Fiscal 2024 (Year ended March 2025)
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Integrated Report 2025
ANA HOLDINGS INC.
ANA inspires our employees, customers, and society to
explore endless possibilities with diverse connections that begin in the sky.
‘Waku waku’ is what moves people to push what’s possible.
It’s Japanese for the joy and excitement of discovering the unknown.
And when passed from person to person, becomes a force that creates a brighter world, united in wonder.
The sky is full of possibilities, which has allowed us to bring together people, products
and experiences for decades.
Now, we’re expanding our horizons and spreading ‘waku waku’ across the world.
So, we wonder, can we make travel more enjoyable?
Can we renew the way we transport products?
Can we bring excitement to life, while being kind to the earth?
Together with an elevated experience in the sky, we can explore more incredible
discoveries that will lead to a better tomorrow.
Here is where our new adventure begins.
When people connect across borders and unite beyond countries,
the world offers endless opportunities.
Together, let our hearts wonder and fill the world with ‘waku waku.’
撮影／加治屋誠
1
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Mission Statement
Built on a foundation of security and trust, “the wings within ourselves”
help to fulfill the hopes and dreams of an interconnected world.
ANA’s Way
1 Safety
We always hold safety as our utmost priority, because it is the foundation of our business.
2 Customer Orientation We create the highest possible value for our customers by viewing our actions from their perspective.
3 Social Responsibility
We are committed to contributing to a better, more sustainable society with honesty and integrity.
4 Team Spirit
We respect the diversity of our colleagues and come together as one team by engaging in direct,
sincere and honest dialogue.
5 Endeavor
We endeavor to take on any challenge in the global market through bold initiative and innovative spirit.
To live up to our motto of “Anshin, Attaka, Akaruku-genki!” (Trustworthy, Heartwarming, Energetic!),
we work with:
ANA Group Safety Principles
Safety is our promise to the public and is the foundation of our business.
Safety is assured by an integrated management system and mutual respect.
Safety is enhanced through individual performance and dedication.
Management Vision
ANA inspires our employees, customers, and society to
explore endless possibilities with diverse connections that
begin in the sky.
Uniting the World in Wonder
Our Philosophy
2
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
1 Management Vision
2 Our Philosophy
5 Endeavor in Our DNA
6 Our Strengths
7 At a Glance
8 Business Overview
9 Corporate Vision
10
Vision for Society
11
How We Will Achieve
Our Management Vision
12
The Value Creation Process
13
ANA Group Business Model
14
Management Strategies for Sustainable
Corporate Value Enhancement
The ANA Group Vision for
the Future
01
Section
26
Redefining Material Issues
29
Business Environment Analysis
31
Strengthening Management Capital
Business Environment
Analysis and Material Issues
03
Section
62
Safety
66
Environment (Natural Capital)
78
Human Rights
80
Corporate Governance
92
Outside Director Roundtable Discussion
96
Risk Management and Compliance
97
Co-Creation with Stakeholders
99
External Recognition
Strengthening Our Foundation
for Sustainable Growth
05
Section
32
Business Strategy
41
Message from the CHO
43
Human Capital Strategy (Human Capital)
54
DEI
56
DX Strategy
60
Regional Revitalization (Social Capital)
Strategies to Establish
Competitive Advantage
04
Section
100 Consolidated 11-Year Summary
102 Management’s Discussion and Analysis
114 Operating Risks
119 Glossary
120 Route Map
121 ESG-Related Data
123 Market Data
124 Environmental and Social Data
125 ANA Group Profile
126 Corporate Data
Data Section
06
Section
Scope of This Report
About the Cover
This report addresses business activities undertaken from April 1, 2024 to March 31, 2025
(including some activities in and after April 2025)
In this report, “the ANA Group” and “the group” refer to ANA HOLDINGS INC. and
consolidated subsidiaries.
“The Company” in the text refers to ANA HOLDINGS INC.
Any use of “ANA” alone in the text refers to ALL NIPPON AIRWAYS CO., LTD.
The photo on the cover of this issue expresses our commitment to moving forward
steadily through grounded management and the power of every individual employee,
even in these times of uncertainty in the wake of the COVID-19 pandemic. The
picture depicts an aircraft ready for departure and the employees seeing the plane
off, representing the ANA commitment to moving forward, never satisfied with
the status quo. The waving hands of the employees express our passion for our
customers and the ANA Group belief that human capital is our greatest capital.
15
Message from the CEO
21
Message from the CFO
Management Messages
02
Section
Contents
3
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Data Section
(Financial Analysis and Data)
06
Section
Business Environment Analysis
and Material Issues
03
Section
Redefining Material Issues
Material Issue Review
P.26
Management Messages
(CEO and CFO)
02
Section
Message from the CFO
Measures to Achieve
a PBR of 2 Times
Message from the CFO
P.21
Financial Capital
Strengthening Our Foundation
for Sustainable Growth
(Safety, Environment, Human Rights, Corporate Governance)
05
Section
Safety (Expanded Content)
Safety
P.62
Natural Capital
Strategies to Establish Competitive Advantage
(Business Strategy, Human Capital Strategy, DX Strategy)
04
Section
Value Relevance Analysis
Between Human Capital and
Financial Value
Performing a Value Relevance Analysis
Visualizing the Relationship Between
Non-Financial and Financial Results
P.46
Manufactured Capital
Human Capital
Intellectual Capital
Social and
Relationship Capital
Integrated Report 2025 reflects the long-term perspective and integration-oriented management discussions that we conducted in fiscal 2024. This report provides the narrative of our enhanced
corporate value through information related to the core of the ANA Group growth strategy: Corporate Vision and Vision for Society, Business Model, Redefining Material Issues, an Analysis of the
Value Relationship Between Human Capital and Financial Value, and other elements that constitute this narrative. To communicate this content more effectively, we adopted a new format this year,
changing from a vertical orientation to a horizontal orientation to improve readability on digital devices. We will use this report as a tool for dialogue with investors and other stakeholders as we seek
to enhance the corporate value of the ANA Group further.
The ANA Group Vision
for the Future
01
Section
Clarifying Corporate Vision
and Vision for Society
Corporate Vision/Vision for Society
P.9-10
Revisiting the Value
Creation Process
The Value Creation Process
P.12
Business Model Explanation
The ANA Group Business Model
P.13
Strengthening the Correlation
Between Material Issues
and Business Model
Relationship Between Material Issues,
Business Model,
and Corporate Value
P.28
Short Term
Medium Term
Long Term
Time Scale in
this Report
: Main focus and content
: Related capitals
Message from the CEO
Thoughts on Enhancing
Corporate Value
Message from the CEO
P.15
Explanation
Explanation
The Objectives of Integrated Report 2025
4
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Starting with just two helicopters, ANA became Japan’s first purely private airlines
in 1952, two years after the ban on aircraft operations was lifted in postwar Japan.
Starting from nothing, the first employees pooled their wisdom and pursued
the dream of pioneering new skies with their own hands and through small
earnest efforts, including pesticide spraying and aerial photographs.
The ANA Group passion for the skies and persistence in daily efforts are
rooted in the employee DNA of endeavor.
The words of our founding,
Hardship Now, Yet Hope for
the Future, express our belief that
no matter how severe the
hardship, one must not shrink,
but rather believe in a brighter
future, striving, growing, and
hoping for a time when prosperity
comes in leaps and bounds.
Believing in these words, the ANA
Group has overcome many
difficulties and has continued to
grow as a company.
These phrases represent our founding management philosophy, a set of
values that are highly public-spirited, that do not lean excessively toward
profit and authority, and express our commitment to contribute to the
Japanese airline industry through our own efforts. Even as times change,
this philosophy remains unchanged, passed down as a guiding principle to
new generations of employees, who become responsible for Japan’s skies.
A Business with Integrity
A Resolute and
Independent Business
A Self-Reliant Business
“Hardship Now, Yet Hope for the Future”
“Wakyo” (Close Cooperation)
Founding Spirit
Mission Statement at the Time of Our Founding
Taking to the Skies
The Japanese word wakyo
means harmonizing without
necessarily agreeing, to engage
through discussion and work
together toward the goal once
the decision has been made.
Like the words of our founder
and first president, MIDORO
Masuichi, we continue to
enhance the collective strengths
of the group by respecting
diverse personalities, sharing
ideas, and valuing connections.
Endeavor in Our DNA
5
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
The ANA Group has introduced roughly 30 different types of aircraft, adding more
aircraft as we expanded our Air Transportation Business. We were the launch
customer and remain the world’s largest user of the Boeing 787, even
participating in the development of this plane. We continue to actively
introduce state-of-the-art aircraft, including the Airbus A380, a large
double-decker aircraft introduced for the first time in Japan. We seek
to improve profitability and raise efficiency through fleet
management from a medium- to long-term perspective,
appropriately managing a portfolio of multiple aircraft types
with different ranges and number of seats.
Aircraft
Fleet
Portfolio
Fuel-
Efficient
Aircraft
B787
Launch
Customer
Manufactured
Capital
Revenue Passenger-
Kilometers (RPK)
ANA Domestic Service
ANA International Service
Peach
AirJapan
Founding
2014
Expansion of
International
Slots at
Haneda
Airport
2020
COVID-19
1978
Narita International
Airport Opens
1986
First Scheduled
International Flight
1971
Shizukuishi
Accident
1952
1960
1970
1980
1990
2000
2010
2020
2024
(FY)
20,000
0
40,000
60,000
80,000
100,000
120,000
(Million Km)
Over the years, the ANA Group has built strong relationships of trust with our stakeholders,
including national and local governments, customers, and business partners, fulfilling our role and
responsibility as a public transportation entity. We have built out our network and streamlined our
business, growing sales and profits through investments and partnerships with domestic and
international airlines, our membership in the Star Alliance, the world’s largest airline alliance, and
joint ventures with major carriers in Europe, North America, and Asia.
Social and
Relationship Capital
Relationships
With Countries
and Regions
Star
Alliance
Joint
Ventures
Departure
and Arrival
Slots
Based on the spirit of endeavor inherited from the founding of the Company, ANA Group
employees develop individual professional skills and human qualities while cultivating a team
spirit of cooperation and collaboration across company and organizational boundaries. We
continue to provide safe, on-time, and pleasant services through the power of our people and
teamwork, offering operations quality and customer-oriented services, all while developing
industry-leading products and services. Driven by highly engaged employees and a corporate
culture of Anshin, Attaka, Akaruku-genki! (Trustworthy, Heartwarming, Energetic), the ANA Group
has always worked as one to overcome risks through our own efforts, achieving sustainable
growth.
Human
Capital
Expert
Skills
Teamwork
High
Engagement
Anshin,
Attaka,
Akaruku-genki!
(Trustworthy,
Heartwarming,
Energetic!)
The greatest strength of the ANA Group is the power of our people practicing ANA’s Way and the teamwork they demonstrate across corporate and organizational boundaries (i.e.,
human capital). The diverse aircraft (i.e., manufactured capital) and strong relationships of trust with various stakeholders (i.e., social and relationship capital), both of which are
indispensable for the Air Transportation Business, are other unique ANA Group strengths that we have developed over our long history. We achieve sustainable corporate growth by
maximizing management capital, focusing on these three capitals.
2011
Introduction
of B787
2013
Transition to a
Holding Company
Structure
2008
Global
Financial
Crisis
1999
Joined Star Alliance
2011
Great East Japan
Earthquake
A Business with Integrity
A Resolute and Independent Business
A Self-Reliant Business
“Hardship Now, Yet
Hope for the Future”
“Wakyo”
(Close Cooperation)
Our Strengths
6
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated Operating Revenues
¥2,261.8 billion
Consolidated Operating Income
¥196.6 billion
ROE
14.1%
ROA
5.6%
Shareholders’ Equity Ratio
31.2%
Total Number of Passengers
Approx. 61.65 million
Number of Routes
211
Number of Airports Served
95
Number of Owned Aircraft
278
Number of Employees
44,019
Number of ANA Mileage Club Members
Approx. 44 million
In-Service Rate
98.7%
Good Job Program
Approx. 960 thousand messages
Number of Value-Added
Submissions Implemented
2,577
ANA’s Way Survey Score
3.98/5
CO2 Emissions
11.23 million tons
Ratio of Fuel-Efficient Aircraft
82.7%
SKYTRAX
5-Star for
12 Consecutive Years
Business
Scale
Quality
Non-Financial
Total of ANA international and domestic routes,
Peach, and AirJapan
ANA only
Aircraft only
Total of ANA international and domestic routes,
Peach, and AirJapan
On-Time Arrival
79.4%
ANA only
Fiscal 2024 results
7
At a Glance: The ANA Group in Figures
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
As the core of the ANA Group, ANA HOLDINGS oversees three
brands: ANA (full-service carrier (FSC)) Peach (LCC), and AirJapan
(combined advantages of FSC and LCC). Nippon Cargo Airlines joined
the ANA Group in August 2025, and we plan to expand our cargo
business with the help of this new member.
The ANA Group is developing a wide range of domestic and international
travel businesses under the brand ANA Travelers, and we continue to
create a world in which people live in a mileage-based ecosystem
through services that include ANA Pocket and the ANA Pay mobile
payment service. In particular, ANA Pay surpassed 1 million members
in November 2024, and we aim to create new revenue sources while
striving to improve customer convenience.
To support the Air Transportation Business, we conduct ground
handling, aircraft maintenance, vehicle maintenance, cargo and
logistics, catering (in-flight meals), and operate contact centers.
We also develop businesses outside the group, including
outsourced operations for overseas airlines and external sales of
system services.
The ANA Group also imports and exports aircraft, leases and sells
aircraft, procures aircraft parts, operates the ANA DUTY FREE SHOP
duty free store and the ANA FESTA airport merchandise store. We
plan and procure merchandise for in-flight services and sales, as well
as import and sell food products, import and export semiconductors
and electronic components, and operate an online shopping site.
The ANA Group consists of our core Air Transportation
Business and a number of adjacent businesses. ANA
HOLDINGS INC. serves as the holding company,
allocating management resources in an optimal
manner, while each group company manages its own
operations autonomously, creating synergies through
strong ties among the companies and pursuing
sustainable enhancement of corporate value for the
entire group.
(¥ Billions)
FY2024
Operating
Revenues
Operating
Income
Air Transportation
2,058.7
199.1
Airline Related
337.2
4.0
Travel Services
73.5
0.1
Trade and Retail
129.9
4.5
Other
45.5
1.1
Adjustments
(383.2)
(12.4)
Total (Consolidated)
2,261.8
196.6
ANA HOLDINGS INC.
Air Transportation
Travel Services
Airline Related
Trade and Retail
77.8%
2.8%
12.8%
4.9%
ANA AIRPORT SERVICES Co., Ltd.
ANA Base Maintenance Technics Co., Ltd.
ANA MOTOR SERVICE CO., LTD.
ANA TELEMART CO., LTD.
ANA Cargo Inc.
OVERSEAS COURIER SERVICE Co., Ltd.
ANA Systems Co., Ltd.
ANA Catering Service Co., Ltd. Etc.
ALL NIPPON AIRWAYS TRADING Co., Ltd.
ANA FOODS Co., Ltd.
ANA FESTA Co., Ltd. Etc.
ANA X Inc.
ANA Akindo Co., Ltd. Etc.
Revenue
Composition
Revenue
Composition
Revenue
Composition
Revenue
Composition
Revenue
Composition
(FY2024)
Before adjustments
ALL NIPPON AIRWAYS
ANA WINGS
AirJapan
Peach Aviation
AirJapan
Nippon Cargo
Airlines Co., Ltd.
Full-Service Carrier
(FSC)
Low-Cost Carrier
(LCC)
Hybrid Airline
Consolidated subsidiary
as of August 2025
Business Overview
8
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Corporate Vision
A company that expands
the connection between
people and product,
continues to create value
that is speedy,* comfortable,
and enjoyable, and earns
the trust of our stakeholders
Business
Partners
Customers
Society
Employees
Shareholders
Co-Creating Value
With Stakeholders
ANA’s Way
1
Safety
We always hold safety as our utmost
priority, because it is the foundation of
our business.
2
Customer Orientation
We create the highest possible value
for our customers by viewing our
actions from their perspective.
3
Social Responsibility
We are committed to contributing to
a better, more sustainable society with
honesty and integrity.
4
Team Spirit
We respect the diversity of our
colleagues and come together as one
team by engaging in direct, sincere,
and honest dialogue.
5
Endeavor
We endeavor to take on any challenge
in the global market through bold
initiative and innovative spirit.
