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Copa Holdings (CPA) investor relations material
Copa Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit reached $148.9 million, with EPS up 25.2% year-over-year to $3.61 and net margin at 17.7%; operating margin improved to 21.0%, among the industry's best.
Operating revenues rose 2.8% to $842.6 million, driven by higher passenger and cargo volumes despite a 4.1% decline in passenger yield.
Capacity increased 5.8% year-over-year; load factor rose to 87.3%, up 0.5 percentage points from Q2 2024.
Maintained world-leading on-time performance at 91.5% and a 99.8% flight completion factor.
Recognized by Skytrax for tenth consecutive year as Best Airline in Central America and the Caribbean.
Financial highlights
Operating income rose 10.7% to $176.6 million, with a 21% operating margin.
Net profit reached $149 million, or $3.61 per share, a 25% year-over-year EPS increase.
CASM decreased 4.6% to $0.85 (8.5 cents), mainly due to a 17% drop in average fuel price per gallon; ex-fuel CASM increased 3.2% to $0.58 (5.8 cents), impacted by a non-recurring benefit in Q2 2024.
Ended the quarter with $1.4 billion in cash and investments, 39% of last twelve months' revenue.
Adjusted net debt to EBITDA ratio at 0.6x, indicating strong leverage position.
Outlook and guidance
Reaffirmed full-year operating margin guidance of 21%-23%, supported by healthy demand and cost discipline.
Expecting 7-8% year-over-year capacity growth in ASMs.
Guidance based on load factor ~87%, RASM ~$0.112 (11.2 cents), ex-fuel CASM ~$0.58 (5.8 cents), and fuel price of $2.45/gallon.
No significant seasonality expected in CASM ex-fuel for the remainder of the year.
Capacity for 2026 expected to trend higher, with six new aircraft deliveries mostly in the first half.
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