# EDGAR Filing Document

**Accession Number:** 0001345105
**File Stem:** 0001345105-25-000018
**Filing Date:** 2025-11
**Character Count:** 26515
**Document Hash:** 60970c0c7b29da74b0ff8046aa9dd538
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001345105-25-000018.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001345105-25-000018

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Copa Holdings, S.A.
- **CENTRAL INDEX KEY:** 0001345105
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** R1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32696
- **FILM NUMBER:** 251502899

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PRINCIPAL, COSTA DEL ESTE
- **STREET 2:** COMPLEJO BUSINESS PARK, TORRE NORTE
- **CITY:** PANAMA CITY
- **STATE:** R1
- **ZIP:** 00000
- **BUSINESS PHONE:** 011 507 227 2522

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PRINCIPAL, COSTA DEL ESTE
- **STREET 2:** COMPLEJO BUSINESS PARK, TORRE NORTE
- **CITY:** PANAMA CITY
- **STATE:** R1
- **ZIP:** 00000

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**Report of Foreign Issuer** 

**Pursuant to Rule 13a-16 or 15d-16 of** 

**the Securities Exchange Act of 1934** 

**Report on Form 6-K dated for the month of November 2025**

**Copa Holdings, S.A.**

(Translation of Registrant's Name Into English)

**Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda** 

**Urbanización Costa del Este** 

**Complejo Business Park, Torre Norte** 

**ParqueLefevre**

**Panama City, Panama** 

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  <u>X</u>  Form 40-F

(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  No  <u>X</u>

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82- ____)

**Enclosure: 3Q25 Earnings Release** 

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Copa Holdings, S.A. <br>(Registrant) | Copa Holdings, S.A. <br>(Registrant) |
| Date: 11/20/2025 |  |  |
|  | By: | /s/ Peter Donkersloot |
|  |  | Name: Peter Donkersloot<br>Title: CFO |

---

## Exhibit 99.1

![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**EXHIBIT 99.1**

**Copa Holdings Reports Third-Quarter Financial Results**

Panama City, Panama --- November 19, 2025. Copa Holdings<sup>1</sup>, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2025 (3Q25), delivering another quarter of strong profitability and operational excellence. Key highlights for the quarter include:

• Net profit of US$173.4 million or US$4.20 per share, compared to US$146.0 million or US$3.50 per share in 3Q24, representing year-over-year increases of 18.7% and 20.1%, respectively.

• Operating margin of 23.2% and net margin of 19.0%, an increase of 2.9 and 1.9 percentage points, respectively, compared to 3Q24.

• Load factor increased 1.8 percentage points year over year to 88.0% and capacity, measured in available-seat-miles (ASM), increased 5.8% compared to 3Q24.

• Revenue per available seat mile (RASM) of 11.1 cents, up 1.0% year-over-year.

• Operating cost per available seat mile (CASM) decreased 2.7% to 8.5 cents, while CASM excluding fuel decreased 0.8% to 5.6 cents.

• The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, representing 38% of the last twelve months' revenues.

• Adjusted Net Debt to EBITDA ratio closed 3Q25 at 0.7 times.

• During the quarter, the Company took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. Copa Holdings' fleet totaled 121 aircraft as of September 30, 2025.

• Copa Airlines achieved an on-time performance of 89.7% and a flight completion factor of 99.8%, maintaining its position among the best in the industry.

**Subsequent events**

• On November 19, 2025, the Board of Directors of Copa Holdings ratified the fourth dividend payment for this year of US$1.61 per share. Dividends will be paid on December 15, 2025, to shareholders on record as of December 1, 2025.

• As of the date of this release, the Company has taken delivery of two additional Boeing 737 MAX 8 aircraft, bringing its total fleet to 123 aircraft. The Company expects to receive one additional aircraft before the end of the year.

<sup>1</sup> 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 third quarter of 2024 (3Q24).

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**Management's comments on 3Q25 results**

Copa Holdings delivered another strong quarter, reinforcing the strength of its business model and competitive advantages in the Latin American aviation market. The Company achieved industry-leading operating and net margins of 23.2% and 19.0%, respectively, supported by disciplined cost management and a healthy demand across its network.

