Financial Data and Key Metrics Changes - The company reported a net profit of $176.8 million or $4.28 per share, representing a net margin of 19.7% [12] - Operating profit for the quarter was $213.8 million with an operating margin of 23.8% [12] - Capacity increased by 9.5% year over year, with adjusted capacity growth of 4.6% when accounting for the MAX 9 grounding in Q1 2024 [8] - Passenger traffic grew by 10.1% compared to Q1 2024, leading to a load factor increase of 0.4 percentage points to 86.4% [9] - Unit revenues (RASM) decreased by 8.1% to $0.015, primarily due to a 9.1% decrease in passenger yields [9] - Unit costs excluding fuel (CASM Ex) decreased by 4.3% to $0.58, driven by lower sales and distribution expenses [10] Business Line Data and Key Metrics Changes - Copa Airlines announced service to three new cities: San Diego, California, starting in June, and Salta and Tucuman in Argentina starting in September [10] - Wingo added one new domestic route in Colombia and is set to receive additional aircraft to expand its fleet [11] Market Data and Key Metrics Changes - The company noted that the competitive capacity in the region is increasing, with overall industry capacity expected to grow by approximately 6% in Q2 and close to 10% in Q3 [20] - Demand in South America is generally stable, with Brazil showing yield weakness due to currency issues, while North America and the Caribbean are performing adequately [41] Company Strategy and Development Direction - The company is focused on maintaining low ex-fuel unit costs, on-time performance, and expanding its hub in Panama to achieve industry-leading margins [7] - The 2025 operating margin guidance has been increased to a range of 21% to 23%, supported by lower fuel costs and steady passenger demand [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust business model and the ability to navigate economic uncertainties, with healthy passenger booking trends observed [16] - The company remains cautious about the economic environment but believes it is well-positioned to deliver strong results [16] Other Important Information - The company ended the quarter with over $1.3 billion in cash and investments, representing 39% of the last twelve months' revenues [13] - A second dividend payment of $1.61 per share is scheduled for June 13, 2025 [15] Q&A Session Summary Question: Changes in demand environment and regional differences - Management has not seen any material changes in demand recently, maintaining steady demand visibility for the next two to three months [18][19] Question: Competitive capacity pressures - Industry capacity is expected to grow, with some competitors expanding at a faster rate, but overall trends remain stable [20] Question: Distribution cost savings and initiatives - The company is still realizing savings from distribution costs and is looking for additional initiatives to enhance efficiency [28][30] Question: Fleet utilization and growth outlook - Current fleet utilization is around twelve hours, with expectations for growth to be more pronounced in 2026 [32] Question: Breakdown of demand by segment - Business travel accounts for about 20%, leisure for 45%, with the remainder being VFR [39] Question: Impact of competitive capacity in Mexico - The company is experiencing weakness in Mexico due to competitive capacity, but the new agreement with Volaris is expected to help mitigate this [75] Question: Flexibility to reduce capacity if needed - The company has significant flexibility with unencumbered aircraft and a diversified network to adjust capacity as needed [51][53] Question: Dividend payout ratio and share repurchase plans - The current dividend payout ratio is around 44% of last year's net income, with a buyback plan of $200 million still in place [62] Question: Assumptions for 2025 and pricing strategy - Management remains cautious but confident in maintaining pricing despite potential market slowdowns, with a focus on capacity management [68][72] Question: Vacation packages and their contribution - The company does not have a specific vacation package focus but works with wholesalers to manage vacation-related travel [94]

