UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 6-K
_________________________________________________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
January 2025
Commission File Number 1-14728
_________________________________________________________________
LATAM Airlines Group S.A.
(Translation of Registrant’s Name Into English)
_________________________________________________________________
Presidente Riesco 5711, 20th floor
Las Condes
Santiago, Chile
(Address of principal executive offices)
_________________________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F o



LATAM AIRLINES GROUP S.A.
The following exhibit is attached:
EXHIBIT NO.DESCRIPTION
99.1
1

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 31, 2025LATAM AIRLINES GROUP S.A.
By:/s/ Andrés del Valle
Name: Andrés del Valle
Title:Vice President Corporate Finance
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4Q 2024 Results
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LATAM Airlines Group closes a record-setting year with adjusted EBITDAR exceeding US$3.1 billion and net income of US$977 million, alongside strong capacity growth of 15.1%

Santiago, Chile, January 31, 2025 – LATAM Airlines Group S.A. (NYSE: LTM; SSE: LTM) announced today its consolidated financial results for the fourth quarter ending December 31, 2024. References to "LATAM", "LATAM Airlines Group", the “Company” or the "parent company" pertain to LATAM Airlines Group S.A., and references to “LATAM group,” “we,” “us,” “our,” or the “group” refer to LATAM Airlines Group S.A. and its consolidated affiliates, both passenger and cargo affiliates. LATAM prepares its financial statements under IFRS as issued by the IASB, however, for ease of presentation and comparison, the Income Statement in this report is presented in an adapted US Format. On some occasions, adjustments to these Income Statement figures are made for Special Items. A table reconciling the figures adjusted for Special Items to their as-reported IFRS figures can be found at the end of the report. All figures in this report are expressed in U.S. dollars. Percentages and certain U.S. dollar, Chilean peso and Brazilian real amounts contained in this report have been rounded for ease of presentation. Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding. The Brazilian real / U.S. dollar average exchange rate for the quarter was BRL 5.84 per USD.


HIGHLIGHTS

Key Financial Indicators (US$ million)
FY24
FY23
Var. %
Total revenues
13,03411,78910.6%
Adjusted operating margin
12.7%11.3%1.5pp
Adjusted EBITDAR3,1082,53322.7%
Net income attributable to owners of the parent company97758267.9%
Adjusted passenger CASK ex-fuel (US$ cents)
4.24.3(1.5%)
Liquidity (as % of LTM revenues)27.1%23.9%3.2pp
Adj. net leverage1.7x2.1x(0.4x)

•LATAM group set an all-time record by transporting over 82 million passengers during 2024. The unique and expansive network it operates, together with the increase in consolidated capacity were instrumental for this achievement. Full year capacity increased by 15.1%, in line with the guidance range for the year. This increase in capacity was accompanied by a strong full year consolidated load factor of 84.3%, demonstrating the customer preference and the group's ability to respond to an ever changing competitive environment.

•Total operating revenues amounted to US$13,034 million for the full year 2024, an increase of 10.6% vs 2023. During the fourth quarter, revenues reached US$3,395 million, with a strong increase in cargo revenues.

•The cargo segment experienced a positive turnaround in 2024, particularly with the improved performance in the second half of the year, with revenues growing 29.1% in the fourth quarter compared to the same period in 2023. Cargo revenues for the full year amounted to US$1,600 million, which represents a 12.2% increase versus 2023.

•For the full year 2024, adjusted passenger CASK ex-fuel stood at US$4.2 cents, remaining within the guidance range and once again reflecting the company's ability to effectively contain its cost base and sustain its operational efficiency.

•Adjusted operating income for the year amounted to US$1,660 million resulting in an adjusted operating margin of 12.7%, a 1.5pp increase vs 2023, above guidance and a record-setting annual figure for LATAM Airlines Group. In the fourth quarter, the adjusted operating margin reached 13.6%.

•Net income attributable to owners of the parent company amounted to US$977 million, almost doubling last year's figure. During the quarter, net income reached US$272 million.

•In 2024, LATAM generated over US$2.8 billion in Adj. Operating cash flow. Even after CapEx investments and expenses, including US$207 million used in its refinancing and a US$175 million dividend payment, LATAM had a strong cash generation of US$243 million, demonstrating its ability to maintain healthy liquidity and efficient cash management.
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4Q 2024 Results
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•The already solid capital structure benefited in 2024 from the efforts made during the year to increase liquidity and reduce the cost of non-fleet debt. With this, liquidity now stands at 27.1% and adjusted net leverage at 1.7x.

•In November, LATAM Airlines Group arranged its first ever sustainability-linked loan, becoming the first airline in South America to carry out an operation of this kind. In addition to this, in December LATAM was recognized as the most sustainable airline in the Americas and fifth in the world by S&P Global with its results from the Corporate Sustainability Assessment, and was incorporated into the S&P Dow Jones Sustainability Index, returning to this prestigious index after five years.

•LATAM group has been ranked as the fourth most punctual global airline group in the world for 2024, according to Cirium's on-time performance (OTP) results.


MANAGEMENT COMMENTS - FULL YEAR 2024

The year 2024 was a period of significant advances for LATAM group, reflecting its capacity for growth and for succeeding even in times of macroeconomic challenges and competitive dynamism. The group's performance was guided by its renewed purpose of “Elevate Every Single Journey”. The group has redefined its role, shifting from being solely a connector of people and dreams, to becoming an integral part of every journey. It seeks to deliver a meaningful experience from the moment a customer chooses the airline, focusing not only on passengers, but also on employees, communities, and the environment. This expanded vision highlights the group's commitment to creating value across all aspects of its operations.

Throughout the year, LATAM group transported over 82 million passengers, solidifying its role as a key player in connecting people across regional and global markets with a network that grew to 151 destinations in 27 countries. Additionally, cargo ended the year well, with load factor improvement and operational growth, having nearly doubled its operations in the last five years, showcasing the diversity and strength of its business. Meanwhile, the frequent flyer program (FFP), LATAM Pass, reached 49 million members, continuing to be the largest in the region.

