Announcement • Jun 04
ANA Holdings Inc. to Report Q1, 2027 Results on Jul 29, 2026 ANA Holdings Inc. announced that they will report Q1, 2027 results on Jul 29, 2026 New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 01
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥363 (up from JP¥326 in FY 2025). Revenue: JP¥2.54t (up 12% from FY 2025). Net income: JP¥169.1b (up 11% from FY 2025). Profit margin: 6.7% (down from 6.8% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 01
ANA Holdings Inc., Annual General Meeting, Jun 26, 2026 ANA Holdings Inc., Annual General Meeting, Jun 26, 2026. Announcement • Apr 22
ANA Holdings Inc. to Report Fiscal Year 2026 Results on Apr 30, 2026 ANA Holdings Inc. announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.5%). Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥135 (up from JP¥113 in 3Q 2025). Revenue: JP¥687.0b (up 14% from 3Q 2025). Net income: JP¥63.2b (up 19% from 3Q 2025). Profit margin: 9.2% (up from 8.8% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 08
Dividend of JP¥60.00 announced Dividend of JP¥60.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Jan 07
ANA Holdings Inc. announces Annual dividend, payable on June 30, 2026 ANA Holdings Inc. announced Annual dividend of JPY 60.0000 per share payable on June 30, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Announcement • Dec 02
ANA Holdings Inc. to Report Q3, 2026 Results on Jan 30, 2026 ANA Holdings Inc. announced that they will report Q3, 2026 results on Jan 30, 2026 Buy Or Sell Opportunity • Nov 11
Now 26% overvalued The stock has been flat over the last 90 days, currently trading at JP¥3,020. The fair value is estimated to be JP¥2,400, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are forecast to decline by 0.1% per annum over the same time period. Announcement • Nov 10
ANA Holdings Inc. (TSE:9202) announces an Equity Buyback for 67,500,000 shares, representing 14.23% for ¥150,000 million. ANA Holdings Inc. (TSE:9202) announces a share repurchase program. Under the program, the company will repurchase up to 67,500,000 shares, representing 14.23% of its issued share capital, for ¥150,000 million. The purpose of the program is to optimize our capital structure and improve shareholder value. The purchased shares will be cancelled. The program will be valid till December 15, 2026. As of September 30, 2025, the company has 474,346,533 issued shares (excluding treasury stock) and 9,947,028 treasury shares. Reported Earnings • Oct 31
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: JP¥113 (down from JP¥119 in 2Q 2025). Revenue: JP¥641.7b (up 10% from 2Q 2025). Net income: JP¥53.1b (down 5.2% from 2Q 2025). Profit margin: 8.3% (down from 9.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 30
ANA Holdings Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 ANA Holdings Inc. revised consolidated earnings guidance for the fiscal year ending March 31, 2026. For the year, the company expects operating revenues of JPY 2,480,000 million, operating income of JPY 200,000 million, net income attributable to owners of the parent of JPY 145,000 million and net income per share of JPY 309.57 against previous guidance of operating revenues of JPY 2,370,000 million, operating income of JPY 185,000 million, net income attributable to owners of the parent of JPY 122,000 million and net income per share of JPY 259.62. Announcement • Sep 05
ANA Holdings Inc. to Report Q2, 2026 Results on Oct 30, 2025 ANA Holdings Inc. announced that they will report Q2, 2026 results on Oct 30, 2025 New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 30
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: JP¥48.84 (down from JP¥52.57 in 1Q 2025). Revenue: JP¥548.7b (up 6.2% from 1Q 2025). Net income: JP¥23.0b (down 7.1% from 1Q 2025). Profit margin: 4.2% (down from 4.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
ANA Holdings Inc. to Report Q1, 2026 Results on Jul 29, 2025 ANA Holdings Inc. announced that they will report Q1, 2026 results on Jul 29, 2025 Buy Or Sell Opportunity • Jun 19
Now 20% overvalued Over the last 90 days, the stock has fallen 3.6% to JP¥2,781. The fair value is estimated to be JP¥2,312, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are forecast to decline by 0.8% per annum over the same time period. Announcement • Apr 30
ANA Holdings Inc., Annual General Meeting, Jun 27, 2025 ANA Holdings Inc., Annual General Meeting, Jun 27, 2025. New Risk • Mar 31
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 28 June 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (4.1%). Announcement • Mar 01
