The Delta or United Airlines of Latin America.

The Emirates of the Americas, connecting North, Central, and South America via its Panama hub.

• Passenger Air Transportation: Provides scheduled air travel for passengers, primarily across North, Central, and South America, through its full-service Copa Airlines and low-cost Wingo brands.
• Cargo Air Transportation: Transports freight and mail using its aircraft to various domestic and international destinations across its network.

Copa Holdings (CPA) is an airline that primarily sells air travel services to individual passengers, but also offers cargo services to businesses.

Given that the company sells primarily to individuals, its customer base can be broadly categorized into the following:

• Leisure Travelers: These are individuals flying for personal reasons such as vacations, family visits, tourism, or other non-business-related travel.
• Business Travelers: This category includes individuals traveling for professional or corporate purposes, such as attending meetings, conferences, client visits, or other work-related activities. While the tickets may be purchased by their employers, the end-users of the service are individuals.
• Cargo Customers: These are businesses, including freight forwarders, manufacturers, and other commercial entities, that utilize Copa's cargo services for the transportation of goods and commodities across its network.

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Pedro Heilbron Chief Executive Officer

Pedro Heilbron has served as Chief Executive Officer of Copa Airlines since 1988. Under his leadership, Copa expanded to become one of the largest air groups in Latin America, establishing the "Hub of the Americas" in Panama and increasing its fleet and annual revenues. He spearheaded a partnership and strategic alliance with Continental Airlines in 1998, led the acquisition of Aero República in April 2005, and oversaw Copa Holdings' initial public offering on the New York Stock Exchange in December 2005. Mr. Heilbron earned an MBA from George Washington University and a BA from College of the Holy Cross. He was elected Chairman of the Star Alliance Chief Executive Board in December 2016 and is a member of the board of governors of IATA, and a past president and current vice-president of the Latin American Airline Association (ALTA).

Peter Donkersloot Chief Financial Officer

Peter Donkersloot has been the Chief Financial Officer of Copa Holdings since March 2025. He joined Copa Airlines in August 2019 and previously held the position of Vice-President of Human Resources from January 2020. Mr. Donkersloot possesses over twenty years of experience, having held key positions in five different countries, with expertise spanning Commercial Operations, Logistics, Risk Assessment, Strategic Planning, Financial Planning, and General Management with full profit and loss responsibility. He holds a Global MBA from the Thunderbird School of Global Management and professional qualifications in Industrial Engineering.

Robert Carey Executive Vice-President

Robert Carey has served as Executive Vice-President of Copa Holdings since October 2024. Before joining Copa Airlines, Mr. Carey was the President of Wizz Air and the Chief Commercial and Customer Officer for EasyJet. He also held roles at Delta Air Lines and America West Airlines. Additionally, Mr. Carey was a Partner at McKinsey & Company. He holds an MBA from Harvard Business School and a BS in Industrial Engineering from Arizona State University.

Dennis Cary Senior Vice-President of Commercial and Planning

Dennis Cary has been the Senior Vice-President of Commercial and Planning since April 2015. Prior to his tenure at Copa Airlines, he held Senior Vice-President positions across various industries, including aviation. His previous experience includes serving as Senior Vice-President, Chief Marketing and Customer Officer at United Airlines, as well as other top management roles at both United Airlines and American Airlines. Mr. Cary earned a bachelor's degree in Computer Sciences from California State University, Northridge, and an MBA from Duke University.

Daniel Gunn Senior Vice-President of Operations

Daniel Gunn serves as the Senior Vice-President of Operations for Copa Holdings.

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Copa Holdings, S.A. (CPA) primarily provides airline passenger and cargo transport services through its subsidiaries, Copa Airlines and Wingo. The company operates extensively across Latin America, with a strategic hub in Panama City connecting North, Central, and South America, as well as the Caribbean.

The addressable market for Copa's main products and services can be defined by the Latin American and Caribbean aviation market:

• The Latin America Aviation Market size is estimated at approximately USD 11.46 billion in 2025 and is projected to reach USD 11.81 billion by 2030.
• Another estimate places the Latin America Aviation Market size at USD 40.11 billion in 2024, with a forecast to grow to USD 46.57 billion by 2029.
• Passenger traffic for Latin America and the Caribbean is expected to approach 789 million by the end of 2025.
• In January 2025, the Latin American aviation market recorded 42.3 million passengers.
• Total air passenger traffic for Latin America and the Caribbean increased to 159.6 million passengers for the year up to April 2024.
• The overall airline capacity for Latin America increased to 51.1 million seats in November 2025.
• For the Caribbean specifically, air capacity is projected to reach about 14.5 million departure seats during the first quarter of 2025.

Copa Holdings (CPA) is expected to drive future revenue growth over the next 2-3 years through a combination of capacity expansion, strategic network growth, continued recovery in air travel demand, enhanced customer experience, and growth in ancillary services.

Here are the key drivers:

1. Capacity Expansion: Copa Holdings has provided clear forward guidance on increasing its capacity. For 2024, the company expects consolidated capacity (measured in Available Seat Miles or ASMs) to grow by approximately 9% over 2023. Preliminarily, for the full year 2025, Copa anticipates increasing its capacity by approximately 7% to 9% compared to 2024. This expansion directly translates to more available seats and opportunities to serve a larger customer base.

2. Network Expansion to New Markets and Routes: The company plans to expand its route network and explore new markets to capture greater market share and address evolving traveler needs. Copa leverages its "Hub of the Americas" in Panama City to provide extensive connectivity across the Americas, a strategy central to its business model. This strategic expansion is expected to attract more customers and increase flight occupancy.

3. Continued Recovery in Air Travel Demand and Increased Passenger Numbers: The airline industry, including Copa Holdings, is benefiting from the ongoing recovery in air travel post-pandemic. Increased passenger numbers are positively impacting Copa's financial health and leading to higher revenues. As global travel restrictions ease and vaccination rates rise, the demand for air travel is expected to continue its upward trajectory, directly contributing to Copa's revenue growth.

4. Enhanced Customer Experience and Service Offerings: Copa's focus on improving customer experience and broadening its service offerings is a contributing factor to its revenue growth. Superior service quality and operational efficiency, including high on-time performance, are key aspects that can lead to increased customer loyalty and potentially allow for the introduction of premium services or better pricing power.

5. Growth in ConnectMiles and Ancillary Revenues: Beyond ticket sales, Copa is seeing growth in other operating revenues. For instance, in 3Q24, other operating revenue increased by 8.3% year-over-year, primarily driven by higher ConnectMiles revenues from non-air partners. Expanding these ancillary services, such as loyalty programs, baggage fees, and other complementary offerings, represents a growing revenue stream for the company.

Share Repurchases

• Copa Holdings repurchased US$87 million worth of shares in 2024 under an ongoing share repurchase program.
• The Board of Directors authorized a US$200 million share repurchase program in November 2023.

Outbound Investments

• Copa Holdings' long-term investments were $368 million for the quarter ending June 30, 2025.
• Long-term investments were $249 million in 2024.
• Long-term investments were $259 million in 2023.

Capital Expenditures

• Projected capital expenditures are $496 million for 2025 and $538 million for 2026.
• Capital expenditures are primarily focused on fleet expansion and renewal, with plans to grow the fleet to 126 aircraft by the end of 2025.
• The company exercised options for six additional Boeing 737 MAX-8 aircraft, expected to be delivered in 2028, increasing the firm outstanding order book to 57 aircraft.