Copa Holdings, S.A. (CPA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Copa Holdings, S.A. (CPA), una aerolínea poderosa que ha revolucionado los viajes aéreos a través de América Latina. Este lienzo de modelo comercial integral revela cómo este operador dinámico aprovecha su centro estratégico de la ciudad de Panamá, una flota de vanguardia y un enfoque innovador para conectar a los viajeros de toda la región con una eficiencia y confiabilidad incomparables. Desde su sofisticada red de ruta hasta sus servicios centrados en el cliente, Copa Holdings demuestra una clase magistral en la estrategia comercial de las aerolíneas que va mucho más allá del simple transporte punto a punto.

Copa Holdings, S.A. (CPA) - Modelo de negocios: asociaciones clave

Star Alliance Network Partnership

Copa Airlines es miembro de Star Alliance Network, establecida en asociación desde 2012. La alianza involucra a 26 aerolíneas miembros, proporcionando conectividad global para los pasajeros.

Detalles de la asociación	Métrica
Miembro de Star Alliance desde	2012
Aerolíneas totales de red	26
Destinos cubiertos	1,330+ destinos

Asociaciones de adquisición de aeronaves

Copa Holdings mantiene asociaciones estratégicas con Boeing y Airbus para adquisiciones y mantenimiento de aviones.

Fabricante de aeronaves	Composición de la flota
Boeing	737 avión máximo
Tamaño total de la flota (2023)	100 aviones

Asociaciones operativas del aeropuerto

• Aeropuerto Internacional de Tocumen de Panamá como centro primario
• Asociaciones operativas en más de 80 destinos en América Latina
• Redes de aeropuerto clave en Colombia, Brasil, Argentina y Chile

Asociaciones de servicio financiero

Copa Holdings colabora con múltiples compañías de tarjetas de crédito para la integración de programas de volantes frecuentes.

Socio de tarjeta de crédito	Detalles del programa
Visa	Programa de redención de millas
Tarjeta MasterCard	Integración de recompensas de viajes

Asociaciones de suministro de combustible

Las asociaciones estratégicas de suministro de combustible garantizan la eficiencia operativa y la gestión de costos.

Proveedor de combustible	Consumo anual de combustible
Aviación de concha	Aproximadamente 250 millones de galones
Gasto total anual de combustible (2023)	$ 350 millones

Copa Holdings, S.A. (CPA) - Modelo de negocio: actividades clave

Transporte aéreo de pasajeros en América Latina

Copa Airlines opera 162 aviones a partir de 2023, atendiendo 82 destinos en 33 países de América Latina y el Caribe. La aerolínea transportó 12.5 millones de pasajeros en 2022.

Métrico	Rendimiento 2022
Destinos totales	82
Países atendidos	33
Pasajeros totales	12.5 millones
Tamaño de la flota	162 aviones

Gestión de la red de ruta de concentración y cucharada

Copa Airlines utiliza el Aeropuerto Internacional Tocumen de la Ciudad de Panamá como su centro principal, conectando 162 rutas con un Tasa de finalización del 97.4% en 2022.

• Centro principal: aeropuerto internacional de Tocumen
• Tasa de finalización de ruta: 97.4%
• Eficiencia de conexión: el 87.2% de los pasajeros usan un concentrador para conectar vuelos

Mantenimiento y modernización de la flota

Copa Holdings invirtió $ 352 millones en mantenimiento y modernización de la flota en 2022. La edad promedio de la flota es de 7,2 años.

Inversión de flota	Cantidad
Inversión de mantenimiento anual	$ 352 millones
Edad de flota promedio	7.2 años

Servicio al cliente y boletos

Copa Airlines procesó 15.3 millones de reservas en línea en 2022, con 92.6% de venta de entradas digitales.

• Reservas en línea: 15.3 millones
• Porcentaje de venta de entradas digitales: 92.6%
• Canales de servicio al cliente: sitio web, aplicación móvil, centro de llamadas

Expansión y optimización de la red de rutas

En 2022, Copa Holdings agregó 7 nuevos destinos y aumentaron las frecuencias de vuelo semanales en un 12,5% en su red.