ANA Holdings Inc. to Report Fiscal Year 2025 Results on Apr 30, 2025 ANA Holdings Inc. announced that they will report fiscal year 2025 results on Apr 30, 2025 New Risk • Feb 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 04
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥113 (down from JP¥119 in 3Q 2024). Revenue: JP¥603.2b (up 12% from 3Q 2024). Net income: JP¥53.3b (down 4.5% from 3Q 2024). Profit margin: 8.8% (down from 10% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 06
Dividend of JP¥50.00 announced Dividend of JP¥50.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 28th June 2025 Dividend yield will be 1.8%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 04
ANA Holdings Inc. to Report Q3, 2025 Results on Feb 03, 2025 ANA Holdings Inc. announced that they will report Q3, 2025 results on Feb 03, 2025 Reported Earnings • Nov 02
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: JP¥119 (down from JP¥134 in 2Q 2024). Revenue: JP¥582.8b (up 7.6% from 2Q 2024). Net income: JP¥56.1b (down 10% from 2Q 2024). Profit margin: 9.6% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Sep 03
ANA Holdings Inc. to Report Q2, 2025 Results on Oct 31, 2024 ANA Holdings Inc. announced that they will report Q2, 2025 results on Oct 31, 2024 Reported Earnings • Jul 31
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: JP¥52.57 (down from JP¥65.51 in 1Q 2024). Revenue: JP¥516.8b (up 12% from 1Q 2024). Net income: JP¥24.7b (down 20% from 1Q 2024). Profit margin: 4.8% (down from 6.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Jul 28
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Masumi Minegishi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 08
ANA Holdings Inc. to Report Q1, 2025 Results on Jul 30, 2024 ANA Holdings Inc. announced that they will report Q1, 2025 results on Jul 30, 2024 Reported Earnings • Apr 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥335 (up from JP¥190 in FY 2023). Revenue: JP¥2.06t (up 20% from FY 2023). Net income: JP¥157.1b (up 76% from FY 2023). Profit margin: 7.6% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Available seat kilometres (ASK): 107.51b (up 25% from FY 2023). Passenger load factor: 73.7% (up from 68.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
ANA Holdings Inc. Proposes Dividend for the Fiscal Year Ended March 31, 2024, Effective Date Is June 28, 2024 ANA Holdings Inc. proposed dividend of JPY 50 per share for the fiscal year ended March 31, 2024. Record date is March 31, 2024; Effective date is June 28, 2024; Total amount ofd ividendsJPY 23,528 million. It will be proposed at the 79th Ordinary General Meeting of Shareholders to be held on June 27, 2024. Announcement • Mar 23
ANA Holdings Inc. to Report Fiscal Year 2024 Results on Apr 26, 2024 ANA Holdings Inc. announced that they will report fiscal year 2024 results on Apr 26, 2024 Reported Earnings • Feb 01
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥119 (up from JP¥91.55 in 3Q 2023). Revenue: JP¥540.9b (up 16% from 3Q 2023). Net income: JP¥55.7b (up 30% from 3Q 2023). Profit margin: 10% (up from 9.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
ANA Holdings Inc. to Report Q3, 2024 Results on Jan 31, 2024 ANA Holdings Inc. announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 01
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥134 (up from JP¥39.42 in 2Q 2023). Revenue: JP¥541.7b (up 23% from 2Q 2023). Net income: JP¥62.5b (up 237% from 2Q 2023). Profit margin: 12% (up from 4.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Sep 06
ANA Holdings Inc. to Report Q2, 2024 Results on Oct 31, 2023 ANA Holdings Inc. announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Jul 29
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥65.51 (up from JP¥2.13 in 1Q 2023). Revenue: JP¥461.0b (up 32% from 1Q 2023). Net income: JP¥30.7b (up JP¥29.7b from 1Q 2023). Profit margin: 6.7% (up from 0.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
ANA Holdings Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 ANA Holdings Inc. provided Consolidated earnings guidance for the fiscal year ending March 31, 2024. For the period, the company expects operating revenue to be JPY 1,970,000 million, operating income to be JPY 140,000 million, net income attributable to owners of the parent to be JPY 80,000 million, basic earnings per share to be JPY 170.59. Announcement • Jun 14
ANA Holdings Inc. to Report Q1, 2024 Results on Jul 28, 2023 ANA Holdings Inc. announced that they will report Q1, 2024 results on Jul 28, 2023 Price Target Changed • Jun 08
