ANA HOLDINGS Financial Results
for the Six Months Ended September 30, 2025,
and Revised Financial Forecast

  • •ANA HOLDINGS INC. (ANA HD) reported record high operating revenue of 1,190.4 billion yen for the first half of the fiscal year, mainly due to capturing strong inbound and outbound demand in international passenger service and the addition of Nippon Cargo Airlines (NCA) to the ANA Group.
  • •Domestic passenger traffic surpassed prior-year levels in both volume and load factor. However, profitability in the domestic air travel market remains structurally challenged. ANA HD is addressing this through public-private collaboration, including participation in the "Expert Panel on Domestic Aviation."
  • •International Cargo freight carried exceeded prior-year levels, driven by strong demand for Asia-North America bound shipments. NCA is creating synergy effect with ANA and launched the Narita=Frankfurt route in September. ANA HD will optimize ANA and NCA cargo flight networks to improve operational efficiency and expand service capacity.
  • •The full-year consolidated forecast has been revised upward, reflecting NCA's consolidation and market conditions. Operating revenue is forecast at 2,480.0 billion yen, operating profit at 200.0 billion yen, and net profit attributable to owners of the parent at 145.0 billion yen. This operating profit of 200.0 billion yen marks the second-highest profit level in our company's history. ANA HD is committed to achieving these revised annual targets and pursuing sustainable growth.

TOKYO, Oct. 30, 2025 - ANA HOLDINGS INC. (ANA HD) today reported its financial results for the six months ended Sept. 30, 2025.

"By steadily capturing strong passenger demand, sales revenue reached a record high for the first half." said Kimihiro Nakahori, Executive Vice President and Group Chief Financial Officer. "Profit levels also exceeded our initial plan, due in part to the consolidation of Nippon Cargo Airlines. Based on these results, we have revised our full-year earnings forecast upward. Additionally, we aim for further upside, primarily in our airline business , as we plan to announce our next mid-term management strategy in the fourth quarter."

Air Transportation

  • 1. International Passenger Service (ANA)
    • ・International passenger volume and revenue surpassed prior-year figures, supported by increasing inbound demand for Japan and robust outbound leisure travel.
    • ・The international route network expanded compared to the prior-year perid, primarily due to new services launched in the second half of fiscal year 2024, including the Haneda=Milan, Stockholm, and Istanbul routes. To enhance passenger experience, ANA began offering complimentary high-speed in-flight internet service across all classes in August, with plans to sequentially expand the service to more aircraft.
  • 2. Domestic Passenger Service (ANA)
    • ・Domestic passenger numbers and revenue increased, partly due to the "ANA SUPER VALUE Sale" on low-demand flights and fare adjustments. In July, ANA introduced an automated system that drafts quick recovery plans for flight schedule disruptions due to severe weather or other factors, minimizing customer disruption with shorter recovery times.
    • ・However, the domestic business segment faces profitability challenges from slower business demand recovery compared to pre-COVID levels and rising costs. ANA continues to review developments from the Ministry of Land, Infrastructure, Transport and Tourism's " Expert Panel on Domestic Aviation " and work with public and private partners to address industry-wide issues.
  • 3. Cargo Service (ANA)
    • ・The international cargo sector increased freight carried year-over-year by capturing cargo originating from Asia to North America. However, revenue declined due to foreign exchange fluctuations, decreased automotive related demand and decreased e-commerce demand.
    • ・ANA maintained profitability by closely monitoring demand, strategically adjusting freighter routes and capacity, and continuing operation of charter flights for other airlines, primarily on North American routes.
  • 4. Nippon Cargo Airlines (NCA)
    NCA, which joined the ANA Group in August, faced reduced demand for China-North America cargo, via Japan, due to the U.S. tariff policy. However, NCA strengthened efforts to capture cargo, including AI server-related shipments, from Asia to North America. Additionally, the Narita-Frankfurt route launched in September. Going forward, ANA and NCA will optimize the combined cargo flight networks to expand revenue opportunities.
  • 5. Peach and AirJapan
    • ・At Peach, passenger volume remained steady year-over-year, but revenue declined due to intense international route price competition. New services launched in April between Kansai=Gimpo and Chubu=Gimpo, with increased frequencies starting in August. Seasonal flights operated on the Kansai=Memanbetsu and Kansai=Kushiro routes to capture leisure demand. In July, Peach opened a training facility at Kansai International Airport to enhance flight safety, service quality, and talent development.
    • ・AirJapan increased both passenger numbers and revenue compared to the prior-year period by capturing inbound demand for Japan and launching campaigns to stimulate outbound leisure demand. Introduced in August, the "Last Summer Sale" covered all operational routes, followed by a discount campaign for the Narita=Bangkok and Narita=Singapore routes in September. AirJapan also began offering travel insurance purchases on its website during flight bookings.
  • 6. Other Revenue
    • ・Other revenue from the air transportation business totaled 93.7 billion yen, a 9.6% year-on-year increase from 85.5 billion yen. This includes revenues from frequent flyer miles, in-flight sales and maintenance contracts.

Airline Related, Travel Services, Trade and Retail, and Others

  • 1. Airline Related
    • ・Revenue and operating income increased due to expanded airport ground handling services for foreign airlines and higher international cargo volume.
  • 2. Travel Services
    • ・Outbound international travel handling volume increased, primarily driven by strong demand for destinations such as Hawaii and Europe. Conversely, domestic travel saw a decrease in handling volume. Although component sales, such as "ANA Traveler's Hotel," performed well, Dynamic Package products underperformed. Despite a decline in net sales, rigorous cost management returned the segment to an operating profit.
  • 3. Trade and Retail
    • ・Revenue and operating income surpassed the prior corresponding period in the Trade and Retail segment. Growth was driven by strong performance of "FUJISEY," ANA's wholesale tourist souvenir business, benefiting from an increase in passenger demand for the Osaka-Kansai Expo, and higher handling volumes in the semiconductor-related electronics and food businesses, including bananas.

Outlook for FY2025 (April 2025 - March 2026)

  • 1. Revised Consolidated Financial Forecast
    • ・In the first half, expenses decreased mainly due to the impact of market conditions. With NCA, a consolidated subsidiary, international cargo revenue is expected to rise. Operating revenue is now projected at 2,480.0 billion yen, operating profit at 200.0 billion yen, and ordinary profit at 194.0 billion yen. Net profit attributable to owners of the parent is expected to be 145.0 billion yen, due to extraordinary gains from the NCA acquisition. Notably, this operating profit of 200.0 billion yen is our second-highest on record, surpassed all-time high of 207.9 billion yen set in the fiscal year ended March 2024.
  • Contact:
    ANA Corporate Communications, TEL +81-3-6735-1111, publicrelations@ana.co.jp

About ANA HOLDINGS
ANA HD was established in 2013 as the largest airline group holding company in Japan, comprising 72 companies. It offers three distinct airline brands: ANA, Peach, the leading LCC in Japan, and AirJapan, launched in 2024 for international routes covering Asia.

ANA's legacy of superior service has earned SKYTRAX's 5-Star rating every year since 2013, making it the only Japanese airline to win this prestigious designation for 12 consecutive years.

In 2025, ANA was honored with FlightGlobal's Executive Leadership: Asia-Pacific Award for its visionary leadership and strategic growth.

ANA is also a four-time recipient of the ATW Airline of the Year award, recognized for excellence in aviation.

ANA HD has been selected as a member of the Dow Jones Sustainability World Index list for eight consecutive years and the Dow Jones Sustainability Asia Pacific Index list for nine consecutive years.
For more information about ANA and ANA HD, please visit: https://www.ana.co.jp/group/en/