Métricas de expansión de la red	Rendimiento 2022
Nuevos destinos agregados	7
Aumento de la frecuencia de vuelo semanal	12.5%

Copa Holdings, S.A. (CPA) - Modelo de negocio: recursos clave

Flota moderna de aviones Boeing 737

A partir del cuarto trimestre de 2023, Copa Holdings opera una flota de 97 aviones Boeing 737, con el siguiente desglose detallado:

Tipo de aeronave	Número de aviones	Edad promedio
Boeing 737-800	71	9.2 años
Boeing 737 Max 9	26	3.5 años

Infraestructura de concentrador estratégico

El Aeropuerto Internacional de Tocumen en la ciudad de Panamá sirve como el centro principal con las siguientes especificaciones de infraestructura:

• Área de terminal total del aeropuerto: 285,000 metros cuadrados
• Capacidad anual de pasajeros: 16 millones
• Número de puertas dedicadas a Copa Airlines: 20

Fuerza laboral de aviación calificada

Composición de empleados de Copa Holdings a partir de 2023:

Categoría de empleado	Número total
Total de empleados	5,400
Pilotos	620
Personal de mantenimiento técnico	780

Reputación de marca y presencia en el mercado

Métricas de mercado de Copa Holdings:

• Países atendidos: 32
• Destinos: 80
• Cuota de mercado en la aviación latinoamericana: 5.7%

Infraestructura tecnológica

Capacidades de la plataforma digital:

• Plataformas de reserva en línea: aplicaciones web y móviles
• Transacciones digitales anuales: 4.2 millones
• Inversión del sistema de gestión de relaciones con el cliente: $ 12.5 millones en 2023

Copa Holdings, S.A. (CPA) - Modelo de negocio: propuestas de valor

Red de ruta latinoamericana extensa

Copa Holdings opera una red de 86 destinos en 32 países de América Latina y el Caribe a partir de 2023. La aerolínea atiende a 81 ciudades con 159 vuelos diarios a través de su centro principal en la ciudad de Panamá.

Métrico de red	2023 datos
Destinos totales	86
Países atendidos	32
Vuelos diarios	159
Tamaño de la flota	104 aviones

Transporte aéreo confiable y eficiente

Copa Airlines mantiene un alto rendimiento operativo Con las siguientes métricas clave:

• Rendimiento a tiempo: 86.5% en 2022
• Factor de finalización: 99.7%
• Utilización de la aeronave: 12.5 horas de cuadra por día

Estrategias de precios competitivos

Copa Holdings implementa el precio estratégico en su red con ingresos promedio por milla de asiento disponible (RASM) de $ 0.1242 en 2022.

Métrico de fijación de precios	Valor 2022
Rendimiento promedio de boletos	$0.1242
Factor de carga	83.4%
Ingresos del pasajero	$ 2.87 mil millones

Servicio al cliente de alta calidad

Copa Airlines se centra en la experiencia premium del cliente con los siguientes atributos de servicio:

• Miembro de Star Alliance desde 2012
• Ganador de SkyTrax World Airline Awards a la mejor aerolínea en América Central
• Calificación de satisfacción del cliente de 4.2/5

Conexiones convenientes a través del centro de Panamá

El Aeropuerto Internacional Tocumen de la ciudad de Panamá sirve como punto de conexión estratégica con:

• Tiempo de conexión máximo: 2 horas
• Tiempo de conexión promedio: 55 minutos
• Tasa de eficiencia del centro: 92.3%

Métrica de rendimiento del centro	Datos 2022
Total de pasajeros manejados	18.4 millones
Pasajeros de tránsito	65% del total de pasajeros
Conectividad de concentración	32 países

Copa Holdings, S.A. (CPA) - Modelo de negocios: relaciones con los clientes

Programa frecuente de fidelización de volantes

El programa Connectmiles de Copa Airlines tiene 1,2 millones de miembros activos a partir de 2023. El programa de fidelización permite a los miembros ganar millas a través de vuelos, asociaciones de tarjetas de crédito y actividades de socios de alianza.