Practice
Team spirit
that connects
individuals and
organizations
Inheriting the team spirit and
culture of taking on challenges
that has been the strength of
the ANA Group from the
beginning
The ANA’s Way is the ANA Group action guideline that continues our founding spirit. Under the ANA’s Way, the group aims to
continue to create value that is speedy,* comfortable, and enjoyable, demonstrating the power of the individual through
humanity and professionalism, and the power of our organization through taking on challenges and engaging in innovation.
We build relationships of trust and co-create new value through close communication with our stakeholders.
The Power of Our Organization
Taking on Challenges and Engaging in Innovation
Vision An organization that creates
innovation and change in the pursuit of
value-added creation
The Power
of the Individual,
Demonstrating Humanity and Professionalism
Vision Employees working proactively and
energetically while achieving their own growth and satisfaction
Vision
* Speedy refers to the pursuit of time value and efficiency,
including moving quickly to a destination and streamlining
procedures
Corporate Vision
9
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
A world where
people lead happy
and prosperous
lives
Connect, interact,
and deepen mutual
understanding
among people
around the world
Sustainable society
Contribute to a peaceful
and prosperous society,
vibrant economies, and
a sustainable future
Management Vision
ANA inspires our employees, customers,
and society to explore endless
possibilities with diverse connections
that begin in the sky.
Mobility for All
New Logistics
New Means of
Transportation
Travel With Less
Environmental Stress
Value
Provided
Vision for Society
The ANA Group provides value related to human interaction and logistics to fulfill our management vision, Uniting the World in
Wonder. We expand the potential of our employees, customers, and society by creating diverse connections that begin in the
sky, bringing smiles, joy, surprise, and inspiration and contributing to a peaceful and prosperous society, vibrant economies,
and a sustainable future.
Comfortable
Air Travel
New and Emotional
Experiences
Speedy Arrival to
One’s Destination
@Joby Aviation
Vision for Society
10
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Every employee at the ANA Group has embraced the management vision, Uniting the World in Wonder, and continues to take on daily challenges to
fulfill this vision. By pursuing our own vision, acting with inspiration, and sharing this inspiration across organizational boundaries, we enhance the
driving force of the group toward the management and social vision to which we aspire.
Liliia Yahelnytska
Customer Experience
Management Marketing
Communications
ANA
I believe that my actions
have a positive impact on
people around me and lead
to change throughout the
organization.
Miho Tanaka
Passenger Service
ANA OSAKA AIRPORT CO., LTD.
I want to work hard and
have fun with my colleagues!
I strive to act with love,
caring for and supporting
each other!
Fumie Kawano
Flight Operation Center
Quality Planning/Planning & Flight Crew
Standards
ANA
I want to create a company
where every person can do
what they want and find
fulfillment.
Akira Mitsumoto
General Administration
Air Japan Co., Ltd
I want to create a company
that is not afraid to take on
challenges and have fun.
Miwa Chiba
Inflight Services Center
Cabin Attendant Administration]
ANA
I want to create an
environment encouraging
each person to perform at
their best for the customers.
Ayano Sakanishi
Corporate Planning
ANA WINGS CO., LTD.
You never know what will
happen, so I want to try new
things and have fun with my
colleagues.
Yohei Arakawa
Operational Management
Customer Experience Promotion
ANA TELEMART CO., LTD.
I strive to do all I can and
never give up, even when
the going is difficult.
Haruki Kamitomo
Investor Relations
ANA HOLDINGS INC.
I want to share the great joy
that comes from exceeding
expectations and imagination.
Hiroshi Mogi
Cargo Service Administration
ANA NEW CHITOSE AIRPORT
CO., LTD.
I want to take one step
forward, creating a new
world with that one step.
Shingo Umeda
General Administration
ANA SKY BUILDING SERVICE CO., LTD.
There’s no end to what we
can do together through
inspired action!!
Masayuki Furuta
Flight Operations Center
Crew Resources Development
Resources Development
ANA
I strive to create an environment
where everyone in the workplace
builds on their talents with
confidence.
Yasuhiro Yamamoto
Corporate Management
Corporate Strategy Department
ANA X Inc.
I want to create innovation
through synergies of
businesses with businesses,
digital with analog, and
colleagues with colleagues.
Takuya Higashi
Maintenance Dept., Administration
Section
ANA Engine Technics Co., Ltd.
Small changes to the status
quo can lead to big changes.
Kensuke Tomita
Universal Standard Consulting Department
ANA WING FELLOWS VIE OJI CO., LTD.
I want to create a workplace
where my colleagues can
work energetically and
happily.
Tomoyo Tsuchiya
New Business Development
ANA HOLDINGS INC.
I want to create businesses
that foster new value for the
ANA Group, living true to the
mindset passed down from
earlier generations.
Eri Hoshikawa
ANA Blue Base
Planning & Administration
ANA
I want to create excitement
by incorporating the power
and minds of our colleagues.
Declarations of change by Change Makers. Selected from ANA Group companies.
11
How We Will Achieve Our Management Vision
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Employees who strive and challenge
themselves to higher levels of airline
expertise
Teamwork through collaborations
and cooperation
Strength
Human Capital
Abundant aircraft, highly
safe aircraft
Strength
Manufactured Capital
Value Creation Cycle Driven by Human Capital
Strong relationships with
stakeholders
(customer base, alliances, community, etc.)
Strength
Social and
Relationship Capital
Abundant customer data
System infrastructure
that transforms business
Strengthen
Intellectual Capital
Strong financial base
Financial Capital
Environmentally friendly aircraft fuel
Natural Capital
Fleet
ANA Mileage Club
Members
Group Employees
Digital Human Capital
Shareholders’
Equity Ratio
CO2 Emissions (Aircraft)
End of FY2024
278 aircraft
End of FY2030
320 aircraft
End of FY2024
44 million
Expand
customer
base
End of FY2024
44,019 people
Increase
value-added
productivity
End of FY2024
1.4 times
End of FY2025
1.6 times
End of FY2024
31%
Medium-Term
Target
45%
End of FY2024
11.23
million tons
End of FY2030
Effective
10% reduction
(11.10 million tons
or less)
All figures compared with the end of FY2022
We redefined our value creation process around the business activities (business model) of the ANA Group. We intend to create social and economic value simultaneously through
quantitative growth to expand the connection of people and product, as well as through qualitative deepening to expand the ANA Group fan base. At the same time, we will bring to
bear the source of ANA Group value creation: the power of our people and teamwork.
Management
Capital Inputs
Direct Results
Outputs
Value Created
Outcomes
P.31
ANA Group Business Activities
Business Model
Expanding
Business
Scale and
Scope
Material Issues
P.26
DX
Transform Our Business Using
Digital Technologies and Data
Human Capital
Employee Growth
and Team Spirit
Management
Foundation
Material Issues for Competitive Advantage
Expand the
Connection Between
People and Product
Focus on Air
Transportation to grow the
ANA Economic Zone
Expand the ANA
Group Fan Base
Increase stakeholder
trust and support
Quantitative Growth
Qualitative Depth
Power of Our
People
×
Teamwork
ANA’s
Way
Founding
Philosophy
and Spirit
Social Infrastructure
for Air
Transportation
Focus on Air Transportation
to Create Global
Connections
Customers
Improve Convenience and
Create Emotional Experiences
Material Issues for Sustainable Growth
Environment
Contribute to Global
Environmental Conservation
Human Rights
Respect the Human Rights of All
People Involved in Our Business
Governance
Improve Business Resilience
Safety
Ensuring Safety and Peace of Mind
Maximize
Customer
Experience
Value
...and more...
Operating
Income
FY2025: ¥185 billion
ROE
Stable at over 12%
PBR
Over 2 times (medium term)
Economic Value
Social Value
Employee growth
and well-being
Employees
Bring smiles and joy
to our customers
and enrich their lives
Customers
Contribute to a
peaceful and
prosperous society,
vibrant economies,
and a sustainable
future
Society
Currently considering quantitative KGIs for social value
The Value Creation Process
12
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Expand the Connection
Between People and Product
Focus on Air Transportation to
grow the ANA Economic Zone
Quantitative Growth
Expand the ANA
Group Fan Base
Increase stakeholder trust and support
Qualitative Depth
Expand route network
and flights
Create new opportunities
for mobility
Expand the ANA
Economic Zone, etc.
Increase customer convenience by
offering more routes and flights
Improve service and quality through
better cost efficiency
Strengthen brand power by increasing
market share
Improve operational
quality
Provide value-added
services
Strengthen marketing,
branding, etc.
The ANA Group business model pursues the expanded connection between people and product and an ever-growing fan base. We pursue growth strategies that leverage our
strengths, and we enhance corporate value by creating synergies between quantitative growth and qualitative depth.
Expanding
Business Scale
and Scope
Maximize
Customer
Experience Value
* One of the world’s largest airline industry associations based in North America
Expand Options for Travel
and Transportation
Increase Repeat
Customers
Increase Customer Base
Improve Unit Price
Reduce Fixed Cost Ratio
Foster Greater Loyalty
Strengths Driving Quantitative Growth
Domestic and
International Route
Network
The more routes and flights available to air travelers, the more choices and
convenience they have. The ANA Group offers the most capacity and owns the
greatest passenger market share among Japanese airlines for both domestic
and international routes. The international business is the pillar of ANA Group
growth. Here, we boast the largest share of highly profitable international slots
at Haneda Airport at approximately 30%, and we are developing an extensive
route network through joint ventures with Lufthansa Airlines, United Airlines,
and Singapore Airlines to improve customer convenience.
Cost Management
To improve profit margins in the equipment-reliant Air Transportation Business,
we must reduce our fixed cost ratio and lower the break-even point. The ANA
Group has overcome a number of risk events and improved profitability over
the years through economies of scale in terms of cost by making the most of
aggressive business expansion and thorough cost management capabilities
through group-wide efforts.
Combination
Carrier Leveraging
Passenger Aircraft
and Freighters
We describe the ANA Group cargo business as a combination carrier that
combines cargo-only aircraft (freighters) with a passenger aircraft network. We
adjust supply flexibly in response to demand trends, maximizing our ability to
capture the coming expected increase in logistics between Asia and North
America. Amid declining passenger demand during the COVID-19 pandemic,
we did our utmost to create a supply system to capture as much cargo
demand as possible, and cargo revenues provided support during the decline
in consolidated operating revenues.
Increase demand through higher
lifetime value
Grow businesses further through
improved profitability
Create sustainable growth based on
stakeholder trust
Strengths Driving Qualitative Depth
High Quality and
Services Driven by
Our People and
Teamwork
We boast highly specialized employees across a variety of professions.
These professionals contribute their individual skills and support teamwork,
differentiating the ANA Group through high quality operations, including
safety, on-time performance, and comfort, as well as our uniquely Japanese
hospitality. ANA was awarded Best Airline Staff Service in Asia once again in
2025 by SKYTRAX, a UK-based rating agency, recognizing the high service
quality of our ground staff and flight attendants. (5th consecutive award;
10th overall)
Leveraging Miles
to Encourage
Customer Loyalty
Our foundation is providing safe, reliable, and customer-oriented services.
At the same time, we strive to enhance customer loyalty through the ANA
Mileage Club (AMC). The number of ANA Mileage Club members surpassed
44 million as of March 31, 2025. We provide Diamond, Platinum, and Bronze
premium members with higher quality and more sophisticated services, thereby
increasing the number of loyal customers while ensuring long-term, stable
sales.
Brand Strength
The ANA Group is dedicated to customer-oriented services, responding as
a group to diversifying customer needs through the multi-brand strategy
of ANA, Peach, and AirJapan. In 2024, ANA was recognized by SKYTRAX
with the world’s highest rating of 5-Star for a 12th consecutive year. We also
received the highest rating of WORLD CLASS for the first time in the WORLD
CLASS RATING sponsored by APEX.*
1
1
2
2
3
3
ANA Group Business Model
13
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Business
Structure Reform
FY2020–FY2022
Current
ANA Group
Corporate Strategy
FY2023–FY2025
Next ANA Group Corporate Strategy
(to be announced in the second half of FY2025)
New Management Vision
FY2030
Carbon-neutral
(long-term
environmental target)
Vision of
2035
(management
discussion in FY2024)
Backcast
The ANA Group engages in a management cycle that takes into account
both medium- to long-term megatrends (e.g., demographics, technology,
and the environment), as well as short-term changes in the business
environment. We hold dialogues with various stakeholders, reflecting
suggestions and insights into business and ESG strategy. At the same time,
we disclose information on processes and outcomes to deepen stakeholder
dialogue and enhance the effectiveness of our strategy.
Management
Cycle
Information
Disclosures Inside
and Outside the
Company
Strategic
Initiatives
Stakeholder
Dialogue
Management
Cycle
Medium- to Long-Term
Megatrends
Short-Term Business
Environment
Strengthen Correlation
New Material Issues
Former Material Issues
People, Environment, and
Regional Revitalization
Management Strategies for Sustainable Corporate Value Enhancement
FY2050
Through our business, the ANA Group contributes solutions to environmental and social issues, aiming to create value as a company perceived as an indispensable part of society.
To this end, we engage in ESG management that considers the environment, social, and governance from a global and long-term perspective.
ESG Management
The next ANA Group Corporate Strategy beginning in fiscal 2026 will reflect backcasting from our vision of 2035, discussed last fiscal year. At the same time, we will strengthen the
correlation between strategy and newly identified material issues. We intend to refine and steadily implement our strategies with an eye to achieving our management vision and
long-term environmental targets.
P.28
P.27
14
Integrated Report 2025
ANA HOLDINGS INC.
01 The ANA Group Vision for the Future
Management Vision
Our Philosophy
Contents
Endeavor in Our DNA
Our Strengths
At a Glance
Business Overview
Corporate Vision
Vision for Society
How We Will Achieve
Our Management Vision
The Value Creation Process
ANA Group Business Model
Management Strategies for Sustainable
Corporate Value Enhancement
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Momentum From a Solid Recovery
to a New Stage of Growth
Solid Air Transportation Business Performance
Supports a Recovery of the Financial Base Lost
During the COVID-19 Pandemic
Four years have passed since I took office as president in
April 2022. Thanks to Business Structure Reform, which we
implemented in the wake of the COVID-19 pandemic, as well
as consistent implementation of FY2023-2025 ANA Group
Corporate Strategy, we posted a record high operating income
of ¥207.9 billion in fiscal 2023 and ¥196.6 billion in fiscal
2024, both results higher than at any time before the pandemic.
I am proud to say that this achievement was driven by our
strong International Passenger Business and is the fruit of
the efforts of every ANA Group employee who performed
with dedication to safe operations and creating added value.
SHIBATA Koji
Representative Director,
President & Chief Executive
Officer
Practicing Management That Allows
All Employees to Shine and the ANA
Group to Return to a Growth Trajectory.
1. Under the current ANA Group Corporate Strategy, the Air Transportation Business posted profit at a level exceeding expectations, and we are
steadily recovering our financial base.
2. Our current challenges are (1) Improving the profitability of domestic routes, (2) Resolving aircraft utilization constraints, and (3) Expanding
the ANA Economic Zone. The resolutions to these challenges will allow for profit growth over the medium term.
3. We focused management discussions on long-term growth in fiscal 2024 and bolstered our value creation story.
4. We redefined our material issues for the first time in ten years. We intend to enhance corporate value by addressing eight material issues that
are linked to corporate strategy.
5. We will accelerate growth investments in human capital, DX, and our fleet. We seek to improve return on equity and take all possible measures to
manage risk.
6. We intend to expand our international route network (passenger and cargo) over the medium term and leverage this network as a growth driver
for ANA Group profits.
7. We will strengthen the foundations supporting safety, the environment, human rights, and governance, while reducing the cost of capital.
8. We visualized the connection between human capital and financial value creation. We will next attempt to visualize social value in the same
manner.
9. We will take an earnest look at the factors behind the sluggish share price growth and eliminate those factors one by one. We are committed to
strengthening shareholder returns in the future.
10. We will practice management that allows all employees to shine, and create a company that supports the dreams of all children, who will be
responsible for the world as future leaders.
What I Want Most to Communicate Today
Message from the CEO
15
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Fiscal 2025 is the final year of the current strategy, and
we plan for operating revenues of ¥2,370 billion and operating
income of ¥185 billion. While we expect profit to be lower
year on year, we plan to see an increase in real operating
income after excluding special factors. Our aim will be to
make steady progress toward our profit targets while
keeping a close eye on U.S. tariff policies and global
economic trends.
Substantial Profit Levels
P.33
Meanwhile, our financial base has been recovering steadily.
