Copa Holdings, S.a. · NYSE:CPA
Copa — Investor Day (December 2025)
64 slides from Copa's investor day presentation, Dec 11, 2025
Slide 1: Copa Holdings Investor Day
Copa Holdings December 11, 2025 | New York City Investor Day Panama Canal’s Pacific Entrance, Panama
Slide 2: Safe Harbor Statement
Statements in this presentation that are not reported financial Safe Harbor results or other historical information are “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward - looking statements are based on Statement current plans, e
Slide 3: Agenda for today
Pedro Heilbron Agenda for 11:00 am Business Overview Executive Chairman & CEO today… Strategic & Commercial Overview Robert Carey Executive Vice President Dan Gunn Operational Overview SVP of Operations Financial Overview Peter Donkersloot & Targets CFO Q&A Session 12:45 am Break 01:00 pm Lunch / Gu
Slide 4: Business Overview
Business Overview Pedro Heilbron, Executive Chairman & CEO 4
Slide 5: 20 years generating value for our shareholders
Business Overview 20 years generating value for our shareholders... 2025 vs. 2005: • 3x bigger fleet - All Boeing 737 NG/MAX • 6x increase in revenue • 10x increase in net income • 34x higher dividends • Consistently strong double - digit Operating Margins (except 2020/21) 5 *LTM 3Q25 Revenue: US$3,
Slide 6: Proven business model delivering top-of-industry operating margins
Business Overview Thanks to a proven and successful Business Model - delivering operating margins consistently at the top of the industry Airline operating margins (2019 - 2025) 1 25% 20% 15% 10% 5% 0% -5% -10% Ryanair 2 LATAM Avianca Volaris American Jetblue Copa IAG Delta 3 United Alaska Air Canad
Slide 7: Margins resilient even during years of industry and regional challenges
Business Overview ...even during years of industry and regional challenges Adjusted Operating Margin 2020 - 21: COVID - 2024: Venezuela 19 pandemic cancellations , Brazil’s currency 2009: H1N1 2015/16: Brazil weakness & 737 - & Latam's 2018- 19: MAX grounding 2007 - 08: Economic recessions, Weakness
Slide 8: A simple and well-focused Business Model
A simple and well - focused Best Markets Business geographic that need position a hub Model Passenger - Low unit friendly costs product 8
Slide 9: Copa's geographic advantage cannot be easily replicated
Copa's geographic advantage cannot be easily replicated International Destinations in Competing Hubs 98 61 54 50 43 41 Hub of the Americas ® Panama Mexico Bogota Sao Lima San Paulo Salvador 85+ Destinations 32 Countries ~400 Daily Flights
Slide 10: We serve markets that need a hub
Business Overview We serve markets that need a hub – ~80% city - pair combinations are too small for non - stop service Network focused on connecting underserved, thin markets Most Latin American International O&Ds cannot sustain point - to - point service Panama's unique geographic position + Copa’
Slide 11: Cost-efficiency culture drives industry-leading unit costs
Business Overview Our cost - efficiency culture drives industry - leading unit costs for a full - service airline Ex - Fuel Unit Costs Reduction (2013 - 2024) LTM 3Q25 Ex - fuel Unit Costs by Airline CASM - Ex Fuel (in US cents) Stage Length Adjusted CASM - Ex Fuel* (in US cents) Guidance LatAm Full
Slide 12: Passenger-friendly product allows for higher revenue opportunities
Business Overview ...and our passenger - friendly business and leisure product allows for higher revenue opportunities Leading on - time performance LTM 3Q25Unit Revenues vs. Other Airlines (1) SL Adj. PRASM (in US cents) 2024 Cirium : “Most on - time airline in Latin America”, 10th year LatAm Full
Slide 13: A Bright Future…
Tocumen International Airport , Panama A Bright Future… 13
