Copa Holdings, S.A.
Copa Holdings, S.A. is a holding company organised as a sociedad anónima under the laws of the Republic of Panama. It was incorporated on 6 May 1998 (formalised by Public Deed No. 3.989 of 5 May 1998 before Notary Number Eight of the Circuit of Panama) and is recorded in the Mercantile Section of the Panamanian Public Registry (Registro Público de Panamá) under Microjacket 344962, Roll 59672, Frame 0023. Its registered office is at Avenida Principal y Avenida de la Rotonda, Urbanización Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City (0816-06819). The company records its status as active and files an annual report on Form 20-F with the U.S. Securities and Exchange Commission.
Copa Holdings, S.A. is principally engaged in investing in airlines and aviation-related businesses. Through its two principal operating subsidiaries — Compañía Panameña de Aviación, S.A. (“Copa Airlines”) in Panama and Aerorepública, S.A. (“Copa Airlines Colombia”) in Colombia — it provides passenger and cargo air transport built around a hub-and-spoke network at the “Hub of the Americas” at Tocumen International Airport in Panama City. As of 31 December 2025 the group offered about 436 daily scheduled flights to 84 destinations in 32 countries across North, Central and South America and the Caribbean. Copa Airlines has been a member of Star Alliance since June 2012 and maintains an extensive alliance and codeshare relationship with United Airlines. Aerorepública also operates the low-cost brand Wingo within Colombia and nearby markets.
The company completed its initial public offering and has been listed on the New York Stock Exchange under the ticker CPA since 14 December 2005. Its authorised capital is divided into Class A shares (limited voting, NYSE-listed), Class B shares (full voting, reserved for Panamanian nationals) and Class C shares. As of 31 December 2025 there were 30,200,428 Class A shares and 10,938,125 Class B shares outstanding.
For the financial year ended 31 December 2025 (consolidated), Copa Holdings, S.A. reported total operating revenue of US$3,617.8 million (2024: US$3,446.2 million), operating profit of US$819.0 million (operating margin 22.6%) and net profit of US$671.6 million (net margin 18.6%; earnings per share US$16.28). Capacity was 32,408 million available seat miles at a load factor of 87.0%, and the group carried approximately 14.9 million passengers. It had 8,565 employees at year-end 2025, about 87% of them based in Panama. The operational fleet comprised 125 Boeing aircraft (76 Boeing 737 Next-Generation, 32 Boeing 737 MAX 9, 15 Boeing 737 MAX 8 and two Boeing 737-800 converted freighters), with 85 firm Boeing 737 MAX orders outstanding for delivery between 2026 and 2034. Recent developments include a second Boeing 737-800BCF freighter entering service in September 2025, a 2026 quarterly dividend of US$1.71 per share approved on 11 February 2026 (2025: US$1.61 per quarter), and the repeated suspension and resumption of Panama–Venezuela service, most recently resumed on 13 January 2026.
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Shareholders
3
Copa Holdings, S.A. has a dual-class share structure. Class A shares carry limited voting rights (they vote only in specified circumstances) and are listed on the NYSE; Class B shares carry full voting rights and, to comply with the nationality requirements of the Panamanian Aviation Act, may be held only by Panamanian nationals. As of 31 December 2025, 30,200,428 Class A and 10,938,125 Class B shares were outstanding.
All Class B shares — representing approximately 26.6% of the economic interest but 100% of the voting power of the capital stock — are owned by Corporación de Inversiones Aéreas, S.A. (“CIASA”), a Panamanian entity that the Form 20-F identifies as the controlling shareholder. CIASA also held 220,000 Class A shares. In its principal-shareholders table (as of 31 December 2025) the company did not identify any other holder of 5% or more of its Class A shares; directors and executive officers as a group held 111,106 Class A shares (under 1%). Third-party register data synced to this profile on 2 August 2026 lists institutional Class A positions (New World Fund Inc and Baillie Gifford & Co, each about 10.7%) that are not reflected in the company’s own 2025 disclosure.
Ultimate beneficial ownership
The Form 20-F states that CIASA is controlled by a group of Panamanian investors representing several families. Members of the Motta, Heilbron and Arias families and their affiliated companies — including Chief Executive Officer Pedro Heilbron and several directors — beneficially owned approximately 84.1% of CIASA’s shares as of 31 December 2025, and Mr Stanley Motta is stated to exercise effective control of CIASA. CIASA’s shareholders are party to an agreement restricting transfers of CIASA shares to non-Panamanian nationals.
Ownership information is publicly available through Copa Holdings’ filings on SEC EDGAR (Form 20-F, Forms 6-K and Schedule 13G filings).
