ANA (9202) investor relations material

Executive summary

• Operating revenues reached a record-high ¥672.7Bn for Q1, up 22.6% year-over-year, driven by strong airline business performance despite Middle East tensions.

• Operating income declined 43.5% year-over-year to ¥20.7Bn, mainly due to higher fuel costs, but exceeded initial plans.

• Net income attributable to owners was ¥19.4Bn, down 15.4% year-over-year.

• Comprehensive income turned negative at ¥(11.98)Bn, reflecting significant losses on derivatives.

Financial highlights

• Operating revenues rose by ¥124.0Bn year-over-year, driven by air transportation (+24.9%).

• Operating expenses increased by ¥140.0Bn (+27.4%), mainly due to higher fuel costs and JPY depreciation.

• EBITDA was ¥65.0Bn, down 13.9% year-over-year; EBITDA margin fell to 9.7%.

• Gross income fell to ¥82.6Bn from ¥91.8Bn year-over-year, and EPS was ¥39.99, down from ¥48.84.

• Substantial free cash flow dropped to ¥14.2Bn from ¥50.6Bn year-over-year, while cash and cash equivalents increased to ¥939.2Bn.

Outlook and guidance

• Full-year FY2026 forecast maintained: operating revenues ¥2,770Bn (+9.1% YoY), operating income ¥150Bn (+31.0%), net income ¥96Bn (+43.2%), EPS ¥209.26.

• Q2 expects robust demand to continue, with ongoing monitoring of Middle East risks and fuel price volatility.

• Yield recovery in domestic passenger business anticipated as fare structure transition issues are resolved.

• Q2 market dynamics to be reflected in 2H assumptions.

• No change to previously announced guidance; actual results may differ due to business and external factors.