Copa Holdings (NYSE: CPA) posts March 2026 traffic growth and higher load

Rhea-AI Filing Summary

Copa Holdings reported strong March 2026 operating statistics, showing solid growth in passenger traffic. Capacity, measured in available seat miles (ASMs), rose 14.8% year over year to 3,025.7 million, while system-wide passenger traffic, in revenue passenger miles (RPMs), increased 15.3% to 2,623.5 million.

Because traffic grew slightly faster than capacity, the company’s load factor – the percentage of seats filled – improved to 86.7%, up 0.4 percentage points from 86.3% in March 2025. This indicates Copa was able to add seats while keeping its planes very full across its Latin American route network.

Positive

• Strong demand growth outpacing capacity: March 2026 revenue passenger miles rose 15.3% while capacity grew 14.8%, lifting load factor to 86.7% and suggesting healthy demand for Copa’s network.

Negative

• None.

Insights

Airline industry analyst

Copa shows double-digit traffic growth with slightly stronger aircraft utilization.

Copa Holdings delivered March 2026 capacity growth of 14.8% and traffic growth of 15.3%. This gap means demand outpaced added seats, lifting the consolidated load factor to 86.7%, 0.4 percentage points above March 2025.

High load factors near 87% typically support better unit revenue for airlines, as more seats are filled on each flight. While these are preliminary figures and not full financial results, they point to healthy demand across Copa’s network in North, Central and South America and the Caribbean.

Subsequent quarterly financial disclosures will show how this traffic translated into revenue and profitability, but the combination of double-digit capacity growth and a slightly higher load factor is an encouraging operational sign for March.

Key Figures

Available seat miles: 3,025.7 million ASMs Available seat miles prior year: 2,636.7 million ASMs Revenue passenger miles: 2,623.5 million RPMs +4 more

7 metrics

Available seat miles 3,025.7 million ASMs March 2026 capacity, up 14.8% year over year

Available seat miles prior year 2,636.7 million ASMs March 2025 capacity baseline

Revenue passenger miles 2,623.5 million RPMs March 2026 traffic, up 15.3% year over year

Revenue passenger miles prior year 2,274.6 million RPMs March 2025 traffic baseline

Load factor March 2026 86.7% System load factor for March 2026

Load factor March 2025 86.3% System load factor for March 2025

Load factor change 0.4 p.p. Increase in load factor March 2026 vs March 2025

Key Terms

Available seat miles, Revenue passenger miles, Load factor, preliminary passenger traffic statistics

4 terms

Available seat miles financial

"Available seat miles - represents the aircraft seating capacity multiplied"

Available seat miles measure the total capacity of an airline to carry passengers, calculated by multiplying the number of seats available on all flights by the distance those flights cover. It indicates how much space an airline has to generate revenue from passenger travel. For investors, higher available seat miles generally suggest a larger operation and potential for increased earnings.

Revenue passenger miles financial

"Revenue passenger miles - represents the number of miles flown by revenue"

Revenue passenger miles measure the total distance traveled by paying passengers on a transportation service, calculated by multiplying the number of paying passengers by the miles they travel. It shows how much revenue-generating activity a transportation company is doing, helping investors assess how well the company is attracting and serving passengers. Higher revenue passenger miles typically indicate stronger demand and better financial performance.

Load factor financial

"Load factor - represents the percentage of aircraft seating capacity"

Load factor is a measure of how efficiently a transportation service, such as a plane, train, or bus, fills its available seats or space over a period of time. It is calculated by dividing the actual number of passengers or usage by the total available capacity. A higher load factor indicates better utilization, which can lead to more profitable operations and is important for investors assessing the efficiency and profitability of transportation companies.

preliminary passenger traffic statistics financial

"today released preliminary passenger traffic statistics for March 2026"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________

FORM 6-K

_______________________________________________

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

Report on Form 6-K dated for the month of April 2026

_______________________________________________

Copa Holdings, S.A.

(Translation of Registrant’s Name Into English)

_______________________________________________

Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda

Urbanización Costa del Este

Complejo Business Park, Torre Norte

ParqueLefevre

Panama City, Panama

(Address of principal executive offices)

_______________________________________________

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F o

(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82- )

Enclosure: Press Release - Copa Holdings Announces Monthly Traffic Statistics for March 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

			Copa Holdings, S.A. (Registrant)
Date: 4/13/26
			By:			/s/ Peter Donkersloot
						Name: Peter Donkersloot Title: CFO

Exhibit 99.1

Copa Holdings Announces Monthly Traffic Statistics for March 2026

PANAMA CITY, April 13, 2026 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for March 2026:

Copa Holdings (Consolidated)			March 2026			March 2025			% Change
ASM (mm) (1)			3,025.7			2,636.7			14.8		%
RPM (mm) (2)			2,623.5			2,274.6			15.3		%
Load Factor (3)			86.7		%	86.3		%	0.4		p.p.

1.Available seat miles - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.

2.Revenue passenger miles - represents the number of miles flown by revenue passengers

3.Load factor - represents the percentage of aircraft seating capacity that is utilized

For March 2026, Copa Holdings' capacity (ASMs) increased by 14.8%, while system-wide passenger traffic (RPMs) increased by 15.3% compared to 2025. As a result, the system load factor for the month was 86.7%, 0.4 percentage points higher than in March 2025.

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit ir.copaair.com.

CPA-G

Investor Relations

investor.relations@copaair.com

FAQ

How did Copa Holdings (CPA) traffic perform in March 2026?

Copa Holdings reported strong March 2026 traffic, with revenue passenger miles rising 15.3% year over year to 2,623.5 million. Capacity also increased 14.8% to 3,025.7 million available seat miles, highlighting robust demand across its route network.

What was Copa Holdings’ March 2026 load factor and how did it change?

Copa Holdings’ March 2026 load factor reached 86.7%, up 0.4 percentage points from 86.3% in March 2025. This means a slightly higher share of available seats were filled, indicating efficient aircraft utilization and demand keeping pace with capacity growth.

How much did Copa Holdings’ capacity grow in March 2026 versus 2025?

Copa’s capacity, measured in available seat miles, increased 14.8% year over year in March 2026 to 3,025.7 million. This expansion reflects more seats flown across its network in North, Central and South America and the Caribbean compared with March 2025.

What are ASMs and RPMs in Copa Holdings’ March 2026 report?

Available seat miles (ASMs) represent total seating capacity multiplied by miles flown, while revenue passenger miles (RPMs) track miles flown by paying passengers. In March 2026, Copa reported 3,025.7 million ASMs and 2,623.5 million RPMs, showing strong utilization of its added capacity.

Does Copa Holdings’ March 2026 traffic data indicate stronger demand?

Yes. Revenue passenger miles grew 15.3%, slightly faster than the 14.8% capacity increase, pushing load factor to 86.7%. When traffic growth exceeds capacity growth, it generally signals firm demand and supports higher seat utilization across the airline’s network.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 9.9 KB