Copa Holdings Reports Second-Quarter Financial Results

PANAMA CITY, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the second quarter (2Q26), reflecting the resilience of the Company's business model and disciplined execution amid a significantly higher jet fuel price environment. Key highlights include:

• Operating profit of US$91.7 million and an operating margin of 8.7%, a 13.1 percentage point decrease year over year.
• Net profit of US$68.2 million or US$1.67 per share, a 53.9% year‑over‑year decrease in earnings per share.
• Operating revenue increased 25.7% year over year.
• Passenger yields increased 8.7% year over year to 12.6 cents, and revenue per available seat mile (RASM) increased 7.9% to 11.6 cents compared to 2Q25, while capacity in ASMs increased by 16.5% year over year.
• Load factor of 86.7%, compared to 87.3% in 2Q25.
• Operating cost per available seat mile excluding fuel (Ex-Fuel CASM) decreased 0.1% year over year to 5.7 cents.
• The Company ended the quarter with approximately US$1.5 billion in cash, short-term and long-term investments, which represent 39% of the last twelve-month revenues.
• The Company ended 2Q26 with a Net Debt-to-EBITDA ratio of 0.9x.
• During the quarter, the Company took delivery of 4 Boeing 737-MAX 8 aircraft to end the quarter with a total fleet of 131 aircraft.
• Copa Airlines had an on-time performance for the quarter of 90.6% and a flight completion factor of 99.8%, once again positioning the airline among the best in the industry.

Subsequent events

• On August 5, 2026, the Board of Directors of Copa Holdings ratified its third dividend payment for the year of US$1.71 per share. Dividends will be paid on September 15, 2026, to shareholders on record as of August 31, 2026.
• On July 4, 2026, Copa Airlines operated its first flight equipped with Starlink onboard internet, becoming the first airline in Latin America to offer high-speed Starlink connectivity. The Company expects to complete the installation of Starlink Wi-Fi across its entire fleet by the first half of 2027.
• In July, Copa Airlines published schedules reflecting its transition from six to eight connecting banks at its Hub of the Americas® in Panama City. This new bank structure, starting in March 2027, will provide passengers with greater flight options and improved connectivity while increasing aircraft utilization and better use of airport facilities, thereby further consolidating the leadership position of the Hub of the Americas® in the region.

__________________________________
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 second quarter of 2025 (2Q25).

Full 2Q26 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:August 6, 2026Time:11:00 AM US ET (10:00 AM Local Time)Join by phone: Click hereWebcast (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 over 30 countries in North, Central, and South America and the Caribbean. For more information, visit: www.copaair.com.

Investor Relations
[email protected]

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                 2Q26 2Q25 % Change 1Q26 % Change YTD26 YTD25 % ChangeRevenue Passengers Carried (000s)4,138  3,600  14.9% 4,096  1.0% 8,234  7,112  15.8%Revenue Passengers OnBoard (000s)6,176  5,366  15.1% 6,014  2.7% 12,190  10,574  15.3%RPMs (millions)7,936  6,859  15.7% 7,755  2.3% 15,691  13,602  15.4%ASMs (millions)9,150  7,856  16.5% 8,892  2.9% 18,042  15,657  15.2%Load Factor86.7% 87.3% -0.6 p.p 87.2% -0.5 p.p 87.0% 86.9% 0.1 p.pYield (US$ Cents)12.6  11.6  8.7% 12.9  (2.4)% 12.8  12.2  5.0%PRASM (US$ Cents)11.0  10.1  8.0% 11.3  (3.0)% 11.1  10.6  5.1%RASM (US$ Cents)11.6  10.7  7.9% 11.8  (2.2)% 11.7  11.1  5.2%CASM (US$ Cents)10.6  8.4  26.0% 8.9  18.5% 9.8  8.6  13.7%CASM Excl. Fuel (US$ Cents)5.7  5.7  (0.1)% 5.8  (1.5)% 5.7  5.7  (0.6)%Fuel Gallons Consumed (millions)105.0  91.9  14.2% 102.7  2.3% 207.6  182.8  13.6%Avg. Price Per Fuel Gallon (US$)4.28  2.32  84.8% 2.73  56.8% 3.51  2.43  44.8%Average Length of Haul (miles)1,918  1,905  0.7% 1,893  1.3% 1,906  1,912  (0.4)%Average Stage Length (miles)1,255  1,231  2.0% 1,260  (0.4)% 1,257  1,245  1.0%Departures44,301  38,985  13.6% 43,033  2.9% 87,334  76,814  13.7%Block Hours142,113  122,526  16.0% 138,479  2.6% 280,592  244,137  14.9%Average Aircraft Utilization (hours)12.1  11.9  1.4% 12.2  (1.0)% 12.2  12.0  1.4%                       

 Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)                   Unaudited Unaudited % Unaudited % Unaudited Unaudited %  2Q26 2Q25 Change 1Q26 Change YTD26 YTD25 ChangeOperating Revenues                Passenger revenue 1,002,609  797,266  25.8% 1,004,173  (0.2%) 2,006,782  1,656,291  21.2%Cargo and mail revenue 34,183  28,307  20.8% 29,760  14.9% 63,944  54,001  18.4%Other operating revenue 22,541  17,031  32.4% 18,490  21.9% 41,031  31,493  30.3%Total Operating Revenue 1,059,334  842,604  25.7% 1,052,423  0.7% 2,111,757  1,741,785  21.2%                 Operating Expenses                Fuel 449,552  214,106  110.0% 282,462  59.2% 732,013  446,266  64.0%Wages, salaries, benefits and other employees' expenses 131,364  122,289  7.4% 137,670  (4.6%) 269,034  239,807  12.2%Passenger servicing 29,028  25,190  15.2% 28,135  3.2% 57,162  50,214  13.8%Airport facilities and handling charges 77,315  64,652  19.6% 79,184  (2.4%) 156,499  130,309  20.1%Sales and distribution 57,388  49,429  16.1% 54,812  4.7% 112,200  99,691  12.5%Maintenance, materials and repairs 42,071  36,158  16.4% 46,612  (9.7%) 88,682  75,592  17.3%Depreciation and amortization 107,539  88,440  21.6% 100,726  6.8% 208,266  174,724  19.2%Flight operations 42,825  32,766  30.7% 41,104  4.2% 83,930  66,515  26.2%Other operating and administrative expenses 30,593  26,329  16.2% 23,083  32.5% 53,676  61,602  (12.9%)Total Operating Expense 967,676  659,359  46.8% 793,787  21.9% 1,761,463  1,344,719  31.0%                 Operating Profit/(Loss) 91,658  183,245  (50.0%) 258,636  (64.6%) 350,294  397,067  (11.8%)Operating Margin 8.7% 21.7% -13.1 p.p 24.6% -15.9 p.p 16.6% 22.8% -6.2 p.p                 Non-operating Income (Expense):                Finance cost (28,179) (23,285) 21.0% (25,837) 9.1% (54,017) (46,518) 16.1%Finance income 16,533  15,377  7.5% 16,083  2.8% 32,616  31,170  4.6%Gain (loss) on foreign currency fluctuations (858) 910  nm 1,518  nm 660  2,280  (71.0%)Net change in fair value of derivatives (1,040) (1,688) (38.4%) (1,066) (2.5%) (2,106) (4,122) (48.9%)Other non-operating income (expense) (832) (397) 109.6% (2,279) (63.5%) (3,111) 1,031  nmTotal Non-Operating Income/(Expense) (14,377) (9,083) 58.3% (11,581) 24.1% (25,958) (16,160) 60.6%                 Profit before taxes 77,282  174,162  (55.6%) 247,054  (68.7%) 324,336  380,906  (14.9%)                 Income tax expense (9,107) (25,253) (63.9%) (34,588) (73.7%) (43,694) (55,231) (20.9%)                 Net Profit/(Loss) 68,175  148,908  (54.2%) 212,467  (67.9%) 280,642  325,675  (13.8%)Net Margin 6.4% 17.7% -11.2 p.p 20.2% -13.8 p.p 13.3% 18.7% -5.4 p.p                 EPS                Basic Earnings Per Share (EPS) 1.67  3.61  -53.9% 5.16  -67.7% 6.84  7.89  -13.4%                 Shares for calculation of Basic EPS (000s) 40,905  41,246  -0.8% 41,183  -0.7% 41,043  41,269  -0.5%                         

 Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
       June 2026 December 2025ASSETS (Unaudited) (Audited)Cash and cash equivalents 266,825  382,554 Short-term investments 996,411  955,604 Total cash, cash equivalents and short-term investments 1,263,236  1,338,159 Accounts receivable, net 217,862  194,425 Accounts receivable from related parties 3,495  3,217 Expendable parts and supplies, net 155,225  148,127 Prepaid expenses 84,268  55,209 Prepaid income tax 7,530  6,172 Other current assets 30,615  32,769   498,994  439,919 TOTAL CURRENT ASSETS 1,762,231  1,778,078 Long-term investments 280,188  248,579 Long-term prepaid expenses 5,748  5,434 Property and equipment, net 4,687,049  4,120,055 Right of use assets 263,880  296,761 Intangible, net 104,418  104,071 Net defined benefit assets 3,806  3,220 Deferred tax assets 21,074  19,873 Other Non-Current Assets 9,101  6,952 TOTAL NON-CURRENT ASSETS 5,375,264  4,804,946 TOTAL ASSETS 7,137,495  6,583,024 LIABILITIES    Loans and borrowings 202,245  172,885 Current portion of lease liability 68,349  66,132 Accounts payable 207,122  164,320 Accounts payable to related parties 1,279  1,333 Air traffic liability 875,027  737,616 Frequent flyer deferred revenue 167,970  155,584 Taxes Payable 80,132  62,931 Accrued expenses payable 46,298  66,016 Income tax payable 5,340  11,929 Other Current Liabilities 3,067  1,361 TOTAL CURRENT LIABILITIES 1,656,829  1,440,107      Loans and borrowings long-term 2,069,350  1,807,556 Lease Liability 224,871  258,383 Deferred tax Liabilities 58,279  59,217 Other long - term liabilities 255,189  242,337 TOTAL NON-CURRENT LIABILITIES 2,607,689  2,367,494 TOTAL LIABILITIES 4,264,518  3,807,600 EQUITY    Class A - 34,288,050 issued and 29,881,298 outstanding 23,329  23,290 Class B - 10,938,125 7,466  7,466 Additional Paid-In Capital 222,940  220,190 Treasury Stock (345,147) (300,143)Retained Earnings 2,699,685  2,168,911 Net profit 280,642  671,648 Other comprehensive loss (15,939) (15,939)TOTAL EQUITY 2,872,977  2,775,423 TOTAL EQUITY LIABILITIES 7,137,495  6,583,024 

 Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the six months ended
(In US$ thousands)
         2026
 2025
 (Unaudited) (Unaudited)Net cash flow from operating activities 617,897   484,282 Investing activities   Net Acquisition of Investments (71,640)  (294,697)Net cash flow related to advance payments on aircraft purchase contracts (340,399)  (60,204)Acquisition of property and equipment (375,769)  (390,502)Proceeds from sale of property and equipment 118   26,448 Acquisition of intangible assets (11,823)  (14,342)Net cash flow used in investing activities (799,513)  (733,297)Financing activities   Proceeds from new borrowings 377,005   165,000 Payments on loans and borrowings (93,082)  (122,890)Payment of lease liability (32,371)  (28,504)Share repurchase (45,004)  (8,706)Dividends paid (140,661)  (133,027)Net cash flow from/(used in) financing activities 65,887   (128,127)Net (decrease) in cash and cash equivalents (115,729)  (377,142)Cash and cash equivalents as of January 1 382,554   613,313 Cash and cash equivalents as of June 30,$266,825  $236,171     Short-term investments 996,411   764,137 Long-term investments 280,188   368,332 Total cash and cash equivalents and investments as of June 30,$1,543,424  $1,368,640     

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 Net Debt to EBITDA. 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, 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)2Q26
 2Q25
 1Q26
 YTD26
 YTD25
               Operating Costs per ASM as Reported (in US$ Cents)10.6  8.4  8.9  9.8  8.6 Aircraft Fuel Cost per ASM (in US$ Cents)4.9  2.7  3.2  4.1  2.9 Operating Costs per ASM excluding fuel (in US$ Cents)5.7  5.7  5.8  5.7  5.7 

Reconciliation of Net Debt to EBITDA2Q26
 2Q25
 1Q26
         Net Debt$1,021,390  $682,680  $893,509          LTM Operating Profit/(Loss) (in US$ thousands)$772,187  $774,526  $863,774 LTM Depreciation and amortization (in US$ thousands)$398,678  $342,606  $379,579 LTM EBITDA (in US$ thousands)$1,170,865  $1,117,132  $1,243,353          Net Debt to EBITDA 0.9   0.6   0.7