Copa Holdings Reports Strong Earnings in First Quarter of 2025
Copa Holdings, the parent company of Copa Airlines and Wingo, released its financial results for the first quarter of 2025 on Wednesday.
Net Profit and Operating Profitability
Copa Holdings reported a net profit of $176.8 million in the first quarter, equivalent to $4.28 per share. This figure represents an increase of $700,000 compared to the same period last year.
The operating profit reached $213.8 million, with a margin of 23.8%. While this reflects a slight decrease of 1.0% and 0.4 percentage points, respectively, compared to the first quarter of 2024, the margins remain robust relative to industry standards.
Capacity Growth and Cost Control
During the quarter, Copa increased its capacity by 9.5% year-over-year, measured in available seat miles (ASMs), indicating a higher supply of flights. At the same time, the company achieved a 4.3% reduction in cost per available seat mile excluding fuel (Ex-fuel CASM), lowering it to 5.8 cents. This operational efficiency helped partially offset an 8.1% decline in revenue per available seat mile (RASM), which closed at 11.5 cents.
→ Copa Airlines Expands in 2025: More Flights, More Jobs, and Greater Economic Impact for Panama
Financial Strength
The company ended the first quarter with approximately US$1.3 billion in cash and short-term and long-term investments, equivalent to 39% of revenues generated in the last twelve months. This strong liquidity position contrasts with total debt-including leases-of US$1.9 billion. The adjusted net debt to EBITDA ratio stood at just 0.5 times, reflecting a healthy and well-leveraged financial structure.
Fleet Expansion and Future Orders
By the end of the quarter, Copa Holdings operated a consolidated fleet of 112 aircraft: 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s, 3 Boeing 737 MAX 8s, and 1 Boeing 737-800 freighter. Additionally, the company exercised options to purchase six additional 737 MAX-8 aircraft, with delivery scheduled for 2028. With this decision, the firm order backlog now stands at 57 aircraft, underscoring the airline’s commitment to long-term growth.
World-Class Operational Performance
Copa Airlines continues to stand out for its punctuality, achieving an on-time departure rate of 90.8% and a flight completion factor of 99.9%. These figures once again position the company among the most efficient globally, a key differentiator in today’s aviation industry.
Dividends and Shareholder Benefits
On May 7, 2025, the Copa Holdings Board of Directors ratified the second dividend payment of the year, amounting to $1.61 per share. The payment will be made on June 13, 2025, to shareholders of record as of May 30.
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