Copa Holdings Q1 2026 Earnings Call - Record Net Profit Amid Fuel Headwinds

Carmen, Conference Operator: As a reminder, this call is being webcast and recorded on May 14th, 2026. Now, I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Daniel Tapia, Director of Investor Relations, Copa Holdings: Thank you, Carmen. Welcome everyone to our first quarter earnings call. Joining me today are Mr. Pedro Heilbron, Executive Chairman and CEO of Copa Holdings, and Peter Donkersloot, our CFO. First, Pedro will begin by going through our first quarter highlights, followed by Peter, who will discuss our financial results in more detail. Immediately after, we’ll open the call for questions from analysts. As a reminder, Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today’s call, we will discuss certain non-IFRS financial measures. A reconciliation of these measures to comparable IFRS measures can be found in our earnings release, which is available on our website. Our discussion today will also contain forward-looking statements, not limited to historical facts, that reflect the company’s current beliefs, expectations, and our intentions regarding future events and results.

These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC. I’d like to turn the call over to our Chairman and CEO, Mr. Pedro Heilbron.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Thank you, Daniel. Good morning, and thank you all for joining us for our first quarter earnings call. Before we begin, I would like to recognize our more than 9,000 coworkers. Their commitment and professionalism continue to be key drivers of Copa’s strong operational performance and leadership in our industry. Especially in today’s higher and volatile jet fuel price environment, their consistent focus on execution and cost discipline has allowed us to enter the current fuel environment from a position of strength. To them, as always, my sincere appreciation and respect. We delivered another quarter of strong financial and operational results, reaffirming the strength and resilience of our business model and our ability to consistently deliver industry-leading profitability. Our first quarter results reflect a strong demand environment across the region, continued discipline in cost execution, and our relentless focus on delivering operational excellence to our passengers.

Now I’ll go over our first quarter highlights. Capacity increased 14% year-over-year, while passenger traffic increased 15%, resulting in a 0.8 percentage point increase in load factor to 87.2%. Passenger yield increased 1.6% year-over-year. RASM came in at $0.118, 2.7% higher compared to Q1 2025. Unit cost for CASM increased 1.6% to $0.089, driven by higher fuel prices. CASM, excluding fuel, declined 1% to $0.058, reflecting our continued cost discipline. We delivered an industry-leading operating margin of 24.6%, 0.8 percentage points higher than Q1 of last year.

On the operational side, we delivered an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%, once again, positioning Copa among the very best in the industry. Turning to our network, we have resumed service to Valencia and Barquisimeto and have scheduled the restart of Barcelona in June. Together with our existing service to Maracaibo and Caracas, this returns us to serving 5 cities in Venezuela from our Hub of the Americas in Panama. With these additions, we will operate to 87 destinations in 32 countries, further strengthening our position as the most complete and convenient connecting hub for travel in the Americas. With regard to our fleet, during the quarter, we took delivery of 2 Boeing 737 MAX 8, ending Q1 with 127 aircraft.

We have already received 2 additional MAX 8s in the second quarter, bringing our fleet total to 121 aircraft. Additionally, in April, we announced a new Boeing 737 MAX order for 40 firm aircraft and 20 options, with delivery schedules between 2030 and 2034. This new order, which begins as we complete deliveries from our existing order book in 2029, reinforces our long-term growth strategy and ensures Copa Hub of the Americas continues to lead well into the next decade. As always, we maintain significant flexibility in our fleet plan, thanks to options, slide rights, lease expirations, and unencumbered aircraft, which provide us the ability to adjust our growth plan if needed. Turning now to the current environment of higher and volatile jet fuel prices.

Throughout our history, we have successfully navigated periods of increased fuel prices and volatility, consistently delivering strong financial results. Supported by the effectiveness of our business model, low cost, and disciplined execution. I feel confident that we will demonstrate this once again. To summarize, we delivered strong industry-leading profitability in the quarter. We continue to improve our already competitive cost structure. We keep delivering best-in-class on-time performance and reliability. We continue expanding and strengthening our network, the most complete and convenient hub for Intra-America travel. The current demand environment remains strong, supporting yield increases, and our proven business model built on having the best geographic position, structurally low unit cost, a strong balance sheet and liquidity position, and a superior passenger-friendly product positions us well to navigate the higher jet fuel price environment, and again, in 2026, deliver strong and industry-leading financial results.

