LATAM Airlines Group is the leading airline group in South America, operating passenger and cargo services across domestic and international routes. LATAM is the only airline group with a local presence in all five major South American domestic markets — Brazil, Chile, Peru, Colombia, and Ecuador — and also flies internationally to North America, Europe, Oceania, and Africa. The group serves 160 destinations across 27 countries and transported roughly 87 million passengers in FY25. Passenger operations are organized into three units: International (~53% of ASKs), Domestic Brazil (~31%), and Domestic Spanish-Speaking Countries (~16%). LATAM also runs a cargo business (~11% of revenue) using belly space on passenger aircraft and a dedicated fleet of 20 Boeing 767 freighters. Revenue is driven by seat sales, load factors, ticket pricing, and ancillary monetization — including extra baggage, seat upgrades, and the LATAM Pass loyalty program, which has ~54 million members and is monetized through co-branded credit card agreements. LATAM is actively shifting its mix toward premium revenue — business class, Premium Economy, and corporate travel — which now accounts for ~23% of passenger revenue. Fuel is the largest cost item at 31% of operating expenses. FX is a meaningful driver, as domestic revenues are earned in local currencies while key costs are dollar-denominated. LATAM has a joint venture with Delta covering North and South America routes. The group emerged from Chapter 11 bankruptcy in late 2022 and has since rebuilt its balance sheet, with a fleet order book exceeding 140 aircraft through 2030 to support ongoing capacity growth and fleet renewal.