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Jake Gunning

Senior Equity Research Associate at Evercore Inc.

Jake Gunning is a Senior Equity Research Associate at Evercore ISI, specializing in coverage of companies such as Global Business Travel Group and participating in industry calls with firms like Spirit Aviation Holdings. He has built a track record within equity research, supporting Evercore’s coverage and investment calls on select transportation and travel companies. Gunning began his career in financial analysis and currently holds professional registration as a broker with FINRA, supported by series securities licenses. He joined Evercore after obtaining relevant academic and industry credentials and has continued to contribute through rigorous company research and equity analyses.

Jake Gunning's questions to Copa Holdings (CPA) leadership

Question · Q3 2025

Jake Gunning asked about any changes in preliminary thoughts on 2026 margins and earnings over the last quarter, and whether Copa is considering leaning more into share buybacks versus dividends given its healthy leverage.

Answer

Pedro Heilbron, CEO of Copa Holdings, stated that preliminary thoughts on 2026 margins and earnings haven't significantly changed, with fuel prices (specifically the crack spread) being the primary wild card. Peter Donkersloot, CFO, outlined Copa's capital allocation plan, prioritizing reinvestment in the business (46-47 planned aircraft deliveries), maintaining the dividend policy (40% of last year's net income), and continuing the $200 million share buyback program opportunistically, with half already executed.

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Question · Q3 2025

Jake Gunning asked how Copa's preliminary thoughts on 2026 margins and earnings have evolved over the last quarter.

Answer

CEO Pedro Heilbron stated that their expectations for unit costs and revenues haven't significantly changed, with fuel price fluctuations (specifically the crack spread for JetFuel) being the primary wild card. Jake also inquired if there's any discussion about prioritizing share buybacks over dividends, given the company's healthy leverage.

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