Copa Holdings (CPA) director reports 255,573 indirect Class B shares

Rhea-AI Filing Summary

Copa Holdings, S.A. director Alvaro Jose Heilbron filed an initial ownership report showing indirect holdings of 255,573 shares of Class B Common Stock. These shares are held through Panamanian Investors, S.A., meaning his interest is reported via this related entity rather than directly.

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^*

Heilbron Alvaro Jose

(Last) (First) (Middle)

AVE PASEO DEL MAR

COSTA DEL ESTE

(Street)

PANAMA PANAMA

(City) (State) (Zip)

PANAMA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

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

3a. Foreign Trading Symbol

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

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

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

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 B Common Stock	255,573	I	by 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:

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Ambar Vargas, Attorney-in-fact	03/18/2026
	** 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.
* Form 3: SEC 1473 (03-26)

FAQ

What does Alvaro Jose Heilbron report in his Form 3 for CPA?

Alvaro Jose Heilbron reports indirect ownership of 255,573 Copa Holdings Class B Common Stock shares. The filing reflects his starting beneficial position as a director, rather than a new trade or transaction, giving investors transparency into his existing stake via a related entity.

How many Copa Holdings (CPA) shares does Heilbron indirectly own?

Heilbron is reported as indirectly owning 255,573 shares of Copa Holdings Class B Common Stock. These shares are attributed to him through Panamanian Investors, S.A., which holds the position, rather than being held in his name directly on the share register.

Is the Copa Holdings (CPA) Form 3 a buy or sell transaction?

The Form 3 for Copa Holdings is not a buy or sell; it is an initial ownership statement. It lists Heilbron’s existing indirect holdings of Class B shares through Panamanian Investors, S.A., without reporting any new purchase, sale, or option exercise activity.

How are Heilbron’s Copa Holdings (CPA) shares held according to the filing?

The filing shows Heilbron’s 255,573 Class B shares are held indirectly by Panamanian Investors, S.A. This means the position is recorded under that entity, with Heilbron reporting beneficial ownership through it, instead of holding the shares in his own name directly.

Why is a Form 3 important for Copa Holdings (CPA) investors?

Form 3 is important because it discloses an insider’s initial beneficial ownership when they become subject to reporting. For Copa Holdings, it shows Heilbron’s indirect stake of 255,573 Class B shares, helping investors understand insider alignment and baseline ownership levels at the outset.