Copa Holdings Reports First-Quarter Financial Results
PANAMA CITY, May 07, 2025 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2025 (1Q25). Key highlights include:
- Net profit of US$176.8 million or US$4.28 per share, a US$0.7 million increase compared to 1Q24.
- Operating profit of US$213.8 million and an operating margin of 23.8%, a 1.0% and 0.4 percentage point decrease, respectively, compared to 1Q24.
- Capacity, measured in available seat miles (ASMs), increased by 9.5% year over year.
- Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 4.3% compared to 1Q24 to 5.8 cents.
- Revenue per available seat mile (RASM) decreased 8.1% compared to 1Q24 to 11.5 cents.
- The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
- The Company closed 1Q25 with total debt, including lease liabilities, of US$1.9 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
- The Company ended the quarter with a consolidated fleet of 112 aircraft: 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 3 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
- Copa Holdings exercised options for six additional Boeing 737 MAX-8 aircraft expected to be delivered in 2028. This increases the Company's firm outstanding order book to 57 aircraft.
- Copa Airlines had an on-time performance for the quarter of 90.8% and a flight completion factor of 99.9%, once again positioning itself among the best in the industry.
Subsequent events
- On May 7, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on June 13, 2025, to shareholders on record as of May 30, 2025.
| Copa Holdings, S. A. and Subsidiaries Consolidated Operating and Financial Statistics | ||||||||||
| 1Q25 | 1Q24 | % Change | 4Q24 | % Change | ||||||
| Revenue Passengers Carried (000s) | 3,512 | 3,272 | 7.4 | % | 3,444 | 2.0 | % | |||
| Revenue Passengers OnBoard (000s) | 5,208 | 4,790 | 8.7 | % | 5,168 | 0.8 | % | |||
| RPMs (millions) | 6,743 | 6,127 | 10.1 | % | 6,682 | 0.9 | % | |||
| ASMs (millions) | 7,801 | 7,121 | 9.5 | % | 7,747 | 0.7 | % | |||
| Load Factor | 86.4 | % | 86.0 | % | 0.4 p.p | 86.3 | % | 0.2 p.p | ||
| Yield (US$ Cents) | 12.7 | 14.0 | (9.1 | )% | 12.5 | 2.0 | % | |||
| PRASM (US$ Cents) | 11.0 | 12.1 | (8.7 | )% | 10.8 | 2.2 | % | |||
| RASM (US$ Cents) | 11.5 | 12.5 | (8.1 | )% | 11.3 | 1.6 | % | |||
| CASM (US$ Cents) | 8.8 | 9.5 | (7.7 | )% | 8.7 | 0.8 | % | |||
| CASM Excl. Fuel (US$ Cents) | 5.8 | 6.1 | (4.3 | )% | 5.9 | (1.2 | )% | |||
| Fuel Gallons Consumed (millions) | 91.0 | 84.4 | 7.8 | % | 91.2 | (0.3 | )% | |||
| Avg. Price Per Fuel Gallon (US$) | 2.54 | 2.90 | (12.4 | )% | 2.38 | 6.6 | % | |||
| Average Length of Haul (miles) | 1,920 | 1,873 | 2.5 | % | 1,940 | (1.1 | )% | |||
| Average Stage Length (miles) | 1,260 | 1,246 | 1.1 | % | 1,260 | — | % | |||
| Departures | 37,829 | 35,220 | 7.4 | % | 37,596 | 0.6 | % | |||
| Block Hours | 121,611 | 112,164 | 8.4 | % | 121,549 | 0.1 | % | |||
| Average Aircraft Utilization (hours) | 12.1 | 11.6 | 3.8 | % | 12.0 | 0.9 | % | |||
| Operating Revenues (US$ millions) | 899.2 | 893.5 | 0.6 | % | 878.6 | 2.3 | % | |||
| Operating Profit (Loss) (US$ millions) | 213.8 | 216.0 | (1.0 | )% | 203.7 | 4.9 | % | |||
| Operating Margin | 23.8 | % | 24.2 | % | -0.4 p.p | 23.2 | % | 0.6 p.p | ||
| Net Profit (Loss) (US$ millions) | 176.8 | 176.1 | 0.4 | % | 165.8 | 6.6 | % | |||
| Basic EPS (US$) | 4.28 | 4.19 | 2.2 | % | 3.98 | 7.7 | % | |||
| Shares for calculation of Basic EPS (000s) | 41,292 | 42,052 | (1.8 | )% | 41,696 | (1.0 | )% | |||
Full 1Q25 Earnings Release available for download at:
1Q25 Earnings Conference Call and Webcast
| Date: | May 8, 2025 |
| Time: | 11:00 AM US ET (11:00 AM Local Time) |
| Join by phone: | |
| Webcast (listen-only): | |
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: .
