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    Gabriel Rezende • Itau BBA

    Gabriel Rezende's questions to LATAM Airlines Group SA (LTM) leadership

    Gabriel Rezende's questions to LATAM Airlines Group SA (LTM) leadership • Q2 2025

    Question

    Gabriel Rezende from Itaú BBA sought to understand the drivers behind the updated, higher capacity guidance for the year and inquired about future opportunities for cost reductions and efficiency improvements.

    Answer

    CEO Roberto Alvo Milosawlewitsch attributed the increased capacity guidance to several factors: timely aircraft deliveries, stable Pratt & Whitney AOG situations, improved 787 availability, and better aircraft utilization across the network. For future cost efficiency, Alvo emphasized that while cost discipline is a daily cultural practice, the most significant future gains will come from leveraging technology, particularly in maintenance and cargo operations, to streamline processes.

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    Gabriel Rezende's questions to LATAM Airlines Group SA (LTM) leadership • Q2 2025

    Question

    Gabriel Rezende from Itaú BBA sought to understand the key drivers for the upward revision in full-year capacity guidance, asking if it was due to faster aircraft deliveries or stronger demand. He also inquired about future opportunities for cost efficiency improvements.

    Answer

    CEO Roberto Alvo Milosawlewitsch explained the increased capacity guidance is due to a combination of on-time aircraft deliveries, a stable Pratt & Whitney AOG situation, improved 787 availability, and higher aircraft utilization. Regarding cost efficiency, he stated that while cost discipline is a daily cultural practice, the most significant future gains will come from leveraging technology, particularly in maintenance and cargo operations, to streamline processes.

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    Gabriel Rezende's questions to LATAM Airlines Group SA (LTM) leadership • Q1 2025

    Question

    Gabriel Rezende questioned how much of the improved guidance reflects the strong Q1 versus an improved outlook for the rest of the year, and asked if the CASK ex-fuel guidance might be conservative.

    Answer

    CEO Roberto Alvo Milosawlewitsch cited strong booking visibility for Q2 and stable demand trends, highlighting that a key driver is the increasing share of premium traffic, with premium revenue growing over 7%. CFO Ricardo Bottas Dourado added that the cost guidance assumes $90/barrel jet fuel and a BRL 5.9 FX rate, which creates both upside and downside risk.

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    Gabriel Rezende's questions to Embraer SA (ERJ) leadership

    Gabriel Rezende's questions to Embraer SA (ERJ) leadership • Q2 2024

    Question

    Gabriel Rezende asked if the broader aerospace supply chain crisis could create a favorable pricing environment for Embraer's commercial division, potentially leading to higher margins in the future.

    Answer

    President and CEO Francisco Gomes Neto acknowledged the opportunity for margin improvement in the Commercial division. He stated that profitability will be driven by a combination of growing production volumes, favorable pricing, and internal cost reduction programs, expressing confidence in maintaining positive mid-single-digit margins.

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