Copa Holdings Reports Second-Quarter Financial Results

PANAMA CITY, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Copa Holdings¹, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2025 (2Q25), delivering another quarter of solid profitability and operational excellence. Key highlights include:

Net profit of US$148.9 million or US$3.61 per share, which represents an earnings per share (EPS) increase of 25.2% compared to 2Q24.
Net margin of 17.7% and an operating margin of 21.0%, an increase of 3.0 percentage points and 1.5 percentage points, respectively, compared to 2Q24.
Revenue per available seat mile (RASM) of 10.7 cents, down 2.8% compared to 2Q24.
Operating cost per available seat mile (CASM) decreased by 4.6% compared to 2Q24 to 8.5 cents, and CASM excluding fuel (Ex-fuel CASM) increased 3.2% year over year to 5.8 cents.
The Company ended the quarter with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
The Company closed 2Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.
The Company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft – 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 6 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
In June, Copa Airlines was recognized by Skytrax – for the tenth consecutive year – as the “Best Airline in Central America and the Caribbean” and as the “Best Airline Staff in Central America and the Caribbean.”
Copa Airlines had an on-time performance for the quarter of 91.5% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.

Subsequent events

On August 6, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on September 15, 2025, to shareholders of record as of August 29, 2025.

Full 2Q25 Earnings Release available for download at:

https://copa.gcs-web.com/financial-information/quarterly-results

Conference Call and Webcast

The Company will hold its financial results conference call tomorrow at 11 am ET (10 am local). Details follow:

Date:	August 7, 2025
Time:	11:00 AM US ET (10:00 AM Local Time)
Join by phone:	Click here
Webcast (listen-only):	Click here

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides air service to countries in North, Central, and South America and the Caribbean. For more information, visit: copaair.com

Investor Relations
investor.relations@copaair.com

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

	2Q25		2Q24		% Change		1Q25		% Change		YTD25		YTD24		% Change
Revenue Passengers Carried (000s)	3,600		3,303		9.0	%	3,512		2.5	%	7,112		6,575		8.2	%
Revenue Passengers OnBoard (000s)	5,366		4,970		8.0	%	5,208		3.0	%	10,574		9,760		8.3	%
RPMs (millions)	6,859		6,446		6.4	%	6,743		1.7	%	13,602		12,573		8.2	%
ASMs (millions)	7,856		7,424		5.8	%	7,801		0.7	%	15,657		14,545		7.7	%
Load Factor	87.3	%	86.8	%	0.5 p.p		86.4	%	0.9 p.p		86.9	%	86.4	%	0.4 p.p
Yield (US$ Cents)	11.6		12.1		(4.1)	%	12.7		(8.8)	%	12.2		13.0		(6.7)	%
PRASM (US$ Cents)	10.1		10.5		(3.6)	%	11.0		(7.8)	%	10.6		11.3		(6.2)	%
RASM (US$ Cents)	10.7		11.0		(2.8)	%	11.5		(6.9)	%	11.1		11.8		(5.5)	%
CASM (US$ Cents)	8.5		8.9		(4.6)	%	8.8		(3.5)	%	8.6		9.2		(6.1)	%
CASM Excl. Fuel (US$ Cents)	5.8		5.6		3.2	%	5.8		(1.0)	%	5.8		5.8		(0.6)	%
Fuel Gallons Consumed (millions)	91.9		87.6		4.9	%	91.0		1.0	%	182.8		172.0		6.3	%
Avg. Price Per Fuel Gallon (US$)	2.32		2.79		(17.0)	%	2.54		(8.8)	%	2.43		2.84		(14.7)	%
Average Length of Haul (miles)	1,905		1,952		(2.4)	%	1,920		(0.7)	%	1,912		1,912		—	%
Average Stage Length (miles)	1,231		1,253		(1.8)	%	1,260		(2.3)	%	1,245		1,249		(0.4)	%
Departures	38,985		36,313		7.4	%	37,829		3.1	%	76,814		71,533		7.4	%
Block Hours	122,526		116,062		5.6	%	121,611		0.8	%	244,137		228,226		7.0	%
Average Aircraft Utilization (hours)	11.9		11.9		0.6	%	12.1		(1.2)	%	12.0		11.7		2.1	%

Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)

	Unaudited		Unaudited		%		Unaudited		%		Unaudited		Unaudited		%
	2Q25		2Q24		Change		1Q25		Change		YTD25		YTD24		Change
Operating Revenues
Passenger revenue	797,266		781,497		2.0	%	859,025		(7.2	%)	1,656,291		1,640,222		1.0	%
Cargo and mail revenue	28,307		25,184		12.4	%	25,694		10.2	%	54,001		47,095		14.7	%
Other operating revenue	17,031		12,722		33.9	%	14,462		17.8	%	31,493		25,553		23.2	%
Total Operating Revenue	842,604		819,403		2.8	%	899,181		(6.3	%)	1,741,785		1,712,870		1.7	%

Operating Expenses
Fuel	214,106		246,011		(13.0	%)	232,160		(7.8	%)	446,266		491,363		(9.2	%)
Wages, salaries, benefits and other employees' expenses	122,289		114,878		6.5	%	117,517		4.1	%	239,807		229,193		4.6	%
Passenger servicing	25,190		27,579		(8.7	%)	25,024		0.7	%	50,214		57,263		(12.3	%)
Airport facilities and handling charges	64,652		62,768		3.0	%	65,657		(1.5	%)	130,309		123,115		5.8	%
Sales and distribution	49,429		52,210		(5.3	%)	50,261		(1.7	%)	99,691		107,704		(7.4	%)
Maintenance, materials and repairs	36,158		10,883		232.3	%	39,434		(8.3	%)	75,592		36,510		107.0	%
Depreciation and amortization	88,440		79,462		11.3	%	86,284		2.5	%	174,724		162,827		7.3	%
Flight operations	32,766		31,914		2.7	%	33,749		(2.9	%)	66,515		62,944		5.7	%
Other operating and administrative expenses	32,954		34,190		(3.6	%)	35,274		(6.6	%)	68,227		66,461		2.7	%
Total Operating Expense	665,984		659,896		0.9	%	685,360		(2.8	%)	1,351,344		1,337,378		1.0	%

Operating Profit/(Loss)	176,620		159,507		10.7	%	213,822		(17.4	%)	390,442		375,492		4.0	%
Operating Margin	21.0	%	19.5	%	1.5 p.p		23.8	%	-2.8 p.p		22.4	%	21.9	%	0.5 p.p

Non-operating Income (Expense):
Finance cost	(23,285	)	(20,632	)	12.9	%	(23,233	)	0.2	%	(46,518	)	(39,472	)	17.9	%
Finance income	15,377		13,537		13.6	%	15,792		(2.6	%)	31,170		27,284		14.2	%
Gain (loss) on foreign currency fluctuations	910		(16,097	)	nm		1,370		(33.6	%)	2,280		(20,010	)	nm
Net change in fair value of derivatives	(1,688	)	2,533		nm		(2,434	)	(30.7	%)	(4,122	)	2,525		nm
Other non-operating income (expense)	6,228		1,766		252.7	%	1,428		336.2	%	7,656		1,654		362.9	%
Total Non-Operating Income/(Expense)	(2,458	)	(18,892	)	(87.0	%)	(7,077	)	(65.3	%)	(9,535	)	(28,019	)	(66.0	%)

Profit before taxes	174,162		140,615		23.9	%	206,744		(15.8	%)	380,906		347,472		9.6	%

Income tax expense	(25,253	)	(20,362	)	24.0	%	(29,978	)	(15.8	%)	(55,231	)	(51,154	)	8.0	%

Net Profit/(Loss)	148,908		120,253		23.8	%	176,766		(15.8	%)	325,675		296,318		9.9	%
Net Margin	17.7	%	14.7	%	3.0 p.p		19.7	%	-2.0 p.p		18.7	%	17.3	%	1.4 p.p

Basic Earnings Per Share (EPS)	3.61		2.88		25.3	%	4.28		(15.7)	%	7.89		7.07		11.6	%

Shares for calculation of Basic EPS (000s)	41,246		41,715		(1.1)	%	41,292		(1.1)	%	41,268		41,883		(1.5)	%

Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)

