Copa Holdings SA (CPA) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings fourth quarter earnings call. (Operator Instructions) As a reminder, this call is being webcast and recorded on February 12, 2026. Now I will turn the conference call 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 第四季財報電話會議。（操作員說明）提醒各位，本次通話將於 2026 年 2 月 12 日進行網路直播及錄音。現在我將把電話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, Marvin, and welcome, everyone, to our fourth quarter and full year earnings call. Joining me today are Mr. Pedro Heilbron, CEO of Copa Holdings; and Peter Donkersloot, our CFO.

謝謝馬文，也歡迎各位參加我們的第四季及全年財報電話會議。今天與我一同出席的有 Copa Holdings 的執行長 Pedro Heilbron 先生和我們的財務長 Peter Donkersloot 先生。

First, Pedro will go through our fourth quarter and full year 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.

首先，Pedro 將介紹我們第四季和全年的亮點，然後 Peter 將更詳細地討論我們的財務表現。隨後，我們將開放分析師提問環節。再次提醒，Copa Holdings 的財務報告是按照國際財務報告準則編製的。在今天的電話會議中，我們將討論一些非國際財務報告準則（IFRS）的財務指標。這些措施與可比較的 IFRS 措施的調節表可以在我們的獲利報告中找到，該報告可在我們的網站上查閱。

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.

我們今天的討論還將包含前瞻性陳述，不僅限於歷史事實，這些陳述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。

Many of these are discussed in our annual report filed with the SEC. Now I'd like to turn the call over to our CEO, Mr. Pedro Heilbron.

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。現在我想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 for our fourth quarter earnings call. Before we begin, I want to recognize our more than 8,000 coworkers. Their hard work and commitment are fundamental to Copa's strong operational performance and continued leadership in our industry. To them, as always, my sincere appreciation and respect.

謝謝你，丹尼爾。早安，感謝各位參加我們第四季財報電話會議。在開始之前，我想感謝我們超過 8000 位同事。他們的辛勤工作和奉獻精神是 Copa 強勁的營運業績和在行業中持續保持領先地位的根本所在。一如既往，我對他們表示衷心的感謝和敬意。

We delivered another quarter and full year of strong financial and operational results, reaffirming the strength of our business model and the structural advantage of operating the best positioned and most efficient hub for international travel in the Americas. Our results reflect strong demand trends across the region, continued discipline in our cost execution and our relentless focus on operational excellence.

我們又取得了一個季度和全年強勁的財務和營運業績，再次證明了我們商業模式的優勢，以及作為美洲國際旅行位置最佳、效率最高的樞紐所擁有的結構性優勢。我們的業績反映了整個地區強勁的需求趨勢、我們在成本控制方面持續的嚴格把控以及我們對卓越營運的不懈追求。

As a testament to our operational performance, in January, Copa Airlines was recognized by Cirium for the 11th time as the most on-time airline in Latin America in 2025, with an on-time performance of 90.75%, the highest of any carrier in the Americas and the second best in the world. Once again, I want to recognize our Copa team. Without their commitment and dedication, it will not be possible to consistently deliver this level of excellence, which our customers expect from us.

為了證明我們的營運表現，今年 1 月，巴拿馬航空第 11 次被 Cirium 評為 2025 年拉丁美洲最準點航空公司，準點率達到 90.75%，是美洲所有航空公司中最高的，也是全球第二高的。我再次要表揚我們的 Copa 團隊。如果沒有他們的投入和奉獻，我們就無法持續提供客戶期望的這種卓越水平。

Now I'll go over our fourth quarter highlights. We increased capacity by 9.9% year over year, while passenger traffic increased by 10.1%. As a result, our load factor increased 0.2 percentage points to 86.4%. RASM came in at $0.113 flat versus fourth quarter '24. We reported CASM of $0.088 and an ex-fuel CASM of $0.059 cents, a 1.6% and 0.7% year-over-year increase.

現在我將回顧我們第四季的精彩時刻。我們年增了 9.9% 的運力，而客運量則年增了 10.1%。因此，我們的載客率提高了0.2個百分點，達到86.4%。RASM 與 2024 年第四季持平，為 0.113 美元。我們報告稱，CASM 為 0.088 美元，不含燃料的 CASM 為 0.059 美元，年增 1.6% 和 0.7%。

respectively.

分別。

Excluding a $7.2 million noncash adjustment to the provision for future lease return obligations, ex-fuel CASM for the quarter would have been $0.058. Operating margin came in at 21.8%. Excluding the noncash maintenance adjustment, we would have reported an operating margin of 22.5%.

若不計入未來租賃返還義務準備金的 720 萬美元非現金調整，本季不含燃料的單位可用銷售額 (CASM) 為 0.058 美元。營業利益率為 21.8%。如果排除非現金維護調整，我們的營業利益率為 22.5%。

Turning now to the main highlights for the full year 2025. Capacity in ASMs grew 7.8% year over year, while passenger traffic measured in RPMs increased by 8.6%. As a result, our Load Factor increased 0.7 percentage points to 87%. Unit revenues or RASM decreased 2.6% to $0.112. Unit cost for CASM decreased 3.6% to $0.086 and CASM, excluding fuel, decreased 0.7% to $0.058.

現在讓我們來看看2025年全年的主要亮點。以可用座位英里數衡量的運力年增 7.8%，而以每分鐘轉數衡量的客運量增加了 8.6%。因此，我們的載客率提高了0.7個百分點，達到87%。單位收入或 RASM 下降 2.6% 至 0.112 美元。單位成本 CASM 下降 3.6% 至 0.086 美元，不計燃料成本的 CASM 下降 0.7% 至 0.058 美元。

And as mentioned before, we delivered full year operating margin of 22.6%.

如前所述，我們全年營業利益率為 22.6%。

Turning now to our network. Between December and January, we started service from our Hub of the Americas in Panama to Los Cabos, Mexico; Puerto Plata and Santiago in the Dominican Republic, Maracaibo in Venezuela and Salvador, Bahia in Brazil, further strengthening our position as the most complete and convenient connecting hub for travel within the Americas.