With that, I’ll turn the call over to Peter, who will walk us through the financials in more detail.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: Thank you, Pedro. Good morning, everyone, and thank you for joining our call today. I’d like to start by reinforcing Pedro’s recognition of our team’s continued dedication to delivering industry-leading results. Their commitment remains essential to our strong operational and financial performance. Let me begin by going over our first quarter highlights. We reported a record net profit of $212 million, or $5.16 per share, representing a 20.5% year-over-year increase in earnings per share. Net margin came in at 20.2%, 0.5 percentage points higher year-over-year. Operating profit came in at $258 million, resulting in an operating margin of 24.6% and 0.8 percentage points higher than the first quarter of 2025.

Unit costs excluding fuel or ex-fuel CASM declined 1% to $0.058, reflecting the company’s continued focus on cost discipline. Including fuel, CASM increased 1.6% year-over-year to $0.089, driven by the increase in the average price of jet fuel. During the quarter, all-in jet fuel prices increased 7.5% year-over-year from $2.54 to $2.73 per gallon. While the average increase for the quarter was moderate, higher prices in the second half of March had a more pronounced impact on our results, driving an approximately $20 million year-over-year impact on the first quarter performance. Moving on to our balance sheet and liquidity. We ended the quarter with approximately $1.5 billion in cash, short-term, and long-term investments, representing a 40% of last 12-month revenues.

This number excludes approximately $700 million in pre-delivery deposits for new aircraft, as well as 45 unencumbered aircraft and 15 unencumbered spare engines, worth an estimated additional value of over $1 billion. Total debt, including lease liabilities, stood at $2.4 billion, and we ended the quarter with an adjusted net debt to EBITDA ratio of 0.7 times, reflecting our strong financial position. I’d like to highlight that our average cost of debt, comprised solely of aircraft-related financing, remains highly competitive at 3.6%. Turning now to the return of value to our shareholders. The board of directors has ratified the company’s second quarterly dividend for the year of $1.71 per share to be paid June 15th to all shareholders of record as of May 29th.

Additionally, during the quarter, we repurchased $45 million worth of shares, representing approximately 1% of the total outstanding shares. Finally, turning to our outlook. We continue to see a robust demand environment across the region, and our effective business model, combined with continued cost discipline, position us to continue sustaining strong financial performance. For the second quarter, we expect to deliver an operating margin in the range of 8%-12%, with a capacity growth in ASMs of approximately 16% year-over-year. These results are impacted by a projected year-over-year increase in the all-in jet fuel price per gallon in the range of 80%-90%, for which we expect to recover approximately 50% via higher revenues. This partial pass-through is a result of the already advanced booking levels.

For the full year, we continue to expect our capacity growth within the range of 11%-13%, a load factor of approximately 87%, and unit cost excluding fuel of approximately $0.057. Based on the current fuel curve and assuming recent yield improvements are sustained, we expect to recover a substantial portion of the increased fuel cost expense for the year, reaching up to 100% by the end of the year. We will review our full-year operating margin and RASM expectation as conditions stabilize and visibility for the second half of the year becomes clearer.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: In summary, despite the current fuel environment, we remain confident in our ability to deliver strong results supported by robust demand, disciplined cost management, and our proven and resilient business model. Thank you. We’ll now open the call for questions from the analysts.

Carmen, Conference Operator: Thank you. As a reminder, to ask a question, simply press star one one to get in the queue and wait for your name to be announced. To withdraw your question, press star one one again. One moment for our first question, and it comes from Savi Syth with Raymond James. Please proceed.

