LATAM AIRLINES GROUP S.A. Business Summary

LATAM Airlines Group S.A. (LTM) is the preeminent aviation conglomerate in Latin America, generating the majority of its revenue through passenger and cargo air transportation services across a network of 160 destinations in 27 countries. The company operates through two primary business segments: Air Transportation, which encompasses its extensive domestic operations in Brazil, Chile, Colombia, Ecuador, and Peru alongside long-haul international routes, and its Coalition and Loyalty program (LATAM Pass), which serves over 54 million members and contributes significantly to passenger revenue. As of February 2026, the group maintains a dominant market position, reporting 2025 revenues of $14.5 billion and a record net income of $1.5 billion. Its primary direct competitors include Avianca Group, Azul S.A., Gol Linhas Aéreas, and Copa Holdings; LATAM distinguishes itself as the regional leader by capacity and market share, uniquely bridging South America with North America, Europe, and Oceania through its strategic joint venture with Delta Air Lines. The company is led by CEO Roberto Alvo, a civil engineer with over 20 years of tenure at the group who previously served as Chief Commercial Officer before assuming the top role in 2020. The executive team was further strengthened in January 2025 with the appointment of Ricardo Bottas Dourado as CFO, bringing three decades of experience in corporate finance and M&A, and Ramiro Alfonsín, who transitioned from CFO to Chief Commercial Officer in late 2024. The founding legacy of the group is rooted in the 2012 merger of Chile’s LAN Airlines (controlled by the Cueto family) and Brazil’s TAM Airlines (founded by the Amaro family), with Ignacio Cueto Plaza currently serving as Chairman of the Board. Following its successful Chapter 11 reorganization, LATAM’s ownership structure is anchored by major institutional and strategic investors, including Sixth Street Partners (17.4%), Delta Air Lines (10.6%), and Qatar Airways (10.6%), alongside the continued influence of the Cueto Group.