Métrico de programa	Valor
Totales miembros activos	1,200,000
Tasa de redención de millas	37%
Aerolíneas asociadas	8

Plataformas digitales de reserva y check-in

Las plataformas digitales de Copa Holdings procesaron el 68% del total de reservas en 2023. Las tasas de check-in en línea alcanzaron el 82% en su red.

• Porcentaje de reserva de sitios web: 52%
• Porcentaje de reserva de aplicaciones móviles: 16%
• Tiempo de registro digital promedio: 12 minutos

Atención al cliente personalizada

Copa Airlines mantiene un equipo de servicio al cliente de 425 representantes en múltiples canales.

Canal de soporte	Tiempo de respuesta
Soporte telefónico	3.5 minutos
Soporte por correo electrónico	6.2 horas
Redes sociales	2.1 horas

Asociaciones de viajes corporativos

Copa Holdings ha establecido asociaciones con 672 clientes corporativos en América Latina, generando $ 89.4 millones en ingresos por viajes corporativos en 2023.

Aplicación móvil para la gestión de viajes sin problemas

La aplicación móvil Copa Airlines tiene 1.1 millones de usuarios mensuales activos con una calificación de 4.6/5 en plataformas iOS y Android.

Módulo de aplicación móvil	Valor
Usuarios activos mensuales	1,100,000
Calificación de la tienda de aplicaciones	4.6/5
Descargas anuales de aplicaciones	425,000

Copa Holdings, S.A. (CPA) - Modelo de negocios: canales

Plataforma de reserva de sitios web en línea

Copa Airlines opera una plataforma integral de reserva en línea en Copa.com con las siguientes métricas:

• El sitio web maneja aproximadamente el 65% de la venta total de boletos
• Visitantes mensuales promedio del sitio web: 3.2 millones
• Tasa de conversión de reserva en línea: 22.7%

Métrica de plataforma	2023 datos
Total de reservas en línea	4.8 millones
Ingresos en línea	$ 612 millones

Aplicación móvil

La aplicación móvil de Copa Airlines proporciona capacidades de gestión y reserva digital:

• Descargas de aplicaciones: 2.1 millones
• Porcentaje de reserva móvil: 18% de las reservas totales
• Disponible en plataformas iOS y Android

Asociaciones de agencia de viajes

COPA mantiene una amplia red de agencias de viajes:

Categoría de asociación	Número
Agencias de viajes globales	1,200
Socios de viajes regionales	3,500
Volumen de reserva de agencia total	1.6 millones de boletos

Ventas directas en los contadores del aeropuerto

COPA opera canales de ventas directos en su red:

• Ubicaciones de mostrador del aeropuerto: 64
• Porcentaje de ventas directas: 12% de las reservas totales
• Venta de entradas anuales de mostrador: 840,000 boletos

Atención al cliente del centro de llamadas

Detalles de la infraestructura de atención al cliente:

Métrico del centro de llamadas	2023 rendimiento
Centros de llamadas totales	7
Interacciones anuales del cliente	2.3 millones
Tiempo de respuesta promedio	3.2 minutos

Copa Holdings, S.A. (CPA) - Modelo de negocios: segmentos de clientes

Viajeros de negocios

Copa Holdings sirve a viajeros de negocios con características demográficas específicas:

Métrico de segmento	Datos cuantitativos
Pasajeros anuales de viajes de negocios	Aproximadamente 1.2 millones
Precio promedio de boleto	$ 385 USD
Membresía frecuente del volante	Más de 250,000 viajeros de negocios

Turistas de ocio

Desglose del segmento de ocio:

• Pasajeros de ocio anuales: 2.3 millones
• Duración promedio de viaje: 5-7 días
• Destinos principales: Caribe, América del Sur, América del Norte

Pasajeros latinoamericanos de clase media

País	Volumen de pasajeros	Penetración del mercado
Panamá	480,000	62%
Colombia	620,000	48%
Venezuela	210,000	35%

