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    Rogério Araújo • Bank of America

    Rogério Araújo's questions to Copa Holdings SA (CPA) leadership

    Rogério Araújo's questions to Copa Holdings SA (CPA) leadership • Q2 2025

    Question

    Rogerio Araujo of Bank of America questioned the fuel price assumption in the company's guidance, asking if it was conservative, and inquired about the expected trend for CASM ex-fuel for the rest of the year and into 2026.

    Answer

    CFO Peter Donkersloot explained the $2.45/gallon fuel assumption was based on the curve when guidance was built and is not updated daily. He reaffirmed the full-year CASM ex-fuel target of $0.58, expecting it to be flat through year-end, and noted that H2 2025 RASM is expected to be similar to H2 2024, in line with guidance.

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    Rogério Araújo's questions to Copa Holdings SA (CPA) leadership • Q1 2025

    Question

    Rogério Araújo questioned the fuel price guidance of $2.40 per gallon, suggesting it was above the current curve, and asked about potential margin upside. He also inquired about the dividend policy and the possibility of further shareholder returns.

    Answer

    CFO Peter Donkersloot Ponce defended the fuel guidance as prudent and consistent with their overall margin outlook. CEO Pedro Heilbron acknowledged potential upside if current prices hold. Regarding returns, management confirmed the dividend is based on a policy of paying ~40% of the prior year's net income and that about $110 million remains on an existing share buyback plan.

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    Rogério Araújo's questions to Copa Holdings SA (CPA) leadership • Q3 2024

    Question

    Rogério Araújo sought confirmation on whether the guidance assumes a full year of Venezuela flight restrictions, asked about the yield comparison basis for 2024, and inquired about potential yield upside if operations resume.

    Answer

    CFO Jose Montero clarified the 2024 guidance includes the Venezuela impact from late July onward, while the 2025 preliminary guidance assumes the capacity is deployed regardless of a restart. He noted that second-half 2024 yields were also affected by currency fluctuations, particularly in Brazil. CEO Pedro Heilbron added that while a restart in Venezuela is unpredictable, he is confident it will happen, likely at some point in 2025, which could present an upside.

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    Rogério Araújo's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership

    Rogério Araújo's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q2 2025

    Question

    Rogerio Araujo from Bank of America requested preliminary ASM growth expectations for 2026 and 2027. He also asked what Volaris's margins might look like in a normalized operational environment without the impact of grounded aircraft.

    Answer

    Holger Blankenstein, EVP, provided a preliminary 2026 ASM growth target of mid-single digits, with flexibility of plus or minus three percentage points. CFO Jaime Esteban Pous Fernández estimated that in a normalized scenario without groundings, the EBIT margin would be approximately 2.5 percentage points higher, and the net margin would be about 3 percentage points higher.

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    Rogério Araújo's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q1 2025

    Question

    Rogério Araújo raised concerns about the weak Q2 margin guidance, potential overcapacity in Mexico, the impact of returning grounded aircraft, and the timeline for normalizing high aircraft redelivery costs.

    Answer

    President and CEO Enrique Beltranena withdrew full-year EBITDA guidance due to uncertainty but stressed that significant capacity cuts are intended to improve TRASM. He also noted redelivery costs will remain high in 2025, lower in 2026, and normalize by 2028. Airline Executive Vice President Holger Blankenstein added that the fleet plan has already been adjusted to manage the return of grounded aircraft.

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    Rogério Araújo's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q3 2024

    Question

    Rogério Araújo inquired about the primary factors that led to margins exceeding guidance and their sustainability, and also requested an update on the expected timing for the Pratt & Whitney engine recalls.

    Answer

    CFO Jaime Pous attributed the margin beat to favorable fuel prices and stronger-than-budgeted TRASM. CEO Enrique Beltranena reported significant progress on engine repairs, with turnaround times improving from around 350 days to closer to 300 days, providing a solid and reliable outlook for redeliveries.

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