Slide 14: Air traffic in Latin America grows above GDP growth
Business Overview Air traffic in Latin America continues to grow above GDP growth Latin America & Caribbean (GDP and Traffic (RPK) growth year - over - year) 17.0% 7.8% 7.2% 6.6% 2.2% 2.4% 2.4% 2.3% 2023 2024 2025F 2026F GDP Growth Revenue Passenger Kilometer (RPK) 14 Source: IMF ´s World Economic O
Slide 15: Latin America's fundamentals support growing air travel demand
Business Overview Latin America's fundamentals support growing demand for air travel Air Trips per Capita by Region (Trips per capita per year) 2.2 1.9 0.5 0.4 0.1 North Europe Latin Asia Africa America America Pacific Internationa l a ir service is essential in Latin America due to lack of effectiv
Slide 16: A fleet order that matches our growth opportunities
Business Overview A fleet order that matches our growth opportunities… 169 157 145 132 124 Total fleet 112 92 80 67 737 MAX 46 54 35 737 800* 68 69 69 69 68 68 737 700 9 9 9 9 9 9 9 2024 2025 2026 2027 2028 2029 16 46 B737 MAX aircraft deliveries in 2026 - 2029 *Includes freighters
Slide 17: The Copa Way is to always build in flexibility
Business Overview ...but the Copa Way is to always build - in flexibility Fleet plan Retiring all 700s, selling 20Y aircraft, slide rights & returning expiring leases 180 CAGR: +8.0% 170 Year End Fleet Count 160 Flexibility 150 Retiring 700s, selling 20Y aircraft, slide rights, lease expirations 140
Slide 18: A Strong Corporate Culture
Tocumen International Airport , Panama A Strong Corporate Culture 18 18 Panama City, Panama
Slide 19: Developing the Best Talent
Business Overview Developing the Best Talent Aviation Mechanic Cabin Crew Leadership Data Heroes Heroes Pilot Ab - Initio Training Program Academy Academy Challenge Challenge Academy
Slide 20: A Culture of Recognition and Rewards
Business Overview A Culture of Recognition and Rewards - Aligned with our “Ruta al Éxito ” Corporate Objectives BONO Yearly Profit Monthly KPI incentives Weekly Star Quarterly Lunch Award Celebrations Sharing Employees w/CEO 20
Slide 21: Best Place to Work Generates High Employee Retention
Business Overview Always Striving to be the Best Place to Work Generates High Employee Retention 2022 2023 2024 Turnover 5% 4% 3% 2% 1% 4.8 % 4.9 % 4.5 % 4.9 % 3.8 % 3.7 % 0% Copa Executives & Managers 21
Slide 22: In Summary…
Strategic & Commercial Overview In Summary… A 20 - year track record of delivering value to our shareholders A simple and well - focused business model drives our consistent industry - leading results A strong corporate culture keeps us on our path to success Air travel demand in Latin America is ex
Slide 23: Strategic & Commercial Overview
Strategic & Commercial Overview Robert Carey, Executive Vice President 23
Slide 24: Solid unit revenue performance in a competitive market
Strategic & Commercial Overview LatAm Full Service Solid unit revenue performance in a competitive market LatAm LCCs U.S. Majors LTM 3Q25 Unit Passenger Revenue by Airline Stage Length Adjusted PRASM* (in US cents) 16.9 17.4 14.2 11.6 10.6 10.6 9.2 9.4 9.5 7.3 Volaris Avianca Gol Azul Copa LATAM Sou
Slide 25: Four fundamental strengths
Strategic & Commercial Overview Four fundamental strengths Strategic & Commercial Leading network with significant growth opportunities Overview The right premium product offered on every flight Direct customer relationship creating cost and revenue benefits Unit revenue growth with further upsides
Slide 26: A leading network, which continues to expand
Strategic & Commercial Overview A leading network, which continues to expand 26
Slide 27: Profitable growth driven by scale in existing markets
