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Accounts and transactions with related parties | 12 Months Ended
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Dec. 31, 2025
Disclosure of transactions between related parties [abstract] |
Accounts and transactions with related parties | 23. Accounts and transactions with related parties
| 2025 |  | 2024
Accounts receivable - |  |  |
Banco General, S.A. | $ | 3,131 |  |  | $ | 2,838 |
Panama Air Cargo Terminal | 86 |  |  | 138 |
| $ | 3,217 |  |  | $ | 2,976 |
Accounts payable - |  |  |
Assa Compañía de Seguros, S.A. | $ | 796 |  |  | $ | 686 |
Panama Air Cargo Terminal | 431 |  |  | 560 |
Motta Internacional, S.A. | 46 |  |  | 11 |
Desarrollos Inmobiliarios del Este, S.A. | 40 |  |  | 31 |
GBM International, Inc. | 20 |  |  | 6 |
Galindo, Arias & López | — |  |  | 330 |
| $ | 1,333 |  |  | $ | 1,624 |
Transactions with related parties for the year ended December 31 are as follows:
Related party |  | Type of transactions |  | Amount of transaction 2025 |  | Amount of transaction 2024 |  | Amount of transaction 2023
ASSA Compañía de Seguros, S.A. |  | Insurance |  | 12,901 |  |  | 13,247 |  |  | 12,116 |
Desarrollo Inmobiliario del Este, S.A. |  | Property leasing |  | 3,266 |  |  | 3,382 |  |  | 3,564 |
Profuturo Administradora de Fondos de Pensión y Cesantía |  | Payments |  | 5,129 |  |  | 4,875 |  |  | 4,572 |
Panama Air Cargo Terminal |  | Handling |  | 4,308 |  |  | 3,509 |  |  | 3,889 |
Motta Internacional, S.A. |  | Purchase |  | 1,276 |  |  | 1,199 |  |  | 1,013 |
Galindo, Arias & López |  | Legal services |  | — |  |  | 395 |  |  | 407 |
GBM International, Inc. |  | Technological support |  | 109 |  |  | 73 |  |  | 51 |
Global Brands, S.A. |  | Purchase |  | 10 |  |  | 2 |  |  | 83 |
Televisora Nacional, S.A. |  | Communications |  | 15 |  |  | — |  |  | — |
Banco General, S.A. |  | Interest income,net |  | $ | (5,609) |  |  | $ | (3,710) |  |  | $ | (2,368) |
Banco General, S.A.: Some members of the Company’s Board of Directors are also board members of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S.A. owns ProFuturo Administradora de Fondos de Pensión y Cesantía S.A., which manages the Company’s reserves for pension purposes. As of December 31, 2025 the Company has interest receivable of $2.2 million (2024: $2.7 million) due to short and long term time deposits in this financial institution. Also Banco General is a non air partner of Copa’s loyalty program “ConnectMiles”. During, 2025 the Company sold miles to Banco General for $33.3 million (2024: $28.9 million, 2023: $24.9 million). ASSA Compañía de Seguros, S.A.: An insurance company who provides substantially all of the Company’s insurance policies. While the Company’s controlling shareholders do not hold a controlling equity interest in ASSA Compañía de Seguros, S.A., various members of the Company’s Board of Directors are also board members of ASSA Compañía de Seguros, S.A. Desarrollo Inmobiliario del Este, S.A.: The Company leases five floors consisting of approximately 105,981 square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporación de Inversiones Aéreas, S.A. (“CIASA”). CIASA owns 100% of the class B shares of the Company. This contract constitutes a lease under IFRS 16. Panama Air Cargo Terminal: Provides cargo and courier services in Panama, an entity controlled by the same group of investors who controls CIASA. Motta Internacional, S.A. & Global Brands, S.A.: The Company purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional and Global Brands., both of which are controlled by the Company’s controlling shareholders. Galindo, Arias & López: Certain partners of Galindo, Arias & López (a law firm) were members of the Company’s Board of Directors. As of December 31, 2025 those individuals are no longer members of the Company’s Board. Therefore, Galindo, Arias & López is no longer a related party. GBM International, Inc.: Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company’s Board of Directors is also a shareholder of GBM International, Inc. Televisora Nacional, S.A.: This Panamanian television channel provides broadcasting services. A member of the Company’s Board of Directors is a shareholder of Televisora Nacional. Compensation of key management personnel Key management personnel compensation is as follows:
| 2025 |  | 2024 |  | 2023
Short-term employee benefits | $ | 4,906 |  |  | $ | 5,221 |  |  | $ | 4,975 |
Post-employment pension | 94 |  |  | 100 |  |  | 96 |
Share-based payments | 2,978 |  |  | 2,748 |  |  | 1,548 |
| $ | 7,978 |  |  | $ | 8,069 |  |  | $ | 6,619 |
The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a non-compete agreement for $3.1 million established in 2006 (see Note 21).

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