LATAM Airlines Group S.A.

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, 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-2026 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. If there are any members of the press on the call, please note that this call for the media is listen only. I will now hand over to your host, Ricardo, with us to begin. Please go ahead.

Hello, everyone, and good morning. Welcome to our fourth quarter 2025 conference call, and thank you all for joining us today. My name is Ricardo Bottas, and I am the CFO of Latam Airlines Group. Here with me is Roberto Alvaro, our CEO, Andres Del Valle, Corporate Finance Director, and Tori Creighton, Head of Investor Relations. And we will present the highlights and results for the fourth quarter and full year 2025. I will hand it over to Roberto to share his opening remarks about the quarter and the year's highlights.

Good morning and thank you, Ricardo. 2025 marked a year of continuous consolidation and delivery. The strong results we're presenting today are the product of a model that LATAM Group has been building over the last six years, anchored first in the people and the customers, focused on impeccable execution and in design and the design of a superior experience. All of these in the context of an ever stronger passenger cargo networks. frequent flyer program, a very strong balance sheet, and cash generation, a disciplined cost delivery, and a highly diversified business model, all of which make our results resilient and less much subject to external factors and industry cycles. At the heart of this performance and more than 41,000 employees working at the different affiliates of the group, their daily commitment, whether at customer touchpoints or behind the scenes, continues to be the Thames Group's most powerful asset. The culture of passionate, engaged people translated directly into the customer experience. In 2025, the group achieved a record net promoter score of 54 points, which is a three-point increase versus 2024. The highest full year results in our history. When our people thrive, customers feel the difference. Internally, the organizational health index reached 83 points, placing the TAM group in the top D cell of the global benchmark for the first time. In terms of the operations, the group transported more than 87 million passengers during the year, including 23 million passengers in the fourth quarter alone. This was boosted by a capacity increase of 8.2% for the full year and 7.7% in the quarter, demonstrating the group's ability to grow efficiently while maintaining a healthy load factor of 84.4%. This ability to connect passengers to, from, and within South America was enabled by the modern and efficient fleet that the group operates. During 2025, LATAM received a total of 26 aircraft, seven of which were incorporated in the fourth one. This includes the first Boeing Dreamliner with G engines and brought the total fleet to 371 aircraft as of the end of the year. A 7% increase versus 2024, enabling the group to launch 22 new routes, of which 15 were international. On the financial side, adjusted operating margin reached 16.2% for a year, while adjusted EBITDA came in almost 4.1 billion. Net income total approximately $1.5 billion, resulting in earnings per ADS of $4.95, highlighting the group's ability to translate operational performance into bottom line results. This bottom line grew by 50% versus the income generated in 2024. With this, in December, LATAM was able to distribute $400 million in interim dividends along with its capital allocation strategy determined by its financial policy. 2025 was just not a strong year. It was a reaffirmation of LATAM's structural strengths, translated into consecutive years of margin expansion in a context of high-capacity growth and driven by a strategy that combines a focus on people, a differentiated customer experience, an unmatchable footprint, disciplined cost control, and a resilient balance sheet. This is what defines this new LATAM. This performance and design set the base for an expected 2026 strong performance, highlighted in our yearly guidance, of which we feel very confident at the moment, despite fuel and current volatility. I'm very proud to be here leading a group of 41,000 souls and to highlight and discuss our performance. With that, I'll hand it over to Ricardo, who will walk us through the achievements of this fourth quarter and full year 2025.