Daniel McKenzie, Analyst, Seaport Global0: Hey, good morning, everyone. you know, you’re growing capacity 16% into a seasonally weak quarter here in the second quarter, and the guidance seems to imply like a high single-digit, low double-digit unit revenue. I was wondering if you could provide a little bit more color, on kinda how much of the quarter was booked prior to the fare increases and if there was any particular region that stands out as being stronger?

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Hi, Savi. I would say that we see strength across the network and not necessarily one region is stronger than other. I think we haven’t maybe seen this in a while. There’s always weakness somewhere, but right now, every region we serve is performing very well and is showing strength.

Daniel McKenzie, Analyst, Seaport Global0: That’s helpful, Pedro. Maybe just following up on that, you know, some of the local currencies are much stronger lately. I know you price your tickets in U.S. dollar. Just wondering what the purchasing power strength, you know, what kind of a tailwind that had in like 1Q and what you’re thinking it is in 2Q.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: I think that that will always play a positive role when currencies are stronger in Latin America. We’ve been asked that question before, and the answer has always been that we tend to benefit more from a stronger, from stronger Latin American currencies than the opposite because we do generate a little bit higher percent of our traffic down south than in the other direction. If we look at the main currencies of Latin America compared to one year ago, most of the important ones or the larger markets are up double digits. Yeah, that of course plays a positive role in what we’re seeing.

Daniel McKenzie, Analyst, Seaport Global0: That’s helpful. Thank you.

Carmen, Conference Operator: Thank you. Our next question comes from Duane Pfennigwerth. Duane Pfennigwerth from Evercore ISI.

Duane Pfennigwerth, Analyst, Evercore ISI: Hey, good morning. Maybe just to continue right there. Can you quantify maybe the FX tailwind sequentially, you know, what you would consider that to be in the second quarter versus what you realized in the first quarter?

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: I’m not sure if we can be very specific about that, but the currencies have remained strong. They’ve actually gained a little bit in the last month and two months. Some are stable, others have gained a little. We are not seeing a weakness in the currency. I think it’s a good environment for what we’re seeing overall in terms of demand and even demand being resilient over yield increases that we’ve also seen from the whole industry in the last few months.

Duane Pfennigwerth, Analyst, Evercore ISI: Thanks. Then just for my follow-up, I think your CASM ex was down about 1% in the first quarter. You’re guiding to down 1 for the year. Is that the right way to think about the trend consistently across the quarters, or do you see easier comps, you know, for example, in this 2Q, do you see an easier comp there, or is it pretty much spread across the year? Thank you.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Hello, Duane. This is Pedro. Thank you for the question. I would say that we’re guiding for a full year CASM of $5.7. We always talk about CASM being pretty much in the range across the year, pretty stable. I think that’s what we should be expecting for the year, a relatively stable CASM. That’s backed on, you know, all the initiatives we talked, but it should be stable across the year.

Duane Pfennigwerth, Analyst, Evercore ISI: Thanks. No, no quarter sticks out in terms of like an, you know, a massively easier comp versus the others?

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: No. Not particularly.

Duane Pfennigwerth, Analyst, Evercore ISI: Thank you very much.

Daniel McKenzie, Analyst, Seaport Global0: Thank you, Duane.

Thank you, Duane.

Carmen, Conference Operator: Thank you. Our next question comes from Julia Orsi with JPMorgan. Please proceed.

