EX-99.1 2 cpa4q24ex-991.htm EX-99.1 Document
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Exhibit 99.1
Copa Holdings Reports Fourth-Quarter Financial Results
Panama City, Panama --- February 12, 2025. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter (4Q24) and the full year 2024. The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The following financial information, 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 fourth quarter of 2023 (4Q23).

OPERATING AND FINANCIAL HIGHLIGHTS
•Copa Holdings reported a net profit of US$166.2 million or US$3.99 per share for 4Q24. For the full year 2024, the Company reported a net profit of US$608.5 million or US$14.56 per share, compared to a full-year adjusted net profit of US$671.0 million or US$16.68 per share in 2023.
•The Company reported an operating profit of US$204.2 million and an operating margin of 23.3% for the quarter. For the full year 2024, the Company reported an operating profit of US$753.4 million and an operating margin of 21.9%, compared to a full-year operating profit of US$807.2 million and an operating margin of 23.4% in 2023.
•Capacity, measured in available seat miles (ASMs), increased by 7.2% in 4Q24 compared to 4Q23.
•Operating cost per available seat mile excluding fuel (Ex-fuel CASM) came in at 5.9 cents in the quarter, a decrease of 2.6% when compared to 4Q23.
•Revenue per available seat mile (RASM) came in at 11.3 cents in the quarter, a 10.4% decrease compared to 4Q23.
•The Company ended the year with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 42% of the last twelve months’ revenues.
•The Company closed the year with total debt, including lease liabilities, of US$2.0 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
•In 2024, the Company repurchased US$87 million worth of shares under its ongoing US$200 million share repurchase program authorized by the Board of Directors. This represents approximately 2% of the Company’s total outstanding shares as of year-end 2024.
•During the fourth quarter, the Company took delivery of two Boeing 737 MAX 8 aircraft, ending the year with a consolidated fleet of 112 aircraft – 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s, 3 Boeing 737 MAX 8, and 1 Boeing 737-800 freighter.
Subsequent Events
•On February 12, 2025, the Board of Directors of Copa Holdings approved a 2025 quarterly dividend payment of US$1.61 per share, maintaining last year’s dividend payment. Dividends will be distributed in March, June, September, and December. The first quarterly dividend will be paid on March 14, 2025, to shareholders on record as of February 28, 2025.
•In January, Copa Airlines was recognized by Cirium for the tenth time as the most on-time airline in Latin America in 2024. Copa Airlines’ on-time performance of 88.2% for the year was the highest of any carrier in the Americas and the third best in the world, reaffirming its position as one of the leading airlines in the industry.


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•After an extensive internal and external search, the Company is pleased to announce the appointment of Peter Donkersloot as Chief Financial Officer effective March 10, 2025. Currently Copa’s Vice President of Human Resources, Peter brings over 20 years of international experience across the Americas, serving as General Manager for various companies across the continent and holding key positions in Commercial, Operations, Logistics, Risk Assessment, and Financial Planning. Peter holds a Global MBA from the Thunderbird School of Global Management and a degree in Industrial Engineering from Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM).

