Research Reports

Key takeaways

Passengers carried increased 2.8% year-over-year to 6.9 million in April 2026, indicating continued demand recovery.

Consolidated RPK rose 7.0% YoY to 11,828 million, driven by 10.8% growth in international traffic and double-digit YTD growth across all segments.

Consolidated ASK grew 8.3% YoY to 14,364 million, reflecting capacity expansion—11.6% internationally, 6.0% in SSC domestic markets, and 4.0% in Brazil domestic.

Load factor declined 1.1 p.p. to 82.3% in April, remaining at healthy levels despite capacity outpacing traffic growth.

Cargo operations transported 91 thousand tons (+1.2% YoY) with ATK up 5.2% to 730 million, though cargo load factor fell 1.8 p.p. to 53.9%.

Full analysis

The April 2026 operating statistics reflect LATAM’s continued execution of its capacity expansion strategy, with consolidated ASK growing faster than RPK (8.3% vs. 7.0% YoY), resulting in a modest 1.1 percentage point decline in system load factor to 82.3%. This dynamic was consistent across segments: international ASK grew 11.6% while RPK rose 10.8%, and domestic SSC ASK increased 6.0% against 3.3% RPK growth—suggesting disciplined capacity management rather than overexpansion. The 2.8% passenger growth to 6.9 million aligns with broader regional travel recovery trends, particularly in international corridors where passenger boardings surged 7.8% YoY. Cargo metrics show ATK growth (5.2%) outpacing RTK growth (1.9%), contributing to the 1.8 p.p. load factor decline—consistent with softer global air freight demand. No forward guidance, financial results, or capital allocation actions were disclosed in Exhibit 99.1; the release serves strictly as a monthly operational update without earnings, margin, or balance sheet data.

LTM · LATAM Airlines Group S.A.

Summary

Key takeaways

Full analysis