LATAM Airlines publishes transcript of first-quarter 2026 earnings call

• LATAM Airlines first-quarter 2026 earnings call drew CEO Roberto Alvo Milosawlewitsch, CFO Ricardo Bottas Dourado, Corporate Finance Director Andres Del Valle, Head of Investor Relations Tori Creighton; management flagged Middle East conflict-driven fuel increases starting in March, with limited Q1 impact due to pricing lags and partial hedges.
• Revenue reached USD 4.1 billion, adjusted EBITDA USD 1.3 billion, adjusted operating margin 19.8%, net income USD 576 million; capacity rose 10.4% to carry 23 million passengers with 85.3% load factor.
• Company replaced full-year 2026 guidance with narrower metrics, assuming jet fuel at USD 170 per barrel in Q2 and Q3, USD 150 in Q4; guided adjusted EBITDA USD 3.8 billion-USD 4.2 billion, net leverage at or below 1.8x, liquidity at or above USD 4.5 billion.
• Management projected more than USD 700 million of additional fuel expense in Q2, with fare adjustments and targeted capacity cuts already under way; expected mid- to low single-digit adjusted operating margin in Q2 despite higher fuel.
• CEO described demand as strong and stable, with some slowdown in more price-elastic segments; premium revenue share rose to 27% of passenger revenue, with premium revenues up 28% year over year and no long-term target disclosed.

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