ENVALITH
ANAホールディングス株式会社 logo

ANA HOLDINGS INC.

9202・Prime Market・Air Transportation

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ANAホールディングス株式会社 logo
ANA HOLDINGS INC.9202

Business

ANA Holdings is Japan's largest airline group holding company, comprising 140 subsidiaries and 37 affiliated companies including All Nippon Airways, Peach Aviation, and NCA (Nippon Cargo Airlines). Centered on the Air Transportation Business (domestic and international passenger and cargo transport), the group also operates the Airline-Related Business (airport handling, maintenance, etc.), the Travel Business (package tours), the Trading Business (import/export of aviation-related materials, airport retail stores), and Others (facility management, staffing, etc.). Its primary customers are domestic and international individual travelers, business travelers, and shipping companies, and it maintains a global network through its membership in Star Alliance. In August 2025, the company made NCA a wholly owned subsidiary, strengthening its competitiveness as a combination carrier.

Business Model

In the Air Transportation Business, which accounts for approximately 79% of net sales, passenger revenue from international and domestic routes and cargo revenue are the main sources of income. The multi-brand strategy encompassing ANA Brand, Peach, and NCA (Nippon Cargo Airlines) captures different customer segments. The Airline-Related Business (approximately 12%) secures stable revenue through handling and maintenance services contracted by external airlines. The Trading Business (approximately 5%) supplements non-aviation revenue through airport store operations and sales of aviation-related materials. The structure is built around expanding the ANA economic sphere centered on the mileage program, aiming to retain customers and maximize ancillary revenue.

Company Strengths

Received the highest rating of "5 Stars" from the UK's SKYTRAX for 13 consecutive years. Also awarded "WORLD CLASS" by APEX (US) for two consecutive years and won the "Executive Leadership: Asia-Pacific Award" from FlightGlobal (UK) for the first time, among other accolades, reflecting objective quality evaluation by multiple international third-party organizations.

In addition to Star Alliance membership, the company has entered into joint venture agreements with the Lufthansa Group (Japan–Europe), United Airlines (Asia–Americas), and Singapore Airlines (Japan–Singapore, Australia, India, etc.). Joint fares with Singapore Airlines began in May 2025, strengthening the international network and profitability.

In August 2025, the company made NCA (Nippon Cargo Airlines) a wholly owned subsidiary, establishing a combination carrier model that combines passenger belly cargo with dedicated large freighter aircraft. NCA's cargo transport weight of 313 thousand tons and cargo revenue of ¥108,963 million were added to consolidated results from this fiscal year. The integration of ANA, NCA, and NCA Japan (planned for April 2027) aims to generate synergy effects of ¥30.0 billion.

ENVALITH's Perspective

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥2,770,000 million (up 9.1% year on year), against operating profit of ¥150,000 million (down 31.0% year on year) and profit attributable to owners of parent of ¥96,000 million (down 43.2% year on year), representing a substantial decline in earnings. The main driver is the surge in fuel prices resulting from the deterioration of the Middle East situation (assuming Dubai crude oil at 130 USD/barrel in the first quarter), which once again highlights the company's high sensitivity to external factors. The sophistication of fuel hedging strategy and cost management will be key to investment decisions.

The expansion of the Cargo Business through the full consolidation of NCA (Nippon Cargo Airlines) can be evaluated as a pillar of medium- to long-term revenue growth. On the other hand, the Travel Business recorded net sales of ¥65,332 million for the period (down 11.2% year on year) and swung to an operating loss of ¥146 million, as weak customer acquisition for Dynamic Package products continued. The Airline-Related Business also saw a sharp decline in operating profit to ¥1,456 million (down 63.9% year on year) due to rising personnel expenses, leaving improvement in the profitability of segments other than the Air Transportation Business as a remaining challenge.

The issuance of the 1st series bond-type class shares (¥195,000 million paid in) led to a substantial increase in net assets, improving the equity ratio from 31.2% in the previous fiscal year to 37.7%. Interest-bearing debt decreased by ¥177,300 million year on year to ¥1,171,700 million, and the debt repayment period also shortened to 2.6 years (from 3.6 years in the previous fiscal year). The interest coverage ratio remained at a high level of 18.7 times. While the improvement in financial soundness is commendable, attention should be paid to the fact that the call decision on the bond-type class shares (exercisable five years or more after issuance) will affect future capital costs.

Growth Strategy

Accelerating growth investment in DX, human capital, and aircraft, and achieving profit growth centered on international passenger and cargo operations

AirJapan brand operations will be discontinued in March 2026, consolidating the group into a dual-brand structure comprising full-service ANA and the LCC Peach Aviation. By concentrating aircraft and personnel under the ANA brand, the group aims to strengthen overall profitability and competitiveness. To mark its 15th anniversary, Peach Aviation is undertaking a brand renewal, with new-design aircraft scheduled to enter service sequentially from 2027.

ANA Cargo, NCA (Nippon Cargo Airlines), and NCA Japan are scheduled to be integrated on April 1, 2027. The integration will accelerate the unification of sales structures and the consolidation of cargo warehouse facilities, positioning the group as Asia's leading combination carrier capable of broadly capturing global cargo demand. Against a backdrop of robust semiconductor-related demand, the company will drive profit growth in international cargo.

In FY2027 (ending March 2027), the company will operate the Narita–Vancouver route on a seasonal basis and increase flight frequency on the Narita–Mumbai and Haneda–Milan routes. The business class seats on Boeing 787-9 aircraft will be renewed for the first time in about 10 years, introducing the enclosed suite-style seat "THE Room FX" to improve comfort on long-haul flights and enhance profitability.

As the first year of the "ANA Group Medium-Term Management Strategy for FY2026–FY2028" announced on January 30, 2026, the company has designated DX, human capital, and aircraft as three key areas of focused investment. It will pursue profit growth centered mainly on international passenger and international cargo operations, aiming to enhance shareholder value through share price appreciation and increased dividends. For FY2027 (ending March 2027), the company plans to introduce 16 aircraft and retire 7.

New infrastructure services such as ANA Gas / ANA Mobile have been launched to expand opportunities for earning miles in daily life. In the Trading Business, the company is expanding retail operations such as airport merchandise sales and duty-free shops, while enhancing added value in the Food Business (Bananas, etc.) and aircraft-related businesses. In the Travel Business, the company aims to diversify non-airline revenue by expanding sales of travel components such as accommodation, rental cars, and activities.

Last updated: July 19, 2026