Strategic & Commercial Overview Profitable growth driven by scale in existing markets 10 40 90% of 2026 growth is from additional 50 frequencies and full year effect of the 2025 growth Improving offering in existing markets, 11- 13% ASM improves schedule offering for passengers, Growth and Hub of th
Slide 28: Capacity to continue growing the Hub of the Americas
Strategic & Commercial Overview Capacity to continue growing the Hub of the Americas ~50% ~30 ~40% ~25% …of Copa’s 85+ …unserved, …further runway …further gate destinations have growing markets capacity to grow capacity to grow one or fewer daily lack good intra - flights in peak operations based fr
Slide 29: The only full suite of premium products in intra-Latam
Strategic & Commercial Overview The only full suite of premium products in intra - Latam on every flight Business Class Economy Extra Main Cabin Full- flat seats on Flights Dedicated business class Economy Extra seating Economy seating offering 6+ hours seating on every flight < 6 offering 34 inches
Slide 30: Product options generate premium revenue growth
Strategic & Commercial Overview Copa’s product options generate premium revenue growth Other Copa Revenue Mix Premium 62% 61% 68% 32% 38% 39% 2019 2023 2025 22% growth in relative premium revenue share 30 Premium Revenue includes Business Cabin, Premium Economy, Upsell, and Ancillary Revenues for th
Slide 31: Successful distribution strategy drives cost and revenue benefits
Strategic & Commercial Overview Copa's successful distribution strategy drives both cost and revenue benefits Sales and Distribution per ASM costs* Channel Distribution Trends Q1- Q3 2022 - 2025 2019- 2025 1.00 100% 0.91 89% 0.75 60% 0.50 0.64 50% 40% 0.25 - 30 % 11% 0.00 0% 2022 2023 2024 2025 2022
Slide 32: Ancillary revenue growth faster than capacity growth
Strategic & Commercial Overview Leading to ancillary revenue growth faster than capacity growth Ancillary Revenues 34% CAGR Ancillary Revenue Growth 27% yoy growth in seat revenues in 2025 through better monetization and pricing of seats, including growth of Economy Extra Delivered 24% yoy growth in
Slide 33: ConnectMiles growing loyal passenger base and new revenue
Strategic & Commercial Overview ConnectMiles is growing the loyal passenger base and creating new sources of revenue Membership Mileage Sales to Partners 5.1M 0.4M 2015 2020 2025 2019 2022 2023 2024 2025 F 33
Slide 34: In Summary…
Strategic & Commercial Overview In Summary… An advantageous network, with significant growth opportunities Copa is the only Latin American airline with a full - service premium product offering on every flight Our distribution strategy allows us to serve our customers directly, driving cost and reve
Slide 35: Operational Overview
Operational Overview Dan Gunn, SVP of Operations
Slide 36: Copa delivers world-class operational results and service
Operational Overview Copa delivers World - Class operational results and service Consistent history of operational excellence Focused on driving Fuel efficiencies • On - Time leaders • High completion factor and maintenance reliability Well positioned for future growth: • Tocumen capacity growth pla
Slide 37: Consistent history of operational excellence
Operational Overview Consistent history of operational excellence… On - time arrival performance (1, 2) Most on - time airline in Latin America for 10 years 91.1% 90.4% 89.1% 87.4% 86.6% 2021 2022 2023 2024 2025 Completion factor (1,2) Copa Airlines Fleet maintenance dispatch performance (1) 99.7% 9
Slide 38: Recognition for excellent service and reliability
Operational Overview ...and recognition for our excellent service and reliability Skytrax Best Airline in Central America and the Caribbean 2013 • 2015 - 2019 • 2022 – 2025 Best Airline Staff Service in Central America and the Caribbean 2016 – 2018 • 2025 Cirium Condé Nast The Most Punctual Airline
