Copa Holdings, S.A.

Ladies and gentlemen, thank you for standing by. Welcome to COPPA Holdings' first 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 have to press star 1-1 on your telephone. As a reminder, this call is being webcast and recorded on May 14, 2026. Now I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

Thank you, Carmen, and welcome everyone to our first quarter earnings call. Joining me today are Mr. Pedro Hedron, Executive Chairman and CEO of Copa Holdings, and Peter Dunkersud, our CFO. First, Pedro will begin by going through our first quarter highlights. followed by Peter, who will discuss our financial results in more detail. Immediately after, we will open the call for questions from analysts. As a reminder, COPA Holdings financial reports have been prepared in accordance with international financial reporting standards. In today's call, we will discuss certain non-IFRS financial measures. A reconciliation of these measures to comparable IFRS measures can be found in our earnings release, which is available on our website. Our discussion today will also contain forward-looking statements, not limited to historical facts that reflect the company's current beliefs, expectations, and our intentions regarding future events and results. These forward-looking statements involve risks and uncertainties 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 filed with the SEC. Now I'd like to turn the call over to our Chairman and CEO, Mr. Pedro Gervas.

Thank you, Daniel. Good morning and thank you all for joining us for our first quarter earnings call. Before we begin, I would like to recognize our more than 9,000 coworkers. Their commitment and professionalism continue to be key drivers of COPA's strong operational performance and leadership in our industry. Especially in today's higher and volatile jet fuel price environment, their consistent focus on execution and cost discipline has allowed us to enter the current fuel environment from a position of strength. To them, as always, my sincere appreciation and respect. We delivered another quarter of strong financial and operational results, reaffirming the strength and resilience of our business model. and our ability to consistently deliver industry-leading profitability. Our first quarter results reflect a strong demand environment across the region, continuous discipline in cost execution, and our relentless focus on delivering operational excellence to our passengers. Now I'll go over our first quarter highlights. Capacity increased 14% year-over-year, while passenger traffic increased 15%, resulting in a 0.8 percentage point increase in load factor to 87.2%. Passenger yield increased 1.6% year-over-year. Ratham came in at 11.8 cents, 2.7% higher compared to Q125. Unit costs for CASM increased 1.6% to 8.9 cents driven by higher fuel prices. CASAM excluding fuel declined 1% to 5.8 cents, reflecting our continued cost discipline. And we delivered an industry-leading operating margin of 24.6%, 0.8 percentage points higher than Q1 of last year. On the operational side, we delivered an on-time performance for the quarter of 91.6% and a flight completion factor of 99.7%. Once again, positioning Copa among the very best in the industry. Turning to our network, we have resumed service to Valencia and Barquisimeto and have scheduled the restart of Barcelona in June. Together with our existing service to Maracaibo and Caracas, this returns us to serving five cities in Venezuela, from our hub of the Americas in Panama. With these additions, we will operate to 87 destinations in 32 countries, further strengthening our position as the most complete and convenient connecting hub for travel in the Americas. With regard to our fleet, during the quarter, we took delivery of 2.737 Mach 8, ending Q1 with 127 aircraft. We have already received two additional MAX 8s in the second quarter, bringing our fleet total to 121 aircraft. Additionally, in April we announced a new Boeing 737 MAX order for 40 firm aircraft and 20 options, with delivery schedules between 2030 and 2034. This new order which begins as we complete deliveries from our existing order book in 2029, reinforces our long-term growth strategy and ensures COPAS, Hopos de America, continues to lead well into the next decade. As always, we maintain significant flexibility in our fleet plan, thanks to options, flight rights, lease expirations, and unencumbered aircraft, which provide us the ability to adjust our growth plan if needed. Turning now to the current environment of higher and volatile jet fuel prices. Throughout our history, we have successfully navigated periods of increased fuel prices and volatility, consistently delivering strong financial results supported by the effectiveness of our business model, low cost, and disciplined execution. I feel confident that we will demonstrate this once again. To summarize, we delivered strong industry-leading profitability in the quarter. We continue to improve our already competitive cost structure. We keep delivering best-in-class on-time performance and reliability. We continue expanding and strengthening our network, the most complete and convenient hub for intra-America travel. The current demand environment remains strong, supporting yield increases. And our proven business model, built on having the best geographic position, structurally low unit cost, a strong balance sheet and liquidity position, and a superior passenger-friendly product, positions us well to navigate the higher jet fuel price environment, and again in 2026, deliver strong and industry-leading financial results. With that, I'll turn the call over to Peter, who will walk us through the financials in more detail.