Price target increased by 7.7% to JP¥3,220 Up from JP¥2,991, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of JP¥3,121. Stock is up 22% over the past year. The company is forecast to post earnings per share of JP¥198 for next year compared to JP¥190 last year. Buying Opportunity • May 24
Now 20% undervalued Over the last 90 days, the stock is up 9.9%. The fair value is estimated to be JP¥3,804, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings is also forecast to grow by 8.7% per annum over the same time period. Reported Earnings • Apr 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥190 (up from JP¥305 loss in FY 2022). Revenue: JP¥1.71t (up 67% from FY 2022). Net income: JP¥89.5b (up JP¥233.1b from FY 2022). Profit margin: 5.2% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Available seat kilometres (ASK): 85.78b (up 56% from FY 2022). Passenger load factor: 68.3% (up from 40.0% in FY 2022). Operating revenue per available seat kilometre (Oper. RASK): JP¥19.91 (up from JP¥18.62 in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 47%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 22
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥122 to JP¥136. Revenue forecast steady at JP¥1.72t. Net income forecast to grow 271% next year vs 28% growth forecast for Airlines industry in Japan. Consensus price target of JP¥2,961 unchanged from last update. Share price rose 2.4% to JP¥2,851 over the past week. Buying Opportunity • Mar 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be JP¥3,444, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥115 to JP¥127. Revenue forecast steady at JP¥1.71t. Net income forecast to grow 246% next year vs 7.5% growth forecast for Airlines industry in Japan. Consensus price target broadly unchanged at JP¥2,965. Share price was steady at JP¥2,779 over the past week. Reported Earnings • Feb 03
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: JP¥91.55 (up from JP¥8.51 loss in 3Q 2022). Revenue: JP¥467.9b (up 53% from 3Q 2022). Net income: JP¥43.1b (up JP¥47.1b from 3Q 2022). Profit margin: 9.2% (up from net loss in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 90%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 03
ANA Holdings Inc. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2023 ANA Holdings Inc. revised consolidated earnings guidance for the year ending March 31, 2023. For the year ending March 31, 2023, the company expects operating revenues of JPY 1,710.0 billion compared to previous guidance of JPY 1,700.0 billion, operating income of JPY 95.0 billion compared to previous guidance of JPY 65.0 billion and net income attributable to owners of the parent of JPY 60.0 billion or JPY 127.57 per share compared to previous guidance of JPY 40.0 billion or JPY 85.05 per share. Announcement • Dec 28
ANA Holdings Inc. to Report Q3, 2023 Results on Feb 02, 2023 ANA Holdings Inc. announced that they will report Q3, 2023 results on Feb 02, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Masumi Minegishi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 02
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥39.42 (up from JP¥101 loss in 2Q 2022). Revenue: JP¥440.3b (up 90% from 2Q 2022). Net income: JP¥18.5b (up JP¥66.2b from 2Q 2022). Profit margin: 4.2% (up from net loss in 2Q 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 02
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: JP¥2.13 (up from JP¥109 loss in 1Q 2022). Revenue: JP¥350.4b (up 76% from 1Q 2022). Net income: JP¥1.00b (up JP¥52.2b from 1Q 2022). Profit margin: 0.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 46%, compared to a 56% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 24
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: JP¥1.02t (up 40% from FY 2021). Net loss: JP¥143.6b (loss narrowed 65% from FY 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 61%, compared to a 53% growth forecast for the airlines industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 30
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: JP¥305 loss per share (up from JP¥1,082 loss in FY 2021). Revenue: JP¥1.02t (up 40% from FY 2021). Net loss: JP¥143.6b (loss narrowed 65% from FY 2021). Available seat kilometres (ASK): 54.81b (up 33% from FY 2021). Passenger load factor: 40.0% (up from 34.8% in FY 2021). Revenue per available seat kilometre (RASK): 1,861.5% (up from 1,761.7% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 53%, compared to a 55% growth forecast for the airlines industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Outside Independent Director Eijiro Katsu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 