Consolidated Financial
& Operating Highlights		4Q244Q23Variance Vs 4Q233Q24Variance Vs 3Q24YTD24YTD23Variance Vs YTD23
Revenue Passengers Carried (000s)3,444 3,310 4.0 %3,449 (0.2)%13,467 12,442 8.2 %
Revenue Passengers OnBoard (000s)5,168 4,930 4.8 %5,187 (0.4)%20,115 18,566 8.3 %
RPMs (millions) 6,682 6,263 6.7 %6,711 (0.4)%25,966 24,052 8.0 %
ASMs (millions) 7,747 7,228 7.2 %7,785 (0.5)%30,077 27,700 8.6 %
Load Factor 86.3 %86.7 %-0.4 p.p86.2 %0.1 p.p86.3 %86.8 %-0.5 p.p
Yield (US$ Cents) 12.5 14.0 (10.8)%12.2 2.3 %12.7 13.8 (8.1)%
PRASM (US$ Cents) 10.8 12.1 (11.2)%10.5 2.3 %10.9 12.0 (8.6)%
RASM (US$ Cents) 11.3 12.6 (10.4)%11.0 3.1 %11.5 12.5 (8.2)%
CASM (US$ Cents) 8.7 9.7 (10.1)%8.7 (0.7)%8.9 9.6 (6.5)%
CASM Excl. Fuel (US$ Cents) 5.9 6.0 (2.6)%5.7 3.1 %5.8 6.0 (3.0)%
Fuel Gallons Consumed (millions) 91.2 85.6 6.5 %91.3 (0.1)%354.5 327.6 8.2 %
Avg. Price Per Fuel Gallon (US$)2.38 3.08 (22.6)%2.60 (8.3)%2.66 3.02 (11.9)%
Average Length of Haul (miles)1,940 1,892 2.6 %1,946 (0.3)%1,928 1,933 (0.3)%
Average Stage Length (miles)1,260 1,229 2.6 %1,267 (0.6)%1,257 1,251 0.5 %
Departures37,596 36,207 3.8 %37,478 0.3 %146,607 137,044 7.0 %
Block Hours121,549 115,118 5.6 %120,975 0.5 %470,751 438,913 7.3 %
Average Aircraft Utilization (hours)12.0 11.9 0.1 %12.0 — %11.9 11.9 (0.4)%
Operating Revenues (US$ millions) 877.1 912.8 (3.9)%854.7 2.6 %3,444.6 3,457.0 (0.4)%
Operating Profit (Loss) (US$ millions)204.2 214.3 (4.7)%173.7 17.5 %753.4 807.2 (6.7)%
Operating Margin 23.3 %23.5 %-0.2 p.p20.3 %3.0 p.p21.9 %23.4 %-1.5 p.p
Net Profit (Loss) (US$ millions)166.2 187.7 (11.5)%146.0 13.8 %608.5 514.1 18.4 %
Adjusted Net Profit (Loss) (US$ millions) (1)166.2 184.3 (9.8)%146.0 13.8 %608.5 671.0 (9.3)%
Basic EPS (US$)3.99 4.45 (10.5)%3.50 13.9 %14.56 12.78 13.9 %
Adjusted Basic EPS (US$) (1)3.99 4.37 (8.9)%3.50 13.9 %14.56 16.68 (12.7)%
Shares for calculation of Basic EPS (000s) 41,696 42,150 (1.1)%41,728 (0.1)%41,796 40,228 3.9 %

(1)Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.






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MANAGEMENT’S COMMENTS ON FY2024 AND 4Q24 RESULTS
Copa Holdings reported a full-year operating margin of 21.9%. These results were achieved despite facing significant challenges during the year, including the partial grounding of its 737 MAX9 fleet in January, the sudden cancellation of its flights from Panama to Venezuela at the end of July, and a weaker currency environment in Brazil and other countries during the second half of the year.
The Company's focus on maintaining low ex-fuel unit costs, leading on-time performance, and offering a passenger-friendly product, as well as expanding its Hub of the Americas in Panama, continues to fortify Copa’s leading business model, competitive position and remains central to consistently achieving strong margins and financial results.
During the fourth quarter, the Company reported operating revenues of US$877.1 million, a 3.9% decrease compared to 4Q23. Mainly driven by the demand and yield impact of a weaker currency environment and an increase in industry capacity in the region, load factor came in at 86.3% for the quarter, a 0.4 percentage-point decrease vs 4Q23, and passenger yields came in 10.8% lower year over year, compared to 4Q23. As a result, passenger revenues per ASM (PRASM) decreased 11.2% in the quarter to 10.8 cents and RASM decreased 10.4% to 11.3 cents, compared to 4Q23. Unit revenues were also impacted by the ongoing effects of the close-in rescheduling of flights due to the sudden cancelation of the Panama-Venezuela operations at the end of July.
Operating expenses for the quarter decreased by 3.7% to a total of US$672.9 million compared to 4Q23 while operating 7.2% more capacity. This decrease was mainly driven by a 22.6% decrease in the average price per fuel gallon and an 8.3% decrease in the Company's sales and distribution costs, despite a 6.7% increase in passenger traffic year-over-year. The decrease in the Company's sales and distribution costs was driven by higher penetration of copa.com and lower-cost travel agency NDC channels as a product of the successful execution of the Company's NDC strategy. Consequently, the Company reported cost per available seat mile (CASM) of 8.7 cents in 4Q24, a 10.1% decrease versus 4Q23 and a CASM excluding fuel (Ex-fuel CASM) of 5.9 cents during the quarter, a 2.6% decrease when compared to the same period in 2023.
The Company reported an operating income of US$204.2 million and an operating margin of 23.3% in the quarter, compared to an operating income of US$214.3 million and an operating margin of 23.5% in 4Q23.
During the quarter, the Company executed US$37 million of its share repurchase program approved by the Board of Directors. As of the close of 2024, the Company had repurchased US$87 million of its ongoing US$200 million share repurchase program, representing approximately 2% of total outstanding shares as of December 31, 2024.
The Company continues to have a solid balance sheet and liquidity position as it closed the quarter with US$1.4 billion in cash, short-term and long-term investments, which represent 42% of the last twelve months’ revenues.
Total debt at the end of 4Q24 amounted to US$2.0 billion, while Adjusted Net Debt to EBITDA ratio of 0.5 times continued at industry-leading levels.
Copa Holdings’ fourth quarter and full year results are the product of a solid and well-executed business model, which is built on operating the best and most convenient network for intra-Latin America travel from its geographically advantaged Hub of the Americas®, industry-leading low unit costs for a full-service airline, one of the world’s best on-time performance, a passenger-friendly product, and a strong balance sheet and liquidity position. Going forward, the Company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product, and cost competitiveness.



