Copa Holdings, S.A.

Ladies and gentlemen, thank you for standing by. Welcome to the COPAS Holding Second Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, you will need to press star 1-1 on your telephone. As a reminder, this call is being webcast and recorded August 7, 2025. I will now turn the conference call over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Thank you, James. And welcome, everyone, to our second quarter earnings call. Joining me today are Pedro Hebron, CEO of COPAS Holdings, and Peter Dunkers, our CFO. Pedro will begin with an overview of our second quarter highlights, followed by Peter, who will walk us through the financial results. After that, we'll open the call for questions from analysts. COPAS Holdings financial reports have been prepared in accordance with the International Financial Reporting Standard. In today's call, we will discuss non-IFRS financial measures, which are reconciled to IFRS measures in our earnings release available on our website, copaair.com. Our discussion today will also contain forward-looking statements, not limited to historical facts, that reflect the company's current beliefs, expectations, and or intentions regarding future events and results. These forward-looking statements involve risk and uncertainty that could cause actual results to differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report file with the SEC. With that, I'll turn the call over to our CEO, Mr. Pedro Hebron. Thank you, Daniel.

Good morning, everyone, and thank you for joining us. I'd like to begin by recognizing the outstanding efforts of our entire team. Their dedication and professionalism continue to be key behind COPAS' success and our ability to deliver strong results quarter after quarter. We're pleased to report another strong quarter with a 21% operating margin and a .7% net margin, both among the best in the industry. These results underscore the strength and resilience of our business model, which, combined with COPAS' discipline execution and cost leadership, enable us to consistently deliver industry-leading margins and solid financial results. Now, I'll go over the key highlights for the quarter. Capacity increased by .8% year over year. Load factor reached 87.3%, an increase of 0.5 percentage points compared to Q2-24. Passenger yields came in .1% lower year over year. Unit revenues, or RASM, declined .8% to 10.7 cents. Unit cost, or CASM, decreased .6% to 8.5 cents, while CASM excluding fuel increased .2% to 5.8 cents. Operationally, COPAS once again delivered a world-leading on-time performance of .5% and a flight completion factor of 99.8%. Furthermore, COPAS was recently recognized by SkyTracks for the 10th consecutive year as the best airline in Central America and the Caribbean, and received the award for best airline staff in Central America and the Caribbean. I would like to take this opportunity to congratulate our more than 8,500 dedicated co-workers, whose commitment to excellence enables us to consistently deliver a world-class travel experience to our passengers. In terms of our network, we continue to expand our hub of the Americas in Panama with new service to San Diego, California, and we restart flights to Caracas. Further, we recently announced plans to start service at the end of the year to Los Cabos, Mexico, and Puerto Plata, Dominican Republic, as well as restart flights to Santiago de los Caballeros, also in the Dominican Republic, and Salvador Bahia in Brazil. Together with our earlier announcements of service to Salta and Tucuman in Argentina in September, this brings to eight the total number of new and returning destinations announced so far this year, further strengthening our position as the most complete and convenient connecting hub for travel in the Americas. Going forward, we continue to see a healthy demand environment and remain focused on our competitive advantages. The best geographic position with our hub of the Americas in Panama, low unit cost and a strong balance sheet, and a passenger-friendly product with the best on-time performance. These pillars continue to drive our ability to consistently deliver industry-leading results. With that, I'll turn the call over to Peter, who will go over our financials in more detail.