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ANA (9202) investor relations material
ANA Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
1H FY2026 revenue hit a record ¥1,398.7bn, up 17.5% YoY; operating income fell 9.7% to ¥88.2bn and net income declined 11.8% to ¥67.1bn amid higher fuel costs.
Strong passenger and cargo demand, particularly inbound travel to Japan, supported revenue growth; FY2026 revenue guidance rose while operating income guidance was unchanged.
Financial highlights
1H ordinary income was ¥85.7bn, down 10.0% YoY; operating margin was 6.3%, down 1.9 points.
Q2 revenue was ¥726.0bn, up ¥84.3bn YoY; operating income rose ¥6.5bn to ¥67.3bn, while net income declined ¥5.4bn to ¥47.6bn.
EBITDA was ¥177.6bn, down ¥1.1bn YoY; EBITDA margin was 12.7%, down 2.3 points.
Outlook and guidance
FY2026 revenue forecast increased ¥100bn to ¥2,870bn; operating income remained ¥150bn, ordinary income rose ¥2bn to ¥139bn, and net income rose ¥3bn to ¥99bn.
Forecast assumptions: Dubai crude at $90/bbl, Singapore kerosene at $150/bbl and ¥160/US$; fuel costs are ¥76.0bn above initial plan, with 1H/2H variances of -¥13.5bn/+¥89.5bn.
2H revenue targets versus initial plan: international passenger +6%, domestic passenger flat, international cargo +13% and Peach +2%.
FY2026 operating income forecast: air transportation ¥145.0bn, airline-related ¥12.0bn, travel services ¥1.0bn and trade and retail ¥6.0bn.
FY2026 dividends forecast at ¥60/share for common shares and ¥175/share for Series 1 Bond-Type Class Shares; interim dividends are ¥30 and ¥87.50, respectively.
- Record Q1 revenues driven by airline and cargo, but profits pressured by fuel costs.9202
Q1 2027 - FY2026 expects record revenues but a sharp profit drop amid fuel and geopolitical risks.9202
Q4 2026 - Strong profit and revenue growth, improved equity, and positive outlook driven by air travel demand.9202
Q3 2025 - Record-high revenue and raised outlook, driven by NCA acquisition and strong demand despite higher costs.9202
Q2 2026 - Operating income up 21.2% as strong demand offsets risks and net income decline.9202
Q1 2026 - Record revenue growth and robust demand prompt upward revision of full-year outlook.9202
Q2 2025 - Record revenue growth but net income declined due to rising costs; outlook unchanged.9202
Q1 2024 - Revenue hit record highs, but profit fell and FY2025 outlook is cautious.9202
Q4 2025 - Revenue growth strong but profit pressured by rising costs; outlook mixed.9202
Q3 2024
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