現在讓我們來看看我們的網路。從 12 月到 1 月，我們開通了從位於巴拿馬的美洲樞紐飛往墨西哥洛斯卡沃斯、多明尼加共和國的普拉塔港和聖地亞哥、委內瑞拉的馬拉開波以及巴西巴伊州薩爾瓦多的航線，進一步鞏固了我們作為美洲地區最全面、最便捷的旅行中轉樞紐的地位。

Regarding our fleet, during the quarter, we took delivery of 4 Boeing 737 MAX 8 aircraft and ended the year with a total of 125 aircraft. Earlier this year, Boeing updated the fleet delivery schedule for 2026, and we now anticipate adding 8 Boeing 737 MAX 8 this year and now expect to end the year with a total fleet of 133 aircraft.

關於我們的機隊，本季我們接收了 4 架波音 737 MAX 8 飛機，到年底飛機總數達到 125 架。今年早些時候，波音公司更新了 2026 年的機隊交付計劃，我們現在預計今年將增加 8 架波音 737 MAX 8，並預計到年底機隊總數將達到 133 架。

We continue to see a strong demand environment across our network as we enter 2026. Booking trends remain solid, supported by healthy travel activity throughout the region, which allow us to leverage the advantages of our Hub of the Americas.

進入 2026 年，我們看到整個網路的需求環境依然強勁。預訂趨勢依然穩健，這得益於整個地區健康的旅遊活動，使我們能夠充分利用我們作為美洲樞紐的優勢。

The current demand environment gives us confidence in our growth plan and reinforces the foundation for another year of strong margins in 2026. Consistent with the guidance shared in our earnings release, we expect to grow capacity in the range of 11% to 13% in the year.

目前的需求環境讓我們對成長計畫充滿信心，並為2026年繼續保持強勁的利潤率奠定了基礎。與我們在獲利報告中分享的預期一致，我們預計今年產能將成長 11% 至 13%。

As detailed in December at our Investor Day, approximately half of the growth is the full year impact of capacity added in 2025 with an additional 40% coming from added frequencies in existing markets and the remaining 10% from new destinations.

正如我們在 12 月的投資者日上詳細介紹的那樣，大約一半的成長來自 2025 年新增運力的全年影響，另外 40% 來自現有市場增加的航班頻次，其餘 10% 來自新目的地。

To summarize, we delivered strong fourth quarter and full year results for 2025. Copa was recognized for the 11th time by Cirium as the most on-time airline in Latin America and second best in the world. We continue to improve our already low and competitive cost structure, which remains a core pillar of our business model. We continue expanding our network, adding frequencies and new cities to our Hub of the Americas, and we're well positioned to deliver another year of profitable growth and strong margins in 2026.

總而言之，我們實現了強勁的2025年第四季和全年業績。Copa航空第11次被Cirium評為拉丁美洲最準時的航空公司，也是全球第二準時的航空公司。我們將繼續改進我們原本就低廉且具競爭力的成本結構，這仍然是我們商業模式的核心支柱。我們將繼續擴大航線網絡，增加航班頻次，並在美洲樞紐機場新增城市，我們有信心在 2026 年實現另一個盈利增長年和強勁的利潤率。

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. Good morning, everyone, and thank you for joining the call today. I'd like to start by reinforcing Pedro's recognition of our team's continued dedication to delivering industry-leading results. Their commitment remains essential to our strong operational and financial performance. Let me begin by going over the fourth quarter highlights.

謝謝你，佩德羅。各位早安，感謝大家今天參加電話會議。首先，我想重申佩德羅對我們團隊持續致力於取得業界領先成果的認可。他們的承諾對我們強勁的營運和財務表現至關重要。首先，讓我回顧一下第四節的精彩時刻。

We reported a net profit for the quarter of $172.6 million or $4.18 per share, a 5.3% increase in earnings per share compared to fourth quarter 2024. Operating profit came in at $209.6 million, and we delivered an operating margin of 21.8% for the quarter. I would like to highlight that our fourth quarter results include a $7.2 million noncash adjustment in the maintenance, material and repairs line related to the provision for future lease aircraft return obligation.

本季淨利潤為 1.726 億美元，即每股 4.18 美元，與 2024 年第四季相比，每股收益成長了 5.3%。本季營業利潤為 2.096 億美元，營業利益率為 21.8%。我想強調的是，我們第四季的業績包括與未來租賃飛機歸還義務相關的維護、材料和維修項目720萬美元的非現金調整。

This adjustment was driven by a reduction in the discount rate used to calculate the present value of expected end of lease costs as the applicable reference rate declined during the period. Additionally, during the quarter, we reported a foreign currency loss of $6 million, mainly related as a result of the devaluation of the Brazil real, which has since recovered in early 2026. Excluding these 2 items, we would have reported a net profit for the quarter of $184.1 million or $4.46 per share, and we would have reported an operating profit of $216.8 million and an operating margin of 22.5%.

此調整是由於用於計算預期租賃結束成本現值的折現率降低所致，因為適用的參考利率在此期間下降。此外，本季我們報告了 600 萬美元的外匯損失，主要與巴西雷亞爾貶值有關，但雷亞爾已於 2026 年初回升。如果排除這兩項，我們本季的淨利潤將達到 1.841 億美元，即每股 4.46 美元；營業利潤將達到 2.168 億美元，營業利潤率為 22.5%。

With regards to our costs for the quarter, unit cost or CASM decreased 1.6% year over year to $0.088 and CASM, excluding fuel, increased 0.7% year over year to $0.059. Excluding the noncash maintenance-related adjustment, we would have reported an ex-fuel CASM of $0.058 flat year over year.

就本季成本而言，單位成本或CASM年減1.6%至0.088美元，不計燃油成本的CASM年增0.7%至0.059美元。若不計入非現金維護相關調整，不計燃油成本的CASM將與去年同期持平，為0.058美元。

Moving on to our full year 2025 financial highlights. We reported a net profit of $671.6 million or $16.28 per share, which represented an 11.9% year-over-year increase in earnings per share. Operating income reached $819 million, 8.8% higher year over year.

