Copa Holdings, S.A. (CPA): Canvas de modelo de negócios [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Copa Holdings, S.A. (CPA), uma companhia aérea poderosa que revolucionou as viagens aéreas pela América Latina. Essa tela abrangente do modelo de negócios revela como essa transportadora dinâmica aproveita seu centro estratégico da Cidade do Panamá, frota de ponta e abordagem inovadora para conectar viajantes em toda a região com eficiência e confiabilidade incomparáveis. De sua sofisticada rede de rota até seus serviços centrados no cliente, a Copa Holdings demonstra uma masterclass na estratégia de negócios de companhias aéreas que vai muito além do transporte simples a ponto.

Copa Holdings, S.A. (CPA) - Modelo de negócios: Parcerias -chave

Parceria da Network Star Alliance

A Copa Airlines é membro da Star Alliance Network, estabelecida em parceria desde 2012. A Aliança envolve 26 companhias aéreas membros, fornecendo conectividade global para os passageiros.

Detalhes da parceria	Métricas
Membro da Aliança Estrela desde	2012
Total de companhias aéreas de rede	26
Destinos cobertos	1.330+ destinos

Parcerias de aquisição de aeronaves

A Copa Holdings mantém parcerias estratégicas com a Boeing e a Airbus para aquisição e manutenção de aeronaves.

Fabricante de aeronaves	Composição da frota
Boeing	737 aeronaves máx
Tamanho total da frota (2023)	100 aeronaves

Parcerias operacionais aeroportuárias

• O Aeroporto Internacional de Tocumen do Panamá como hub primário
• Parcerias operacionais em mais de 80 destinos na América Latina
• Principais redes de aeroportos na Colômbia, Brasil, Argentina e Chile

Parcerias de Serviço Financeiro

A Copa Holdings colabora com várias empresas de cartão de crédito para integração frequente do programa de passageiros.

Parceiro do cartão de crédito	Detalhes do programa
Visa	Programa de Redenção de Miles
MasterCard	Integração de recompensas de viagem

Parcerias de fornecimento de combustível

As parcerias estratégicas de suprimento de combustível garantem a eficiência operacional e o gerenciamento de custos.

Fornecedor de combustível	Consumo anual de combustível
Aviação da Shell	Aproximadamente 250 milhões de galões
Gasto anual total de combustível (2023)	US $ 350 milhões

Copa Holdings, S.A. (CPA) - Modelo de negócios: Atividades -chave

Transporte aéreo de passageiros na América Latina

A Copa Airlines opera 162 aeronaves a partir de 2023, servindo 82 destinos em 33 países na América Latina e no Caribe. A companhia aérea transportou 12,5 milhões de passageiros em 2022.

Métrica	2022 Performance
Destinos totais	82
Países serviram	33
Total de passageiros	12,5 milhões
Tamanho da frota	162 aeronaves

Gerenciamento de rede de rota de hub e raios

A Copa Airlines utiliza o Aeroporto Internacional de Tocumen da Cidade do Panamá como seu hub principal, conectando 162 rotas com um 97,4% de taxa de conclusão em 2022.

• Hub primário: Aeroporto Internacional de Tocumen
• Taxa de conclusão da rota: 97,4%
• Eficiência de conexão: 87,2% dos passageiros usam hub para conectar voos

Manutenção e modernização da frota

A Copa Holdings investiu US $ 352 milhões em manutenção e modernização da frota em 2022. A idade média da frota é de 7,2 anos.

Investimento da frota	Quantia
Investimento anual de manutenção	US $ 352 milhões
Idade média da frota	7,2 anos

Atendimento ao cliente e bilhetes

A Copa Airlines processou 15,3 milhões de reservas on -line em 2022, com 92,6% de vendas de ingressos digitais.

• Reservas on -line: 15,3 milhões
• Porcentagem de vendas de ingressos digitais: 92,6%
• Canais de atendimento ao cliente: site, aplicativo móvel, call center

Rota a expansão e otimização da rede

Em 2022, a Copa Holdings adicionou 7 novos destinos e aumentou as frequências semanais de vôo em 12,5% em sua rede.

