AirJapan continued to attract inbound travelers and ran sales campaigns to stimulate outbound leisure travel demand from Japan. AirJapan launched promotions with the mobile payment service "ANA Pay". Also, AirJapan worked to enhance brand awareness and attract new customers, such as by offering discount coupons as a shareholder benefit to commemorate the first anniversary after the launch of AirJapan brand.
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All Nippon Airways (ANA)-
We have made a strong start in the first quarter with increased revenue and operating income, even though the full-year forecast for fiscal year 2025 (April 1, 2025 – March 31, 2026) anticipates increased revenue but decreased profit.
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Revenue reached 548.7 billion yen, setting a new record. International passenger services reached record-high revenue of 206.2 billion yen, driven by strong performance on the three new routes, the Haneda=Milan, Stockholm and Istanbul, which achieved an average load factor of approximately 80% by robust inbound demand.
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For domestic passenger services, both passenger numbers and load factor surpassed the previous year’s figures due to stimulated leisure demand. Meanwhile, since May, the Ministry of Land, Infrastructure, Transport and Tourism has launched an “Expert Panel on Domestic Aviation,” and we will work together with the public and private sectors to address the structural challenges of the domestic aviation business.
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International cargo has performed robustly, despite concerns over U.S. tariff policies, by capturing demand from Asia. We plan to further strengthen our air cargo transport services in partnership with Nippon Cargo Airlines, which is scheduled to join the ANA Group on August 1.
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Operating expenses increased year-on-year, driven by higher outsourcing and personnel costs. However, operating income rose by 21% to 36.7 billion yen, marking the second-highest level on record, following the highest record marked in fiscal year 2023. We aim to reliably achieve our annual plan and maintain sustained growth.
“As we entered this fiscal year, we were encouraged by the continued recovery in international passenger demand alongside favorable fuel market conditions and foreign exchange rates, ” said Kimihiro Nakahori, Executive Vice President and Group Chief Financial Officer. “Our record-setting first-quarter revenue reflects the successful launch of the flights on the Haneda=Milan, Haneda=Stockholm and Haneda=Istanbul routes, the dedication of our employees and the continued trust of our passengers. As we expand our network and welcome more travelers aboard, we remain committed to delivering the high-quality service, thoughtful hospitality and reliable operations that define the ANA experience.”
Consolidated Financial Performance of ANA Holdings
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Performance by Business Segment
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Air Transportation
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For international passenger service, All Nippon Airways (ANA) captured robust inbound demand as well as steady outbound leisure and business travel from Japan. As a result, passenger numbers increased by 9.6% and revenue increased by 8.8% year-on-year.
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Regarding the route network, ANA’s operational scale expanded compared to the same period last year, due to factors such as the launch of flights on the Haneda=Milan, Haneda=Stockholm and Haneda=Istanbul routes in the second half of fiscal year 2024.
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ANA signed a joint venture agreement with Singapore Airlines in April and began offering joint fares in May to enhance route planning and improve convenience for connecting flights. ANA also completely revamped its international website, introducing new user-friendly features focused on seat availability and booking functionality.
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For domestic passenger service, ANA boosted leisure demand by expanding its “ANA SUPER VALUE Sale” targeting early booking behavior. These efforts led to year-on-year increases in both passenger numbers and revenue.
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Regarding the route network, ANA increased flights on key routes such as Haneda=Sapporo, especially during the Golden Week holiday, to meet seasonal travel demand.
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In-flight Wi-Fi service was upgraded starting in June, providing a high-speed internet environment capable of video streaming.
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The domestic website was renewed in May to mirror enhancements made to the international website.
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On the other hand, business demand has not recovered to pre-COVID-19 levels, and expense is also increasing, making it a challenging situation to generate profit in the domestic aviation business. ANA will closely monitor the “Expert Panel on Domestic Aviation” convened by the Ministry of Land, Infrastructure, Transport and Tourism, and will collaborate with both public and private stakeholders to address industry-wide issues.
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For the international cargo services, despite a decline in demand for triangular shipments from China to North America due to U.S. tariff concerns, ANA increased cargo volume by targeting demand from Asia to North America. As a result, ANA exceeded transport weight from the same period last year.
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Regarding the route network, ANA ensured profitability by monitoring demand trends and flexibly adjusting the operating routes and operation of freighter.
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ANA will enhance competitiveness and service quality in cargo transport through the planned integration of Nippon Cargo Airlines Co., Ltd., which is set to become a wholly owned subsidiary effective August 1, 2025.
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Peach showed continued strength in domestic leisure travel, leading to an increase in passenger numbers. Peach launched new routes between Kansai=Seoul Gimpo and Chubu=Seoul Gimpo in April to capture leisure demand. In April, the airline refreshed its website to shorten the booking process. Peach also improved customer conveniences by enabling the pre-purchase of in-flight meals on some international routes.
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AirJapan continued to attract inbound travelers and ran sales campaigns to stimulate outbound leisure travel demand from Japan. These initiatives lifted both passenger numbers and revenue, surpassing the figures from the same period last year. AirJapan launched promotions with the mobile payment service “ANA Pay”. Also, AirJapan worked to enhance brand awareness and attract new customers, such as by offering discount coupons as a shareholder benefit to commemorate the first anniversary after the launch of AirJapan brand.
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Revenue from other air transportation-related businesses reached 47.0 billion yen, up 3.9% from 45.3 billion yen in the same period last year. This includes revenue from the mileage program, in-flight sales, maintenance contracts, etc.
Airline Related, Travel Services, Trade and Retail, and Others
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Revenue and operating income both surpassed the figures from the same period last year, marking a return to the black. This recovery was primarily driven by growth in airport ground handling services for foreign airlines and an increase in international cargo volume.
2. Travel Services
- Transactions for overseas travel rose, led by strong demand for Hawaii. However, domestic travel transactions decreased as the “Dynamic Package” products struggled to gain traction. As a result, while revenue was lower than in the same period of the previous year, the deficit was reduced due to cost controls, such as advertising expenses.
- In May, ANA launched “ANA GAS,” a gas utility service. Alongside “ANA DENKI,” an electric service, this initiative aims to make mileage accumulation easier and more accessible for customers through everyday services.
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Revenue and operating income both surpassed the figures from the same period last year. Strong performance from FUJISEY souvenir wholesale shops, driven by increased passenger demand from events like Expo 2025 Osaka, Kansai, Japan, as well as expanded volume in our food business, including bananas, contributed to the overall gains.
Consolidated Balance Sheet
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Consolidated Statement of Cash Flow
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Outlook for FY2025 (April 2025 – March 2026)
ANA HD maintains its consolidated financial forecast for FY2025, presented on April 30, 2025.
Consolidated Financial Forecast
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About ANA HOLDINGS
ANA HD was established in 2013 as the largest airline group holding company in Japan, comprising 70 companies. It offers three distinct airline brands: ANA, Peach, the leading LCC in Japan, and AirJapan, launched in 2024 for international routes covering Asia.
ANA’s legacy of superior service has earned SKYTRAX’s 5-Star rating every year since 2013, making it the only Japanese airline to win this prestigious designation for 12 consecutive years.
In 2025, ANA was honored with FlightGlobal’s Executive Leadership: Asia-Pacific Award for its visionary leadership and strategic growth.
ANA is also a four-time recipient of the ATW Airline of the Year award, recognized for excellence in aviation.
ANA HD has been selected as a member of the Dow Jones Sustainability World Index list for eight consecutive years and the Dow Jones Sustainability Asia Pacific Index list for nine consecutive years.
Source: ANA
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