Copa Holdings (NYSE: CPA) CEO details direct and indirect stakes

Rhea-AI Filing Summary

Copa Holdings, S.A. filed an initial ownership report showing Chief Executive Officer Pedro Heilbron’s equity position in the company. He directly holds 50,201 shares of Class A Common Stock, which includes 32,503 restricted stock units (RSUs) that each can convert into one Class A share upon settlement.

He also has indirect ownership in Class B Common Stock through two entities: 207,992 shares held by H&O Capital Corp and 255,573 shares held through Panamanian Investors, S.A. This filing outlines his direct and entity‑based stakes but does not reflect any new share purchases or sales.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

pedro heilbron

(Last) (First) (Middle)

COSTA DEL ESTE

(Street)

PANAMA R1 0816-06819

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Copa Holdings, S.A. [ CPA ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	50,201(1)	D
Class B Common Stock	207,992	I	by H&O CAPITAL CORP
Class B Common Stock	255,573	I	Held through Panamanian Investors, S.A.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 32,503 shares that represent restricted stock units ("RSUs"). Each RSU represents a contingent right to received one share of the Issuer's Class A common stock upon settlement.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Ambar Vargas, Attorney-in-fact	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does Copa Holdings (CPA) Form 3 for Pedro Heilbron show?

The Form 3 shows CEO Pedro Heilbron’s existing ownership in Copa Holdings. He directly holds 50,201 Class A shares, including 32,503 RSUs, and indirectly holds Class B shares through H&O Capital Corp and Panamanian Investors, S.A., without indicating any new transactions.

How many Copa Holdings (CPA) Class A shares does the CEO own?

Pedro Heilbron directly owns 50,201 shares of Copa Holdings Class A Common Stock. This total includes 32,503 restricted stock units (RSUs), each representing a contingent right to receive one Class A share when they settle, highlighting a mix of vested and contingent equity.

What restricted stock units (RSUs) are reported for Copa Holdings (CPA) CEO?

The filing reports 32,503 restricted stock units for the CEO. Each RSU represents a contingent right to receive one share of Copa Holdings’ Class A common stock upon settlement, linking part of his compensation directly to future share delivery rather than immediate ownership.

What indirect Class B share holdings are disclosed for Copa Holdings (CPA)?

The CEO’s indirect Class B holdings include 207,992 shares held by H&O Capital Corp and 255,573 shares held through Panamanian Investors, S.A. These positions are attributed to entities associated with him, showing significant indirect ownership in Copa Holdings’ Class B Common Stock.

Does Copa Holdings (CPA) Form 3 show any insider buying or selling?

The Form 3 does not show new buying or selling activity. It is an initial statement of beneficial ownership, listing the CEO’s direct Class A holdings and indirect Class B holdings through related entities, rather than reporting recent market or option transactions.