LATAM group ranked as the fourth most punctual global airline group in the world, highlighting its operational excellence and dedication to ensuring passengers arrive on time and comfortably. These achievements were further reinforced by LATAM’s commitment to customer satisfaction, as evidenced by the highest Net Promoter Score (NPS) in its history, a clear indication of the trust passengers place in its passenger-focused approach. Similarly, the Operational Health Index that measures internal employee satisfaction (OHI) reached 79 points, the highest recorded to date, reflecting the engagement and dedication of LATAM group’s more than 38,000 employees. Together, these cultural and operational milestones have strengthened LATAM’s competitiveness in the industry.

From a financial perspective, LATAM achieved strong results during the quarter, building on the momentum of previous periods, and once again, illustrating consistent delivery of superior financial results. A key milestone in 2024 was the return of LATAM Airlines Group S.A. to the New York Stock Exchange in July, underscoring the company’s financial resilience and strong investor confidence. In 2024, LATAM also refinanced most of its existing non-fleet debt, significantly reducing its interest expense and strengthening its balance sheet and cash flow generation going forward.

Considering the strong cash flow generation in 2024 and LATAM's consistent financial results over the last two years, LATAM has put in place an updated financial policy that was revised by the Board of Directors1 and aligned with the Company's best interest and strategic objectives. It outlines a framework for capital allocation which takes into consideration balance sheet strength, profitable growth investments and generating returns for shareholders (beyond the mandatory minimum dividend distribution of 30% of annual net income). The strategy focuses on maintaining financial discipline by optimizing the cost of debt, having adjusted net leverage2 below 2.0x, and aspiring to reach a BB+ rating. Furthermore, the policy outlines a range of optimum liquidity3 between 21 and 25% of last twelve months' revenues.




1) The financial policy is subject to periodic review and discretion by the Board of Directors.
2) Adjusted net leverage: Total Net Debt includes operating lease liabilities, financial leases and other financial debt, net of Cash and Cash Equivalents divided by Adjusted EBITDAR.
3) Liquidity: Cash and Cash Equivalents and undrawn, committed revolving credit facilities.
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4Q 2024 Results
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LATAM closed 2024 with liquidity levels of US$3.5 billion (27.1% of last twelve months revenues) and continues with strong, positive cash flow generation in 2025, as per the published 2025 guidance of over US$3.9 billion liquidity (which already considers the Company’s robust investment plan in fleet renewal, information systems, MRO infrastructure and others).

Aligned with such financial policy, LATAM's management and its Board of Directors recurrently analyze alternatives for a further capital return program to shareholders, including but not limited to incremental dividends, share buybacks, and/or growth capital and strategic investments for most effective allocation of capital in 2025 and beyond4. Considering that the current share/ADR price may be undervalued compared to historic multiples, and while share buybacks are not common practice in Chile, the Board of Directors will evaluate whether an up to US$150 million share buy-back program can be implemented while mitigating the impact to the share’s current trading liquidity.

Additionally, cost containment and efficiency will remain a major priority in 2025, sustaining the progress made in recent years. LATAM is becoming a data-driven company, leveraging insights to drive smarter decisions and innovative solutions. In this context, digital transformation will be a central focus, with initiatives aimed at optimizing processes, improving operational efficiency and enhancing the customer experience. Each of these initiatives reflects LATAM group’s commitment to “Elevate Every Single Journey”, ensuring a distinctive experience for our customers, communities, and the environment.



MANAGEMENT DISCUSSION AND ANALYSIS OF FOURTH QUARTER 2024 RESULTS

LATAM group reported total operating revenues of US$3,395 million in the fourth quarter, an increase of 4.4% compared to the same period of 2023, mainly explained by a 0.7% increase in passenger revenues and a 29.1% increase in cargo revenues. For the fourth quarter of 2024, passenger and cargo revenues accounted for 84.5% and 13.8% of total operating revenues, respectively.

Total revenue for the year reached US$13,034 million, marking a 10.6% increase primarily driven by a 10.0% growth in passenger revenues. Of the total passenger revenues, 33% originated from the domestic operations of the Brazilian affiliate, 19% from domestic operations of affiliates in Spanish-speaking countries, and 48% from international operations. Cargo revenues totaled US$1,600 million in 2024. Passenger and cargo revenues contributed 86.2% and 12.3%, respectively, to total operating revenues.

Passenger revenues amounted to US$2,867 million in the fourth quarter, increasing 0.7% versus the same period of 2023. This was driven by an 11.8% capacity increase during the quarter, measured in ASKs and offset by the 10.0% decrease in RASK to US$7.0 cents. This lower RASK can be explained by the 22.9% drop in jet fuel prices (including hedges) as well as foreign exchange rate variations when compared to the same period of 2023. Despite the year-over-year decrease, RASK remained consistent with the levels published in the third quarter of 2024.

Cargo revenues amounted to US$470 million in the fourth quarter, increasing 29.1% versus the same period of 2023. Both unit revenue and capacity contributed to the additional revenue generated. Cargo capacity, measured in ATK, increased by 11.3%, while the load factor rose to 55.9% (+2.7pp versus last year). Unit revenue, measured in RATK, increased by 16.1%, driven by stronger southbound demand from Europe and North America to South America.

Other income amounted to US$58 million in the fourth quarter, an increase of 45.7% compared to the same period of 2023. This year-over-year growth is primarily due to higher revenues recognized from the redemption of non-airline products in the LATAM Pass program, tour services and codeshare agreements.

Total adjusted operating expenses were US$2,932 million during the quarter, increasing 1.1% versus 4Q23. This slight increase despite the 11.8% increase in passenger operations was the result of LATAM's commitment to cost containment and partially supported by a significant reduction in jet fuel prices, and the positive impact of foreign exchange rate effects associated with the depreciation of the Brazilian Real. In particular, adjusted passenger CASK ex-fuel amounted to US$4.4 cents in the fourth quarter of the year.



