Copa Holdings SA (CPA) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings third-quarter earnings call. (Operator Instructions) 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.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Copa Holdings 第三季財報電話會議。（操作員說明）提醒各位，本次通話將於 2025 年 11 月 20 日進行網路直播及錄音。現在我將把會議交給投資者關係總監丹尼爾·塔皮亞。先生，您可以開始了。

Thank you, Michelle, and welcome, everyone, to our third-quarter earnings call. Joining me today are Pedro Heilbron, CEO of Copa Holdings and Peter Donkersloot, 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.

謝謝米歇爾，也歡迎各位參加我們的第三季財報電話會議。今天與我一同出席的有 Copa Holdings 的執行長 Pedro Heilbron 和我們的財務長 Peter Donkersloot。Pedro 將首先概述我們第三季的亮點，然後 Peter 將帶我們了解財務業績。之後，我們將開放分析師提問環節。

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 and 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 differ materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC.

Copa Holdings的財務報告是依照國際財務報告準則編製的。在今天的電話會議中，我們將討論已與國際財務報告準則（IFRS）數據核對的非IFRS財務指標，以及我們網站copaair.com上發布的獲利報告。今天的討論還將包含前瞻性陳述，這些陳述不僅限於歷史事實，而是反映了公司目前對未來事件和結果的信念、預期和/或意圖。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異，並且是基於可能變化的假設。其中許多內容已在提交給美國證券交易委員會的年度報告中進行了討論。

With that, I will turn the call over to our CEO, Mr. Pedro Heilbron.

接下來，我將把電話交給我們的執行長佩德羅·海爾布隆先生。

Thank you, Daniel. Good morning, and thank you for joining us today. Before we begin, I want to thank all of our coworkers across the organization. As always, the dedication and hard work are instrumental in our financial and operational success. Copa delivered another strong quarter reinforcing the strength of our business model and our competitive advantages in Latin America.

謝謝你，丹尼爾。早安，感謝各位今天收看我們的節目。在開始之前，我要感謝我們整個組織的所有同事。一如既往，員工的奉獻精神和辛勤工作是我們財務和營運成功的關鍵。Copa 又取得了強勁的季度業績，進一步鞏固了我們商業模式的優勢以及我們在拉丁美洲的競爭優勢。

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%, up 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.

本季度，我們實現了業界領先的獲利能力，營業利潤率為 23.2%，年增 2.9 個百分點；淨利潤率為 19%，年增 1.9 個百分點。這些成果得益於我們對成本控制的持續關注以及該地區健康的市場需求環境。

Now over to 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 $0.111 compared to Q3 '24.

接下來是本季的主要亮點。與 2024 年第三季相比，可用座位英里數 (ASM) 增加了 5.8%；客座率提高了 1.8 個百分點，達到 88%；乘客收益率同比下降了 2.6%；單位收入或 RASM 比 2024 年第三季度增長了 1%，達到 0.111 美元。

On unit cost, our CASM decreased 2.7% to $0.085 compared to Q3 '24, while CASM, excluding fuel, decreased 0.8% to $0.056. 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.

單位成本方面，我們每單位可用的座位公里成本（CASM）較2024年第三季下降2.7%至0.085美元，而剔除燃油成本後，CASM下降0.8%至0.056美元。營運方面，巴拿馬航空的準點率達89.7%，航班完成率達99.8%，繼續維持業界領先地位。

During the quarter, we started flights to Salta and Tucumán 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 and Bahia in Brazil further strengthening our position as the most complete and convenient connecting hub for travel in the Americas.

本季度，我們開通了飛往阿根廷薩爾塔和圖庫曼的航班。正如我們在先前的電話會議中提到的，在接下來的幾個月裡，我們預計將增加飛往墨西哥洛斯卡沃斯、多明尼加共和國普拉塔港和聖地亞哥以及巴西薩爾瓦多和巴伊亞的航班服務，進一步鞏固我們作為美洲最全面、最便捷的旅行中轉樞紐的地位。

With regards to our fleet, during the quarter, we took delivery of five 737MAX eight 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 8, bringing our fleet to 123 aircraft. We expect to receive one more MAX eight 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.

就我們的機隊而言，本季我們接收了五架737MAX 8飛機。我們透過經營租賃的方式增加了一架波音 737-800 貨機，而 Copa 航空則向 Wingo 航空轉讓了一架飛機，使其機隊規模擴大到 10 架波音 737-800 NG。本季末，我們擁有 121 架飛機，此後我們又引進了兩架 MAX 8，使我們的機隊規模達到 123 架。我們預計在年底前再接收一架MAX 8飛機，到2025年底將擁有124架飛機。預計到 2026 年，我們將增加 8 架 737 MAX 8 飛機，其中 2 架我們之前預計在 2025 年 12 月接收，到 2026 年底，預計機隊總數將達到 132 架。

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.

總之，第三季我們再次取得了強勁的營運和財務表現。展望未來，我們的業績指引顯示我們對未來業績充滿信心，這得益於該地區的強勁需求和我們強大的商業模式。我們的商業模式包括：在巴拿馬擁有美洲樞紐的最佳地理位置、結構性低單位成本和穩健的資產負債表，以及以乘客為中心的產品和行業領先的準點率。我們專注於這些支柱，從而能夠持續取得業界領先的成果。

Now I'll turn the call over to Peter who will walk us through the financials in more detail.

現在我將把電話交給彼得，他將更詳細地為我們講解財務狀況。

Thank you, Pedro, and good morning to all. I'd like to start by reinforcing Pedro's recognition of our team's continued dedication to achieving industry-leading performance. Let me provide some detail on our financial results for the quarter. Net profit came in at $173 million or $4.20 per share compared to $146 million or $3.50 per share in the third quarter of 2024, representing a year-over-year increase of 18.7% and 20.1%, respectively. Operating income reached $212 million or 22.2% higher year over year and an industry-leading operating margin of 23.2%, 2.9 percentage points higher than the third quarter of 2024.

謝謝你，佩德羅，大家早安。首先，我想重申佩德羅對我們團隊持續致力於實現業界領先業績的認可。讓我詳細介紹一下我們本季的財務表現。淨利潤為 1.73 億美元，即每股 4.20 美元，而 2024 年第三季為 1.46 億美元，即每股 3.50 美元，分別年增 18.7% 和 20.1%。營業收入達到 2.12 億美元，年增 22.2%，營業利潤率達到 23.2%，處於行業領先水平，比 2024 年第三季高出 2.9 個百分點。

On the cost side, CASM decreased 2.7% year over year to $0.085, driven primarily by lower fuel cost and maintenance expense. CASM, excluding fuel, came in at $0.056, down 0.8% compared to third quarter 2024. This figure reflects a realized gain from engine exchange transactions and a benefit related to the extension of one lease aircraft.

