Copa Holdings, S.A. (CPA) 2026 Q1 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加 Copa Holdings 第一季財報電話會議。（接線員指示）

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.

提醒各位，本次電話會議將於 2026 年 5 月 14 日進行網路直播並錄音。現在我將把會議交給投資人關係總監 Daniel Tapia。先生，您可以開始。

Thank you, Carmen, and welcome, everyone, to our first quarter earnings call. Joining me today are Mr. Pedro Heilbron, Executive Chairman and CEO of Copa Holdings; and Peter Donkersloot, our CFO.

謝謝您，Carmen，也歡迎各位參加我們的第一季財報電話會議。今天與我一同出席的有 Copa Holdings 執行董事長兼執行長 Pedro Heilbron 先生，以及我們的財務長 Peter Donkersloot。

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.

首先，Pedro 將先說明第一季重點，接著由 Peter 更詳細地討論我們的財務結果。隨後，我們將立即開放分析師提問。

As a reminder, Copa Holdings financial reports have been prepared in accordance with International Financial Reporting Standards.

提醒各位，Copa Holdings 的財務報告係依據國際財務報導準則（IFRS）編製。

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.

在今天的電話會議中，我們將討論若干非 IFRS 財務衡量指標。這些指標與可比較 IFRS 指標之調節表可於我們的財報新聞稿中查閱，該新聞稿已公布於本公司網站。

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.

我們今天的討論亦將包含前瞻性陳述，除歷史事實外，反映公司目前對未來事件與結果之信念、預期及／或意圖。

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.

這些前瞻性陳述涉及風險與不確定性，可能導致實際結果出現重大差異，且係基於可能變動之假設。其中許多已於我們向美國證券交易委員會（SEC）提交的年度報告中討論。

Now I'd like to turn the call over to our Chairman and CEO, Mr. Pedro Heilbron.

現在我想把電話會議交給我們的董事長兼執行長 Pedro Heilbron 先生。

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.

謝謝你，Daniel。各位早安，也感謝各位參加我們的第一季財報電話會議。在開始之前，我想先表揚我們超過 9,000 位同仁。

Their commitment and professionalism continue to be key drivers of Copa's strong operational performance and leadership in our industry.

他們的投入與專業精神，持續成為 Copa 強勁營運表現與產業領導地位的關鍵驅動力。

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.

尤其在當前航油價格較高且波動的環境下，他們對執行力與成本紀律的一貫專注，使我們能以更有利的態勢進入目前的燃油環境。對他們，我一如既往致上誠摯的感謝與敬意。

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.

我們再度交出一季強勁的財務與營運成果，重申我們商業模式的強度與韌性，以及我們持續提供產業領先獲利能力的能力。

Our first quarter results reflect a strong demand environment across the region, continued discipline in cost execution, and our relentless focus on delivering operational excellence to our passengers.

我們第一季的結果反映出區域內強勁的需求環境、持續的成本執行紀律，以及我們對為旅客提供卓越營運表現的不懈專注。

Now I'll go over our first quarter highlights.

接下來我將說明第一季重點。

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. RASM came in at $0.118, 2.7% higher compared to Q1 '25. Unit cost for CASM increased 1.6% to $0.089, driven by higher fuel prices.

運能年增 14%，旅客運量年增 15%，使載客率提升 0.8 個百分點至 87.2%。旅客收益率（Passenger yield）年增 1.6%。每可用座位英里收入（RASM）為 0.118 美元，較 2025 年第一季高 2.7%。每可用座位英里成本（CASM）單位成本上升 1.6% 至 0.089 美元，主要受較高燃油價格帶動。

CASM, excluding fuel, declined 1% to $0.058, 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.

扣除燃油後的 CASM 下降 1% 至 0.058 美元，反映我們持續的成本紀律；同時我們交出產業領先的 24.6% 營業利益率，較去年第一季高 0.8 個百分點。

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.

在營運方面，本季準點率達 91.6%，航班完成率達 99.7%，再次使 Copa 位居業界最佳之列。

Turning to our network.

接著談我們的航網。

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.

我們已恢復飛往瓦倫西亞（Valencia）與巴基西梅托（Barquisimeto）的航班，並已排定於 6 月重啟巴塞隆納（Barcelona）航線，連同既有的馬拉開波（Maracaibo）與卡拉卡斯（Caracas）航班。

This returns us to serving five cities in Venezuela from our Hub of the Americas in Panama. With these additions, we will operate through 87 destinations in 32 countries further strengthening our position as the most complete and convenient connecting hub for travel in the Americas.

這使我們從巴拿馬「美洲樞紐」（Hub of the Americas）飛往委內瑞拉的航點回到 5 個城市。隨著這些新增航點，我們將營運覆蓋 32 個國家、87 個目的地，進一步鞏固我們作為美洲區域旅行最完整且最便利轉機樞紐的地位。

With regard to our fleet. During the quarter, we took delivery of two Boeing 737-MAX 8, ending Q1 with 127 aircraft.

關於機隊方面，本季我們交付接收兩架波音 737-MAX 8，使第一季末機隊達 127 架。

We have already received two additional MAX 8s in the second quarter, bringing our fleet total to 121 aircraft.

