PANAMA CITY, May 07, 2025 (GLOBE NEWSWIRE) -- Copa Holdings 1 , S.A. (NYSE: CPA), today announced financial results for the first quarter of 2025 (1Q25). Key highlights include:

  • Net profit of US$176.8 million or US$4.28 per share, a US$0.7 million increase compared to 1Q24.
  • Operating profit of US$213.8 million and an operating margin of 23.8%, a 1.0% and 0.4 percentage point decrease, respectively, compared to 1Q24.
  • Capacity, measured in available seat miles (ASMs), increased by 9.5% year over year.
  • Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 4.3% compared to 1Q24 to 5.8 cents.
  • Revenue per available seat mile (RASM) decreased 8.1% compared to 1Q24 to 11.5 cents.
  • The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
  • The Company closed 1Q25 with total debt, including lease liabilities, of US$1.9 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
  • The Company ended the quarter with a consolidated fleet of 112 aircraft: 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 3 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
  • Copa Holdings exercised options for six additional Boeing 737 MAX-8 aircraft expected to be delivered in 2028. This increases the Company's firm outstanding order book to 57 aircraft.
  • Copa Airlines had an on-time performance for the quarter of 90.8% and a flight completion factor of 99.9%, once again positioning itself among the best in the industry.

Subsequent events

  • On May 7, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on June 13, 2025, to shareholders on record as of May 30, 2025.

Copa Holdings, S. A. and Subsidiaries
Consolidated Operating and Financial Statistics
1Q25 1Q24 % Change 4Q24 % Change
Revenue Passengers Carried (000s) 3,512 3,272 7.4 % 3,444 2.0 %
Revenue Passengers OnBoard (000s) 5,208 4,790 8.7 % 5,168 0.8 %
RPMs (millions) 6,743 6,127 10.1 % 6,682 0.9 %
ASMs (millions) 7,801 7,121 9.5 % 7,747 0.7 %
Load Factor 86.4 % 86.0 % 0.4 p.p 86.3 % 0.2 p.p
Yield (US$ Cents) 12.7 14.0 (9.1 )% 12.5 2.0 %
PRASM (US$ Cents) 11.0 12.1 (8.7 )% 10.8 2.2 %
RASM (US$ Cents) 11.5 12.5 (8.1 )% 11.3 1.6 %
CASM (US$ Cents) 8.8 9.5 (7.7 )% 8.7 0.8 %
CASM Excl. Fuel (US$ Cents) 5.8 6.1 (4.3 )% 5.9 (1.2 )%
Fuel Gallons Consumed (millions) 91.0 84.4 7.8 % 91.2 (0.3 )%
Avg. Price Per Fuel Gallon (US$) 2.54 2.90 (12.4 )% 2.38 6.6 %
Average Length of Haul (miles) 1,920 1,873 2.5 % 1,940 (1.1 )%
Average Stage Length (miles) 1,260 1,246 1.1 % 1,260 — %
Departures 37,829 35,220 7.4 % 37,596 0.6 %
Block Hours 121,611 112,164 8.4 % 121,549 0.1 %
Average Aircraft Utilization (hours) 12.1 11.6 3.8 % 12.0 0.9 %
Operating Revenues (US$ millions) 899.2 893.5 0.6 % 878.6 2.3 %
Operating Profit (Loss) (US$ millions) 213.8 216.0 (1.0 )% 203.7 4.9 %
Operating Margin 23.8 % 24.2 % -0.4 p.p 23.2 % 0.6 p.p
Net Profit (Loss) (US$ millions) 176.8 176.1 0.4 % 165.8 6.6 %
Basic EPS (US$) 4.28 4.19 2.2 % 3.98 7.7 %
Shares for calculation of Basic EPS (000s) 41,292 42,052 (1.8 )% 41,696 (1.0 )%

Full 1Q25 Earnings Release available for download at:

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

1Q25 Earnings Conference Call and Webcast

Date: May 8, 2025
Time: 11:00 AM US ET (11:00 AM Local Time)
Join by phone: https://register-conf.media-server.com/register/BIcb85f85fa26a4d56b9369d66c4fb6a5c
Webcast (listen-only): https://copa.gcs-web.com/events-and-presentations

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: www.copaair.com .

CONTACT: Copa Holdings S.A.

Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)

