Group 1 - JD Bancshares, Inc. has appointed Carrie H. Calvin, CPA, CFE and Preston Castille to its Board of Directors [1]

Group 1: Copa Holdings Performance - Copa Holdings, S.A. (CPA) reported robust traffic numbers for August 2025, driven by high passenger volumes and upbeat air travel demand, with revenue passenger miles (RPM) improving year-over-year [1][8] - Available seat miles (capacity) increased by 5.8% year-over-year in August, while RPM improved by 9.8% year-over-year, indicating strong demand [2][8] - The load factor rose to 88.3% from 85.1% in August 2024, as traffic growth outpaced capacity expansion [2][8] Group 2: Market Position and Stock Performance - CPA currently holds a Zacks Rank 3 (Hold) and has seen its shares gain 33.3% year-to-date, outperforming the Zacks Airline industry, which increased by 8.3% [3] Group 3: Competitor Performance - Allegiant Travel Company reported a 12.1% increase in scheduled traffic (RPM) and a 14.6% rise in capacity (available seat miles) for August 2025, but its load factor declined to 82.6% [9] - LATAM Airlines Group experienced a 10.8% increase in consolidated traffic (RPK) and a 9.4% rise in capacity (ASK), with a load factor of 85.4% [10][11] - Ryanair Holdings transported 21 million passengers in August 2025, reflecting a 2% year-over-year increase, with a consistent load factor of 96% [12][14]

Core Insights - Copa Holdings reported a 5.8% increase in capacity (ASM) for August 2025 compared to August 2024, reaching 2,755.1 million available seat miles [1] - Revenue passenger miles (RPM) increased by 9.8% year-over-year, totaling 2,432.2 million for August 2025 [1] - The load factor for August 2025 was 88.3%, which is 3.2 percentage points higher than the load factor in August 2024 [1] Company Overview - Copa Holdings is a prominent provider of passenger and cargo services in Latin America, serving countries across North, Central, and South America, as well as the Caribbean [2] - The company operates through its subsidiaries, enhancing its service offerings in the region [2] Definitions - Available seat miles (ASM) is calculated by multiplying the aircraft seating capacity by the number of miles flown [2] - Revenue passenger miles (RPM) measures the number of miles flown by revenue-generating passengers [2] - Load factor indicates the percentage of aircraft seating capacity that is utilized [2]

Core Viewpoint - Copa Holdings (NYSE: CPA) is rated as a "Strong Buy" with a significant price increase of approximately 30%, moving from the $90s to around $120 recently [1]. Summary by Relevant Sections - **Stock Performance** - The stock has experienced a notable increase of +30% since the initial rating was given earlier this year [1]. - **Investment Thesis** - The positive outlook on Copa Holdings is maintained despite the recent price increase, indicating continued confidence in the company's growth potential [1].

Core Viewpoint - Kootenay Silver Inc. has appointed Ron Miller as a director, bringing over 30 years of experience in accounting and advisory services, particularly in the mining sector [1][2][3]. Company Overview - Kootenay Silver Inc. is an exploration company focused on discovering and developing mineral projects in the Sierra Madre Region of Mexico, with a significant portfolio of silver assets [5]. - The company aims to expand its silver resources and develop priority silver projects in Sonora and Chihuahua, Mexico [5]. Appointment of Ron Miller - Ron Miller, a CPA, CA, has extensive experience in public practice and has been involved in numerous mergers, acquisitions, and financing for public companies, particularly in the mining sector [1][2]. - The President & CEO of Kootenay, James McDonald, expressed optimism about leveraging Miller's experience to advance the company's high-grade Columba discovery and resource projects [3]. Stock Options Announcement - Kootenay Silver Inc. has granted stock purchase options to a consultant, allowing the purchase of up to 250,000 shares at a price of $1.19 per share for a period of two years [3].

Core Insights - Copa Holdings (CPA) is experiencing growth due to increased passenger volumes, with robust traffic numbers reported for July 2025 driven by strong air travel demand [1] - The company is expanding its capacity to meet rising demand, with available seat miles increasing by 6.3% year-over-year in July [2] - Revenue passenger miles (RPM) improved by 7.8% year-over-year in July, leading to a load factor increase to 88.8% from 87.6% in July 2024 [2][8] Capacity and Traffic Growth - In the second quarter of 2025, RPM increased by 6.4% year-over-year, with a load factor rise of 0.5 percentage points to 87.3% [3] - Traffic growth outpaced capacity expansion of 5.8% during the same period, indicating strong demand [3] Comparative Analysis with Other Airlines - Ryanair reported a 3% year-over-year increase in passengers transported, totaling 20.7 million in July 2025, with a consistent load factor of 96% [4][5] - Controladora Vuela Compania de Aviacion (Volaris) saw a 3% year-over-year increase in passengers, but its load factor decreased by 4.9 percentage points to 84.9% due to capacity expansion outpacing traffic growth [7]

