Copa Holdings (NYSE: CPA) 2025 Investor Day Summary Company Overview - **Company**: Copa Holdings - **Event**: 2025 Investor Day - **Date**: December 11, 2025 - **Location**: New York City - **Key Attendees**: Minister of Economy and Finance of Panama, Mr. Felipe Chapman, and other distinguished guests Key Points and Arguments Company Performance and Growth - Copa has been listed on the New York Stock Exchange for 20 years, with significant growth in fleet size, revenues, and net income: - Fleet size is three times larger than in 2005 [7] - Revenues have increased sixfold since 2005 [7] - Net income is ten times higher than in 2005 [7] - Dividends are 34 times higher than in 2005 [7] - Consistent double-digit operating margins have been maintained, with the exception of 2020 and 2021 due to the pandemic [7][9]. Business Model - Copa's business model focuses on four key components: 1. **Geographic Advantage**: Panama's location serves as a hub connecting North, Central, and South America, as well as the Caribbean [10][11]. 2. **Serving Small Cities**: Approximately 80% of city pairs served have less than 20 passengers per day each way, necessitating hub connections [12][13]. 3. **Cost-Efficiency Culture**: Copa has successfully lowered its ex-fuel CASM since 2013, maintaining a low-cost structure while providing full-service products [15][16]. 4. **Passenger-Friendly Product**: Copa has been recognized for its on-time performance and offers a comprehensive product suite for both business and leisure travelers [16][18]. Market Outlook - Air traffic in Latin America is expected to grow at a rate of over two times GDP growth, driven by a young population and increasing middle-class income [18][19]. - Copa has 46 Boeing 737 MAX aircraft on order, with plans to deliver approximately 11-12 aircraft per year over the next four years [20]. Employee Culture and Engagement - Copa emphasizes a strong corporate culture aligned with its vision and objectives, with high employee engagement metrics: - 91% of employees understand their impact on corporate objectives [24]. - 89% understand how their work impacts customers [25]. - The company invests in talent development through its own pilot and mechanics schools, as well as leadership training programs [26]. Revenue Generation and Ancillary Opportunities - Copa has seen a 22% increase in premium revenue share since 2019, with nearly 40% of total revenue coming from premium services [51]. - The airline has shifted to a direct sales model, achieving 89% direct customer relationships, which has reduced distribution costs by 30% [52][53]. - Ancillary revenues have grown at a 34% CAGR over the past five years, indicating significant potential for further growth [54]. Unique Offerings - The **Panama Stopover Program** allows passengers to add a stay in Panama at no extra cost, promoting tourism and increasing passenger numbers [60][62]. Additional Important Insights - Copa's operational efficiency is highlighted by a high load factor of approximately 87% in November, indicating strong demand and capacity management [42]. - The company has plans to increase runway capacity and gate availability at its Panama hub, allowing for future growth [45][46]. This summary encapsulates the key points discussed during the Copa Holdings 2025 Investor Day, highlighting the company's growth trajectory, business model, market outlook, employee engagement, revenue generation strategies, and unique offerings.

Core Insights - Carrier Global Corporation has rebranded its global command centers to Carrier Customer Command Centers, emphasizing a customer-first approach and the centers' role in enhancing energy efficiency and reducing maintenance costs [1][4]. Group 1: Rebranding and Commitment - The rebranding from BluEdge Command Centers to Carrier Customer Command Centers highlights Carrier's dedication to customer-centricity and service excellence [2][4]. - The new identity aligns with Carrier's mission to improve lives and the environment through innovative climate solutions [4][5]. Group 2: Operational Capabilities - Carrier's command centers monitor over 240,000 connected assets and support more than 32,000 buildings globally, showcasing the scale and capabilities of the network [3]. - Each month, the centers identify over 10,000 service needs through predictive analytics and handle over 12,000 service technician calls, significantly improving response times [3]. - Over the past year, the centers have remotely resolved more than 60% of HVAC and lighting issues, reducing downtime and avoiding costly service calls [3]. Group 3: Industry Recognition - The command centers have received multiple awards for innovation and service excellence, including gold for Best of IoT – Services at the 2022 IoT Innovator Awards and Excellence in Customer Service Awards in 2023 and 2025 [2].

Strategy and Financial Ambition - The company is introducing a new 5-year strategy, Impact4, focusing on customers and value creation, with a new Executive Leadership Team and financial ambition[3] - The company aims for organic revenue growth of 7-8% (5-year CAGR) and absolute EBIT growth in line with or above revenue growth until 2030[51, 64, 112] - The company targets a Return on Invested Capital (ROIC) of more than 20% in FY 2029/30, with a linear improvement expected over the period[52, 64, 113] Business Unit Structure and Market Overview - The company is introducing a new structure with two Business Units: Chronic Care (~75% of revenues) and Acute Care (~25% of revenues)[26] - The company operates in an attractive marketplace valued at 110+ billion DKK, with strong positions in the chronic segments[21] - The market the company competes in is characterized by stable fundamentals and structural growth of 4-5%[24] Global Operations and Efficiency - The company aims for gross margin accretion through efficiency initiatives in Global Operations, Kerecis, and Atos Medical[77] - The company expects CAPEX-to-sales ratio to be 4-5%, reducing to around 4% towards the end of the Impact4 strategy period[93] - The company is focused on improving both FCF-to-sales (aiming above 20%) and ROIC during the Impact4 period[94, 95] Sustainability and Social Metrics - The company aims for a 90% emission reduction (Scope 1+2) by 2029/30 and net zero by 2045[106] - The company targets a 15-20% reduction in materials used in products and packaging by 2029/30[106] - The company aims for diversity in leadership of 40%+ and an Employee Engagement score in the top quartile of the industry[107, 198]