成本方面，CASM年減2.7%至0.085美元，主因是燃料成本和維修費用降低。不計燃油成本，每平方公尺成本為 0.056 美元，比 2024 年第三季下降 0.8%。該數字反映了發動機交換交易的實際收益以及與延長租賃飛機相關的收益。

Regarding our balance sheet, we ended the quarter with $1.3 billion in cash, short-term and long-term investments, representing 38% of the last 12-month revenues. Further demonstrating our financial strength and flexibility, we also have approximately $600 million in predelivery deposits for future aircraft. Additionally, we currently have 45 unencumbered aircraft.

關於我們的資產負債表，本季末我們擁有 13 億美元的現金、短期和長期投資，佔過去 12 個月收入的 38%。為了進一步展現我們的財務實力和靈活性，我們還擁有約 6 億美元的未來飛機預付款。此外，我們目前還有 45 架未受限制的飛機。

Total debt stood at $2.2 billion, entirely related to aircraft financing. Our adjusted net debt-to-EBITDA ratio came in at 0.7 times and our average cost of debt continues to be highly competitive at 3.5%. Regarding the return of value to our shareholders, I'm pleased to announce that the company will make its fourth dividend payment of the year of $1.61 per share on December 15 to all shareholders of record as of December 1.

總債務為 22 億美元，全部與飛機融資有關。我們調整後的淨負債與 EBITDA 比率為 0.7 倍，平均負債成本持續維持高度競爭力，為 3.5%。關於回報股東價值，我很高興地宣布，公司將於 12 月 15 日向所有在 12 月 1 日登記在冊的股東派發本年度第四次股息，每股 1.61 美元。

As for our 2025 outlook, we remain confident in our full-year performance. We are reaffirming our guidance and narrowing the operating margin range to the upper end, now expected between 22% and 23%, with a full-year capacity growth projected at approximately 8%. This outlook reflects a healthy demand environment in the region as well as our continued cost discipline. Our outlook is based on the following assumptions; load factor of approximately 87%, RASM of approximately $0.112, ex-fuel CASM of approximately $0.058, and an all-in fuel price of $2.40 per gallon.

至於我們對 2025 年的展望，我們仍然對全年業績充滿信心。我們重申業績指引，並將營業利潤率範圍縮小至上限，目前預計在 22% 至 23% 之間，全年產能成長預計約為 8%。這一前景反映了該地區健康的需求環境以及我們持續的成本控制。我們的展望基於以下假設：載客率約為 87%，單位可用座位里程成本 (RASM) 約為 0.112 美元，單位可用座位里程成本 (CASM) 約為 0.058 美元，以及每加侖 2.40 美元的綜合燃油價格。

Looking ahead to 2026, we preliminary expect full-year ASM capacity growth in the range between 11% to 13%, with an ex-fuel CASM in the range of $0.057 to $0.058. To conclude, we remain confident that our proven business model, robust balance sheet, and disciplined execution provides a solid foundation to continue delivering consistent growth, strong financial results, and industry-leading margins.

展望2026年，我們初步預期全年ASM產能成長率將介於11%至13%之間，不含燃料成本的CASM成本將在0.057美元至0.058美元之間。總之，我們仍然堅信，我們成熟的商業模式、穩健的資產負債表和嚴謹的執行力將為我們持續實現穩定成長、強勁的財務表現和業界領先的利潤率奠定堅實的基礎。

Finally, I'd like to remind everyone that our Investor Day will take place at the New York Stock Exchange on December 11 at 11:00 AM Eastern Time. We look forward to sharing more about our company during this event.

最後，我想提醒大家，我們的投資者日將於12月11日上午11點（美國東部時間）在紐約證券交易所舉行。我們期待在本次活動中與大家分享更多關於我們公司的資訊。

Thank you, and we'll now open the call for questions from the analysts.

謝謝，現在我們開始接受分析師的問題。

(Operator Instructions) Savi Syth, Raymond James.

（操作說明）Savi Syth，Raymond James。

Could you talk a little bit about the timing and nature of the kind of core benefited card renewal that you noted in third quarter? And just about the opportunity that you see in loyalty in general?

您能否談談您在第三季提到的核心受益卡續費的時間和性質？那麼，你認為忠誠度本身蘊含著怎樣的機會呢？

Yes. Thank you, Savi. And yes, we had a renewal of our Visa agreement during the third quarter, and that's part of what you see an 86%. We cannot disclose too much on that due to the confidentiality of the deal. But if we take that out, if the growth of the loyalty program would have been similar to the second quarter, there was over 30% growth year over year.

是的。謝謝你，薩維。是的，我們在第三季續簽了 Visa 協議，這也是您看到 86% 的原因之一。由於交易的保密性，我們不能透露太多細節。但如果我們把這部分因素排除在外，如果忠誠度計畫的成長與第二季類似，那麼年成長超過 30%。

Great. Anything around the loyalty program initiatives? Is that just because of the normal renewal? Any other kind of thoughts on how that program can kind of contribute in the future?

偉大的。關於會員忠誠度計畫方面有什麼消息嗎？是因為正常的續費嗎？關於該專案未來如何做出貢獻，還有其他想法嗎？

So it's an important growth, 30% year over year over a small basis. We continue to grow. The program is maturing. We expect the program to continue to grow. There's a lot of new non-air partners in the program, and we expect the brand to continue maturing and to continue growing at a decent rate going forward, and it's one of the priorities that we have for coming years. So the 30% growth, I mean, it's over a smaller base, and we expect that growth to continue and slightly going down as the program matures.

所以這是一個重要的成長，在較小的基數上實現了 30% 的年成長。我們持續發展壯大。該項目正在日趨成熟。我們預計該項目將繼續發展壯大。該計劃中有很多新的非航空合作夥伴，我們預計品牌將繼續成熟，並在未來以合理的速度繼續增長，這也是我們未來幾年的優先事項之一。所以，30% 的成長，我的意思是，這是在較小的基數上實現的，我們預計這種成長將會持續，但隨著專案的成熟，成長速度會略有下降。

Got it.

知道了。

And if I can ask just a clarification question on the growth next year. Could you tell like the 11% to 13%, how much of that is kind of gauged, staged versus [fee]?