我們在第二季已再接收兩架 MAX 8，使我們的機隊總數達 121 架。

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.

此外，我們於 4 月宣布新增波音 737-MAX 訂單，包含 40 架確定訂購與 20 架選擇權，交付時程介於 2030 年至 2034 年。

This new order which begins as we complete deliveries from our existing order book in 2029, reinforces our long-term growth strategy and ensures Copa's Hub of the Americas continues to lead well into the next decade.

這筆新訂單將在我們於 2029 年完成既有訂單簿交付之際開始，強化我們的長期成長策略，並確保 Copa 的「美洲樞紐」在未來十年仍持續領先。

As always, we maintain significant flexibility in our fleet plan. Thanks to options, flight rights, lease expiration and unencumbered aircraft, which provide us the ability to adjust our growth plan if needed.

一如既往，我們在機隊規劃上保有高度彈性。透過選擇權、航權、租約到期以及未設定擔保的自有飛機，使我們在需要時能調整成長計畫。

Turning now to the current environment of higher and volatile jet fuel prices.

現在談談當前航油價格較高且波動的環境。

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.

在我們的歷史中，我們已成功度過多次燃油價格上升與波動的時期，並在有效的商業模式、低成本與紀律執行的支持下，持續交出強勁的財務成果。我有信心我們將再次證明這一點。

To summarize, we delivered strong industry-leading profitability in the quarter. We continue to improve our already competitive cost structure.

總結而言，我們本季交出強勁且產業領先的獲利能力。我們也持續改善原本就具競爭力的成本結構。

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.

我們持續提供同級最佳的準點表現與可靠性。我們也持續擴張並強化航網，打造美洲區域內旅行最完整且最便利的樞紐。

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.

目前需求環境仍然強勁，支撐收益率提升；而我們經驗證的商業模式—建立在最佳地理位置、結構性低單位成本、強健的資產負債表與流動性，以及更優質且以旅客為導向的產品—使我們能妥善因應較高的航油價格環境，並在 2026 年再次交出強勁且產業領先的財務成果。

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

接下來我把電話會議交給 Peter，他將更詳細帶各位了解財務表現。

Thank you, Pedro. Good morning, everyone, and thank you for joining our call today. I would 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.

謝謝你，Pedro。各位早安，感謝各位今天參加我們的電話會議。我想先再次呼應 Pedro 對團隊持續投入、交付產業領先成果的肯定。他們的承諾仍是我們強勁營運與財務表現不可或缺的關鍵。

Let me begin by going over our first quarter highlights. We reported a record net profit of $212 million or $5.16 per share, representing a 20.5% year-over-year increase in earnings per share.

我先從第一季重點開始。我們報告創紀錄的淨利 2.12 億美元，或每股 5.16 美元，代表每股盈餘年增 20.5%。

Net margin came in at 20.2%, 0.5 percentage points higher year-over-year. Operating profit came in at $258 million, resulting in an operating margin of 24.6%, a 0.8 percentage points higher than the first quarter 2025.

淨利率為 20.2%，年增 0.5 個百分點。營業利益為 2.58 億美元，營業利益率為 24.6%，較 2025 年第一季高 0.8 個百分點。

Unit costs, excluding fuel, or ex-fuel CASM declined 1% to $0.058, reflecting the company's continued focus on cost discipline.

扣除燃油的單位成本（ex-fuel CASM）下降 1% 至 0.058 美元，反映公司持續聚焦成本紀律。

Including fuel, CASM increased 1.6% year-over-year to $0.089, driven by the increase in the average price of jet fuel.

包含燃油在內，CASM 年增 1.6% 至 0.089 美元，主要受航油平均價格上升所帶動。

During the quarter, all-in jet fuel prices increased 7.5% year-over-year from $2.54 to $2.73 per gallon. While the average increase for the quarter was moderate, higher prices in the second half of March had a more pronounced impact on our results driving an approximately $20 million year-over-year impact on the first quarter performance.

本季含各項費用的航油價格年增 7.5%，由每加侖 2.54 美元上升至 2.73 美元。雖然本季平均漲幅相對溫和，但 3 月下半月較高的價格對我們的結果影響更為明顯，推動第一季表現出現約 2,000 萬美元的年對年影響。

Moving on to our balance sheet and liquidity. We ended the quarter with approximately $1.5 billion in cash, short-term and long-term investments, representing a 40% of last 12 months revenues.

接下來談談我們的資產負債表與流動性。我們在本季末持有約15億美元的現金、短期與長期投資，約相當於過去12個月營收的40%。

This number excludes approximately $700 million in predelivery deposits for new aircraft as well as 45 unencumbered aircraft and 15 unencumbered spare engines worth an estimate additional value of over $1 billion.

此數字不包含約7億美元用於新飛機的交付前訂金，亦不包含45架無擔保飛機與15具無擔保備用引擎，其估計額外價值合計超過10億美元。

Total debt, including lease liabilities, stood at $2.4 billion, and we ended the quarter with an adjusted net debt-to-EBITDA ratio of 0.7times reflecting our strong financial position. I'd like to highlight that our average cost of debt comprised solely of aircraft-related financing remains highly competitive at 3.6%.