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OUTLOOK FOR 2025
For 2025, the Company is providing the following outlook: operating margin is expected to be within a range of 20 to 22% and consolidated capacity is expected to increase within a range of 7% to 8% over 2024.
Financial Outlook2025
Guidance		2024
Capacity – YOY ASM growth7-8%8.6%
Operating Margin20-22%21.9%
Factored into this outlook is a load factor of approximately 86.5%, unit revenues (RASM) of 11.3 cents, unit costs excluding fuel (Ex-Fuel CASM) of approximately 5.8 cents, and an all-in fuel price of 2.60 per gallon.

This outlook demonstrates Copa’s focus on delivering consistent, sustained growth with strong margins, supported by low ex-fuel CASM.

CONSOLIDATED FOURTH-QUARTER RESULTS
Operating revenue
Consolidated revenue for 4Q24 totaled US$877.1 million, a 3.9% decrease compared to 4Q23, driven by a 4.8% decrease in passenger revenue.
Passenger revenue totaled US$833.2 million, a 4.8% decrease compared to the same period in 2023, mainly driven by a 10.8% decrease in passenger yield and a 0.4 percentage-point decrease in load factor. The fourth-quarter results are mostly comprised of flown passenger ticket revenue and passenger-related ancillary revenue.
Cargo and mail revenue totaled US$29.0 million, a 9.2% increase compared to the same period in 2023.
Other operating revenue totaled US$14.9 million, a 34.8% increase year-over-year, mostly due to an increase in ConnectMiles revenues from non-air partners.
Operating expenses
Consolidated operating costs for 4Q24 totaled US$672.9 million, a 3.7% decrease compared to 4Q23, mainly driven by lower fuel and sales and distribution expenses.
Fuel totaled US$219.2 million, a decrease of US$44.9 million or 17.0% compared to the same period in 2023, due to a 22.6% lower effective fuel price partially offset by a 6.5% increase in fuel gallons consumed.
Wages, salaries, benefits, and other employee expenses totaled US$123.6 million, a 3.3% increase compared to the same period in 2023, driven by growth in operational staff to support current capacity and salary increases.
Passenger servicing totaled US$25.7 million, a 6.6% increase compared to the same period in 2023, mainly due to a 4.8% increase in onboard passengers and an increase in long-haul flying.
Airport facilities and handling charges totaled US$64.7 million, a 9.6% increase compared to the same period in 2023, mostly related to a 3.8% increase in departures, changes in the mix of destinations, and higher airport and handling fees in certain countries.
Sales and distribution totaled US$50.5 million, an 8.3% decrease compared to the same period in 2023, due to a reduction in the Company’s distribution costs as a result of higher penetration of both copa.com and lower-cost NDC travel agency channels.

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Maintenance, materials, and repairs totaled US$34.6 million, a 10.5% increase compared to the same period in 2023, mainly due to an increase in major components repairs and material consumption cost driven by a 6.3% increase in flight hours, as well as the year-over-year effect of the adjustment in the provision related to the Company's leased aircraft in 4Q23.
Depreciation and amortization totaled US$85.1 million, a 6.0% increase compared to the same period in 2023, mostly related to additional aircraft and maintenance events amortization, partially offset by the compensation received due to the 737 MAX-9 fleet grounding in 1Q24.
Flight operations totaled US$34.7 million related to overflight fees, a 23.9% increase compared to the same period in 2023, driven by an increase of 5.6% in block hours, higher overflight rates in certain countries, and the year-over-year effect of a reversal of provisions in 4Q23.
Other operating and administrative expenses totaled US$34.8 million, a 5.7% decrease compared to the same period in 2023, mainly due to a decrease in engine rental expenses.