4) As of this date the Company has not approved any such additional distribution. If approved, the Company will inform its shareholders and the market in due course and will require, when needed, the consent of its shareholders.
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4Q 2024 Results
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Full year total adjusted operating expenses amounted to US$11,373 million, an 8.7% increase compared to 2023. This
increase was propelled by a 15.1% increase in operations and partially offset by the positive impact of currency depreciation and the implementation of cost savings initiatives. Adjusted passenger CASK ex-fuel for the full year 2024 amounted to US$4.2 cents, within the updated guidance range for 2024, and once again serves as a testament to the cost containment efforts undertaken by the company.

The changes in adjusted operating expenses during the quarter were mainly explained by:

•Wages and benefits increased 9.0% compared to the fourth quarter of 2023, mainly explained by a 9.0% increase in the average headcount of the group, particularly in cabin crew linked to the 11.8% increase in passenger operations year over year, and partially offset by foreign exchange rate effects.

•Aircraft fuel costs decreased 14.6% versus the same period of 2023, explained by a 10.7% increase in fuel consumption in line with the growth in operations and offset by a 22.9% decrease in the average jet fuel price (with hedges) compared to the fourth quarter of 2023.

•Commissions to agents decreased 17.5% compared to 4Q23, attributed to a greater penetration of direct sales.

•Depreciation and amortization increased 24.7% versus 4Q23, explained by the increase in the total number of aircraft. LATAM group ended the fourth quarter of 2024 with 347 aircraft, compared to 333 aircraft at the end of the same quarter of last year. Furthermore, this expense line increased due to the incorporation of newer, more modern aircraft, with an incremental amount of 13 Airbus Neo family aircraft versus the end of the same quarter of 2023.

•Other rental and landing fees decreased 1.7% versus 4Q23, mainly due to the positive effects of currency depreciation (particularly of the Brazilian real), cost efficiency initiatives implemented, and certain provision one-off reversals, though partially offset by the increase in international operations (+15.7% vs 4Q23).

•Passenger services expenses increased 19.8% versus the same period of 2023. This can be explained by the 11.8% growth in capacity during the quarter, and a more significant international mix in the operations, along with higher costs of in-flight services.

•Aircraft rentals expenses, which correspond exclusively to LATAM group’s fleet power-by-the-hour (PBH) contracts, amounted to less than US$1.0 million, representing a 95.7% decrease versus 4Q23. This significant decline is a result of almost all PBH contracts for aircraft having expired, with only a few aircraft remaining under PBH. This expense is considered a special item since there is a non-cash double counting of fleet PBH in Aircraft Rentals and in the Depreciation & Amortization line, and therefore has been adjusted for in the adjusted financial figures. LATAM will not be reporting aircraft rentals in the following quarters, as there are no more assets under PBH contracts.

•Aircraft maintenance expenses totaled US$234 million, corresponding to a 34.4% increase versus 4Q23 mainly as a result of the growth in operations and flight cycles in both passenger and cargo segments. Additionally, the increase was driven by an escalation of unit costs, intensified by supply chain challenges, and an older fleet age considering that LATAM group continues to operate some older narrow-body aircraft ensuring its capacity growth.
•Other operating expenses increased 4.6% compared to 4Q23 and amounted to US$422 million, explained by higher variable costs of crew, related to the increase in operations, together with advertising and marketing related costs, while partially offset by foreign exchange rate effects.

•Other gains and losses totaled US$15 million in losses for the fourth quarter, primarily due to labor contingencies in Argentina. This line includes, but is not limited to, contingencies related to non-current operations, fair value adjustments, and other one-time effects.

Non-operating results

•Interest income amounted to US$34 million in the quarter, explained by a higher level of cash and cash equivalents and higher amounts invested compared to 4Q23.
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4Q 2024 Results
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•Interest expense increased 63.4% versus 4Q23, to US$306 million during the quarter, impacted by the US$134 million one-time, non-operating Income Statement effect related to the liability management exercise completed in October, repaying in full the Term Loan B and calling the 2027 Notes. This effect was partially mitigated by the savings obtained from the same refinancing exercise. It's worth noting that this refinancing exercise has allowed LATAM to reduce its cost of debt by securing a significantly lower interest rate compared to its previous debt, resulting in a reduction of nearly US$120 million in interest payments during 2025.

•Foreign exchange gains and losses amounted to US$105 million in gains in the fourth quarter, mainly related to the depreciation of the Brazilian Real as well as the effect of the bond in UF (Unidades de Fomento, in Spanish) during the fourth quarter.

•Result of indexation units amounted to US$5 million in the quarter, an increase compared to the same period of 2023 mainly due to the adjustments for hyperinflation primarily linked to the increase in labor contingencies in Argentina due to the cessation of its domestic operations, together with a higher CPI than 2023.

•Net income attributable to the owners of the parent company during the quarter amounted to US$272 million, which represents an increase of 227.8%. Net income for the full year 2024 reached US$977 million, an increase of 67.9% when compared to 2023. Net income attributable to owners of the parent company serves as the basis for calculating dividend distributions.





































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4Q 2024 Results
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LIQUIDITY AND FINANCING

LATAM Airlines Group ended the quarter with cash and cash equivalents of US$1,958 million. During the year, LATAM generated US$243 million, including the US$207 million payment made for refinancing purposes and the US$175 million dividend payment. Additionally, LATAM has US$1,575 million in available and fully undrawn revolving credit facilities (“RCF”). Liquidity as a percentage of revenues of last twelve months stood at 27.1%.

LATAM registered a consolidated fleet debt (operational leases and finance leases) of US$4.4 billion, alongside a non-fleet debt of US$2.7 billion. This results in a total gross debt of US$7.2 billion and a net debt of US$5.2 billion. At the end of the period, LATAM reported an adjusted net leverage of 1.7x, demonstrating its continued strong capital structure and robust operations.

