ANA (9202) Q2 2027 earnings summary

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.