Sources
- SEC EDGAR — Copa Holdings, S.A., Form 20-F for the year ended 31 December 2025 (Items 6.E, 7.A and 10.B), filed 26 February 2026. https://www.sec.gov/Archives/edgar/data/1345105/000134510526000019/cpa-20251231.htm — retrieved 4 September 2026.
Registry feed — rows exactly as filed with Registro Público de Panamá, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| New World Fund Inc | 10.7% | Registro Público de Panamá | |
| BAILLIE GIFFORD & CO | 10.7% | Registro Público de Panamá | |
| Intl Growth & Income Fd.-Intl Growth and Income Fd. | 1.7% | Registro Público de Panamá |
Officers
10
As of 31 January 2026 the Board of Directors of Copa Holdings, S.A. comprised eleven members: Pedro Heilbron (Chief Executive Officer and Chairman), Stanley Motta, Alvaro Heilbron, Carlos A. Motta, John Gebo, José Castañeda Velez, Andrew Levy, John Connor, Julianne Canavaggio, Makelin Arias and Carlos Mario Giraldo. Directors serve staggered two-year terms; at the 2025 annual shareholders’ meeting Stanley Motta, José Castañeda, Carlos Mario Giraldo and John Connor were re-elected to terms ending in 2027, and Julianne Canavaggio was elected as an independent director at the 2024 meeting. The Form 20-F does not tabulate individual director nationalities.
Named executive officers as of 31 January 2026 include Pedro Heilbron (CEO and Executive Chairman; CEO since 1988), Robert Carey (Executive Vice-President, since October 2024), Peter Donkersloot (Chief Financial Officer, since March 2025), Daniel Gunn (Senior Vice-President of Operations), Julio Toro (Vice-President of Technology) and Eduardo Lombana (Chief Executive Officer of Aerorepública, S.A. / Copa Airlines Colombia). Mr Lombana heads the Colombian operating subsidiary and is not a statutory director of Copa Holdings, S.A.
Recent changes: Stanley Motta stepped down as non-executive Chairman effective 30 June 2025 and Pedro Heilbron became Chairman effective 1 July 2025 (holding the role alongside the CEO position); Peter Donkersloot was appointed Chief Financial Officer in March 2025; Robert Carey joined as Executive Vice-President in October 2024.
Director and officer information is available from the company’s filings on SEC EDGAR.
Sources
- SEC EDGAR — Copa Holdings, S.A., Form 20-F for the year ended 31 December 2025 (Item 6.A), filed 26 February 2026. https://www.sec.gov/Archives/edgar/data/1345105/000134510526000019/cpa-20251231.htm — retrieved 4 September 2026.
Registry feed — rows exactly as filed with Registro Público de Panamá, including entries the profile above does not cover.
Group Structure
Copa Holdings, S.A. is the listed top holding company of the group. Its two principal operating subsidiaries are Compañía Panameña de Aviación, S.A. (“Copa Airlines”, Panama), the consolidated operating airline, and Aerorepública, S.A. (“Copa Airlines Colombia”, Colombia), which also operates the low-cost brand Wingo. Copa Holdings acquired an initial 85.6% equity interest in Aerorepública on 22 April 2005 and increased this to 99.9% by the end of 2005; the Form 20-F does not state a specific ownership percentage for Copa Airlines, which it describes as its principal operating subsidiary.
Other subsidiaries disclosed in the Form 20-F list of subsidiaries (Exhibit 8.1) include La Nueva Aerolínea, S.A. (Panama; since August 2025 conducting only freight operations), Enterprises Support, Inc. and Small Planes, Inc. (Panama), Oval Financial Leasing, Ltd. and numerous aircraft-financing special-purpose vehicles incorporated in the British Virgin Islands, Ireland and Delaware. That exhibit does not disclose ownership percentages for individual subsidiaries. Principal jurisdictions are Panama, Colombia, the British Virgin Islands, Ireland and the United States. Information is as reported in the FY2025 Form 20-F (filed 26 February 2026).
Recent structural change: since August 2025 La Nueva Aerolínea, S.A. has operated exclusively as a freight carrier, an arrangement stated to continue indefinitely.
Verified relationships
- Copa Holdings, S.A. → Compañía Panameña de Aviación, S.A. (Copa Airlines), Panama — principal operating subsidiary (ownership percentage not disclosed).
- Copa Holdings, S.A. → Aerorepública, S.A. (Copa Airlines Colombia), Colombia — 99.9% (per Form 20-F history).
- Copa Holdings, S.A. → La Nueva Aerolínea, S.A., Panama — freight-only operator since August 2025.
Sources
- SEC EDGAR — Copa Holdings, S.A., Form 20-F for the year ended 31 December 2025 (Items 4.A and 4.C), filed 26 February 2026. https://www.sec.gov/Archives/edgar/data/1345105/000134510526000019/cpa-20251231.htm — retrieved 4 September 2026.