LATAM Airlines Group does not face refinancing risks in the short term. The nearest-term relevant maturities are scheduled for 2029 and 2030. It is worth noting that the 2029 bond is callable in October 2025, and LATAM continues to focus on reducing the cost of its debt.



chart-abf4dbe301be42f0b71.jpg




With respect to LATAM’s fuel hedging policy, its main objective is to protect against medium-term liquidity risk from fuel price increases, while benefiting from fuel price reductions. Accordingly, LATAM hedges a portion of its estimated fuel consumption. Hedge positions per quarter for the next months, as of December 31, 2024, are shown in the table below:
1Q252Q253Q254Q25
Hedge positions
Estimated Fuel consumption hedged51%47%34%30%

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4Q 2024 Results
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LATAM FLEET PLAN

LATAM group’s fleet consists of 268 Airbus narrow-body aircraft, 2 Airbus wide-body aircraft under short-term leases, 56 Boeing wide-body aircraft and 21 Boeing cargo freighters, totaling 347 aircraft. During the fourth quarter, the group received five Airbus A320Neo and two wide-body short-term leases. For the full year LATAM group received a total of 16 aircraft, 13 narrow-body aircraft and three wide-body aircraft. During 2024, the group doubled the amount of Airbus A321Neo aircraft, enhancing efficiency and streamlining operations. For a breakdown of the current fleet, please see the fleet chart in the reference tables section toward the end of this report.

As of the date of publication, LATAM group has fleet commitment agreements with Airbus and Boeing for new aircraft and additionally has signed several contracts with lessors to receive both narrow-body Airbus and wide-body aircraft in the coming years, as detailed below. In particular, on October 22, 2024, LATAM announced the additional purchase of 10 incremental Boeing 787-9 aircraft, securing the few available production slots through 2030. These new technology aircraft will allow LATAM group to continue modernizing and expanding its fleet.


Fleet PlanAs of end of year
2024202520262027
Passenger Aircraft
Narrow Body
Airbus Ceo Family224223212200
Airbus Neo Family44688498
Total NB268291296298
Wide Body
Boeing 78737384142
Other21221919
Total WB58606061
 TOTAL326351356359
Cargo Aircraft
Boeing 767-300F21201919
 TOTAL21201919
TOTAL FLEET347371375378
AVERAGE FLEET339359373376












Note: This fleet plan considers LATAM group's best estimates for committed arrivals, current decisions regarding aircraft sales, retirements and lease extensions. In the Financial Statements, Note 13 describes the aircraft that are currently held for sale and expected to be sold in 2025.
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4Q 2024 Results
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2025 GUIDANCE

Guidance for the full year 2025 was issued by the Company on December 3, 2024, as detailed below:

IndicatorGuidance2025E
Operating IndicatorsTotal ASK Growth vs 20247% -9%
Domestic Brazil ASK Growth vs 20246% -8%
Domestic Spanish Speaking Countries ASK Growth vs 20244% -6%
International ASK Growth vs 20247% -9%
Total ATK Growth vs 20242% -4%
Financial IndicatorsRevenues (US$ billion)14.0 -14.5
Adjusted CASK ex fuel1 (US$ cents)
4.6 -4.8
Adjusted Passenger CASK ex fuel1 (US$ cents)
4.2 -4.4
Adjusted Operating Income2 (US$ billion)
1.65 -1.90
Adjusted Operating Margin2
12.0% -13.5%
Adjusted EBITDAR2 (US$ billion)
3.25 -3.60
Adjusted EBITDAR Margin2
23.5% -25.0%
Adjusted Levered Free Cash Flow3 (US$ billion)
> 1.0
Liquidity4 (US$ billion)
> 3.9
Total Net Debt5 (US$ billion)
< 5.4
Total Net Debt/Adjusted EBITDAR (x)≤ 1.7x
Assumptions
Average exchange rate (BRL/USD)5.8
Jet fuel price (US$/bbl) 90

1) Adjusted CASK ex-fuel includes adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash double counting P&L effect) and employee compensations associated with the Corporate Incentive Plan. Adjusted Passenger CASK ex fuel is further adjusted to exclude cargo costs associated with belly and freighter operations.
2) Adjusted Operating Income excludes other gains and losses, variable Aircraft Rental expenses (non-cash double counting P&L effect), employee compensations associated with the Corporate Incentive Plan. Adjusted EBITDAR is further adjusted to exclude foreign exchange gains and results of indexation units.
3) Adjusted Levered Free Cash Flow calculated as the sum of net cash (outflow) inflow from operating and investing activities, adding payments from lease liabilities (amortization and interest) and financing predelivery payments, excluding amounts raised from the sale of property, plant and equipment, adding aircraft and non-aircraft financing interest.
4) Liquidity is defined as Cash and Cash Equivalents and undrawn, committed revolving credit facilities. Assumes a minimum statutory dividend distribution equivalent to 30% of Net Income and does not include either additional shareholder returns or liability management in 2025.
5) Total Net Debt includes operating lease liabilities, financial leases and other financial debt, net of Cash and Cash Equivalents. Assumes a minimum statutory dividend distribution equivalent to 30% of Net Income and does not include additional shareholder returns.

Note on forward-looking assumptions, outlooks and expectations are not facts but rather a good faith estimate of reality based on selected information believed to be reasonable. However, reality may differ from assumptions, outlooks and expectations. This report also contains forward-looking statements. Such statements may contain words such as “could,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “believe” or other similar expressions. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on LATAM's current plans, estimates and projections and, therefore, you should not place undue reliance on such statements or the estimates arising from them. Forward-looking statements involve known and unknown inherent risks, uncertainties and other factors, many of which are beyond LATAM's control and are difficult to predict. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. The financial information contained herein does not constitute or replace in any way the submission of the corresponding financial statements of the Commission for the Financial Market (CMF) and the market, in terms of their content requirements, applicable procedures and deadlines of submission corresponding to the CMF in accordance with current regulations. These factors and uncertainties include in particular those described in documents we have filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update any of them, whether as a result of new information, future events or any other factor. Our results may not be indicative of future performance, which remains subject to a number of uncertainties, including the risks disclosed in our annual report on Form 20-F, which was filed on February 22, 2024 and especially the risks and uncertainties associated with the more recent conflicts developing in the Middle East. In addition, as disclosed in our annual report on Form 20-F, our business is seasonal and our passenger revenues are generally higher in the first and fourth quarters of each year, during the southern hemisphere’s spring and summer. Finally, demand for air travel and cargo services is influenced by a number of factors beyond our control, including global, regional and national political and socioeconomic developments as well as changes in our competitive landscape, all of which could have a material impact on our ability to achieve the guidance disclosed herein.
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4Q 2024 Results
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FINANCIAL STATEMENTS PUBLICATION AND CONFERENCE CALL

LATAM Airlines Group S.A. filed its financial statements for the period ended December 31, 2024 with the Comisión para el Mercado Financiero (CMF) of Chile on January 31, 2024. These financial statements are available in Spanish and English at http://www.latamairlinesgroup.net. For further inquiries, please contact the Investor Relations team at InvestorRelations@latam.com.

