Copa Holdings Reports Third-Quarter Financial Results

PANAMA CITY, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Copa Holdings¹, S.A. (NYSE:CPA), today announced financial results for the third quarter of 2025 (3Q25), delivering another quarter of strong profitability and operational excellence. Key highlights for the quarter include:

• Net profit of US$173.4 million or US$4.20 per share, compared to US$146.0 million or US$3.50 per share in 3Q24, representing year-over-year increases of 18.7% and 20.1%, respectively.
• Operating margin of 23.2% and net margin of 19.0%, an increase of 2.9 and 1.9 percentage points, respectively, compared to 3Q24.
• Load factor increased 1.8 percentage points year over year to 88.0% and capacity, measured in available-seat-miles (ASM), increased 5.8% compared to 3Q24.
• Revenue per available seat mile (RASM) of 11.1 cents, up 1.0% year-over-year.
• Operating cost per available seat mile (CASM) decreased 2.7% to 8.5 cents, while CASM excluding fuel decreased 0.8% to 5.6 cents.
• The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, representing 38% of the last twelve months' revenues.
• Adjusted Net Debt to EBITDA ratio closed 3Q25 at 0.7 times.
• During the quarter, the Company took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. Copa Holdings' fleet totaled 121 aircraft as of September 30, 2025.
• Copa Airlines achieved an on-time performance of 89.7% and a flight completion factor of 99.8%, maintaining its position among the best in the industry.
  
  
  
  

Subsequent events

• On November 19, 2025, the Board of Directors of Copa Holdings ratified the fourth dividend payment for this year of US$1.61 per share. Dividends will be paid on December 15, 2025, to shareholders on record as of December 1, 2025.
• As of the date of this release, the Company has taken delivery of two additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 123 aircraft. The Company expects to receive one additional aircraft before the end of the year.
  
  
  
  

Full 3Q25 Earnings Release available for download at:

https://copa.gcs-web.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11am ET (11am local). Details follow:

Date:	November 20, 2025
Time:	11:00 AM US ET (11:00 AM Local Time)
Join by phone:	Click here
Webcast (listen-only):	Click here

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com.

Investor Relations

[email protected]

Cautionary statement regarding forward-looking statements

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management's expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G

Copa Holdings, S. A. and Subsidiaries

Consolidated Operating and Financial Statistics

	3Q25		3Q24		% Change		2Q25		% Change
Revenue Passengers Carried (000s)	3,806		3,449		10.3	%	3,600		5.7	%
Revenue Passengers OnBoard (000s)	5,695		5,187		9.8	%	5,366		6.1	%
RPMs (millions)	7,249		6,711		8.0	%	6,859		5.7	%
ASMs (millions)	8,238		7,785		5.8	%	7,856		4.9	%
Load Factor	88.0	%	86.2	%	1.8 p.p		87.3	%	0.7 p.p
Yield (US$ Cents)	11.9		12.2		(2.6	)%	11.6		2.2	%
PRASM (US$ Cents)	10.5		10.5		(0.5	)%	10.1		3.0	%
RASM (US$ Cents)	11.1		11.0		1.0	%	10.7		3.3	%
CASM (US$ Cents)	8.5		8.7		(2.7	)%	8.4		1.4	%
CASM Excl. Fuel (US$ Cents)	5.6		5.7		(0.8	)%	5.7		(0.6	)%
Fuel Gallons Consumed (millions)	96.1		91.3		5.3	%	91.9		4.6	%
Avg. Price Per Fuel Gallon (US$)	2.44		2.60		(6.1	)%	2.32		5.4	%
Average Length of Haul (miles)	1,905		1,946		(2.1	)%	1,905		—	%
Average Stage Length (miles)	1,243		1,267		(1.9	)%	1,231		1.0	%
Departures	40,441		37,478		7.9	%	38,985		3.7	%
Block Hours	128,263		120,975		6.0	%	122,526		4.7	%
Average Aircraft Utilization (hours)	11.9		12.0		(0.1	)%	11.9		0.2	%

Copa Holdings, S. A. and Subsidiaries

Consolidated statement of profit or loss

(In US$ thousands)

	Unaudited				Unaudited			%		Unaudited			%
	3Q25				3Q24			Change		2Q25			Change
Operating Revenues
Passenger revenue	861,339				818,381			5.2	%	797,266			8.0	%
Cargo and mail revenue	29,680				24,446			21.4	%	28,307			4.8	%
Other operating revenue	22,130				11,881			86.3	%	17,031			29.9	%
Total Operating Revenue	913,149				854,708			6.8	%	842,604			8.4	%
Operating Expenses
Fuel	236,809				238,714			(0.8	%)	214,106			10.6	%
Wages, salaries, benefits and other employees' expenses	124,266				117,877			5.4	%	122,289			1.6	%
Passenger servicing	27,495				26,232			4.8	%	25,190			9.2	%
Airport facilities and handling charges	70,736				65,029			8.8	%	64,652			9.4	%
Sales and distribution	52,994				49,716			6.6	%	49,429			7.2	%
Maintenance, materials and repairs	24,108				34,860			(30.8	%)	29,533			(18.4	%)
Depreciation and amortization	93,028				82,797			12.4	%	88,440			5.2	%
Flight operations	36,349				31,901			13.9	%	32,766			10.9	%
Other operating and administrative expenses	35,059				33,871			3.5	%	32,954			6.4	%
Total Operating Expense	700,844				680,998			2.9	%	659,359			6.3	%
Operating Profit/(Loss)	212,305				173,710			22.2	%	183,245			15.9	%
Operating Margin	23.2		%		20.3	%		2.9 p.p		21.7	%		1.5 p.p
Non-operating Income (Expense):
Finance cost	(24,396		)		(23,523	)		3.7	%	(23,285	)		4.8	%
Finance income	14,878				15,565			(4.4	%)	15,377			(3.2	%)
Gain (loss) on foreign currency fluctuations	(892		)		(2,491	)		(64.2	%)	910			nm
Net change in fair value of derivatives	(381		)		(762	)		(50.0	%)	(1,688	)		(77.4	%)
Other non-operating income (expense)	1,235				6,787			(81.8	%)	(397	)		nm
Total Non-Operating Income/(Expense)	(9,556		)		(4,425	)		116.0	%	(9,083	)		5.2	%
Profit before taxes	202,749				169,285			19.8	%	174,162			16.4	%
Income tax expense	(29,399		)		(23,259	)		26.4	%	(25,253	)		16.4	%
Net Profit/(Loss)	173,350				146,026			18.7	%	148,908			16.4	%
Net Margin	19.0		%		17.1	%		1.9 p.p		17.7	%		1.3 p.p
Basic Earnings Per Share (EPS)	4.20				3.50			20.1	%	3.61			16.3	%
Shares for calculation of Basic EPS (000s)	41,248				41,728			(1.2) %		41,246			—	%