我可以再問一個關於明年成長的澄清問題嗎？你能說說那11%到13%的比例中，有多少是預估的、人為設定的，又有多少是實際發生的嗎？[費用]？

Yes. So the full year growth that we are projecting between 11% to 13%, I would first say that half of that growth comes from the full-year effect of the backloaded aircraft that we received this year. Of the other half, I would say, that 50%, 40 percentage points of that will come from adding frequencies to current destinations. And then the other 10% will come from adding new dots on the map. Some of them Pedro alluded to during his intervention. That's more or less the breakdown of our 11% to 13% growth in ASM for next year.

是的。因此，我們預計全年成長率在 11% 到 13% 之間，首先我想說，其中一半的成長來自今年收到的後交付飛機的全年效應。至於剩下的一半，我認為有 50%，也就是 40 個百分點，將來自增加現有航線的班次。剩下的 10% 將來自在地圖上添加新的點。佩德羅在發言中提到了其中一些。以上大致解釋了我們明年 ASM 成長 11% 至 13% 的原因。

Michael Linenberg, Deutsche Bank Securities.

Michael Linenberg，德意志銀行證券。

Yes. Just -- Peter, maybe to pick up on Savi's question on that growth for next year, sort of half of it is just the annualization of 2025 and then another large chunk of that remaining half 40 points of frequencies. As we see that type of growth, what is the view on unit revenue trends? Normally, when we see a step-up in growth, we tend to see pressure, especially when you move into new markets. But it seems like if you're just focused on really strengthening what is already a strong position in the region, we should assume that unit revenue next year could be maybe somewhat flattish. What -- any thoughts on that or how you think about it for 2026?

是的。彼得，或許可以接續薩維關於明年成長的問題，其中一半是 2025 年的年化值，而剩下的一半中還有很大一部分是 40 個頻率點。鑑於這種成長趨勢，您對單位收入趨勢有何看法？通常情況下，當我們看到成長加速時，往往會感受到壓力，尤其是在進入新市場時。但如果你只是專注於鞏固在該地區已有的強大地位，那麼我們應該假設明年的單位收入可能會略顯平穩。什麼？你對此有什麼想法？或者你對2026年有什麼看法？

Hi, Mike, it's Pedro here. Yes. So I think in a way, you helped us answer the question. I mean we're not giving yet guidance on unit revenues. But you're right, most of the growth comes either full-year effect or from adding frequencies. And of course, we're adding those frequencies in high-demand routes. When we averaged 88% for a quarter like we did in Q3, that means that many, many routes, many markets are above 90%. And that's where we're adding frequency. So the impact on unit revenues should be much less than one we would expect from double-digit ASM growth.

嗨，麥克，我是佩德羅。是的。所以我覺得從某種意義上來說，你幫助我們回答了這個問題。我的意思是，我們目前還沒有給出單位收入方面的預期。但你說得對，大部分成長要么來自全年效應，要么來自增加播放頻率。當然，我們也會在需求量大的航線上增加航班頻率。當我們像第三季那樣平均達到 88% 時，這意味著很多很多路線、很多市場的完成率都超過了 90%。這就是我們增加頻率的地方。因此，對單位收入的影響應該遠小於兩位數 ASM 成長所帶來的影響。

Great. And then just second question, since it is frequencies, when we look at the number of gates at Panama City and how full up you are and the number of banks. Where are you -- when we think about banks and connectivity, I see some markets like you have eight flights a day to Miami, you have 10 flights to Bogotá. I recall where it was two banks, three banks, four banks.

偉大的。第二個問題，因為這涉及頻率，當我們查看巴拿馬城的登機口數量、登機率以及銀行數量時，就會發現這一點。你們在哪裡？ ——當我們想到銀行和互聯互通時，我看到一些市場，例如你們每天有 8 個航班飛往邁阿密，10 個航班飛往波哥大。我記得當時有兩家銀行，三家銀行，四家銀行。

How many defined banks are you -- do you have today? And how much actually additional room do you have to add these additional frequencies because presumably, they're all in and out of Panama City. When do you start topping off or where do you start running out of connecting banks?

您目前擁有多少家已定義的銀行？那麼，你實際上還有多少額外的空間來增加這些額外的頻率呢？因為據推測，它們都是往返巴拿馬城的。什麼時候開始儲值，或是說什麼時候連接銀行的數量開始耗盡？

Yes. Pedro here again, Mike. And so two things I'll say. First is that the airport is already working on its next phase of expansion. They're coming out with bids by the end of this year or early next year to expand the new T2 terminal and also to do some work on the taxiways and runways, one of those contracts actually has already been assigned.

是的。我是佩德羅，麥克。所以，我要說兩件事。首先，機場已經在著手進行下一階段的擴建工作。他們計劃在今年年底或明年年初公佈擴建新T2航站樓以及對滑行道和跑道進行一些改造的招標結果，其中一份合約實際上已經授予了中標方。

And then our civil aviation authorities is also bidding a redesign of the aerospace. So all of this is going to happen in the next three to four years, and it's going to be done in a very pragmatic, I would say, way. That's going to be very good for the airport and for our hub. So we're really happy with that.

此外，我們的民航當局也正在招標重新設計航空航天系統。所以這一切都將在未來三到四年內發生，而且我認為，這將以非常務實的方式進行。這對機場和我們的樞紐都非常有利。我們對此非常滿意。

In terms of frequencies, we're running six defined banks today, six. Our first arrivals are like at six in the morning and our last departures are nearly at 11:00 PM. And we do run wingtips, sometimes even triple wingtips. At certain times of the day, like early in the morning, we run wingtips to the Caribbean, to Miami, and places like that. And depending on the banks, we might run wingtips to maybe South America and other points.

就頻率而言，我們目前運行六家指定的銀行，六家。我們最早的到達時間是早上六點，最晚的離開時間接近晚上 11 點。我們確實會使用翼尖，有時甚至是三翼尖。在一天中的某些時段，例如清晨，我們會安排飛機飛往加勒比海、邁阿密等地。根據銀行的情況，我們可能會開通飛往南美洲和其他地區的航線。

So they're still with this new phase of expansion that we're very, very involved with the airport authorities and the design even as there's an international institution also very involved. We're going to have plenty of room to add wingtips if needed or even if it comes to adding banks, there will be room for that also.

所以他們仍然處於這個新的擴張階段，我們與機場當局和設計方面都非常密切地參與其中，甚至還有一個國際機構也深度參與其中。如果需要，我們將有足夠的空間來增加翼尖；即使要增加機翼，也有足夠的空間。

(Operator Instructions) Duane Pfennigwerth, Evercore ISI.

（操作說明）Duane Pfennigwerth，Evercore ISI。

This is Jake Gunning on for Duane.

這是傑克·岡寧替杜安上場。

To ask a question about next year a little differently, not looking for guidance, but could you maybe talk about how your preliminary thoughts on 2026 margins and earnings have changed over the last quarter?