Over the past three years, we have largely recovered from
the large losses incurred during the COVID-19 pandemic,
and we expect shareholders’ equity ratio to be around 38%
at the end of fiscal 2025, after adjusting for the equity
component of the subordinated loan. In addition, Nippon
Cargo Airlines joined the ANA Group in August of this year—
a move that is laying the foundation for developing the cargo
business into a growth business. We view fiscal 2025 as a
period to prepare for the next stage of growth, and we will
engage in a comprehensive effort to solidify our footing to
return to a growth trajectory.
Overcoming Three Challenges to Enlarge Profit
Growth Potential
Meanwhile, given our stabilized performance, we will take
our medium-term challenges head-on, as we see these
issues also as upside potential in terms of profit recovery
and growth.
The first challenge is to improve the profitability of
our Domestic Passenger Business. The ANA brand alone
serves approximately 44 million passengers annually through
the Domestic Passenger Business. However, due to changes
in demand structure triggered by the COVID-19 pandemic
and cost increases caused by the weak yen and other
factors, domestic airlines are facing challenges to the
profitability of their domestic routes. In light of this situation,
the Ministry of Land, Infrastructure, Transport and Tourism
launched an Expert Panel on the Future of Domestic Air
Transportation in May 2025 to discuss measures for
maintaining and expanding domestic air travel in the future.
The ANA Group will continue offering opinions and submitting
requests to the panel, even as we endeavor to respond to
the situation through self-help measures, which include
raising fares and downsizing aircraft to meet supply-demand
balance.
The second challenge is eliminating the constraints
of grounded aircraft. A total of 13 aircraft were out of
service as of the end of fiscal 2024, mainly due to the need
to inspect and replace parts for two types of engines in
accordance with manufacturer instructions. Combined with
delays in the delivery of new aircraft due to manufacturing
delays for Boeing aircraft, the pace of fleet growth required
to support business expansion has been slower than
anticipated originally. We expect it will be about two more
years before all constraints are resolved. In addition to close
coordination with manufacturers, our entire organization will
work as one to secure additional engines and improve
operating efficiency to maximize the use of a limited fleet
and minimize opportunity loss. The ANA Group’s supply
capacity will gradually improve as the number of grounded
aircraft decreases and we begin receiving new aircraft.
The third challenge is expanding the ANA Economic
Zone. Our strategy to establish a revenue pillar in the Non-
Air Business is still only halfway. ANA Pay members now exceed
1.3 million, and we are preparing for the commercial launch
of flying cars in fiscal 2027, conducting demonstration flights
during the Expo 2025 Osaka, Kansai, Japan. These and
other initiatives are beginning to bear the seeds of future
revenues. However, Travel Services and the ANA Economic
Zone sales using miles are below plan by a significant
margin, and we must take an honest look at addressing the
real cause of the issue. We have learned much from trial and
error over the past few years. Making use of the experience,
we will present a concrete path forward under the next ANA
Group Corporate Strategy to transform these businesses
into steady earnings contributors. Among approaches, we
expect to pursue selection and focus for synergies with our
mainstay Air Transportation Business.
End of FY2019
End of FY2025
(Projection)
FY2020–FY2022
(COVID-19 Pandemic)
FY2023-2025 ANA Group Corporate
Strategy (Current Strategy)
*Shareholders’ equity ratio after adjusting for the equity component of the subordinated loan
Shareholders’
Equity Ratio after
Adjustment*
Approximately 38%
Shareholders’
Equity Ratio
41.4％
Net Income (Loss)
Total (¥458.7) Billion
Net Income
Total ¥432.0 Billion
(FY2025 Plan Basis)
Message from the CEO
16
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
10-year span, I consider the five points in the accompanying
table to be particularly important.
The second point is that we clarified our corporate
and social visions, as well as our business model, to
improve the clarity with which we show our value
creation story. We delved deeply into the image of the ANA
Group management vision, Uniting the World in Wonder,
coming up with a more well-defined idea. My basic
management philosophy is that air transportation is an
indispensable social infrastructure allowing people around
the world to interact, and that by serving in this role, we
create encounters and mutual understanding, which in turn
fosters friendships and trust, leading to world peace and
economic development. This idea of contributing to peaceful
and prosperous societies by connecting people together is
the core of our vision for society.
Corporate Vision
P.9
Vision for Society
P.10
And the engine to make this idea a reality is our business
model. The formula for success that the ANA Group has
cultivated since our founding is the pursuit of two areas in
parallel: (1) Quantitative growth to expand the connection of
people and product and (2) Qualitative deepening to expand
the ANA Group fan base. In our mainstay Air Transportation
Business, we can dramatically increase customer
convenience through the network effect of expanding
capacity in terms of routes and the number of flights.
However, we cannot expect true growth unless it is
accompanied by quality that ensures people trust and
choose ANA Group quality and services. Quantity and
quality are not two separate things, but rather a synergistic
relationship, one enhancing the other. We believe that the
pursuit of a good balance between these two strengths is
a policy that will maximize our value creation cycle.
The third point is redefining our material issues. We
identified material issues (people, environment, and regional
revitalization) originally in 2015, making partial revisions
along the way to reflect changes in the environment. Given
that the risks and opportunities for the ANA Group have
become more diverse and complex, changing significantly
over this period, we decided to look at material issues again
from scratch for the first time in about ten years. After lively
Management Meeting discussions, we identified eight new
material issues. Throughout the process, we were
particularly conscious of the need to improve the linkage
between material issues and our business model. Material
issues are not merely a response to ESG issues, but are a
management strategy themselves, and we identified priority
issues in terms of risks and opportunities related to financial
impact and social/environmental impact. We are convinced
that focusing on these eight material issues will surely lead
to improved corporate value, and we intend to formulate
specific action plans and KPIs based on this guiding
compass in conjunction with the next ANA Group Corporate
Strategy.
I will explain my thoughts and the targets for each of the
eight new material issues in the next section of my message.
Relationship Between Material Issues, Business Model,
and Corporate Value
P.28
1
Expand profit growth drivers
We see the expansion of arrival and departure slots at Narita Airport (2029) as an excellent
opportunity to expand our international operations (passenger and cargo) business portfolio by
capturing the flow of people and goods, particularly between Asia and North America.
2
Revive our stable revenue base
Even as the population declines in Japan, we intend to return the Domestic Passenger
Business to a stable revenue platform, while at the same time contributing to Japan’s
economic recovery and regional development by revitalizing Japan through increased demand
for domestic travel by inbound travelers and through other means.
3
Control the cost of capital
We intend to generate stable profits through a muscular business structure and resilience to
risk events.
4
Balance social responsibility
and business profitability
We aim to be profit-neutral with respect to environmental measures, making decisions and
taking measures appropriately in response to increasingly restrictive environmental regulations
in Japan and internationally.
5
Reinforce strengths that serve as
the source of value
We strive to create a corporate culture carried forward to future generations, where employees
find fulfillment in their work, act autonomously, endeavor, and engage with team spirit.
Main Points of the ANA Group Vision of 2035
Refining Our Value Creation Story
and Envisioning the Future
Laying the Groundwork to Practice Management
from a Long-Term Perspective
As of fiscal 2024, we shifted the focus of management
discussions to more long-term topics. In the next few
paragraphs, I will discuss three particularly important points
from the topics discussed by the ANA Group to create a
new future.
The first point is about the ANA Group Vision of 2035.
Before considering the next ANA Group Corporate Strategy,
we conducted a scenario analysis of future organic growth,
divided into a base case, an upside case, and a downside
case. During the process, we took into account the business
environment and airline demand forecasts through the year
2035, 10 years from now. In terms of profits, we are
challenging ourselves to achieve operating income of ¥300
billion as soon as possible, with even higher levels of profit
beyond. From the perspective of management over a
Message from the CEO
17
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
enhanced corporate value.
Performing a Value Relevance Analysis Visualizing the Relationship
Between Non-Financial and Financial Results
P.46
I believe that the essence of teamwork, which is one of
the strengths of the ANA Group, is the understanding,
trust, and seamless relationships that employees have with
each other. Good performance is produced by approaching
the other party or other departments to have honest
discussions, collaborate, and cooperate, even when things
might be difficult to say or achieve. However, we have by no
means perfected this strength, and there is no guarantee
that it will remain a strength in the many years to come. To
maintain and enhance our strengths, we must keep our
eyes on the direction the Company is heading (shared
vision), respect each other (mutual respect), and encourage
each employee to think and act on his or her own
(independence). We invest management resources in
people, goods, and money without hesitation to achieve
these goals and to enhance our human capital, which is the
most important element of all.
The next matter is investment in DX. The material issue
in this context is transforming our business using digital
technologies and data.
While we may be behind our overseas competitors in
several areas, including the use of smart services and
reducing labor in aircraft operations, we believe that, on the
flip side, we have room to make dramatic improvements in
group operations through changes in these areas. In fiscal
2025, we began holding monthly meetings of directors
assigned responsibility in this area. We also began DX study
sessions for directors and general managers to discuss
medium-term measures for DX. These study sessions and
discussions have been more in-depth than before,
strengthening the mechanism for directors and general
managers to view DX as their own personal responsibility
and take the initiative in leading business reform. We are
beginning to see steady results toward transformation,
including the use of AI and mathematical optimization to
generate schedules and create shifts for ground staff. The
ANA app and website now offer a function to check lounge
congestion at Haneda Airport. The use of generative AI in
day-to-day operations is also becoming common
throughout the group. We will not stop at these operational
efficiency improvements. We intend to take an aggressive
approach to DX by offering travel suggestions optimized for
each customer based on our accumulated data and
knowledge, and create revenue opportunities in the Non-Air
Business as another means to establish a competitive
advantage by improving convenience and creating
emotional experiences.
We will also accelerate investment in aircraft, which are
indispensable for expanding the social infrastructure for
air transportation. At the end of February 2025, we
decided to place an order for 77 new aircraft based on
discussions of our targets for 2035, as I mentioned earlier.
As of the end of fiscal 2024, we had 278 aircraft in our fleet.
By 2030, this number will increase to 320—exceeding the
number before the pandemic—as part of an aggressive
push to grow our International Business. There are still many
blank areas in South America, the Middle East, and Africa
that are not served by our direct ANA Group flights.
Providing infrastructure to move people around the world
where they want to go in a short period of time through a full
network spanning the globe is a social role that only airlines
Accelerating Investment in Growth
and Establishing a Competitive
Advantage
Stepping Up Investments in Human Capital,
DX, and Fleet
Having discussed long-term growth, our next order of
business is to step up growth investments in human capital,
DX, and fleet. If our human capital—the source of value
creation—pursues DX to add value and makes the most
effective use of our fleet, we expect to enhance our
competitive advantage while improving capital profitability.
The most important investment we can make is in
human capital. We intend to conduct human capital
management through employee growth and team spirit as
a material issue. In fiscal 2025, we welcomed 3,104 new
employees and implemented a base pay increase for a third
consecutive year. I am happy to see that employees are
raising their expectations for the future of the ANA Group,
finding increased motivation to work. Engagement scores in
fiscal 2024 were at an all-time high, and turnover, which
increased temporarily during the COVID-19 pandemic, is
now declining. The value relevance analysis we performed in
fiscal 2024 proved with quantitative data that the ANA
Group emphasis on engagement and teamwork has
DX
(Intellectual
Capital)
Human
Capital
Aircraft
(Manufactured
Capital)
Growth Investment Trinity
Message from the CEO
18
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
airline. We installed a safety clock at the ANA Blue Base
training facility that indicates the time elapsed since the
1971 Shizukuishi collision. We are absolutely committed to
ensuring that we never have to set the hands of this clock
back to zero, and we will continue our efforts to protect
safety and security, no matter how the times may change.
Environmental initiatives are an important management
issue for protecting the global environmental, particularly in
response to climate change. At the same time, worldwide
climate change policies and CORSIA* trends are in flux,
requiring a flexible approach to business decisions. Our
fiscal 2025 plan calls for roughly ¥3 billion in environment-
related measures, but costs could increase significantly in
the medium term if environmental regulations in Japan and
abroad become stricter, while the price of sustainable
aviation fuel (SAF) and carbon credits remains high. We will
not simply stand on the sidelines in the face of this risk. The
Company is engaged in proactive measures to be profit-
neutral, including securing a stable supply of domestically
produced SAF, carbon credits through increased
cooperation with partners, state-of-the-art equipment with
superior fuel efficiency, and other specific measures.
Recognizing that addressing climate change is a key
strategy for the future of the airline industry, we will pursue a
balance between sustainability and profit generation.
Respect for human rights is also an expected
responsibility of a global company. The ANA Group began
efforts from early in our history, issuing human rights reports
and conducting other activities. I constantly remind our
employees that they should never hesitate to speak up if
they experience harassment in the workplace. This is true
for every potential source, not only from fellow employees,
but also from any person involved in the group’s business.
We have observed positive effects of our response to
human rights, including improved engagement of our
contractors and building stronger relationships of trust with
stakeholders. We continue in our commitment to respect
human rights, driven by a recognition that our activities in
this respect also represent an investment in human capital
in the broadest sense.
What supports this foundation is efforts to improve business
resilence. In terms of governance, we continue to focus
on enterprise risk management. In fiscal 2024, we
categorized risks that may cause uncertainties in business
into 11 areas, designating these as risks to manage. In fiscal
2025, we intend to establish a more effective operational
cycle and a system assigning responsibility for each risk. At
the same time, we intend to improve the “passive” resilience
of our businesses to minimize damage in the event of risk
events. One example here is reducing our fixed cost ratio.
We will also pursue “active” resilience to support our
businesses by reorganizing our business portfolio. The Air
Transportation Business is one in which demand fluctuates
widely, and growing profits consistently is a challenge. This
situation is precisely why we believe that strengthening
passive and active approaches to curb profit volatility is
essential for reducing the cost of capital and, ultimately, for
sustainable corporate value enhancement.
* CORSIA: Carbon Offsetting and Reduction Scheme for International Aviation
Profit Growth
Concept to Date
Ideal Profit
Growth Concept
Profits fluctuate significantly
depending on risk events
Temporary decrease in profit,
but early recovery and
stable growth
Active
Resilience
Passive
Resilience
can fulfill. While we continue pursuing an alliance strategy
based on joint ventures, we will ensure that business
opportunities, such as the expansion of slots at Narita
Airport and the increase in passenger flow in the Asia-Pacific
region, will lead to profitable growth.
Creating new demand for domestic routes will also take
our utmost efforts, even as we continue to downsize aircraft
as a basic strategy. The key is to deliver Japan’s widespread
and diverse attractions as experiential value to overseas
customers. For example, my hobby of fishing is one of the
attractions of Japan. I have visited many different fishing
spots in Japan and overseas. Japan has a wide variety of
fish and amazing fishing in different regions because of its
long north-south topography, in addition to all styles of
fishing, including ocean, rivers, and lakes. Beyond fishing,
we believe that Japan’s rich nature, history, traditional
culture, food culture, and hospitality are attractions that
Japan should be proud to share with the world. At the same
time, we want to contribute to revitalizing local economies
and foster spiritual richness by communicating these
attractions to more people overseas, having them visit
various parts of Japan in person.
Strengthening Our Foundations
and Bolstering Risk Resilience
Strengthening the Foundations of Safety,
Environment, Human Rights, and Governance
We identified and plan to accelerate efforts for four material
issues as the foundation for sustainable growth: Ensure
safety and peace of mind, contribute to global
environmental conservation, respect the human rights
of all people involved in our business, and improve
business resilience. In several Management Meeting
discussions, several Board members emphasized that
safety is of exceptional importance, and it should be made
clear that safety is an absolute social responsibility for an
Message from the CEO
19
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
August 2025
SHIBATA Koji
Representative Director,
President & Chief Executive Officer
take responsibility for building a strong team to make this
ideal a reality.
When I was a child growing up on Kakeroma Island in
the Amami Islands, I saw ships from far away docked near
my home. I dreamed of someday going abroad. I chose to
fulfill my childhood dreams through the aircraft of ANA, and
my goal is to create a company where children—the
shapers of the future world—become inspired to dream
even bigger by the ANA Group business and ANA Group
employees. With all employees together, the ANA Group
will continue to take on the challenge of creating and
delivering excitement to people around the world. I look
forward to your continued support.
relationship capital). These non-financial capitals are the
source of the high level of trust from our customers and
stable cash flows. Moving forward, we will visualize the
social value that the group creates and deepen dialogue
with investors.
Enhancing Corporate Value by Practicing
Management That Allows Employees to Shine
I believe we deliver the best value to our customers only
when every employee works with vitality and enthusiasm.
