LATAM Airlines Group SA ADR美股招股说明书(2025-09-26版)

LATAM Airlines Group S.A. 15,503,784American Depositary Shares representing Common Shares The selling shareholders identified herein are offering a total of 15,503,784 American Depositary Shares (the “ADSs”),representing common shares of LATAM Airlines Group S.A. (the “Company”), pursuant to this prospectus supplement and theaccompanying prospectus. Each ADS represents the right to receive 2,000 common shares. The ADSs will be evidenced by AmericanDepositary Receipts (the “ADRs”). We will not receive any proceeds from the sale of our ADSs pursuant to this offering. Our ADSs are listed on the New York Stock Exchange (“NYSE”) under the symbol “LTM.” On September 23, 2025, the lastreported sale price of our ADSs was $47.62 per ADS. Our common shares are listed on the Santiago Stock Exchange (Bolsa de Comercio de Santiago, Bolsa de Valores, or the“SSE”) and on the Chilean Electronic Stock Exchange (Bolsa Electrónica de Chile, Bolsa de Valores, or the “ESE”), which we refer tocollectively as the “Chilean Stock Exchanges,” under the symbol “LTM.” Investing in our ADSs involves a high degree of risk. You should carefully review the risks and uncertainties describedunder the heading “Risk Factors” beginning on page S-27 of this prospectus supplement, and any risk factors included in anyaccompanying prospectus supplement and in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”)that are incorporated by reference in this prospectus, before you invest in our ADSs. Per ADSTotalPublic offering price$43.6000$675,964,982.40Underwriting discounts, fees and commissions(1)$0.1874$2,905,409.12Proceeds, before expenses, to the selling shareholders(2)$43.4126$673,059,573.28 (1)See “Underwriting” beginning on page S-50 of this prospectus supplement for additional information regarding underwritingcompensation. (2)We will not receive any proceeds from this offering. See “Use of Proceeds.” Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed uponthe accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. Our common shares have been registered with the Chilean Financial Market Commission (Comisión para el MercadoFinanciero, or the “CMF”). The ADSs offered hereby will not be registered in the CMF Foreign Securities Registry (Registro deValores Extranjeros) at the time of the offering. The CMF has not approved or disapproved of the securities offered hereby ordetermined if this prospectus is truthful or complete. The underwriters expect to deliver the ADSs through the facilities of The Depository Trust Company against payment in NewYork, New York on or about September 26, 2025. J.P. Morgan Goldman Sachs & Co. LLC The date of this prospectus supplement is September 24, 2025. TABLE OF CONTENTS PROSPECTUS SUPPLEMENT Page ABOUT THIS PROSPECTUS SUPPLEMENTS-1PRESENTATION OF FINANCIAL AND OTHER INFORMATIONS-2WHERE YOU CAN FIND MORE INFORMATIONS-5INCORPORATION BY REFERENCES-6FORWARD-LOOKING STATEMENTSS-7SUMMARYS-8THE OFFERINGS-17SUMMARY HISTORICAL FINANCIAL AND OTHER DATAS-18RISK FACTORSS-27USE OF PROCEEDSS-32CAPITALIZATIONS-33MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONSS-34DESCRIPTION OF ADSs AND COMMON SHARESS-37TAXATIONS-38CERTAIN ERISA CONSIDERATIONSS-46PRINCIPAL AND SELLING SHAREHOLDERSS-48UNDERWRITINGS-50LEGAL MATTERSS-56EXPERTSS-57 PROSPECTUS ABOUT THIS PROSPECTUS1WHERE YOU CAN FIND MORE INFORMATION2INCORPORATION OF CERTAIN INFORMATION BY REFERENCE3FORWARD-LOOKING STATEMENTS4THE COMPANY6RISK FACTORS7CAPITALIZATION AND INDEBTEDNESS8USE OF PROCEEDS9SELLING SHAREHOLDERS10DESCRIPTION OF SECURITIES11TAXATION28PLAN OF DISTRIBUTION29LEGAL MATTERS31EXPERTS32ENFORCEMENT OF CIVIL LIABILITIES33 In making your investment decision, you should rely on the information contained in or incorporated by reference inthis prospectus supplement, the accompanying prospectus and any free writing prospectus filed by us with the SEC. We havenot authorized anyone to provide any information that is different or in addition to the information provided herein and we donot take any responsibility for, and can provide no assurance regarding the reliability of, any information that others may giveyou. The selling shareholders are not making an offer to sell these securities in any jurisdiction where the offer or sale is notpermitted. You should not assume that the information in this prospectus supplement, the accompanying prospectus or anyfree writing prospectus is accurate as of any date other than the date of the document or that the information we have filed andwill file with the SEC that is incorporated by reference in this prospectus supplement and the accompanying prospectus isaccurate as of any date other than the filing date of the applicable document. Our business, financial condition, results ofoperations and prospects may have changed since those dates. ABOUT THIS PROSP