我想換個角度問一個關於明年的問題，不是尋求指導，而是想請您談談您對 2026 年利潤率和收益的初步看法在過去一個季度發生了哪些變化？

Yes. Pedro again.

是的。又是佩德羅。

They haven't really changed. I mean in terms of our -- what we expect for unit cost, unit revenues, et cetera. We are kind of in the same place. Maybe the only wild card is what happens to fuel. And we've seen in the last few weeks, an increase in the crack spread for jet fuel, but that could change again in the next two weeks, and it has a lot to do with the conflict in Russia and mainly that and a few other reasons.

他們其實並沒有改變。我的意思是就我們而言——我們對單位成本、單位收入等的預期。我們處境差不多。或許唯一的不確定因素就是燃料供應情況。在過去幾周里，我們看到航空煤油裂解價差有所增加，但未來兩週內情況可能會再次發生變化，這與俄羅斯的衝突有很大關係，主要是因為這個原因，以及其他一些原因。

So I would say that the only wild card, and we haven't modeled how yields would react to that when there's -- when jet fuel is higher, usually, there's more pressure for everyone to adjust fares, but we haven't really modeled that.

所以我認為唯一的不確定因素是，我們還沒有模擬收益率會如何對此做出反應——當航空燃油價格上漲時，通常每個人都會面臨更大的壓力來調整票價，但我們還沒有真正模擬過這種情況。

Okay. And then just given the really healthy leverage, is there any debate or discussion on leaning more heavily into share buybacks versus dividends?

好的。鑑於目前槓桿率非常高，對於是否應該更多地依賴股票回購而不是分紅，是否存在任何爭論或討論？

Yes. So Peter now, and thank you for the question. And I'm going to talk a little bit about all the capital allocation plan that we have and basically, we have, after this year around 46, 47 planes pending delivery from the order book we have. And given the fact that we are performing as Pedro said, 88% load factors for a decent margins. One of our top priorities that [announced] continue to reinvesting in the business. We believe the business can continue delivering healthy margin at growth, so that's one of our priorities for the capital allocation.

是的。彼得，謝謝你的提問。接下來，我將簡單介紹一下我們所有的資本分配計畫。基本上，今年之後，我們還有大約 46 到 47 架飛機等待從我們的訂單中交付。正如佩德羅所說，鑑於我們目前的營運狀況，客座率達到了 88%，利潤空間也相當可觀。我們宣布的首要任務之一是繼續對業務進行再投資。我們相信該業務能夠在成長的同時繼續保持健康的利潤率，因此這是我們資本配置的優先事項之一。

And secondly, of course, we'll continue returning value to our shareholders as part of our capital allocation plan, and we have two ways to do that. One is our dividend policy that, as you know, it's 40% of last year's net income. We will maintain that dividend policy and maintain those quarterly payments.

其次，當然，作為資本配置計畫的一部分，我們將繼續為股東創造價值，我們有兩種方法可以做到這一點。一是我們的股利政策，如您所知，股利為去年淨收入的 40%。我們將繼續維持現行的股利政策，並繼續按季度支付股利。

And then the second is we have a buyback -- a share buyback program open that was approved by the Board. It was approved around $200 million -- for $2 million. We have executed half of it, and we'll continue executing on the other half on an opportunistic basis. We don't have an end date for the plan. We will just continue doing it when we see the opportunity to do so.

其次，我們還有一個股票回購計畫──一項已獲董事會批准的股票回購計畫。該項目獲批的預算約為 2 億美元，而實際支出僅為 200 萬美元。我們已經完成了一半，剩下的一半我們將繼續視情況執行。該計劃沒有結束日期。我們會在有機會的時候繼續這樣做。

Filipe Nielsen, Citi.

菲利普‧尼爾森，花旗集團。

I have two questions on CASM ex. Looking at this year, you're continuing guiding to $0.058. And just trying to understand what are the moving parts after this quarter's one-off positive one-offs if maybe you're being too conservative on this assumption?

關於CASM範例，我有兩個問題。展望今年，您仍指引每股收益為 0.058 美元。我只是想了解一下，在考慮了本季的一次性利好因素後，哪些因素會影響最終業績，您是否認為您的預測過於保守了？

And the second one, looking for 2026. Maybe if we could -- you could like guide us on the moving parts of this expectation. Maybe for us, sounded a little too conservative given that you potentially could increase fixed cost dilution from the capacity expansion. Just trying to understand those points.

第二個預測是 2026 年。或許我們可以－您能引導我們了解這項期望的各個組成部分嗎？對我們來說，考慮到產能擴張可能會增加固定成本的稀釋，這種說法可能顯得過於保守了。我只是想弄清楚這些要點。

Thank you, Philippe, Peter here.

謝謝你，菲利普，我是彼得。

So yes, on the CASM ex, we're guiding to approximately $0.058 for the quarter, of course, we own for the year. We only use one decimal. So there's a range to that $0.058 that we are alluding to, it's not necessarily going to be exactly [5.80] for the full year. And I would say that -- I would also like to comment on the two items that we highlighted on our earnings release yesterday.

所以，是的，對於 CASM 除以 ε 外，我們預計本季每股收益約為 0.058 美元，當然，我們預計全年每股收益約為 0.058 美元。我們只使用一位小數。所以，我們提到的 0.058 美元是一個波動範圍，它不一定會全年都正好是 [5.80] 美元。我還要補充一點——我還想就我們昨天在收益報告中重點提到的兩項內容發表一些看法。

First, we did highlight those two items more to make it easier to compare. And to give some color, the return conditions, it's every time we do a lease extensions, what happens is we spread the provision for a longer period of time. So we did execute one, a lease extension during the quarter, and that's what you see that. That's around one-third of the effect of what we call out there.

首先，我們將重點放在這兩項內容，以便於進行比較。為了更清楚地說明情況，關於還款條件，每次我們延長租賃期限時，我們都會延長還款期限。所以我們在本季度執行了一項租賃延期協議，這就是你們看到的。這大約是我們所謂現象影響的三分之一。

And the other two-thirds, which I may say that are not necessarily one-offs, is the engine exchange and mainly due to the longer turnaround time that we have been seeing, the team is sending some engines to do engine exchange instead of sending into engine restoration.

而另外三分之二，雖然不能說是特例，但主要是因為引擎更換，而且週轉時間越來越長，所以車隊將一些引擎送去更換，而不是送去修復。

This transaction usually see some accounting benefits due to the difference between the book value and the transaction price. This transaction is something that we're doing this year, and most will continue doing next year. So I wanted to highlight that it's not necessarily a one-off transaction for the engine exchange.