Cuentas de viajes corporativas

Detalles del segmento corporativo:

• Cuentas corporativas totales: 1.850
• Ingresos anuales de viaje corporativo: $ 215 millones
• Valor promedio del contrato corporativo: $ 116,000

Viajeros internacionales que se conectan a través de Panamá

Tipo de conexión	Pasajeros anuales	Tiempo de tránsito
Conexiones de América del Norte	890,000	1,5 horas promedio
Conexiones de América del Sur	620,000	2.1 horas promedio
Conexiones caribeñas	410,000	1,8 horas promedio

Copa Holdings, S.A. (CPA) - Modelo de negocio: Estructura de costos

Gastos de combustible de aeronaves

Para el año fiscal 2022, Copa Holdings reportó gastos de combustible de aeronaves de $ 389.8 millones. El precio promedio de combustible para aviones por galón en 2022 fue de aproximadamente $ 3.15.

Año	Gastos totales de combustible	Precio promedio de combustible por galón
2022	$ 389.8 millones	$3.15

Arrendamiento y mantenimiento de aeronaves

Los gastos de mantenimiento y arrendamiento de la aeronave de Copa Holdings para 2022 totalizaron $ 213.4 millones. La compañía opera una flota de 90 aviones Boeing a partir de 2022.

Categoría	Gastos totales	Tamaño de la flota
Arrendamiento y mantenimiento de aeronaves	$ 213.4 millones	90 aviones

Salarios de personal

Los gastos de personal para Copa Holdings en 2022 ascendieron a $ 332.6 millones. La compañía empleó a aproximadamente 4.700 empleados.

Año	Gastos totales de personal	Número de empleados
2022	$ 332.6 millones	4,700

Tarifas de aterrizaje del aeropuerto y operaciones

Los gastos operativos relacionados con el aeropuerto para COPA Holdings en 2022 fueron de $ 147.5 millones.

Año	Tarifas de aterrizaje del aeropuerto y operaciones
2022	$ 147.5 millones

Costos de marketing y distribución

Los gastos de marketing y distribución para Copa Holdings en 2022 alcanzaron $ 86.3 millones.

Año	Costos de marketing y distribución
2022	$ 86.3 millones

Desglose de la estructura de costos totales para 2022:

• Gastos de combustible de aeronaves: $ 389.8 millones
• Arrendamiento y mantenimiento de aviones: $ 213.4 millones
• Salarios de personal: $ 332.6 millones
• Tarifas de aterrizaje y operación del aeropuerto: $ 147.5 millones
• Costos de marketing y distribución: $ 86.3 millones

Copa Holdings, S.A. (CPA) - Modelo de negocios: flujos de ingresos

Venta de entradas para pasajeros

En el año fiscal 2022, Copa Holdings reportó ingresos por boletos de pasajeros de $ 1,176.5 millones. El ingreso promedio de boletos por kilómetro de pasajero fue de $ 0.1047.

Categoría de ingresos por boletos	Cantidad (USD)
Boletos nacionales	$ 237.4 millones
Boletos internacionales	$ 939.1 millones

Tarifas de equipaje

COPA PROBLECIDADES Generadas $ 98.3 millones En ingresos por tarifas de equipaje en 2022.

• Tarifa de equipaje estándar: $ 30 por bolsa para verificar
• Tarifa de equipaje con sobrepeso: $ 50 CARGA ADICIONAL

Transporte de carga

Los ingresos por transporte de carga para 2022 fueron $ 264.7 millones.

Tipo de carga	Ingresos (USD)
Carga internacional	$ 212.3 millones
Carga doméstica	$ 52.4 millones

Asociaciones frecuentes del programa de volantes

Los ingresos del programa de millas de las asociaciones fueron $ 45.6 millones en 2022.

Ingresos del servicio auxiliar

Servicios auxiliar generados $ 87.2 millones en 2022.