Julia Orsi, Analyst, JPMorgan: Yes. Hello, everyone. Good morning. Thanks for taking the time. We have 2 questions on our side. The first one, can you provide more details on this whole demand environment? I understand that demand has been trending well, but is there a specific segment where it has been more sensitive to the higher tariff prices? The second one, it’s a follow-up on the cost structure. You’re implementing several initiatives to cost cutting. Can you provide more details on how these initiatives are trending? Thank you.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Okay. Thank you, Julia. I’ll start with the first question then I’ll ask Peter to help me with the cost question. As I mentioned before, we’re seeing strong demand across our network. All regions are carrying their own weight. The way we are reflecting this is that we’ve just shown our April numbers with ASM growth around 16%, and RPMs were flat with 16% growth. There’s been yield adjustments done by the whole industry to compensate for fuel. That combination of strong double-digit growth in spite of a yield adjustments in the industry is I think a good testament of how strong is demand in our region right now.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: Hello, Julia. This is Peter. I’ll talk about the cost structure. Mainly what we’re seeing that is driving the cost down and some of the initiatives are backed on, and I’ll go to the main. One is our ASM growth backed on the capacity and the densification project that we’ve been talking about. Of course, that helps us continue to dilute part of our fixed costs. We can see, let’s say 30% of our fixed fuel expenses are not exactly directly related to capacity. We can make sure those grow less than ASMs and benefit from that growth. I would say the other is we continue seeing some benefits on our sales and distribution strategy and other initiatives that we have in the bucket.

Those are I would say, if I would give you color, those are the two main buckets, that I would call out in the cost structure going forward.

Julia Orsi, Analyst, JPMorgan: Got it. Super clear. Thank you.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: Thank you.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Thank you.

Carmen, Conference Operator: Thank you. Our next question is from Michael Linenberg with Deutsche Bank. Please proceed.

Michael Linenberg, Analyst, Deutsche Bank: Yeah. Hey, thanks for taking my questions. Just I saw that you did unveil your formalized, I guess, your 2027 fleet plan. We obviously are looking at very meaningful fleet growth this year and next year. Can you just remind us what’s the CapEx number for this year? What’s that number for next year, since obviously I know you’re gonna start incurring some of that CapEx this year as well for 27.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: Hello, Mike. How are you? Thank you for the question. I would say our CapEx for the year, our cash, our cash CapEx for the year, sorry, is in the neighborhood of $300 million-$300 million. That’s our cash CapEx. That will be mainly a maintenance. If I put up together the fleet CapEx, it will put us somewhere around $750 million-$800 million for the year. Don’t necessarily guide for multi-year CapEx, but the cash CapEx would be in the neighborhood, and then the fleet or the aircraft CapEx would be related to that fleet growth that you’re seeing for next year.

Michael Linenberg, Analyst, Deutsche Bank: Okay, great.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Let me add some, Mike, hi. Let me add to that. Last year, we took delivery of 13 aircraft. This year is 7 aircraft, or 8 aircraft we’re taking delivery of this year. A little bit less than last year. Going forward, we have a lot of flexibility, like we’ve done in the past when we’ve needed to adjust deliveries and adjust capacity. We’re very comfortable that we can adjust to the business environment as needed, as we’ve done before. We never roll the dice without a parachute. I know those two things don’t go together, but you know what I mean.

Michael Linenberg, Analyst, Deutsche Bank: Yes. Yeah. No. I like the context because it seems like that you’ve sort of been at this level for the last 2 years. This isn’t really all that extraordinary, now that you’re getting there.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Exactly.

Michael Linenberg, Analyst, Deutsche Bank: My second question is, look, we’re in a really high fuel price environment, you’re still able to put up double-digit operating margins, even what will be your seasonally weakest quarter. You’re at least the potential to hit that. You can grow in this environment. I suspect that many of your competitors cannot. I’m just curious from a competitive capacity perspective, what you’re starting to see in the market that you’re sort of full steam ahead maintaining your full year ASM growth. I suspect that we’re gonna see others scale back. Any color on what you’re seeing in the region? I mean, obviously, Spirit going away, there will be some benefit there, because there was some competitive, at least on one-stop flights. But anything else? Thanks for taking my question.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Yeah. Thank you, Mike. Besides the obvious of Spirit going away that you just mentioned, we haven’t really seen any particular movement from the rest of the airlines serving the region. We haven’t seen any capacity pullback in response to the current fuel crisis. That is not to say that it might not happen in the future, we haven’t really seen anything up to now.

Michael Linenberg, Analyst, Deutsche Bank: Okay. Okay. Thank you.

Carmen, Conference Operator: Thank you. One moment for our next question, please. It’s from Alberto Valerio with UBS. Please proceed.