Group 1 - Copa Holdings reported a 6.3% increase in capacity (ASM) for July 2025 compared to July 2024, reaching 2,854.8 million available seat miles [1] - The company experienced a 7.8% increase in system-wide passenger traffic (RPM) for July 2025, totaling 2,533.7 million revenue passenger miles [1] - The load factor for July 2025 was 88.8%, which is 1.2 percentage points higher than the load factor in July 2024 [1] Group 2 - Copa Holdings is a prominent provider of passenger and cargo services in Latin America, serving countries across North, Central, and South America, as well as the Caribbean [2] - The company operates through its subsidiaries to deliver these services [2]

Core Insights - Copa Holdings, S.A. (CPA) reported strong second-quarter 2025 results, with both earnings and revenues exceeding the Zacks Consensus Estimate, leading to a 7.7% increase in stock price since the earnings release on August 6 [1] Financial Performance - Quarterly earnings per share were $3.61, surpassing the Zacks Consensus Estimate of $3.25 and reflecting a 25.3% year-over-year improvement [2] - Revenues reached $842.60 million, beating the Zacks Consensus Estimate of $834.8 million and increasing by 2.8% year over year, driven by an 8% rise in onboard passengers [2] - Passenger revenues, contributing 94.6% to total revenues, grew 2% year over year to $797.26 million, supported by a 6.4% increase in revenue passenger miles (RPMs), despite a 4.1% decrease in passenger yield [3] Revenue Breakdown - Cargo and mail revenues increased by 12.4% year over year to $28.3 million, attributed to higher cargo volumes [4] - Other operating revenues improved by 33.9% year over year to $17.03 million, driven by increased ConnectMiles revenues from non-air partners [4] Operational Metrics - Copa Holdings' traffic (measured in RPMs) grew by 6.4%, while capacity (measured in available seat miles) increased by 5.8% from the previous year, resulting in a load factor of 87.3%, up 0.5 percentage points [5] - Passenger revenue per available seat mile decreased by 3.6% year over year to 10.1 cents, while revenue per available seat mile (RASM) fell by 2.8% to 10.7 cents [6] Cost Analysis - Total operating expenses rose by 0.9% year over year to $665.98 million, primarily due to increased capacity and maintenance costs, partially offset by lower fuel and passenger servicing expenses [7] - Employee-related expenses increased by 6.5%, while maintenance costs surged over 100% year over year [8] Cash Position - At the end of the second quarter, Copa Holdings had cash and cash equivalents of $236.17 million, up from $164.82 million at the end of the previous quarter [8] 2025 Outlook - Management anticipates consolidated capacity growth of 7-8% year over year, with an expected operating margin of 21-23% [9] - RASM is projected to be 11.2 cents, with a load factor expectation of 87% for the current year [9]

Financial Performance - Net profit for 2Q25 was US$148.9 million, or US$3.61 per share, reflecting a 25.2% increase in earnings per share compared to 2Q24[3] - Operating income for the quarter was US$176.6 million, a 10.7% increase from US$159.5 million in 2Q24[9] - Operating profit for Q2 2025 was US$176.6 million, a 10.7% increase compared to Q2 2024[21] - Net profit for Q2 2025 reached US$148.9 million, a 23.8% increase from Q2 2024[21] - Basic Earnings Per Share (EPS) for Q2 2025 was US$3.61, a 25.3% increase compared to Q2 2024[21] Revenue and Expenses - Operating revenues reached US$842.6 million, a 2.8% increase year-over-year, with a load factor of 87.3%, up 0.5 percentage points[6] - Consolidated operating revenue for Q2 2025 totaled US$842.6 million, a 2.8% increase from Q2 2024[19] - Passenger revenue increased by US$15.8 million or 2.0% year-over-year to US$797.3 million, driven by a 6.4% increase in revenue passenger miles (RPMs)[19] - Cargo and mail revenue rose to US$28.3 million, a 12.4% increase compared to Q2 2024, due to higher cargo volumes[20] - Total operating expenses for Q2 2025 were US$666.0 million, a 0.9% increase from Q2 2024, primarily due to higher maintenance and repair costs[21] - Fuel expenses decreased by US$31.9 million or 13.0% year-over-year to US$214.1 million, attributed to a 17.0% lower effective fuel price[21] Cash Flow and Investments - The company ended the quarter with approximately US$1.4 billion in cash and investments, representing 39% of the last twelve months' revenues[3] - Net cash flow from operating activities for the first half of 2025 was $484,282 thousand, an increase from $470,777 thousand in the same period of 2024[31] - Cash flow used in investing activities increased significantly to $733,297 thousand in 2025 from $258,696 thousand in 2024, primarily due to higher acquisition of investments and aircraft[31] - Total cash and cash equivalents and investments as of June 30, 2025, reached $1,368,640 thousand, up from $1,207,254 thousand in 2024[31] - Cash and cash equivalents as of June 30, 2025, were $236,171 thousand, a decrease from $613,313 thousand at the beginning of the year[31] - The company reported a net decrease in cash and cash equivalents of $377,142 thousand for the first half of 2025, compared to a minor decrease of $5,739 thousand in 2024[31] - Dividends paid in the first half of 2025 were $133,027 thousand, slightly down from $134,756 thousand in the same period of 2024[31] - The company’s long-term investments increased to $368,332 thousand in 2025 from $258,379 thousand in 2024, reflecting a strategic focus on long-term growth[31] Operational Metrics - Copa Airlines achieved an on-time performance of 91.5% and a flight completion factor of 99.8% for the quarter[3] - The company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft[3] - Copa Holdings reported a decrease in passenger revenues per available seat mile (PRASM) by 3.6% to 10.1 cents, alongside a decline in passenger yields of 4.1%[6] - Operating costs per available seat mile (ASM) excluding fuel for Q2 2025 was reported at 5.8 cents, consistent with Q1 2025 and YTD 2025, while down from 5.8 cents in Q2 2024[33] - Aircraft fuel cost per ASM decreased to 2.7 cents in Q2 2025 from 3.3 cents in Q2 2024, indicating improved fuel efficiency[33] Balance Sheet - Adjusted Net Debt to EBITDA ratio stood at 0.6 times, maintaining a strong balance sheet[9] - Total assets as of June 2025 were US$6.0 billion, an increase from US$5.7 billion in December 2024[29] - Total equity increased to US$2.56 billion in June 2025, up from US$2.37 billion in December 2024[29] - Proceeds from new borrowings increased to $165,000 thousand in the first half of 2025 compared to $108,000 thousand in 2024[31]

