ANA (9202) Q1 2025 earnings summary

Executive summary

• Operating income grew 21.2% year-over-year to ¥36.7–36.8 billion, driven by robust demand and favorable fuel and FX conditions.

• Operating revenues increased 6.2% year-over-year to ¥548.7 billion, with air transportation as the main contributor.

• Net income attributable to owners declined 7.1% year-over-year to ¥22.9–22.95 billion.

• Comprehensive income dropped sharply to ¥10.9 billion, down 77.8% year-over-year.

• The group received industry awards and advanced sustainability initiatives, including SAF adoption and fuel-saving technologies.

Financial highlights

• EBITDA rose 13.1% year-over-year to ¥75.5 billion; EBITDA margin improved by 0.8pt to 13.8%.

• Operating income margin increased to 6.7% from 5.9% year-over-year.

• Ordinary income was ¥35.9 billion, down 2.5% year-over-year.

• Cash and cash equivalents at period end rose to ¥930.3 billion, up ¥67.6–70.8 billion from the previous year.

• Capital expenditures for the quarter were ¥42.7–42.8 billion, up ¥17.8 billion year-over-year.

Outlook and guidance

• NCA (Nippon Cargo Airlines) acquisition to close August 1, 2025; full-year earnings forecast to be revised post-consolidation.

• Full-year FY2025 revenue forecast is ¥2,370 billion, up 4.8% year-over-year.

• Net income forecast for FY2025 is ¥122 billion, down 20.3% year-over-year.

• No changes to previously announced earnings or dividend forecasts.

• Fuel and FX market assumptions for FY25: Dubai crude oil $75/bbl, Singapore kerosene $90/bbl, FX rate ¥150/USD.