Copa Holdings (CPA) director reports 1,060 indirect shares in initial Form 3

Rhea-AI Filing Summary

Copa Holdings, S.A. director Raquel Arias Makelin has filed an initial Form 3 disclosing her beneficial ownership in the company. The filing reports indirect ownership of 1,060 shares of Class A Common Stock held "by Fundacion Los Pepes." No purchases or sales are reported; this is a baseline ownership disclosure rather than a new transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Arias Makelin Raquel

Role Director

Type	Security	Shares	Price	Value
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 1,060 shares (Indirect, by Fundacion Los Pepes)

Footnotes (1)

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Arias Makelin Raquel

(Last) (First) (Middle)

FEDERICO HUMBERT

CIUDAD RADIAL

(Street)

PANAMA PANAMA

(City) (State) (Zip)

PANAMA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Copa Holdings, S.A. [ CPA ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	1,060	I	by Fundacion Los Pepes

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Ambar Vargas, Attorney-in-fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Raquel Arias Makelin’s Form 3 for Copa Holdings (CPA) report?

The Form 3 reports initial beneficial ownership for director Raquel Arias Makelin in Copa Holdings. It discloses an indirect position in Class A Common Stock, establishing her baseline holdings as a company insider without detailing any recent trades or option exercises.

How many Copa Holdings (CPA) shares does Raquel Arias Makelin indirectly own?

The filing shows indirect ownership of 1,060 shares of Copa Holdings Class A Common Stock. These shares are held by an entity identified as Fundacion Los Pepes, indicating the position is not held directly in her personal name.

Are there any buy or sell transactions in this Copa Holdings (CPA) Form 3?

No, the Form 3 does not report any buy or sell transactions. It classifies the entry as a holding, with transaction summaries showing zero purchases, zero sales, and one holding entry, reflecting only baseline ownership rather than new trading activity.

How is the Copa Holdings (CPA) stock held by Raquel Arias Makelin classified?

The 1,060 Class A shares are classified as indirectly owned, noted as held "by Fundacion Los Pepes." The ownership code is marked “I,” indicating the position is through a related entity rather than directly in the director’s own account.

Does this Copa Holdings (CPA) Form 3 include any derivative securities?

No, the Form 3’s derivativeSummary section is empty. This indicates there are no options, warrants, or other derivative positions reported for Raquel Arias Makelin in this filing, only common stock indirectly held through Fundacion Los Pepes.

What does the transaction summary indicate in the Copa Holdings (CPA) Form 3?

The transaction summary shows no buys, no sells, and one holding entry, with net buy/sell direction marked neutral. This confirms the Form 3 functions as an initial ownership statement rather than documenting new market transactions.