• Ventas de servicio en vuelo: $ 32.5 millones
• Tasas de selección de asientos: $ 22.7 millones
• Seguro de viaje: $ 15.4 millones
• Otros servicios auxiliares: $ 16.6 millones

Copa Holdings, S.A. (CPA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Copa Holdings, S.A. (CPA) over the competition, especially when connecting the Americas. It boils down to unmatched network access paired with proven operational reliability and a cost structure that keeps fares competitive.

Most convenient and reliable travel experience across the Americas

Reliability is a major selling point. Copa Airlines consistently delivers industry-leading operational metrics through its Hub of the Americas in Panama City. For instance, in the second quarter of 2025, the on-time performance hit 91.5%, and the flight completion factor was 99.8%. Even looking at the third quarter of 2025, the airline reported a record load factor of 88%, showing efficient use of that capacity. This performance has been recognized by Skytrax for the tenth consecutive year as the "Best Airline in Central America and the Caribbean" as of June 2025.

Seamless one-stop connections across North, Central, and South America

The value here is the network density achieved via the Panama hub. By September 2025, Copa Airlines connects Panama to 88 destinations across 32 countries. This is supported by a schedule of more than 375 daily flights. You don't need to piece together multiple itineraries; Copa offers that single, efficient connection.

The extent of this connectivity is best seen in a snapshot:

Metric	Value (As of Late 2025 Data)	Source Period
Destinations Served	88	September 2025
Countries Served	32	September 2025
Daily Flights (Approximate)	More than 375	September 2025
Load Factor (Recent Monthly High)	88%	Q3 FY2025

Industry-leading operational performance and high flight completion factor

You see the reliability in the monthly traffic reports. For example, in May 2025, the system load factor was 87.6%. The commitment to operational excellence is clear when you compare the quarterly results:

• Q1 2025 On-Time Performance: 90.8%
• Q2 2025 On-Time Performance: 91.5%
• Q1 2025 Completion Factor: 99.9%
• Q2 2025 Completion Factor: 99.8%

Panama Stopover program, projected to reach 185,000 users in 2025

This program turns a connection into a two-destination trip at no extra airfare cost. The program is a significant driver of tourism into Panama. Projections for the full year 2025 estimate that the Panama Stopover program will surpass 185,000 visitors. The first half of 2025 alone saw nearly 95,000 stopover passengers, an 18.5% increase year-over-year. July 2025 was the best month since the program's 2019 launch, recording 17,500 participants.

Competitive pricing due to structurally low unit costs

Copa Holdings emphasizes its low unit costs as a key competitive advantage for offering competitive pricing. The guidance for the full year 2025, as of August 2025, factored in an Ex-Fuel CASM (unit costs excluding fuel) of approximately 5.8 cents. This figure was consistent with Q1 2025's reported Ex-Fuel CASM of 5.8 cents and Q2 2025's Ex-Fuel CASM of 5.8 cents. To put that cost structure in perspective against market valuation, as of December 2025, Copa Holdings traded at a P/E ratio of 7.5x, significantly lower than the sector median of 20.79x. Finance: draft 13-week cash view by Friday.

Copa Holdings, S.A. (CPA) - Canvas Business Model: Customer Relationships

You're looking at how Copa Holdings, S.A. (CPA) keeps its passengers engaged and satisfied across its vast network. The relationship strategy centers on a mix of digital efficiency and premium, dedicated support for its most valuable flyers.

Automated self-service via website and mobile app for booking and check-in.

While the exact percentage of bookings completed via digital channels isn't public, the operational success suggests high adoption. Copa Holdings, S.A. (CPA) is managing significant volume; for instance, in October 2025, system-wide passenger traffic, measured in Revenue Passenger Miles (RPMs), reached 2,443.6 million, with a load factor of 87.2%. This level of utilization requires efficient, high-volume transaction processing, which the digital platforms are designed to handle.

• Digital tools support a network serving 88 destinations across 32 countries as of July 2025.
• High load factors imply that the booking and check-in processes are effectively managing demand.

Dedicated service for ConnectMiles frequent flyer members.

