[144] Copa Holdings, S.A. SEC Filing

CPA — Notice of proposed sale under Rule 144: Pedro Osvaldo Heilbron Calonge filed to sell 30,000 shares of common stock through Morgan Stanley Smith Barney LLC, with an aggregate market value of $3,756,300.

Rhea-AI Filing Summary

CPA — Notice of proposed sale under Rule 144: Pedro Osvaldo Heilbron Calonge filed to sell 30,000 shares of common stock through Morgan Stanley Smith Barney LLC, with an aggregate market value of $3,756,300. The approximate sale date is 11/03/2025 on the NYSE. Shares outstanding were 30,196,170.

The 30,000 shares were acquired on 03/31/2024 via an RSA from the issuer. Recent activity shows 10b5-1 sales: 10/03/2025 (10,185 shares; $1,223,948.76), 10/02/2025 (19,815 shares; $2,381,719.41), 09/23/2025 (21,943 shares; $2,651,973.93), and 09/22/2025 (8,057 shares; $967,283.94).

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Accepted by SEC EDGAR 11/03/2025 - 04:22 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001975040
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Copa Holdings, S.A.
SEC File Number	001-32696
Address of Issuer	Avenida Principal, Costa del Este Parque Lefevre, Panama City PANAMA 0816-06819
Phone	0115072272522
Name of Person for Whose Account the Securities are To Be Sold	PEDRO OSVALDO HEILBRON CALONGE
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	30000	3756300.00	30196170	11/03/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	03/31/2024	RSA	Issuer			30000	03/31/2024	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	10/03/2025	10185	1223948.76
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	10/02/2025	19815	2381719.41
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	09/23/2025	21943	2651973.93
10b5-1 Sales for PEDRO OSVALDO HEILBRON CALONGE Avenida Principal, Costa del Este Parque Lefevre, Panama City R1 0816-06819	Common	09/22/2025	8057	967283.94

144: Remarks and Signature

Remarks
Date of Notice	11/03/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/05/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Pedro Osvaldo Heilbron Calonge
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)