ANA Holdings (9202): 1Q results: 1Q buffer provides reassurance despite risk factors remaining for 2Q onward

Research evidence excerpt

ANA Holdings (9202): 1Q results: 1Q buffer provides reassurance despite risk factors remaining for 2Q onward

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

29 July 2026

ANA Holdings (9202) Neutral

9202.T, 9202 JP

1Q results: 1Q buffer provides reassurance despite risk Price (29 Jul 26):¥3,221

factors remaining for 2Q onward Price Target (Dec-26):¥3,200

Slightly positive: 1Q operating profit (airline business) exceeded guidance by Japan Equity Research

¥29.0 billion (including a ¥14.0 billion positive impact from prices), beating

Transportation (Land, Sea, Air), OTC

expectations. We see no issue with management maintaining full-year guidance, & Small Companies, Real Estate &

considering the recent surge in fuel prices. The company expects strong demand REITs

to continue, but plans to review 2H assumptions in light of market risks and 2Q AC Ryota Himeno

trends. We expect the company’s share price to move in line with developments in (81-3) 6736-8639

the Middle East, crude oil prices, and demand. The company maintained DPS ryota.himeno@jpmorgan.com

guidance of ¥60. ANA Holdings intends to maintain stable dividends (keeping the JPMorgan Securities Japan Co., Ltd.

dividend payout ratio at around 20%) and pursue flexible share buybacks.

• Results summary: 1Q operating profit fell 43.5% YoY to ¥20.8 billion (our

estimate: ¥6.3 billion, Bloomberg consensus estimate: ¥13.3 billion). ANA

maintained full-year guidance for operating profit to decline 31.0% YoY to

¥150.0 billion (our estimate: ¥147.5 billion, Bloomberg consensus estimate:

¥161.6 billion). 1Q operating profit (airline business) exceeded guidance by

¥29.0 billion (including a +¥14.0 billion positive impact from prices), owing

to sales beating guidance by ¥19.0 billion (-¥1.0 billion) and operating