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Copa Holdings Reports First-Quarter Financial Results

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Copa Holdings (NYSE: CPA) reported strong Q1 2025 financial results with a net profit of $176.8 million ($4.28 per share), slightly up from Q1 2024. The company achieved an operating profit of $213.8 million with a robust 23.8% operating margin. Key operational metrics showed capacity (ASMs) increased by 9.5% YoY, while Ex-fuel CASM decreased 4.3% to 5.8 cents. Copa maintained a strong financial position with $1.3 billion in cash and investments (39% of LTM revenues) and a debt-to-EBITDA ratio of 0.5x. The airline operates a fleet of 112 aircraft and exercised options for six additional Boeing 737 MAX-8 aircraft. Copa Airlines demonstrated exceptional operational performance with 90.8% on-time performance and 99.9% flight completion. The Board approved a dividend payment of $1.61 per share, payable June 13, 2025.
Copa Holdings (NYSE: CPA) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 176,8 milioni di dollari (4,28 dollari per azione), leggermente superiore rispetto al primo trimestre 2024. La societ脿 ha raggiunto un utile operativo di 213,8 milioni di dollari con un robusto margine operativo del 23,8%. I principali indicatori operativi hanno mostrato un aumento della capacit脿 (ASM) del 9,5% su base annua, mentre il CASM al netto del carburante 猫 diminuito del 4,3%, attestandosi a 5,8 centesimi. Copa ha mantenuto una solida posizione finanziaria con 1,3 miliardi di dollari in liquidit脿 e investimenti (39% dei ricavi degli ultimi dodici mesi) e un rapporto debito/EBITDA di 0,5x. La compagnia opera con una flotta di 112 aeromobili e ha esercitato opzioni per sei ulteriori Boeing 737 MAX-8. Copa Airlines ha dimostrato un'eccezionale performance operativa con un 90,8% di puntualit脿 e un 99,9% di completamento voli. Il Consiglio di Amministrazione ha approvato un dividendo di 1,61 dollari per azione, pagabile il 13 giugno 2025.
Copa Holdings (NYSE: CPA) report贸 s贸lidos resultados financieros en el primer trimestre de 2025 con un beneficio neto de 176,8 millones de d贸lares (4,28 d贸lares por acci贸n), ligeramente superior al primer trimestre de 2024. La compa帽铆a alcanz贸 un beneficio operativo de 213,8 millones de d贸lares con un s贸lido margen operativo del 23,8%. Los principales indicadores operativos mostraron un aumento de la capacidad (ASM) del 9,5% interanual, mientras que el CASM excluyendo combustible disminuy贸 un 4,3%, situ谩ndose en 5,8 centavos. Copa mantuvo una fuerte posici贸n financiera con 1,3 mil millones de d贸lares en efectivo e inversiones (39% de los ingresos de los 煤ltimos doce meses) y una ratio deuda/EBITDA de 0,5x. La aerol铆nea opera una flota de 112 aviones y ejerci贸 opciones para seis Boeing 737 MAX-8 adicionales. Copa Airlines demostr贸 un desempe帽o operativo excepcional con un 90,8% de puntualidad y un 99,9% de finalizaci贸n de vuelos. La Junta aprob贸 un dividendo de 1,61 d贸lares por acci贸n, pagadero el 13 de junio de 2025.