The ConnectMiles program, a member of the Star Alliance, is the core mechanism for loyalty relationship management. This tier-based service aims to retain high-value customers through accrual and redemption benefits. Business Class passengers, for example, receive bonus miles for the ConnectMiles program. We don't have the current active member count for ConnectMiles as of late 2025, but the program underpins the retention strategy.

Personalized service for high-yield business travelers.

High-yield travelers are catered to through Business Class service features, which include dedicated check-in counters, priority boarding, and priority baggage handling. The overall traffic growth indicates a healthy base of these travelers. For September 2025, system-wide passenger traffic (RPMs) grew 6.4% year-over-year, reaching 2,283.1 million. This segment benefits from access to Copa/United Club lounges, a key touchpoint for premium customers.

Here's a snapshot of the recent operational scale reflecting the customer base Copa Holdings, S.A. (CPA) serves:

Metric	Period Ending October 2025	Period Ending October 2024
Available Seat Miles (ASMs) (mm)	2,803.0	2,557.4
Revenue Passenger Miles (RPMs) (mm)	2,443.6	2,235.5
System Load Factor	87.2%	87.4%

The capacity expansion seen in October 2025, with ASMs up 9.6% year-over-year, shows the company is investing to meet the demand from these traveler segments.

Customer service centers and airport staff for in-person support.

In-person support is anchored at the main hub in Panama City-Tocumen International Airport. While specific employee counts for customer service roles or call center volumes for 2025 are not available, the physical presence is crucial for managing the airline's operations across its network. The airline is a member of the Star Alliance, which often standardizes certain service expectations globally.

Finance: review the Q3 2025 report for any commentary on customer service cost per passenger by end of next week.

Copa Holdings, S.A. (CPA) - Canvas Business Model: Channels

You're looking at how Copa Holdings, S.A. (CPA) gets its tickets into customers' hands as of late 2025. The airline is clearly pushing hard on cost-effective distribution, and the numbers from the first half of 2025 show this strategy is working on the expense side.

Direct sales via Copa Holdings' website and mobile application are a key focus area. The company has successfully executed its New Distribution Capability (NDC) strategy, which favors direct and lower-cost channels. This strategic shift directly impacted the bottom line, as Sales and distribution costs totaled US$49.4 million in the second quarter of 2025. That figure represents a 5.3% decrease compared to the same period in 2024. This reduction in distribution spend is explicitly attributed to the higher penetration of both direct sales and lower-cost NDC travel agency channels.

Global Distribution Systems (GDS) and online travel agencies (OTAs) still play a role, but the narrative suggests a deliberate move away from higher-commission channels. While specific revenue percentages for GDS and OTAs aren't broken out, the cost savings noted in the first half of 2025 confirm that the mix is shifting toward the lower-cost direct and NDC options. The overall network scale supporting these channels is growing, with Copa Holdings' fleet reaching 123 aircraft as of the November 19, 2025 report date, up from 115 aircraft at the end of Q2 2025.

For corporate sales team for business travel accounts, while specific revenue contribution isn't public, this segment is typically managed directly or through specialized agreements. The general trend of reducing overall distribution costs suggests that any corporate bookings are being managed efficiently, likely through negotiated fares that avoid standard high-commission OTA/GDS fees. The focus on operational excellence, including an on-time performance of 89.7% in the third quarter of 2025, is a critical element supporting retention in the corporate segment.

Regarding airport ticket counters and sales offices across the network, these represent the traditional, high-touch channel. These physical points of sale support the network that spans North, Central, and South America and the Caribbean. The operational capacity supporting these channels is evident in the 5.8% year-over-year increase in Available Seat Miles (ASM) reported for the third quarter of 2025.

Here's a quick look at the financial context influencing channel costs:

Metric	Value (2Q 2025)	Comparison to 2Q 2024
Sales and Distribution Costs	US$49.4 million	5.3% decrease
Operating Margin	21.0%	Increase of 1.5 percentage points
Fleet Size (End of Q2 2025)	115 aircraft	N/A

The airline's strategy is clear: drive volume through digital and NDC means to keep the cost of sale low. It's a smart move when passenger yields are under pressure, as seen by the 4.1% year-over-year decline in passenger yields in Q2 2025.