Non-operating Income (Expense)
Consolidated non-operating income (expense) resulted in a net expense of US$14.7 million in 4Q24.
Finance cost totaled US$(21.5) million, comprised of US$14.1 million related to loan interest expenses, US$4.1 million related to the discount rate utilized for the calculation of leased aircraft charges, and US$3.3 million in interest charges related to operating leases.
Finance income totaled US$16.1 million, related to proceeds from investments.
Gain (loss) on foreign currency fluctuations totaled US$(11.5) million, mainly driven by the devaluation of the Brazilian real and Colombian peso.
Net change in fair value of derivatives totaled US$2.7 million, mostly driven by the mark-to-market net gain of hedge transactions related to the Brazilian real.
Other non-operating income (expense) totaled US$(0.5) million in 4Q24.


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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: www.copaair.com.

CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)

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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Copa Holdings, S. A. and Subsidiaries
Consolidated statement of profit or loss
(In US$ thousands)
UnauditedUnaudited%Unaudited%UnauditedAudited%
4Q244Q23Change 3Q24ChangeYTD24YTD23Change
Operating Revenues
Passenger revenue833,189 875,257 (4.8 %)818,381 1.8 %3,291,793 3,316,362 (0.7 %)
Cargo and mail revenue28,966 26,534 9.2 %24,446 18.5 %100,507 97,105 3.5 %
Other operating revenue14,896 11,049 34.8 %11,881 25.4 %52,330 43,538 20.2 %
Total Operating Revenue877,052 912,840 (3.9 %)854,708 2.6 %3,444,629 3,457,005 (0.4 %)
Operating Expenses
Fuel219,232 264,166 (17.0 %)238,714 (8.2 %)949,309 995,862 (4.7 %)
Wages, salaries, benefits and other employees' expenses123,575 119,669 3.3 %117,877 4.8 %470,644 436,526 7.8 %
Passenger servicing25,748 24,148 6.6 %26,232 (1.8 %)109,243 89,146 22.5 %
Airport facilities and handling charges64,655 59,010 9.6 %65,029 (0.6 %)252,798 221,878 13.9 %
Sales and distribution50,548 55,111 (8.3 %)49,716 1.7 %207,968 227,171 (8.5 %)
Maintenance, materials and repairs34,567 31,276 10.5 %34,860 (0.8 %)105,936 132,531 (20.1 %)
Depreciation and amortization85,085 80,261 6.0 %82,797 2.8 %330,710 306,114 8.0 %
Flight operations34,675 27,987 23.9 %31,901 8.7 %129,521 109,892 17.9 %
Other operating and administrative expenses34,778 36,875 (5.7 %)33,871 2.7 %135,110 130,656 3.4 %
Total Operating Expense672,862 698,504 (3.7 %)680,998 (1.2 %)2,691,238 2,649,777 1.6 %
Operating Profit/(Loss)204,190 214,335 (4.7 %)173,710 17.5 %753,392 807,228 (6.7 %)
Non-operating Income (Expense):
Finance cost(21,498)(20,408)5.3 %(23,523)(8.6 %)(84,493)(158,216)(46.6 %)
Finance income16,064 14,289 12.4 %15,565 3.2 %58,912 50,209 17.3 %
Gain (loss) on foreign currency fluctuations(11,489)(272)4125.5 %(2,491)361.1 %(33,991)3,076 nm
Net change in fair value of derivatives2,706 — — %(762)nm4,469 (98,347)nm
Other non-operating income (expense)(501)3,126 nm6,787 nm7,940 7,153 11.0 %
Total Non-Operating Income/(Expense)(14,718)(3,264)350.9 %(4,425)232.6 %(47,163)(196,126)(76.0 %)
Profit before taxes189,471 211,071 (10.2 %)169,285 11.9 %706,229 611,102 15.6 %
Income tax expense(23,290)(23,378)(0.4 %)(23,259)0.1 %(97,703)(97,004)0.7 %
Net Profit/(Loss)166,182 187,693 (11.5 %)146,026 13.8 %608,526 514,098 18.4 %