接下來是我們的2025年全年財務亮點。我們公佈的淨利潤為 6.716 億美元，即每股 16.28 美元，年增 11.9%。營業收入達 8.19 億美元，年增 8.8%。

Operating margins came in at 22.6%, 0.8 percentage points higher than in 2024. Our consistent delivery of industry-leading operating margins underscores the strength of our business model and disciplined execution.

營業利益率為 22.6%，比 2024 年高出 0.8 個百分點。我們持續實現業界領先的營業利潤率，凸顯了我們商業模式的優勢和嚴謹的執行力。

Now I'd like to spend some time discussing our balance sheet and liquidity. As of the end of the fourth quarter, total cash, short-term and long-term investments stood at $1.6 billion, representing 44% of last 12-month revenues. Further demonstrating our financial strength and flexibility, we also have approximately $500 million in predelivery deposits, and we currently have 47 unencumbered aircraft in our fleet.

現在我想花點時間討論一下我們的資產負債表和流動性。截至第四季末，現金、短期和長期投資總額為 16 億美元，佔過去 12 個月營收的 44%。為了進一步展現我們的財務實力和靈活性，我們還擁有約 5 億美元的預付款，目前我們的機隊中有 47 架未抵押的飛機。

Total debt stood at $2.3 billion, and we ended the quarter with an adjusted net debt-to-EBITDA ratio of 0.6x, reflecting our strong financial position.

總負債為 23 億美元，本季末調整後的淨負債與 EBITDA 比率為 0.6 倍，反映了我們強勁的財務狀況。

I'd like to highlight that our average cost of debt comprised solely of aircraft-related financing remains at a highly competitive at 3.6% Turning now to return of value to our shareholders. I am pleased to announce that for 2026, the Board of Directors has approved a quarterly dividend payment of $1.71 per share to be paid in March, June, September and December, subject to Board ratification each quarter.

我想強調的是，我們僅由飛機相關融資構成的平均債務成本仍保持在極具競爭力的 3.6%。現在轉向為股東創造價值。我很高興地宣布，董事會已批准2026年每季向每股派發1.71美元的股息，分別於3月、6月、9月和12月支付，但須經董事會每季批准。

The first quarterly payment will be made on March 13 to all shareholders of record as of February 27. Finally, turning to our outlook, we can provide the following guidance for the full year 2026. We expect to increase our capacity in ASMs within a range of 11% to 13% year-over-year.

第一季分紅將於 3 月 13 日支付給所有截至 2 月 27 日登記在冊的股東。最後，展望未來，我們可以對 2026 年全年做出以下預測。我們預計 ASM 產能將年增 11% 至 13%。

And as Pedro shared earlier, around 90% of this growth comes from the full year impact of capacity added in 2025 in additional frequencies and existing markets and we expect to deliver an operating margin within the range of 22% to 24%.

正如佩德羅之前分享的那樣，大約 90% 的增長來自 2025 年新增頻率和現有市場帶來的全年產能影響，我們預計營業利潤率將在 22% 到 24% 之間。

We are basing our outlook on the following assumptions: load factor of approximately 87%, unit revenues of approximately $0.112, CASM ex-fuel of approximately $0.057, consistent with our long-term target of delivering a CASM ex-fuel of $0.056 by 2028, and we're expecting an all-in fuel price of $2.50 per gallon. Thank you, and we'll now open the call for questions from the analysts.

我們的展望基於以下假設：載客率約為 87%，單位收入約為 0.112 美元，不含燃料的 CASM 約為 0.057 美元，這與我們到 2028 年實現不含燃料的 CASM 為 0.056 美元的長期目標一致，我們預計綜合燃料價格為每加侖 2.50 美元。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。

Just wondering if you could -- with the developments in Venezuela, just talk about if there was any demand impact in the region and then what your service there is and kind of the view for that?

我想問一下，鑑於委內瑞拉的局勢發展，您能否談談該地區的需求是否受到影響，以及您在該地區提供的服務是什麼，您對此有何看法？

Okay. Savi, we're back flying to Venezuela, of course. And actually, we only exited the market for a short period. We are flying twice daily to Caracas, and we're also flying to Maracaibo which is almost daily, a little bit less than daily.

好的。薩維，我們當然又要飛往委內瑞拉了。事實上，我們只是短暫退出了市場。我們每天有兩班飛往加拉加斯的航班，還有一班飛往馬拉開波的航班，幾乎每天都有，但略少於每天一班。

Before we had to stop flying to Venezuela last year, we were serving five cities. And we expect to go back to those cities gradually. It won't happen right away, but we'll be adding capacity throughout 2026.

去年我們不得不停止飛往委內瑞拉的航班之前，我們服務於五個城市。我們預計會逐步返回這些城市。這不會立即發生，但我們將在 2026 年全年逐步增加產能。

That's helpful. And if I might, you mentioned announced offering Wi-Fi. Have you chosen a provider? And is that you're going to be -- is that for paid Wi-Fi or free or any kind of thoughts on how you provide the Wi-Fi service?

那很有幫助。如果可以的話，我想問一下，您有提到宣布提供Wi-Fi服務。您是否已選定服務提供者？那麼，你們打算提供的是付費 Wi-Fi 還是免費 Wi-Fi？或者你們對如何提供 Wi-Fi 服務有什麼想法？

Yes. We have chosen a provider. We haven't made it public yet. We'll do so. I think in April, end of April, we'll make it public, but we are confident that our product is going to satisfy all the needs and expectations of our clients.

是的。我們已經選定了服務提供者。我們尚未公開。我們會這麼做。我認為我們會在四月底公佈，但我們有信心我們的產品將滿足客戶的所有需求和期望。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

I wanted to ask you about stronger local currencies. Currencies move, maybe people don't feel it right away. But over time, purchasing power improves and you might see some demand pickup in relation to that in some of the markets that you serve. So I wonder, are you seeing any early improvement from stronger local currencies in some of your markets?

我想問你關於強勢本地貨幣的問題。貨幣匯率會波動，也許人們不會立即感受到。但隨著時間的推移，購買力會提高，在您所服務的某些市場中，您可能會看到相應的需求回升。所以我想知道，在您的某些市場中，您是否已經看到當地貨幣走強帶來的初步改善？

Correct. Yes. So yes, two answers to that. And we've talked about this before in previous calls. And we've always said, and it holds true today that we do better when currencies are stronger in South America, in particular. And yes, we're seeing improved demand and better yields as a result of the stronger currencies right now.