總負債（含租賃負債）為24億美元；本季末調整後淨負債對EBITDA比率為0.7倍，反映我們強勁的財務狀況。我也想強調，我們的平均負債成本僅由飛機相關融資構成，仍具高度競爭力，為3.6%。

Turning now to the return of value to our shareholders. The Board of Directors has ratified the company's second quarterly dividend for the year of $1.71 per share to be paid on June 15 to all shareholders of record as of May 29. Additionally, during the quarter, we repurchased $45 million worth of shares representing approximately 1% of the total outstanding shares.

接著談回饋股東價值。董事會已核准公司今年第二次季度股利，每股1.71美元，將於6月15日支付給截至5月29日登記在冊的所有股東。此外，本季我們回購了價值4,500萬美元的股份，約占流通在外總股數的1%。

Finally, turning to our outlook. We continue to see a robust demand environment across the region. In our effective business model, combined with continued cost discipline, position us to continue sustaining strong financial performance.

最後談談展望。我們持續看到整個區域的需求環境強勁。我們有效的商業模式，加上持續的成本紀律，使我們得以持續維持強勁的財務表現。

For the second quarter, we expect to deliver an operating margin in the range of 8% to 12% with a capacity growth in ASMs of approximately 16% year-over-year. These results are impacted by a projected year-over-year increase in the all-in jet fuel price per gallon in the range of 80% to 90% for which we expect to recover approximately 50% via higher revenues.

就第二季而言，我們預期營業利益率將落在8%至12%區間，且以ASM衡量的運能年增約16%。這些結果受到預估每加侖綜合航油價格年增80%至90%的影響；我們預期可透過較高營收回收約50%。

This partial pass-through is a result of the already advanced booking levels. For the full year, we expect to continue capacity growth -- we continue to expect our capacity growth within the range of 11% to 13%, a load factor of approximately 87% and unit costs excluding fuel of approximately $0.057.

這種部分轉嫁主要是因為目前訂位水準已相當提前。就全年而言，我們預期將持續擴增運能——我們仍預期運能成長落在11%至13%區間，載客率約87%，以及不含燃油的單位成本約0.057美元。

Based on the current future and assuming recent yield improvements are sustained, we expect to recover a substantial portion of the increased fuel cost expense for the year, reaching up to 100% by the end of the year.

基於目前的期貨價格，並假設近期收益率改善得以延續，我們預期今年可回收燃油成本增加的大部分支出，並在年底前最高可達100%。

We will review our full year operating margin and RASM expectation as conditions stabilizes and visibility for the second half of the year becomes clearer.

待情勢趨於穩定、且下半年能見度更清晰時，我們將重新檢視全年營業利益率與RASM的預期。

In summary, despite the current fuel environment, we remain confident in our ability to deliver strong results supported by robust demand, disciplined cost management and our proven and resilient business model. Thank you, and we'll now open the call for questions from the analysts.

總結而言，儘管目前燃油環境不利，我們仍對交出強勁成果充滿信心，這將由強勁需求、嚴謹的成本管理，以及我們經驗證且具韌性的商業模式所支撐。謝謝各位，接下來我們開放分析師提問。

(Operator Instructions) Savanthi Syth, Raymond James.

（接線員指示）Savanthi Syth，Raymond James。

Hey, good morning, everyone. You're growing capacity 16% into a seasonally weak quarter here in the second quarter and the guidance seems to imply like a high single digit, low double-digit unit revenue. I was wondering if you could provide a little bit more color on kind of how much of the quarter was booked prior to the fare increases? And if there was any particular region that stands out as being stronger?

各位早安。你們在第二季這個季節性偏弱的季度仍將運能提高16%，而指引似乎暗示單位營收為高個位數到低雙位數成長。我想請你們多補充一些細節：本季有多少比例的訂位是在票價調漲之前就已完成？另外，有沒有哪個特定區域表現特別強？

Hi thanks, Savi. I would say that we see strength across the network and not necessarily one region is stronger than other. I think we haven't maybe seen this in a while. There's always weakness somewhere. But right now, every region we serve is performing very well and is showing strength.

嗨，謝謝你，Savi。我會說我們在整個航網都看到強勁表現，並不一定是某個區域比其他區域更強。我想我們可能有一段時間沒看到這種情況了——過去總會有某處偏弱。但現在我們服務的每個區域表現都非常好，且都展現出強勁動能。

That's helpful. And maybe just following up on that. Some of the local currencies are much stronger lately. I know you priced your tickets in US dollar and -- but just wondering what the purchasing power strength -- what kind of a tailwind that had in like 1Q and what you're thinking it is in 2Q?

這很有幫助。再追問一下：最近一些當地貨幣走強。我知道你們以美元定價機票——但我想了解購買力走強在第一季帶來了多大的順風？以及你們對第二季的看法？

Well, I think that, that will always play a positive role when currencies are stronger in Latin America. We've been asked that question before. And the answer has always been that we tend to benefit more from a stronger -- from stronger Latin American currencies than the opposite because we do generate a little bit higher percent of our traffic down south than in the other direction.

