<SEC-DOCUMENT>0001950047-25-003826.txt : 20250604
<SEC-HEADER>0001950047-25-003826.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250604162302
ACCESSION NUMBER:		0001950047-25-003826
CONFORMED SUBMISSION TYPE:	144
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250604
DATE AS OF CHANGE:		20250604

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Copa Holdings, S.A.
		CENTRAL INDEX KEY:			0001345105
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			R1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		144
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	001-32696
		FILM NUMBER:		251023406

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
		BUSINESS PHONE:		011 507 227 2522

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			pedro heilbron
		CENTRAL INDEX KEY:			0001975040
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		144

	MAIL ADDRESS:	
		STREET 1:		COMPLEJO BUSINESS PARK COSTA DEL ESTE
		STREET 2:		TORRE NORTE
		CITY:			PANAMA
		STATE:			R1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>144
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001975040</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0001345105</issuerCik>
            <issuerName>Copa Holdings, S.A.</issuerName>
            <secFileNumber>001-32696</secFileNumber>
            <issuerAddress>
                <ns2:street1>Avenida Principal, Costa del Este</ns2:street1>
                <ns2:city>Parque Lefevre, Panama City</ns2:city>
                <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                <ns2:zipCode>0816-06819</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>0115072272522</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>PEDRO OSVALDO HEILBRON CALONGE</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>2631</noOfUnitsSold>
            <aggregateMarketValue>285884.46</aggregateMarketValue>
            <noOfUnitsOutstanding>30234831</noOfUnitsOutstanding>
            <approxSaleDate>06/04/2025</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>03/31/2024</acquiredDate>
            <natureOfAcquisitionTransaction>RSA</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2631</amountOfSecuritiesAcquired>
            <paymentDate>03/31/2024</paymentDate>
            <natureOfPayment>N/A</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE</name>
                <address>
                    <ns2:street1>Avenida Principal, Costa del Este</ns2:street1>
                    <ns2:city>Parque Lefevre, Panama City</ns2:city>
                    <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                    <ns2:zipCode>0816-06819</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>05/29/2025</saleDate>
            <amountOfSecuritiesSold>69990</amountOfSecuritiesSold>
            <grossProceeds>7703106.40</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>06/04/2025</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>09/13/2024</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Pedro Osvaldo Heilbron Calonge</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
