ANA (9202) Q2 2026 earnings summary

Executive summary

• Operating revenue for 1H FY2025 reached a record-high ¥1,190.4 billion, up 8.3% year-over-year, driven by robust passenger demand and the consolidation of Nippon Cargo Airlines (NCA).

• Operating income was ¥97.6 billion, down 9.9% year-over-year, but exceeded initial forecasts due to favorable fuel and FX conditions, despite higher personnel and fuel costs and reduced government fuel subsidies.

• Net income attributable to owners was ¥76.1 billion, down 5.8% year-over-year, including a gain on bargain purchase/negative goodwill from the NCA consolidation.

• Comprehensive income surged 126.3% year-over-year to ¥81.6 billion, reflecting improved other comprehensive income items.

• NCA was acquired in August 2025, expanding the cargo network and contributing to revenue growth.

Financial highlights

• Operating revenues increased by ¥90.8 billion year-over-year; operating expenses rose by ¥101.5 billion.

• EBITDA for 1H was ¥178.8 billion with a margin of 15.0%.

• Cash flow from operating activities was ¥179.0 billion; capital expenditures reached ¥123.8 billion.

• Diluted net income per share was ¥162.19, up from ¥145.46 year-over-year.

• Dividend per share for FY2025 forecasted at ¥60.00, unchanged from prior guidance.

Outlook and guidance

• Full-year operating revenue forecast revised upward to ¥2,480.0 billion (+¥110.0 billion from initial plan), operating income to ¥200.0 billion (+¥15.0 billion), and net income to ¥145.0 billion (+¥23.0 billion), reflecting NCA consolidation and favorable trends.

• Forecasts revised upward due to lower fuel costs, yen appreciation, and NCA consolidation.

• Market assumptions for 2H: FX rate at ¥150/USD, Dubai crude at $75/bbl, Singapore kerosene at $90/bbl.