我認為當拉丁美洲貨幣走強時，這通常都會帶來正面影響。之前也有人問過我們這個問題。我們的回答一直是：相較於貨幣走弱，我們往往更能受惠於拉丁美洲貨幣走強，因為我們往南向的客流占比略高於反向。

And if we look at the main currencies of Latin America compared to one year ago, most of the important ones of the larger markets are up double digits. So yes, that, of course, plays a positive role in what we're seeing.

如果我們把拉丁美洲主要貨幣與一年前相比，多數重要、且市場規模較大的貨幣都呈現雙位數升值。所以是的，這當然對我們目前看到的情況有正面作用。

That's helpful. Thank you.

很有幫助，謝謝。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, good morning. Maybe just to continue right there. Can you quantify maybe the FX tailwind sequentially, what you would consider that to be in the second quarter versus what you realized in the first quarter?

早安。延續剛才的話題，你能否量化一下匯率順風的影響，第二季相較第一季的環比大概是多少？

I think it's -- I'm not sure if we can be very specific about that, but the currencies have remained strong. They've actually gained a little bit in the last months and 2 months. Some are stable. Others have gained a little. We are not seeing weakness in the currency.

我想——我不確定我們能否非常具體地量化，但這些貨幣仍維持強勢。事實上，過去一兩個月還略有升值。有些保持穩定，另一些小幅走強。我們沒有看到貨幣走弱。

So I think it's a good environment for what we're seeing overall in terms of demand and even demand being resilient over yield increases that we've also seen from the whole industry in the last few months.

所以我認為，這對我們整體所看到的需求環境是有利的；而且即便過去幾個月整個產業也出現收益率上調，需求仍具韌性。

Thanks. And then just for my follow-up, I think your CASM ex was down about 1% in the first quarter. You're guiding to down 1% for the year. Is that the right way to think about the trend consistently across the quarters? Or do you see easier comps, for example, in this 2Q, do you see an easier comp there? Or is it pretty much spread across the year?

謝謝。接著追問：我記得你們第一季CASM（不含燃油）大約下降1%。你們對全年指引也是下降1%。是否可以把這視為各季趨勢都一致？或是你們看到比較容易的比較基期——例如第二季是否更容易？還是大致平均分布在全年？

Hello, Duane, this is Peter, and thank you for the question. I would say that we're guiding for a full year CASM of $0.057. And we always talk about CASM being pretty much in the range of the year, pretty stable. So I think that's what we should be expecting for the year relatively stable CASM and that's back on all the initiatives we talked that it should be stable across the year.

你好，Duane，我是Peter，謝謝你的問題。我會說我們對全年CASM指引為0.057美元。我們一直都提到CASM在一年當中大致會落在相近區間、相對穩定。所以我認為今年應該預期CASM相對穩定；這是基於我們談到的各項措施，預期全年都會保持穩定。

So no quarter sticks out in terms of like a massively easier comp versus the others?

所以沒有哪一季會特別突出，例如相較其他季度有明顯更容易的比較基期？

No, not particularly.

對，沒有特別明顯。

Thank you very much.

非常感謝。

Thank you, have a good day

謝謝，祝你有美好的一天

Julia Orsi, JP Morgan.

Julia Orsi，JP Morgan。

Yes, hello everyone. Good morning. Thanks for taking the time. So we have two questions from our side. The first one, can you provide more details on this whole demand environment? I understand that demand has been trending well. But is there a specific segment where it has been more sensitive to the higher tariff prices?

各位好，早安。謝謝撥冗。我們這邊有兩個問題。第一個，能否就整體需求環境提供更多細節？我理解需求趨勢良好，但是否有某個特定客群對較高票價更為敏感？

And the second one, it's about -- it's a follow-up on the cost structure. You're implementing several initiatives to cost cutting. Can you provide more details on how these initiatives are trending? Thank you.

第二個問題是——關於成本結構的追問。你們正在推動多項成本削減措施。能否提供更多細節，說明這些措施的進展情況？謝謝。

Okay. Thank you, Julia. I'll start with the first question, then I'll ask Peter to help me with the cost question. So as I mentioned before, we're seeing strong demand across our network. All regions are carrying their own weight.

好的，謝謝你，Julia。我先回答第一個問題，接著我會請Peter協助回答成本的問題。如我先前提到的，我們在整個航網都看到強勁需求，各區域都能各自貢獻表現。

And the way we are reflecting this is that, we've just shown our April numbers with ASM growth around 16% and RPMs were flat with 16% growth, and there's been yield adjustments done by the whole industry to compensate for fuel. So that combination of strong double-digit growth in spite of yield adjustments in the industry is, I think, a good testament of how strong is demand in our region right now.

我們反映這點的方式是：我們剛展示了4月數據，ASM成長約16%，RPM也隨著16%的成長而持平；同時，整個產業為了因應燃油成本而進行了收益率調整。因此，在產業進行收益率調整的情況下仍能維持強勁的雙位數成長，我認為這很能證明目前我們區域的需求有多強。

Hello Julia, this is Peter. So I'll talk about the cost structure. So mainly what we're seeing that is driving the cost down and some of the initiatives are back on and I go to main, one is our ASM growth back on the capacity and the densification project that we've been talking about. And of course, that helps us continue to lose part of our fixed cost. We can see a, let's say, 30% of our ex-fuel expenses are not exactly directly related to capacity.