Third-quarter operating revenues increased 6.8% year-over-year to US$913.1 million on 5.8% capacity growth, measured in ASMs. Passenger revenue increased 5.2%, cargo and mail revenue increased 21.4%, and other operating revenues increased 86.3%, mainly driven by ConnectMiles' co-branded credit card agreement renewal.

Unit revenues or RASM increased 1.0% year-over-year to 11.1 cents. This was driven by a 1.8 percentage-point load factor increase to 88.0%, partially offset by a 2.6% decrease in yields.

CASM decreased 2.7% to 8.5 cents, and ex-fuel CASM declined 0.8% to 5.6 cents, mainly driven by lower fuel costs and maintenance expenses, respectively. The decrease in maintenance expenses reflects a realized gain from engine exchange transactions and a non-recurring benefit related to the extension of one leased aircraft. Excluding these items, ex-fuel CASM would have been 5.8 cents for the quarter.

Copa Holdings continues to maintain a solid liquidity position, ending the quarter with US$1.3 billion in cash, short-term and long-term investments—representing 38% of the last twelve months' revenues—and an Adjusted Net Debt to EBITDA ratio of 0.7x. Additionally, the Company ended the quarter with 45 unencumbered aircraft in its fleet.

The Company remains focused on leveraging its Hub of the Americas® in Panama to deliver the region's most complete and convenient network for intra-Americas travel. Supported by structurally low unit costs, best-in-class on-time performance, and a passenger-friendly product, Copa Holdings is well-positioned to sustain profitability and growth in the years ahead.

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**Outlook for 2025 and 2026**

The Company remains confident in its full-year outlook, reaffirming its guidance and narrowing the operating margin range to 22% to 23%, with expected full-year capacity growth of approximately 8%.

---

| | | |
|:---|:---|:---|
| **Financial Outlook** | **2025<br>Guidance** | **2024** |
| Capacity – YOY ASM growth | ~8% | 8.6% |
| Operating Margin | 22-23% | 21.9% |

---

Factored into this outlook is a load factor of approximately 87%, unit revenues (RASM) of approximately 11.2 cents, unit costs excluding fuel (Ex-Fuel CASM) of approximately 5.8 cents, and an all-in fuel price of $2.47 per gallon.

Preliminarily, for the full year 2026, the Company currently anticipates increasing its capacity measured in ASMs by approximately 11% to 13% compared to 2025, with unit costs excluding fuel (Ex-Fuel CASM) projected to be in the range of 5.7 to 5.8 cents.

**Conference Call and Webcast**

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

---

| | |
|:---|:---|
| **Date:** | November 20, 2025 |
| **Time:** | 11:00 AM US ET (11:00 AM Local Time) |
| **Join by phone:** | https://register-conf.media-server.com/register/BIe51389149b7945e08cefb08c4b0ef0b7 |
| **Webcast (listen-only):** | https://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 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.

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**Copa Holdings, S. A. and Subsidiaries** 

**Consolidated Operating and Financial Statistics**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **3Q25** | **3Q24** | **% Change** | **2Q25** | **% Change** |
| Revenue Passengers Carried (000s) | 3806 | 3449 | 10.3% | 3600 | 5.7% |
| Revenue Passengers OnBoard (000s) | 5695 | 5187 | 9.8% | 5366 | 6.1% |
| RPMs (millions) | 7249 | 6711 | 8.0% | 6859 | 5.7% |
| ASMs (millions) | 8238 | 7785 | 5.8% | 7856 | 4.9% |
| Load Factor | 88.0% | 86.2% | 1.8 p.p | 87.3% | 0.7 p.p |
| Yield (US$ Cents) | 11.9 | 12.2 | (2.6)% | 11.6 | 2.2% |
| PRASM (US$ Cents) | 10.5 | 10.5 | (0.5)% | 10.1 | 3.0% |
| RASM (US$ Cents) | 11.1 | 11.0 | 1.0% | 10.7 | 3.3% |
| CASM (US$ Cents) | 8.5 | 8.7 | (2.7)% | 8.4 | 1.4% |
| CASM Excl. Fuel (US$ Cents) | 5.6 | 5.7 | (0.8)% | 5.7 | (0.6)% |
| Fuel Gallons Consumed (millions) | 96.1 | 91.3 | 5.3% | 91.9 | 4.6% |
| Avg. Price Per Fuel Gallon (US$) | 2.44 | 2.60 | (6.1)% | 2.32 | 5.4% |
| Average Length of Haul (miles) | 1905 | 1946 | (2.1)% | 1905 | —% |
| Average Stage Length (miles) | 1243 | 1267 | (1.9)% | 1231 | 1.0% |
| Departures | 40441 | 37478 | 7.9% | 38985 | 3.7% |
| Block Hours | 128263 | 120975 | 6.0% | 122526 | 4.7% |
| Average Aircraft Utilization (hours) | 11.9 | 12.0 | (0.1)% | 11.9 | 0.2% |

