ANA (9202) Q2 2025 earnings summary

Executive summary

• Operating revenues for the six months ended September 30, 2024, reached ¥1,099.6 billion, up 9.7% year-over-year, driven by strong recovery in passenger and cargo demand.

• Operating income declined 16.5% year-over-year to ¥108.4 billion due to increased maintenance, personnel, and fuel costs.

• Net income attributable to owners was ¥80.8 billion, down 13.3% year-over-year.

• Both international and domestic passenger demand continued to recover, with international passenger numbers up 12.3% and domestic up 6.3% year-over-year.

• Comprehensive income dropped to ¥36.0 billion from ¥145.2 billion a year ago, mainly due to derivative losses.

Financial highlights

• Operating revenues rose to ¥1,099.6 billion (+¥96.8 billion year-over-year); operating income fell to ¥108.4 billion (-¥21.3 billion year-over-year).

• EBITDA for 1H was ¥181.8 billion, down 9.1% year-over-year; EBITDA margin decreased to 16.5%.

• Operating expenses increased by ¥118.2 billion year-over-year, mainly from higher maintenance and personnel costs.

• Shareholders’ equity ratio improved to 30.1% as of September 30, 2024; interest-bearing debt reduced by ¥101.8 billion since March 2024.

• Cash and cash equivalents at period end decreased by ¥324.1 billion to ¥678.3 billion.

Outlook and guidance

• Full-year operating revenues forecast revised up to ¥2,220.0 billion (+8.0% year-over-year), with net income forecast at ¥120.0 billion (+23.6%).

• Operating income guidance remains at ¥170.0 billion, unchanged despite higher revenues and expenses.

• Dividend forecast for FY2024 remains at ¥50.0 per share.

• Forecast assumes exchange rate of ¥145/USD and Dubai crude at $80/barrel.

• Passenger demand expected to remain strong in 2H, with international and domestic leisure travel at or above pre-COVID levels.