- SEC EDGAR — Copa Holdings, S.A., Form 20-F FY2025, Exhibit 8.1 (List of Subsidiaries), filed 26 February 2026. https://www.sec.gov/Archives/edgar/data/1345105/000134510526000019/exhibit81listadesubsidiari.htm — retrieved 4 September 2026.
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Frequently Asked Questions
What is the company's exact legal name?
The legal name is Copa Holdings, S.A. It is organised as a Panamanian sociedad anónima (stock corporation).
Where and when was Copa Holdings, S.A. incorporated?
It was incorporated in the Republic of Panama on 6 May 1998 as a sociedad anónima with indefinite duration, per Public Deed No. 3.989 of 5 May 1998 (Notary Number Eight of the Circuit of Panama), and is recorded in the Mercantile Section of the Panamanian Public Registry (Registro Público de Panamá) under Microjacket 344962, Roll 59672, Frame 0023.
Is Copa Holdings, S.A. publicly listed?
Yes. It has been listed on the New York Stock Exchange under the ticker CPA since 14 December 2005, files an annual report on Form 20-F with the U.S. SEC, and the profile records its status as active.
What share classes does the company have?
Its authorised capital is divided into Class A shares (limited voting, NYSE-listed), Class B shares (full voting, reserved for Panamanian nationals) and Class C shares. At 31 December 2025 there were 30,200,428 Class A and 10,938,125 Class B shares outstanding.
What is the registered office address?
Avenida Principal y Avenida de la Rotonda, Urbanización Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Panama (0816-06819).
What does Copa Holdings, S.A. do?
It is a holding company that invests in airlines and aviation-related businesses. Through Copa Airlines (Panama) and Aerorepública / Copa Airlines Colombia it operates a hub-and-spoke passenger and cargo network from Panama City's Tocumen International Airport, and Copa Airlines is a member of Star Alliance.
Who controls Copa Holdings, S.A.?
Corporación de Inversiones Aéreas, S.A. (CIASA), a Panamanian entity, owns all Class B shares — about 26.6% of the economic interest but 100% of the voting power — and is identified in the Form 20-F as the controlling shareholder. CIASA is controlled by a group of Panamanian investors from the Motta, Heilbron and Arias families, who owned about 84.1% of CIASA at 31 December 2025; Stanley Motta is stated to exercise effective control of CIASA.
How large is the fleet?
As of 31 December 2025 the operational fleet was 125 Boeing aircraft: 76 Boeing 737 Next-Generation, 32 Boeing 737 MAX 9, 15 Boeing 737 MAX 8 and two Boeing 737-800 converted freighters.
How many destinations does the network serve?
As of 31 December 2025 the group offered about 436 daily scheduled flights to 84 destinations in 32 countries across North, Central and South America and the Caribbean, from its Panama City hub.
What were the FY2025 financial results?
For the year ended 31 December 2025 (consolidated), total operating revenue was US$3,617.8 million (2024: US$3,446.2 million), operating profit US$819.0 million (22.6% operating margin) and net profit US$671.6 million, or US$16.28 per share.
How many passengers did the group carry in 2025?
Copa Holdings carried approximately 14.9 million passengers in the year ended 31 December 2025, with capacity of 32,408 million available seat miles and a load factor of 87.0%.
How many employees does the company have?
It had 8,565 employees as of 31 December 2025, of which about 87% were based in Panama and roughly 65.9% were unionised.
What recent fleet and corporate developments have occurred?
At 31 December 2025 the company had 85 firm Boeing 737 MAX orders for delivery between 2026 and 2034; a second Boeing 737-800BCF freighter entered service in September 2025; the board approved a 2026 quarterly dividend of US$1.71 per share on 11 February 2026; and Panama–Venezuela service, repeatedly suspended, was most recently resumed on 13 January 2026.
Is Copa Holdings, S.A. still an active company?
Copa Holdings, S.A.'s status on Registro Público de Panamá is listed as active.
What is Copa Holdings, S.A.'s registered address?
The registered address on file for Copa Holdings, S.A. is Panama City, Panama.
Can Zavia monitor changes to Copa Holdings, S.A.'s ownership over time?
This profile reflects a point-in-time snapshot from Registro Público de Panamá. Zavia's monitoring API can track changes to Copa Holdings, S.A.'s registered shareholders, officers, and group structure going forward, flagging updates as they're filed rather than requiring a manual recheck.
Can I access Copa Holdings, S.A.'s data through an API?
Yes. Zavia's API connects directly to official government ownership registries across 195 countries and territories, including Panama, so records like Copa Holdings, S.A.'s registration, shareholder, UBO, and group-structure data can be queried programmatically instead of viewed one page at a time.
Where does this company information come from, and how current is it?
This record is sourced directly from Registro Público de Panamá and was last synced on 11 August 2026.