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Copa Corp, Ordinary Profit Forecast for the Fiscal Year Loss Widened in Downward Revision

Wed Jan 14, 2026 3:30 pm JST Earnings

7689 Copa Corporation Inc. 【J-GAAP】

Earnings Report

Copa Corporation Inc. <7689> [TSE Growth] announced its financial results after the market closed on January 14th (15:30). The ordinary loss (non-consolidated) for the cumulative third quarter of the fiscal year ending February 2026 (March to November) was a reduced loss of 127 million yen (compared to a loss of 170 million yen in the same period last year).

However, the full-year forecast for ordinary profit/loss has been revised downward from an expected loss of 89 million yen to a loss of 196 million yen (compared to a loss of 278 million yen in the previous period), indicating an expansion in the loss margin.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit/loss for the September to February period (second half) has been revised downward from an expected loss of 38 million yen to a loss of 145 million yen (compared to a loss of 217 million yen in the same period of the previous year), indicating an expansion in the loss margin.

In the most recent three-month period, from September to November (3Q), the ordinary loss improved to a deficit of 76 million yen (compared to a loss of 109 million yen in the same period last year). The operating profit/loss margin drastically improved from -28.5% in the same period last year to -22.0%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Mar - Nov, 2023 1,841 -248 -250 -1,148 -387.5 ー Jan 12, 2024 J-GAAP
Mar - Nov, 2024 1,645 -172 -170 -170 -57.6 ー Jan 14, 2025 J-GAAP
Mar - Nov, 2025 1,482 -128 -127 -128 -43.4 ー Jan 14, 2026 J-GAAP
YoY -9.9% +25.6% +25.3% +24.7% +24.7%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2025 Prev 1,263 -37 -38 -38 -12.8 0 Oct 15, 2025 J-GAAP
Sep - Feb, 2025 New 697 -144 -145 -145 -48.9 0 Jan 14, 2026 J-GAAP
Revision Rate -44.8% -289.2% -281.6% -281.6% -281.4%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2026 Prev 2,399 -89 -89 -90 -30.4 0 Apr 14, 2025 J-GAAP
Feb, 2026 New 1,833 -196 -196 -197 -66.5 0 Jan 14, 2026 J-GAAP
Revision Rate -23.6% -120.2% -120.2% -118.9% -118.9%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2024 786 -217 -217 -376 -127.1 0 Apr 14, 2025 J-GAAP
Sep - Feb, 2025 Guidance 697 -144 -145 -145 -48.9 0 Jan 14, 2026 J-GAAP
YoY -11.3% +33.6% +33.2% +61.4% +61.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2024 2,205 -371 -371 -1,281 -432.6 0 Apr 12, 2024 J-GAAP
Feb, 2025 2,052 -281 -278 -437 -147.8 0 Apr 14, 2025 J-GAAP
Feb, 2026 Guidance 1,833 -196 -196 -197 -66.5 0 Jan 14, 2026 J-GAAP
YoY -10.7% +30.2% +29.5% +54.9% +55.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Sep - Nov, 2024 379 -108 -109 -109 -36.9 -28.5 Jan 14, 2025 J-GAAP
Dec - Feb, 2024 407 -109 -108 -267 -90.3 -26.8 Apr 14, 2025 J-GAAP
Mar - May, 2025 386 -94 -93 -93 -31.7 -24.4 Jul 14, 2025 J-GAAP
Jun - Aug, 2025 750 42 42 41 13.9 5.6 Oct 15, 2025 J-GAAP
Sep - Nov, 2025 346 -76 -76 -76 -25.8 -22.0 Jan 14, 2026 J-GAAP
YoY -8.7% +29.6% +30.3% +30.3% +30.3%

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