PANAMA CITY, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Copa Holdings 1 , 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

__________________________
1 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).