That belief is why I so value the time I spend visiting the front
lines and listening to feedback from our employees. For
example, I visited the Maintenance Division last year. The
employees talked about the increase in work using an
endoscope to inspect the inside of engines and offered a
proposal about adopting the latest tools to reduce the
burden and improve efficiency. I approved the proposal
immediately, as the improvement would contribute to
controlling maintenance costs in addition to facilitating
engine inspections. Swan Bakery Akabane is a store
operated by ANA WING FELLOWS VIE OJI that employs
people with disabilities. When I heard the store was
observing its 20th anniversary, I rushed to the location to
hold a small celebration. I was deeply moved by the pride
our employees took in working for the ANA Group and the
way they served customers with all their hearts. I was
convinced once again that an environment in which diverse
human capital lets their abilities and individuality shine is
what makes a company truly resilient. Employee job
satisfaction and pride are important barometers to measure
whether the cycle of value creation beginning with human
capital is continuing to improve.
My ideal for One Team is one in which every employee
acts autonomously as a professional, while also being united
and supportive of each other under a common philosophy
of creating a future of hopes and dreams. The ANA Group
efforts to connect Japan with the rest of the world contribute
to a bright future and peaceful societies, just as the bright
blue sky spreads across the windows of our aircraft. I will
Delivering Dreams to Future
Stakeholders
Moving Into a Phase of Enhanced
Shareholder Returns
While earnings have recovered to levels exceeding those
before the COVID-19 pandemic, our current share price is
still well below the ¥4,753 posted in January 2018, which
was our highest closing price in the last 10 years. We
recognize that the sluggish share price is due to a
combination of factors, but we are taking an earnest look at
two of the most significant factors, which are the level of
shareholder returns and our shortcomings in presenting a
concrete growth strategy for the future.
We are aware that our dividend forecast of ¥60 per share
for fiscal 2025 is lower than the ¥75 per share in fiscal 2018,
and that the dividend does not fully reflect a return of current
profits to shareholders. Our strategy has been to prioritize
the recovery of our financial base, lost during the COVID-19
pandemic, and make investments to boost the morale of
group employees. We are now moving into a phase of
strengthening shareholder returns, given that we are building
profit at a pace faster than anticipated. As viable options for
enhancing shareholder returns, we will consider share
buybacks, which we have not conducted since fiscal 2017,
and interim dividends, which we have never adopted due to
the risk of performance fluctuations. We will publish a clear
path for future growth strategy in our next ANA Group
Corporate Strategy, which we expect to release later this
fiscal year.
We think the current share price, indicating a PBR of
about 1.2 times as of July 2025, is undervalued considering
the value of the ANA Group’s non-financial capital, which
does not show up on the balance sheet. Employees and
teamwork (human capital) to support world-class operations
and quality, a wide variety of aircraft to expand and optimize
capacity (manufactured capital), and a global airline network
and strong relationships with stakeholders (social and
Celebration at AWO Swan Bakery
Visit to ANA Kansai Airport Co., Ltd.
Evening Visit to the Maintenance Division
Visit at the Peach Training Facility
Message from the CEO
20
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Establishing a Balance Between Financial Soundness
and Capital Efficiency
Enhancing Corporate Value to Meet the Expectations of the Capital Market
NAKAHORI Kimihiro
Member of the Board,
Executive Vice President,
Group Chief Financial Officer
What do you see as the reasons for the continued strong performance in fiscal 2024?
Q
Consolidated operating revenues reached a record high of
¥2,261.8 billion, while operating income amounted to ¥196.6
billion, the second highest mark ever and far exceeding
the initial plan for the fiscal year (¥170.0 billion). This strong
performance was largely due to our ability to expand top-line
revenue while maintaining high yield and unit price amid
a solid recovery in passenger and cargo demand.
In particular, the International Passenger Business
captured strong inbound travel demand to Japan and
demand for business travel from Japan, driving overall
profits for the group. In addition, the Domestic Passenger
We attribute the upward trend in operating expenses to
a number of factors, including changes in the external
environment, one-time factors, and investments for future
growth. Among other changes in the external environment,
the further weakening of the Japanese yen, rising prices, and
reduced subsidies and tax exemptions pushed expenses
higher in general. Among expenses, maintenance expenses
increased notably, mainly due to the temporary factors of
maintenance postponed due to the COVID-19 pandemic
and engine maintenance in response to an engineering order
from the engine manufacturers. We expect this situation to
resolve within the next two years. Other strategic investments
also contributed to higher personnel and other expenses, as
we stepped up investments in human capital, which
represent the foundation of growth as we look ahead to
business expansion in the medium to long term.
Business contributed to solid performance through record-
setting unit revenue and load factor.
Fiscal 2024 in Review
1
Operating expenses are apparently on the rise.
What are the reasons and what is the outlook for the future?
Q
FY2023
FY2024
Consolidated
Results
Results
Year-on-Year
Operating revenues (¥ Billions)
2,055.9
2,261.8
+205.9
Operating income (¥ Billions)
207.9
196.6
-11.2
Net income (¥ Billions)
157.0
153.0
-4.0
Earnings per share (¥)
335.1
325.6
-9.5
ROE
16.5%
14.1%
-2.4pt
Shareholders’ equity ratio
(End of Period)
29.3%
31.2%
+1.9pt
2019
Avg. Under COVID-19
2023
2024
(FY)
(¥ Billions)
Other Expenses
0
500
1,000
1,500
2,000
Fuel Expenses
Outsourcing Expenses
Personnel Expenses
Maintenance Expenses
Our future outlook and policy are based on the premise
that we will generate revenues that outweigh any temporary
cost increases due to a weaker yen and inflation. From this
basis, we will continue to implement disciplined cost control
for enhanced profitability in the future, while addressing
one-time cost increases appropriately.
Message from the CFO
21
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
We will engage in balance sheet management for both financial soundness and capital
efficiency. While we continue to repay interest-bearing debt, we plan to add aircraft at an
accelerated pace for further growth. We will also increase revenue while improving asset
efficiency, which will lead to shareholder returns. The three specific initiatives to support
priority measures will be the following:
1. Optimize liquidity on hand
We will use liquidity on hand, which we secured generously during the COVID-19 pandemic,
to repay interest-bearing debt and for growth investments, such as aircraft. Through this
process, we will reduce interest-bearing debt gradually to about ¥500 billion, which is an
appropriate level in normal times.
2. Repay interest-bearing debt on a consistent basis
Of the ¥400 billion in subordinated loans borrowed during the pandemic, prepayment
conditions have been met for ¥200 billion, and we are on track to repay the loan at the end of
October 2025. We intend to repay the remaining ¥200 billion in a timely manner, dealing with
the impact of future changes in lease accounting standards.
3. Accumulate shareholders’ equity and strengthen our financial foundation
We aim to achieve a shareholders’ equity ratio of 45% in the medium term through the steady
accumulation of profits and use of bond-type class shares. With a shareholders’ equity ratio of
37% (as of March 31, 2025), after adjusting for the equity component of the subordinated loan,
Balance Sheet Management
2
How do you plan to optimize the balance sheet in light of the future business environment?
Q
What led up to the decision to issue bond-type class shares?
Q
Equity Component of
Subordinated Loan
¥200.0 billion
Balance Sheet as of March 31, 2025
Liquidity on Hand
Control Interest-
Bearing Debt
Accumulate
Shareholders’ Equity
New Aircraft
[FY2025 Forecast]
Reduce to approx. ¥1 trillion
[Medium-Term Guideline]
Reduce to ¥500.0 billion
(Use for debt repayment and new
investments)
Prepayment of subordinated
loans, etc.
FY2025: ¥200.0 billion
FY2027: ¥200.0 billion
[FY2023 to FY2025 Forecast]
Net Income
Total
¥432.0 billion
157 aircraft remaining on
order at the end of FY2024*
(To be received by the end of FY2032)
* Excluding optional aircraft
Total Assets ¥3,620.2 billion
Shareholders’ Equity Ratio
31.2％
Shareholders’ equity ratio after
adjustment
Approx. 37%
Medium-Term Target
45％
Shareholders’ Equity
¥1,130.3 billion
Liquidity on Hand
¥1,216.4 billion
Interest-Bearing Debt
¥1,349.0 billion
(Subordinated loans
¥400.0 billion)
Aircraft
¥978.8 billion
We decided to issue bond-type class shares as a new financing option to achieve the two
objectives of (1) Securing funds for investment in growth and (2) Improving financial soundness
and capital efficiency, achieving a high level of balance while enhancing flexibility and agility in
fundraising.
Background (1) Securing Funds for Investment in Growth
We anticipate great growth opportunities ahead for the Air Transportation Business, given
the Japanese governmen’s target of 60 million inbound travelers in 2030 and the 2029
expansion of the Narita Airport. To take advantage of this business environment for growth,
we must secure funds for growth investments, including strategic investments, such as aircraft
replacements and the additional orders announced in February 2025.
Background (2) Maintaining a Balance Between Financial Soundness and Capital Efficiency
With the rapid recovery in business performance, our financial base is recovering at a pace
faster than expected. At the same time, we recognize that the cost of equity has increased
significantly in the wake of the COVID-19 pandemic. To increase corporate value, we must
ensure a stable equity spread, where ROE exceeds the cost of equity. Our challenge here is to
improve capital efficiency while maintaining financial soundness.
Given the situation, we chose the bond-type class shares as an option to resolve the issue,
while giving maximum consideration to the interests of existing shareholders. The class shares
are non-participating, with no dilution of voting rights and no dividends beyond the preferred
dividends set at the time of issuance. The shares will also have minimal impact on key financial
indicators related to common stock, such as ROE and EPS. While the shares will be treated as
shareholders’ equity for accounting purposes—and deemed 50% equity for rating purposes—
we expect the cost of capital to be lower than that of common stock. These shares will help
us strengthen our financial base and improve capital efficiency, as well as facilitate investments
for future growth.
we think the Company’s substantial financial base has already recovered to a level close to that of
pre-COVID-19, and we expect to strengthen this base further in the future.
Message from the CFO
22
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
With the recovery of our financial base progressing at a faster pace than expected, we plan
to move into a phase of strengthening shareholder returns. We resumed dividends for the first
time in five fiscal years in fiscal 2023, raising dividends to ¥60 per share in fiscal 2024. We are
serious about dealing with the current situation, where dividends have yet to reach the level
when we delivered the highest profit before the COVID-19 pandemic (¥75 per share in fiscal
2018) and our total shareholder return (TSR) is well below that of TOPIX.
Our current corporate strategy placed the highest priority on restoring our financial base.
Now that our credit rating reflects an accumulation of profits that exceeded expectations, we
recognize the need to meet the expectations of our shareholders further. Specifically, we will
consider share buybacks as one of the most promising options to enhance shareholder
returns, as the increase in the number of outstanding shares is currently restraining the growth
of earnings per share (EPS). We will also consider introducing an interim dividend to foster
more flexible returns. We plan to present our new shareholder returns policy, including for the
dividend payout ratio and overall cash allocation, in the next ANA Group Corporate Strategy.
What will your basic approach to shareholder returns be in the future?
Q
Share Price and Shareholder Returns
3
As you noted, our share price remained around ¥3,000 against solid business performance
in fiscal 2024. We attribute this gap in market valuation to a combination of factors. The major
factors include concerns about the business environment, such as lower yield due to an
easing in International Passenger Business supply and demand, as well as lower cargo
demand due to U.S. tariff policy. We recognize that the level of shareholder returns has not
met market expectations. At the same time, we have yet to present our medium- to long-term
growth strategy for fiscal 2026 and beyond, which has had an overall impact.
In addition to rectifying these issues, we believe we must present our medium- to long-term
growth path to investors in the form of concrete strategies and a convincing story if we are to
see our share price rise in the future. To this end, we plan to publish the next ANA Group
Corporate Strategy in the latter half of fiscal 2025. We are committed to achieving profit
targets for the stand-alone fiscal year, and in parallel, we intend to step up information
disclosure and dialogue with investors to tell our story of medium- to long-term growth to
the capital market.
2018/3
2019/3
2020/3
2021/3
2022/3
2023/3
2024/3
2025/3
(¥)
0
1,000
2,000
3,000
4,000
5,000
The recovery in share price appears with be slow compared with the strong business performance.
How do you assess the current share price?
Q
2018
2019
2020
2021
2022
2024
2023
2025
(Forecast)
(FY)
(¥)
(¥)
Dividend payout ratio
0
100
50
200
150
250
300
350
400
Dividend (right axis)
EPS (left axis)
22.7%
331.04
75
50
60
60
82.66
190.24
335.09
325.58
259.63
14.9%
18.4%
23.1%
0
20
40
60
80
100
Past Year
Past 3 Years
Past 5 Years
ANA HOLDINGS INC.
87.8%
111.8%
108.7%
TOPIX (including dividends)
98.5%
147.2%
213.4%
Total Shareholder Return (TSR) (As of March 31, 2025)
Share Price
Dividend Payout Ratio, Dividends, and EPS
Total Shareholder Return (TSR) (Share price at end of period - Share price at beginning of period + Dividends) / Share price
at beginning of period)
Message from the CFO
23
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Cost of equity (calculated based on the capital asset pricing model, CAPM) increased from the
5% range prior to the pandemic to around 8% currently. The main reasons behind this increase
are higher financial risk associated with increased interest-bearing debt (higher beta) and higher
interest rates associated with changes in the Bank of Japan’s monetary policy (increased risk-
free rate). The increase in the risk-free rate has been a major factor in pushing up the cost of
capital overall, especially in light of the Bank of Japan’s recent lifting of its negative interest rate
policy. In addition to these factors, we recognize that heightened geopolitical risks and other
factors could be pushing up business risks in the airline industry as a whole.
Our medium-term ROE target is 12%. This target is in excess of the current cost of equity
(around 8%) and ensures that the equity spread is sufficient to serve as a source of corporate
value creation. We exceeded this target in fiscal 2023 (16.5%) and fiscal 2024 (14.1%); however,
we believe we must achieve an ROE level of 12% consistently, while continuing to maintain the
equity spread. Keeping in mind the possibility of further increases in the cost of capital, we will
set appropriate targets and improve corporate value as we continue to engage in dialogue with
investors.
We curtailed investment significantly during the COVID-19 pandemic, but we are now in
a phase of resuming growth investments full-scale. Capital expenditures during the current
ANA Group Corporate Strategy have been in line with plan, averaging ¥270 billion per year.
However, capital expenditures for fiscal 2025 will include investment in aircraft not planned
when we formed the current strategy (partial payment for 77 aircraft ordered at the end of
February 2025). We postponed the actual cash movement for the investment to the following
fiscal year as the receipt of aircraft already orders has been delayed. As a result, capital
expenditures in fiscal 2026 and beyond should increase to a level exceeding the pre-COVID-19
average (FY2017 to FY2019: ¥343.9 billion). We will present the specific scale of investment,
priorities, and overall cash allocation when we publish the next ANA Group Corporate Strategy.
Cost of Capital and Return on Capital
5
Capital Expenditures
4
The cost of capital appears to be on the rise. What are the factors behind this cost increase?
Also, what level of ROE are you targeting for the future?
Q
What is your future outlook for capital expenditures?
Q
2018
2019
2020
2021
2022
2024
2023
2025
(Plan)
(FY)
0
5
10
15
20
(%)
Cost of equity
ROE
0
3
9
6
(%)
2018 2019
2020
2021
2022
2024
2023
2025
(Plan)
(FY)
3.0
4.0
2.0
5.0
(Times)
2018 2019
2020
2021
2022
2024
2023
2025
(Plan)
(FY)
0.4
0.8
0.0
1.2
(Times)
2018 2019
2020
2021
2022
2024
2023
2025
(Plan)
(FY)
[Efficiency] Asset Turnover
[Debt] Financial Leverage
[Profitability] Net Income Margin
Note: Average annual investment in each period
(FY)
2017–2019
2020–2022
2023–2025
After 2026
(¥ Billions)
343.9
135.6
Approx. 270.0
0
100.0
200.0
300.0
400.0
500.0
Resumption of Full-Scale
Growth Investments
Investment Restraint During the
COVID-19 Pandemic Priority to
Financial Base Recovery
ROE and Cost of Equity
Message from the CFO
24
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
To achieve this target PBR of 2 times, we plan to integrate efforts to improve ROE and PER, which
are the components of the price-to-book ratio. Our basic approach recognizes that the first and most
important priority is to secure an equity spread that generates a stable ROE above the cost of equity.
1. Increase ROE (target: stable at 12% or more)
Improving ROE requires working from the perspectives of profitability, asset efficiency, and
financial leverage.
Improve profitability: We intend to strengthen our earning power by expanding the International
Passenger Business, reforming the structure of our Domestic Passenger Business, and creating
synergies with the acquisition of NCA.