Slide 39: Customer preference and high NPS
Operational Overview All of which drives customer preference and high NPS Passenger comments: 15 Jun’25 PTY - MIA pax: 14 Aug’25 AUS - MDE pax: “It reminds me of the Golden “The crew was friendly, Years of aviation […]. On time, professional and the pilots and food service, and they treat flight att
Slide 40: Improving experience with Copa-owned digital tools
Operational Overview Continuously improving experience with Copa - owned, cost - efficient digital tools • Reduce airport friction with travel document check and bag - fee collection into our Web Check - In Flow • Award winning Mobile App features like same - day changes and real - time bag tracking
Slide 41: Fuel conservation initiatives driving fuel burn improvements
Operational Overview Latest generation aircraft and fuel conservation initiatives driving fuel burn improvements • Increased participation of MAX flying - 8.1% Before ATC Tracks After improvement in fuel consumption per OTK[1] since 2021 • Reduced APU minutes by 21% since 2022 • ATC working group in
Slide 42: Operational efficiency through data and analytics
Operational Overview Driving operational excellence and efficiency through data and analytics Examples: Tango R - OPT - In house ramp driver routing optimizer using AI • Assigns the number of personnel required for each incoming flight • Minimizes baggage delivery times • Reduces baggage misconnecti
Slide 43: Tocumen International Growth Plans
Operational Overview Tocumen International Growth Plans – Staying ahead of the curve • Terminal 2 opened in 2022 with 20 additional contact gates ― 53 total contact gates plus 12 remote positions • Resurfacing both runways, additional high - speed exits, and improved apron infrastructure will furthe
Slide 44: Maintenance cost stability through in-house capabilities
Operational Overview Securing maintenance cost stability through in - house capabilities and power by the hour maintenance contracts • 3 heavy maintenance lines in PTY performed 26 C checks in 2025 – 74% of total C checks • Continued growth of support shops drives further cost and logistics efficien
Slide 45: In Summary…
Operational Overview In Summary… Industry leading reliability – OTP & Completion Factor Customer preference driven by award winning service and focus on customer experience Relentless pursuit of excellence and efficiency driven by data and analytics Focused on the future: Tocumen capacity growth pla
Slide 46: Financial Overview & Targets
Financial Overview & Targets Peter Donkersloot, CFO 46
Slide 47: A Proven Formula: Consistent High-Quality Financial Performance
Financial Overview & Targets A Proven Formula → Consistent High - Quality Financial Performance ∼11% EPS CAGR and Cash Generation during the last 20 years Adjusted Earnings per Share Cash from Operating Activities (in USD) (in US$ Millions) 14.99 997 785 7.92 5.15 317 1.94 119 2005 2015 2019 2024 20
Slide 48: Our Proven Business Model
Our Proven Business Delivering operational excellence at model is the lowest cost backed by A robust balance sheet Disciplined and shareholder - focused capital allocation 48
Slide 49: Our Proven Business Model
Our Proven Business Delivering operational excellence at model is the lowest cost backed by A robust balance sheet Disciplined and shareholder - focused capital allocation 49
Slide 50: A permanent focus on cost efficiencies
Financial Overview & Targets A permanent focus on cost efficiencies and continuous improvement … Ex - fuel Unit Costs Trend (in US cents) Guidance 6.7 6.5 6.3 6.0 5.8 5.8 5.7- 5.8 2013 2016 2019 2022 2024 2025 2026 Cost reduction initiatives: • Fleet simplification • New Distribution Strategy • 737-
Slide 51: Cost advantage vs peers
