Copa Holdings: Strong Growth Potential and Attractive Valuation Drive Buy RecommendationWe are updating our estimates following 2Q25 results, as we are (i) marking to market our macro and jet fuel assumptions, (ii) fine-tuning our capacity estimates based on latest OAG data and (iii) rolling-over our PT to YE26 (vs. YE25 previously). We now forecast an EBITDAR of (+1% vs. previous forecast), US $1,369m in 2026 (unchanged), 2028 (+6%). Our EPS estimates are US$16.8 in 2025, US$19.1 in 2026, US$21.2 in 2027 and US$23.3 in 2028.