X0202 SCHEDULE 13G 0001234074 XXXXXXXX LIVE Class A 05/12/2026 0001345105 COPA HOLDINGS P31076105 Costa del Este, Complejo Business Park Panama City R1 0831-0206 Rule 13d-1(b) SPRUCEGROVE INVESTMENT MANAGEMENT LTD A6 1253734 0 1699010 0 1699010 N 5.35 OO Investment Manager COPA HOLDINGS Costa del Este, Complejo Business Park, Panama City, Panama 0831-0206 Panama SPRUCEGROVE INVESTMENT MANAGEMENT LTD. 181 UNIVERSITY AVENUE, SUITE 1300, TORONTO, ONTARIO M5H 3M7 CANADIAN Y Toronto, Ontario Canada 5.35 1253734 0 1699010 0 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. SPRUCEGROVE INVESTMENT MANAGEMENT LTD /s/ Joe DaSilva 05/12/2026