正確的。是的。是的，這個問題有兩個答案。我們之前在電話會議中也討論過這個問題。我們一直都說，而且今天仍然如此，當南美洲的貨幣走強時，我們尤其會做得更好。是的，由於目前貨幣走強，我們看到需求增加，收益率也隨之提高。

Okay. And then maybe just as a follow-up with respect to your full year guidance, which I think assumes flattish unit revenue. Is that what you're seeing now? Or are you starting the year stronger than flattish?

好的。然後，我想就您全年業績指引做個後續說明，我認為您的指引假設單位收入將保持平穩。你現在看到的就是這個嗎？或者說，你的新年開局比平淡無奇好？

Well, we are guiding for the full year. And the first quarter is usually a strong quarter. The first and third -- I mean, all of -- our four quarters are strong, of course. We don't have the huge seasonal swings. But quarter one and quarter three are usually the strongest and quarter one lately has been the strongest quarter.

嗯，我們全年都會提供指導。第一季通常是業績強勁的季度。當然，我們四個季度中的第一季和第三季——我的意思是，所有季度——業績都很強勁。我們這裡沒有那麼大的季節性波動。但第一季和第三季通常是表現最好的季度，而最近幾年第一季的表現都最好。

So of course, we're seeing stronger numbers, but we're guiding for the full year, and it's really early. So we are standing by our RASM guidance. And we're also adding double-digit capacity this year. So we take that into account also.

當然，我們看到的數據正在走強，但我們預測的是全年業績，現在還為時過早。因此，我們堅持 RASM 的指導原則。而且我們今年還會新增兩位數的產能。所以我們也把這一點考慮進去了。

Guilherme Mendes, JPMorgan.

Guilherme Mendes，摩根大通。

I have a follow-up on the RASM guidance. We were positively surprised to see the flattish numbers despite of the increase in capacity and the more appreciated local currencies.

我還有一些關於 RASM 指南的後續問題。儘管產能增加且當地貨幣更受青睞，但我們驚訝地發現，相關數據基本上保持穩定。

Pedro, do you mind sharing more details on what's behind that assumption?

佩德羅，你介意詳細說說你​​做出這個假設的原因嗎？

Yes. It's a few things. Of course, we're confident on our demand outlook right now, and that is behind our RASM guidance. But also, there are a few other factors. One is that 50% of that ASM growth in 2026 is the full year effect of our growth in 2025.

是的。有好幾件事。當然，我們目前對市場需求前景充滿信心，這也是我們制定 RASM 預期的原因。但除此之外，還有其他一些因素。其中之一是，2026 年 ASM 成長的 50% 是我們 2025 年成長的全年影響。

So that has already spooled up most of it. Another 40% is new frequencies, which are going to go mostly or all of it in markets where we need additional capacity.

所以大部分已經啟動了。另外 40% 是新增頻率，這些頻率大部分或全部將用於我們需要額外容量的市場。

And we need to keep in mind also that we've been catching up in terms of Boeing deliveries. Now we're getting the deliveries that we need and that have been promised.

我們還需要記住，我們在波音飛機交付方面一直在迎頭趕上。現在我們收到了我們需要的、並且已經承諾的貨物。

But in previous years, in particular, in 2024 and 2023, we were behind quite a bit in deliveries. So we also had some catch-up to do in markets that, in many cases, are unique to us and where we were not able to deploy enough capacity.

但前幾年，特別是 2024 年和 2023 年，我們的交付量落後了很多。因此，我們在許多情況下都是我們獨特的市場，而且我們無法在這些市場部署足夠的產能，所以我們也需要迎頭趕上。

Filipe Nielsen, Citi.

菲利普‧尼爾森，花旗集團。

I wanted to explore in a little more detail the guidance on the cost side. I remember in the third quarter, you guided for CASM ex-fuel between $0.057 and $0.058. And now you're assuming a $0.057 in the guidance.

我想更詳細地探討一下成本方面的指導意見。我記得在第三季度，你曾預測不含燃油的單位可用座位公里成本（CASM）在 0.057 美元至 0.058 美元之間。而現在，你的預測假設為 0.057 美元。

Just wondering if there are any factors that made you a little more optimistic about targeting the lower range of the previous guidance? And how do you see this CASM ex evolving throughout the year?

我想知道是什麼因素讓您對實現之前預期目標的下限更加樂觀？您認為 CASM 展會在這一年將如何發展？

Thank you, Filipe. This is Peter. So for 2025, we reported a CASM ex fuel of $0.058 but of course, we report 1 decimal. When you look at the full number and you add a couple of decimals, you see we would be close to the middle of the range between $0.057 and $0.058. So that also gives us confidence for the $0.057.

謝謝你，菲利佩。這是彼得。因此，對於 2025 年，我們報告的 CASM（不含燃油）為 0.058 美元，但當然，我們報告的是小數點後一位。當你查看完整數字並加上小數點後幾位時，你會發現我們接近 0.057 美元到 0.058 美元之間的中間值。因此，這也讓我們對 0.057 美元更有信心。

And we have a lot of initiatives, some going on and some new initiatives, like we talked about the full year effect of the sales and distribution that still has some extra savings to come in. We got a full year effect of some densification projects that are going in. We got a growth, 11% to 13% growth the fixed cost.

我們有很多舉措，有些正在進行，有些是新的舉措，例如我們討論的銷售和分銷的全年影響，還有一些額外的節省空間。我們已經感受到一些正在進行的密集化項目帶來的整整一年的影響。固定成本增加了 11% 到 13%。

And we also have new initiatives that we're working on. And despite the fact that none of them make the headlines, the combinations of all these initiatives do add a couple of additional points.

我們還有一些新的項目正在籌備中。儘管這些舉措都沒有成為新聞頭條，但它們結合起來確實增加了一些額外的要點。

So I would say what's embedded in the guidance is all those initiatives, slightly offset by some inflation and some FX headwinds that we're seeing.

