ANA Holdings Jun-Q FY3/27: OP beat, resilient demand despite fuel headwinds

Research evidence excerpt

ANA Holdings Jun-Q FY3/27: OP beat, resilient demand despite fuel headwinds

Global Research

29 July 2026ab

First Read

EquitiesANA Holdings

Jun-Q FY3/27: OP beat, resilient demand despite Japan

fuel headwinds Aerospace

12-month rating Buy

12m price target ¥4,100.0

Jun-Q OP fared better than expected

ANA reported Jun-Q operating profit of ¥20.7bn, down 44% YoY but well ahead of

UBSe ¥14bn loss, driven by lower-than-expected fuel costs. Despite ATK growth of 24% Price (29 Jul 2026) ¥3,221

YoY (UBSe), a 125% YoY rise in jet fuel prices (one-month lag basis), and 10% JPY RIC: 9202.T BBG: 9202 JP

depreciation, fuel costs only increased by 87% YoY, likely reflecting lower than expected

Trading data and key metrics

refinery margins on fuel procurement. Int'l flight demand remained resilient despite

higher fares, while AI-driven shipments of semiconductors and servers support robust 52-wk range ¥3,403-2,602

cargo revenue growth. Domestic passenger segment was slightly weaker than Market cap. ¥1,510b/US$9.23b

expectations due to system migration disruptions and fare-structure adjustments that Shares o/s 469m (ORD)

weighed on unit revenue. While transportation segment operating profit is tracking Free float 94%

¥29bn ahead of plan, management maintained full-year guidance, consistent with its Avg. daily volume ('000) 2,730

conservative stance. We expect a positive market reaction to the headline earnings beat. Avg. daily value (m) ¥7,949

Common s/h equity (03/26E) ¥1292b

Bright spots in cargo and international passenger segment P/BV (03/26E) 1.2x

Cargo and international passenger segment were the key bright spots in the quarter. Net debt to EBITDA (03/26E) 0.3x

Cargo revenue (ex-NCA) rose 38% YoY, driven by higher yields, while NCA also recorded

EPS (reported, basic) (¥)