LTMAQ - Copa Holdings Firmly Back On A Recovery Flightpath

• Copa continues to outperform on its path to pre-pandemic normalization, with Q4 showing better traffic, better yields, and better costs.
• Latin America continues to lead the global air travel recovery, and Copa should be back above 2019 revenue in 2023, with a very healthy cost base.
• There are still risks to the story, including new COVID-19 variants, increased competitive capacity, permanent changes to business travel practices, and higher oil/fuel prices.
• Copa shares continue to look undervalued as both a return-to-normalcy play and a long-term play on Latin American air travel growth.

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