Record Operational Performance:
Copa Airlines recognized by Cirium for 11th time as most on-time airline in Latin America in 2025 with 90.75% on-time performance—highest in the Americas and second-best globally. CEO Pedro Heilbron credited 8,000+ employees for operational excellence and industry-leading results.

Q4 2025 Financial Results:
Net profit: $172.6 million ($4.18 per share), up 5.3% EPS YoY. Operating profit: $209.6 million with 21.8% operating margin. Excluding $7.2 million noncash maintenance adjustment (lease return obligation provision) and $6 million FX loss (Brazil real devaluation, since recovered): adjusted net profit $184.1 million ($4.46 per share), adjusted operating profit $216.8 million, adjusted operating margin 22.5%.

Full-Year 2025 Performance:
Net profit: $671.6 million ($16.28 per share), up 11.9% EPS YoY. Operating income: $819 million (up 8.8% YoY). Operating margin: 22.6% (up 0.8 percentage points), demonstrating industry-leading profitability and disciplined execution.

Operational Metrics:

Q4: Capacity +9.9% YoY; traffic +10.1%; load factor 86.4% (up 0.2 points); RASM flat at $0.113; CASM $0.088 (up 1.6%); CASM ex-fuel $0.059 (up 0.7%, or flat at $0.058 excluding noncash adjustment).

Full Year: Capacity +7.8%; traffic +8.6%; load factor 87% (up 0.7 points); RASM $0.112 (down 2.6%); CASM $0.086 (down 3.6%); CASM ex-fuel $0.058 (down 0.7%).

Network Expansion:
December-January launched new service from Panama Hub of the Americas to: Los Cabos (Mexico), Puerto Plata and Santiago (Dominican Republic), Maracaibo (Venezuela), Salvador (Brazil). Strengthened position as most complete/convenient connecting hub within Americas.

Venezuela Operations:
Resumed flights after brief suspension; currently operating 2x daily to Caracas, nearly daily to Maracaibo. Plans gradual restoration to pre-suspension 5-city service throughout 2026. Wingo (subsidiary) restored daily Bogotá-Caracas service, restarting Medellín-Caracas imminently.

Cuba Service:
Tankering fuel in Panama City to avoid Cuba fuel shortage; minimal passenger capacity impact (10-15 fewer passengers). Wingo makes tech stop in Barranquilla (sea level) for Bogotá-Havana flights due to Bogotá’s high altitude.

Fleet:
Took delivery of 4 Boeing 737 MAX 8 in Q4; ended 2025 with 125 aircraft. 2026 plan: 8 Boeing 737 MAX 8 deliveries (revised from original schedule), ending year with 133 aircraft total. Wingo received 10th 737-800 in H2 2025; underwent C-checks; stable fleet in 2026 with minimal growth.

Balance Sheet & Liquidity:
Cash/investments: $1.6 billion (44% of trailing 12-month revenue). Predelivery deposits: ~$500 million. Unencumbered aircraft: 47. Total debt: $2.3 billion. Adjusted net debt-to-EBITDA: 0.6×. Average cost of debt: 3.6% (aircraft financing only).

Shareholder Returns:
Board approved quarterly dividend of $1.71 per share for 2026 (payable March, June, September, December, subject to quarterly ratification). First payment March 13 to shareholders of record February 27. Share buyback: $200 million authorized; ~50% executed; remainder open with no timeline.

2026 Guidance:
- Capacity growth: 11-13% ASMs (front-loaded: above range H1, lower end H2)
- Growth composition: ~50% full-year impact of 2025 additions, ~40% added frequencies in existing markets, ~10% new destinations
- Operating margin: 22-24%
- Load factor: ~87%
- RASM: ~$0.112 (flat YoY despite double-digit capacity growth)
- CASM ex-fuel: ~$0.057 (on track toward $0.056 by 2028 target)
- Fuel price assumption: $2.50/gallon

Cost Initiatives:
Driving efficiencies through: full-year impact of sales/distribution savings, densification projects, fixed cost leverage from 11-13% growth, new initiatives. Partially offset by inflation and FX headwinds. Key savings expected in salary/wages (disciplined overhead management) and sales/distribution.

Revenue Drivers:
Stronger local currencies (particularly South America) improving demand and yields, though not baked into full-year guidance due to volatility. Q1 typically strongest quarter. No material dependency on currency tailwinds for guidance; catchup from delayed Boeing deliveries (2023-2024) enabling capacity in unique/underserved markets.

Additional Initiatives:
Wi-Fi: Provider chosen (announcement expected end-April 2026). World Cup 2026: Planning extra sections to Toronto (Panama’s first 2 games), managing network for demand shifts from vacation destinations to tournament venues.

Market Dynamics:
All markets performing well; Argentina solid despite increased competitive capacity; Colombia stable. Code share with Volaris launched November 2025 (still ramping). United partnership healthy/strong; overall partner revenue below or slightly below pre-pandemic levels.