Copa Holdings 1Q26 Conference Call Highlights

Research evidence excerpt

Copa Holdings 1Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

14 May 2026

Copa Holdings Overweight

CPA, CPA US

1Q26 Conference Call Highlights Price (13 May 26):$114.92

Latin American Transportation

• Demand Trends. Management reiterated that demand remains supportive Guilherme Mendes AC

across Copa’s network. In April, ASM rose 17% and RPM followed, despite (55-11) 4950-4105

industry-wide yield adjustments. guilherme.g.mendes@jpmorgan.com

Julia Orsi

• 2026 Outlook. Management may need to revisit EBIT margin outlook and (55-11) 4950 3351

RASM once visibility improves, given remaining unknowns. Based on the julia.orsi@jpmorgan.com

current curve, the yield increases already in place should have a larger impact Banco J.P. Morgan S.A.

in 2H26. Copa had sold ~40% of 2Q tickets before the war, creating a lag in

yield management for next quarter.

• Details on Fuel. Jet fuel prices flow through with a ~15-day lag. Supply is not

a concern, as the oil to be refined is extracted in the Americas.

• CASM Overview. CASM ex fuel should be stable through the year (5.7 cents

guidance, in line with JPMe), with no major quarter-to-quarter outliers. ASM

growth remains a key driver of cost dilution, alongside sales and distribution

initiatives.

• Competition. The competitive environment remains rational, with yield

increases, but no meaningful capacity pullback so far.

• CapEx and Fleet. 2026 cash CapEx is guided at US$300 million (mostly

maintenance). Including fleet CapEx, total CapEx is US$700–800 million

(JPMe at US$750 million). Going forward, Copa has the flexibility to adjust

fleet deliveries based on demand trends, reflecting in its CapEx estimates.

• ASM Growth. Historically, Copa grew less than its competitors due to aircraft

delivery constraints.