---

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**Copa Holdings, S. A. and Subsidiaries** 

**Consolidated statement of profit or loss** 

**(In US$ thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Unaudited** | **Unaudited** | **%** | **Unaudited** | **%** |
| | **3Q25** | **3Q24** | **Change** | **2Q25** | **Change** |
| **Operating Revenues** | | | | | |
| &nbsp;&nbsp;Passenger revenue | 861339 | 818381 | 5.2% | 797266 | 8.0% |
| &nbsp;&nbsp;Cargo and mail revenue | 29680 | 24446 | 21.4% | 28307 | 4.8% |
| &nbsp;&nbsp;Other operating revenue | 22130 | 11881 | 86.3% | 17031 | 29.9% |
| **Total Operating Revenue** | **913149** | **854708** | **6.8%** | **842604** | **8.4%** |
| **Operating Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Fuel | 236809 | 238714 | (0.8%) | 214106 | 10.6% |
| &nbsp;&nbsp;Wages, salaries, benefits and other employees' expenses | 124266 | 117877 | 5.4% | 122289 | 1.6% |
| &nbsp;&nbsp;Passenger servicing | 27495 | 26232 | 4.8% | 25190 | 9.2% |
| &nbsp;&nbsp;Airport facilities and handling charges | 70736 | 65029 | 8.8% | 64652 | 9.4% |
| &nbsp;&nbsp;Sales and distribution | 52994 | 49716 | 6.6% | 49429 | 7.2% |
| &nbsp;&nbsp;Maintenance, materials and repairs | 24108 | 34860 | (30.8%) | 29533 | (18.4%) |
| &nbsp;&nbsp;Depreciation and amortization | 93028 | 82797 | 12.4% | 88440 | 5.2% |
| &nbsp;&nbsp;Flight operations | 36349 | 31901 | 13.9% | 32766 | 10.9% |
| &nbsp;&nbsp;Other operating and administrative expenses | 35059 | 33871 | 3.5% | 32954 | 6.4% |
| **Total Operating Expense** | **700844** | **680998** | **2.9%** | **659359** | **6.3%** |
| **Operating Profit/(Loss)** | **212305** | **173710** | **22.2%** | **183245** | **15.9%** |
| *Operating Margin* | *23.2 %* | *20.3 %* | *2.9 p.p* | *21.7 %* | *1.5 p.p* |
| **Non-operating Income (Expense):** | **Non-operating Income (Expense):** |  |  |  |  |
| &nbsp;&nbsp;Finance cost | (24396) | (23523) | 3.7% | (23285) | 4.8% |
| &nbsp;&nbsp;Finance income | 14878 | 15565 | (4.4%) | 15377 | (3.2%) |
| &nbsp;&nbsp;Gain (loss) on foreign currency fluctuations | (892) | (2491) | (64.2%) | 910 | nm |
| &nbsp;&nbsp;Net change in fair value of derivatives | (381) | (762) | (50.0%) | (1688) | (77.4%) |
| &nbsp;&nbsp;Other non-operating income (expense) | 1235 | 6787 | (81.8%) | (397) | nm |
| **Total Non-Operating Income/(Expense)** | **(9556)** | **(4425)** | **116.0%** | **(9083)** | **5.2%** |
| **Profit before taxes** | **202749** | **169285** | **19.8%** | **174162** | **16.4%** |
| &nbsp;&nbsp;Income tax expense | (29399) | (23259) | 26.4% | (25253) | 16.4% |
| **Net Profit/(Loss)** | **173350** | **146026** | **18.7%** | **148908** | **16.4%** |
| *Net Margin* | *19.0 %* | *17.1 %* | *1.9 p.p* | *17.7 %* | *1.3 p.p* |
| Basic Earnings Per Share (EPS) | 4.20 | 3.50 | 20.1% | 3.61 | 16.3% |
| Shares for calculation of Basic EPS (000s) | 41248 | 41728 | (1.2)% | 41246 | —% |

