ANA (9202) Q4 2026 earnings summary

Executive summary

• Achieved record operating revenues of ¥2,539.2Bn (+12.3% YoY), operating income of ¥217.4Bn (+10.6% YoY), and net income of ¥169.1Bn (+10.5% YoY) for FY2025, surpassing revised forecasts by ¥17.4Bn.

• Growth driven by robust inbound demand and NCA consolidation, with a temporary Q4 demand boost from Middle East events.

• Comprehensive income more than doubled YoY to ¥245.3Bn, reflecting strong business performance and favorable market conditions.

• FY2026 forecasts record revenues (¥2,770.0Bn, +9.1% YoY) but lower operating income (¥150.0Bn, -31.0% YoY) and net income (¥96.0Bn, -43.2% YoY) due to anticipated fuel cost increases and geopolitical risks.

• Recognized for ESG and human capital achievements, including Health & Productivity Stock and CDP A List Company status.

Financial highlights

• FY2025 operating income exceeded plan by ¥23.5Bn, mainly from Q4 demand shift due to Middle East events.

• EBITDA for FY2025 reached ¥386.4Bn (+¥41.1Bn YoY), with an EBITDA margin of 15.2%.

• Substantial free cash flow improved to ¥195.1Bn (+¥67.3Bn YoY).

• Shareholders’ equity ratio improved to 37.7% (+6.5pt YoY), and net debt/equity ratio improved to -0.1x.

• Cash flows from operating activities: ¥443.5Bn; investing: ¥(415.2)Bn; financing: ¥(159.4)Bn; year-end cash: ¥736.4Bn.

Outlook and guidance

• FY2026 expects record revenues but a sharp drop in profits due to higher fuel costs and ongoing Middle East uncertainty.

• Strategic measures aim to limit Middle East impact to -¥60.0Bn, with agile fare and fuel surcharge adjustments.

• Focus on growth investments in digital transformation, human resources, and aircraft; continued dual-brand strategy and cargo integration.

• Dividend per share set at ¥60, with interim and year-end payments subject to shareholder approval.