Alberto Valerio, Analyst, UBS: Hi, gentlemen. Thanks for taking my question. Congrats on the results. My question mainly 2. The first one on the crack spread. We noticed that this quarter come crack spread below historical levels. If we can consider that for going forward or if it is just for this quarter, if you have any benefit in Panama. The second one is about the guidance for the year. Can you consider it as nominal pass-through on the fuel price? Can we consider it as recovering the margins of 20%-23% for the full year? Thank you very much.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: I’ll take the 1st one. On the fuel and the crack spread. We’re obviously seeing similar as everybody else in the fuel environment. We do have a 15-day lag on how they pass through the increase, and probably that’s one of the reasons we’re seeing an average in the 1st quarter lower than the expectation. Going forward, we are using U.S. Gulf coast jet fuel future curves, and that’s what we’re basing on and similar to everybody. We’re seeing similar trends like everybody else. With that, we add our into plane cost, that should be in the neighborhood of $0.30 per gallon. That’s what gives us our guidance on the fuel for the rest of the year. I’ll let Pedro talk about the recovery.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Well, I think when we talk about guidance for the year or the rest of the year for that matter, there’s still many, many unknowns and many variables that come into play, starting with fuel, which is what’s having the greatest impact right now. We don’t really know in which direction fuel is going to go the rest of the year. We’re following the fuel curve.

If we go by the fuel curves that we have right now, the yield increases that are already in place, and the fact that for the second half of the year, bookings are much lower because that’s just how the booking curve works, means that those yield increases that are already in place, are gonna have a more significant impact in the second half of the year than what they were able to have in the second quarter. We were already sold or booked around 40% in the second quarter when this conflict and fuel prices hit us. We could not do anything about that 40%. For the second half of the year, it’s much different. Bookings were much lower. Our guidance is based on that.

Current yield adjustments that are already in place, a fuel curve which no one controls and is very volatile, and the bookings that were already in place for the yield adjustments. Those are all variables. Well, the booking is not a variable that’s gonna change because, I mean, that’s gonna improve at the new yield. The yields depend on competition and demand, which right now demand looks very strong and competition is being rational. The fuel curve might be the one variable that no one really can predict.

Alberto Valerio, Analyst, UBS: Fantastic. Thank you very much.

Peter Donkersloot, Chief Financial Officer, Copa Holdings: Thank you.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Thank you.

Carmen, Conference Operator: Our next question, please, is from Daniel McKenzie of Seaport Global. Please proceed.

Daniel McKenzie, Analyst, Seaport Global: Oh, hey, good morning. Couple questions here. You know, just going back, like, to Mike’s question, just given the high priced fuel environment, you know, is it your sense that there could be some strategic opportunities that come from this? Like, let’s say if fuel prices continue to rise. Related to that, you know, if we just kind of think about the supply chain of Latin America, are there refineries in some countries that are disproportionately reliant on Iran that, you know, sort of are, you know, catching your radar?

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: From what we can see and from speaking to our fuel suppliers, we think we’re in a good position in terms of supply. The oil that gets refined and turned into jet fuel comes mostly from the U.S., from Mexico and other countries, Venezuela, Colombia, et cetera. It all comes from this part of the world. It’s not affected by the Strait of Hormuz. Of course, fuel prices are international, you know, regional supplies don’t change the WTI or Brent prices. In terms of having the availability of the jet fuel, we’re in a good position. You know, in the times we’re living, that’s actually great.

Daniel McKenzie, Analyst, Seaport Global: Yeah. You know, this second question came, you know, directly from an investor. It’s actually something I’ve wondered about in the past. You know, it ties to an earlier question. Have you guys ever looked at your RASM results in constant currency? Does that even make sense? You know, I guess, the reason I’m wondering is just, you know, just given how many countries you serve, and just given how sensitive, you know, demand seems to be to, you know, foreign currencies. I’m just curious what that would look like if it were done on a constant currency basis.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Well, I’m not sure if I understood the question. Because the reality is what we’ve dealt with always. We price in $ as you know. Strong currencies tend to favor us. Even though we do well also when currencies are not so strong. Currencies need usually move in the same direction like it’s happening now, but sometimes there are particular issues in countries that make it different. I mean, that make them stand out in a maybe negative way. I’m not sure exactly what are you looking for in the question, Dan?

