ANA (9202) investor relations material

Executive summary

• Operating revenues for the nine months ended December 31, 2025, rose 10.3% year-over-year to ¥1,877.3 billion, with operating income up 5.6% to ¥180.7 billion and net income attributable to owners up 3.9% to ¥139.2 billion, driven by strong passenger demand and the consolidation of Nippon Cargo Airlines (NCA).

• Comprehensive income increased 20.0% year-over-year to ¥154.6 billion.

• Achieved 90% progress toward the full-year operating income plan.

• Recognized as an "A List company" for climate change by CDP for the fourth consecutive year.

Financial highlights

• Operating revenues: ¥1,877.3 billion (+10.3% YoY); operating income: ¥180.7 billion (+5.6% YoY); net income attributable to owners: ¥139.2 billion (+3.9% YoY).

• Operating expenses rose 10.8% to ¥1,696.6 billion, mainly due to higher fuel and outsourcing costs.

• EBITDA improved 8.2% to ¥305.2 billion; EBITDA margin at 16.3%.

• Operating income margin slightly decreased to 9.6% from 10.1%.

• Diluted net income per share: ¥296.41 (up from ¥265.79 YoY).

Outlook and guidance

• Full-year FY2025 forecast: operating revenues ¥2,480.0 billion (+9.6% YoY), operating income ¥200.0 billion (+1.7% YoY), net income attributable to owners ¥145.0 billion (+5.2% YoY), net income per share ¥306.96.

• No revisions to the most recently disclosed earnings forecast.

• Recent bookings on China routes show an uptrend despite earlier travel advisories.