ANA Holdings (9202): FY2025 Results Summary — Record Profit, FY2026 Guidance Cut on Middle East Impact

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ANA HOLDINGS INC. (9202) reported record-high consolidated operating revenues, operating income, and net income for the fiscal year ended March 31, 2026 (FY2025), driven by robust inbound demand and the consolidation of Nippon Cargo Airlines (NCA) from the second quarter. Full-year operating income of ¥217.4Bn exceeded the company’s October 2025 revised forecast by ¥17.4Bn, boosted by temporary demand in the fourth quarter arising from the situation in the Middle East. For FY2026, the company forecasts operating income of ¥150.0Bn, down 31.0% year on year, after incorporating an estimated net impact of approximately -¥60.0Bn from the Middle East situation.

Consolidated Results (Full-Year Actual)

For FY2025, operating revenues were ¥2,539.2Bn (YoY +12.3%), operating income was ¥217.4Bn (YoY +10.6%), and net income attributable to owners of the parent was ¥169.0Bn (YoY +10.5%). Earnings per share were ¥358.4 (YoY difference: +¥32.8), and the annual dividend per share was ¥65, up from ¥60 in FY2024. Total assets were ¥3,955.1Bn (+¥334.8Bn), shareholders’ equity was ¥1,491.9Bn (+¥361.6Bn), and the equity ratio was 37.7% (+6.5pt), reflecting profit accumulation and the issuance of Bond-Type Class Shares.

Item	FY2024	FY2025	Change
Operating Revenues (¥Bn)	2,261.8	2,539.2	+277.3
Operating Expenses (¥Bn)	2,065.2	2,321.7	+256.5
Operating Income (¥Bn)	196.6	217.4	+20.7
Operating Income Margin (%)	8.7	8.6	-0.1pt
Ordinary Income (¥Bn)	200.0	219.6	+19.5
Net Income Attributable to Owners of the Parent (¥Bn)	153.0	169.0	+16.0
EBITDA (¥Bn)	345.2	386.4	+41.1

Segment Results

By business segment, Air Transportation operating revenues were ¥2,313.2Bn (FY2024: ¥2,058.7Bn, +254.4) with operating income of ¥221.9Bn (FY2024: ¥199.1Bn, +22.8). Within Air Transportation, ANA International Passenger revenue was ¥878.9Bn (FY2024: ¥805.5Bn, +9.1% YoY) with a load factor of 83.0% (+3.8pt). ANA Domestic Passenger revenue was ¥738.0Bn (FY2024: ¥703.9Bn, +4.8% YoY) with a load factor of 79.2% (+4.2pt). ANA International Cargo Business (Belly & Freighter) revenue was ¥184.1Bn (FY2024: ¥187.3Bn, -1.7% YoY). NCA, consolidated from the second quarter, recorded cargo revenues of ¥108.9Bn for the year. Peach revenue was ¥143.3Bn (FY2024: ¥139.3Bn, +2.9% YoY), and AirJapan revenue was ¥13.9Bn (FY2024: ¥11.7Bn, +19.0% YoY).

Segment	FY2024 Revenue (¥Bn)	FY2025 Revenue (¥Bn)	FY2024 Op. Income (¥Bn)	FY2025 Op. Income (¥Bn)
Air Transportation	2,058.7	2,313.2	199.1	221.9
Airline Related	337.2	361.6	4.0	1.4
Travel Services	73.5	65.3	0.1	-0.1
Trade and Retail	129.9	154.2	4.5	7.5
Others	45.5	49.7	1.1	2.2
Adjustment	-383.2	-404.9	-12.4	-15.6
Total	2,261.8	2,539.2	196.6	217.4

FY2026 Forecast

For FY2026, the company forecasts operating revenues of ¥2,770.0Bn (YoY +9.1%), operating income of ¥150.0Bn (YoY -31.0%), and net income attributable to owners of the parent of ¥96.0Bn (YoY -43.2%). EPS is projected at ¥209.3 (YoY difference: -¥149.1). The company states it has limited the net impact of the Middle East situation to approximately -¥60.0Bn through agile fare/FSC revisions and cost control measures, with the forecast reflecting its base scenario assuming the situation stabilizes by the end of Q1 followed by gradual normalization. Forecast assumptions include an FX rate of ¥155/US$ (FY2025 actual: ¥150.3), Dubai crude oil of USD130/bbl in Q1, USD100/bbl in Q2, and USD75/bbl in 2H (FY2025 actual: USD67.1/bbl), and Singapore kerosene of USD200/bbl in Q1, USD120/bbl in Q2, and USD90/bbl in 2H (FY2025 actual: USD85.4/bbl).

Item	FY2025 Results	FY2026 Plan	Change (vs. LY)
Operating Revenues (¥Bn)	2,539.2	2,770.0	+230.7
Operating Expenses (¥Bn)	2,321.7	2,620.0	+298.2
Operating Income (¥Bn)	217.4	150.0	-67.4
Operating Income Margin (%)	8.6	5.4	-3.1pt
Ordinary Income (¥Bn)	219.6	137.0	-82.6
Net Income Attributable to Owners of the Parent (¥Bn)	169.0	96.0	-73.0
EBITDA (¥Bn)	386.4	328.0	-58.4

Segment	FY2025 Revenue (¥Bn)	FY2026 Plan Revenue (¥Bn)	FY2025 Op. Income (¥Bn)	FY2026 Plan Op. Income (¥Bn)
Air Transportation	2,313.2	2,530.0	221.9	150.0
Airline Related	361.6	390.0	1.4	8.0
Travel Services	65.3	70.0	-0.1	0.0
Trade and Retail	154.2	160.0	7.5	6.0
Others	49.7	50.0	2.2	2.0
Adjustment	-404.9	-430.0	-15.6	-16.0
Total	2,539.2	2,770.0	217.4	150.0

Shareholder Returns

The company paid an annual dividend per share of ¥65 for FY2025 (FY2024: ¥60). For FY2026, it forecasts a dividend per share of ¥60 (Interim: ¥30, Year-end: ¥30); the implementation of interim dividends is subject to approval of a proposed partial amendment to the Articles of Incorporation at the Annual General Meeting of Shareholders scheduled for June 26. The company maintains a target payout ratio of approximately 20%. It repurchased ¥44.1Bn of shares in FY25 and launched a share buyback program of up to ¥150.0Bn (maximum) in December 2025 (1-year duration, to be completed by December 15, 2026), targeting an additional return of capital of ¥300.0Bn raised during the COVID-19 equity offering, with additional buybacks by 2030 under consideration subject to maintaining financial soundness targets and market stability.

Medium-Term Plan / Topics

Under its ‘Value Creation Roadmap 2030,’ the company targets a P/B ratio of 2.0x over the medium term. It reported FY2023-25 three-year cumulative net income of ¥479.1Bn, an equity ratio improvement from 25.6% (end of FY22) to 37.7% (end of FY25), and value-added productivity up 15% versus FY2018. For FY2026, the company has incorporated the impact of the Middle East situation into its earnings forecast, targeting an early resolution within Q1 and agile fare/FSC adjustments to offset fuel price spikes, while aiming to return to a profit growth trajectory in the second half of the fiscal year. The company also received the grand prize for sustainability at the 5th Nikkei Integrated Report Awards 2025, its fourth consecutive year of recognition.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.