The Company will hold a conference call to discuss the fourth quarter and full year 2024 financial results on Friday, January 31, 2024, at 08:30 am ET / 10:30 am Santiago.

Webcast Link: Click here
Participant Call Link: Click here


































About LATAM Airlines Group S.A.:

LATAM Airlines Group S.A. and its affiliates are the principal group of airlines in Latin America present in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addition to international operations within Latin America and to / from Europe, the United States, Oceania, Africa and the Caribbean.

The group has a fleet of Boeing 767, 777, 787, Airbus A321, A321Neo, A320, A320Neo, and A319 aircraft. Additionally, the Airbus 330, operated under short-term leases, is also part of the current operations.

LATAM Cargo Chile, LATAM Cargo Colombia and LATAM Cargo Brazil are the LATAM group cargo subsidiaries. In addition to having access to the bellies of the passenger affiliates's aircraft, they have a fleet of 21 freighters. They operate on the LATAM group network as well as international routes that are solely used for freighters. They offer modern infrastructure, a wide variety of services and protection options to meet all customer needs.

For LATAM press inquiries, please write to comunicaciones.externas@latam.com. Additional financial information is available at www.latamairlinesgroup.net.
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Financial Results for the Fourth Quarter 2024 (in thousands of US Dollars)

For the three month period ended December 31,
2024Adjustments2024 Adjusted2023 Adjusted% Change
REVENUE
Passenger2,867,457—2,867,4572,847,6720.7%
Cargo469,885—469,885363,82929.1%
Other Income57,838—57,83839,69445.7%
TOTAL OPERATING REVENUE3,395,180—3,395,1803,251,1954.4%
EXPENSES
Wages and Benefits(460,109)27,334(432,775)(396,940)9.0%
Aircraft Fuel(930,093)—(930,093)(1,088,637)(14.6%)
Commissions to Agents(53,528)—(53,528)(64,880)(17.5%)
Depreciation and Amortization(402,620)—(402,620)(322,953)24.7%
Other Rental and Landing Fees(362,970)—(362,970)(369,396)(1.7%)
Passenger Services(94,607)—(94,607)(78,954)19.8%
Aircraft Rentals(960)960——n.m.
Aircraft Maintenance(233,517)—(233,517)(173,753)34.4%
Other Operating Expenses(421,775)—(421,775)(403,224)4.6%
Other gains/(losses)15,494(15,494)——n.m
TOTAL OPERATING EXPENSES(2,944,685)12,800(2,931,885)(2,898,737)1.1%
OPERATING INCOME/(LOSS)450,49512,800463,295352,45831.4%
Operating Margin13.3%0.4pp13.6%10.8%2.8pp
Interest Income33,711—33,71129,49914.3%
Interest Expense(306,388)—(306,388)(187,472)63.4%
Foreign exchange gains105,449(105,449)——n.m
Result of indexation units4,831(4,831)——n.m
INCOME/(LOSS) BEFORE TAXES288,098(97,480)190,618194,485(2.0%)
Income Taxes(18,410)—(18,410)(22,405)(17.8%)
NET INCOME/(LOSS)269,688(97,480)172,208172,0800.1%
Attributable to:
Owners of the parent company271,938(97,480)174,458171,3831.8%
Non-controlling interest(2,250)—(2,250)698n.m
NET INCOME/(LOSS) attributable to the owners of the parent company271,938(97,480)174,458171,3831.8%
Net Margin attributable to the owners of the parent company8.0%-2.9pp5.1%5.3%-0.1pp
Effective Tax Rate(6.4%)(3.3pp)(9.7%)(11.5%)1.9pp
Financial Metrics for the Fourth Quarter 2024 (in thousands of US Dollars)
For the three month period ended December 31,
20242023
Change (%)
Adjusted EBITDAR
865,915675,41128.2%
Adjusted EBITDAR Margin25.5%20.8%4.7pp






Note: Adjustments include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employee compensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units.
10
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Financial Results for the twelve-month period ended December (in thousands of US Dollars)

For the twelve month period ended December 31,
2024Adjustments2024 Adjusted2023 AdjustedVar. %
REVENUE
Passenger11,233,287—11,233,28710,215,14810.0%
Cargo1,599,756—1,599,7561,425,39312.2%
Other Income200,669—200,669148,64135.0%
TOTAL OPERATING REVENUE13,033,712—13,033,71211,789,18210.6%
EXPENSES
Wages and Benefits(1,738,474)78,787(1,659,687)(1,516,520)9.4%
Aircraft Fuel(3,970,077)—(3,970,077)(3,947,220)0.6%
Commissions to Agents(230,127)—(230,127)(244,160)(5.7%)
Depreciation and Amortization(1,447,656)—(1,447,656)(1,205,373)20.1%
Other Rental and Landing Fees(1,470,057)—(1,470,057)(1,322,795)11.1%
Passenger Services(331,918)—(331,918)(271,838)22.1%
Aircraft Rentals(4,164)4,164——n.m.
Aircraft Maintenance(815,916)—(815,916)(601,804)35.6%
Other Operating Expenses(1,448,052)—(1,448,052)(1,351,571)7.1%
Other gains/(losses)(36,223)36,223——n.m
TOTAL OPERATING EXPENSES(11,492,664)119,174(11,373,490)(10,461,281)8.7%
OPERATING INCOME/(LOSS)1,541,048119,1741,660,2221,327,90125.0%
Operating Margin11.8%0.9pp12.7%11.3%1.5pp
Interest Income142,411—142,411125,35613.6%
Interest Expense(881,950)—(881,950)(698,231)26.3%
Foreign exchange gains172,917(172,917)——n.m
Result of indexation units19,508(19,508)——n.m
INCOME/(LOSS) BEFORE TAXES993,934(73,251)920,683755,02621.9%
Income Taxes(16,489)—(16,489)(14,942)10.4%
NET INCOME/(LOSS)977,445(73,251)904,194740,08422.2%
Attributable to:
Owners of the parent company976,972(73,251)903,721740,36522.1%
Non-controlling interest473—473(281)n.m
NET INCOME/(LOSS) attributable to the owners of the parent company976,972(73,251)903,721740,36522.1%
Net Margin attributable to the owners of the parent company7.5%-0.6pp6.9%6.3%0.7pp
Effective Tax Rate(1.7%)-0.1pp(1.8%)(2.0%)0.2pp
Financial Metrics for the twelve-month period ended December (in thousands of US Dollars)
For the twelve month period ended December 31,
20242023
Change (%)
Adjusted EBITDAR
3,107,8782,533,27422.7%
Adjusted EBITDAR Margin23.8%21.5%2.4pp




