ANA Holdings reported revenue of ¥672.7bn for the three months to June, up 22.6% from a year earlier, as inbound tourists filled international seats and cargo holds carried more semiconductor-related freight. Fuel costs erased most of that gain at the profit line: operating profit fell 43.5% to ¥20.8bn, ordinary profit dropped 37.3% to ¥22.5bn, and net profit attributable to shareholders slipped 15.4% to ¥19.4bn.
| Metric | Q1 amount | Change vs year-ago quarter |
|---|---|---|
| Revenue | ¥672.7bn | +22.6% |
| Operating profit | ¥20.8bn | -43.5% |
| Ordinary profit | ¥22.5bn | -37.3% |
| Net profit (parent) | ¥19.4bn | -15.4% |
The demand side of the ledger looked strong. International passenger revenue rose 20.0% to ¥247.6bn on 2.36 million passengers, up 14.3%, with the load factor climbing to 85.1% from 79.3% a year earlier as ANA leaned on inbound tourism and Japan-origin leisure travel, adding extra flights on routes such as Narita-Bangkok and Narita-Vancouver during peak periods. Domestic passenger revenue grew a more modest 1.1% to ¥163.6bn, even as ANA trimmed its overall domestic flying schedule and instead concentrated added capacity around the Golden Week holiday.
Cargo was the other bright spot. International cargo revenue under the ANA brand rose 37.9% to ¥58.3bn, helped by strong semiconductor-related shipments and a rebound in North America-bound freight that had been depressed a year earlier by US tariff policy. Nippon Cargo Airlines, which ANA consolidated as a subsidiary last year and has counted in its results since July 2025, contributed ¥50.4bn in cargo revenue and ¥7.5bn in other income this quarter. ANA is now moving to combine its freight operations more formally: it plans to merge ANA Cargo, NCA and NCA Japan into a single company on April 1, 2027, having already begun joint management of cargo space and is consolidating overseas sales and cargo-terminal operations ahead of that date.
Despite the profit hit, ANA left its full-year outlook unchanged from the guidance it issued on April 30. Management is still targeting revenue of ¥2.77tn (up 9.1%), operating profit of ¥150bn (a projected 31.0% decline for the year), ordinary profit of ¥137bn and net profit of ¥96bn. The annual dividend forecast also holds at ¥60 per share, split evenly between the interim and year-end payments, down from ¥65 paid out for the year just ended.
One cushion for the margin squeeze: cash and equivalents rose ¥202.8bn over the quarter to ¥939.2bn, largely on proceeds from maturing securities, giving the airline some room to absorb further fuel-price swings before its next results update.