Daniel McKenzie, Analyst, Seaport Global: Well, yeah. It’s not the convention in the airline industry report on a constant currency basis, so I get that it’s kind of a, an odd question. In other industries, they’ll look at their revenue sort of based on a constant currency. Just putting in, you know, last year’s foreign exchange rate and kinda looking at the revenue, you know, sort of from a demand perspective. I get, you know, it makes perfect sense that when, you know, currencies are strengthening, you add capacity and, you know, capacity moves around, so it gets pretty complicated for airlines. I just thought I would throw it out there and see if it’s something, and I appreciate the response.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Thank you, Dan. We love your easy questions.

Daniel McKenzie, Analyst, Seaport Global: Sorry. Guys, have a great day.

Carmen, Conference Operator: Thank you so much. Our last question comes from Filipe Nielsen with Citi. Please proceed.

Filipe Nielsen, Analyst, Citi: Hey. Hi, everyone. Thanks for taking my question, and congrats on the results. Just wondering, back on the capacity subject. Trying to understand here, how are you allocating this capacity between the multiple regions, and trying to understand if within this growth of capacity, strong growth of capacity in the first half of the year, second half a little bit lower as per your guidance, are you seeing any maybe shifts from one region to another in order to accommodate for higher pricing? To my second question, and related to that, how is your Venezuela, Venezuelan operations developing, and is this having an important matter in this whole pricing environment? Thank you.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Yeah. Okay. Thank you, Filipe. A few things. If we go back and we look back a few years, we have been growing capacity much less than our competitors. Just for lack of enough deliveries, that we would have liked to have grown capacity faster in 2024 and 2025. We just didn’t have enough planes coming in. So this year is different, we needed that capacity from before. In hindsight with strong demand on top of it. We have so many options in terms of where to fly our planes. Given the current crisis, we are shifting capacity a little bit, not in a significant way, shifting it towards more profitable. Our whole network is very profitable, of course, as you know.

We’re trying to shift to where it’s needed most or where it can be even more profitable. That helps us also compensate for the higher fuel. No-nothing is very significant, because we have demand, strong demand in most, in most of our network.

Daniel McKenzie, Analyst, Seaport Global1: Venezuela.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Venezuela. You mentioned Venezuela. Thank you. We’re going back first of all, I should say that we are the only, the very only airline, international airline, I must say, the very only international airline that never stopped flying to Venezuela. Except for like a 10-day window, that had to do, you know, with the whole military operation that was going on, it was not safe to operate during that window. We’ve had a constant presence in that market. I’m glad to say that by June of this year, in a few weeks, we’re going to be back to the same capacity we had a little bit over a year ago. We will go back to 5 cities and over 40 weekly flights in Venezuela.

In terms of impact in unit revenues or yields, nothing significant because Venezuela is going to be in the average.

Filipe Nielsen, Analyst, Citi: This is all very clear. Thank you.

Carmen, Conference Operator: Thank you so much. This concludes our Q&A session for today. I will pass it back to Pedro Heilbron for his final comments.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Okay. Thank you all. This concludes our earnings call. Before we leave, I want to mention that Copa operates the strongest network. We have a strong and diversified set of cities and regions we serve. The lowest unit cost for a full-service airline, a superior product to most of our narrow-body competitors. We feel we are in a really good position to deal with the current crisis and come out ahead as we’ve been able to do in the past. Thank you for your continued support. Thank you for participating in our call, hope you have a great day. Thank you.

Carmen, Conference Operator: Ladies and gentlemen.

Pedro Heilbron, Executive Chairman and CEO, Copa Holdings: Thank you.

Carmen, Conference Operator: Thank you for participating. You may now disconnect.