Source: Copa Holdings
Copa Holdings1, S.A. has 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:
https://copa.gcs-web.com/financial-information/quarterly-results
1Q25 Earnings Conference Call and Webcast
| Date: | May 8, 2025 |
| Time: | 11:00 AM US ET (11:00 AM Local Time) |
| Join by phone: | https://register-conf.media-server.com/register/BIcb85f85fa26a4d56b9369d66c4fb6a5c |
| Webcast (listen-only): | https://copa.gcs-web.com/events-and-presentations |
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.