ANA Holdings delays Nippon Cargo Airlines subsidiary conversion to July 1

ANA Holdings Inc. (TSE: 9202) announced a further update to its plan to make Nippon Cargo Airlines Co., Ltd. (NCA) a wholly-owned subsidiary through a simplified share exchange. The effective date of the share exchange, previously scheduled for May 23, 2025, will now be July 1, 2025. This decision, documented in an amendment agreement executed on May 19, 2025, is due to the anticipated time required for the completion of business combination reviews by relevant authorities, particularly in China. The original plan was initially disclosed on July 10, 2023 and has been subsequently updated on September 26, 2023, January 25, 2024, March 22, 2024, June 10, 2024, March 21, 2025 and April 25, 2025. As a result of the share exchange, NCA's balance sheet and income statement will be consolidated into ANA Holdings' financials starting in the second quarter of the fiscal year ending March 2026. The impact of this consolidation is still under review and will be disclosed in the future.