Copa Holdings, S. A. and Subsidiaries

Consolidated statement of financial position

(In US$ thousands)

	September 2025			December 2024
ASSETS	(Unaudited)			(Audited)
Cash and cash equivalents	248,823			613,313
Short-term investments	742,687			585,919
Total cash, cash equivalents and short-term investments	991,509			1,199,232
Accounts receivable, net	225,586			166,014
Accounts receivable from related parties	3,111			2,976
Expendable parts and supplies, net	145,910			132,341
Prepaid expenses	69,207			42,926
Prepaid income tax	8,161			11,678
Other current assets	30,957			21,711
	482,931			377,647
TOTAL CURRENT ASSETS	1,474,441			1,576,879
Long-term investments	337,601			248,936
Long-term prepaid expenses	2,589			8,237
Property and equipment, net	4,024,385			3,458,261
Right of use assets	310,596			309,302
Intangible, net	101,541			96,754
Net defined benefit assets	2,106			1,058
Deferred tax assets	18,498			20,749
Other Non-Current Assets	6,669			22,113
TOTAL NON-CURRENT ASSETS	4,803,986			4,165,410
TOTAL ASSETS	6,278,427			5,742,289
LIABILITIES
Loans and borrowings	204,453			254,854
Current portion of lease liability	64,892			59,103
Accounts payable	164,694			229,104
Accounts payable to related parties	1,409			1,624
Air traffic liability	694,737			621,895
Frequent flyer deferred revenue	151,155			132,064
Taxes Payable	53,416			55,505
Accrued expenses payable	50,854			62,673
Income tax payable	9,686			9,801
Other Current Liabilities	1,495			1,272
TOTAL CURRENT LIABILITIES	1,396,790			1,427,895
Loans and borrowings long-term	1,631,823			1,415,953
Lease Liability	272,477			270,594
Deferred tax Liabilities	75,820			37,476
Other long - term liabilities	233,227			217,626
TOTAL NON-CURRENT LIABILITIES	2,213,347			1,941,649
TOTAL LIABILITIES	3,610,137			3,369,544
EQUITY
Class A - 34,229,467 issued and 30,199,961 outstanding	23,290			23,244
Class B - 10,938,125	7,466			7,466
Additional Paid-In Capital	219,021			214,542
Treasury Stock	(300,143	)		(291,438	)
Retained Earnings	2,235,380			1,826,565
Net profit	499,025			608,114
Other comprehensive loss	(15,748	)		(15,748	)
TOTAL EQUITY	2,668,290			2,372,745
TOTAL EQUITY LIABILITIES	6,278,427			5,742,289

Copa Holdings, S. A. and Subsidiaries

Consolidated statement of cash flows

For the nine months ended

(In US$ thousands)

		2025				2024
	(Unaudited)				(Unaudited)
Net cash flow from operating activities		751,475				659,392
Investing activities
Net Acquisition of Investments		(243,008	)			(4,243	)
Net cash flow related to advance payments on aircraft purchase contracts		(174,604	)			102,997
Acquisition of property and equipment		(621,316	)			(405,045	)
Proceeds from sale of property and equipment		42,447				5,878
Acquisition of intangible assets		(22,828	)			(22,162	)
Cash flow used in investing activities		(1,019,309	)			(322,575	)
Financing activities
Proceeds from new borrowings		329,800				217,000
Payments on loans and borrowings		(174,875	)			(185,772	)
Payment of lease liability		(43,438	)			(46,837	)
Repurchase of treasury shares		(8,706	)			(50,402	)
Dividends paid		(199,437	)			(201,936	)
Cash flow used in financing activities		(96,656	)			(267,947	)
Net (decrease) increase in cash and cash equivalents		(364,490	)			68,870
Cash and cash equivalents as of January 1		613,313				206,375
Cash and cash equivalents as of September 30	$	248,823			$	275,245
Short-term investments		742,687				758,560
Long-term investments		337,601				219,731
Total cash and cash equivalents and investments as of September 30	$	1,329,111			$	1,253,536

Copa Holdings, S. A. and Subsidiaries

Non-IFRS Financial Measures Reconciliation

This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)	3Q25		3Q24		2Q25
Operating Costs per ASM as Reported (in US$ Cents)	8.5		8.7		8.5
Aircraft Fuel Cost per ASM (in US$ Cents)	2.9		3.1		2.7
Operating Costs per ASM excluding fuel (in US$ Cents)	5.6		5.7		5.8

<sub><sup>__________________________

1</sup> The terms "Copa Holdings" and the "Company" refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2024 (3Q24).</sub>