Optimize asset efficiency: We are increasing efficiency by stepping up investment management
and improving aircraft utilization, while reducing the size of our cross-shareholdings (policy
modified in April 2025).
Optimize financial leverage: We will pursue an optimal capital structure by controlling interest-
bearing debt and utilizing the issuance of bond-type class shares.
2. Improve PER (gaining the confidence of the capital market)
To increase our PER, we must gain the confidence of the capital market in our potential for
sustainable growth.
Reducing the cost of equity: We reduce financial risk by steadily repaying interest-bearing
debt and reducing performance volatility through fixed cost control, while reducing information
asymmetry by enhancing sustainability disclosures.
Raising growth expectations and dialogue with the capital market: Our next ANA Group
Corporate Strategy, now under consideration, will redefine the value creation process and
material issues of the ANA Group. We will formulate and execute high-probability strategies,
disclosing progress in a highly transparent manner to deepen constructive dialogue with
investors and ensure a management cycle that leads to enhanced corporate value.
We believe that through these and other efforts, we will achieve a PBR of 2 times.
Enhancing Corporate Value Over the Medium to Long Term (Achieving a PBR of 2 times)
6
Your medium- to long-term target is a PBR of 2 times. What are you doing to achieve this target?
Q
Improved ROE
Improved Profitability
1. Expanded International Passenger Business
2. Domestic Passenger Business structure reform
3. Synergies with the cargo business from the acquisition of NCA
Optimize Asset Efficiency
1. Enhance investment management
2. Improve aircraft utilization
3. Reduce cross-shareholdings gradually
Optimize Financial Leverage
1. Control interest-bearing debt and improve credit rating
2. Issue bond-type class shares and recapitalize
3. Expand shareholder returns
ROE
[Target] Stable ROE of 12% or more
Expected Growth Rate
Cost of Equity
(about 8% currently)
PBR
[Target] PBR of 2 times
over the medium term
Reduce Cost of Equity and Improve Expected Growth Rate
＝
3. Engage in transparent disclosure and constructive dialogue with the capital market
4. Expand disclosures of sustainability-related information (human capital, GX strategy, etc.)
1. Reduce performance volatility by controlling fixed costs
2. Strengthen the correlation between material issues and corporate strategy
Message from the CFO
25
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
Message from the CEO
Message from the CFO
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
We first identified material issues in 2015 (People, Environment, and Regional Revitalization),
making partial revisions in the interim. In response to the significant changes in social and
economic conditions (megatrends, risks and opportunities, business strategies, stakeholder
demands, etc.) over recent years, we decided to completely revise our material issues, taking
about one year for the process. We plan to deliberate and formalize medium-term strategies
and measures based on eight newly identified material issues.
Material Issue Review Framework
Material Issue Formulation Team
The Specific Review Process
Material Issue Review
We conducted our material issue review according to the process detailed below. We performed an impact assessment to identify material issues, incorporating the concept of double materiality. We
then consulted with various internal and external stakeholders, including employees, executives, investors, and experts. We intend to consider initiatives and KPIs to address these new material issues
in conjunction with the next ANA Group Corporate Strategy.
Identify and Finalize
Issues (Long List)
Based on the following
information and other sources,
we identified issues closely
related to the ANA Group and
created a long list of initial
candidates for material issues.
• Initial discussions of the
next ANA Group Corporate
Strategy
• Interviews with members of
relevant departments
• Opinions from investors,
experts, etc.
• Legal disclosure standards
and guidelines (ESRS*1, ISO
26000, etc.)
• World Economic Forum
Global Risks Report
Internal
External
*2 EPO: Employee(s) responsible for promoting ESG management
EPL: Employee(s) responsible for driving organization ESG management
*1 ESRS: Specific standards
for companies to disclose
sustainability-related
information based on the
EU Corporate Sustainability
Reporting Directive (CSRD).
Board of Directors
Group Management Committee
Corporate Sustainability
Department
Corporate Planning
Department
Finance, Accounting,
& Investor Relations
Department
Step 1
Management Discussion
and Approval
Management discussed material
issues selected via the material
issues assessment and based on
dialogue with experts at the
Management Committee on two
separate occasions. The Board of
Directors also discussed material
issues in two separate meetings.
After certain revisions, the Company
selected eight material issues.
Dialogue With Experts
We conducted a dialogue with three
experts, our director in charge, and
the material issue formulation team to
confirm the validity of our identification
process and social impact assessment.
Key Comments from the Experts
The company is proceeding under an
appropriate identification process.
Not all issues can be addressed, so
prioritization is the best course of action.
When assessing the material issue matrix,
it would be helpful to tell a story about
how each item is expected to change
over time.
ADACHI Eiichiro
Senior Counselor, The Japan Research Institute,
Limited
ISHIDA Hiroshi
Executive Director, Caux Round Table Japan
HIBI Yasushi
Director, Conservation International Japan
Experts*
Conduct Impact
Assessment
We conducted an impact
assessment on the
Company (impact of social
issues on the ANA Group)
and impact on society
(impact of our business
activities on the environment
and society) for each item
in the long list (Double
Materiality Assessment).
We considered three factors
in our impact assessment:
(1) Impact of management
decision-making; (2) Tie-
in to the next ANA Group
Corporate Strategy; and (3)
Measurability.
Impact on the Company
Financial Impact
Assessment Method
Overview
Interviews
Officers
We conducted interviews with the chair, president, other directors, Audit
& Supervisory Board members, and executive officers.
Questionnaires
and Interviews
Employees
Responsible
for ESG
We issued questionnaires and conducted interviews related to risks
and opportunities (risk and opportunity details; degree of impact) with
17 departments, group companies, EPOs, and EPLs*2 most closely
related to the material issue candidates.
Based on this information, we designated candidates as most
important where the likelihood of occurrence was high and fiscal
single-year impact was likely to be ¥50 billion or greater.
Workshop
Employees
We held a workshop bringing together employees from 35 departments
and group companies engaged with human rights and environmental
initiatives. We discussed and identified the risks inherent in day-to-day
operations. (FY2022)
Survey
ー
We conducted a risk assessment on climate change and biodiversity
based on TCFD/TNFD scenario analysis.
Other
ー
We performed importance assessments by comparing candidates
with management discussions for consistency (e.g., initial
discussions regarding the next ANA Group Corporate Strategy).
Impact on Society
Social Impact
Assessment Method
Overview
Survey
Civil Society
We collected information in connection with our airline-related business
from data published directly by 14,000 major NGOs worldwide,
conducting an analysis and assessment based on information volume
and content in the context of social issues.
We designated the top ten issues in terms of information volume
as most important.
External
Dialogue
Business Partners,
Business Partner
Employees
We obtained information through dialogue with suppliers, which we have
conducted to date as part of our business and human rights initiatives.
Financial Impact
Assessment
Social Impact
Assessment
Double
Materiality
Step 2
Step 3
Step 4
The Corporate Sustainability Department,
Corporate Planning Department, and
Finance, Accounting, & Investor Relations
Department came together to formulate a
plan, which they submitted to management.
The plan emphasized integration with the
ANA Group value creation and corporate
strategy.
* Title at the time (December 2024)
Coordination
Key Comments from Management
It is important that executives recognize
the significance of increasing the number
of material issues from the current
three to eight. The reasons for this
increase must be communicated
widely and understood by employees.
(Board Chair)
Safety is paramount. From that
understanding, we must express
clearly that safety encompasses not
only flight operations, but also
employees and information security.
(ANA HD President)
We must think through the potential
KPIs to ensure the effectiveness of
this initiative. (Outside Director)
Redefining Material Issues
26
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
We plotted material issues in terms of the
impact on society and the impact on our
business. Note that the arrows indicate the
medium- and long-term time horizons for
material issues we expect to increase in
importance.
Material Issue Matrix
Impact on Our Business
High
High
Very High
Very High
1
2
3
4
5
6
7
8
Impact on Society
Impact
on Our
Business
High
High likelihood of occurrence and
projected impact on cash flow of
between ¥5 billion and ¥50 billion
in a single fiscal year, or high level
of importance within the next ANA
Group Corporate Strategy
Very
High
High likelihood of occurrence and
projected impact on cash flow of
¥50 billion or greater in a single
fiscal year, or very high level of
importance within the next ANA
Group Corporate Strategy
Impact
on
Society
High
Information available from major
NGOs
Very
High
Top 10 issues in terms of
information disclosure volume by
the world’s leading NGOs
Category
Area
Material Issue
Background
Vision
Social Infrastructure
for Air Transportation
1 Focus on Air
Transportation to
Create Global
Connections
• Air transportation is an essential means of travel for the
island nation of Japan
• Domestic population decline, deterioration of local economies,
development of high-speed rail networks, etc.
• Expanding personal travel and logistics on a global scale
We contribute to the development of the global economy and world
peace by facilitating the rapid movement of people and goods, thereby
enriching lives, deepening mutual understanding among peoples,
and expanding connections among people, goods, and services. We
also uplift Japan by communicating the attractiveness of Japan to the
world, pursuing regional revitalization through active measures.
Human Capital
2 Employee Growth
and Team Spirit
• Human capital is the greatest driver of value creation and a
source of differentiation
• The strength of the group is teamwork, emerging from the
spirit of Wakyo (close cooperation)
• The consistent recruitment and training of employees is vital
to the continuation and enhancement of our route network
We offer the greatest support possible to ensure every employee
feels a sense of fulfillment and accomplishment as they grow through
their work, contributes their talents, and plays an active role. We also
encourage employees to take on challenges, fostering the Anshin,
Attaka, Akaruku-genki! (Trustworthy, Heartwarming, Energetic) culture
to create an organization capable of change.
Customers
3 Improve Convenience
and Create Emotional
Experiences
• The need to respond quickly to the demand of today’s
customers for more options
• Developing attractive products and services is essential to
growing our customer base
We develop attractive products and services that increase customer
mobility and transportation options. We seek to improve customer
satisfaction, leveraging the strengths of the ANA Group in customer-
oriented services to offer exciting opportunities and emotional
experiences. We continue to strengthen our brand power as we focus
closely on customer orientation to create greater trust and empathy.
DX
4 Transform Our
Business Using Digital
Technologies and
Data
• Digital technology is essential to respond to changes in
consumer needs and work environments
• Using data within the ANA Group effectively is an essential
part of expanding the ANA Economic Zone
We build customer experiences and operations on a foundation of
data, maximizing the use of digital technology. We strive for customer
convenience in every scenario, while achieving labor savings and
efficiencies through business process transformation. In this way, we
aim to maximize the power of our people and shift away from a labor-
intensive business.
Safety
5 Ensuring Safety and
Peace of Mind
• Safety is the most important foundation of ANA Group
management
• Safety is linked directly to stakeholder trust
We ensure operational safety, workplace safety, food safety, systems
robustness, and information security. Employees strive to enhance
their own expertise and skills, while we accumulate expertise and
collaborate with suppliers as an organization. Through this approach,
we consistently pursue quality in our aircraft and operations, placing
the highest priority on the safety and peace of mind of our customers
to secure trust in the ANA Group.
Governance
6 Improve Business
Resilience
• The Air Transportation Business is subject to a high risk of
performance fluctuation due to changes in the external
environment
We enhance business resilience by continuing to improve the functions
of the Board of Directors and by strengthening the group’s overall
risk management structure. We aim for management that co-creates
value with stakeholders through a business cycle of highly transparent
information disclosures, proactive dialogue, and incorporating feedback
into strategy.
Environment
7 Contribute to Global
Environmental
Conservation
• Reducing CO2 emissions and other environmental burdens
is a pressing issue for companies
• Risks include increased costs due to tighter international
environmental regulations and the introduction of a carbon
tax
• Recognition of the impact of our business activities on the
environment and the need to fulfill our responsibilities
We strive to lead industry-wide decarbonization efforts and make
contributions to becoming nature positive, ensuring that we fulfill
our social responsibility as a public transportation provider. We also
engage in the proper management of resources and reduction of food
waste. Through these efforts, we aim to become the environmental
leading airline group, contributing to the creation of sustainable
societies.
Human Rights
8 Respect the Human
Rights of All People
Involved in Our
Business
• ANA Group businesses are supported by people around the
world
• We must practice management that respects the human
rights of all people in the supply chain, including group
employees
We practice management that respects the human rights of all people
in our supply chain. We aim to eliminate any negative impacts on
human rights and to create positive impacts by earning the trust of
society, communicating to the public how ANA Group management
ensures respect for human rights.
The following are the eight newly identified material issues for the ANA Group that will serve as a compass for value creation. By addressing these material issues, we will create social value and
economic value as we pursue the vision of the ANA Group.
New Material Issues for the ANA Group
Material Issues for Competitive Advantage
Material Issues for Sustainable Growth
Management Foundation
27
Redefining Material Issues
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Corporate
Value
Enhancement
(Improved PBR)
Increased ROE (Increase in Created Value)
Reduced Cost of
Capital
Increased Expected
Growth Rate
Material Issues
for Competitive
Advantage
Material Issue Social Infrastructure for
Air Transportation
Focus on Air Transportation to Create Global Connections
Expand the Connection
Between People and Product
(Focus on Air Transportation to Grow the ANA Economic Zone)
Qualitative
Depth
Expand
the ANA Group Fan Base
(Increase Stakeholder Trust and Support)
Increase in Transportation Volume,
Decrease in Fixed Cost Ratio
Improved ROE
Expanded Long-Term Business
Opportunities
Increased Expected
Growth Rate
Increase in Unit Price
and Usage Frequency
Stable Profit Generation
Material Issues
for Sustainable
Growth
Material Issue Environment Contribute to Global Environmental Conservation
Material Issue Human Rights Respect the Human Rights of All People Involved in Our Business
Strengthen Our Foundation for Sustainable Growth
Reduced Cost
of Capital
Material Issue Safety Ensuring Safety and Peace of Mind
Material Issue Governance Improve Business Resilience
Management
Foundation
Material Issue Customers
Improve Convenience and Create Emotional Experiences
Expanded Business Scale and Scope
Material Issue Human Capital
Employee Growth and Team Spirit
Productivity Improvements and Business Transformation
Material Issue DX
Transform Our Businesses Using Digital Technologies and Data
Maximize Customer Experience Value
Quantitative
Growth
We established new material issues based on matters raised by investors and experts in response to our previous material issues.
Based on this feedback, we conducted in-depth discussions and deliberations on the relationship between material issues, our
business model, and corporate value. We expect the four material issues tied to our competitive advantage will result in higher
ROE and expected rate of growth, both in terms of quantity and quality, as we expand the connection between people and
product while expanding the ANA Group fan base through our business model. We also expect the four material issues tied to
sustainable growth will result in a lower cost of capital as we strengthen the critical foundations of ANA Group management. We
plan to create our next ANA Group Corporate Strategy in the near future. In the process, we will examine strategies, initiatives, and
KPIs that will contribute to enhanced corporate value.
Relationship Between Material Issues, Business Model, and Corporate Value
Redefining Material Issues
28
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
We conducted a multifaceted analysis of the business environment surrounding the group, examining opportunities, risks, and internal capital challenges. We formulated six strategic response policies
based on this analysis, aiming to enhance sustainable growth in corporate value by advancing specific initiatives aligned with each policy.
• Trends in U.S. tariff policies
• International conflicts and
diplomatic relations among
countries
• Advancement of Japan’s
tourism policy
• Improved profitability
through normalization of
European flight routes
• Increase in the number of
visitors to Japan
Transition to a
Business Structure
Resilient to Risks
• Recovery of overseas
airlines’ supply
• Decrease in demand from
visitors to Japan and
business travelers
• Decrease in cargo demand
from China to North America
• Economic growth in Asian
regions
• Fluctuations in crude oil and
foreign exchange markets
• Inflation in Japan and
overseas
• Expansion of international
route network
• Improved foreign currency-
denominated balance due
to the strong yen
• Appropriate reflection of
higher costs in fares
Strengthen Balance
Sheet Management
• Higher fuel costs due to
rising market prices
• Higher expenses due to
rising costs of goods
• Aircraft and engine quality
issues
• Competition with ground
transportation modes
• Expansion and functional
enhancements of Narita
Airport
• High airfares due to tight
supply and demand
• Enhanced efficiency of
Narita cargo hub
Pursue Digital
Transformation (DX)
• Delays in aircraft delivery
schedule
• Supply constraints for
international and domestic
routes
• Higher costs due to engine
inspections
• Declining population in
Japan
• Increasingly diverse work
styles and switch to online
work
• Ongoing wage increases
• Higher demand for travel
and transportation due
to increased holidays,
workcations, and incomes
• Lower number of
passengers traveling
on domestic flights for
business, etc.
