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                <filerCredentials>
                    <cik>0001972293</cik>
                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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            <issuerCik>0001345105</issuerCik>
            <issuerName>COPA HOLDINGS,S.A.</issuerName>
            <secFileNumber>001-32696</secFileNumber>
            <issuerAddress>
                <ns2:street1>Torre Norte Parque Lefevre</ns2:street1>
                <ns2:city>Panama City</ns2:city>
                <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                <ns2:zipCode>00000</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>5073042774</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>JOSE ANTONIO MONTERO MORENO</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>38th Fl.</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>2207</noOfUnitsSold>
            <aggregateMarketValue>206442.78</aggregateMarketValue>
            <noOfUnitsOutstanding>28367000</noOfUnitsOutstanding>
            <approxSaleDate>09/20/2023</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>02/15/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Units</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2207</amountOfSecuritiesAcquired>
            <paymentDate>02/15/2023</paymentDate>
            <natureOfPayment>N/A</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for JOSE ANTONIO MONTEROP O BOX 0819-09853</name>
                <address>
                    <ns2:street1>Torre Norte Parque Lefevre</ns2:street1>
                    <ns2:city>Panama City</ns2:city>
                    <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                    <ns2:zipCode>00000</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>08/21/2023</saleDate>
            <amountOfSecuritiesSold>740</amountOfSecuritiesSold>
            <grossProceeds>70803.20</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for JOSE ANTONIO MONTEROP O BOX 0819-09853</name>
                <address>
                    <ns2:street1>Torre Norte Parque Lefevre</ns2:street1>
                    <ns2:city>Panama City</ns2:city>
                    <ns2:stateOrCountry>R1</ns2:stateOrCountry>
                    <ns2:zipCode>00000</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>07/20/2023</saleDate>
            <amountOfSecuritiesSold>740</amountOfSecuritiesSold>
            <grossProceeds>87941.60</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>09/20/2023</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>03/20/2023</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Jose Antonio Montero Moreno</signature>
        </noticeSignature>
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144
0001972293
XXXXXXXX
LIVE
0001345105
COPA HOLDINGS,S.A.
001-32696
Torre Norte Parque Lefevre
Panama City
R1
00000
5073042774
JOSE ANTONIO MONTERO MORENO
Officer
COMMON
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
38th Fl.
New York
NY
10004
2207
206442.78
28367000
09/20/2023
NYSE
Common
02/15/2023
Restricted Stock Units
Issuer
N
2207
02/15/2023
N/A
N
10b5-1 Sales for JOSE ANTONIO MONTEROP O BOX 0819-09853
Torre Norte Parque Lefevre
Panama City
R1
00000
Common
08/21/2023
740
70803.20
10b5-1 Sales for JOSE ANTONIO MONTEROP O BOX 0819-09853
Torre Norte Parque Lefevre
Panama City
R1
00000
Common
07/20/2023
740
87941.60
09/20/2023
03/20/2023
/s/ Jose Antonio Montero Moreno