Financial Overview & Targets …leads to our cost advantage vs peers LTM 3Q25 Ex - fuel Unit Costs by Airline, Stage Length Adjusted CASM - Ex Fuel* (in US cents) LatAm Full Service LatAm LCCs U.S. Majors 15.4 14.0 11.9 10.2 7.1 7.2 7.7 5.0 5.7 5.9 1 Volaris Copa Azul LATAM Avianca Gol Southwest Ameri
Slide 52: Higher percentage of MAX aircraft reduces fuel consumption
Financial Overview & Targets Higher percentage of MAX aircraft reduces relative fuel consumption MAX Fleet Evolution 2024 - 28 2022 2023 2024 2025 2026E MAX Aircraft 20 29 35 46 54 in fleet Total Fleet* 97 106 112 124 132 % of MAX Aircraft 21% 27% 31% 37% 41% in the fleet The 737 MAX has a 12% lower
Slide 53: Our Proven Business Model
Our Proven Business Delivering operational excellence at model is the lowest cost backed by A robust balance sheet Disciplined and shareholder - focused capital allocation 53
Slide 54: Strong cash position and liquidity
Financial Overview & Targets With a strong cash position and liquidity Cash Balance (in US$ billions) Owned Aircraft as a % of Total Fleet 78% 76% 1.4 72% 1.3 1.0 67% 0.7 2015 2019 2024 2025 2015 2019 2024 3Q25 1 38% of last twelve months’ revenues 1 Balance sheet is backed by tangible assets 2 $150
Slide 55: The lowest leverage amongst peers
Financial Overview & Targets …and the lowest leverage amongst peers Adjusted Net Debt to EBITDA L12M ended 3Q2025 1 100% of debt is aircraft financing LatAm Full Service LatAm LCCs U.S. Majors 5.1x 5.1x 3.2x 2 Competitive debt cost of 3.1x 2.8x ~3. 6%* 2.2x 1.9x 1.5x 0.7x 0.9x 3 ~53% of total debt a
Slide 56: Our Proven Business Model
Our Proven Business Delivering operational excellence at model is the lowest cost backed by A robust balance sheet Disciplined and shareholder - focused capital allocation 56
Slide 57: Capital allocation focused priorities
Financial Overview & Targets Capital allocation - focused priorities… Maintain a robust Reinvest in profitable Return value to our Balance sheet growth Shareholders Capital Expenditures per Dividend Payment Per Share year (in USD) (in USD millions) 6.44 Net 626 850 700 Debt/EBITDA 249 300 300 3.48 =
Slide 58: 2025 Guidance & Long-term Targets
Tocumen International Airport , Panama 2025 - 26 Guidance & Long - term Targets… 58 58
Slide 59: Strong margins expected in 2025
Financial Overview & Targets Once again, we expect strong margins in 2025… In November, we narrowed the full - year 2025 operating margin to 22 - 23% 2025 Financial Outlook 2024 2025 (Nov Guidance) Capacity (YOY ASM growth) 8.6% ~8% Operating Margin 21.9% 22- 23% 2025 guidance assumptions: • Load fa
Slide 60: 2026 capacity growth while maintaining low unit costs
Financial Overview & Targets …and to grow capacity in 2026, while maintaining low unit costs Preliminary ASM growth of 11 - 13% for 2026 with CASM - ex of 5.7 - 5.8 cents 2026 Financial Outlook 2025 2026 (Nov Guidance) (Nov Guidance) Capacity (YOY ASM growth) ~8% 11- 13% Ex Fuel CASM (in US cents) ~
Slide 61: Further CASM Ex Fuel reductions by 2028
Financial Overview & Targets We expect to deliver further CASM Ex Fuel reductions by 2028 We expect to continue optimizing our ex - fuel unit costs going forward Ex - fuel CASM of Main Initiatives: 737- 800 densification Main Initiatives: 6.0 Distribution strategy Resolution of Engine Issues Overhea
Slide 62: Closing Remarks
Closing Remarks Pedro Heilbron, Executive Chairman & CEO 62
Slide 63: In Summary…
Closing Remarks In Summary… We expect a CAGR in ASMs of 6% to 8% through 2029 Plan to continue lowering ex - fuel CASM and delivering industry - leading results Strong cash generation and return of value to our shareholders Remain focused on operational excellence and a passenger - friendly product
Slide 64: Thank you!
Thank you!