由於帳面價值與交易價格之間存在差異，這筆交易通常會帶來一些會計上的好處。這項交易是我們今年正在進行的，而且大多數交易明年還會繼續進行。因此，我想強調的是，引擎更換不一定是一次性交易。

And for the year -- for the 2025, I addressed it's a range of the 5.80, so we would need to model what is within that range of that decimal. And for 2026, we feel pretty comfortable what we wanted to guide is that we have enough levers in our tool of cost initiatives to offset inflation at the least and push the CASM even lower. So I think that's the guidance we're giving to CASM. It's directionality of the CASM that we have enough initiatives to address inflation and push the CASM at least even lower. That's the main point we want to address.

至於年份——2025 年，我提到它是一個 5.80 的範圍，所以我們需要對這個小數範圍內的值進行建模。對於 2026 年，我們相當有信心，我們想要指導的目標是，我們有足夠的槓桿來透過成本控制措施至少抵消通貨膨脹，並進一步降低 CASM。所以我認為這就是我們給CASM的指導。CASM 的方向性在於，我們有足夠的措施來解決通膨問題，並且至少進一步降低 CASM。這是我們想要重點討論的問題。

Daniel McKenzie, Seaport Global.

Daniel McKenzie，Seaport Global。

A couple of questions here. First, going back to the script, the healthy demand backdrop in the region. I'm wondering if you can elaborate on that. Macro has been especially volatile this year. And Latin America just seems to be completely disregarding it, plowing through it.

這裡有幾個問題。首先，回到劇本本身，該地區有著良好的需求背景。我想請您詳細說明一下。今年宏觀經濟波動尤為劇烈。而拉丁美洲似乎完全無視這一點，徑直向前衝。

And so I'm just sort of what is driving that? And -- or is it just that the demand is inelastic given the wealth demographic of your customers. I'm just wondering if you can break it apart for us.

所以我就想知道，是什麼在驅動這一切？或者——僅僅是因為考慮到客戶的財富水平，需求缺乏彈性。我只是想問您能否幫我們把它拆解開來。

Okay. So Pedro here, Dan.

好的。我是佩德羅，丹。

I'm not going to say we have all the answers or that we can share all the answers we might have. There might be something with demographics, as you will explain. We have a lower percent of people that travel in Latin America versus what you would find in Europe or the US but the traveling class does have, on average, the resources to travel so. And they're traveling more than before. I must say that before the pandemic, that's noticeable and that's very clear.

我不會說我們掌握了所有答案，或者我們可以分享我們可能擁有的所有答案。正如你將要解釋的那樣，這可能與人口統計數據有關。與歐洲或美國相比，在拉丁美洲旅行的人口比例較低，但旅行階層平均而言確實擁有旅行所需的資源。而且他們的旅行次數比以前更多了。我必須說，在疫情爆發之前，這一點很明顯，也非常清楚。

So an analysis of the demographic is not going to be easy. But demand remains healthy, continues to grow. There's a lot of capacity coming in, but load factors are holding up. And I would say that, that's what we're seeing in most regions and the regions where maybe that won't be the case, are easy to point out. For example, we had the strong devaluation in Brazil last year, starting in mid-last year, but the currency has been stable and even recuperated some ground since.

因此，對人口統計進行分析並非易事。但需求依然旺盛，並持續成長。雖然新增運力很大，但載客率依然維持穩定。我想說，我們在大多數地區都看到了這種情況，而那些可能不會發生這種情況的地區也很容易指出。例如，巴西去年經歷了大幅貶值，從去年年中開始，但此後貨幣一直保持穩定，甚至回升。

So we see Brazil slowly coming back, maybe not all the way back to what it was in 2023, but it's on its way. The rest of South America looks fine, the [Andean pact] back looks fine. The US is pretty stable. Maybe just slightly down, but with a lot more capacity. So -- and I'm saying load factors, of course, demand is up. It's up double digits.

所以我們看到巴西正在慢慢復甦，也許還不能完全恢復到 2023 年的水平，但它正在朝著這個方向發展。南美洲其他地區看起來都很好，安地斯山脈地區也看起來很好。美國局勢相當穩定。或許略有下降，但容量更大。所以——我指的是載客率，當然，需求也在上升。漲幅已達兩位數。

Argentina has seen a lot of capacity come in. So still a strong market, but not nearly as strong as before because of all that capacity. But I think that's going to taper down. We ourselves are going to grow -- we've grown quite a bit in Argentina. We won't be growing that much, if at all, in the future. So we're also adjusting our capacity and putting our capacity where it makes the most sense. So yes, I mean, in general, it's a healthy demand environment. Sometimes the additional $0.08 hit on yields a little bit, but even that has not been significant.

阿根廷的產能大幅提升。所以市場依然強勁，但由於產能過剩，遠不如以前那麼強勁了。但我認為這種情況會逐漸緩解。我們自己也會發展壯大──我們在阿根廷已經取得了相當大的發展。未來我們即使有成長，也不會有太大成長。因此，我們也在調整產能，並將產能投入最適合的地方。所以，總的來說，這是一個健康的需求環境。有時，額外的 0.08 美元損失會對收益產生一點影響，但即使是這樣也不顯著。

Yes. Very impressive.

是的。非常出色。

The second question here. I'm wondering if you could speak to the durability of growth opportunities beyond 2026. So should we be thinking low double digits for the foreseeable future? Or how should we be thinking about growth longer term, say, three years out or so?

這是第二個問題。我想請您談談2026年後成長機會的可持續性。那麼，在可預見的未來，我們是否應該預期成長率會維持在兩位數以下？或者我們應該如何看待更長遠的成長，例如未來三年左右？

Yes. I'll go with our aircraft order, which I think the better way of understanding our growth plans. And as you know, we've always been very rational, very pragmatic. We never do crazy things. But for -- yes, you know us well. (laughter)

是的。我會選擇我們的飛機訂單作為例子，我認為這是理解我們成長計劃的更好方式。如你所知，我們一直都非常理性，非常務實。我們從不做瘋狂的事。但是——是的，你們很了解我們。（笑聲）

Like for the last three years, we have delivered plus 20% margins every quarter. One quarter we missed, we were 19.5%. So okay, we're right there. And that's because we're really careful. I mean, we focus on our business model. We focus on our low-cost and we grow capacity by what makes sense to us, not necessarily in response to anything else.