你好，Julia，我是Peter。我來談一下成本結構。主要我們看到推動成本下降的因素，以及一些措施已重新啟動。我先講重點：第一個是我們的ASM成長回到產能成長軌道上，以及我們一直在談的密度提升（densification）專案。當然，這有助於我們持續攤薄一部分固定成本。我們可以看到，假設約30%的非燃油費用並不是與運能直接相關。

So we can make sure those grow less than ASMs and benefit from that growth and then I would say the other is we continue to seeing some benefits on our sales and

因此我們可以確保這些費用的成長低於ASM，並從該成長中受益；另外我會說，我們也持續在銷售與

distribution strategy and other initiatives that we have in that bucket. And those are, I would say, if I would give you color, those are the 2 main buckets that I would call out in the cost structure going forward.

通路策略以及該範疇中的其他措施上看到一些效益。我會說，如果要給你一些補充說明，這兩個就是我認為未來成本結構中最主要的兩大項。

But it's super clear. Thank you.

非常清楚。謝謝你。

Thank you.

謝謝。

Michael Linenberg, Deutsche Bank.

Michael Linenberg，德意志銀行。

Yeah, hey, thanks for taking my questions. Just I saw that you did unveil your formalized, I guess, your 2027 fleet plan. And so we obviously are looking at very meaningful fleet growth this year and next year.

是的，嗨，謝謝讓我提問。我看到你們正式公布了你們的——我想是——2027年機隊計畫。因此我們顯然看到今年與明年機隊將有相當顯著的成長。

Can you just remind us what's the CapEx number for this year? What's that number for next year since obviously, I know you're going to start incurring some of that CapEx this year as well for '27?

你能否提醒我們今年的資本支出（CapEx）金額是多少？明年的金額是多少？因為很明顯，我知道你們今年也會開始為『27年的計畫』發生部分CapEx。

Hello, Mike, how are you? Thank you for your question. So I'm saying our CapEx for the year, our cash CapEx for the year, sorry, is in the neighborhood of $300million to $300 million. That's our cash CapEx that will be mainly a maintenance and then if I put up together the fleet CapEx, it will put us somewhere around the $750 million to $800 million for the year.

你好，Mike，你好嗎？謝謝你的問題。我是說，我們今年的CapEx——抱歉，是今年的現金CapEx——大約在3億美元到3億美元左右。這是我們的現金CapEx，主要是維修維護用途；如果把機隊CapEx加總起來，今年大約會落在7.5億美元到8億美元左右。

Don't necessarily that for multi-year CapEx bid, the cash CapEx would be in the neighborhood. And then the fleet, the aircraft cap that would be related to that fleet process that you're seeing for next year.

不一定是針對多年期CapEx投標而言，現金CapEx大概會在那個區間；至於機隊、也就是與你看到的明年機隊進程相關的飛機資本支出，則會與此相對應。

Okay, great.

好的，很好。

Let me add some -- Mike, let me add to that. Last year, we took delivery of 13 aircraft. This year is seven aircraft -- eight aircraft we're taking delivery of this year. So a little bit less than last year. Going forward, we have a lot of flexibility like we've done in the past when we needed to adjust deliveries and adjust capacity.

我補充一下——Mike，我補充一下。去年我們交付了13架飛機。今年是7架——今年我們會交付8架飛機。所以比去年少一點。往後看，我們像過去一樣有很大的彈性；當我們需要調整交付與調整運能時，我們都能做到。

So we're very comfortable that we can adjust to the business environment as needed as we've done before. We never roll the dice without a parachute. I know those two things don't go together. But you know what I mean.

所以我們非常有信心能像以前一樣，視需要因應商業環境做調整。我們從不在沒有降落傘的情況下擲骰子。我知道這兩件事不太搭，但你知道我的意思。

Yeah, no, I like the context because it's now it seems like that you've sort of been at this level for the last couple of years. This isn't really all that extraordinary now that you're getting airplanes and then my second question is.

是的，我理解。我喜歡這個背景說明，因為現在看起來你們過去幾年大致維持在這個水準。現在你們接收飛機其實也不算特別異常。那我的第二個問題是。

Look, we're in a really high fuel price environment, and you're still able to put up double-digit operating margins, even what will be your seasonally weakest quarter, or at least the potential to hit that. And so you can grow in this environment.

你看，我們處在一個燃油價格非常高的環境，但你們仍能繳出雙位數的營業利潤率，即使是在你們季節性最弱的一季，或至少有機會達到那個水準。而且你們還能在這種環境下成長。

And I suspect that many of your competitors cannot. And I'm just curious, from a competitive capacity perspective, what you're starting to see in the market that you're sort of full steam ahead, maintaining your full-year ASM growth.

我猜很多競爭對手做不到。從競爭性的運能角度來看，你們在市場上開始看到什麼？你們是全速前進，維持全年ASM成長。

I suspect that we're going to see others scale back. Any color on what you're seeing in the region? I mean, obviously, Spirit going away, there will be some benefit there because there was some competitive, at least on one-stop flights. But anything else? Thanks for taking my question.

