Panama City, Panama --- August 6, 2025. Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2025 (2Q25), delivering another quarter of solid profitability and operational excellence. Key highlights include:

•Net profit of US$148.9 million or US$3.61 per share, which represents an earnings per share (EPS) increase of 25.2% compared to 2Q24.

•Net margin of 17.7% and an operating margin of 21.0%, an increase of 3.0 percentage points and 1.5 percentage points, respectively, compared to 2Q24.

•Revenue per available seat mile (RASM) of 10.7 cents, down 2.8% compared to 2Q24.

•Operating cost per available seat mile (CASM) decreased by 4.6% compared to 2Q24 to 8.5 cents, and CASM excluding fuel (Ex-fuel CASM) increased 3.2% year over year to 5.8 cents.

•The Company ended the quarter with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.

•The Company closed 2Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times.

•The Company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft – 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 6 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.

•In June, Copa Airlines was recognized by Skytrax – for the tenth consecutive year – as the “Best Airline in Central America and the Caribbean” and as the "Best Airline Staff in Central America and the Caribbean."

•Copa Airlines had an on-time performance for the quarter of 91.5% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry.

•On August 6, 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 September 15, 2025, to shareholders of record as of August 29, 2025

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 second quarter of 2024 (2Q24).

Copa Holdings delivered strong financial results for the second quarter of 2025, underscoring the strength and resilience of its business model amid a lower year-over-year yield environment. The Company’s industry-leading net and operating margins of 17.7% and 21.0%, respectively, highlight its ability to sustain strong profitability and reinforce its leadership position in the Latin American aviation market.

Copa’s strategic focus on maintaining low ex-fuel unit costs and offering a passenger-friendly product, including top-tier on-time performance—combined with the ongoing expansion of its strategically located Hub of the Americas® in Panama—continues to strengthen its competitive advantages. These pillars remain central to consistently achieving strong financial performance.

In the second quarter, Copa reported operating revenues of US$842.6 million, a 2.8% increase compared to 2Q24. Load factor reached 87.3%, a 0.5 percentage point increase year-over-year, on a 5.8% capacity increase in ASMs. Passenger yields declined 4.1% year-over-year. As a result, passenger revenues per ASM (PRASM) decreased 3.6% to 10.1 cents, and RASM decreased 2.8% to 10.7 cents.

Operating expenses increased 0.9% year-over-year to US$666.0 million, driven primarily by capacity growth, mostly offset by a 17.0% decrease in the average fuel price per gallon. As a result, Copa Holdings reported a CASM of 8.5 cents in 2Q25, down 4.6% compared to 2Q24. Ex-fuel CASM came in at 5.8 cents, up 3.2% year over year, in line with the Company’s full-year guidance.

The increase in ex-fuel CASM was mainly driven by the non-recurrent benefit recorded in 2Q24 in the maintenance, materials, and repairs cost line, associated with the return conditions of nine aircraft lease extensions; partially offset by a 5.3% decrease in sales and distribution expenses driven by the successful execution of the Company’s NDC strategy and an 8.7% decrease in passenger servicing costs related to the year-over-year effect of the expenses related to the MAX-9 grounding in 2024.

Operating income for the quarter reached US$176.6 million, a 10.7% increase compared to the US$159.5 million in 2Q24.

Copa Holdings continues to maintain a strong balance sheet and liquidity position, closing the quarter with US$1.4 billion in cash, short-term, and long-term investments—representing 39% of the last twelve months’ revenues. This figure excludes over US$600 million in pre-delivery deposits for future aircraft deliveries.

Total debt, which is entirely related to aircraft financing, stood at US$2.1 billion, while the Adjusted Net Debt to EBITDA ratio remained at an industry-leading 0.6x. Additionally, the Company ended the quarter with 42 unencumbered aircraft in its fleet.

Copa Holdings’ second quarter results reflect the strength of a well-executed business model centered on leveraging its strategic geographic position to operate the region’s most complete and convenient network for intra-Americas travel through its Hub of the Americas® in Panama. Driven by structurally low unit costs and a passenger-friendly product with best-in-class on-time performance, the Company is well positioned to continue growing its network while delivering strong financial results.

The Company remains confident in its full-year outlook, reaffirming its full-year operating margin range guidance of 21% to 23% while it continues to expect capacity growth within the range of 7% to 8%.