與過去三年一樣，我們每個季度都實現了 20% 以上的利潤率。我們錯過了一個季度，失利率為 19.5%。好的，我們到了。那是因為我們真的很謹慎。我的意思是，我們專注於我們的商業模式。我們專注於降低成本，並以我們認為合理的方式擴大產能，而不是為了應對其他任何情況。

So if you look at our fleet plan, it follows that same pattern. And it points to somewhere between 7% and 8% per year consistently. We have a little bit over 40 planes pending delivery for the next four years. And if you do the math, it's going to be around 7%, 8% average growth CAGR for that period.

所以，如果你看一下我們的車隊計劃，你會發現它也遵循同樣的模式。這表明每年增長率穩定在 7% 到 8% 之間。未來四年，我們有 40 多架飛機待交付。如果你計算一下，你會發現這段期間的平均複合年增長率大約在 7% 到 8% 之間。

And I think that we have the opportunities, given the strength of our hub and network, our leading unit costs and customer service on time performance. When we put everything together, we think that's really reasonable growth that we can sustain in a profitable way.

我認為，憑藉我們強大的樞紐和網路、領先的單位成本以及準時交付的客戶服務，我們擁有這樣的機會。綜合所有因素來看，我們認為這是一個非常合理的成長，我們可以以獲利的方式持續下去。

I would just add that, as Pedro alluded to, that's our plan of growth and should be around the 6%, 7% as Pedro alluded to the next couple of years. Pedro said it very well, we're not obsessed with growth. We will only grow if there's profitability in that growth. We'll be more focused on making sure we can get the most profitability. And we have a lot of flexibility for that growth on the downside.

我只想補充一點，正如佩德羅所提到的，這就是我們的成長計劃，未來幾年應該會達到佩德羅所說的 6% 到 7% 左右。佩德羅說得很好，我們並不沉迷於成長。只有當成長能夠帶來利潤時，我們才會成長。我們將更加專注於確保最大利潤。而且，我們在下行成長方面也有很大的操作空間。

And we have the lease aircraft. We have 4,500 unencumbered aircraft. We have the 700 that by any point demand softens, we can decide to park, harvest the engines, and even help us grow in the CASM. So there are a lot of tools we have to address whatever market comes to us, and we'll try to make the best out of it.

我們還有租賃飛機。我們有4500架未受限制的飛機。我們擁有 700 台發動機，在任何時候需求疲軟時，我們都可以決定停用它們，回收發動機，甚至幫助我們在 CASM 中實現成長。因此，我們有許多工具可以應付任何市場需求，我們會盡力充分利用這些工具。

Alberto Valerio, UBS.

Alberto Valerio，瑞銀集團。

One more on my side in terms of yields. Was -- you see a healthy environment that I think market was expecting a little bit more in terms of yields for this quarter as well for the next one, maybe revising revision on the guidance. If there is any specific detail that make you guys be a little bit more conservative.

就收益率而言，我方又多了一個優勢。當時——你看到的是一個健康的市場環境，我認為市場對本季和下一季的殖利率都有更高的預期，或許會修改業績指引。如果有什麼具體細節讓你們稍微保守一點的話。

And another one, if I may, in terms of competition in the region, we see an IPO in Mexico, we may see another IPO next year in Latin America and also in Brazil (inaudible). What is the perspective? And how is the market in the region, if you can take some details in terms of competition?

再補充一點，就區域競爭而言，我們看到墨西哥有一家公司上市，明年我們可能還會看到拉丁美洲和巴西有另一家公司上市。（聽不清楚）視角是什麼？該地區的市場情況如何？可否詳細介紹一下競爭情況？

Okay. A few things. So I think we already spoke quite a bit about 2026 yield. You're asking about fourth quarter. We do not give a quarter-by-quarter yield guidance but we did narrow our operating margin guidance to somewhere between 22% and 23%. So we narrowed to the higher end of our previous guidance. So that's what we can share now.

好的。幾件事。所以我覺得我們已經對2026年的收益率進行了許多討論。你問的是第四季的情況。我們不提供季度收益率指引，但我們確實將營業利潤率指引範圍縮小到 22% 至 23% 之間。因此，我們將目標價調至先前預期值的較高水準。這就是我們現在可以分享的內容。

In terms of competition, it's something that we've lived with for a long time, always, I would say, but even more so in the last four years, in the last four years or three years, and we work on the -- on our competitive advantages to make them stronger. And that's our product, our unit costs, and the strength of our network. So we're confident that we can continue delivering in 2026 and beyond the strong margins you've seen before.

就競爭而言，我們長期以來一直面臨著競爭，但在過去四年，或者說過去三、四年裡，競爭尤其激烈，我們致力於增強自身的競爭優勢。這就是我們的產品、單位成本和網路實力。因此我們有信心在 2026 年及以後繼續保持您之前看到的強勁利潤率。

And the IPOs you alluded to, well, those are companies that were public before. So they're going back to where they were before they went through bankruptcy and all the other troubles they got into. We work hard to avoid that kind of situation and try to be a little bit more steady on everything we do.

至於你提到的那些IPO，其實都是之前就已經上市的公司。所以他們又回到了破產和其他種種麻煩發生之前的狀態。我們努力避免這種情況發生，並力求在所做的每一件事上都更加穩健一些。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

Just kind of going back to the high-level conceptually for next year. How do you think about like how -- from the incremental frequencies and then the 10 points for the new dots, just like in a normal year, how would you think about how those should theoretically compare to like system RASM?

明年，我們基本上要回歸到更高的概念層面。您如何考慮——從增量頻率到新點的 10 個點，就像在正常年份一樣，您認為這些在理論上應該如何與系統 RASM 進行比較？

Yes. So normally, in a regular year, most of our growth goes to adding frequencies and then we always have a little of that growth to put on new markets. And then for those new markets for the next year, normally mature, and then they go in the first category of adding frequencies to those new markets as we normally open markets with three to four weekly flights and then we go building up. So that's more or less how we have deployed growth in the past years and how we've done it. Most of it going to frequencies and then smaller portion going to new markets.

是的。所以通常情況下，在正常年份，我們的大部分成長都用於增加航班頻次，然後我們總是會留出一部分成長資金用於開拓新市場。然後，對於接下來一年內的新市場，通常會逐漸成熟，然後我們會進入第一階段，即增加這些新市場的航班頻次，因為我們通常會以每週三到四個航班的方式開通市場，然後逐步增加航班頻次。所以，這就是我們過去幾年推動成長的方式和方法。大部分資金用於頻率投資，一小部分用於開拓新市場。

Got it. Okay.

知道了。好的。

I mean normally like just thinking about like the maturity ramp for like the incremental like departures, do you think that like is a decent discounting a 10-point discount to system average or pretty much in line with the system that you're producing?