	June 2025		December 2024
ASSETS	(Unaudited)		(Audited)
Cash and cash equivalents	236,171		613,313
Short-term investments	764,137		585,919
Total cash, cash equivalents and short-term investments	1,000,307		1,199,232
Accounts receivable, net	183,401		166,014
Accounts receivable from related parties	2,967		2,976
Expendable parts and supplies, net	141,190		132,341
Prepaid expenses	64,295		42,926
Prepaid income tax	5,788		11,678
Other current assets	26,028		21,711
	423,669		377,647
TOTAL CURRENT ASSETS	1,423,976		1,576,879
Long-term investments	368,332		248,936
Long-term accounts receivable	3,000		—
Long-term prepaid expenses	3,182		8,237
Property and equipment, net	3,755,645		3,458,261
Right of use assets	308,900		309,302
Intangible, net	98,895		96,754
Net defined benefit assets	1,833		1,058
Deferred tax assets	16,772		20,749
Other Non-Current Assets	20,450		22,113
TOTAL NON-CURRENT ASSETS	4,577,008		4,165,410
TOTAL ASSETS	6,000,984		5,742,289
LIABILITIES
Loans and borrowings	219,892		254,854
Current portion of lease liability	62,062		59,103
Accounts payable	187,375		229,104
Accounts payable to related parties	792		1,624
Air traffic liability	642,594		621,895
Frequent flyer deferred revenue	146,645		132,064
Taxes Payable	62,494		55,505
Accrued expenses payable	42,009		62,673
Income tax payable	9,249		9,801
Other Current Liabilities	1,680		1,272
TOTAL CURRENT LIABILITIES	1,374,795		1,427,895

Loans and borrowings long-term	1,497,592		1,415,953
Lease Liability	271,774		270,594
Deferred tax Liabilities	60,613		37,476
Other long - term liabilities	236,096		217,626
TOTAL NON-CURRENT LIABILITIES	2,066,074		1,941,649
TOTAL LIABILITIES	3,440,868		3,369,544
EQUITY
Class A - 34,228,377 issued and 30,196,170 outstanding	23,287		23,244
Class B - 10,938,125	7,466		7,466
Additional Paid-In Capital	217,789		214,542
Treasury Stock	(300,143	)	(291,438	)
Retained Earnings	2,301,791		1,826,565
Net profit	325,675		608,114
Other comprehensive loss	(15,748	)	(15,748	)
TOTAL EQUITY	2,560,116		2,372,745
TOTAL EQUITY LIABILITIES	6,000,984		5,742,289

Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the six months ended
(In US$ thousands)

		2025			2024
	(Unaudited)			(Unaudited)
Net cash flow from operating activities		484,282			470,777
Investing activities
Net Acquisition of Investments		(294,697	)		(35,609	)
Net cash flow related to advance payments on aircraft purchase contracts		(60,204	)		71,516
Acquisition of property and equipment		(390,502	)		(279,052	)
Proceeds from sale of property and equipment		26,448			—
Acquisition of intangible assets		(14,342	)		(15,551	)
Cash flow used in investing activities		(733,297	)		(258,696	)
Financing activities
Proceeds from new borrowings		165,000			108,000
Payments on loans and borrowings		(122,890	)		(108,029	)
Payment of lease liability		(28,504	)		(32,633	)
Repurchase of treasury shares		(8,706	)		(50,402	)
Dividends paid		(133,027	)		(134,756	)
Cash flow used in financing activities		(128,127	)		(217,820	)
Net (decrease) increase in cash and cash equivalents		(377,142	)		(5,739	)
Cash and cash equivalents as of January 1		613,313			206,375
Cash and cash equivalents as of June 30	$	236,171		$	200,636

Short-term investments		764,137			748,239
Long-term investments		368,332			258,379
Total cash and cash equivalents and investments as of June 30	$	1,368,640		$	1,207,254

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. 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)	2Q25	2Q24	1Q25	YTD25	YTD24

Operating Costs per ASM as Reported (in US$ Cents)	8.5	8.9	8.8	8.6	9.2
Aircraft Fuel Cost per ASM (in US$ Cents)	2.7	3.3	3.0	2.9	3.4
Operating Costs per ASM excluding fuel (in US$ Cents)	5.8	5.6	5.8	5.8	5.8

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 2024 (2Q24).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.