ANA Holdings (9202) Marketing strategy briefing takeaways: Aims to enhance revenue management

Research evidence excerpt

ANA Holdings (9202) Marketing strategy briefing takeaways: Aims to enhance revenue management

J P M O R G A N Asia Pacific Equity Research

30 June 2026

ANA Holdings (9202) Neutral

9202.T, 9202 JP

Marketing strategy briefing takeaways: Aims to Price (29 Jun 26):¥2,999

enhance revenue management Price Target (Dec-26):¥3,200

We attended a business briefing today on ANA’s brand marketing Japan Equity Research

strategy. Recently, the media has reported on the pros and cons of the revised ANA

Transportation (Land, Sea, Air), OTC

Super Flyers Card (SFC) program for premium members, as well as issues related & Small Companies, Real Estate &

to the introduction of the new domestic airfare system, such as problems with REITs

reservation and online check-in functions. The company plans to review the details AC Ryota Himeno

of the ANA SFC program and announce changes by the end of (81-3) 6736-8639

September. Regarding the new airfare system, management explained that system ryota.himeno@jpmorgan.com

malfunctions and insufficient communication with customers were the main JPMorgan Securities Japan Co., Ltd.

issues. ANA will continue rolling out the new airfare system, as the phased rollout

and operation of the system will lead to greater customer satisfaction. Key points

from the briefing are summarized below.

• Transformation of sales methods: ANA will invest ¥270 billion in digital

transformation (DX) over the five years from FY2026 to FY2030. By

improving demand forecasting accuracy and fare-setting flexibility, the

company will be able to offer a wide range of finely tuned fares regardless of

purchase timing, providing optimal airfares to diverse customer

segments. ANA will also leverage customer data to offer personalized

products.