我的意思是，通常情況下，就考慮像增量偏離這樣的成熟度提升而言，你認為以系統平均水平為基準進行 10 個百分點的折扣是否合理，還是與你所生產的系統基本一致？

I would say it's pretty much in line. And kind of a related factor is that as we all know, Boeing deliveries were -- have been delayed quite a bit for the last two years. This year, they've been on time even earlier so there's a noticeable improvement there. But overall, we're still behind where we thought we were going to be if we had talked three years ago. So these are kind of overdue deliveries and we feel we have the demand for those aircraft, especially that we're adding frequencies as Peter mentioned.

我覺得基本上符合預期。還有一個相關的因素是，眾所周知，波音公司的交付在過去兩年裡一直被嚴重延誤。今年，他們甚至更早準時完成了任務，這方面有了明顯的進步。但總的來說，如果我們三年前就討論這個問題，我們現在的處境仍然比我們預想的還要糟糕。所以這些交付都有些逾期了，我們覺得對這些飛機有需求，特別是正如彼得所提到的，我們正在增加航班頻次。

Okay. That's really helpful color.

好的。這個顏色真的很有幫助。

And then just as a follow-up, I was wondering if you could talk -- you've talked in the past about some of your -- some of the kind of lower-hanging fruit you guys have with technology and your ability to maybe price better whether incorporating more dynamic pricing or upselling products like economy extra. I'm just wondering if you could -- maybe it's more of a preview for Investor Day, but I love the latest thinking there.

然後，作為後續問題，我想請您談談——您過去曾談到過你們的一些——你們在技術方面有哪些比較容易實現的成果，以及你們在定價方面的能力，例如引入更動態的定價或向上銷售像經濟型加餐這樣的產品。我只是想問您是否可以——也許這更像是投資者日的預熱，但我很喜歡那裡最新的理念。

Yes, we have to keep something for the Investor Day, you're right (laughter). You just helped me answer that question.

是的，我們得為投資人日留點東西，你說得對。（笑聲）。你剛剛幫我解答了這個問題。

There's still a lot of opportunities. We continue investing quite a bit in our digital tools and especially -- actually not necessarily in new digital tools, but making better what we already have. And there's an opportunity we have in doing better merchandiser -- merchandising, I'm sorry, better UX, better user experience. Those products we're offering make them more visible to our customers, especially in the booking flow and in the check in flow.

仍然有很多機會。我們持續加大對數位工具的投入，尤其──其實不一定是投入新的數位工具，而是改進我們已有的工具。我們有機會做得更好——商品銷售，抱歉，是更好的使用者體驗。我們提供的這些產品能讓我們的客戶更容易看到它們，尤其是在預訂流程和辦理入住流程中。

We're working on that and focusing on three things and three ancillary categories. Baggage, of course; upgrades to business class, and we're having a lot of success there; and also our premium economy cabin, which we call economy extra. We haven't given that enough visibility and there's nice upside there. So yes, that's where we're focusing, and we expect to continue increasing revenues in those categories.

我們正在努力，並專注於三件事和三個輔助類別。當然還有行李；商務艙升艙，我們在這方面取得了巨大的成功；以及我們的高級經濟艙，我們稱之為經濟艙優選。我們還沒有給予它足夠的關注，而這方面還有很大的發展空間。是的，這就是我們關注的重點，我們預計這些類別的收入將繼續成長。

Guilherme Mendes, J.P. Morgan.

吉爾赫姆門德斯，摩根大通。

First one is just a follow-up on the competition. Pedro, you mentioned about Argentina being especially competitive and you also mentioned about Brazil. But which other regions do you see, let's say, higher-than-average competitive environment?

第一篇只是比賽的後續報導。佩德羅，你提到阿根廷的競爭力特別強，你也提到了巴西。但您認為還有哪些地區的競爭環境高於平均？

And the second one, Pedro, you also mentioned about fuel being in the white card for 2026. Given that a potential environment, do you see Copa changed its hedging policy in some way?

第二個問題是，佩德羅，你還提到了燃料問題在 2026 年的「白卡」上。鑑於這種潛在的市場環境，您認為Copa會以某種方式改變其對沖策略嗎？

Okay. Yes. So yes, what I said in general terms is demand is healthy. It's growing at the pace of capacity in all of Latin America, so load factors are holding up well. I highlighted a few regions. Brazil got hit hard last year and at the beginning of this year because there was a sudden devaluation of the currency and a lot of capacity had come in because of that success, that was during the first half of 2024.

好的。是的。所以，總的來說，我剛才說的需求是健康的。它的成長速度與整個拉丁美洲的產能成長率一致，因此客座率保持良好。我重點標註了幾個地區。巴西去年和今年年初遭受重創，因為貨幣突然貶值，而且由於經濟成功，大量產能湧入，那是在 2024 年上半年。

Since the currency, and you know that very well, the currency has been stable, actually has improved since 12 months ago and that market is coming back little by little. Less capacity has come in compared to the first half of last year. So we're seeing an improvement in our Brazil load factors and in our Brazil PRASM. So we're seeing improvement in those and Q4 should be better in Q3 and Q3 was better in Q2. So it's going in the right direction. Not all the way back toward was at the end of 2023, but it's in the right direction.

眾所周知，貨幣一直保持穩定，實際上自 12 個月前以來有所改善，市場正在逐步恢復。與去年上半年相比，產能有所下降。因此，我們看到巴西的客座率和巴西的 PRASM 都有所提高。所以我們看到這些方面都有所改善，第四季應該會比第三季好，而第三季又比第二季好。所以事情正朝著正確的方向發展。雖然還沒有完全恢復到 2023 年底的狀態，但方向是對的。

And then Argentina has been booming, has been quite a market with all the economic changes that the new government has implemented in Argentina has been booming in general terms. The devaluation has been more predictable and not as significant as before. Inflation has been a lot more under control and traveling public in a country that loves to trouble – (laughter) loves to travel, it has been growing at a very strong pace. That has attracted a lot of capacity from us and from everyone. And when that happens, will yield soften a little bit, but they're still very strong.

阿根廷經濟蓬勃發展，市場前景廣闊，新政府實施的所有經濟改革都推動了阿根廷經濟的全面繁榮。貨幣貶值變得更加可預測，而且幅度也不像以前那麼大了。通貨膨脹得到了更好的控制，在一個熱愛旅行的國家，大眾的旅行量（笑聲）成長非常強勁。這吸引了我們以及所有人的大量精力。當這種情況發生時，屈服會稍微軟化一些，但它們仍然非常堅固。

And what I said is that we will not be growing so much in Argentina as we've done in the past, let's say, 12 months. And that's probably going to be the case with most other airlines serving the country, so it's going to stabilize, I would say.