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Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
December 2024December 2023
ASSETS
(Unaudited)
(Audited)
Cash and cash equivalents613,313 206,375 
Short-term investments585,919 708,809 
Total cash, cash equivalents and short-term investments1,199,232 915,184 
Accounts receivable, net166,014 156,720 
Accounts receivable from related parties2,976 2,527 
Expendable parts and supplies, net132,341 116,604 
Prepaid expenses42,926 44,635 
Prepaid income tax11,712 66 
Other current assets21,711 32,227 
377,681 352,780 
TOTAL CURRENT ASSETS1,576,913 1,267,963 
Long-term investments248,936 258,934 
Long-term prepaid expenses8,237 9,633 
Property and equipment, net3,458,261 3,238,632 
Right of use assets309,302 281,146 
Intangible, net96,754 87,986 
Net defined benefit assets1,058 5,346 
Deferred tax assets20,736 30,148 
Other Non-Current Assets22,113 17,048 
TOTAL NON-CURRENT ASSETS4,165,397 3,928,872 
TOTAL ASSETS5,742,310 5,196,836 
LIABILITIES
Loans and borrowings254,854 222,430 
Current portion of lease liability59,103 68,304 
Accounts payable227,095 182,303 
Accounts payable to related parties1,624 1,228 
Air traffic liability616,105 611,856 
Frequent flyer deferred revenue139,423 124,815 
Taxes Payable55,505 44,210 
Accrued expenses payable62,673 64,940 
Income tax payable9,828 26,741 
Other Current Liabilities1,272 1,403 
TOTAL CURRENT LIABILITIES1,427,482 1,348,229 
Loans and borrowings long-term1,415,953 1,240,261 
Lease Liability270,594 215,353 
Deferred tax Liabilities37,497 36,369 
Other long - term liabilities217,626 234,474 
TOTAL NON-CURRENT LIABILITIES1,941,670 1,726,457 
TOTAL LIABILITIES3,369,152 3,074,685 
EQUITY
Class A - 34,195,704 issued and 30,234,831 outstanding
23,244 23,201 
Class B - 10,938,1257,466 7,466 
Additional Paid-In Capital214,542 209,102 
Treasury Stock(291,438)(204,130)
Retained Earnings1,826,565 1,581,739 
Net profit608,526 514,098 
Other comprehensive loss(15,748)(9,326)
TOTAL EQUITY2,373,158 2,122,150 
TOTAL EQUITY LIABILITIES5,742,310 5,196,836 

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Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the twelve months ended
(In US$ thousands)
202420232022
(Unaudited)
(Audited)
(Audited)
Cash flow from operating activities
969,729 1,020,974 737,188 
Cash flow (used in) investing activities
(343,142)(542,995)(552,151)
Cash flow (used in) financing activities
(219,649)(394,028)(273,694)
Net increase (decrease) in cash and cash equivalents
406,938 83,951 (88,657)
Cash and cash equivalents at January 1206,375 122,424 211,081 
Cash and cash equivalents at December 31$613,313 $206,375 $122,424 
Short-term investments585,919 708,809 812,323 
Long-term investments248,936 258,934 202,056 
Total cash and cash equivalents and investments at December 31$1,448,168 $1,174,119 $1,136,803 



















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Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Adjusted Net Profit, Adjusted Basic EPS, and 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:
Reconciliation of Adjusted Net Profit4Q244Q233Q24YTD24YTD23
Net Profit as Reported$166,182 $187,693 $146,026 $608,526 $514,098 
Interest expense related to the settlement of the convertible notes$— $— $— $— $64,894 
Net change in fair value of derivatives$— $— $— $— $98,347 
Net change in fair value of financial investments$— $(3,372)$— $— $(6,349)
Adjusted Net Profit$166,182 $184,321 $146,026 $608,526 $670,990 
Reconciliation of Adjusted Basic EPS4Q244Q233Q24YTD24YTD23
Adjusted Net Profit$166,182 $184,321 $146,026 $608,526 $670,990 
Shares used for calculation of Basic EPS41,69642,15041,72841,79640,228
Adjusted Basic Earnings per share (Adjusted Basic EPS)$3.99 $4.37 $3.50 $14.56 $16.68 
Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)4Q244Q233Q24YTD24YTD23
Operating Costs per ASM as Reported (in US$ Cents)8.7 9.7 8.7 8.9 9.6 
Aircraft Fuel Cost per ASM (in US$ Cents)2.8 3.7 3.1 3.2 3.6 
Operating Costs per ASM excluding fuel (in US$ Cents)5.9 6.0 5.7 5.8 6.0 

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