength of our business model. Furthermore, following continued cash generation, LATAM is in a position to carry out shareholder return focused capital allocation initiatives. Shareholder approved distribution of dividend and LATAM has launched its first ever share repurchase program, signaling management's belief in that current stock price is undervalued. In parallel, we recently announced that the relevant authorities have approved the inclusion of Argentina within the scope of our joint venture agreement with Delta Airlines, further strengthening our strategic partnership. Looking ahead, we're raising our full year guidance, reflecting our strong financial performance and the confidence in our outlook. This update is supported by the group's operation flexibility and cost containment abilities, as well as continued demand strength observed across the group's domestic and international markets. Particularly, booking trends for the second quarter, historically the seasonally weakest, remain very healthy and are better than the levels observed at the same point last year. We also see a favorable competitive environment across our core markets where LATAM Group is strengthening its network and capturing demand opportunities. Having said all that, we're aware that we face a dynamic macroeconomic environment. LATAM is not exempt from global challenges, including fuel price volatility, geopolitical uncertainty, foreign exchange fluctuations, potential disruptions in cross-border traffic of goods, and potentially slower global economic activity. actively tracking developments and we're working on taking measures to minimize potential effects. If they occur, we reserve the rights to change or suspend our guidance in case developments have an effect that merits it. Nonetheless, a strong capitalist structure, a diversified revenue base, a broad, flexible network, and the relative advantages that the TAM group has are key pillars that allow us not only to deliver strong results today, but also to be well prepared for the uncertainties of tomorrow. Thank you for your time. I'd like to turn the call over to Ricardo for the discussion of operational and financial results.