{"id":812488,"date":"2025-02-12T18:43:55","date_gmt":"2025-02-12T23:43:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-fourth-quarter-financial-results\/"},"modified":"2025-02-12T18:43:55","modified_gmt":"2025-02-12T23:43:55","slug":"copa-holdings-reports-fourth-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-fourth-quarter-financial-results\/","title":{"rendered":"Copa Holdings Reports Fourth-Quarter Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">PANAMA CITY, Feb.  12, 2025  (GLOBE NEWSWIRE) &#8212; Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter (4Q24) and the full year 2024. The terms \u201cCopa Holdings\u201d and the \u201cCompany\u201d 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).<\/p>\n<p>\n        <strong><br \/>\n          <u>OPERATING AND FINANCIAL HIGHLIGHTS<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul>\n<li style=\"text-align:justify\">Copa Holdings reported a net profit of US$166.2\u00a0million or US$3.99 per share for 4Q24. For the full year 2024, the Company reported a net profit of US$608.5\u00a0million 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.<\/li>\n<li style=\"text-align:justify\">The Company reported an operating profit of US$204.2\u00a0million 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\u00a0million 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.<\/li>\n<li style=\"text-align:justify\">Capacity, measured in available seat miles (ASMs), increased by 7.2% in 4Q24 compared to 4Q23.<\/li>\n<li style=\"text-align:justify\">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.<\/li>\n<li style=\"text-align:justify\">Revenue per available seat mile (RASM) came in at 11.3 cents in the quarter, a 10.4% decrease compared to 4Q23.<\/li>\n<li style=\"text-align:justify\">The Company ended the year with approximately US$1.4\u00a0billion in cash, short-term and long-term investments, which represent 42% of the last twelve months\u2019 revenues.<\/li>\n<li style=\"text-align:justify\">The Company closed the year with total debt, including lease liabilities, of US$2.0\u00a0billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.<\/li>\n<li style=\"text-align:justify\">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\u2019s total outstanding shares as of year-end 2024.<\/li>\n<li style=\"text-align:justify\">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 \u2013 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s, 3 Boeing 737 MAX 8, and 1 Boeing 737-800 freighter.<\/li>\n<\/ul>\n<p>\n        <strong>Subsequent Events<\/strong>\n      <\/p>\n<ul>\n<li style=\"text-align:justify\">On February\u00a012, 2025, the Board of Directors of Copa Holdings approved a 2025 quarterly dividend payment of US$1.61 per share, maintaining last year\u2019s dividend payment. Dividends will be distributed in March, June, September, and December. The first quarterly dividend will be paid on March 14, 2024, to shareholders on record as of February 28, 2024.<\/li>\n<li style=\"text-align:justify\">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\u2019 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.<\/li>\n<li style=\"text-align:justify\">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\u2019s 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 Tecnol\u00f3gico y de Estudios Superiores de Monterrey (ITESM).<\/li>\n<\/ul>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Consolidated Financial\u00a0<\/strong><br \/>\n            <strong>&amp; Operating Highlights<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q24<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q23<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Variance Vs 4Q23<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3Q24<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Variance Vs 3Q24<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD24<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD23<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Variance Vs YTD23<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Revenue Passengers Carried (000s)<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,444<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,310<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.0%<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,449<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.2)%<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,467<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,442<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Revenue Passengers OnBoard (000s)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,168<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,930<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.8%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,187<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.4)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">20,115<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18,566<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">RPMs (millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,682<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,263<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.7%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,711<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.4)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25,966<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,052<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">ASMs (millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,747<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,228<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7.2%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,785<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.5)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">30,077<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,700<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Load Factor<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">86.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">86.7%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">-0.4 p.p<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">86.2%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.1 p.p<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">86.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">86.8%<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">-0.5 p.p<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Yield (US$ Cents)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10.8)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.3%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.8<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8.1)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">PRASM (US$ Cents)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(11.2)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.3%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8.6)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">RASM (US$ Cents)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10.4)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.1%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.5<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8.2)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">CASM (US$ Cents)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10.1)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.7)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.6<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(6.5)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">CASM Excl. Fuel (US$ Cents)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(2.6)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.1%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.0)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Fuel Gallons Consumed (millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">91.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">85.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.5%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">91.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.1)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">354.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">327.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Avg. Price Per Fuel Gallon (US$)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.38<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.08<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(22.6)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.60<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8.3)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.66<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.02<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.9)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Average Length of Haul (miles)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,940<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,892<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,946<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.3)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,928<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,933<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.3)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Average Stage Length (miles)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,260<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,229<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,267<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.6)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,257<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,251<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Departures<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">37,596<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">36,207<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.8%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">37,478<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.3%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">146,607<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">137,044<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Block Hours<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">121,549<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">115,118<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">120,975<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.5%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">470,751<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">438,913<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Average Aircraft Utilization (hours)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.1%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11.9<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.4)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Operating Revenues (US$ millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">877.