• Labor shortages in the
airline industry
• Decline in service quality
• Increased climate-related
risks
• Tightening of environmental
regulations
• Biodiversity loss
• Price pass-through of
environmental costs
stemming from changes in
consumer awareness
• Positive branding effects
from proactive climate
change responses
Implement
the Transition Strategy
• Operational disruptions
caused by weather and
natural disasters
• Increase in costs for
environmental responses
• Emerging biodiversity risks
• Development of next-
generation aircraft
• Digital transformation
• Use of AI (advances in
generative AI)
• Advancement of
personalization technologies
• Lower operating costs
• More convenient services
• Enhanced human capital
productivity
• New business development
Strengthen
Management Capital
• Shortages in digital human
capital
• Negative impact from
system failures
• Loss of credibility due to
information leaks
• Infringement of human
rights and privacy by AI
• Wider regional disparities
• Emerging human rights
risks
• Demand for greater
management transparency
• Higher demand for travel
and mobility from regional
revitalization (community
development) and
improvements in regional
appeal
• Increase in stakeholder trust
• Human rights violations in
the supply chain
• Loss of credibility due
to violations of laws and
regulations
Policies
Opportunities
Risks
Politics and
International Relations
Economic and
Market Trends
Airline Industry
Social and
Demographic Trends
Natural Environment
Technology and
Innovation
Social Responsibility
Main
Changes
in External
Conditions
Create Added Value
by Expanding
Human Capital
• Shortage of human capital to
support operations
• Shortage of human capital in
the Non-Air Business
• Strengthening our ability to
innovate and be agile in our
responses to change
Human Capital
• Achieving net zero CO2
emissions and sustainable
business growth
Natural Capital
Internal
Environment
Awareness
(Capital Issues)
• Expanding the number of
aircraft for medium- to long-
term growth
• Further improving efficiency
in facilities and systems that
support basic quality
Manufactured
Capital
• Utilizing expertise cultivated in
the airline industry to advance
other businesses
• Strengthening brand strength
overseas
• Strengthening IT infrastructure
and utilizing internal Group data
Intellectual Capital
• Securing funds for growth
investments
• Maintaining financial soundness
• Improving capital efficiency
Financial Capital
• Building a network of co-creation
to support corporate strategy
Social and
Relationship Capital
Business Environment Analysis
29
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Expand catchment areas for
passenger demand through
our three brands
Expand non-airline profit
domains
Leverage our customer base
to expand the ANA Economic
Zone
Generate demand through
regional revitalization initiatives
Pursue an optimal capital
structure
Strengthen investment
management
Increase value-added
productivity starting from
human capital investments
Fulfill our responsibility
to respect human rights
throughout the supply chain
Achieve carbon neutrality
while accounting for
economic rationality
Take measures to comply
with CORSIA
Policies
Issues
Leverage data and digital
technologies to enhance
customer experience value
Improve human capital
productivity through labor
savings
Develop and acquire human
capital with digital skills
Issues to be monitored over the short- to medium-term cycle (current FY2023-2025 ANA Group Corporate Strategy period)
Issues to be monitored over the medium- to long-term cycle (up to FY2023/FY2050)
Key Strategic
Initiatives
(References)
Major KPIs
Business Strategy
P.32
Message from the CFO
Financial Strategy
P.21
Profitability
Safety
Efficiency
FY2025
Operating revenues: ¥2,370 billion
Operating income: Over ¥185 billion
Operating income margin: Over
7.8%
Credit rating: Maintain A rating
Shareholders’ equity ratio: 45% level
By FY2030
FY2025
FY2025
FY2030
As Early as Possible in the 2020s
FY2050
Medium-Term
By FY2030
Operating income margin: Over
10%
EPS: Over ¥330
FY2023-FY2025 investment in
IT: 1.5 times (vs. FY2020-FY2022)
Digital human capital: 1.6 times
(vs. FY2022)
Amount of data used: 4 times
(vs. FY2022)
Value-added productivity
indicator: +15% (vs. FY2018)
ANA’s Way Survey average
score: 4.03/5
Number of dialogue sessions
held by management: 1,200
Number of public applications
within the group: 1,200
Number of Change Makers
trained: 300 (cumulative)
Turnover rate: -0.5 pt
(vs. FY2020)
Carbon emissions from aircraft
operations: Over 10% net
reduction (vs. FY2019)
Replace at least 10% of fuel
with SAF
Ratio of fuel-efficient aircraft
(jets): Approx. 90%
Ratio of female executives: 30%
As Early as Possible in the 2020s
Ratio of female managers: 30%
ROA: 8% or higher
ROE: 12% or higher
Carbon emissions from aircraft
operations: Net zero
Maintain safety
Strengthen corporate
governance
Ensure compliance
Make appropriate
disclosures and enhance
dialogue
Transition to
a Business Structure
Resilient to Risks
Strengthen Balance
Sheet Management
Pursue Digital
Transformation (DX)
Implement the
Transition Strategy
Strengthen
Management Capital
Create Added Value
by Expanding
Human Capital
DX Strategy
P.56
Message from the CHO
Human Capital Strategy
P.41
Transition Strategy
P.67
Corporate
Governance
P.80
Material Issues
Social Infrastructure
for Air Transportation
Focus on Air Transportation to
Create Global Connections
Customers
Improve Convenience and
Create Emotional Experiences
DX
Transform Our Businesses
Using Digital Technologies
and Data
Human Capital
Employee Growth
and Team Spirit
Environment
Contribute to Global
Environmental Conservation
Human Rights
Respect the Human Rights of
All People Involved
in Our Business
Safety
Ensuring Safety and
Peace of Mind
Governance
Improve Business Resilience
Secure funds for growth
investment
Maintain financial soundness
Improving capital efficiency
Business Environment Analysis
30
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Human
Capital
The power of our people (highly engaged
employees with specialized expertise and skills)
and teamwork (collaboration and cooperation
across organizational boundaries)
• Group employees: 44,019
• ANA’s Way Survey average score: 3.98/5
• Ratio of female managers (ANA Group): 20.9% (As of April 1, 2025)
• Number of cross-department (cross-company)
Good Job Program messages: 189,975
• Lack of workers to support
airport operations and
expand business scale
• Strengthening our ability to
innovate and be agile in
our responses to change
• Strengthened dialogue and feedback between management and
employees in the field
• Facilitated communication across companies and organizations
• Recruited and developed professional human capital
• Advanced inclusive engagement where diverse human capital
could demonstrate their individual strengths
• Fostered a culture that encourages change and excitement
• Revised wage levels and benefit programs
• Ensured employee safety and health
• Created comfortable work environments
FY2025 Targets
• ANA’s Way Survey average score: 4.03/5
• No. of cross-department messages:
200,000
• Value-added productivity indicator: +15%
(vs. FY2018)
• Ratio of female executives and female
managers: 30% (as early as possible in
the 2020s)
Human capital is the source of added value. Highly
specialized human capital in our Air Transportation
Business must demonstrate their individual skills and
teamwork to provide high-quality services. Skills and
teamwork are an absolute must for establishing a
competitive edge over other companies. We must
continue to strengthen human capital if the ANA Group
is to continue sustainable growth.
Intellectual
Capital
Knowledge and expertise fostering customer
satisfaction and high brand power
• ANA brand strength/SKYTRAX 5 Star for 12 consecutive years
(2013-2024)
• Expertise cultivated in the Air Transportation Business
• Detailed manuals for maintaining high basic quality as an organization
• BlueLake data platform
• Utilizing expertise cultivated
in aviation to advance
Non-Air Business
• Improving brand recognition
overseas
• Strengthening IT infrastructure
and fostering a culture of
data usage
• Strengthened overseas branding and shared organizational
expertise across departments to maximize its use
• Expanded BlueLake data use
• Fostered a culture of data use
• Strengthened data management and digital governance
• Secured digital talent and supported their development
FY2025 Targets
• Continue SKYTRAX 5-Star status
• Amount of data used: 4 times
(vs. FY2022)
Monitoring Indicators
(Indicators related to operational quality)
• Safety
• On-time performance
• Customer satisfaction
The world-class, high-quality ANA brand is founded on
the knowledge and expertise we have cultivated through
the Air Transportation Business. Digital transformation
will allow us to make full use of individual employee
expertise across the entire Group, driving further growth
in the Air Transportation Business and expanding the
ANA Economic Zone through new value creation.
Social and
Relationship
Capital
Strong relationships with stakeholders
• Number of airports served: 359 (including code-share)
• ANA Mileage Club members: 44 million
• Number of joint ventures: 3 (groups) (As of the end of April 2025)
• Number of Star Alliance member airlines: 25
• Number of shareholders: 745,681
• Individual and comprehensive cooperation agreements
with local governments: 24
• Building a network of
co-creation to support
corporate strategy
• Expanded route network further
• Increased ANA Mileage Club membership
• Provided timely and appropriate information to the capital markets
• Increased opportunities for dialogue between management and
stakeholders
• Supported regional revitalization through collaboration with local
governments
• Conducted fair and transparent procurement across the supply
chain based on the ANA Group Procurement Policy
FY2025
Monitoring Indicators
• ANA Mileage Club members
• Contact center response rate, etc.
We aim to continue to be an airline group of choice for
creating meaningful connections that go beyond the
movement of people and goods. Strong relationships
with diverse stakeholders support business expansion,
smooth operation, new service development, and
regional economic revitalization (regional revitalization).
We will continue to co-create value by building strong
relationships of trust.
Financial
Capital
Sound financial management supporting
the generation of stable profits
FY2024 Results
• Operating income margin: 8.7%
• ROA: 5.6%
• ROE: 14.1%
• EPS: ¥325.58
• Shareholders’ equity ratio: 31.2%
• Credit rating: R&I: A- (Stable); JCR: A (Stable)
• Maintaining or enhancing
a stable financial base and
improving capital efficiency
Through FY2025
• Give priority to financial base restoration
• Build shareholders’ equity through profit accumulation
• Repay interest-bearing debt
• Maintain high level of cash on hand
• Maintain A credit rating
FY2026 and After
• Reduce total assets
• Accumulate shareholders’ equity
Targets for FY2026 and After
• EPS: Higher than pre-COVID-19 levels
• Shareholders’ equity ratio: 45%
Targets for FY2030
• Operating income margin: 10% or higher
• ROA: 8% or higher
• ROE: 12% or higher
• P/B ratio: 2 times or higher
Our Air Transportation Business requires enormous sums
of capital for aircraft procurement and other needs.
Therefore, we must continue building relationships of
trust with the capital and financial markets through
sustained business growth and solid financial
management, maintaining stable financing regardless of
the ups and downs of business.
Manufactured
Capital
A wide variety of aircraft, support facilities,
and systems
• ANA Group aircraft: 278 (including 8 freighters)
• Ratio of fuel-efficient aircraft: 83%
• ANA Blue Base training facility
• Maintenance facilities supporting safety
• Operating systems supporting basic quality
• Expanding the number of
aircraft for medium- to
long-term growth
• Improving efficiency further
in facilities and systems
that support basic quality
• Implemented fleet strategy based on network strategy
• Invested in aircrafts for sustainable growth
• Reorganized freighters by making NCA a subsidiary
• Increased fuel-efficient equipment
• Made investments in facilities and systems to improve basic
quality further
FY2025 Targets
• ANA Group aircraft: 283
• Capital expenditures: ¥270 billion
(average over FY2023-2025)
FY2030 Plan
• ANA Group aircraft: 320
• Ratio of fuel-efficient aircraft: 91%
We procure aircraft systematically from a long-term
perspective to expand business based on demand. At
the same time, we introduce fuel-efficient aircraft and
integrate our operating systems to deliver world-class
air services with high added value in environmental
performance and safety.
Natural
Capital
Effective use of resources through day-to-day efforts
FY2024 Results
• CO2 emissions: 8.9% reduction (vs. FY2019; aircraft operations)
• CO2 emissions: 20.5% reduction (vs. FY2019; excluding aircraft
operations)
• Resource waste rate: 57.6% reduction (vs. FY2019)
• Food waste rate: 4.1%
• Achieving net zero CO2
emissions and sustainable
business growth
• Made operational improvements and developed new aircraft
technologies
• Shifted to low-carbon aviation fuel, including SAF
• Used Emission Trading Schemes
• Used Negative Emissions Technologies (NETs)
• Shifted to services that reduce resource and food waste rates
• Eradicated illegal wildlife trafficking in air transportation
FY2030 Targets
• CO2 emissions: 10% reduction
(vs. FY2019; aircraft operations)
• Resource waste rate: Net reduction 10%
of higher (vs. FY2019)
• Food waste rate: 3.8% or less
Air travel and cargo transportation offer highly convenient
means of long-distance, high-speed transportation.
However, reducing the significant burden these modes
of travel have on the environment is a critical issue. We
intend to strengthen our efforts across a wide range of
areas to balance transportation services for more
abundant lives with environment preservation. To this
end, we are stepping up efforts in climate change
mitigation, primarily through the reduction of greenhouse
gas emissions, biodiversity conservation, and the effective
use of resources.
Our Vision and the Reasons Why
Examples of Improvements
Current Status of Capitals (As of March 31, 2025)
(Examples of Monitoring Indicators and Targets)
Issue Recognition
Strengthening Management Capital
31
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
Redefining Material Issues
Business Environment Analysis
Strengthening Management Capital
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
In the FY2023-2025 ANA Group Corporate Strategy,
we have three pillars as strategic themes. Through the
promotion of each strategy, we aim to build a basis for
growth and transition to a full-fledged growth phase by
transforming our business model toward the realization
of our vision by fiscal 2030.
Financial
Strategy
Restore financial
base to pre-
COVID-19 levels
Reduce total
assets
Expand the ANA
Economic Zone
1. Increase the attractiveness
of our content
2. Achieve interconnectivity
between the everyday and
the extraordinary
Migration
Migration
Maximize profit in airline business
1. Optimize multi-brand strategy
2. Expand the Cargo Business
Expand non-airline profit domains
1. Practice appropriate resource allocation
Three Pillars of Business Strategy
FY2023 to FY2025
FY2023-2025 ANA Group Corporate Strategy (Announced February 2023)
Build a Basis for Growth
FY2020 to FY2022
Business Structure Reform (Announced October 2020)
Establish a Resilient Business Structure
By FY2030
Achieve Our Management Vision
Uniting the World in Wonder
FY2020
Reduced resources
Retired 28 aircraft early
FY2022
Achieved profitability
Consolidated operating income of
¥120.0 billion
FY2021
Reduced fixed costs
significantly
¥255.0 billion decrease vs. FY2019
Transform
Business
Models
Reduced business
scale to get
through COVID-19
Toward a
Full-Scale
Growth
Trajectory
Operating Revenues and Operating Income
Fiscal 2025 marks the final year of our current ANA Group
Corporate Strategy, which focuses on building a basis for
growth. This strategy plans for record-high revenues, driven by
the strong recovery of our Air Transportation Business. Although
we expect operating income to decline from the previous year,
profitability continues to improve steadily following business
structure reforms undertaken during the COVID-19 pandemic.
Liquidity on hand is higher than expected due to delays in the
receipt of aircraft and other factors. We will continue to manage
our balance sheet while leveling out cash outflows.
We recognize that enhancing shareholder returns remains
an issue, and will accelerate discussions on our medium-term
shareholder return policy.
2018
2019
2020
2021
2022
2024
2023
2025
(Plan)
(FY)
(¥ Billions)
Operating Revenues
165.0
60.8
-464.7
-173.1
120.0
207.9
196.6
185.0
2,370.0
2,261.8
2,055.9
1,707.4
1,020.3
728.6
1,974.2
2,058.3
Operating Income
Highest Pre-COVID-19
Results
(Operating Revenues and
Operating Income)
Business Structure Reform
Building a Basis for Growth
Material Issue
Social Infrastructure for Air Transportation
Material Issue
Customers
Profit and Loss
Future Issues
Balance Sheet
Cash Flows
Shareholder Returns
Improving profitability of Domestic Passenger Business
Establishing a balance between financial soundness and
capital efficiency
Delays in investment spending (leveling out cash outflows)
Further improvements to shareholder returns
Business Strategy
32
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
*1 Adjusted operating income = Operating income - exemptions and subsidies + PW engine-related compensation payments received
(non-operating income)
*2 We estimate lost profit based on actual contribution profit per aircraft for each model in FY2024.