Copa Holdings (NYSE: CPA)電� 2025雲� 1攵勱赴鞐� (欤茧嫻 4.28雼煬)鞚� 旮半頃橂┌ 2024雲� 1攵勱赴 雽牍� 靻岉彮 歃濌皜頃� 臧曤牓頃� 鞛 鞁れ爜鞚� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 2鞏� 1,380毵� 雼煬鞚� 鞓侅梾鞚挫澋瓿� 瓴碃頃� 23.8%鞚� 鞓侅梾鞚挫澋毳�鞚� 雼劚頄堨姷雼堧嫟. 欤检殧 鞖挫榿 歆響滊姅 鞐瓣皠 旮办鞙茧 鞖挫啞電ル牓(ASM)鞚� 9.5% 歃濌皜頄堨溂氅�, 鞐半 鞝滌櫢 CASM鞚 4.3% 臧愳唽頃橃棳 5.8靹柬姼毳� 旮半頄堨姷雼堧嫟. Copa電� 13鞏� 雼煬鞚� 順勱笀 氚� 韴瀽鞛愳偘 (斓滉芳 12臧滌洈 毵れ稖鞚� 39%)瓿� 0.5氚办潣 攵毂� 雽 EBITDA 牍勳湪搿� 臧曧暅 鞛 靸來儨毳� 鞙犾頄堨姷雼堧嫟. 頃车靷姅 112雽鞚� 頃车旮半ゼ 鞖挫榿 欷戩澊氅�, 氤挫瀴 737 MAX-8 頃车旮� 6雽 於旉皜 甑Г 鞓奠厴鞚� 頄夓偓頄堨姷雼堧嫟. Copa Airlines電� 90.8%鞚� 鞝曥嫓 鞖错暛毳�瓿� 99.9%鞚� 牍勴枆 鞕勲鞙�搿� 霙办柎雮� 鞖挫榿 靹标臣毳� 氤挫榾鞀惦媹雼�. 鞚挫偓須岆姅 2025雲� 6鞗� 13鞚� 歆旮� 鞓堨爼鞚� 欤茧嫻 1.61雼煬 氚半嫻旮堨潉 鞀轨澑頄堨姷雼堧嫟.
Copa Holdings (NYSE : CPA) a annonc茅 de solides r茅sultats financiers pour le premier trimestre 2025 avec un b茅n茅fice net de 176,8 millions de dollars (4,28 dollars par action), en l茅g猫re hausse par rapport au premier trimestre 2024. La soci茅t茅 a r茅alis茅 un b茅n茅fice d'exploitation de 213,8 millions de dollars avec une marge op茅rationnelle robuste de 23,8%. Les principaux indicateurs op茅rationnels ont montr茅 une augmentation de la capacit茅 (ASM) de 9,5 % en glissement annuel, tandis que le CASM hors carburant a diminu茅 de 4,3 % pour atteindre 5,8 cents. Copa a maintenu une solide position financi猫re avec 1,3 milliard de dollars en liquidit茅s et investissements (39 % des revenus des 12 derniers mois) et un ratio dette/EBITDA de 0,5x. La compagnie a茅rienne exploite une flotte de 112 appareils et a exerc茅 des options pour six avions Boeing 737 MAX-8 suppl茅mentaires. Copa Airlines a d茅montr茅 une performance op茅rationnelle exceptionnelle avec un taux de ponctualit茅 de 90,8% et un taux d'ach猫vement des vols de 99,9%. Le conseil d'administration a approuv茅 un dividende de 1,61 dollar par action, payable le 13 juin 2025.
Copa Holdings (NYSE: CPA) meldete starke Finanzergebnisse f眉r das erste Quartal 2025 mit einem Nettoergebnis von 176,8 Millionen US-Dollar (4,28 US-Dollar pro Aktie), leicht steigend gegen眉ber dem ersten Quartal 2024. Das Unternehmen erzielte einen Betriebsgewinn von 213,8 Millionen US-Dollar bei einer robusten operativen Marge von 23,8%. Wichtige operative Kennzahlen zeigten eine Kapazit盲tssteigerung (ASM) von 9,5 % im Jahresvergleich, w盲hrend der CASM ohne Treibstoffkosten um 4,3 % auf 5,8 Cent sank. Copa hielt eine starke Finanzposition mit 1,3 Milliarden US-Dollar an liquiden Mitteln und Investitionen (39 % der Ums盲tze der letzten zw枚lf Monate) und einem Verschuldungsgrad von 0,5x EBITDA. Die Fluggesellschaft betreibt eine Flotte von 112 Flugzeugen und hat Optionen f眉r sechs zus盲tzliche Boeing 737 MAX-8 ausge眉bt. Copa Airlines zeigte eine au脽ergew枚hnliche operative Leistung mit 90,8 % P眉nktlichkeit und 99,9 % Flugabschluss. Der Vorstand genehmigte eine Dividendenzahlung von 1,61 US-Dollar pro Aktie, zahlbar am 13. Juni 2025.
Positive
  • Net profit increased to $176.8 million, up $0.7 million YoY
  • Strong liquidity position with $1.3 billion in cash and investments
  • Low leverage with Adjusted Net Debt to EBITDA ratio of 0.5x
  • Excellent operational metrics: 90.8% on-time performance and 99.9% flight completion
  • 9.5% increase in capacity (ASMs)
  • 4.3% decrease in Ex-fuel CASM, showing improved cost efficiency
  • Fleet expansion with six new Boeing 737 MAX-8 aircraft ordered
  • Continued shareholder returns through $1.61 per share dividend
Negative
  • Operating profit decreased 1.0% YoY to $213.8 million
  • Operating margin declined 0.4 percentage points to 23.8%
  • RASM decreased 8.1% YoY to 11.5 cents
  • Yield declined 9.1% compared to 1Q24