Note: Adjustments include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employee compensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units.
11
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Operational Statistics


For the three month period ended December 31,For the twelve month period ended December 31,
20242023% Change20242023% Change
System
Costs per ASK (US$ cents)7.28.1(11.3%)7.37.8(6.8%)
Adjusted Costs per ASK (US$ cents)7.17.9(9.6%)7.27.6(5.5%)
Costs per ASK ex fuel (US$ cents)4.95.1(4.2%)4.84.9(3.3%)
Adjusted Costs per ASK ex fuel (US$ cents)4.94.9(1.1%)4.74.7(1.2%)
Adjusted Passenger CASK ex fuel (US$ cents)
4.44.4(1.2%)4.24.3(1.5%)
Fuel Gallons Consumed (millions)35431910.7%1,3571,19513.6%
Fuel Gallons Consumed per 1,000 ASKs8.68.7(1.0%)8.68.7(1.3%)
Fuel Price (with hedge) (US$ per gallon)2.633.41(22.9%)3.033.26(7.2%)
Fuel Price (without hedge) (US$ per gallon)2.573.45(25.5%)2.913.32(12.3%)
Average Trip Length (km)1,6321,5545.0%1,6211,5395.3%
Total Number of Employees (average)38,54235,3599.0%37,35534,1749.3%
Total Number of Employees (end of the period)38,66435,5688.7%38,66435,5688.7%
Passenger
ASKs (millions)41,02236,68111.8%157,931137,25115.1%
RPKs (millions)35,08231,19912.4%133,138114,00716.8%
Passengers Transported (thousands)21,50120,0837.1%82,00873,89811.0%
Load Factor (based on ASKs) %85.5%85.1%0.4pp84.3%83.1%1.2pp
Yield based on RPKs (US$ cents)8.29.1(10.4%)8.49.0(5.8%)
Revenues per ASK (US$ cents)7.07.8(10.0%)7.17.4(4.4%)
Cargo
ATKs (millions)2,1421,92511.3%8,0667,17112.5%
RTKs (millions)1,1981,02417.0%4,3303,70416.9%
Tons Transported (thousands)2702613.6%9989465.6%
Load Factor (based on ATKs) %55.9%53.2%2.7pp53.7%51.6%2.1pp
Yield based on RTKs (US$ cents)39.235.510.4%36.938.5(4.0%)
Revenues per ATK (US$ cents)21.918.916.1%19.819.9(0.2%)












Note: Adjusted figures include adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect) and employee compensations associated with the Corporate Incentive Plan. Adjusted Passenger CASK ex fuel also excludes cargo costs associated with belly and freighter operations.
12
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Balance Sheet (in thousands of US Dollars)

As of December 31,
As of December 31
20242023
Assets
Cash and cash equivalents1,957,7881,714,761
Other financial assets67,295174,819
Other non-financial assets203,661185,264
Trade and other accounts receivable1,163,7071,385,910
Accounts receivable from related entities2528
Inventories438,530592,880
Current tax assets40,27547,030
Total current assets other than non-current assets (or disposal groups) classified as held for sale3,871,2814,100,692
Non-current assets (or disposal groups) classified as held for sale29,138102,670
Total current assets3,900,4194,203,362
Other financial assets53,77234,485
Other non-financial assets89,416168,621
Accounts receivable12,34212,949
Intangible assets other than goodwill1,000,1701,151,986
Property, plant and equipment10,186,6979,091,130
Deferred tax assets10,5494,782
Total non-current assets11,352,94610,463,953
Total assets15,253,36514,667,315
Liabilities and shareholders' equity
Other financial liabilities635,213596,063
Trade and other accounts payables2,133,5721,765,279
Accounts payable to related entities12,8757,444
Other provisions14,22115,072
Current tax liabilities6,2812,371
Other non-financial liabilities3,488,6803,301,906
Total current liabilities6,290,8425,688,135
Other financial liabilities6,515,2386,341,669
Accounts payable491,762418,587
Other provisions623,846926,736
Deferred tax liabilities312,677382,359
Employee benefits167,427122,618
Other non-financial liabilities140,244348,936
Total non-current liabilities8,251,1948,540,905
Total liabilities14,542,03614,229,040
Share capital5,003,5345,003,534
Retained earnings1,148,291464,411
Other equity3939
Other reserves(5,428,597)(5,017,682)
Parent’s ownership interest723,267450,302
Non-controlling interest(11,938)(12,027)
Total equity711,329438,275
Total liabilities and equity15,253,36514,667,315
13
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Statement of Cash Flow – Direct Method (in thousands of US Dollars)