我猜我們會看到其他人縮減。能否談談你們在區域內看到的情況？我的意思是，很明顯Spirit退出，會帶來一些好處，因為至少在轉機航班上存在一些競爭。但還有其他嗎？謝謝讓我提問。

Yeah. Thank you, Mike. Besides the obvious of Spirit going away, as you just mentioned, we haven't really seen any particular movement from the rest of the airlines serving the region.

是的。謝謝你，Mike。除了你剛提到的Spirit退出這個明顯因素之外，我們其實沒有看到其他服務該區域的航空公司有任何特別的動作。

We haven't seen any capacity pullback in response to the current fuel prices. That is not to say that it might not happen in the future, but we haven't really seen anything up to now.

我們沒有看到因應目前燃油價格而出現任何運能縮減。這並不是說未來不會發生，但截至目前我們確實還沒看到。

Okay, thank you.

好的，謝謝。

Alberto Valerio, UBS.

Alberto Valerio，瑞銀（UBS）。

Hi, gentlemen. Thanks for taking my question. Congrats for the results. My question is mainly 2. The first one on the crack spread, we noticed that this quarter, crack spread below historical levels. If we can consider that for going forward or if it is just for this quarter, if you have any benefit in Panama.

嗨，各位先生。謝謝讓我提問，恭喜你們的業績。我的問題主要有兩個。第一個是關於裂解價差（crack spread），我們注意到本季裂解價差低於歷史水準。往後是否可以這樣看待，還是只是本季的情況？你們在巴拿馬是否有任何好處？

The second one is about the guidance for the year. Can you consider it as a nominal passthrough on the fuel price? Or can you reconsider it as recovering the margins of 22%, 23% for the full year? Thank you very much.

第二個是關於全年指引。你們是否把它視為燃油價格的名目轉嫁（nominal passthrough）？或者你們是否把它視為全年可回到22%、23%利潤率的復原？非常感謝。

So Alberto, I'll take the first one. On the fuel and the crack, we're obviously seeing similar as everybody else in the fuel environment. We do have a 15-day lag on how they pass-through increase and probably that's one of the reasons we're seeing an average in the first quarter lower than the expectation. But going forward, we are using US Gulf Coast jet fuel future curves.

Alberto，我先回答第一個。關於燃油與裂解價差，我們顯然和其他人一樣，面對相同的燃油環境。我們在成本轉嫁上有15天的落後期（lag），這可能是我們看到第一季平均值低於預期的原因之一。但往後，我們採用美國墨西哥灣沿岸（US Gulf Coast）的航煤期貨曲線。

And that's what we're basing on and similar to everybody. So we're seeing similar trends like everybody else. And then with that, we add our inter-plane cost that should be in the neighborhood $0.30 per gallon. That's what gives us our guidance on the fuel for the rest of the year. And then I'll let Pedro talk about the recovery

我們就是以此為基礎，和大家類似，所以我們看到的趨勢也與其他人相近。此外，我們再加上我們的機坪間成本（inter-plane cost），大約每加侖0.30美元。這就是我們對今年剩餘期間燃油指引的依據。接著我讓Pedro談談利潤率的回升。

Yeah. Well, the -- I think when we talk about guidance for the year or the rest of the year for that matter, there's still many, many unknowns and many variables that come into play. Starting with fuel, which is what's having the greatest impact right now. We don't really know in which direction fuel is going to go for the rest of the year. We're following the guidance I mean the fuel curve, we're following the fuel curve.

是的。嗯——我想當我們談到全年或今年剩餘期間的指引時，仍然有非常非常多未知數與變數會影響結果。首先是燃油，這是目前影響最大的因素。我們其實不知道燃油在今年剩餘時間會往哪個方向走。我們是依循指引——我是說燃油曲線——我們依循燃油曲線。

And if we go by the fuel curves that we have right now, the yield increases that are already in place and the fact that for the second half of the year, bookings are much lower because that's just how the booking curve works, means that those yield increases that are already in place are going to have a more significant impact in the second half of the year than what they were able to have in the second quarter.

如果依照我們目前看到的燃油曲線、已經到位的票價收益（yield）調升，以及下半年因為訂位曲線（booking curve）的特性而使得訂位量低很多，這代表已經到位的那些yield調升，在下半年的影響會比在第二季更顯著。

We were already sold or booked around 40% in the second quarter when this conflict and fuel prices hit us. So we could not do anything about that 40% for the second half of the year it's much different. Bookings were much lower. So our guidance is based on that.

當這場衝突與燃油價格上升衝擊我們時，第二季我們已經賣出或訂位了大約40%。所以對第二季那40%我們無能為力；但下半年就很不一樣，當時的訂位量低很多。因此我們的指引是基於這些因素。

Current yield adjustments that are already in place, a fuel curve, which no one controls and is very volatile and the bookings that were already in place for the yield adjustments. Those are all variables.

目前已經到位的yield調整、燃油曲線——沒有人能控制而且非常波動——以及在進行yield調整時既有的訂位狀況。這些都是變數。

Well, the booking is not a variable that's going to change because I mean it's going to -- that's going to improve at the new yield.