我之前說過，我們在阿根廷的成長速度不會像過去12個月那麼快。這種情況可能也會發生在其他大多數服務該國的航空公司身上，所以我認為情況會趨於穩定。

Pedro, maybe on the hedging policy?

佩德羅，或許可以談對沖策略？

Okay. The hedging policy. I forgot about hedging because we haven't done hedging in so long that it's -- yes. No, that's not going to change. What -- and usually the hedges -- many hedges are on WTI or Brent.

好的。對沖策略。我忘了對沖，因為我們已經很久沒有對沖了——是的。不，這一點不會改變。通常情況下，對沖交易都是基於 WTI 或布蘭特原油期貨進行的。

And this what has shot up lately is the crack spread as so as jet fuel and I don't know for how long that's going to happen -- that's going to stay up there. So we're not planning to change our hedging strategy. We're happy with not hedging. It has worked well for us and it's going to remain that way.

最近，裂解油價和航空燃油價格都飆升了，我不知道這種情況會持續多久——但這種情況會持續下去。因此，我們不打算改變我們的對沖策略。我們樂於不進行避險。它對我們來說一直很有效，而且以後也會繼續有效。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Sorry about that. Just can I give an update on the densification plan, just how many aircraft are yet to go and just curious on how much of next year's unit costs might be driven by that and if there's anything kind of further that it will drive in '27?

抱歉。我可否回報密度提升計畫的最新進展？還有多少架飛機尚未交付？我很好奇明年的單位成本有多少會因此受到影響？到 2027 年，這是否還會帶來其他影響？

Yes. Thank you, Savi. We've done around half of the densification that we've planned to. And that was one additional row, so around six more seats per plane. We've done half of it. So around 25 of -- let's call it 50 that we said we were going to do, and we have another 25 left that we are planning to do during 2026.

是的。謝謝你，薩維。我們已完成了計畫中約一半的密度提升工作。這樣就增加了一排座位，所以每架飛機大約增加了六個座位。我們已經完成了一半。所以，我們之前說要做的 50 件中，大約完成了 25 件——我們姑且稱之為 50 件——還有 25 件我們計劃在 2026 年完成。

Great. That's helpful.

偉大的。那很有幫助。

And just a clarification on the credit card benefit this quarter. Is that something that's just one time this quarter? Or is that something that now is layered on and kind of continues going forward?

關於本季的信用卡優惠，還有一點需要說明。這只是本季發生的一次事件嗎？或者說，這是現在疊加上去的，並且會一直延續下去的東西？

So the -- again, on the credit card benefit, we saw two separate pieces and let's call it, to oversimplify half and half. Half is related to the extension of our agreement with Visa, and that is one time every x amount of years. And then the other one is the growth of the program by itself, and that's the other half, and that's similar to what we saw in the second quarter, and that should be continued -- that growth should be continued and stable in that program.

所以——再說一遍，關於信用卡福利，我們看到了兩個獨立的部分，為了簡單起見，我們稱之為各佔一半。一半與我們和 Visa 的協議延期有關，這是每隔 x 年一次。另一個方面是專案本身的成長，這是另一半，這與我們在第二季度看到的情況類似，而且這種成長應該繼續下去——該專案的成長應該繼續保持穩定。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

Sorry, I joined late, so if you already answered this question, please disregard. I just wanted to get a sense of how much conservatism is built into your guidance. So backing out like fourth quarter at the midrange of your annual guidance for 2025, we get to an operating margin of around 22% and the yield of 11.4%. So I just wanted to get a sense of how comfortable you feel with that number in the fourth quarter and how much at the end, conservatism is built into it.

抱歉，我來晚了，如果您已經回答過這個問題，請忽略。我只是想了解你們的指導方針中保守主義的成分有多少。因此，如果按照您 2025 年年度指引的中位數，從第四季開始回溯，我們得出營業利潤率約為 22%，收益率為 11.4%。所以我想了解一下您對第四季這個數字的接受程度，以及最終保守主義在其中發揮了多大作用。

So our hedging. Our fourth-quarter 2025 guidance was narrowed down to between 22% and 23%, which was like the upper part of our previous guidance, which was 21% to 23%. And we're very comfortable with that range between 22% and 23%.

所以，我們採取了對沖策略。我們將 2025 年第四季的預期範圍縮小到 22% 到 23% 之間，這與我們先前預期範圍的上限（21% 到 23%）類似。我們對 22% 到 23% 這個範圍非常滿意。

All right. Perfect. And just in terms of yields, it does imply a deceleration of yields versus the third quarter. So I just wanted to get a sense of that and how you’re looking into the next few quarters may?

好的。完美的。僅就收益率而言，這確實意味著收益率較第三季度放緩。所以我想了解一下情況，以及您對未來幾季的展望？

Yes, that question was asked before, and the response was that we do not guide yield on a quarterly basis.

是的，之前有人問過這個問題，當時的回答是，我們不按季度提供收益率指引。

Sorry, yes. I mean, looking at your RASM guidance for the full year, we are able to back out like the fourth-quarter RASM, right, which does imply, I think, 11.4%? And does imply deceleration quarter-over-quarter. So I just want to get a sense of -- do you think there's potential upside to that or you feel quite comfortable with that number?

抱歉，是的。我的意思是，看看你們對全年的 RASM 預期，我們可以像第四季度的 RASM 那樣進行推算，對吧，這確實意味著，我認為，11.4%？並且意味著環比增速放緩。所以我想了解一下——你認為這個數字有上漲空間嗎？還是你對這個數字已經很滿意了？

I believe that our RASM guidance for the year is 11.2%, and we haven't changed that guidance.

我認為我們今年的 RASM 預期是 11.2%，我們還沒有改變這個預期。

Thank you. I would now like to hand the conference back over to Pedro Heilbron for closing remarks.

謝謝。現在我謹將會議交還給佩德羅·海爾布隆，請他作閉幕致詞。

Okay. Thank you all for your questions and for joining us today. We appreciate your continued interest and support. Of course, I look forward to seeing you in person at our Investor Day and answer even more questions. So as always, you can feel confident that we will keep working really hard to strengthen and develop our competitive advantage, and I'm confident we'll continue delivering very strong results in years to come.

好的。感謝各位的提問，也感謝大家今天的參與。感謝您一直以來的關注與支持。當然，我期待在我們的投資者日上與您見面，並回答您更多的問題。所以，和以往一樣，您可以放心，我們將繼續努力加強和發展我們的競爭優勢，我相信在未來的幾年裡，我們將繼續取得非常優異的成績。

So thank you, and have a great day.

謝謝，祝您今天過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。