Insights

Copa maintained profits despite 9.5% capacity growth and 8.1% revenue dilution through exceptional cost control and operational excellence.

Copa Holdings delivered stable Q1 2025 results, maintaining profitability despite significant yield pressures. Net profit remained virtually unchanged at $176.8 million (+0.4% YoY), while EPS grew 2.2% to $4.28, benefiting from a 1.8% reduction in outstanding shares. The airline achieved an impressive 23.8% operating margin despite a 0.4 percentage point decrease.

Most notably, Copa substantially expanded capacity with ASMs up 9.5% while passenger traffic increased 7.4%, generating 10.1% more revenue passenger miles. However, this growth strategy led to considerable pricing pressure, with yield dropping 9.1% to 12.7 cents and RASM falling 8.1% to 11.5 cents. Operating revenue grew just 0.6% to $899.2 million despite the significant capacity expansion.

Copa excelled at cost management, reducing CASM by 7.7% to 8.8 cents and ex-fuel CASM by 4.3% to 5.8 cents. The 12.4% decline in fuel prices to $2.54 per gallon significantly aided cost control despite 7.8% higher fuel consumption. The carrier maintained exceptional operational reliability with 90.8% on-time performance and 99.9% flight completion rate, positioning itself among the best in the industry.

The balance sheet remains exceptionally strong with $1.3 billion in cash and investments (39% of TTM revenues) against $1.9 billion in debt, resulting in an impressive Adjusted Net Debt to EBITDA ratio of just 0.5x. Copa's fleet totals 112 aircraft, and the addition of six Boeing 737 MAX-8 aircraft for 2028 delivery signals confidence in long-term growth prospects. The declared dividend of $1.61 per share underscores management's commitment to shareholder returns.

Copa's 2.7 cent spread between CASM (8.8垄) and RASM (11.5垄) represents a solid unit profit margin despite the yield pressure. The results demonstrate Copa's ability to execute effectively on controllable factors while navigating market challenges - trading yield for volume while leveraging operational excellence and cost discipline to protect profitability.

PANAMA CITY, May 07, 2025 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2025 (1Q25). Key highlights include:

  • Net profit of US$176.8听尘颈濒濒颈辞苍 or US$4.28 per share, a US$0.7听尘颈濒濒颈辞苍 increase compared to 1Q24.
  • Operating profit of US$213.8听尘颈濒濒颈辞苍 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鈥� revenues.
  • The Company closed 1Q25 with total debt, including lease liabilities, of US$1.9听产颈濒濒颈辞苍, 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听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
1Q251Q24% Change4Q24% Change
Revenue Passengers Carried (000s)3,5123,2727.4%3,4442.0%
Revenue Passengers OnBoard (000s)5,2084,7908.7%5,1680.8%
RPMs (millions)6,7436,12710.1%6,6820.9%
ASMs (millions)7,8017,1219.5%7,7470.7%
Load Factor86.4%86.0%0.4 p.p86.3%0.2 p.p
Yield (US$ Cents)12.714.0(9.1)%12.52.0%
PRASM (US$ Cents)11.012.1(8.7)%10.82.2%
RASM (US$ Cents)11.512.5(8.1)%11.31.6%
CASM (US$ Cents)8.89.5(7.7)%8.70.8%
CASM Excl. Fuel (US$ Cents)5.86.1(4.3)%5.9(1.2)%
Fuel Gallons Consumed (millions)91.084.47.8%91.2(0.3)%
Avg. Price Per Fuel Gallon (US$)2.542.90(12.4)%2.386.6%
Average Length of Haul (miles)1,9201,8732.5%1,940(1.1)%
Average Stage Length (miles)1,2601,2461.1%1,260鈥�%
Departures37,82935,2207.4%37,5960.6%
Block Hours121,611112,1648.4%121,5490.1%
Average Aircraft Utilization (hours)12.111.63.8%12.00.9%
Operating Revenues (US$ millions)899.2893.50.6%878.62.3%
Operating Profit (Loss) (US$ millions)213.8216.0(1.0)%203.74.9%
Operating Margin23.8%24.2%-0.4 p.p23.2%0.6 p.p
Net Profit (Loss) (US$ millions)176.8176.10.4%165.86.6%
Basic EPS (US$)4.284.192.2%3.987.7%
Shares for calculation of Basic EPS (000s)41,29242,052(1.8)%41,696(1.0)%

Full 1Q25 Earnings Release available for download at:

1Q25 Earnings Conference Call and Webcast

Date:May 8, 2025
Time:11:00 AM US ET (11:00 AM Local Time)
Join by phone:
Webcast (listen-only):

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: .

CONTACT:听Copa Holdings S.A.

Investor Relations:
Ph: 011 507 304-2774
听(IR section)

Cautionary statement regarding forward-looking statements

This release includes 鈥渇orward-looking statements鈥� 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鈥檚 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鈥� 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)
UnauditedUnaudited%Unaudited%
1Q251Q24Change 4Q24Change
Operating Revenues
Passenger revenue859,025858,725鈥�%834,7582.9%
Cargo and mail revenue25,69421,91017.3%28,966(11.3%)
Other operating revenue14,46212,83112.7%14,896(2.9%)
Total Operating Revenue899,181893,4670.6%878,6202.3%
Operating Expenses
Fuel232,160245,352(5.4%)219,2325.9%
Wages, salaries, benefits and other employees' expenses117,517114,3142.8%123,575(4.9%)
Passenger servicing25,02429,684(15.7%)25,748(2.8%)
Airport facilities and handling charges65,65760,3478.8%64,6551.5%
Sales and distribution50,26155,494(9.4%)50,548(0.6%)
Maintenance, materials and repairs39,43425,62753.9%34,56714.1%
Depreciation and amortization86,28483,3653.5%85,0851.4%
Flight operations33,74931,0298.8%34,675(2.7%)
Other operating and administrative expenses35,2732,2709.3%36,78(4.1%)
Total Operating Expense685,360677,4821.2%674,8711.6%
Operating Profit/(Loss)213,822215,985(1.0%)203,7494.9%
Non-operating Income (Expense):
Finance cost(23,233)(18,840)23.3%(21,498)8.1%
Finance income15,79213,74614.9%16,064(1.7%)
Gain (loss) on foreign currency fluctuations1,370(3,914)nm(11,489)nm
Net change in fair value of derivatives(2,434)(8)nm2,706nm
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 taxes206,744206,858(0.1%)189,0319.4%
Income tax expense(29,978)(30,792)(2.6%)(23,262)28.9%
Net Profit/(Loss)176,766176,0660.4%165,7696.6%


Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
March 2025December 2024
ASSETS(Unaudited)(Audited)
Cash and cash equivalents164,820613,313
Short-term investments751,525585,919
Total cash, cash equivalents and short-term investments916,3451,199,232
Accounts receivable, net172,525166,014
Accounts receivable from related parties5,5262,976
Expendable parts and supplies, net145,040132,341
Prepaid expenses51,56842,926
Prepaid income tax4,15911,678
Other current assets26,46121,711
405,279377,647
TOTAL CURRENT ASSETS1,321,6251,576,879
Long-term investments425,821248,936
Long-term prepaid expenses7,6488,237
Property and equipment, net3,564,0263,458,261
Right of use assets293,337309,302
Intangible, net97,48396,754
Net defined benefit assets1,5131,058
Deferred tax assets15,69520,749
Other Non-Current Assets20,66122,113
TOTAL NON-CURRENT ASSETS4,426,1834,165,410
TOTAL ASSETS5,747,8085,742,289
LIABILITIES
Loans and borrowings232,447254,854
Current portion of lease liability60,15659,103
Accounts payable188,886229,104
Accounts payable to related parties1,0121,624
Air traffic liability607,457621,895
Frequent flyer deferred revenue142,773132,064
Taxes Payable60,59955,505
Accrued expenses payable33,07462,673
Income tax payable12,8619,801
Other Current Liabilities1,8311,272
TOTAL CURRENT LIABILITIES1,341,0971,427,895
Loans and borrowings long-term1,390,7741,415,953
Lease Liability255,831270,594
Deferred tax Liabilities48,80337,476
Other long - term liabilities229,921217,626
TOTAL NON-CURRENT LIABILITIES1,925,3291,941,649
TOTAL LIABILITIES3,266,4263,369,544
EQUITY
Class A - 34,219,911 issued and 30,232,861 outstanding23,27123,244
Class B - 10,938,1257,4667,466
Additional Paid-In Capital216,435214,542
Treasury Stock(294,993)(291,438)
Retained Earnings2,368,1851,826,565
Net profit176,766608,114
Other comprehensive loss(15,748)(15,748)
TOTAL EQUITY2,481,3822,372,745
TOTAL EQUITY LIABILITIES5,747,8085,742,289


Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the three months ended
(In US$ thousands)
202520242023
(Unaudited)(Unaudited)(Unaudited)
Cash flow from operating activities205,477200,998203,419
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 1613,313206,375122,424
Cash and cash equivalents at March 31$164,820$170,525$242,314
Short-term investments751,525630,640773,493
Long-term investments425,821301,192166,481
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)1Q251Q244Q24
Operating Costs per ASM as Reported (in US$ Cents)8.89.58.7
Aircraft Fuel Cost per ASM (in US$ Cents)3.03.42.8
Operating Costs per ASM excluding fuel (in US$ Cents)5.86.15.9

________________________
1 The terms 鈥淐opa Holdings鈥� and the 鈥淐ompany鈥� 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).


FAQ

What were Copa Holdings (CPA) earnings per share in Q1 2025?

Copa Holdings reported earnings of $4.28 per share in Q1 2025, a 2.2% increase from $4.19 in Q1 2024.

What is Copa Airlines' current fleet size and composition?

Copa operates 112 aircraft: 67 Boeing 737-800s, 32 Boeing 737 MAX-9s, 9 Boeing 737-700s, 3 Boeing 737 MAX-8s, and 1 Boeing 737-800 freighter.

How much dividend will Copa Holdings (CPA) pay in June 2025?

Copa Holdings will pay a dividend of $1.61 per share on June 13, 2025, to shareholders of record as of May 30, 2025.

What was Copa Holdings' (CPA) operating margin in Q1 2025?

Copa Holdings achieved an operating margin of 23.8% in Q1 2025, down 0.4 percentage points from Q1 2024.

How many new aircraft did Copa Holdings order for 2028 delivery?

Copa Holdings exercised options for six additional Boeing 737 MAX-8 aircraft, expected to be delivered in 2028.
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