The distribution mix is supported by the following operational metrics as of late 2025:

• Load factor reached 88.0% in 3Q 2025.
• Load factor was 87.3% in 2Q 2025.
• Revenue per available seat mile (RASM) was 11.1 cents in 3Q 2025.
• Ex-fuel CASM was 5.6 cents in 3Q 2025.

Finance: draft 13-week cash view by Friday.

Copa Holdings, S.A. (CPA) - Canvas Business Model: Customer Segments

You're looking at the core groups Copa Holdings, S.A. serves, which is key to understanding their hub-and-spoke model centered in Panama City.

The overall operational strength in late 2025 definitely supports all these segments. For the third quarter of 2025 (3Q25), Copa Holdings, S.A. reported a net profit of $173.4 million, with revenues reaching $913.15 million. That performance underpinned a strong operating margin of 23.2% and a net margin of 19.0% for the quarter.

Business Travelers requiring reliable, high-frequency intra-Americas connections benefit directly from the airline's operational consistency. Copa Airlines achieved an on-time performance of 89.7% and a flight completion factor of 99.8% in 3Q25. This reliability is crucial for corporate schedules.

Leisure Tourists traveling between North/South America and the Caribbean form a large base, evidenced by the overall system load factor. For October 2025, the system load factor was 87.2%, showing high seat utilization across the network. The company's capacity, measured in Available Seat Miles (ASMs), grew 9.6% year-over-year in October 2025.

Connecting Passengers utilizing the Panama hub for transit are the engine of the model. The hub's efficiency is reflected in the high load factors achieved across the network, such as the 88.0% load factor reported for 3Q25. The fleet size supporting this connectivity grew to 121 aircraft as of September 30, 2025.

Air Cargo Shippers needing freight services across the network are served by a dedicated asset. Strategically, Copa Holdings, S.A. expanded its cargo capability during 3Q25 by adding a second Boeing 737-800 freighter.

Here's a look at some key performance indicators relevant to serving these customer groups:

Metric (Period)	Value	Unit
Revenue per Available Seat Mile (RASM) (3Q25)	11.1	cents
Operating Cost per Available Seat Mile (CASM) (3Q25)	8.5	cents
CASM excluding Fuel (3Q25)	5.6	cents
System Load Factor (October 2025)	87.2%	Percent
Total Fleet Size (September 30, 2025)	121	Aircraft

The operational metrics show how Copa Holdings, S.A. manages the cost of serving these diverse segments:

• Operating cost per available seat mile (CASM) decreased 2.7% year-over-year in 3Q25.
• CASM excluding fuel decreased 0.8% in 3Q25.
• The company ended 3Q25 with $1.3 billion in cash and investments.
• The Board ratified a dividend payment of $1.61 per share in November 2025.

For the first quarter of 2025 (1Q25), the fleet included 32 Boeing 737 MAX-9 and 3 Boeing 737 MAX-8 aircraft.

Finance: draft 13-week cash view by Friday.

Copa Holdings, S.A. (CPA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Copa Holdings, S.A. (CPA) as we close out 2025. The airline's cost structure is heavily weighted toward variable costs, but fixed costs like personnel and fleet financing are still substantial anchors.

Aircraft Fuel Expenses remain a major variable cost component, though the company has not changed its non-hedging strategy despite fuel price volatility being cited as a primary wild card. For the full year 2025, the all-in fuel price guidance was set at approximately $2.47 per gallon. This contrasts with the earlier guidance of $2.40 per gallon from Q1 2025 reports.

The focus on efficiency shows up clearly in the unit cost metrics. For the full year 2025, Copa Holdings reaffirmed its guidance for Operating cost per available seat mile excluding fuel (Ex-fuel CASM) at approximately $0.058. However, the actual performance through the third quarter of 2025 showed even tighter control, with Ex-fuel CASM coming in at $0.056 cents for 3Q25.

