Copa Holdings, S.A.

Ladies and gentlemen, thank you for standing by. Welcome to COPPA Holdings' third 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 touchtone telephone. As a reminder, this call is being webcast and recorded on November 20, 2025. I will now turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Thank you, Michelle, and welcome everyone to our third quarter earnings call. Joining me today are Pedro Heilbron, CEO of Copa Holdings, and Peter Dunkersluth, our CFO. Pedro will begin with an overview of our third quarter highlights, followed by Peter, who will walk us through the financial results. After that, we'll open the call for questions from analysts. Copa Holdings financial reports have been prepared in accordance with international financial reporting standards. In today's call, we will discuss non-IFRS financial measures, which are reconciled to IFRS figures 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 risks and uncertainties that could cause actual results to defer materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC. With that, I'll turn the call over to our CEO, Mr. Pedro Hedron.

Thank you, Daniel. Good morning and thank you for joining us today. Before we begin, I want to thank all our coworkers across the organization, as always, Their dedication and hard work are instrumental in our financial and operational success. COPPA delivered another strong quarter, reinforcing the strength of our business model and our competitive advantages in Latin America. During the quarter, we achieved industry-leading profitability with an operating margin of 23.2%, up 2.9 percentage points year-over-year, and a net margin of 19% of 1.9 percentage points year over year. These results are driven by our continued focus on cost discipline and a healthy demand environment in the region. Note over the key highlights for the quarter, capacity in ASMs increased 5.8% compared to Q3 24. Load factor increased by 1.8 percentage points to 88%. Passenger yields came in 2.6% lower year-over-year. Unit revenues, or RASM, increased 1% to 11.1 cents compared to Q3 24. And unit costs, or CASM, decreased 2.7% to 8.5 cents compared to Q3 24, while CASM excluding fuel decreased 0.8% to 5.6 cents. Operationally, Copa Airlines delivered an on-time performance of 89.7% and a flight completion factor of 99.8%, maintaining our position among the best in the industry. During the quarter, we started flights to Salta and Tucuman in Argentina, and as mentioned in our previous call, In the next few months, we expect to add service to Los Cabos, Mexico, Puerto Plata and Santiago in the Dominican Republic, and Salvador Bahia in Brazil, further strengthening our position as the most complete and convenient connecting hub for travel in the Americas. With regards to our fleet, during the quarter we took delivery of five 737 MAX 8 aircraft, We added a second Boeing 737-800 freighter under an operating lease, and COPA transferred an aircraft to Wingo, growing its fleet to 10 Boeing 737-800 NGs. We closed the quarter with 121 aircraft, and we have since incorporated two additional MAX 8s, bringing our fleet to 123 aircraft. we expect to receive one more MAX 8 before year-end, finishing 2025 with 124 aircraft. For 2026, we anticipate adding eight more 737 MAX 8, two of which we previously expected to receive in December 2025, ending 2026 with a total projected fleet of 132 aircraft. To conclude, in the third quarter, we again reported strong operational and financial results. Going forward, our guidance demonstrates confidence in our future performance, driven by healthy demand in the region and the strength of our business model, which consists of the best geographic position with our hub of the Americas in Panama, structurally low unit cost and a strong balance sheet, and a passenger-friendly product with industry-leading on-time performance. Our focus on these pillars enables us to consistently deliver industry-leading results. Now I'll turn the call over to Peter, who will walk us through the financials in more detail.