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
(IR section)
Cautionary statement regarding forward-looking statements
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
CPA-G
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands) | |||||||||||||
| Unaudited | Unaudited | % | Unaudited | % | |||||||||
| 1Q25 | 1Q24 | Change | 4Q24 | Change | |||||||||
| Operating Revenues | |||||||||||||
| Passenger revenue | 859,025 | 858,725 | — | % | 834,758 | 2.9 | % | ||||||
| Cargo and mail revenue | 25,694 | 21,910 | 17.3 | % | 28,966 | (11.3 | %) | ||||||
| Other operating revenue | 14,462 | 12,831 | 12.7 | % | 14,896 | (2.9 | %) | ||||||
| Total Operating Revenue | 899,181 | 893,467 | 0.6 | % | 878,620 | 2.3 | % | ||||||
| Operating Expenses | |||||||||||||
| Fuel | 232,160 | 245,352 | (5.4 | %) | 219,232 | 5.9 | % | ||||||
| Wages, salaries, benefits and other employees' expenses | 117,517 | 114,314 | 2.8 | % | 123,575 | (4.9 | %) | ||||||
| Passenger servicing | 25,024 | 29,684 | (15.7 | %) | 25,748 | (2.8 | %) | ||||||
| Airport facilities and handling charges | 65,657 | 60,347 | 8.8 | % | 64,655 | 1.5 | % | ||||||
| Sales and distribution | 50,261 | 55,494 | (9.4 | %) | 50,548 | (0.6 | %) | ||||||
| Maintenance, materials and repairs | 39,434 | 25,627 | 53.9 | % | 34,567 | 14.1 | % | ||||||
| Depreciation and amortization | 86,284 | 83,365 | 3.5 | % | 85,085 | 1.4 | % | ||||||
| Flight operations | 33,749 | 31,029 | 8.8 | % | 34,675 | (2.7 | %) | ||||||
| Other operating and administrative expenses | 35,27 | 32,270 | 9.3 | % | 36,78 | (4.1 | %) | ||||||
| Total Operating Expense | 685,360 | 677,482 | 1.2 | % | 674,871 | 1.6 | % | ||||||
| Operating Profit/(Loss) | 213,822 | 215,985 | (1.0 | %) | 203,749 | 4.9 | % | ||||||
| Non-operating Income (Expense): | |||||||||||||
| Finance cost | (23,233 | ) | (18,840 | ) | 23.3 | % | (21,498 | ) | 8.1 | % | |||
| Finance income | 15,792 | 13,746 | 14.9 | % | 16,064 | (1.7 | %) | ||||||
| Gain (loss) on foreign currency fluctuations | 1,370 | (3,914 | ) | nm | (11,489 | ) | nm | ||||||
| Net change in fair value of derivatives | (2,434 | ) | (8 | ) | nm | 2,706 | nm | ||||||
| Other non-operating income (expense) | 1,428 | (112 | ) | nm | (501 | ) | nm | ||||||
| Total Non-Operating Income/(Expense) | (7,077 | ) | (9,127 | ) | (22.5 | %) | (14,718 | ) | (51.9 | %) | |||
| Profit before taxes | 206,744 | 206,858 | (0.1 | %) | 189,031 | 9.4 | % | ||||||
| Income tax expense | (29,978 | ) | (30,792 | ) | (2.6 | %) | (23,262 | ) | 28.9 | % | |||
| Net Profit/(Loss) | 176,766 | 176,066 | 0.4 | % | 165,769 | 6.6 | % | ||||||
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands) | |||||
| March 2025 | December 2024 | ||||
| ASSETS | (Unaudited) | (Audited) | |||
| Cash and cash equivalents | 164,820 | 613,313 | |||
| Short-term investments | 751,525 | 585,919 | |||
| Total cash, cash equivalents and short-term investments | 916,345 | 1,199,232 | |||
| Accounts receivable, net | 172,525 | 166,014 | |||
| Accounts receivable from related parties | 5,526 | 2,976 | |||
| Expendable parts and supplies, net | 145,040 | 132,341 | |||
| Prepaid expenses | 51,568 | 42,926 | |||
| Prepaid income tax | 4,159 | 11,678 | |||
| Other current assets | 26,461 | 21,711 | |||
| 405,279 | 377,647 | ||||
| TOTAL CURRENT ASSETS | 1,321,625 | 1,576,879 | |||
| Long-term investments | 425,821 | 248,936 | |||
| Long-term prepaid expenses | 7,648 | 8,237 | |||
