Copa Holdings expects to receive two Boeing 737 Max 8 aircraft before year-end but admits that it continues to face pressure due to supply chain delays.
The two deliveries, one at the end of November and one in December, will bring its total fleet to 112 aircraft.
Copa’s maiden 737 Max 8 was delivered in July, according to Airfinance Global, via a Jolco managed by Yamasa Sangyo, with lenders on the deal including SMTB, NTT TC Leasing, as well as BNP Paribas.
“Our ASM guide is directly related to Boeing deliveries… we are actually staying with two 737-700s, which in our fleet plan three months ago, were supposed to leave by 2025, so we are keeping those aircraft to make up for delayed Boeing deliveries,” chief executive officer Pedro Heilbron said on a third-quarter earnings call.
“We have also bought some aircraft off lease… we are staying with some 700s we were expecting to return, and we have even bought some spare engines ahead of time.
“We're being very proactive in securing parts in the marketplace, even though we have contracts with OEMs that are supposed to cover us.”
As for 2025 deliveries, the Panama-headquartered carrier plans to receive 11 737 Max aircraft in 2025. “The delivery schedule has ramp-up assumptions that will need to materialise so actual aircraft deliveries could change,” Heilbron added.
The company is guiding capital expenditure of $900 million in 2025 with preliminary 2026 capex “very similar to 2025 capex”, although this is “all depending on what the delivery stream is from Boeing because essentially all the capex is aircraft”, according to chief financial officer Jose Montero.
Montero is retiring as CFO of the company at the end of the year after a 30-year career with the carrier.
“We are actively searching for his replacement, internally and externally… we also have contingency plans if we are not ready by 1 January,” said Heilbron.
“He’s done a great job as CFO of the company with a ton of accomplishments most during really challenging years where we were able always to keep our operating margins in double digits, with the exception of course during the heart of the pandemic in 2020.”
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