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">912.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3.9)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">854.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,444.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,457.0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.4)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Operating Profit (Loss) (US$ millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">204.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">214.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4.7)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">173.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17.5%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">753.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">807.2<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(6.7)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Operating Margin<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">23.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.5%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">-0.2 p.p<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">20.3%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.0 p.p<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">21.9%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.4%<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">-1.5 p.p<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Net Profit (Loss) (US$ millions)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">166.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">187.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(11.5)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">146.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.8%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">608.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">514.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Adjusted Net Profit (Loss) (US$ millions) (1)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">166.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">184.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(9.8)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">146.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.8%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">608.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">671.0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.3)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Basic EPS (US$)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.99<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.45<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(10.5)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.50<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.9%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14.56<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.78<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">Adjusted Basic EPS (US$) (1)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.99<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.37<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8.9)%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.50<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.9%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14.56<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16.68<\/td>\n<td style=\"border-right: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(12.7)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Shares for calculation of Basic EPS (000s)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,696<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">42,150<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(1.1) %<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,728<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.1)%<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,796<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">40,228<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.9%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <sup><br \/>\n          <em>(1)\u00a0<\/em><br \/>\n          <em>Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.<\/em><br \/>\n        <\/sup><br \/>\n        \n      <\/p>\n<p>\n        <strong>FULL 4Q24 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: <\/strong>\n      <\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8da1Nh2CMO1HFM_zfLXLeQ6EwCok7RfPsaoQCLx3a2tjhcYwrsdEvMAUtqXy7YN8bTe7jnkYVeUEc6lUAzSMUlIbAunrRCmc199LVDALD3z02CRFsZ1t50ABlz9FozYqLq8cFuI2h3poTXKJtbT6D0q5ixqqL1JV4Do2bzLVKnzW4ZmTlM1k2AKtypKXJmGx021NWJ8tvQKQG-18im_sgeqBRMTVM2RuVd_pDA8c_orFqjWWQAub1LKFBjJCQNJzreWH2xAee-_EcJF8mVarPbOkKa7dlY7I2Ir8ltYenlfzilEXv3814K6ETG17y5kTNCywWFII5fx-4TYUx7mtHW7kjYTgyeoQczbmNC8p5PcS8gO4qyf-6C9n8Ke3H84f5X9wyLjQ3NVvoa9owQTGEkkUVtIlUOD5ychhXcgJyvIUkAbXChe7oFsVRLks_A_Bn6fBSB1WVQx5UNY_LkmJIzLFfxkceNObEFf7r59QY0M=\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <u>https:\/\/copa.gcs-web.com\/financial-information\/quarterly-results<\/u><br \/>\n        <\/a>\n      <\/p>\n<p>\n        <strong>4Q24 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:25%;width:25%;min-width:25%;vertical-align: top\">\n            <strong>Date:<\/strong>\n          <\/td>\n<td style=\"max-width:75%;width:75%;min-width:75%;vertical-align: top\">February 13, 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Time:<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">11:00 AM US ET (11:00 AM Local Time)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Join by phone:<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\n            <a href=\"https:\/\/register.vevent.com\/register\/BI3d3cbd8e7b2244fdad7627b4aa596d8a\" rel=\"nofollow\" target=\"_blank\"><br \/>\n              <u>https:\/\/register.vevent.com\/register\/BI3d3cbd8e7b2244fdad7627b4aa596d8a<\/u><br \/>\n            <\/a>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Webcast (listen-only):<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\n            <a href=\"https:\/\/copa.gcs-web.com\/events-and-presentations\" rel=\"nofollow\" target=\"_blank\"><br \/>\n              <u>https:\/\/copa.gcs-web.com\/events-and-presentations<\/u><br \/>\n            <\/a>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Speakers:<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">Pedro Heilbron, Chief Executive Officer<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">Jos\u00e9 Montero, Chief Financial Officer<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>About Copa Holdings <\/strong><br \/>\n        <br \/>\n        <em>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: <\/em><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AywQAGJBFkeIRFlgv1QR3AejLvd1jrlcMKTQUEx4RJi1-8yY5mHk1k39pdoJJ7LruiVHTFDnESsAYXiWclY4gA==\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <em><br \/>\n            <u>www.copaair.com<\/u><br \/>\n          <\/em><br \/>\n        <\/a><br \/>\n        <em>.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <strong>CONTACT: <\/strong>Copa Holdings S.A.<\/p>\n<p align=\"justify\">\n        <strong>Investor Relations: <\/strong><br \/>\n        <br \/>Ph: 011 507 304-2774<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AywQAGJBFkeIRFlgv1QR3EfP5FWEf6me_R_tmr_ocFWk0ETWQkrqZU2OiEvIaMW7MnV76MMqoyKVPfZols7zHQ==\" rel=\"nofollow\" target=\"_blank\"><u>www.copaair.com<\/u><\/a> (IR section)<\/p>\n<p align=\"justify\">\n        <em>This release includes \u201cforward-looking statements\u201d 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\u2019s 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\u2019 filed disclosure documents and are, therefore, subject to change without prior notice.<\/em>\n      <\/p>\n<p>CPA-G<\/p>\n<p>\n        <strong><br \/>\n          <br \/>Copa Holdings, S. A. and Subsidiaries <\/strong><br \/>\n        <br \/>\n        <strong>Consolidated statement of profit or loss <\/strong><br \/>\n        <br \/>\n        <strong>(In US$ thousands)<\/strong>\n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-top: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unaudited<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unaudited<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unaudited<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unaudited<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Audited<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q24<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q23<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3Q24<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Change<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD24<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD23<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Change<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Operating Revenues<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Passenger revenue<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">833,189<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">875,257<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4.8%)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">818,381<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">1.8%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,291,793<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,316,362<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.7%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cargo and mail