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