Financial Data and Key Metrics Changes - The company reported a net profit of $176.8 million or $4.28 per share, representing a net margin of 19.7% [10] - Operating profit for the quarter was $213.8 million with an operating margin of 23.8% [10] - The company ended the quarter with over $1.3 billion in cash and investments, which is 39% of the last twelve months' revenues [11] - Adjusted net debt to EBITDA ratio was 0.5 times, with an average cost of debt at 3.5% [11] Business Line Data and Key Metrics Changes - Capacity increased by 9.5% year over year, with a 4.6% increase adjusted for the MAX nine grounding [6] - Passenger traffic grew by 10.1% compared to Q1 2024, leading to a load factor increase of 0.4 percentage points to 86.4% [7] - Unit revenues (RASM) decreased by 8.1% to $0.015, primarily due to a 9.1% decrease in passenger yields [7] - Unit costs excluding fuel (CASM Ex) decreased by 4.3% to $0.58, driven by lower sales and distribution expenses [8] Market Data and Key Metrics Changes - The company noted a weaker currency environment in certain Latin American countries affecting passenger yields [7] - Industry capacity in the region is expected to grow by approximately 6% in Q2 and close to 10% in Q3 [18] Company Strategy and Development Direction - The company is focused on maintaining low ex-fuel unit costs and expanding its hub in Panama [6] - The operating margin guidance for 2025 has been increased to a range of 21% to 23% due to lower fuel cost outlook and steady passenger demand [9][13] - The company plans to strengthen its position by adding new routes and enhancing its network [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust business model and healthy passenger booking trends despite economic uncertainties [14] - The company remains cautious about the future, acknowledging the potential for changes in demand and competitive capacity [16][18] Other Important Information - The company announced a second dividend payment of $1.61 per share scheduled for June 13 [13] - The fleet plan includes options for six additional Boeing 737 MAX 8 aircraft to be delivered in 2028, with a total order book of 57 aircraft [12] Q&A Session Summary Question: Changes in demand environment and regional differences - Management noted no material changes in demand trends recently, maintaining steady demand visibility for the next two to three months [16][17] Question: Competitive capacity pressures - Industry capacity is growing, with some competitors expanding at a faster rate, but overall capacity growth is manageable [18][19] Question: Distribution cost savings and initiatives - The company is still realizing savings from distribution costs and expects further initiatives to contribute positively [25][26] Question: Fleet utilization and growth outlook - Current fleet utilization is around twelve hours, with expectations for continued efficiency despite new deliveries [30] Question: Breakdown of demand by segment - Business travel accounts for 20%, leisure for 45%, with the remainder being VFR; South America is performing well except for Brazil [36][37] Question: Flexibility to reduce capacity - The company has significant flexibility with unencumbered aircraft and a diversified network to adjust capacity as needed [48][50] Question: Fuel price guidance and potential margin impact - Current fuel price guidance is $2.4 per gallon, with management confident in their margin outlook based on existing assumptions [54][56] Question: Dividend policy and share repurchase plans - The company maintains a dividend payout ratio of around 44% of last year's net income, with a buyback plan of $200 million still in place [58][59] Question: Historical performance during downturns - Management remains cautiously optimistic about U.S. demand, noting that downturns can sometimes lead to increased travel to Latin America [86][88] Question: Vacation packages and their contribution - The company does not have a specific vacation package focus but works with wholesalers to drive growth in this area [90][91]

Copa Holdings (CPA) reported $899.18 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 0.6%. EPS of $4.28 for the same period compares to $4.19 a year ago.The reported revenue represents a surprise of +1.09% over the Zacks Consensus Estimate of $889.5 million. With the consensus EPS estimate being $3.77, the EPS surprise was +13.53%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Copa Holdings (CPA) came out with quarterly earnings of $4.28 per share, beating the Zacks Consensus Estimate of $3.77 per share. This compares to earnings of $4.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.53%. A quarter ago, it was expected that this holding company for Panama's national airline would post earnings of $3.84 per share when it actually produced earnings of $3.99, delivering a surprise of 3.91%.Over th ...

