ANA Reports First-Half Results, Signs RegionalPlus Wings MoU

ANA Holdings Inc. (ANAHD) reported its financial results for the six months ended September 30, 2026. The group recorded record-high first-half revenue driven primarily by robust demand in core aviation businesses, particularly international passenger and cargo operations. While operating expenses rose due to higher fuel costs and other factors, refined pricing strategies and effective yield control helped limit the cost impact.

First-Half Financial Highlights

• Operating Revenues: JPY 1,398.7 billion (+17.5% YoY) — record high
• Operating Expenses: JPY 1,310.5 billion (+19.9% YoY)
• Operating Income: JPY 88.1 billion (-9.7% YoY)

Revised Full-Year Forecast

• Operating Revenues: JPY 2,870.0 billion (+JPY 100.0 billion vs. initial plan)
• Operating Income: JPY 150.0 billion (Unchanged)
• Ordinary Income: JPY 139.0 billion (+JPY 2.0 billion vs. initial plan)
• Net Income: JPY 99.0 billion (+JPY 3.0 billion vs. initial plan)

“Strong international passenger demand and robust cargo performance, bolstered by the full six-month contribution of Nippon Cargo Airlines, drove record first-half operating revenue, even as elevated fuel costs weighed on operating income,” said Kimihiro Nakahori, Chief Financial Officer. “Disciplined pricing and cost management allowed us to raise our full-year forecasts for operating revenue and net income, while we prudently maintain our operating income target to reflect ongoing fuel price volatility. We are pleased to deliver our planned interim dividend, and we remain focused on executing our strategic initiatives, including the launch of ANA Nippon Cargo in April 2027.”

RegionalPlus Wings Agreement

In addition, ANAHD entered into a memorandum of understanding on October 29, 2026, with RegionalPlus Wings Corp. (RPW) to advance specific discussions toward making RPW a wholly owned subsidiary through a share exchange. The two companies will proceed with discussions toward entering into a legally binding definitive agreement. The MoU is not legally binding, except for certain provisions, including exclusivity and confidentiality obligations. Neither the execution of the definitive agreement nor the implementation of the share exchange has been determined at this stage.

ANAHD and its subsidiaries and affiliates, together with AIRDO Co., Ltd. and Solaseed Air Inc., have developed cooperative relationships through capital relationships, codeshare arrangements and other initiatives.

If RPW becomes a wholly owned subsidiary, the companies aim to establish stable business foundations, improve their earnings structure and achieve sustainable growth in the domestic passenger business by combining AIRDO’s and Solaseed Air’s networks, local relationships and business strengths with the ANA Group’s expertise and resources in airline networks, sales, revenue management and procurement.

If the transaction proceeds, the AIRDO and Solaseed Air brands will initially be retained, while the companies coordinate and integrate business planning, revenue management, procurement and facilities functions.

As a medium-term strategy, integration under the ANA brand will be considered to generate further synergies.

About RPW

RPW was established in October 2022 as the joint holding company of AIRDO, which operates an airline network primarily serving Hokkaido, and Solaseed Air, which operates an airline network primarily serving Kyushu and Okinawa.