2024
(Results)
2023
(Results)
2025
(Plan)
(FY)
(¥ Billions)
207.9
171.0
196.6
172.0
178.0
185.0
15.0–20.0
[Reference]
Estimated operating income without
non-operational aircraft
¥200.0–¥205.0 billion
B787, A320/321neo
Lost profit from non-
operational aircraft*2
Adjusted profit
steadily increasing
Adjusted
operating income*1
Operating income
1. Taking aircraft out of operation
due to engine modifications
1. Initiatives to secure engines
Expand production at ANA
plants
Collaborate with engine
manufacturers
Utilize spare engines
2. Delayed receipt of Boeing aircraft
2. Arrangements to receive
equipment already ordered
earlier than scheduled
Issues
Action plans
Non-operational aircraft
at the end of FY2024
B787
4 aircraft
A320/321neo
9 aircraft
Increase in expenses due to rebound
from the COVID-19 pandemic and
other one-time factors
Concentration of scheduled
maintenance that had been
postponed during COVID-19
Engine modifications (PW1100G)
required by manufacturer directives
Additional maintenance tied to
delaying the retirement of aircraft due
to the delayed receipt of Boeing
aircraft
Temporary factors to ease over
about two years starting in FY2026
Maintenance costs per unit
projected to normalize around
FY2028 (lower unit costs)
Factors behind current increases in
maintenance expenses
Forecast for FY2026 and beyond
Improve Aircraft Utilization
Issue
1
Optimize Maintenance Expenses
Issue
2
Operating income for the past three years, including the plan for fiscal 2025, shows a decline
for two consecutive years. However, adjusting operating income for the impact of exemptions,
subsidies, and compensation recorded under non-operating income shows we delivered steady
growth year by year.
We are addressing two key issues to drive further profit growth: (1) Improve aircraft utilization
and (2) Optimize maintenance expenses.
To address the first issue of aircraft utilization, we carried out inspections and modifications
of PW1100G and Trent 1000 engines. As a result, we took nine Airbus A320/321neo aircraft
and four Boeing 787 aircraft out of operation as of the end of fiscal 2024. Production delays
at Boeing have also led to the delayed receipt of aircraft, further limiting available aircraft and
constraining our ability to expand capacity. In response, we implement various measures through
which we expect aircraft utilization to gradually return to normal. These measures include
expanding maintenance capabilities at our in-house facilities to secure engines, extending leases
on aircraft, and postponing the retirement of owned aircraft.
Regarding the second issue of aircraft maintenance expenses, temporary expenses
have remained elevated due to factors including the concentration of scheduled maintenance
postponed due to COVID-19, engine modifications, and maintenance related to extending
the retirement of aircraft. We project maintenance cost per unit of capacity will return to an
appropriate level over the next two years, supported by the gradual ease of such factors and the
introduction of new aircraft with warranty coverage.
We estimate that operating income for fiscal 2025 would have exceeded ¥200 billion, the
target set in our medium-term management strategy, had we not removed any aircraft from
operation due to engine inspections. This estimation indicates that our profit-generating capacity
continues to strengthen steadily.
Real Profit Level
Improving Profit-Generating Capacity
33
Business Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Introducing the State-of-the-Art Embraer E190-E2 Regional Jet
End of FY2024
(Results)
End of FY2025
(Plan)
End of FY2028
(Forecast)
End of FY2030
(Forecast)
Number of Aircraft
(ANA Group total)
ANA International Passenger
Proportion of B787s in
international routes
Expand business scale
and route network
18 aircraft
B787-9 18 aircraft
End of FY2019
55%
71%
End of FY2030
ANA Domestic Passenger
Ratio of narrow- and medium-body
aircraft in domestic routes
Optimize supply to demand
46 aircraft
E190-E2
20 aircraft (5)
B737-8
12 aircraft (4)
A321neo
14 aircraft
85%
90%
End of FY2019
End of FY2030
Peach
Ratio of fuel-efficient aircraft
(ANA Group total)
Expand business scale
Implement opportunistic route additions
13 aircraft
A321neo
10 aircraft
A321XLR
3 aircraft
70%
91%
End of FY2019
End of FY2030
Approx.
320
aircraft
Over
300
aircraft
283
aircraft
ANA Group Corporate
Strategy assumptions
290–295 aircraft
278
aircraft
DHC-8-400
B767
B787-8/9
B787-10
B777-200/300
Narrow-Body
Medium-Body
Wide-Body
B737/A321
74 seats
270 seats
335-395 seats
392-514 seats
166-194 seats
Fleet Composition for ANA Domestic Routes
End of FY2024
No current
aircraft with
around 100
seats
Optimizing supply to demand further
through the introduction
of the Embraer E190-E2
24
9
16
12
65
Note: The size of each circle represents the number of aircraft.
Multi-Brand Strategy
1
We placed an order for 77 new aircraft in February 2025, aiming for long-term business growth.
The ANA International Passenger Business is focused on expanding business scale and route
networks in anticipation of strong inbound demand and future growth in airline demand.
Meanwhile, the ANA Domestic Passenger Business is working to optimize supply to demand
through the use of smaller aircraft, aiming to improve profitability. Peach will expand the scale of
its business, focusing on international routes while also exploring new mid-range markets.
We expect the number of aircraft at the end of fiscal 2025 to fall short of the assumed number in
the ANA Group Corporate Strategy by about 10 aircraft, partly due to delays in the receipt of
Boeing aircraft. However, our fleet will recover to pre-pandemic levels by fiscal 2028 and grow to
around 320 aircraft by fiscal 2030, expanding international available seat-kilometers (ASK), our
primary growth driver, to 1.4 times the fiscal 2024 level.
We expect future capital expenditures to rise above pre-COVID-19 levels. At the same time,
we intend to invest aggressively in growth, including introducing state-of-the-art aircraft, while
simultaneously expanding the scale of our Air Transportation Business and improving business
efficiency.
ANA will become the first Japanese airline to introduce the Embraer E190-E2 beginning in fiscal
2028. The E190-E2 is based on previous E-JETS generations and features upgraded engines
and wings that deliver greater fuel efficiency and lower noise. This aircraft has demonstrated a
high level of reliability since entering commercial service in 2018. The lightweight structure and
advanced engines of the E190-E2 also lead to lower operating costs.
The addition of a new 100-seat class aircraft, absent from our current fleet, enables better
optimization of supply to demand in the Domestic Passenger Business. Wide-body aircraft
maximize revenue on trunk routes and during peak holiday periods, while narrow- and medium-
body aircraft serve regional routes, daytime flights, and off-peak seasons. By matching aircraft
size to demand trends, we strive to improve unit revenue.
E190-E2
Manufacturer: Embraer S.A.
Start of commercial flight: 2018
Standard number of seats: Approx. 100
Cruising range : Up to 5,463 km
Fleet Strategy
(Manufactured Capital)
Place aircraft orders aimed at long-term
business growth
Figures in parentheses indicate optional
aircraft (included in the total)
No. of aircraft
surpasses
pre-COVID-19
levels
Including
13
non-operational
aircraft
Available seat-km/ASK
on international routes
1.4 times
(vs. FY2024)
1 Multi-Brand Strategy
34
Business Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Robust inbound travel demand and domestic leisure
demand supported both international and domestic routes
in fiscal 2024, enabling us to achieve record operating
revenues in the Air Transportation Business. I wish to
express my appreciation to everyone involved for your
tremendous support.
Fiscal 2025 will marks the final year of the FY2023-2025
ANA Group Corporate Strategy, which we designed to put
the Company on a firm footing toward a return to a growth
trajectory. Our first priority is to complete our current strategy
while upholding our strengths in safety and excellence in
quality, recognized by SKYTRAX with the highest 5-star
rating for 12 consecutive years, and accelerating digital
transformation. Specifically, we strive to reform our cost
base and maximize productivity by driving digitalization with
generative AI while overhauling existing processes and
organizational structures. Doing so will allow us to channel
the freed resources into creating added value only possible
through human services and elevating customer experience
value. We also aim to improve productivity and creativity by
investing even more in human capital, the source of value-
added creation, and improving employee engagement.
We continue to face difficult challenges originating both
inside and outside the group, including non-operational
aircraft due to engine inspections and delays in aircraft
deliveries. Our plan is to respond swiftly and flexibly to these
challenges, draw on the venture spirit that has defined us
since our founding, and unite as one company to drive
transformation under the slogan “Must-Achieve” Profit
Targets.
We placed an order for 77 new aircraft in February 2025,
aiming for long-term business growth. With this order,
we intend to resume aircraft investment that had been
restrained during the pandemic, in anticipation of future
demand growth led by strong inbound travel demand.
This investment will introduce state-of-the-art, fuel-efficient
aircraft to reduce CO2 emissions while balancing business
expansion and sustainable air transport.
We will leverage the new aircraft on ANA brand
international routes to capture the growing traffic between
Asia and North America. ANA signed a joint venture
agreement with Singapore Airlines in April 2025. This
partnership allows us to leverage the strengths of both
companies to enhance customer experience, raise brand
awareness of ANA overseas, and expand our brand market
share. On ANA brand domestic routes, we became the first
in Japan to order the Embraer E190-E2, a narrow-body
aircraft, in preparation for future changes in the business
environment. The introduction of this aircraft will lower
operating costs and enable flexible optimization of supply
to demand, giving us greater adaptability. In the cargo
business, we will take advantage of the integration with
Nippon Cargo Airlines Co., Ltd. to expand our route
network as a combination carrier and maximize revenues.
Having honed our strengths through the pandemic, we
now stand at the threshold of our next stage of growth.
Each ANA Group employee will help pave the way toward a
brighter future by taking on challenges without fear of
failure, driving further growth and sustainable value creation.
Our collective efforts will achieve our vision of Uniting the
World in Wonder. I hope you will look forward to the next
stage of our journey.
Beacon of Transformation: Strategies
for Sustainable Growth in FY2025
The Leap Is Here: ANA to Take Flight
on the Global Stage
INOUE Shinichi
Member of the Board of Directors
ANA HOLDINGS INC.
President & Chief Executive Officer
ALL NIPPON AIRWAYS CO., LTD.
1 Multi-Brand Strategy
35
Business Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Japan-Europe
1.3×
Japan-China
2.0×
Japan-Southeast Asia
1.3×
Japan-North America
1.2×
Oceania-North America
1.4×
Southeast Asia-
North America
1.5×
Toward Medium-Term Growth: Global Aviation Market Outlook
In fiscal 2025, we will expand capacity through the full-year effect of European routes added in fiscal
2024 and the joint venture launched with Singapore Airlines. Through these efforts, we plan to
strengthen our ability to capture demand, focusing on the strong inbound segment across regions.
Underlying yield, excluding foreign exchange effects, remains above pre-COVID levels.
Outbound business travel from Japan continues to perform well, and by increasing the share of
demand for flights to and from Japan, including inbound visitors, we will maintain high yields
through a stronger traffic mix.
Strengthening Alliance Strategies in Asia With the Launch of a Joint Venture With Singapore Airlines:
ANA and Singapore Airlines Sign Joint Venture Agreement
FY2025 Plan
Passenger Demand Forecast for 2030 (vs. 2024)
900.0
600.0
300.0
0
2024
2023
2025
(Plan)
（FY）
(¥ Billions)
728.1
+11%
+4%
805.5
834.0
We expect global airline demand to grow across all regions through 2030. We see growth
opportunities in the expanding middle class in the Asia-Pacific region and the enhanced functions
of Narita Airport. Building on the high unit prices of demand for flights to and from Japan, we will
capture rising inbound travel demand and strengthen our position in the growing Asia–North
America market, which will become a key pillar of future growth.
We will leverage the planned expansion of Narita Airport after 2029 as a catalyst to improve
transfer convenience and secure resources for business expansion (e.g., flight crew recruitment,
labor-savings through digital transformation), aiming for sustainable growth in the International
Passenger Business.
Revenue from International Passenger Business
International Passenger
ANA Brand
ANA and Singapore Airlines signed a joint venture agreement* on April 17, 2025.
This is our first such partnership with an Asian airline. The joint venture will enable more efficient route planning,
better connections at transfer points, and partial alignment of fare structures, giving customers more choice in their
travel itineraries.
This new partnership in Asia will become an important pillar alongside existing ANA joint ventures with Lufthansa in
Europe and United Airlines in North America, further strengthening the alliance strategy that covers the globe. We strive
to enhance value for customers and maximize revenue opportunities through strong partnerships with leading airlines
in each region.
* Both companies also plan to apply for antitrust immunity (ATI) approval gradually in other joint venture countries (Australia, Indonesia, India, and Malaysia) outside Japan and Singapore.
1. Expand production capacity, centered on European routes
2. Increase share of demand for flights to/from Japan and maintain
high yields
FY2025
Strategy
Key Points
FY2025 Plan
+5%
+4%
-1%
RPK
YoY
(vs. FY2024)
Yield
Revenue
×
＝
-13%
+27%
+47%
RPK
Vs. pre-
COVID-19
(vs. 2019)
Yield
Revenue
×
＝
Source: IATA
36
Business Strategy
1 Multi-Brand Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Raise fares to improve unit prices
Optimize supply to demand
through shifting to smaller aircraft
Toward Medium-Term Growth: Enhancing Profitability in the Domestic Passenger Business
Profitability in domestic routes has declined
significantly compared with pre-COVID levels.
In fiscal 2017, we recorded a profit margin of
approximately 10% in domestic routes. In fiscal
2024, the margin fell to around 1–2%, and
operations would have been effectively in the
red without government support, including
airport fee and aviation fuel tax exemptions and
fuel subsidies. Improving profitability in domestic
routes has therefore become an urgent priority.
Profitability of Domestic Passenger Business
Profitability in domestic routes has declined compared with pre-COVID-19 levels
900.0
600.0
300.0
0
(¥ Billions)
644.9
+9%
+3%
703.9
725.0
2024
2023
2025
(Plan)
（FY）
Revenue from Domestic Passenger Business
Changes in the environment since the COVID-19 pandemic
Improve unit revenue
Changes in passenger mix
through behavior change
Business demand: Decreased by 30% since the
pandemic
Leisure demand: Maintained at pre-COVID-19 levels
Increase in various expenses
Implement thorough cost management
Enhance operational efficiency
through digital transformation
Reduce unit costs
Market factors (yen depreciation, higher fuel prices)
Rising maintenance costs (including engine
modifications)
Upfront investment in human capital
Domestic Passenger
ANA Brand
1. Capture strong leisure demand and increased travel related to
Expo 2025 Osaka, Kansai
2. Improve unit prices through selected fare revisions and strengthened
yield management
FY2025
Strategy
Key Points
FY2025 Plan
In fiscal 2025, shifts to smaller aircraft driven by the return to service of Airbus A320/321neo
aircraft are reducing capacity compared with the previous year. However, we will strengthen
our ability to capture strong leisure demand and increased travel related to Expo 2025 Osaka,
Kansai. We will also work to raise unit prices through the impact of some fare increases
introduced in April 2025 and by capturing last-minute demand at higher fares.
Business demand remains just under 80% of pre-COVID-19 levels, but unit prices exceed
pre-COVID-19 levels as a result of thorough yield management. We will continue to pursue
revenue growth in fiscal 2025 through both the number of passengers and unit price.
The operating environment for the domestic passenger business has changed significantly
following the COVID-19 pandemic. Our analyses indicate that pressures on profitability stem
from both revenues and expenses. In terms of revenue, leisure demand has recovered to pre-
pandemic levels, while business demand remains 20–30% lower due to the widespread
adoption of remote work. Meanwhile, costs are increasing due to the impact of exchange rates
and fuel market conditions, greater engine maintenance, and investment in human capital. We
recognize that the overall declining population in Japan creates a need to move forward with
structural reforms in the Domestic Passenger Business.
Our short-term focus is on raising fares and sharpening yield management, while medium-
term plans center on shifting to smaller aircraft through the introduction of new aircraft to
enhance unit revenue. We will lower unit costs through strict cost management and greater
operational efficiency driven by digital transformation.
In May 2025, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) launched an
expert panel on the future of domestic aviation.* The panel began examining measures to
maintain and strengthen route networks in Japan in light of changes in the operating environment
of the domestic passenger business. At the first meeting, airlines shared the current state and
challenges of the domestic passenger business. Going forward, the public and private sectors
will work together to address industry-wide issues.