Core Viewpoint Copa Holdings reported its financial results for the first quarter of 2025, showing a slight increase in net profit and a decrease in operating margin, while maintaining a strong cash position and operational performance. Financial Performance - Net profit for 1Q25 was US$176.8 million, or US$4.28 per share, reflecting a US$0.7 million increase compared to 1Q24 [3][4] - Operating profit was US$213.8 million with an operating margin of 23.8%, down 1.0% and 0.4 percentage points respectively from 1Q24 [3][4] - Operating revenues totaled US$899.2 million, a 0.6% increase from 1Q24 [2][8] Operational Metrics - Revenue passengers carried increased by 7.4% year-over-year to 3,512,000 [2] - Revenue passenger miles (RPMs) rose by 10.1% to 6,743 million [2] - Load factor improved to 86.4%, up 0.4 percentage points from 1Q24 [2] Cost and Efficiency - Operating cost per available seat mile (CASM) decreased by 7.7% to 8.8 cents, while CASM excluding fuel fell by 4.3% to 5.8 cents [3][9] - Average price per fuel gallon dropped by 12.4% to US$2.54 [2] Cash and Debt Position - The company ended the quarter with approximately US$1.3 billion in cash and investments, representing 39% of the last twelve months' revenues [3] - Total debt, including lease liabilities, stood at US$1.9 billion, with an Adjusted Net Debt to EBITDA ratio of 0.5 times [3] Fleet and Future Plans - Copa Holdings has a consolidated fleet of 112 aircraft and has exercised options for six additional Boeing 737 MAX-8 aircraft, increasing its firm order book to 57 aircraft [3][4] - The company achieved an on-time performance of 90.8% and a flight completion factor of 99.9% [3]

Core Insights - Copa Holdings has demonstrated strong financial performance, with revenues exceeding $800 million in every quarter since Q3 2022 [1] - The company has averaged nearly $4 in earnings per share over this period, indicating consistent profitability [1] Financial Performance - Revenues have consistently surpassed $800 million quarterly, showcasing robust operational strength [1] - Earnings per share have averaged close to $4, reflecting solid earnings generation capabilities [1]

Company Performance - Copa Holdings closed at $91.45, reflecting a -0.66% change from the previous day, underperforming the S&P 500's gain of 0.58% [1] - Over the past month, shares of Copa Holdings have decreased by 0.43%, which is better than the Transportation sector's loss of 6.4% and the S&P 500's loss of 0.84% [1] Upcoming Earnings - The company is set to release its earnings report on May 7, 2025, with an expected EPS of $3.78, indicating a 9.79% decline year-over-year [2] - Revenue is projected to be $892.3 million, down 0.13% from the same quarter last year [2] Annual Forecast - Zacks Consensus Estimates predict earnings of $15.60 per share and revenue of $3.64 billion for the year, representing increases of +7.14% and +5.63% respectively compared to the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Copa Holdings reflect evolving short-term business trends, with positive revisions indicating analyst optimism regarding the company's profitability [3][4] Zacks Rank - Copa Holdings currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [5] - The Zacks Rank system has shown a strong track record, with 1 ranked stocks yielding an average annual return of +25% since 1988 [5] Valuation Metrics - Copa Holdings has a Forward P/E ratio of 5.9, which is lower than the industry average of 8.79, suggesting it is trading at a discount [6] - The company has a PEG ratio of 0.81, compared to the industry average PEG ratio of 0.86 [7] Industry Context - The Transportation - Airline industry is ranked 183 in the Zacks Industry Rank, placing it in the bottom 27% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Points - Copa Holdings, S.A. has filed its annual report Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The report includes Copa's audited financial statements and is available on the company's investor relations website [1][2] - Shareholders can request a hard copy of the report free of charge [1][2] Company Overview - Copa Holdings is a leading provider of passenger and cargo services in Latin America [3] - The company operates through its subsidiaries, providing services to countries in North, Central, and South America, as well as the Caribbean [3]

Table of Contents As filed with the Securities and Exchange Commission on April 28, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ____________________ o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Copa Holdings (CPA) .Copa Holdings currently has an average brokerage reco ...