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Copa Holdings Closes 2025 with Net Profits of US$671.6 Million

Dergam Mousa

Copa Holdings, the parent company of Copa Airlines and Wingo, presented its financial results for the fourth quarter and the full fiscal year 2025, confirming another year of structural profitability, cost discipline, and operational excellence. In a regional environment still marked by currency volatility and pressure on unit revenues, the company once again positioned itself among the most solid airlines on the continent.

Fourth Quarter 2025: Capacity Expansion with Robust Margins

During 4Q25, Copa reported a net income of US$172.6 million, equivalent to US$4.18 per share. This represents a year-over-year growth of 5.3% in earnings per share (EPS).

However, the result includes two significant extraordinary effects:

Excluding these impacts, the adjusted EPS would have been US$4.46, implying a year-over-year growth of 12.3%. This reflects an operating base that is even stronger than the reported data suggests.

Financial Strength: Liquidity and Low Leverage

Copa closed the quarter with approximately US$1.6 billion in cash, as well as short and long-term investments. This figure is equivalent to 44% of the revenues from the last twelve months.

The Adjusted Net Debt to EBITDA ratio stood at 0.6x, one of the lowest levels among public airlines in the Western Hemisphere. This balance sheet provides the company with the flexibility for both expansion and shareholder remuneration.

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Fleet and Operational Efficiency

During the quarter, Copa added four Boeing 737 MAX 8 aircraft, closing 2025 with a total fleet of 125 aircraft:

In operational terms, the company achieved:

These indicators once again place Copa among the best-performing airlines in the region.

2025 Annual Results: Sustained Profitability

For the full 2025 fiscal year, Copa Holdings reported:

Annual capacity grew by 7.8%, while RASM (Revenue per Available Seat Mile) settled at 11.2 cents, a 2.6% decrease compared to 2024.

Announcements: Dividends, Wi-Fi, and Fleet Expansion

On February 11, 2026, the Board of Directors approved a quarterly dividend of US$1.71 per share for 2026, with payments scheduled for March, June, September, and December. The first payment will be made on March 13, 2026, to shareholders of record as of February 27.

In January 2026, the company received an additional Boeing 737 MAX 8, bringing the total fleet to 126 aircraft. Furthermore, it was announced that the airline will begin offering onboard Wi-Fi starting in October 2026. While technical specifications and service providers were not disclosed, this will be a key development to watch given the growing demand for connectivity in the regional market.

International Recognition: Leadership in Punctuality

Copa Airlines was recognized by Cirium for the eleventh time as the most on-time airline in Latin America in 2025. Its annual punctuality reached 90.75%, the highest in the American continent and the second-best in the world. This is a critical factor for both brand perception and network efficiency.

The 2025 fiscal year confirms that Copa’s hub-and-spoke model—underpinned by cost discipline, high punctuality, and a conservative financial structure—continues to generate superior results.

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