revenue<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">28,966<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,534<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.2%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">24,446<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">18.5%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">100,507<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,105<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other operating revenue<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14,896<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,049<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34.8%<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,881<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">25.4%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">52,330<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">43,538<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Total Operating Revenue<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>877,052<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>912,840<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.9<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>854,708<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>2.6<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,444,629<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,457,005<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.4<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Operating Expenses<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Fuel<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">219,232<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">264,166<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(17.0%)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">238,714<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(8.2%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">949,309<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">995,862<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(4.7%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Wages, salaries, benefits and other employees&#8217; expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">123,575<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">119,669<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.3%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">117,877<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">4.8%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">470,644<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">436,526<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Passenger servicing<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25,748<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,148<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">26,232<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(1.8%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">109,243<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">89,146<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Airport facilities and handling charges<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">64,655<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59,010<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.6%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">65,029<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(0.6%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">252,798<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">221,878<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Sales and distribution<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">50,548<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">55,111<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8.3%)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">49,716<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">1.7%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">207,968<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">227,171<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(8.5%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Maintenance, materials and repairs<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34,567<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">31,276<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10.5%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34,860<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(0.8%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">105,936<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">132,531<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(20.1%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">85,085<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">80,261<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6.0%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">82,797<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">2.8%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">330,710<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">306,114<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Flight operations<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">34,675<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27,987<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.9%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">31,901<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">8.7%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">129,521<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">109,892<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other operating and administrative expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34,778<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">36,875<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(5.7%)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,871<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">2.7%<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">135,110<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">130,656<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Total Operating Expense<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>672,862<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>698,504<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.7<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>680,998<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>(1.2<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,691,238<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,649,777<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1.6<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Operating Profit\/(Loss)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>204,190<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>214,335<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(4.7<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>173,710<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>17.5<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>753,392<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>807,228<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(6.7<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Non-operating Income (Expense):<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Finance cost<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(21,498)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(20,408)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.3%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(23,523)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(8.6%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(84,493)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(158,216)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(46.6%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Finance income<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,064<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,289<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12.4%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">15,565<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">3.2%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">58,912<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">50,209<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Gain (loss) on foreign currency fluctuations<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(11,489)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(272)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4125.5%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,491)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">361.1%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(33,991)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,076<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(1205.0%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Net change in fair value of derivatives<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,706<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014%<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(762)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(455.0%)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,469<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(98,347)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(104.5%)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other non-operating income (expense)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(501)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,126<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(116.0%)<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,787<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(107.4%)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,940<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,153<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Total Non-Operating Income\/(Expense)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(14,718<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,264<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>350.9<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(4,425<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>232.6<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(47,163<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(196,126<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(76.0<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Profit