嗯，訂位其實不是會改變的變數，因為我的意思是——它會在新的yield水準下改善。

The yields depend on competition and demand, which right now demand looks very strong and competition has been rational. And then the fuel curve might be the one variable that no one really can predict.

收益率取決於競爭與需求；而目前看起來需求非常強勁，競爭也相當理性。接著，燃油曲線可能是唯一一個沒有人真正能預測的變數。

Fantastic, thank you very much.

太棒了，非常感謝。

Thank you.

謝謝。

Daniel Mckenzie, Seaport Global.

Daniel Mckenzie，Seaport Global。

Oh, hey, good morning. A couple of questions here. Just going back to Mike's question, just the high-priced fuel environment, is it your sense that there could be some strategic opportunities that come from this, like, let's say, if fuel prices continue to rise. And then related to that, if we just kind of think about the supply chain of Latin America, are there any -- are the refineries in some countries that are disproportionately reliant on Iran that sort of are catching your radar?

喔，嗨，早安。我這邊有幾個問題。先回到 Mike 的問題，在高油價的燃油環境下，您的看法是這是否可能帶來一些策略性機會？例如，如果油價持續上升。然後與此相關，如果我們從拉丁美洲的供應鏈角度來看，有沒有——有些國家的煉油廠是否對伊朗的依賴程度特別高，而這點已引起你們注意？

Well, from what we can see and from speaking to our fuel suppliers, we think we're in a good position in terms of supply. Our oil comes mostly -- oil that gets refined and turned into jet fuel comes mostly from the US, from Mexico and other countries, Venezuela, Colombia, et cetera.

嗯，從我們所看到的情況以及與燃油供應商的交流來看，我們認為在供應面我們處於有利位置。我們的原油主要——被精煉並轉化為航空燃油的原油主要來自美國、墨西哥以及其他國家，如委內瑞拉、哥倫比亞等等。

So it all comes from this part of the world. It's not affected by the Strait of Hormuz. Of course, fuel prices are international and so regional supplies don't make -- don't change the WTI or Brent prices. But in terms of having the availability of the jet fuel, we're in a good position and the times we're living, that's actually great.

所以它都來自這個地區，不受荷姆茲海峽影響。當然，燃油價格是國際性的，因此區域供應並不會——並不會改變 WTI 或 Brent 的價格。但就航空燃油的可得性而言，我們處於很好的位置，而在我們所處的這個時代，這其實非常好。

Yeah, and then, this second question came, directly from an investor. It's actually something I wondered about in the past, but, have you ever, it ties to an earlier question.

是的，然後第二個問題是直接來自一位投資人。其實這也是我過去曾經想過的事情，而且它也呼應前面的一個問題。

But have you guys ever looked at your RASM results in constant currency? And does that even make sense? And, I guess the reason I'm wondering is just given how many countries you serve and just given how sensitive, demand seems to be to, foreign currencies, I'm just curious what that would look like if it were done on a constant currency basis.

不過你們是否曾經以固定匯率（constant currency）的方式來看你們的 RASM 表現？這樣做有意義嗎？我之所以這麼問，是因為你們服務的國家很多，而且需求看起來對外幣相當敏感，所以我很好奇如果用固定匯率基礎來做，會呈現什麼樣子。

I'm not sure. I'm not sure if I understood the question, because the reality is what we dealt with always.

我不確定。我不確定我是否理解這個問題，因為現實是我們一直都是面對這樣的情況。

We price in dollars, as you know. Strong currencies tend to favor us, even though we do well also when currencies are not so strong.

如你所知，我們以美元定價。強勢貨幣通常對我們有利，儘管在貨幣不那麼強勢時我們也表現不錯。

Currencies need usually move in the same direction like it's happening now, but sometimes there are particular issues in countries that make it different.

匯率通常會朝同一個方向變動，就像現在這樣，但有時候某些國家會有特定問題，使得情況不同。

I mean, that make them stand out in a maybe negative way. But I'm not sure exactly what are you looking for in the question.

我的意思是，這些問題可能讓它們在某種程度上以較負面的方式凸顯出來。但我不太確定你在這個問題中具體想要找的是什麼。

Well, yeah, it's not the convention in the airline industry report on a constant currency basis, so I get that it's kind of an odd question, but in other industries, they'll look at their revenue sort of based on a constant currency.

嗯，是的，在航空業並不常見以固定匯率基礎來報告，所以我理解這確實是個有點奇怪的問題；但在其他產業，他們會用固定匯率來看收入。

So just putting in last year's foreign exchange rate and kind of looking at the revenue, sort of from a demand perspective.

也就是用去年的外匯匯率來代入，從需求的角度去看收入表現。

But I get, it makes perfect sense that when currencies are strengthening, you add capacity and capacity moves around, so it gets pretty complicated. For airlines. So I just thought I would throw it out there and see if it's something, and I appreciate the response.

不過我也理解，當貨幣走強時你們會增加運能，而運能也會在不同航線間調整，所以對航空公司來說會變得相當複雜。我只是提出來看看是否有這樣的做法，也感謝你的回覆。

Thank you, Dan. We love your easy questions.

謝謝你，Dan。我們很喜歡你這些簡單的問題。

Sorry. Guys, have a great day.