所以我認為，指導方針中包含了所有這些舉措，只是被我們目前看到的一些通膨和外匯不利因素略微抵消了。

Great. And just one follow-up. I just wanted to hear a little more from you. How do you see capacity evolving on a quarter-by-quarter basis? We know that there's some carry from the deliveries that you took late last year.

偉大的。還有一個後續問題。我只是想多聽聽你的想法。您認為產能將如何依季變動？我們知道，你去年底收貨時留下了一些後遺症。

Just wondering how -- if we should see stronger growth in the first half of the year and then moderating in the second half. Maybe if you give a little color on that.

我只是想知道具體情況——我們是否應該看到上半年成長強勁，然後下半年成長放緩。或許你可以再添一點細節。

Yes, you're right. As most of the -- 50% of the capacity comes from full year effect of last year's deliveries and service we launched, it is slightly front-loaded. So we are going to see being more above the range in the first half and then slightly on the lower end of the range in the second half.

是的，你說得對。由於 50% 的產能來自去年交付量和我們推出的服務的全年影響，因此產能略微前期集中。因此，我們會看到上半場價格高於預期範圍，下半場價格略低於預期範圍。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Pedro, just on the Venezuela service, when you listed the markets, does that actually include Wingo? And I have sort of a question tied to Wingo on how you see that business this year. Is it sort of steady on the fleet size? Or is there potential growth in 2026 at Wingo?

佩德羅，關於委內瑞拉市場，你列出的市場是否包括溫戈？我還有一個與Wingo有關的問題，想問您如何看待今年的業務。船隊規模是否保持穩定？或者說，Wingo在2026年是否有成長潛力？

Okay. So sorry for that, and sorry to our Wingo co-workers. I left Wingo out. Wingo has gone back in with their own daily frequencies from Bogotá to Caracas, and they'll be implementing -- restarting Medellín to Caracas in the very near future. So I did not include Wingo.

好的。對此我們深感抱歉，也向我們的Wingo同事們致歉。我沒把溫戈算進去。Wingo 已經恢復了從波哥大到加拉加斯的每日航班頻率，並且他們將在不久的將來重新開通麥德林到加拉加斯的航班。所以我沒有把溫戈算進去。

Wingo received a 10 737-800 in the second half of last year. And then they went through a number of C-checks. So they had to use that aircraft as backup for the C-check. So we'll see the impact of their 10 aircraft this year. But otherwise, it's stable. Wingo won't be growing much this year, and they'll continue in that same path we saw last year.

Wingo在去年下半年獲得了10737-800分。然後他們又經過了一系列C級檢查。所以他們只好用那架飛機作為 C 級檢查的備用飛機。所以今年我們將看到他們10架飛機的影響。但除此之外，它運作穩定。Wingo今年不會有太大成長，他們將繼續走去年的老路。

Great. And then just a quick second one here, Pedro. I know that Cuba is not the biggest market for you, but you've always had long-standing service there. We're seeing a lot of international carriers either cut the service or maybe being forced to make tech stops. Can you -- do you have the ability to fly in with enough fuel from Panama City, so you do not have to make a tech stop on a round-trip flight to Cuba? Where are you on that?

偉大的。佩德羅，再來一個簡短的第二句。我知道古巴不是你們最大的市場，但你們在那裡一直有長期穩定的服務。我們看到很多國際航空公司要么削減了服務，要么可能被迫進行技術性停飛。您能否－您是否有能力攜帶足夠的燃料從巴拿馬城飛往古巴，這樣您往返古巴的航班就無需進行技術經停？你在這方面進展如何？

Yes. Thank you, Mike. Given that Panama is sea level and the distance from here to Cuba to Havana, we fly to two cities, but mostly to Havana. We can tanker in Panama and not take any fuel in Cuba, and that's what we're doing with a minimal impact to our passenger capacity.

是的。謝謝你，麥克。鑑於巴拿馬位於海平面，而從這裡到古巴哈瓦那的距離很遠，我們飛往兩個城市，但主要目的地是哈瓦那。我們可以在巴拿馬進行油輪作業，而無需在古巴補充任何燃料，我們正在這樣做，對客運能力的影響也降到了最低。

So we do have to reduce the number of passengers for very little. I think it's by 10 or 15, something like that passenger. And then we're holding back from sending belly cargo. So those are the two things, the two adjustments to be able to tanker in Panama.

所以，我們只好以很小的代價減少乘客人數。我想大概是10到15個乘客左右吧。然後，我們暫停了腹艙貨物的運輸。所以，這就是在巴拿馬進行油輪作業所需要做的兩項調整。

Then Wingo, I won't miss Wingo this time. Wingo flights from Bogotá to Havana, and they need to make a tech stop in somewhere in Colombia in Barranquilla, which is sea level. And that's because Bogotá is hot and high, so they make a stop in Barranquillia sea level.

那麼，溫戈，這次我不會再想念溫戈了。Wingo 航班從波哥大飛往哈瓦那，他們需要在哥倫比亞的巴蘭基亞（位於海平面）進行技術中轉。這是因為波哥大地勢高、氣候炎熱，所以他們在巴蘭基亞海平面停留了一站。

Rafael Simonetti, UBS VB.

Rafael Simonetti，瑞銀集團。

It's a simple question regarding the share with Volaris. I wanted to know if the partnership remains with the potential deal between Volaris and Viva.

這是一個關於與 Volaris 股份的簡單問題。我想知道，如果 Volaris 和 Viva 達成潛在交易，雙方的合作關係是否仍然存在。

Yes. Well, our code share with Volaris started in November. So still spooling up. And we haven't really addressed the Volaris, Viva merger. At least I'm not aware that we have addressed that. We expect the code share to continue. And in any case, it's not going to be a significant part of our business.

是的。我們與 Volaris 的程式碼共享始於 11 月。還在啟動中。我們還沒有真正討論過 Volaris 和 Viva 的合併事宜。至少據我所知，我們還沒有討論過這個問題。我們預計代碼共享將繼續進行。無論如何，它不會成為我們業務的重要組成部分。

Daniel McKenzie, Seaport Global.

Daniel McKenzie，Seaport Global。

Pedro, I'm wondering if you can provide some partner perspective. So either the percent of revenue or the volume of passengers from your partners in 2025 versus what it was, say, pre-pandemic. And what I'm trying to get at is how big a piece of the revenue story are the portfolio of partners? Is it more than 10%, less than 10%? Anything you can share?

