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Ewald Stark

Senior Equity Research Analyst at BICE

Ewald Stark is a Senior Equity Research Analyst at BICE Inversiones, specializing in coverage of major publicly traded companies across Latin America, notably including Coca-Cola Andina, LATAM Airlines, and CSAV. He is recognized for his expertise in financial markets, delivering thorough and influential research that supports investment decisions for both institutional and retail clients. Stark has built his career at BICE Inversiones, rising to his current position following years of focused work in equity analysis, and is distinguished by strong analytical performance and investment insights. His professional credentials include advanced financial market specialization, and he serves as a key sell-side analyst for several blue-chip Latin American equities.

Ewald Stark's questions to LATAM AIRLINES GROUP (LTM) leadership

Question · Q3 2025

Ewald Stark inquired about the reasons for a lower percentage of hedged fuel during the quarter, asking if it's driven by booking trends, oil forecasts, or a discrepancy with financial statements.

Answer

Roberto Alvo, CEO of LATAM Airlines Group, clarified that the fuel hedge percentages (47% for Q4 2025, 33% for Q1 2026) are consistent with the company's policy and standard coverage. He noted that the earnings release provides more updated figures as of November 14, 2025, compared to the financial statements' September 30 reporting.

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Question · Q3 2025

Ewald Stark questioned the lower percentage of hedged fuel for the current quarter and upcoming periods, seeking clarification on the drivers, such as booking trends or oil price forecasts, and specifically asked about a discrepancy between the 26% hedge for the next 12 months in financial statements versus higher quarterly figures.

Answer

CEO Roberto Alvo clarified that the fuel hedge percentages (47% for Q4, 33% for Q1) are consistent with policy and standard coverage. CFO Ricardo Bottas added that the financial statements' 26% figure for the next 12 months is a weighted average, while the earnings release provides more updated, specific quarterly percentages as of November 14, 2025.

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