before taxes<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>189,471<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>211,071<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(10.2<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>169,285<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>11.9<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>706,229<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>611,102<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>15.6<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Income tax expense<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(23,290)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(23,378)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(0.4%)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(23,259)<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">0.1%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(97,703)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(97,004)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>Net Profit\/(Loss)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>166,182<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>187,693<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(11.5<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>146,026<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>13.8<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>608,526<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>514,098<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>18.4<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Copa Holdings, S. A. and Subsidiaries <\/strong><br \/>\n        <br \/>\n        <strong>Consolidated statement of financial position<\/strong><br \/>\n        <br \/>\n        <strong>(In US$ thousands)<\/strong>\n      <\/p>\n<table style=\"border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:70%;width:70%;min-width:70%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 2024<\/strong>\n          <\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Audited)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">613,313<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">206,375<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Short-term investments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">585,919<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">708,809<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong>Total cash, cash equivalents and short-term investments<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,199,232<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>915,184<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts receivable, net<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">166,014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">156,720<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts receivable from related parties<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,976<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,527<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Expendable parts and supplies, net<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">132,341<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">116,604<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Prepaid expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">42,926<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">44,635<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Prepaid income tax<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,712<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">66<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Other current assets<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">21,711<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">32,227<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>377,681<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>352,780<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>TOTAL CURRENT ASSETS<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,576,913<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,267,963<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Long-term investments<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">248,936<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">258,934<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Long-term prepaid expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,237<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,633<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Property and equipment, net<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,458,261<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,238,632<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Right of use assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">309,302<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">281,146<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Intangible, net<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">96,754<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">87,986<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net defined benefit assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,058<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,346<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Deferred tax assets<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20,736<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">30,148<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other Non-Current Assets<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">22,113<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">17,048<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>TOTAL NON-CURRENT ASSETS<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>4,165,397<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,928,872<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>TOTAL ASSETS<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,742,310<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,196,836<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>LIABILITIES<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Loans and borrowings<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">254,854<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">222,430<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Current portion of lease liability<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">59,103<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68,304<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts payable<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">227,095<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">182,303<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accounts payable to related parties<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,624<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,228<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Air traffic liability<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">616,105<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">611,856<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Frequent flyer deferred revenue<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">139,423<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">124,815<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Taxes Payable<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">55,505<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">44,210<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Accrued expenses payable<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">62,673<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">64,940<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Income tax payable<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,828<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26,741<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Other Current Liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,272<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,403<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong>TOTAL CURRENT LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,427,482<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,348,229<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Loans and borrowings long-term<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,415,953<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,240,261<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Lease Liability<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">270,594<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">215,353<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Deferred tax Liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">37,497<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">36,369<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Other long &#8211; term liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">217,626<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">234,474<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">\n            <strong>TOTAL NON-CURRENT LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,941,670<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,726,457<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>TOTAL LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,369,152<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,074,685<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>EQUITY<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Class A &#8211; 34,195,704 issued and 30,234,831 outstanding<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23,244<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23,201<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Class B &#8211; 10,938,125<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,466<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">7,466<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Additional Paid-In Capital<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">214,542<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">209,102<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Treasury