| Property and equipment, net | 3,564,026 | 3,458,261 | |||
| Right of use assets | 293,337 | 309,302 | |||
| Intangible, net | 97,483 | 96,754 | |||
| Net defined benefit assets | 1,513 | 1,058 | |||
| Deferred tax assets | 15,695 | 20,749 | |||
| Other Non-Current Assets | 20,661 | 22,113 | |||
| TOTAL NON-CURRENT ASSETS | 4,426,183 | 4,165,410 | |||
| TOTAL ASSETS | 5,747,808 | 5,742,289 | |||
| LIABILITIES | |||||
| Loans and borrowings | 232,447 | 254,854 | |||
| Current portion of lease liability | 60,156 | 59,103 | |||
| Accounts payable | 188,886 | 229,104 | |||
| Accounts payable to related parties | 1,012 | 1,624 | |||
| Air traffic liability | 607,457 | 621,895 | |||
| Frequent flyer deferred revenue | 142,773 | 132,064 | |||
| Taxes Payable | 60,599 | 55,505 | |||
| Accrued expenses payable | 33,074 | 62,673 | |||
| Income tax payable | 12,861 | 9,801 | |||
| Other Current Liabilities | 1,831 | 1,272 | |||
| TOTAL CURRENT LIABILITIES | 1,341,097 | 1,427,895 | |||
| Loans and borrowings long-term | 1,390,774 | 1,415,953 | |||
| Lease Liability | 255,831 | 270,594 | |||
| Deferred tax Liabilities | 48,803 | 37,476 | |||
| Other long - term liabilities | 229,921 | 217,626 | |||
| TOTAL NON-CURRENT LIABILITIES | 1,925,329 | 1,941,649 | |||
| TOTAL LIABILITIES | 3,266,426 | 3,369,544 | |||
| EQUITY | |||||
| Class A - 34,219,911 issued and 30,232,861 outstanding | 23,271 | 23,244 | |||
| Class B - 10,938,125 | 7,466 | 7,466 | |||
| Additional Paid-In Capital | 216,435 | 214,542 | |||
| Treasury Stock | (294,993 | ) | (291,438 | ) | |
| Retained Earnings | 2,368,185 | 1,826,565 | |||
| Net profit | 176,766 | 608,114 | |||
| Other comprehensive loss | (15,748 | ) | (15,748 | ) | |
| TOTAL EQUITY | 2,481,382 | 2,372,745 | |||
| TOTAL EQUITY LIABILITIES | 5,747,808 | 5,742,289 | |||
| Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the three months ended (In US$ thousands) | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Cash flow from operating activities | 205,477 | 200,998 | 203,419 | ||||||||
| Cash flow (used in) investing activities | (518,052 | ) | (78,334 | ) | (62,868 | ) | |||||
| Cash flow (used in) financing activities | (135,918 | ) | (158,514 | ) | (20,661 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | (448,493 | ) | (35,850 | ) | 119,890 | ||||||
| Cash and cash equivalents at January 1 | 613,313 | 206,375 | 122,424 | ||||||||
| Cash and cash equivalents at March 31 | $ | 164,820 | $ | 170,525 | $ | 242,314 | |||||
| Short-term investments | 751,525 | 630,640 | 773,493 | ||||||||
| Long-term investments | 425,821 | 301,192 | 166,481 | ||||||||
| Total cash and cash equivalents and investments at March 31 | $ | 1,342,166 | $ | 1,102,357 | $ | 1,182,288 | |||||
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: 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. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
| Reconciliation of Operating Costs per ASM | |||||
| Excluding Fuel (CASM Excl. Fuel) | 1Q25 | 1Q24 | 4Q24 | ||
| Operating Costs per ASM as Reported (in US$ Cents) | 8.8 | 9.5 | 8.7 | ||
| Aircraft Fuel Cost per ASM (in US$ Cents) | 3.0 | 3.4 | 2.8 | ||
| Operating Costs per ASM excluding fuel (in US$ Cents) | 5.8 | 6.1 | 5.9 | ||
________________________
1 The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, 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 first quarter of 2024 (1Q24).