佩德羅，我想請你從夥伴的角度談談我的看法。所以，要嘛是 2025 年合作夥伴的收入百分比，要嘛是乘客數量，與疫情前相比。我想表達的是，合作夥伴組合在收入中所佔的比例有多大？是大於10%還是小於10%？有什麼可以分享的嗎？

Yes, that's not a number we share. But what I can say is that our numbers are not above pre-pandemic. If anything, they are below or slightly below. Our main partner, of course, is United. We quote share in many US routes, and we're also partners in Star Alliance, but we had a partnership even before that. And that partnership is healthy, is strong. And well, United is doing extremely well themselves. So we know that. But no, the numbers have not changed and have not grown really pre -- I mean, post pandemic.

是的，我們沒有共同的號碼。但我可以肯定的是，我們的數據並沒有高於疫情前水準。如果有什麼區別的話，那就是低於或略低於這個水平。我們的主要合作夥伴當然是美聯航。我們在許多美國航線上都有股份，我們也是星空聯盟的合作夥伴，但在此之前我們就已經建立了合作關係。而這種合作關係是健康的，是牢固的。而且，曼聯自身也做得非常好。所以我們知道這一點。但是，疫情前後，這些數字並沒有改變，也沒有真正成長。

Yes. United definitely a healthy partner. Okay. Second question here, just going back to Venezuela. As you think about the risk/reward of the country as part of the network, and I'm wondering what its size as a percent of overall flying could ultimately look like, say, in two to three years.

是的。聯合航空絕對是健康的合作夥伴。好的。第二個問題，回到委內瑞拉的問題。當你考慮到該國作為網路一部分的風險/回報時，我想知道，比如說，在兩到三年內，該國的規模佔整體飛行量的百分比最終會是多少。

Well of course, we have been born and raised in the middle of Latin America. So there's something we know how to do. It's how to deal with changing situations, crisis of every kind. We've proven to be very resilient in every market we serve.

當然，我們出生並成長於拉丁美洲中部。所以，我們至少知道該怎麼做。這是如何應對不斷變化的情況和各種危機。事實證明，我們在所服務的每個市場都展現了強烈的韌性。

And I think we were the better airline managing this whole Venezuela crisis that's taken quite a while. And we're also very loyal to the countries and cities we serve because we're loyal to our passengers, and we understand the importance of the connectivity we provide through the Hub of the Americas in Panama.

我認為，在應對這場持續了相當長的委內瑞拉危機方面，我們是表現更好的航空公司。而且，我們對所服務的國家和城市也非常忠誠，因為我們忠於我們的乘客，並且我們了解透過巴拿馬美洲樞紐提供的連結的重要性。

And sorry for this promo ad, but we're confident that we're managing capacity the right way that we understand the market and that we're going to be there in the future in a successful way.

很抱歉刊登這則宣傳廣告，但我們相信，我們以正確的方式管理產能，我們了解市場，並且我們將來一定會取得成功。

But along the way, we might need to make adjustments. And that's kind of part of our day-to-day in Latin America, making adjustment. And we have enough opportunities to move around capacity. Right now, it's from other markets to Venezuela before it was from Venezuela to other markets.

但在這個過程中，我們可能需要做出一些調整。在拉丁美洲，做出調整幾乎成了我們日常生活的一部分。我們有足夠的機會來調整產能。目前的情況是從其他市場到委內瑞拉，而之前是從委內瑞拉到其他市場。

And we have continued returning strong demand, even though we always have to make those adjustments. It's kind of our daily living and the team, this is not like -- I don't have the magic one, but we have a team that knows how to deal with changing times and changing situations.

儘管我們總是需要做出調整，但我們仍然持續獲得強烈的需求。這有點像是我們的日常生活，而我們團隊，這並不是說——我沒有魔法，但我們有一個懂得如何應對時代變遷和形勢變化的團隊。

Pablo Monsivais, Barclays.

巴克萊銀行的巴勃羅·蒙西瓦伊斯。

Again, on Venezuela, is any of this destination included differently in this year guidance? Or it's just basically business as usual now? Just wanted to understand if perhaps if things improve in Venezuela, we might see some upside there or probably we will have some incremental cost if you're thinking about expanding Venezuela at some point this year.

關於委內瑞拉，今年的指導方針是否包含與往年不同的目的地？或者說，現在一切照舊？我只是想了解一下，如果委內瑞拉局勢好轉，我們是否會在那裡看到一些收益，或者如果您考慮今年某個時候將業務擴展到委內瑞拉，我們可能會面臨一些額外的成本。

So I just wanted to understand the impact of Venezuela in your guidance on the unit cost.

所以我想了解委內瑞拉對單位成本的影響。

Yes. Thank you, Pablo. It's not material. I mean it's -- we're not guiding to Venezuela changing our results. There won't be any material changes either way. I mean, there could be upside, of course, but not what we're expecting right now.

是的。謝謝你，帕布羅。這不是物質問題。我的意思是──我們並沒有引導委內瑞拉改變我們的結果。無論哪種方式，都不會有任何實質的改變。我的意思是，當然可能會有好處，但肯定不是我們現在所預期的。

We're expecting our service to Venezuela to be very similar to the rest of the things we do throughout our network. And if we grow there, we grow in another market, it won't change our guidance in a significant way.

我們預計我們在委內瑞拉提供的服務將與我們在整個網路中開展的其他業務非常相似。即使我們在那裡發展壯大，或在另一個市場發展壯大，也不會對我們的業績預期產生重大影響。

Perfect. And if I can add one follow-up. Just out of curiosity, have you seen any interesting trends on the World Cup this year for the summer?

完美的。如果可以的話，我還要補充一點。出於好奇，你有沒有註意到今年夏天世界盃有哪些有趣的趨勢？

Yes. Well, that's an interesting topic because World Cups in our region don't happen even every four years. So demand patterns are going to change due to the World Cup, and it's going to be different to what we're used to dealing with.

