Copa Holdings Reports First-Quarter Financial Results

PANAMA CITY, May 13, 2026 (GLOBE NEWSWIRE) -- Copa Holdings¹, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2026 (1Q26), reflecting continued industry-leading profitability, disciplined execution, and the resilience of its business model amid a higher jet fuel price environment. Key highlights include:

• Net profit of US$212.5 million or US$5.16 per share, a 20.5% year‑over‑year increase in earnings per share.
• Operating margin of 24.6% and net margin of 20.2%, increases of 0.8 and 0.5 percentage points, respectively, compared to 1Q25.
• Capacity, measured in available seat miles (ASMs), grew by 14.0% year over year, and passenger traffic in RPMs increased by 15.0%. As a result, load factor increased by 0.8 percentage points to 87.2%.
• Revenue per available seat mile (RASM) of 11.8 cents, an increase of 2.7% compared to 1Q25.
• Operating cost per available seat mile (CASM) increased 1.6% year over year to 8.9 cents, while CASM excluding fuel (Ex-fuel CASM) decreased 1.0% to 5.8 cents.
• The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, representing 40% of the last-twelve-months’ revenues.
• Adjusted Net Debt to EBITDA ratio ended 1Q26 at 0.7 times.
• The Company repurchased US$45 million worth of shares during the quarter under the Company’s current US$200 million repurchase authorization. This represents approximately 1% of total outstanding shares as of the end of the quarter.
• In 1Q26, the Company took delivery of 2 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 127 aircraft.
• Copa Airlines had an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%, once again positioning itself among the very best in the industry.
  
  

Subsequent events

• On May 13, 2026, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.71 per share, payable on June 15, 2026, to shareholders of record as of May 29, 2026.
• In April, at an event held in Panama, the Company publicly announced a Boeing 737 MAX aircraft order consisting of 40 firm orders and 20 purchase options. Deliveries are expected between 2030 and 2034, supporting long‑term capacity growth while preserving flexibility within the Company’s existing fleet plan.
• During the second quarter, the Company took delivery of two additional Boeing 737 MAX 8 aircraft, increasing its total fleet to 129 aircraft.
  
  

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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 2025 (1Q25).

Full 1Q26 Earnings Release available for download at: 

ir.copaair.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11am ET (10am local). Details follow:

Date:	May 14, 2026
Time:	11:00 AM US ET (10:00 AM Local Time)
Join by phone:	Click here
Webcast (listen-only):	ir.copaair.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: copaair.com.

Investor Relations
investor.relations@copaair.com

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
	1Q26		1Q25		% Change		4Q25		% Change
Revenue Passengers Carried (000s)	4,096		3,512		16.6	%	3,935		4.1	%
Revenue Passengers OnBoard (000s)	6,007		5,208		15.3	%	5,834		3.0	%
RPMs (millions)	7,755		6,743		15.0	%	7,359		5.4	%
ASMs (millions)	8,892		7,801		14.0	%	8,513		4.5	%
Load Factor	87.2	%	86.4	%	0.8 p.p		86.4	%	0.8 p.p
Yield (US$ Cents)	12.9		12.7		1.6	%	12.4		4.3	%
PRASM (US$ Cents)	11.3		11.0		2.6	%	10.7		5.2	%
RASM (US$ Cents)	11.8		11.5		2.7	%	11.3		4.6	%
CASM (US$ Cents)	8.9		8.8		1.6	%	8.8		0.9	%
CASM Excl. Fuel (US$ Cents)	5.8		5.8		(1.0	)%	5.9		(2.9	)%
Fuel Gallons Consumed (millions)	102.7		91.0		12.9	%	98.6		4.1	%
Avg. Price Per Fuel Gallon (US$)	2.73		2.54		7.5	%	2.50		9.2	%
Average Length of Haul (miles)	1,893		1,920		(1.4	)%	1,870		1.2	%
Average Stage Length (miles)	1,260		1,260		—	%	1,236		1.9	%
Departures	43,033		37,829		13.8	%	41,942		2.6	%
Block Hours	138,479		121,611		13.9	%	133,488		3.7	%
Average Aircraft Utilization (hours)	12.2		12.1		1.3	%	11.9		3.1	%

Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands)
		Unaudited			Unaudited			%		Unaudited			%
		1Q26			1Q25			Change		4Q25			Change
Operating Revenues
Passenger revenue		1,004,173			859,025			16.9	%	913,623			9.9	%
Cargo and mail revenue		29,760			25,694			15.8	%	32,036			(7.1	%)
Other operating revenue		18,490			14,462			27.8	%	17,228			7.3	%
Total Operating Revenue		1,052,423			899,181			17.0	%	962,888			9.3	%
Operating Expenses
Fuel		282,462			232,160			21.7	%	249,177			13.4	%
Wages, salaries, benefits and other employees' expenses		137,670			117,517			17.1	%	137,906			(0.2	%)
Passenger servicing		28,135			25,024			12.4	%	27,523			2.2	%
Airport facilities and handling charges		79,184			65,657			20.6	%	68,996			14.8	%
Sales and distribution		54,812			50,261			9.1	%	55,604			(1.4	%)
Maintenance, materials and repairs		46,612			39,434			18.2	%	46,075			1.2	%
Depreciation and amortization		100,726			86,284			16.7	%	97,385			3.4	%
Flight operations		41,104			33,749			21.8	%	38,413			7.0	%
Other operating and administrative expenses		23,083			35,274			(34.6	%)	32,221			(28.4	%)
Total Operating Expense		793,787			685,360			15.8	%	753,300			5.4	%
Operating Profit/(Loss)		258,636			213,822			21.0	%	209,588			23.4	%
Operating Margin		24.6	%		23.8	%		0.8 p.p		21.8	%		2.8 p.p
Non-operating Income (Expense):
Finance cost		(25,837	)		(23,233	)		11.2	%	(27,478	)		(6.0	%)
Finance income		16,083			15,792			1.8	%	16,545			(2.8	%)
Gain (loss) on foreign currency fluctuations		1,518			1,370			10.8	%	(6,021	)		nm
Net change in fair value of derivatives		(1,066	)		(2,434	)		(56.2	%)	178			nm
Other non-operating income (expense)		(2,279	)		1,428			nm		(857	)		166.0	%
Total Non-Operating Income/(Expense)		(11,581	)		(7,077	)		63.6	%	(17,633	)		(34.3	%)
Profit before taxes		247,054			206,744			19.5	%	191,955			28.7	%
Income tax expense		(34,588	)		(29,978	)		15.4	%	(19,332	)		78.9	%
Net Profit/(Loss)		212,467			176,766			20.2	%	172,623			23.1	%
Net Margin		20.2	%		19.7	%		0.5 p.p		17.9	%		2.3 p.p
EPS
Basic Earnings Per Share (EPS)		5.16			4.28			20.5	%	4.18			23.3	%
Shares used for calculation:
Shares for calculation of Basic EPS (000s)		41,183			41,292			-0.3	%	41,248			-0.2	%

Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands)
	March 2026			December 2025
ASSETS	(Unaudited)			(Audited)
Cash and cash equivalents	374,223			382,554
Short-term investments	959,457			955,604
Total cash, cash equivalents and short-term investments	1,333,680			1,338,159
Accounts receivable, net	204,725			194,425
Accounts receivable from related parties	3,019			3,217
Expendable parts and supplies, net	152,247			148,127
Prepaid expenses	89,588			55,209
Prepaid income tax	4,836			6,172
Other current assets	29,291			32,769
	483,706			439,919
TOTAL CURRENT ASSETS	1,817,386			1,778,078
Long-term investments	190,157			248,579
Long-term prepaid expenses	5,991			5,434
Property and equipment, net	4,461,063			4,120,055
Right of use assets	279,918			296,761
Intangible, net	104,477			104,071
Net defined benefit assets	3,157			3,220
Deferred tax assets	20,308			19,873
Other Non-Current Assets	12,060			6,952
TOTAL NON-CURRENT ASSETS	5,077,131			4,804,946
TOTAL ASSETS	6,894,517			6,583,024
LIABILITIES
Loans and borrowings	218,254			172,885
Current portion of lease liability	66,901			66,132
Accounts payable	210,249			164,320
Accounts payable to related parties	1,409			1,333
Air traffic liability	750,546			737,616
Frequent flyer deferred revenue	160,478			155,584
Taxes Payable	81,360			62,931
Accrued expenses payable	39,970			66,016
Income tax payable	27,122			11,929
Other Current Liabilities	9,111			1,361
TOTAL CURRENT LIABILITIES	1,565,401			1,440,107
Loans and borrowings long-term	1,890,520			1,807,556
Lease Liability	241,670			258,383
Deferred tax Liabilities	72,940			59,217
Other long-term liabilities	250,445			242,337
TOTAL NON-CURRENT LIABILITIES	2,455,575			2,367,494
TOTAL LIABILITIES	4,020,976			3,807,600
EQUITY
Class A - 34,257,137 issued and 29,861,335 outstanding	23,316			23,290
Class B - 10,938,125	7,466			7,466
Additional Paid-In Capital	221,661			220,190
Treasury Stock	(345,147	)		(300,143	)
Retained Earnings	2,769,716			2,168,911
Net profit	212,467			671,648
Other comprehensive loss	(15,939	)		(15,939	)
TOTAL EQUITY	2,873,541			2,775,423
TOTAL EQUITY LIABILITIES	6,894,517			6,583,024

Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the three months ended (In US$ thousands)
		2026				2025
	(Unaudited)				(Unaudited)
Net cash flow from operating activities		359,710				205,477
Investing activities
Net Acquisition of Investments		54,498				(340,191	)
Net cash flow related to advance payments on aircraft purchase contracts		(245,026	)			(115,130	)
Acquisition of property and equipment		(163,486	)			(56,216	)
Proceeds from sale of property and equipment		85				—
Acquisition of intangible assets		(5,559	)			(6,515	)
Cash flow used in investing activities		(359,488	)			(518,052	)
Financing activities
Proceeds from new borrowings		154,605				—
Payments on loans and borrowings		(31,543	)			(51,863	)
Payment of lease liability		(16,033	)			(14,007	)
Share repurchase		(45,004	)			(3,555	)
Dividends paid		(70,578	)			(66,493	)
Cash flow used in financing activities		(8,553	)			(135,918	)
Net (decrease) in cash and cash equivalents		(8,331	)			(448,493	)
Cash and cash equivalents as of January 1		382,554				613,313
Cash and cash equivalents as ofMarch 31,	$	374,223			$	164,820
Short-term investments		959,457				751,525
Long-term investments		190,157				425,821
Total cash and cash equivalents and investments as ofMarch 31,	$	1,523,837			$	1,342,166

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 and Adjusted Net Debt to EBITDA. This supplemental information is presented because we believe it is a useful indicator of our operating performance and for 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)	1Q26	1Q25	4Q25
Operating Costs per ASM as Reported (in US$ Cents)	8.9	8.8	8.8
Aircraft Fuel Cost per ASM (in US$ Cents)	3.2	3.0	2.9
Operating Costs per ASM excluding fuel (in US$ Cents)	5.8	5.8	5.9

Reconciliation of Adjusted Net Debt to EBITDA	1Q26			1Q25			4Q25
Net Debt	$	893,509		$	592,934		$	718,218
LTM Operating Profit/(Loss) (in US$ thousands)	$	863,774		$	750,788		$	818,960
LTM Depreciation and amortization (in US$ thousands)	$	379,579		$	333,628		$	365,137
LTM EBITDA (in US$ thousands)	$	1,243,353		$	1,084,417		$	1,184,096
Adjusted Net Debt to EBITDA		0.7			0.5			0.6

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