---

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**Operating revenue**

***Consolidated revenue*** for 3Q25 totaled US$913.1 million, a 6.8% increase compared to 3Q24 on 5.8% capacity growth, measured in ASMs.

***Passenger revenue*** totaled US$861.3 million, an increase of 5.2% year-over-year, driven by an 8.0% increase in RPMs, partially offset by a 2.6% decrease in yield.

***Cargo and mail revenue*** totaled US$29.7 million, up 21.4%, due to higher cargo volumes.

***Other operating revenue*** totaled US$22.1 million, an 86.3% increase, mainly due to increased ConnectMiles revenues from the renewal of a co-branded credit card agreement.

**Operating expenses**

***Consolidated operating costs*** for 3Q25 totaled US$700.8 million, a 2.9% increase year over year, primarily due to capacity growth, partially offset by lower fuel and maintenance costs.

***Fuel*** totaled US$236.8 million, a decrease of 0.8%, driven by a 6.1% lower average fuel price, partially offset by a 5.3% increase in gallons consumed.

***Wages, salaries, benefits, and other employee expenses*** totaled US$124.3 million, up 5.4%, mostly reflecting additional operational staff to support capacity growth.

***Passenger servicing*** totaled US$27.5 million, up 4.8%, driven by a 9.8% increase in onboard passengers, partially offset by fewer operational disruptions compared to 3Q24.

***Airport facilities and handling charges*** totaled US$70.7 million, an 8.8% year-over-year increase, mainly driven by increased departures.

***Sales and distribution*** totaled US$53.0 million, a 6.6% increase due to higher sales for future travel.

***Maintenance, materials, and repairs*** totaled US$24.1 million, a 30.8% decrease compared to 3Q24. This decrease reflects a realized gain from engine exchange transactions and a non-recurring benefit related to the extension of one leased aircraft.

Excluding these items, maintenance, materials, and repairs would have increased by 13.4% compared to 3Q24, driven by an increase in flight hours, higher materials consumption, and an increase in component repairs.

***Depreciation and amortization*** totaled US$93.0 million, up 12.4%, due to higher amortization of aircraft and maintenance events.

***Flight operations*** totaled US$36.3 million, a 13.9% year-over-year increase, mainly driven by increased block hours and the year-over-year effect of the reversal of prior period provisions.

***Other operating and administrative expenses*** totaled US$35.1 million, up 3.5%, mainly due to an increase in IT-related expenses.

**Non-operating Income (Expense)** 

***Consolidated non-operating income (expense***) resulted in a net expense of US$(9.6) million in 3Q25.

***Finance cost*** totaled US$(24.4) million, comprised of US$15.5 million related to loan interest expenses, US$4.7 million in interest charges related to operating leases, and US$4.2 million related to the discount rate utilized for the calculation of leased aircraft charges.

***Finance income*** totaled US$14.9 million, related to proceeds from investments.

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***Gain (loss) on foreign currency fluctuations*** totaled US$(0.9) million, mainly driven by the fluctuation of the Colombian peso, partially offset by the appreciation of the Brazilian real.

***Net change in fair value of derivatives*** totaled US$(0.4) million, due to mark-to-market losses on hedge positions related to the Brazilian real.