Here's a quick view of the unit cost performance and guidance:

Cost Metric	Period/Guidance	Amount
Ex-fuel CASM (Guidance)	Full Year 2025	$0.058 cents
Ex-fuel CASM (Actual)	3Q 2025	$0.056 cents
Total CASM (Actual)	3Q 2025	8.5 cents
All-in Fuel Price (Guidance)	Full Year 2025	$2.47 per gallon

Personnel Salaries and benefits represent a significant fixed cost. For the first quarter of 2025, wages, salaries, benefits, and other employee expenses totaled $117.5 million, reflecting growth in operational staff to support capacity increases. Management noted that cost pressure from these items is expected to continue.

Aircraft leasing, depreciation, and maintenance costs are tied directly to the Boeing 737 fleet. As of September 30, 2025, Copa Holdings' fleet totaled 121 aircraft, growing to 123 aircraft by the date of the Q3 earnings release in November 2025. The total debt, which is entirely related to aircraft financing, stood at $2.2 billion at the end of 3Q25. Maintenance expense contributed to the drop in total CASM in 3Q25.

Airport landing fees and operational charges at Tocumen and other destinations are part of the variable operating expenses. The company expects to continue facing increased cost pressure from airport facilities and handling charges. Copa Airlines maintains its Hub of the Americas at Tocumen International Airport (PTY).

Key operational cost drivers and fleet details include:

• Fleet size as of November 2025: 123 aircraft.
• Total debt related to aircraft financing (3Q25): $2.2 billion.
• Personnel costs (1Q25): $117.5 million.
• Passenger servicing costs (1Q25): $25.0 million.
• Anticipated 2026 Ex-fuel CASM projection: $0.057 to $0.058 cents.

Finance: draft 13-week cash view by Friday.

Copa Holdings, S.A. (CPA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Copa Holdings, S.A. brings in cash as of late 2025. It's all about moving people and freight through the Hub of the Americas in Panama.

Passenger Air Transportation revenue remains the primary driver. For the second quarter of 2025 (Q2 2025), this segment brought in $797.3 million. This was up 2.0% compared to Q2 2024, even though the passenger yield (the average revenue per passenger mile) actually decreased by 4.1% year-over-year. The growth came from a 6.4% increase in revenue passenger miles (RPMs).

The operational statistics for October 2025 show the scale of the passenger operation:

• Capacity (ASMs) increased by 9.6% compared to October 2024.
• System-wide passenger traffic (RPMs) increased by 9.3% compared to October 2024.
• The system load factor for October 2025 was 87.2%.

Ancillary revenue from baggage fees, seat selection, and other services is included within the reported passenger revenue figures for the quarter, as the second-quarter results are mostly comprised of flown passenger ticket revenue and passenger-related ancillary revenue. You won't see a separate line item for it in the top-line summary, but it's a key component of the overall passenger stream.

Cargo Services revenue from air freight operations contributes a smaller but growing portion. For Q2 2025, Cargo and mail revenue totaled $28.3 million, marking a 12.4% increase compared to the same period in 2024, driven by higher cargo volumes.

ConnectMiles program revenue from miles sales to partners is reported under Other operating revenues. This stream saw significant growth. Other operating revenue for Q2 2025 was $17.0 million, a 33.9% year-over-year increase, which was mostly due to an increase in ConnectMiles revenues from non-air partners.

Other operating revenues also capture things like third-party maintenance and ground handling services. Here is a quick breakdown of the major revenue components for Q2 2025:

Revenue Component	Q2 2025 Amount (USD)	Y-o-Y Change (vs Q2 2024)
Total Operating Revenue	$842.6 million	2.8% increase
Passenger Revenue	$797.3 million	2.0% increase
Cargo and Mail Revenue	$28.3 million	12.4% increase
Other Operating Revenue (incl. ConnectMiles)	$17.0 million	33.9% increase

Honestly, the growth in Other operating revenue at over 33% shows how much value Copa Holdings, S.A. is extracting from its loyalty program partnerships.

Finance: draft 13-week cash view by Friday.