ANA (9202) Q4 2025 earnings summary

Executive summary

• FY2024 operating revenue reached ¥2,261.8B, up 10% YoY, driven by travel demand recovery and higher unit prices.

• Operating income was ¥196.6B, down 5.4% YoY but above forecast; net income attributable to owners was ¥153.0B, down 2.6% YoY; EPS was ¥325.6.

• Dividend per share increased to ¥60; substantial profit generation now exceeds pre-COVID levels.

• ANA received multiple international awards for service quality and sustainability.

Financial highlights

• FY2024 operating cash flow was ¥373.0B; free cash flow was ¥29.3B; EBITDA was ¥345.2B (margin 15.3%).

• Shareholders' equity rose to ¥1,130.3B (ratio 31.2%); interest-bearing debt fell to ¥1,349.0B.

• Operating income margin for FY2024 was 8.7%; ROE was 14.1%.

• Cash and cash equivalents at year-end were ¥862.7B.

Outlook and guidance

• FY2025 forecast: operating revenue ¥2,370.0B (+4.8% YoY), operating income ¥185.0B (–5.9%), net income ¥122.0B (–20.3%), EPS ¥259.6.

• Dividend per share maintained at ¥60.

• Assumptions: exchange rate ¥150/USD, Dubai crude $75/bbl; U.S. tariff policy impacts not factored in.

• Financial forecast to be updated after Nippon Cargo Airlines consolidation.

• Focus on expanding routes, integrating Nippon Cargo Airlines, and enhancing digital services.