是的。嗯，這倒是個有趣的話題，因為我們這個地區甚至不是每四年就舉辦一次世界盃。因此，由於世界杯，需求模式將會發生變化，這將與我們以往習慣應對的情況有所不同。

And we're working hard to try to minimize the potential surprises from flights being very full in one direction, maybe not in the other. And then passengers that were going to have vacation in Cancún or Punta Cana, now they're going to go to the World Cup in the US or Mexico or Canada. So all of those changing patterns are a challenge to deal with.

我們正在努力減少航班單程滿員而另一程可能空位造成的意外情況。原本打算去坎昆或蓬塔卡納度假的乘客，現在要去美國、墨西哥或加拿大觀看世界盃了。因此，應對所有這些變化的模式都是一項挑戰。

And we have a team working on that right now. We will fly extra sections to Toronto, where Panama is playing its first two games. Our third game is in New York. Not sure where we'll play after that if we qualify and keep on moving. Not sure where the finals are in New York.

我們現在已經有一個團隊在研究這個問題了。我們將額外安排航班飛往多倫多，巴拿馬隊將在那裡進行前兩場比賽。我們的第三場比賽在紐約舉行。如果我們晉級並繼續前進，還不確定接下來會在哪裡比賽。不確定決賽在紐約的哪個地方舉行。

So hopefully, we'll be there. But we have -- let's not laugh. We never know. But of course, the other teams are the favorites. So I'm not changing that.

所以，希望我們能到場。但是我們有——別笑。誰也說不準。當然，其他球隊才是奪冠熱門。所以我不會改變這一點。

The favorites are very strong.

奪冠熱門實力非常強勁。

So anyway, we will have extra sections, quite a number of extra sections to Toronto. And then we are managing the rest of the network in the best possible way. And hopefully, on the final, at least, even if it's not Panama, there are two countries that we serve. That will be fantastic.

總之，我們會增加一些航段，相當多的航段飛往多倫多。然後，我們將以最佳方式管理網路的其餘部分。希望在決賽中，即使不是巴拿馬，至少我們也能為兩個國家服務。那真是太棒了。

Jens Spiess, Morgan Stanley.

Jens Spiess，摩根士丹利。

So we have noticed that you are planning to increase capacity in Argentina and actually reducing a bit of capacity in Colombia. So I have like a two-part question here. First, if you could please comment on like the demand dynamics you're seeing in both of those countries.

我們注意到您計劃增加在阿根廷的產能，同時減少在哥倫比亞的產能。我這裡有個包含兩個部分的問題。首先，能否請您談談您在這兩個國家觀察到的需求動態？

I think you already alluded a bit on Colombia, but also interesting to see what you're seeing in Argentina and how excited you're about those routes and demand in that market?

我想你已經稍微提到了哥倫比亞，但也很想看看你在阿根廷看到的情況，以及你對這些航線和市場需求的興奮？

And secondly, considering like how nimbly you're allocating capacity, is it maybe fair to assume that all else equal, your load factor guidance is actually conservative, just putting that out.

其次，考慮到你們在分配運力方面如此靈活，是否可以合理地假設，在其他條件相同的情況下，你們的載客率指導實際上是保守的，特此說明。

Okay. I'll start with the second one first because some team members, especially from the commercial department are here on the call, and they already feel challenged by our goals. So we think -- our guidance tends to be realistic. And that we are always very close to guidance year in and year out because we make it realistic and it's the same guidance that our team has and a chunk of their compensation is based on us reaching those goals.

好的。我先從第二個問題開始，因為一些團隊成員，特別是商務部門的成員，正在參加電話會議，他們已經感受到我們目標的挑戰。所以我們認為──我們的指導意見往往是切合實際的。而且我們每年都能非常接近目標，因為我們所設定的目標都很實際，而且我們的團隊也遵循同樣的目標，他們的部分薪酬就是根據我們能否實現這些目標來決定的。

So everything is well aligned. And for that reason, we need to be realistic. So I would say our guidance are realistic. And when there's upside, it's because there are other external factors that made tailwinds that make things easier.

所以一切都協調一致。因此，我們需要實事求是。所以我認為我們的指導是切合實際的。而當出現上漲行情時，是因為有其他外在因素帶來的順風，使事情變得更容易。

So once in a while, that happens, of course. In terms of Colombia and Argentina, I should say that right now, all of our markets are looking well. Argentina is fine. Of course, it's not as strong as a year ago because as I mentioned in the previous call, a lot of capacity came in during 2025, but it's still a very strong market.

所以，這種情況偶爾會發生，這是當然的。就哥倫比亞和阿根廷而言，我想說，目前我們所有的市場狀況都很好。阿根廷很好。當然，它不如一年前那麼強勁，因為正如我在上次電話會議中提到的，2025 年新增了很多產能，但它仍然是一個非常強勁的市場。

It's still doing well only that year over year, there's a lot more capacity from everyone. But we're doing well in Argentina. We serve a number of cities. Our new cities, which started last year are doing well, too. So -- and Colombia is also doing okay also.

雖然目前情況依然良好，但與去年相比，大家的產能都大幅提升了。但我們在阿根廷發展得很好。我們服務多個城市。我們去年啟動的新城市計畫也進展順利。所以——哥倫比亞的情況也還不錯。

Rogerio Araujo, Bank of America.

羅傑裡奧·阿勞霍，美國銀行。

I have a couple here. First one, you already mentioned that the local currencies have been supporting yields. Is this the only reason why Copper had expectations for a flat RASM despite of a double-digit capacity expansion? Or in your view, there are other strengths in the region that could explain that or maybe some supply rationality. If you could give some color on that? That's my first one.

我這裡有幾個。首先，您已經提到當地貨幣一直在支撐收益率。儘管產能實現了兩位數的成長，但銅業預期 RASM 仍將保持不變，這是否是唯一的原因？或者，在你看來，該地區還有其他優勢可以解釋這種情況，或者可能是供給理性造成的。能詳細解釋一下嗎？這是我的第一個。

Yes. The currency -- the potential currency strength or tailwind is not something that we're banking on for the full year. We know the volatility of our currencies -- well, a lot of currencies in our region. And when we put together our growth plan, currencies were not as strong as they are right now.