***Other non-operating income (expense)*** totaled US$1.2 million in 3Q25.

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**Copa Holdings, S. A. and Subsidiaries** 

**Consolidated statement of financial position**

**(In US$ thousands)**

---

| | | |
|:---|:---|:---|
| | **September 2025** | **December 2024** |
| **ASSETS** | **(Unaudited)**  | **(Audited)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 248823 | 613313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 742687 | 585919 |
| &nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and short-term investments** | **991509** | **1199232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 225586 | 166014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related parties | 3111 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expendable parts and supplies, net | 145910 | 132341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 69207 | 42926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income tax | 8161 | 11678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 30957 | 21711 |
|  | **482931** | **377647** |
| &nbsp;&nbsp;**TOTAL CURRENT ASSETS** | **1474441** | **1576879** |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 337601 | 248936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term prepaid expenses | 2589 | 8237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 4024385 | 3458261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 310596 | 309302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible, net | 101541 | 96754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | 2106 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 18498 | 20749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Current Assets | 6669 | 22113 |
| &nbsp;&nbsp;**TOTAL NON-CURRENT ASSETS** | **4803986** | **4165410** |
| **TOTAL ASSETS** | **6278427** | **5742289** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings | 204453 | 254854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liability | 64892 | 59103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 164694 | 229104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties | 1409 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air traffic liability | 694737 | 621895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frequent flyer deferred revenue | 151155 | 132064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes Payable | 53416 | 55505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses payable | 50854 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 9686 | 9801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Current Liabilities | 1495 | 1272 |
| &nbsp;&nbsp;&nbsp;**TOTAL CURRENT LIABILITIES** | **1396790** | **1427895** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings long-term | 1631823 | 1415953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Liability | 272477 | 270594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax Liabilities | 75820 | 37476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long - term liabilities | 233227 | 217626 |
| &nbsp;&nbsp;&nbsp;**TOTAL NON-CURRENT LIABILITIES** | **2213347** | **1941649** |
| &nbsp;&nbsp;**TOTAL LIABILITIES** | **3610137** | **3369544** |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A - 34,229,467 issued and 30,199,961 outstanding | 23290 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B - 10,938,125 | 7466 | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional Paid-In Capital | 219021 | 214542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock | (300143) | (291438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 2235380 | 1826565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net profit | 499025 | 608114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss | (15748) | (15748) |
| &nbsp;&nbsp;**TOTAL EQUITY** | **2668290** | **2372745** |
| **TOTAL EQUITY LIABILITIES** | **6278427** | **5742289** |

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**Copa Holdings, S. A. and Subsidiaries** 

**Consolidated statement of cash flows**

**For the nine months ended**

**(In US$ thousands)** 

---

| | | |
|:---|:---|:---|
| | **2025**<br>**(Unaudited)**  | **2024**<br>**(Unaudited)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flow from operating activities** | 751475 | 659392 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Acquisition of Investments | (243008) | (4243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flow related to advance payments on aircraft purchase contracts | (174604) | 102997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (621316) | (405045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 42447 | 5878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets | (22828) | (22162) |
| **Cash flow used in investing activities** | (1019309) | (322575) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from new borrowings | 329800 | 217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on loans and borrowings | (174875) | (185772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of lease liability | (43438) | (46837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of treasury shares | (8706) | (50402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (199437) | (201936) |
| **Cash flow used in financing activities** | (96656) | (267947) |
| **Net (decrease) increase in cash and cash equivalents** | **(364490)** | **68870** |
| &nbsp;&nbsp;Cash and cash equivalents as of January 1 | 613313 | 206375 |
| **Cash and cash equivalents as of September 30** | $**248823** | $**275245** |
| &nbsp;&nbsp;Short-term investments | 742687 | 758560 |
| &nbsp;&nbsp;Long-term investments | 337601 | 219731 |
| **Total cash and cash equivalents and investments as of September 30** | $**1329111** | $**1253536** |

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![cm-earningxreleasexwithouta.jpg](cm-earningxreleasexwithouta.jpg)

**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:*

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| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Operating Costs per ASM** | | | |
| **Excluding Fuel (CASM Excl. Fuel)** | **3Q25** | **3Q24** | **1Q25** |
| &nbsp;&nbsp;&nbsp;Operating Costs per ASM as Reported (in US$ Cents) | 8.5 | 8.7 | 8.4 |
| &nbsp;&nbsp;&nbsp;Aircraft Fuel Cost per ASM (in US$ Cents) | 2.9 | 3.1 | 2.7 |
| **Operating Costs per ASM excluding fuel (in US$ Cents)** | **5.6** | **5.7** | **5.7** |

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