抱歉。各位，祝你們今天愉快。

Filipe Nielsen, Citi.

Filipe Nielsen，花旗（Citi）。

Hey, hi, everyone. Thanks for taking my question and congrats on the results. Just wondering back on the capacity subject, trying to understand here how are you allocating this capacity between the multiple regions and trying to understand it within this growth of capacity, strong growth of capacity in the first half of the year, second-half a little bit lower as per your guidance.

嗨，大家好。謝謝讓我提問，也恭喜你們的業績表現。我想回到運能這個主題，想了解你們如何在多個區域之間分配運能，並在你們所提到的運能成長背景下理解：上半年運能強勁成長，而依照你們的指引，下半年會稍微低一些。

Are you seeing any maybe shifts from one region to another in order to accommodate for higher pricing? And to my second question, and related to that, how is your Venezuelan operations developing and is this having an important matter in this whole pricing environment? Thank you.

你們是否看到為了配合較高票價而從某個區域轉移到另一個區域的情況？第二個問題也與此相關：你們在委內瑞拉的營運發展如何？這在整體定價環境中是否扮演重要角色？謝謝。

Okay. Thank you, Filipe. A few things. If we go back and we look back a few years, we have been growing capacity much less than our competitors. Just for lack of enough deliveries, we would have liked to have grown capacity faster in 2024 and 2025.

好的。謝謝你，Filipe。有幾點。如果我們回頭看過去幾年，我們的運能成長一直比競爭對手少很多。主要是因為交機數量不足，我們原本希望在 2024 年和 2025 年能更快地增加運能。

We just didn't have enough planes coming in. So this year is different, and we needed that capacity from before. And it coincides with strong demand on top of it. So we have so many options in terms of where to fly our planes.

只是當時沒有足夠的飛機交付。所以今年情況不同，而我們也需要補上之前缺的運能；同時又遇到強勁需求。因此在把飛機派到哪裡飛這件事上，我們有非常多選擇。

But given the current crisis, we are shifting capacity a little bit, not in a significant way, but shifting it towards more profitable. Our whole network is very profitable, of course, as you know.

但考量目前的危機，我們確實有稍微調整運能——幅度不大——把運能移向更有利可圖的地方。當然，如你所知，我們整個航網都非常獲利。

But we're trying to shift towards needed most or where it can be even more profitable. So that helps us also compensate for the higher fuel. But nothing is very significant because we have demand -- strong demand in most of our network.

但我們正嘗試把運能移到最需要的地方，或是能更獲利的地方。這也有助於我們抵銷較高的燃油成本。不過並沒有非常顯著，因為我們航網大多數區域的需求——需求都很強。

Venezuela, you mentioned Venezuela. Thank you, yes. We're going back -- well, first of all, I should say that we are the only -- the very only airline, international airline, I say must say, there's very only international airline that never stopped flying to Venezuela.

你提到委內瑞拉。謝謝，是的。我們正在回到——嗯，首先我應該說，我們是唯一——唯一一家國際航空公司，我必須說，是唯一一家從未停止飛往委內瑞拉的國際航空公司。

Except for like a 10-day window that had to do with the whole military operation that was going on, and it was not safe to operate during that window. But we've been constant -- we've had a constant presence in that market.

除了大約 10 天的期間，當時因為正在進行整個軍事行動，在那段期間營運並不安全。但除此之外，我們一直——一直在那個市場保持持續的存在。

And I'm glad to say that by June of this year in a few weeks, we're going to be back to the same capacity we had a little bit over a year ago. We will go back to five cities and over 40 weekly flights in Venezuela.

我也很高興地說，在今年六月、也就是幾週後，我們將回到一年多前的相同運能水準。我們將恢復飛往委內瑞拉的五個城市，每週超過 40 班航班。

In terms of impact in unit revenues or yields, nothing significant because the Venezuela is going to be in the average.

就單位收入或收益率的影響而言，沒有什麼顯著影響，因為委內瑞拉會反映在平均值之中。

This is all very clear. Thank you.

非常清楚。謝謝。

Thank you so much. And this concludes our Q&A session for today. I will pass it back to Pedro Heilbron for his final comments.

非常感謝。今天的問答環節到此結束。我將把時間交回給 Pedro Heilbron 做最後的結語。

Okay. Thank you, all. This concludes our earnings call. Before we leave, I want to mention that Copa operates the strongest network. We have a strong and diversified set of cities and regions we serve, the lowest unit cost for a full-service airline, and a superior product to most of our narrow-body competitors.

好的。謝謝各位。這也結束了我們的法說會。在結束之前，我想提到 Copa 擁有最強的航網。我們服務的城市與區域組合強勁且多元；作為一家全服務航空公司，我們擁有最低的單位成本；並且相較於多數窄體機競爭對手，我們的產品更具優勢。

So we feel we are in a really good position to deal with the current crisis and come out ahead as we've been able to do in the past. So, thank you for your continued support.

因此，我們認為自己處於非常有利的位置，能夠應對目前的危機，並像過去一樣在危機中脫穎而出。所以，感謝各位持續的支持。

Thank you for participating in our call and hope you have a great day. Thank you.

感謝各位參與我們的電話會議，祝大家今天愉快。謝謝。