是的。我們並不指望貨幣——潛在的貨幣強勢或利好因素——能夠持續一整年。我們了解我們貨幣的波動性——或者說，我們地區很多貨幣的波動性。當我們制定成長計畫時，當時的貨幣匯率遠不如現在這麼堅挺。

So no, that's not -- it's not only not part of the plan. It could be a windfall. It could be -- it's a tailwind right now, but it's not what we're betting on for growth or for having a strong year.

所以，不，那不只不在計劃之內。這可能是一筆意外之財。有可能——目前這確實是一股順風，但這並不是我們押注成長或強勁業績的因素。

Okay. Perfect. And also, it felt to me a little bit challenging on arriving to the CASM ex-fuel guidance, looking at my model and playing with the variables. So any color you could provide on which lines we could reduce further or that you see more opportunities? Anything you could share here would be greatly appreciated as well.

好的。完美的。而且，在得出不含燃料的 CASM 指導值時，我感覺有點具有挑戰性，因為我需要查看我的模型並調整變數。那麼，您能否就哪些方面的削減可以進一步說明，或者您認為還有哪些機會？如果您能在這裡分享任何信息，我們將不勝感激。

Thank you. I thank you for the question. This is Peter again. I would say that our guidance, what has embedded is some benefit for the growth. So those lines that are fixed or semi-fixed, we will see a better benefit, part of the salary wages and benefits, that part that is not operational driven.

謝謝。謝謝你的提問。這是彼得。我認為，我們的指導，以及其中蘊含的理念，對發展是有益的。因此，對於那些固定或半固定的線路，我們將看到更好的收益，一部分工資和福利，即非營運驅動的部分。

And we're very disciplined to not grow overhead in the same line that we grow capacity. So we're going to see some benefits in there. And we should be able to see additional benefits in the sales and distribution. So I think if I would call out, I would say those were two particular lines that we could call out right now.

我們非常注重控制營運成本的成長，避免在擴大產能的同時增加營運成本。所以我們會從中看到一些好處。我們應該能夠在銷售和分銷方面看到額外的收益。所以我覺得如果讓我指出的話，我會說這是我們現在可以特別指出的兩點。

Guilherme Mendes, JPMorgan.

Guilherme Mendes，摩根大通。

But the second one is regarding the buyback program. Peter, if you could remind us where you are on the buyback program, how much you have executed so far?

但第二個問題與回購計畫有關。Peter，可以提醒我們一下回購計畫的進展嗎？目前為止已經執行了多少？

Thank you, Guilherme. We have the buyback program approved by the Board of $200 million. We have executed more or less half of it. And we have the other half remaining open. No one dates in place. And whenever we do finalize it, we ask for a new one.

謝謝你，吉列爾梅。我們已經獲得了董事會批准的2億美元股票回購計畫。我們已經完成了大約一半。我們還有一半的空置空間。沒有人在那裡約會。每次我們最終確定下來之後，我們都會要求重新做一個。

Alberto Valerio, UBS.

Alberto Valerio，瑞銀集團。

My question comes from Brazil here, we heard that there is a project to suspend the Law 400 in Brazil, which would be good for the airlines in terms of lawsuits from the consumers to the airline. I would like to see if you already see any positive impact on the liabilities of Copa with the Brazilian consumers. And if they get approval this Resolution 400, what we can see in terms of upside to the future?

我的問題來自巴西，我們聽說巴西有一個暫停執行第 400 號法律的項目，這對航空公司來說是件好事，可以減少消費者對航空公司提起的訴訟。我想了解您是否已經看到這對 Copa 在巴西消費者中的責任產生了任何積極影響。如果這項第 400 號決議獲得批准，那麼未來我們可以看到哪些利多因素？

Yes. Thanks, Alberto. So the impact, it's going to be on cost, of course. And many might not be aware of this, but I think something close to like 90% of passenger/consumer losses in the world come out of Brazil. And so that's going to be welcomed by the industry because the numbers just don't make sense and are not fair to airlines or to the reality of our industry. So there will be cost savings from that if it does pass.

是的。謝謝你，阿爾貝托。所以，影響肯定反映在成本上。很多人可能沒有意識到這一點，但我認為全球近 90% 的乘客/消費者損失都來自巴西。因此，這將受到業界的歡迎，因為這些數字根本說不通，對航空公司和我們行業的實際情況都不公平。如果這項提案獲得通過，將會節省成本。

Pedro. If I'm not mistaken, it's already suspended, isn't it? You are not being charged for the lawsuits since the end of last year. You correct me if you're wrong. You have any impact already from this or not?

佩德羅。如果我沒記錯的話，它已經被暫停了，對嗎？您無需為去年底以來的訴訟支付任何費用。如果我說錯了，請糾正我。這件事對你來說已經有什麼影響了嗎？

Well, we have the impact from the lawsuits. We all have the impact from the lawsuits. So is that -- I mean, to be transparent, I'm not very familiar with the specifics of the law, the resolution and what's going to change. Of course, I'm aware of it, and it's been discussed, but one of those things that I want to see it to believe it.

嗯，我們受到了訴訟的影響。訴訟對我們所有人都有影響。所以——我的意思是，坦白說，我對法律的具體細節、決議以及將要發生的變化不太了解。當然，我知道這件事，也討論過，但有些事情我還是想親眼看看才能相信。

So it will be a positive. I haven't been very involved in the details of it, but it will be really important for the industry. It will be very positive. And especially it will be fair to the industry. And it will result in savings, of course.

所以這會是個好結果。我沒有過多參與其中的細節，但這對整個行業來說真的非常重要。這將是非常積極的。尤其對行業而言，這將非常公平。當然，這樣做最終會節省開支。

This concludes the question-and-answer session. I'll now turn it back to Pedro Heilbron for closing remarks.

問答環節到此結束。現在我將把發言權交還給佩德羅·海爾布隆，請他作總結發言。

Thank you. So thank you all. This concludes our earnings call. Of course, thank you for being with us. And as always, thank you for your continued support.

謝謝。所以，謝謝大家。我們的財報電話會議到此結束。當然，謝謝你們的陪伴。一如既往，感謝大家的支持。

Have a great day.

祝你有美好的一天。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。