Stock<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(291,438)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(204,130)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Retained Earnings<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,826,565<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,581,739<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Net profit<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">608,526<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">514,098<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Other comprehensive loss<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(15,748)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,326)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>TOTAL EQUITY<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,373,158<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,122,150<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom\">\n            <strong>TOTAL EQUITY LIABILITIES<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,742,310<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5,196,836<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Copa Holdings, S. A. and Subsidiaries <\/strong><br \/>\n        <br \/>\n        <strong>Consolidated statement of cash flows<\/strong><br \/>\n        <br \/>\n        <strong>For the twelve months ended<\/strong><br \/>\n        <br \/>\n        <strong>(In US$ thousands) <\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>2024<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom;text-align: center;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Audited)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Audited)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:55%;width:55%;min-width:55%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cash flow from operating activities<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">969,729<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,020,974<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">737,188<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cash flow (used in) investing activities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(343,142)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(542,995)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(552,151)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cash flow (used in) financing activities<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(219,649)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(394,028)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(273,694)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net increase (decrease) in cash and cash equivalents<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>406,938<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>83,951<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(88,657<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cash and cash equivalents at January 1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">206,375<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">122,424<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">211,081<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash and cash equivalents at December 31<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>613,313<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>206,375<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>122,424<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Short-term investments<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">585,919<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">708,809<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">812,323<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Long-term investments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">248,936<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">258,934<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">202,056<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total cash and cash equivalents and investments at December 31<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,448,168<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,174,119<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,136,803<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Copa Holdings, S.A.<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>NON-IFRS FINANCIAL MEASURE RECONCILIATION<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>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:<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Reconciliation of Adjusted Net Profit<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q23<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD23<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: bottom\">Net Profit as Reported<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">166,182<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">187,693<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">146,026<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">608,526<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: bottom\">514,098<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Interest expense related to the settlement of the convertible notes<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">64,894<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Net change in fair value of derivatives<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">98,347<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Net change in fair value of financial investments<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,372)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,349)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted Net Profit<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>166,182<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>184,321<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>146,026<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>608,526<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>670,990<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Reconciliation of Adjusted Basic EPS<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q23<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD23<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted Net Profit<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">166,182<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">184,321<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">146,026<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">608,526<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">670,990<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Shares used for calculation of Basic EPS<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,696<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">42,150<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,728<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">41,796<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">40,228<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted Basic Earnings per share (Adjusted Basic EPS)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.99<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>4.37<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.50<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>14.56<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>16.68<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Reconciliation of Operating Costs per ASM<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Excluding Fuel (CASM Excl. Fuel)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>4Q23<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3Q24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD24<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>YTD23<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating Costs per ASM as Reported (in US$ Cents)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.6<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Aircraft Fuel Cost per ASM (in US$ Cents)<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.7<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.1<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.2<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.6<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating Costs per ASM excluding fuel (in US$ Cents)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.9<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6.0<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.7<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.8<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>6.0<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM1NzcwOCM2NzQ5MDIwIzIxMjI3Njg=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZmEzZGQwZTgtY2FmZS00YmM2LTlkNWEtZDJjMGFlYThjZjk3LTExMzQzMzk=\/tiny\/Copa-Holdings-S-A-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>PANAMA CITY, Feb. 12, 2025 (GLOBE NEWSWIRE) &#8212; Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter (4Q24) and the full year 2024. The terms \u201cCopa Holdings\u201d and the \u201cCompany\u201d 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\u00a0million or US$3.99 per share for 4Q24. For the full year 2024, the Company reported &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-fourth-quarter-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Copa Holdings Reports Fourth-Quarter Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-812488","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Copa Holdings Reports Fourth-Quarter Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/copa-holdings-reports-fourth-quarter-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copa Holdings Reports Fourth-Quarter Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PANAMA CITY, Feb. 12, 2025 (GLOBE NEWSWIRE) &#8212; Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter (4Q24) and the full year 2024. The terms \u201cCopa Holdings\u201d and the \u201cCompany\u201d 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\u00a0million or US$3.99 per share for 4Q24. 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