Métricas de expansão de rede	2022 Performance
Novos destinos adicionados	7
Aumento semanal de frequência de vôo	12.5%

Copa Holdings, S.A. (CPA) - Modelo de negócios: Recursos -chave

Frota moderna da Boeing 737 Aircraft

A partir do quarto trimestre 2023, a Copa Holdings opera uma frota de 97 aeronaves Boeing 737, com a seguinte quebra detalhada:

Tipo de aeronave	Número de aeronaves	Idade média
Boeing 737-800	71	9,2 anos
Boeing 737 Max 9	26	3,5 anos

Infraestrutura estratégica de hub

O Aeroporto Internacional de Tocumen, na Cidade do Panamá, serve como o hub principal com as seguintes especificações de infraestrutura:

• Área total do terminal do aeroporto: 285.000 metros quadrados
• Capacidade anual de passageiros: 16 milhões
• Número de portões dedicados à Copa Airlines: 20

Força de trabalho de aviação qualificada

COPA Holdings Composition dos funcionários a partir de 2023:

Categoria de funcionários	Número total
Total de funcionários	5,400
Pilotos	620
Equipe de manutenção técnica	780

Reputação da marca e presença de mercado

Métricas do mercado da Copa Holdings:

• Os países serviram: 32
• Destinos: 80
• Participação de mercado na aviação latino -americana: 5,7%

Infraestrutura tecnológica

Recursos de plataforma digital:

• Plataformas de reserva on -line: aplicativos da Web e móveis
• Transações digitais anuais: 4,2 milhões
• Investimento do sistema de gerenciamento de relacionamento com clientes: US $ 12,5 milhões em 2023

Copa Holdings, S.A. (CPA) - Modelo de negócios: proposições de valor

Extensa rede de rota latino -americana

A Copa Holdings opera uma rede de 86 destinos em 32 países na América Latina e no Caribe a partir de 2023. A companhia aérea serve 81 cidades com 159 vôos diários em seu centro principal na Cidade do Panamá.

Métrica de rede	2023 dados
Destinos totais	86
Países serviram	32
Voos diários	159
Tamanho da frota	104 aeronaves

Transporte aéreo confiável e eficiente

A Copa Airlines mantém um alto desempenho operacional Com as seguintes métricas principais:

• Desempenho pontual: 86,5% em 2022
• Fator de conclusão: 99,7%
• Utilização de aeronaves: 12,5 horas por dia

Estratégias de preços competitivos

A COPA Holdings implementa preços estratégicos em sua rede com receita média por milha de segurança disponível (RASM) de US $ 0,1242 em 2022.

Métrica de precificação	2022 Valor
Rendimento médio de ingresso	$0.1242
Fator de carga	83.4%
Receita de passageiros	US $ 2,87 bilhões

Atendimento ao cliente de alta qualidade

A Copa Airlines se concentra na experiência premium do cliente com os seguintes atributos de serviço:

• Membro da Aliança Estrela desde 2012
• Vencedor do Skytrax World Airline Awards de Melhor companhia aérea na América Central
• Classificação de satisfação do cliente de 4.2/5

Conexões convenientes através do Panamá Hub

O Aeroporto Internacional de Tocumen da Cidade do Panamá serve como um ponto de conexão estratégico com:

• Tempo máximo de conexão: 2 horas
• Tempo médio de conexão: 55 minutos
• Taxa de eficiência do cubo: 92,3%

Métrica de desempenho do hub	2022 dados
Passageiros totais lidados	18,4 milhões
Passageiros de trânsito	65% do total de passageiros
Conectividade do cubo	32 países

Copa Holdings, S.A. (CPA) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade de folheto frequente

O Programa ConnectMiles da Copa Airlines possui 1,2 milhão de membros ativos a partir de 2023. O programa de fidelidade permite que os membros ganhem milhas por meio de voos, parcerias de cartão de crédito e atividades de parceiros da Alliance.