As of December 31,
As of December 31,
20242023
Cash flows from operating activities
Cash collection from operating activities
Proceeds from sales of goods and services14,037,84813,397,385
Other cash receipts from operating activities212,750169,692
Payments for operating activities
Payments to suppliers for the supply goods and services(9,458,249)(9,689,508)
Payments to and on behalf of employees(1,419,825)(1,304,696)
Other payments for operating activities(344,911)(270,580)
Income taxes (paid)(43,439)(18,379)
Other cash inflows (outflows)122,153(20,346)
Net cash (outflow) inflow from operating activities3,106,3272,263,568
Cash flows from investing activities
Amounts raised from sale of property, plant and equipment97,30346,524
Purchases of property, plant and equipment(1,325,463)(795,787)
Purchases of intangible assets(94,412)(68,052)
Interest received118,43798,552
Other cash inflows (outflows)34,46959,258
Net cash (outflow) inflow from investing activities(1,169,666)(659,505)
Cash flows inflow (out flow) from financing activities
Payments for changes in ownership interests in subsidiaries that do not result in loss of control—(23)
Amounts raised from long-term loans1,750,060—
Loans repayments(2,004,542)(342,005)
Payments of lease liabilities(344,038)(225,358)
Dividends paid(174,838)—
Interest paid(717,634)(594,234)
Other cash (outflows) inflows(73,869)11,405
Net cash inflow (outflow) from financing activities(1,564,861)(1,150,215)
Net (decrease) increase in cash and cash equivalents before effect of exchanges rate change371,800453,848
Effects of variation in the exchange rate on cash and cash equivalents(128,773)44,238
Net (decrease) increase in cash and cash equivalents243,027498,086
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR1,714,7611,216,675
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR1,957,7881,714,761
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4Q 2024 Results
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LATAM Airlines Group S.A.
Adjusted Free Cash Flow (in thousands of US Dollars)

Adjusted Free Cash FlowFor the three month period ended December 31,For the twelve month period ended December 31,
20242024
Adjusted EBITDAR865,9153,107,878
Changes in working capital197,180292,481
Cash taxes(7,659)(43,439)
Operating lease payments(177,133)(636,378)
Interest Income30,665118,437
Adj. Operating cash flow908,9682,838,979
Maintenance CapEx(217,243)(618,251)
CapEx for growth & Fleet CapEx Net of Financing(326,964)(921,584)
Adj. Investment cash flow *(544,207)(1,539,835)
Adj. Unlevered FCF364,7611,299,144
Interest on financial debt(132,880)(360,209)
Interest on finance leases(15,928)(69,249)
Adj. Levered FCF215,953869,686
Finance lease amortization(30,424)(198,774)
Non-Fleet Financial debt net amortization(138,686)(154,708)
Statutory Dividends—(174,838)
Other (Incl. Asset Sale, Fx and others)(99,260)(98,339)
Adj. Financing & Others cash flow(417,178)(1,056,117)
Change in cash(52,417)243,027
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD2,010,2051,714,761
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD1,957,7881,957,788
Fleet Cash Cost(214,848)(877,771)








*Adjusted Investment cash flow is equivalent to total CapEx net of financing. A reconciliation table can be found in page 19.
Notes:

1) Adjusted EBITDAR includes adjustments to add back the effect of other gains and losses, variable Aircraft Rental expenses (non-cash P&L effect), employee compensations associated with the Corporate Incentive Plan, foreign exchange gains and results of indexation units.
2) Operating lease payments include variable Aircraft Rentals (Pay by the Hour “PBH”) and Operational Leases under IFRS 16 including amortization and interest (both fleet and non-fleet).
3) Maintenance CapEx primarily includes engine shop visits, aircraft c-checks and restocking of parts for existing operation, 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 offered product.
4) Growth & Fleet CapEx (net of financing) includes CapEx associated with additional spare parts and engines, engine shop visits, aircraft c-checks and restocking of parts for additional operation, 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 financing.
5) Fleet Cash cost includes Finance lease amortization, interest on finance leases and operating lease payments (Excluding Non-fleet lease liabilities). Calculation can be found in page 18.
15
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Balance Sheet Indicators (in thousands of US Dollars)

As of December 31,As of December 31,
20242023
Total Assets15,253,36514,667,315
Total Liabilities14,542,03614,229,040
Total Equity*711,329438,275
Total Liabilities and Shareholders equity15,253,36514,667,315
Debt
Current and long term portion of loans from financial institutions**2,988,0973,066,648
Current and long term portion of obligations under capital leases799,773901,546
Total Financial Debt3,787,8703,968,194
Lease liabilities3,362,5812,967,994
Total Gross Debt7,150,4516,936,188
Cash, cash equivalents and liquid investments(1,957,788)(1,714,761)
Total Net Debt 5,192,6635,221,427
*Includes non-controlling interest.
**Excluding associated guarantees.



LATAM Airlines Group S.A.
Main Financial Ratios

As of December 31,As of December 31,
20242023
Cash, cash equivalents and liquid investments1,957,7881,714,761
Revolving Credit Facilities (RCF)1,575,0001,100,000
Liquidity (US$ thousands)3,532,7882,814,761
Liquidity as % of LTM revenues27.1%23.9%
Gross Debt (US$ thousands)7,150,4516,936,188
Gross Debt / Adjusted EBITDAR (LTM)2.32.7
Net Debt (US$ thousands)5,192,6635,221,427
Net Debt / Adjusted EBITDAR (LTM)1.72.1










Note: Adjusted EBITDAR (LTM) refers to Adjusted EBITDAR (Last Twelve Months) (US$ thousands). For the ratios as of December 31, 2024, and December 31, 2023, it is calculated using the last twelve months as of December 31, 2024 (US$3,107,878) and the full twelve months in 2023 (US$2,533,274).
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4Q 2024 Results
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LATAM Airlines Group S.A.
Consolidated Fleet

As of December 31, 2024
Aircraft on Property, Plant & EquipmentAircraft on Right of Use under IFRS16Total
Passenger Aircraft
Boeing 767-300ER9—9
Boeing 777-300ER10—10
Boeing 787-84610
Boeing 787-922527
Airbus A319-100132740
Airbus A320-2008649135
Airbus A320-Neo32730
Airbus A321-200193049
Airbus A321-Neo—1414
 TOTAL146178324
Short-term leases
Airbus A330-200—22
TOTAL—22
Cargo Aircraft
Boeing 767-300F20121
 TOTAL20121
TOTAL FLEET166181347

























