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 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).

Copa Holdings Reports First-Quarter Financial Results