Resilient Margins of ANA Should Provide Buffer Amid Turbulent Environment

ANA Holdings’ full-service passenger airline operations should continue to dominate and underpin the group’s revenue and profit. Management is focused on expanding its international passenger services as it reestablishes its international trunk routes post-coronavirus. It expects Japan’s inbound tourism to continue to outpace outbound growth and anticipates that it will also need to provide services to inbound tourists to secondary locations in Japan beyond the current key portals of Tokyo and Osaka. Air Japan, which was launched to capture demand growth from inbound travel to Japan from Southeast Asia, will cease operations in March 2026 as ANA focuses on a dual-brand strategy with Peach, to maximize aircraft utilization and improve its market positioning.