Note: This table includes 2 Boeing 767-300F and 2 Airbus A319-100 that were reclassified from Property, Plant and Equipment to Assets Held for Sale.
17
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4Q 2024 Results
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LATAM Airlines Group S.A.
Reconciliation of Reported Amounts to Non-GAAP Items (in thousands of US Dollars)

LATAM Airlines Group S.A. ("LATAM" or "the Company") prepares its financial statements under “International Financial Reporting Standards” (“IFRS”) as issued by the IASB, however, for ease of presentation and comparison, the Income Statement in this report is presented in an Adapted by Nature Format. On some occasions, adjustments to these Income Statement figures are made for Special Items. These adjustments to include or exclude special items allows management an additional tool to understand and analyze its core operating performance and allow for more meaningful comparison in the industry. Therefore, LATAM believes these non-GAAP financial measures, derived from the consolidated financial statements but not presented in accordance with IFRS, may provide useful information to investors and others. In this table, you can find a reconciliation of the IFRS and the Adapted by Nature Format as LATAM reports its Income Statement in this earnings release for ease of comparison and further disclosure, as well as the adjustments made for Special Items.

These non-GAAP items may not be comparable to similarly titled non-GAAP items of other companies and should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show these reconciliations:

For the three month period ended December 31,
For the twelve month period ended December 31,
20242023% Change20242023% Change
Cost of sales(2,417,702)(2,429,757)(0.5%)(9,565,899)(8,816,590)8.5%
Distribution costs(144,328)(163,294)(11.6%)(606,207)(587,272)3.2%
Administrative expenses(244,879)(195,543)25.2%(824,493)(683,311)20.7%
Other expenses(153,270)(158,727)(3.4%)(459,842)(532,801)(13.7%)
Other gains/(losses)15,494(21,069)(173.5%)(36,223)(91,043)(60.2%)
TOTAL OPERATING EXPENSES(2,944,685)(2,968,390)(0.8%)(11,492,664)(10,711,017)7.3%
Other gains/(losses)(15,494)21,069(173.5%)36,22391,043(60.2%)
Adjustments for Corporate Incentive Plan27,33426,0405.0%78,78766,81717.9%
Aircraft rentals expense96022,544(95.7%)4,16491,876(95.5%)
ADJUSTED TOTAL OPERATING EXPENSES(2,931,885)(2,898,737)1.1%(11,373,490)(10,461,281)8.7%
TOTAL OPERATING EXPENSES(2,944,685)(2,968,390)(0.8%)(11,492,664)(10,711,017)7.3%
Aircraft fuel expenses930,0931,088,637(14.6%)3,970,0773,947,2200.6%
Operating Expenses (Ex-Fuel)(2,014,592)(1,879,753)7.2%(7,522,587)(6,763,797)11.2%
ASKs (millions)41,02236,68111.8%157,931137,25115.1%
CASK (Ex-Fuel)(4.9)(5.1)(4.2%)(4.8)(4.9)(3.3%)
ADJUSTED TOTAL OPERATING EXPENSES(2,931,885)(2,898,737)1.1%(11,373,490)(10,461,281)8.7%
Aircraft fuel expenses930,0931,088,637(14.6%)3,970,0773,947,2200.6%
Adjusted Operating Expenses (Ex-Fuel)(2,001,792)(1,810,100)10.6%(7,403,413)(6,514,061)13.7%
ASKs (millions)41,02236,68111.8%157,931137,25115.1%
ADJUSTED CASK Ex-Fuel (US$ cents)(4.9)(4.9)(1.1%)(4.7)(4.7)(1.2%)
Operating lease payments(177,133)(148,887)19.0%(636,378)(491,158)29.6%
Interest on finance leases(15,928)(19,339)(17.6%)(69,249)(76,497)(9.5%)
Finance lease amortization(30,424)(46,554)(34.6%)(198,774)(251,388)(20.9%)
Non-fleet lease liabilities8,6375,79449.1%26,63023,27714.4%
FLEET CASH COSTS(214,848)(208,986)2.8%(877,771)(795,766)10.3%
NET INCOME/(LOSS)269,68883,657222.4%977,445581,55068.1%
Income Taxes18,41022,405(17.8%)16,48914,94210.4%
Interest Expense306,388187,47263.4%881,950698,23126.3%
Interest Income(33,711)(29,499)14.3%(142,411)(125,356)13.6%
Depreciation and Amortization402,620322,95324.7%1,447,6561,205,37320.1%
EBITDA963,395586,98864.1%3,181,1292,374,74034.0%
Aircraft rentals expense96022,544(95.7%)4,16491,876(95.5%)
EBITDAR
964,355609,53258.2%3,185,2932,466,61629.1%
Other gains/(losses)(15,494)21,069(173.5%)36,22391,043(60.2%)
Foreign exchange gains/(losses)(105,449)18,933(657.0%)(172,917)(85,891)101.3%
Results of indexation units(4,831)(163)2863.8%(19,508)(5,311)267.3%
Adjustments for Corporate Incentive Plan27,33426,0405.0%78,78766,81717.9%
ADJUSTED EBITDAR865,915675,41128.2%3,107,8782,533,27422.7%

18
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4Q 2024 Results
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For the three month period ended December 31,
For the twelve month period ended December 31,
20242023% Change20242023% Change
Purchases of property, plant and equipment(545,456)(366,516)48.8%(1,325,463)(795,787)66.6%
Purchases of intangible assets(34,342)(10,602)223.9%(94,412)(68,052)38.7%
Reconciled by:
Leased Maintenance Capitalizations(63,409)(103,054)(38.5)%(246,429)(294,549)(16.3)%
Capital raised for fleet related financing99,000—
n.m
99,000—
n.m
Financing of Pre delivery payments——
n.m
—(70,951)
n.m
Recoveries of credits and Guarantee deposit received from the sale of aircraft*—20,980n.m27,46948,258(43.1)%
Insurance recovery——
n.m
—11,000
n.m
TOTAL CAPEX NET OF FINANCING(544,207)(459,192)18.5%(1,539,835)(1,170,081)31.6%






































*For the twelve month period ended 2024, excludes US$7 million related to advanced payments arising from the sale of aircraft in the period.
19
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