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.

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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, 2026
Time: 11:00 AM US ET (10:00 AM Local Time)
Join by phone: Click here
Webcast (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
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
                               
  2Q26   2Q25   % Change   1Q26   % Change   YTD26   YTD25   % Change
Revenue 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 Factor 86.7 %   87.3 %   -0.6 p.p   87.2 %   -0.5 p.p   87.0 %   86.9 %   0.1 p.p
Yield (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 %
Departures 44,301     38,985     13.6 %   43,033     2.9 %   87,334     76,814     13.7 %
Block Hours 142,113     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   Change
Operating 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     nm
Total 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 2025
ASSETS   (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 EBITDA 2Q26
   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  
                       


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Copa Holdings, S.A.