ANA Holdings raises full-year forecasts on cargo subsidiary, lower fuel prices

ANA Holdings has revised its full-year consolidated financial results forecast for the fiscal year ending March 31, 2026, anticipating stronger performance. This revision is driven by lower-than-expected fuel market prices, yen appreciation, and the consolidation of Nippon Cargo Airlines Co., Ltd. (NCA) as a subsidiary in August 2025. NCA's acquisition, valued at JPY7,165m, is expected to boost international cargo revenue by leveraging its freighter network with ANA Group’s passenger services.

The updated forecast for FY2025 (April 1, 2025 – March 31, 2026) projects operating revenues of JPY2,480.0bn (an increase of JPY110.0bn), operating income of JPY200.0bn (an increase of JPY15.0bn), and ordinary income of JPY194.0bn (an increase of JPY19.0bn). Net income attributable to owners of the parent is now expected to reach JPY145.0bn (an increase of JPY23.0bn), with an unchanged dividend forecast of JPY60.0 per share. These forecasts are based on an exchange rate of JPY150 to one US dollar and specific fuel cost indices.

For the six months ended September 30, 2025, consolidated operating revenues were JPY1,190.4bn, up 8.3% year-on-year, with operating income at JPY97.6bn, a decrease of 9.9%. Net income attributable to owners of the parent for this period was JPY76.0bn, down 5.8% from the previous year, partly due to increased expenses from reduced government fuel subsidies and human resource investments. Total assets increased to JPY3,748.4bn, reflecting aircraft and other asset increases from the NCA consolidation.