Métrica do programa	Valor
Membros ativos totais	1,200,000
Taxa de resgate de milhas	37%
Airlines parceiros	8

Plataformas de reserva e check-in digitais

As plataformas digitais da Copa Holdings processaram 68% do total de reservas em 2023. As taxas de check-in on-line atingiram 82% em sua rede.

• Porcentagem de reserva de site: 52%
• Porcentagem de reserva de aplicativos móveis: 16%
• Tempo médio de check-in digital: 12 minutos

Suporte personalizado ao cliente

A Copa Airlines mantém uma equipe de atendimento ao cliente de 425 representantes em vários canais.

Canal de suporte	Tempo de resposta
Suporte telefônico	3,5 minutos
Suporte por e -mail	6,2 horas
Mídia social	2,1 horas

Parcerias de viagens corporativas

A Copa Holdings estabeleceu parcerias com 672 clientes corporativos na América Latina, gerando US $ 89,4 milhões em receita de viagens corporativas em 2023.

Aplicativo móvel para gerenciamento de viagens sem costura

O aplicativo móvel da Copa Airlines possui 1,1 milhão de usuários mensais ativos com uma classificação de 4,6/5 nas plataformas iOS e Android.

Métrica de aplicativo móvel	Valor
Usuários ativos mensais	1,100,000
App Store Classificação	4.6/5
Downloads anuais de aplicativos	425,000

Copa Holdings, S.A. (CPA) - Modelo de Negócios: Canais

Plataforma de reserva de site online

A Copa Airlines opera uma plataforma abrangente de reserva on -line em Copa.com com as seguintes métricas:

• O site lida com aproximadamente 65% do total de vendas de ingressos
• Visitantes médios mensais do site: 3,2 milhões
• Taxa de conversão de reservas on -line: 22,7%

Métrica da plataforma	2023 dados
Total de reservas online	4,8 milhões
Receita online	US $ 612 milhões

Aplicativo móvel

A Copa Airlines Mobile App fornece recursos de reserva e gerenciamento digitais:

• Downloads de aplicativos: 2,1 milhões
• Porcentagem de reserva móvel: 18% do total de reservas
• Disponível em plataformas iOS e Android

Parcerias da agência de viagens

A COPA mantém uma extensa rede de agências de viagens:

Categoria de parceria	Número
Agências de viagens globais	1,200
Parceiros de viagem regionais	3,500
Volume total de reserva de agência	1,6 milhão de ingressos

Vendas diretas nos contadores de aeroportos

A COPA opera canais de vendas diretas em sua rede:

• Local de contador do aeroporto: 64
• Porcentagem direta de vendas: 12% do total de reservas
• Vendas anuais de ingressos para contra -ingressos: 840.000 ingressos

Suporte ao cliente de call center

Detalhes da infraestrutura de suporte ao cliente:

Métrica de call center	2023 desempenho
Tota de call centers	7
Interações anuais do cliente	2,3 milhões
Tempo médio de resposta	3,2 minutos

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

Viajantes de negócios

A Copa Holdings serve viajantes de negócios com características demográficas específicas:

Métrica de segmento	Dados quantitativos
Passageiros anuais de viagens de negócios	Aproximadamente 1,2 milhão
Preço médio do ingresso	US $ 385 USD
Associação frequente de passageiro	Mais de 250.000 viajantes de negócios

Turistas de lazer

A quebra do segmento de lazer:

• Passageiros anuais de lazer: 2,3 milhões
• Duração média da viagem: 5-7 dias
• Destinos primários: Caribe, América do Sul, América do Norte

Passageiros da classe média latino-americana

País	Volume do passageiro	Penetração de mercado
Panamá	480,000	62%
Colômbia	620,000	48%
Venezuela	210,000	35%

Contas de viagem corporativas

Detalhes do segmento corporativo:

• Contas corporativas totais: 1.850
• Receita anual de viagens corporativas: US $ 215 milhões
• Valor médio do contrato corporativo: US $ 116.000

Viajantes internacionais se conectando pelo Panamá

Tipo de conexão	Passageiros anuais	Tempo de trânsito
Conexões da América do Norte	890,000	1,5 horas em média
Conexões da América do Sul	620,000	2,1 horas em média
Conexões do Caribe	410,000	1,8 horas em média

Copa Holdings, S.A. (CPA) - Modelo de negócios: estrutura de custos

Despesas de combustível de aeronaves

Para o ano fiscal de 2022, a Copa Holdings relatou despesas de combustível de aeronaves de US $ 389,8 milhões. O preço médio do combustível a jato por galão em 2022 foi de aproximadamente US $ 3,15.

Ano	Despesas totais de combustível	Preço médio de combustível por galão
2022	US $ 389,8 milhões	$3.15

Leasing e manutenção de aeronaves

As despesas de manutenção e arrendamento de aeronaves da Copa Holdings em 2022 totalizaram US $ 213,4 milhões. A empresa opera uma frota de 90 aeronaves da Boeing a partir de 2022.

Categoria	Despesas totais	Tamanho da frota
Leasing e manutenção de aeronaves	US $ 213,4 milhões	90 aeronaves

Salários de pessoal

As despesas de pessoal para a Copa Holdings em 2022 totalizaram US $ 332,6 milhões. A empresa empregou aproximadamente 4.700 funcionários.

Ano	Total de despesas de pessoal	Número de funcionários
2022	US $ 332,6 milhões	4,700

Taxas de aterramento e operacional do aeroporto

As despesas operacionais relacionadas ao aeroporto para a Copa Holdings em 2022 foram de US $ 147,5 milhões.

Ano	Taxas de aterramento e operacional do aeroporto
2022	US $ 147,5 milhões

Custos de marketing e distribuição

As despesas de marketing e distribuição para a Copa Holdings em 2022 atingiram US $ 86,3 milhões.

Ano	Custos de marketing e distribuição
2022	US $ 86,3 milhões

Redução total da estrutura de custos para 2022:

• Despesas de combustível de aeronaves: US $ 389,8 milhões
• Leasing e manutenção de aeronaves: US $ 213,4 milhões
• Salários de pessoal: US $ 332,6 milhões
• Taxas de aterrissagem e operacional do aeroporto: US $ 147,5 milhões
• Custos de marketing e distribuição: US $ 86,3 milhões

Copa Holdings, S.A. (CPA) - Modelo de negócios: fluxos de receita

Vendas de ingressos para passageiros

No ano fiscal de 2022, a Copa Holdings registrou receitas de ingressos de passageiros de US $ 1.176,5 milhões. A receita média do ingresso por quilômetro de passageiro foi de US $ 0,1047.

Categoria de receita de ingressos	Quantidade (USD)
Ingressos domésticos	US $ 237,4 milhões
Ingressos internacionais	US $ 939,1 milhões

Taxas de bagagem

Copa Holdings geradas US $ 98,3 milhões nas receitas da taxa de bagagem em 2022.

• Taxa de bagagem padrão: US $ 30 por bolsa verificada
• Taxa de bagagem com excesso de peso: cobrança adicional de US $ 50

Transporte de carga

A receita de transporte de carga para 2022 foi US $ 264,7 milhões.

Tipo de carga	Receita (USD)
Carga internacional	US $ 212,3 milhões
Carga doméstica	US $ 52,4 milhões

Parcerias do programa de folheto frequente

Miles Program Receio de parcerias foi US $ 45,6 milhões em 2022.

Receita de serviço auxiliar

Serviços auxiliares gerados US $ 87,2 milhões em 2022.

• Vendas de serviço em voo: US $ 32,5 milhões
• Taxas de seleção de assentos: US $ 22,7 milhões
• Seguro de viagem: US $ 15,4 milhões
• Outros serviços auxiliares: US $ 16,6 milhões

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.