Factored in this outlook is a load factor of approximately 87%, unit revenues (RASM) of around 11.2 cents, unit costs excluding fuel (Ex-Fuel CASM) of approximately 5.8 cents, and an all-in fuel price of $2.45 per gallon.

The Company will hold its financial results conference call tomorrow at 11 am ET (10 am local). Details follow:

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides air service to countries in North, Central, and South America and the Caribbean. For more information visit: copaair.com.

investor.relations@copaair.com

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.

Consolidated revenue for 2Q25 totaled US$842.6 million, a 2.8% increase from operating revenue in 2Q24.

Passenger revenue totaled US$797.3 million, a US$15.8 million or 2.0% increase compared to 2Q24, driven by a 6.4% year-over-year increase in revenue passenger miles (RPMs), offset by a 4.1% decrease in passenger yield. The second-quarter results are mostly comprised of flown passenger ticket revenue and passenger-related ancillary revenue.

Cargo and mail revenue totaled US$28.3 million, a 12.4% increase compared to the same period in 2024, due to an increase in cargo volumes.

Other operating revenue totaled US$17.0 million, a 33.9% increase year-over-year, mostly due to an increase in ConnectMiles revenues from non-air partners.

Consolidated operating costs for 2Q25 totaled US$666.0 million, a 0.9% increase compared to 2Q24, mainly driven by higher capacity and Maintenance, materials, and repairs costs, mostly offset by lower fuel, passenger-servicing, and sales and distribution expenses.

Fuel totaled US$214.1 million, a decrease of US$31.9 million or 13.0% compared to the same period in 2024, due to a 17.0% lower effective fuel price partially offset by a 4.9% increase in fuel gallons consumed.

Wages, salaries, benefits, and other employee expenses totaled US$122.3 million, a 6.5% increase compared to the same period in 2024, mainly driven by growth in operational staff to support additional capacity.

Passenger servicing totaled US$25.2 million, an 8.7% decrease compared to the same period in 2024, mainly driven by the year-over-year effect of expenses related to the grounding of the MAX 9 in 2024.

Airport facilities and handling charges totaled US$64.7 million, a 3.0% increase compared to the same period in 2024, mostly related to a 7.4% increase in departures, partially offset by changes in the mix of routes.

Sales and distribution totaled US$49.4 million, a 5.3% decrease compared to the same period in 2024, due to a reduction in the Company’s distribution costs as a result of higher penetration of both direct sales and lower-cost NDC travel agency channels.

Maintenance, materials, and repairs totaled US$36.2 million, an increase of US$25.3 million compared to the same period in 2024, mainly due to the non-recurrent benefit recorded in 2Q24 associated with the return conditions of nine aircraft lease extensions.

Depreciation and amortization totaled US$88.4 million, an 11.3% increase compared to the same period in 2024, due to an increase in amortization expenses related to aircraft and maintenance events, and the year-over-year effect of the amortization of the compensation for the 737 MAX-9 fleet.

Flight operations totaled US$32.8 million related to overflight fees, a 2.7% increase compared to the same period in 2024, mainly driven by an increase of 5.6% in block hours, partially offset by the year-over-year effect of the reversal of prior period provisions.

Other operating and administrative expenses totaled US$33.0 million, a 3.6% decrease compared to the same period in 2024, mainly due to a decrease in rental expenses related to cargo aircraft.

Consolidated non-operating income (expense) resulted in a net expense of US$(2.5) million in 2Q25.

Finance cost totaled US$(23.3) million, comprised of US$14.6 million related to loan interest expenses, US$4.5 million in interest charges related to operating leases, and US$4.2 million related to the discount rate utilized for the calculation of leased aircraft charges.

Finance income totaled US$15.4 million, related to proceeds from investments.

Gain (loss) on foreign currency fluctuations totaled US$0.9 million, mainly driven by the appreciation of the Brazilian real, partially offset by the devaluation of the Mexican peso.

Net change in fair value of derivatives totaled US$(1.7) million, driven by the mark-to-market net loss of hedge transactions related to the Brazilian real.

Other non-operating income (expense) totaled US$6.2 million in 2Q25, mainly driven by a realized gain in the sale of assets during the quarter.