Financial Data and Key Metrics Changes - Copa Holdings reported a net profit of $149 million, or $3.61 per share, representing a 25% year-over-year increase in earnings per share [9] - Operating income reached $177 million with an operating margin of 21%, highlighting strong profitability [9] - Capacity increased by 5.8% year-over-year, while load factor reached 87.3%, an increase of 0.5 percentage points compared to Q2 2024 [6] - Passenger yields decreased by 4.1% year-over-year, and unit revenues (RASM) declined by 2.8% to $0.01107 [6][10] - Unit cost (CASM) decreased by 4.6% year-over-year to $0.85, driven primarily by a 17% reduction in average fuel price per gallon [10] Business Line Data and Key Metrics Changes - The cargo business has shown strong performance, with most cargo moving in the belly of passenger aircraft [39] - Copa took delivery of three Boeing 737 MAX 8 aircraft during the quarter, bringing the total fleet to 115 aircraft [12] Market Data and Key Metrics Changes - The company noted that most major currencies in South America and Latin America are up year-over-year, benefiting Copa as most sales are south to north [22] - Industry capacity in the region is expected to grow in the high single digits for the second half of the year [16] Company Strategy and Development Direction - Copa Holdings continues to focus on expanding its hub in Panama, with new services announced to various destinations [7][8] - The company aims to maintain a competitive advantage through low unit costs, a strong balance sheet, and a passenger-friendly product [8] - The company is reaffirming its full-year operating margin guidance of 21% to 23% and expects capacity growth in ASMs of 7% to 8% year-over-year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the healthy demand environment and the ability to maintain strong results despite lower yields [32] - The company is focused on cost discipline and operational efficiency to navigate a lower yield environment [33] - Management highlighted ongoing investments in digital technology to enhance revenue management and ancillary revenues [80] Other Important Information - Copa Holdings ended the quarter with $1.4 billion in cash and investments, representing 39% of the last twelve months' revenue [11] - The company plans to make its third dividend payment of the year of $1.61 per share on September 15 [11] Q&A Session Summary Question: Demand trends in key markets - Management noted that most markets have strong or steady demand, with an increase in load factor guidance [15][16] Question: Aircraft delivery and capacity outlook for 2026 - Deliveries have been on time, with expectations for increased capacity in 2026 due to early aircraft deliveries [17][19] Question: Impact of foreign exchange on revenue and costs - Management indicated that stronger local currencies in Latin America benefit sales, but the impact is not significant [22][24] Question: Airport capacity and infrastructure projects - An expansion plan for the airport is underway, including runway repairs and additional gates [26][27] Question: Fuel price guidance and margin outlook - The fuel price assumption in guidance is based on historical data, and management does not see significant seasonality in CASM ex-fuel [51][52] Question: Cargo business outlook - The cargo business remains strong, with limited visibility into long-term trends, but a new freighter is expected to contribute to volume [39][41] Question: Competitive landscape and partnerships - Management acknowledged increased competition in the region but emphasized Copa's strong product and cost structure [72][75] Question: Role of technology in revenue management - The company has invested in digital technology to enhance revenue management and is exploring dynamic pricing [80][81] Question: Seat densification progress - There are 30 aircraft pending densification to increase seat capacity, without sacrificing comfort [83]