🧾 What This Document Is

This is a 6-K filing, a standard report foreign companies like LATAM (based in Chile) submit to the U.S. SEC to share important news with investors. This specific report isn't about financial results (like profit or loss), but rather a monthly update on operational statistics—how full their planes were, how many passengers they flew, and how much cargo they carried for March 2026.

👉 It’s a report card on the airline's day-to-day business activity, showing customer demand and network efficiency.

🏢 What The Company Does

In simple terms, LATAM Airlines Group is the largest airline network in Latin America. Think of it as a major airline alliance (like Star Alliance) but owned by a single company. They operate passenger and cargo flights across five key countries: Brazil, Chile, Colombia, Ecuador, and Peru, and connect the region to the world with flights to Europe, the U.S., and beyond.

📈 Passenger Business Growth

The core story for March 2026 is strong growth in passenger travel.

• More Seats in the Sky (Capacity): LATAM increased its total flight capacity by 9.3% compared to March 2025. This means they put more seats on the market for sale.
• Stronger Demand (Traffic): Even more importantly, the number of miles flown by paying passengers (traffic) grew even faster, by 11.9%. This indicates very healthy demand for their flights.
• Planes Were Fuller (Load Factor): Because demand grew faster than capacity, their "load factor"—the percentage of seats filled with paying passengers—improved by 1.9 percentage points to 83.8%. This is a key metric for airline profitability.
• More Passengers: They carried 7.6 million passengers in March, up 9.0% from the prior year.

👉 The key takeaway is that LATAM is successfully growing, and people are filling up the new seats they're adding.

🇧🇷 Brazil is the Star Performer

The numbers show that Brazil is the current growth engine for the entire LATAM group.

• Domestic Brazil saw explosive growth: capacity up 12.5% and passenger demand soaring 15.6%.
• This segment alone carried 3.3 million passengers in March, a 14.3% jump.
• This performance significantly outpaced growth in the domestic markets of their other affiliates (Chile, Colombia, etc.), which grew a more modest 3.0%.

👉 Brazil's strong economy and travel demand are providing a major tailwind for the company.

🌍 New Strategic Route to Europe

A key move highlighted is the launch of a new route from São Paulo (GRU), Brazil, to Amsterdam, Netherlands. This is a significant long-haul international route that connects a major South American hub to a key European gateway.

👉 This expansion into Europe signals confidence in international travel demand and aims to capture more high-value, long-distance passenger and cargo traffic.

✈️ Cargo Operations: A Mixed Picture

While passenger operations were strong, the cargo business showed a different trend.

• Capacity & Volume: Cargo capacity (space available) increased by 6.8%, and the total tons of goods transported rose 5.5%.
• Efficiency Challenge: However, the cargo "load factor" (how full the cargo holds were) decreased by 1.3 percentage points to 53.5%. This means they added more cargo space than the market demand currently requires.

👉 While LATAM is moving more goods, the profitability of this segment might be under pressure due to lower utilization of that capacity.

🔮 What's Next & Strategic Direction

This operational report points to several strategic directions for LATAM:

1. Focus on High-Growth Markets: Doubling down on the booming Brazilian market.
2. Strategic Network Expansion: Adding key intercontinental routes (like São Paulo-Amsterdam) to strengthen their position as the premier Latin American global carrier.
3. Balancing Growth with Efficiency: The challenge will be to continue growing passenger traffic profitably while working to improve the load factor in their cargo business.

⚖️ Big Picture

👍 Strengths:

• Strong, market-leading position across Latin America.
• Demonstrated ability to stimulate demand and grow traffic faster than capacity (improving load factors).
• Successful execution of strategic international expansion.

⚠️ Risks:

• Cargo business is currently less efficient, which could weigh on overall profits.
• Heavy reliance on Brazil's economy; any downturn there could impact growth.
• Operating in multiple countries with complex regulatory and economic environments.

🧠 The Analogy

Imagine LATAM is running a very successful restaurant chain across Latin America. This report says that in March, they added 9.3% more tables (capacity) but the number of diners grew by 11.9% (traffic), so their restaurants were more full (83.8% load factor). Their flagship location in Brazil had a blockbuster month. They also just opened a fancy new branch in Amsterdam. However, their separate catering/takeout side business (cargo) is making more food than customers are ordering right now, leading to some waste (lower load factor).

🧩 Final Takeaway

LATAM is in a clear growth phase, with passengers strongly filling more planes, especially in its critical Brazilian market. The successful launch of a new European route shows strategic ambition. The main watchpoint is improving the efficiency of its cargo operations to match the success seen in the passenger business.

---

Contact Information: LATAM Airlines Group S.A. Investor Relations Email: [email protected] Tel: (56-2) 2565-3844 Website: ir.latam.com