<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001975040</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0001345105</issuerCik>
            <issuerName>Copa Holdings, S.A.</issuerName>
            <secFileNumber>001-32696</secFileNumber>
            <issuerAddress>
                <ns2:street1>Avenida Principal, Costa del Este</ns2:street1>
                <ns2:street2>Complejo Business Park, Torre Norte</ns2:street2>
                <ns2:city>Parque Lefevre, Panama City</ns2:city>
                <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                <ns2:zipCode>0816-06819</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>0115072272522</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>PEDRO OSVALDO HEILBRON CALONGE</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>73610</noOfUnitsSold>
            <aggregateMarketValue>8063975.50</aggregateMarketValue>
            <noOfUnitsOutstanding>41172956</noOfUnitsOutstanding>
            <approxSaleDate>05/29/2025</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>03/31/2024</acquiredDate>
            <natureOfAcquisitionTransaction>RSA</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>73610</amountOfSecuritiesAcquired>
            <paymentDate>03/31/2024</paymentDate>
            <natureOfPayment>N/A</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>05/29/2025</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>09/13/2024</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Pedro Osvaldo Heilbron Calonge</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
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144
0001975040
XXXXXXXX
LIVE
0001345105
Copa Holdings, S.A.
001-32696
Avenida Principal, Costa del Este
Complejo Business Park, Torre Norte
Parque Lefevre, Panama City
R1
0816-06819
0115072272522
PEDRO OSVALDO HEILBRON CALONGE
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
73610
8063975.50
41172956
05/29/2025
NYSE
Common
03/31/2024
RSA
Issuer
N
73610
03/31/2024
N/A
Y
05/29/2025
09/13/2024
/s/ Pedro Osvaldo Heilbron Calonge