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 statement of profit or loss
(In US$ thousands)
Unaudited Unaudited % Unaudited %
1Q25 1Q24 Change 4Q24 Change
Operating Revenues
Passenger revenue 859,025 858,725 — % 834,758 2.9 %
Cargo and mail revenue 25,694 21,910 17.3 % 28,966 (11.3 %)
Other operating revenue 14,462 12,831 12.7 % 14,896 (2.9 %)
Total Operating Revenue 899,181 893,467 0.6 % 878,620 2.3 %
Operating Expenses
Fuel 232,160 245,352 (5.4 %) 219,232 5.9 %
Wages, salaries, benefits and other employees' expenses 117,517 114,314 2.8 % 123,575 (4.9 %)
Passenger servicing 25,024 29,684 (15.7 %) 25,748 (2.8 %)
Airport facilities and handling charges 65,657 60,347 8.8 % 64,655 1.5 %
Sales and distribution 50,261 55,494 (9.4 %) 50,548 (0.6 %)
Maintenance, materials and repairs 39,434 25,627 53.9 % 34,567 14.1 %
Depreciation and amortization 86,284 83,365 3.5 % 85,085 1.4 %
Flight operations 33,749 31,029 8.8 % 34,675 (2.7 %)
Other operating and administrative expenses 35,27 32,270 9.3 % 36,78 (4.1 %)
Total Operating Expense 685,360 677,482 1.2 % 674,871 1.6 %
Operating Profit/(Loss) 213,822 215,985 (1.0 %) 203,749 4.9 %
Non-operating Income (Expense):
Finance cost (23,233 ) (18,840 ) 23.3 % (21,498 ) 8.1 %
Finance income 15,792 13,746 14.9 % 16,064 (1.7 %)
Gain (loss) on foreign currency fluctuations 1,370 (3,914 ) nm (11,489 ) nm
Net change in fair value of derivatives (2,434 ) (8 ) nm 2,706 nm
Other non-operating income (expense) 1,428 (112 ) nm (501 ) nm
Total Non-Operating Income/(Expense) (7,077 ) (9,127 ) (22.5 %) (14,718 ) (51.9 %)
Profit before taxes 206,744 206,858 (0.1 %) 189,031 9.4 %
Income tax expense (29,978 ) (30,792 ) (2.6 %) (23,262 ) 28.9 %
Net Profit/(Loss) 176,766 176,066 0.4 % 165,769 6.6 %


Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
March 2025 December 2024
ASSETS (Unaudited) (Audited)
Cash and cash equivalents 164,820 613,313
Short-term investments 751,525 585,919
Total cash, cash equivalents and short-term investments 916,345 1,199,232
Accounts receivable, net 172,525 166,014
Accounts receivable from related parties 5,526 2,976
Expendable parts and supplies, net 145,040 132,341
Prepaid expenses 51,568 42,926
Prepaid income tax 4,159 11,678
Other current assets 26,461 21,711
405,279 377,647
TOTAL CURRENT ASSETS 1,321,625 1,576,879
Long-term investments 425,821 248,936
Long-term prepaid expenses 7,648 8,237
Property and equipment, net 3,564,026 3,458,261
Right of use assets 293,337 309,302
Intangible, net 97,483 96,754
Net defined benefit assets 1,513 1,058
Deferred tax assets 15,695 20,749
Other Non-Current Assets 20,661 22,113
TOTAL NON-CURRENT ASSETS 4,426,183 4,165,410
TOTAL ASSETS 5,747,808 5,742,289
LIABILITIES
Loans and borrowings 232,447 254,854
Current portion of lease liability 60,156 59,103
Accounts payable 188,886 229,104
Accounts payable to related parties 1,012 1,624
Air traffic liability 607,457 621,895
Frequent flyer deferred revenue 142,773 132,064
Taxes Payable 60,599 55,505
Accrued expenses payable 33,074 62,673
Income tax payable 12,861 9,801
Other Current Liabilities 1,831 1,272
TOTAL CURRENT LIABILITIES 1,341,097 1,427,895
Loans and borrowings long-term 1,390,774 1,415,953
Lease Liability 255,831 270,594
Deferred tax Liabilities 48,803 37,476
Other long - term liabilities 229,921 217,626
TOTAL NON-CURRENT LIABILITIES 1,925,329 1,941,649
TOTAL LIABILITIES 3,266,426 3,369,544
EQUITY
Class A - 34,219,911 issued and 30,232,861 outstanding 23,271 23,244
Class B - 10,938,125 7,466 7,466
Additional Paid-In Capital 216,435 214,542
Treasury Stock (294,993 ) (291,438 )
Retained Earnings 2,368,185 1,826,565
Net profit 176,766 608,114
Other comprehensive loss (15,748 ) (15,748 )
TOTAL EQUITY 2,481,382 2,372,745
TOTAL EQUITY LIABILITIES 5,747,808 5,742,289


Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the three months ended
(In US$ thousands)
2025 2024 2023
(Unaudited) (Unaudited) (Unaudited)
Cash flow from operating activities 205,477 200,998 203,419
Cash flow (used in) investing activities (518,052 ) (78,334 ) (62,868 )
Cash flow (used in) financing activities (135,918 ) (158,514 ) (20,661 )
Net (decrease) increase in cash and cash equivalents (448,493 ) (35,850 ) 119,890
Cash and cash equivalents at January 1 613,313 206,375 122,424
Cash and cash equivalents at March 31 $ 164,820 $ 170,525 $ 242,314
Short-term investments 751,525 630,640 773,493
Long-term investments 425,821 301,192 166,481
Total cash and cash equivalents and investments at March 31 $ 1,342,166 $ 1,102,357 $ 1,182,288

Copa Holdings, S.A.

NON-IFRS FINANCIAL MEASURE 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. 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) 1Q25 1Q24 4Q24
Operating Costs per ASM as Reported (in US$ Cents) 8.8 9.5 8.7
Aircraft Fuel Cost per ASM (in US$ Cents) 3.0 3.4 2.8
Operating Costs per ASM excluding fuel (in US$ Cents) 5.8 6.1 5.9

________________________
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 first quarter of 2024 (1Q24).