FY2025 Plan
+1%
+3%
+2%
Number of
Passengers
YoY
(vs. FY2024)
Unit Price
Revenue
×
＝
-7%
+0%
+8%
Number of
Passengers
Vs. pre-
COVID-19
(vs. 2019)
Unit Price
Revenue
×
＝
10
2023
2017
2018
2024
(FY)
(%)
5
0
Consolidated margin
Domestic Passenger Business margin
MLIT, First Meeting of the Expert Panel on the Future of Domestic Aviation (Japanese only)
*
Domestic Passenger Business Profit Margin
37
Business Strategy
1 Multi-Brand Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Full-Scale Launch of the New Cargo Building at Narita Airport:
SMART CARGO Model
Revenue from International Cargo Business
Passenger flights + Freighter
B777F 2 aircraft
B767F 6 aircraft
B747-8F 8 aircraft
B747-400F 7 aircraft
Optimizing Network
North
America
Europe
Asia
Japan
Tokyo
Metropolitan
Area
+Freighter
Passenger flights
+Freighter
Passenger flights
International Cargo
ANA Brand
1. Address logistics changes stemming from U.S. tariff policies
2. Made Nippon Cargo Airlines Co., Ltd. (NCA) a wholly owned
subsidiary in August (consolidated from Q2)
FY2025
Strategy
Key Points
Toward Medium-Term Growth: Direction of Network Strategy for the International Cargo Business
FY2025 Plan (Excluding NCA Consolidation)
We expect a gradual recovery in demand for semiconductors and other major commodities in
fiscal 2025, but will need to keep a close eye on U.S. tariff policies. We plan to monitor demand
trends for cargo from China to North America and redouble our efforts to capture cargo from
Asia and Japan, where demand is relatively stable, while adjusting freighter routes flexibly.
Our plan is to maintain unit prices over double pre-COVID levels by consolidating freighter
operations at Narita and strengthening the capture of high value-added cargo. We are
committed to leveraging our advantages as a combination carrier to respond flexibly to
changes in the external environment and maximize earnings.
The ANA Group is developing a Tokyo Metropolitan area model centered on Narita Airport to
connect Asia with North America and Europe. Our transport capacity between Japan and Asia
is sufficient, including passenger flights, but supply on Japan–Europe and Japan–North America
routes has remained a challenge. In response, we will leverage the wide-body freighters of
Nippon Cargo Airlines (NCA), which we acquired as a consolidated subsidiary in August 2025.
The integration of ANA, a combination carrier with both passenger aircraft belly space and
freighters, with NCA, which possesses wide-body freighters, creates an ideal cargo route
network connecting Asia, Japan, North America, and Europe.
Our new cargo building at Narita Airport began operations in October 2024. This building consolidated six
separate facilities into a single location, significantly reducing connection times for transfer cargo through
Narita Airport. ANA also became the first Japanese airline to introduce automated guided vehicles (AGVs). We
leverage AGVs to advance labor-saving and efficiency in operations. The expanded facility increased handling
capacity by 25% compared with the previous levels. Additional temperature-controlled space strengthened
the handling of high-unit-price products requiring strict quality control, with pharmaceutical volumes increasing
about 60% year on year.
Narita is the main hub for the ANA cargo business. As such, we aim to enhance product capabilities and
reform cargo operations to pursue further growth in cargo business profitability.
200.0
150.0
100.0
0
(¥ Billions)
155.5
+20%
-0%
187.3
187.0
50.0
2024
2023
2025
(Plan)
（FY）
FY2025 Plan
+2%
-0%
-2%
Revenue Ton
YoY
(vs. FY2024)
Unit Price
Revenue
×
＝
-17%
+79%
+117%
Revenue Ton
Vs. pre-
COVID-19
(vs. 2019)
Unit Price
Revenue
×
＝
38
Business Strategy
1 Multi-Brand Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
After starting service in February 2024, AirJapan
introduced and now operates three routes: Narita–
Bangkok, Narita–Seoul (Incheon), and Narita–
Singapore. The airline struggled to capture demand
at the beginning of fiscal 2024, but stabilized
operations and improved recognition. Load factor
improved significantly by the second half of the
year, when inbound demand from Asia peaked. In
fiscal 2025, the company will expand further with
the introduction of a third aircraft in the second half
and work to improve operating quality. AirJapan will
strengthen revenue management by using data
accumulated since its launch and deepen integration
with the ANA Mileage Program. Through these
unique sales initiatives, the company will target the
new market segment between FSCs and LCCs and
aim to establish a customer base quickly.
Peach Aviation is implementing efforts to strengthen
its international business, a key growth area, further
in fiscal 2025. Such efforts include the launch of
new Kansai/Chubu–Seoul (Gimpo) routes. Demand
fluctuates by route, but the company analyzes
competitive conditions and demand trends, applies
agile pricing, and adjusts route networks to respond
precisely to each change and maximize profitability.
The company will also maximize the advantage
of using Kansai Airport as a major hub and capture
inbound and domestic travel demand from Expo
2025 Osaka, Kansai.
Peach Aviation aims to further increase revenues
by stabilizing its revenue platform through improved
operational quality, including punctuality, and by
continuing to allocate resources to international routes.
150.0
100.0
0
(¥ Billions)
138.0
139.4
149.5
50.0
2024
2023
2025
(Plan)
（FY）
18.0
12.0
0
1.2
11.7
13.5
6.0
(¥ Billions)
2024
2023
2025
(Plan)
（FY）
1. Strengthen international routes (launch new Kansai/Chubu-Seoul (Gimpo) routes)
2. Strengthen ability to capture increased travel demand driven by
Expo 2025 Osaka, Kansai
FY2025
Strategy
Key Points
1. Enhance brand recognition and competitive advantage
2. Introduce a third aircraft in the second half of the fiscal year
FY2025
Strategy
Key Points
Message from
Management
Message from
Management
OHASHI Kazunari
Peach Aviation Limited
Representative Director and CEO
MINEGUCHI Hideki
AirJapan
President and CEO
Competition in the Asian LCC market, our core target, is intensifying
as other carriers expand supply. We will respond by establishing
a new revenue platform through business expansion focusing on
profitable routes that strengthen access to major Asian cities, as
well as by capturing leisure demand.
To date, Peach has taken on the challenge of creating new
customer value by offering what only Peach can deliver: reasonable
prices and simple, easy-to-use services. We will achieve sustainable
growth in corporate value by continuing to evolve and deliver
even greater value as a Bridge to Asia under our corporate
philosophy.
AirJapan began operations in February 2024 and continues to
grow steadily with strong customer support. We have received
strong feedback from numerous overseas customers for
prioritizing safety and focusing on stable operations since our
launch. In this way, we contribute to new demand for the ANA
Group.
AirJapan will introduce a third aircraft, open new routes, and
increase flights to expand the scope of our business in fiscal
2025. Going forward, we will develop new passenger demand,
focused on Southeast Asia, by providing our unique services
that balance quality and price.
Revenues
Revenues
39
Business Strategy
1 Multi-Brand Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
Revenue Plan (7 Major Life Value Companies*)
Travel
Services
Trade
and Retail
Other
The business environment remains challenging due to the slow recovery of business demand after COVID-19
and the decline in package tour demand as individual travel has increased. We will improve profitability while
meeting the needs of the new era by strengthening sales of hotels and rental cars through Travel as a Service
(TaaS) functions and by expanding mileage services to increase customer touchpoints.
Retail business sales at airport shops and duty-free stores remain strong due to growth in inbound travelers.
We aim to drive further profit growth by improving profitability in the food business and expand external revenue
in the aircraft parts business.
The logistics business is entering cross-border e-commerce, the real estate business is moving into asset
management, and the building facilities management business is expanding into sports facility management.
We work to strengthen earnings through this expansion of business domains.
Number of products handled: 2.27 million*
Number of stores: 170*
Number of members:
1.3 million*
ANA Mileage Club members
Approx. 44 million*
Number of registered users:
2.5 million*
ANA Holdings and Joby, a U.S.-based company, were selected to operate the flying car at Expo 2025 Osaka, Kansai. We plan to hold pilot-only demonstration flights from
late September until the closing day on October 13. The aircraft to be used is the eVTOL Joby S-4, an electric air mobility vehicle developed by Joby Aviation. This flying car
has already received a Federal Aviation Administration (FAA) special airworthiness certificate. We will ensure safe flight operations with authorization from Japan’s Civil
Aviation Bureau. We strive to showcase this next-generation vehicle to large audiences at Expo 2025 Osaka, Kansai, build social acceptance, and prepare for early
commercial operations of the vehicle with passengers.
Status of Content Development
Life Value Business
2
Initiatives to Expand the ANA Economic Zone
3
* 7 Major Life Value Companies: ANA X, ALL NIPPON AIRWAYS TRADING,
Overseas Courier Service, ANA Akindo, ANA FACILITIES, ANA Business Solutions,
ANA SKY BUILDING SERVICE
* As of March 31, 2025
Flying Car Operations for Expo 2025 Osaka, Kansai
(¥ Billions)
279.8
295.8
320.0
2024
2023
2025
(Plan)
（FY）
Consolidation of E-Commerce Site
Mobile Payment Service
Entry Point to the ANA
Economic Zone Apps
Earn Points Through Travel
Integrated ANA Pay, ANA Mall,
and numerous other mini-apps
as an entry point to
the ANA Economic Zone
for ANA Mileage Club members
Introduced service
in January 2025 to integrate
balances between ANA Pay
Cash and ANA Pay Miles
Celebrated second anniversary in
January 2025 and has been
expanding steadily since
Number of products handled
at the time of opening: Approx. 200,000
Number of stores: 23
Has encouraged behavior
change through gamification
and contributed to social value
in health, the environment,
and community revitalization
in the three years since launch
The number of active ANA Mileage Club members
(ANA Economic Zone users) and total miles
in circulation have surpassed pre-COVID-19
levels and continue to grow steadily. We use the
ANA Mileage Club app as the entry point to our
customer base and enhance app content. This
method allows us to expand the ANA Economic
Zone by strengthening customer touchpoints with
the ANA Group not only in air travel but also in
daily life.
Ongoing Efforts to Enhance Services to
Expand the ANA Economic Zone
Pin badge design worn by ANA Staff ©Expo 2025
©Joby Aviation
2 Life Value Business／
3 Initiatives to Expand the ANA Economic Zone
40
Business Strategy
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
NAOKI Yoshiharu
Representative Director, Senior Executive Vice President
Group Chief Human Resource Officer (CHO)
We pursue the value creation cycle
single-mindedly, taking on
challenges and pursuing reform
driven by our people
Human capital is the most important capital within the ANA
Group. Human capital is the source of and engine that
drives value creation. We have overcome many difficulties
since our founding, achieving corporate growth precisely
because of the power of our people, who work unceasingly
in the face of challenges, and the teamwork carried out in
the spirit of Wakyo (close cooperation).
We held 1,756 dialogue sessions between management
and employees in fiscal 2024. The topic of these sessions
was how to maximize the power of ANA Group people and
the organization. Every employee gave serious thought to
the topic and offered a variety of opinions and constructive
suggestions. We continue to make every effort to maximize
human capital, reflecting the feedback received through
these sessions.
Today, the ANA Group aims for sustainable value creation,
seeking productivity improvements stemming from value-
added creation. We reinvest the resources created through
time and cost savings in human capital development and
dialogue. In this way, we maximize the added value created
by every employee as well as safety, sales, quality, and
customer satisfaction. We established value-added
productivity as an indicator of productivity improvement. Our
aim is to improve personnel expenses and operating income
per person, leading to a virtuous cycle freeing resources for
new investments. Value-added productivity in fiscal 2024
improved by 22% compared with fiscal 2018, which was
the last fiscal year prior to the COVID-19 pandemic. We also
launched the Value+ website to collect good practices and
stimulate workplace-level activities across the Company and
create a knowledge base of productivity improvement
activities. Every department is engaged in labor savings to
improve department-specific productivity indicators. We
intend to find further productivity improvement by requiring
digital skills and leveraging digital transformation tools.
In March 2025, the group published our first Human
Capital Story Book. The book highlights how we enhance
human capital, provides examples of value creation, and
presents information on future initiatives. We expect the
Message from the CHO
41
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Published the first-ever ANA Group Human Capital Story Book
Human Capital Story Book
book to be used as a tool for dialogue with stakeholders,
including investors and group employees, as well as to
improve employee engagement and foster buy-in. Employees
have access to the content made available widely via the ANA
Book app, and we hope the information will inspire changes
in behavior.
The Human Capital Story Book includes the results of a
value-relevance analysis that uses 520 indicators to visualize
how human capital is linked to financial value and corporate
value. The quantitative data proves that fostering teamwork
and improving specialized skills in the workplace, two factors
we emphasize as a group, are linked to economic value.
The data also illustrates how improving basic quality,
productivity, and customer satisfaction leads to sales,
profits, and higher share price. Proving the cause-and-effect
relationship between human capital and financial value
through numbers is not easy. However, we took on the
challenge to demonstrate causation over correlation through
examples of actual value creation by ANA Group employees,
explained as stories using numerical and qualitative information.
Achieving our corporate strategy requires solving issues
related to people and organizations, as well as issues
uncovered through analysis of the ANA’s Way Survey (ANA
Group employee engagement survey). The survey results
from fiscal 2024 indicated an overall score of 3.98, our
highest ever. However, even though the response to three
questions regarding specific issues that are the focus of
the survey improved between 0.06 and 0.07 points year on
year, the results underperformed our targets. The topics in
question were related to employees charting their own
career goals, appropriate work assignments, and smooth
communication from the field to management. We learned
that the scores in these questions were relatively low
compared with other sector companies, due in part to the
nature of the airline business. We intend to improve the
feasibility of our corporate strategy through measures to
address these issues, even as we conduct a deeper analysis
of the underlying factors.
We finalized the basic policy of our next medium-term
human capital strategy in alignment with our corporate
strategy looking ahead to 2035. This basic policy defines
the type of human capital we hope to attract, namely,
persons capable of thriving on the global stage who possess
well-versed* and well-loved interpersonal talents, as well
specialized skills. The policy also addresses our organization,
as we aim for higher levels of team spirit to drive reform
through digital technologies, diversity, and specialized skills.
Our aim in this basic policy is to build a human capital portfolio
aligned with a corporate strategy calling for growth in our
international route business and a major step forward in
digital transformation. In addition, the policy describes the
lessons learned from the COVID-19 pandemic and the
importance of practicing the group’s strengths, namely the
power of people practicing the ANA’s Way and teamwork.
Going forward, we intend to emphasize the importance
of every employee taking ownership of their own careers
and growing autonomously. Measures already in place include
open recruitment and reskilling for senior human capital.
We want to renew our focus on becoming an organization
where diverse personalities maximize their talents, creating
new value and delivering concrete results by taking on
challenges and driving reform. One step we are
considering toward this goal is to ensure a base level of
comfortable work environments, while creating a personnel
system and adopting mechanisms to help employees pursue
more challenging goals and increase their personal value.
We also plan to address the challenges facing the airline
industry as a whole, including the shortage and aging of
pilots and mechanics, as well as the competition for
specialized human capital.
The ANA Group will encourage the rapid growth of
individuals and organization as we achieve sustainable
enhancement of corporate value through our active pursuit
of a value creation cycle based on investment in human capital.
* Well-versed: Demonstrates skillful communication amid diverse values. Having
confidence in the culture and climate of one’s own company and
country, communicating the best of these values to others.
Message from the CHO
42
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
The ANA Group conducts initiatives to pursue the cycle of value creation, beginning with investments in human capital. The starting point of value creation is increasing engagement
by investing more in employees (wages, education, and training). The idea is that when every group employee works with a sense of fulfillment and a willingness to take on
challenges, we achieve basic quality, which in turn creates waku waku, or excitement, inspiration, and joy for our customers, while also leading to increased social and economic
value. To achieve this virtuous cycle and the group’s Management Vision, Uniting the World in Wonder, we are implementing a variety of measures that have been communicated
widely to group employees.
Material Issue
Human Capital
The ANA Group considers transformation to be the driving force of the Value Creation Cycle, and we began
pursuing corporate transformation activities in fiscal 2023. Over the three-year period between fiscal 2023 and
2025, we engaged in local workplace transformation activities, selecting 330 mid-level employees to train as
Change Makers. Change Makers endeavor to increase operational efficiency through the use of digital technology,
improving productivity and basic quality through overall optimization, and revitalizing communication to strengthen
organizational capabilities. These leaders contribute to the creation of new value in the ANA Group with their work.
Change Makers
The Cycle of Value Creation Begins with Investments in Human Capital
KPI
KPI
KPI
Increase Engagement of
Group Employees
1
ANA’s Way Survey
Avg. Score for All Questions: 4.03/5 (FY2025 target)
SKYTRAX 5-Star Rating (FY2025 target)
Net Promoter Score (NPS) Domestic routes +0.2 pts
International routes +0.1 pts (FY2025 targets)
Generate social value (environment, employee well-being,
community creation, etc.) and economic value (profit)
simultaneously
Establish a competitive advantage by refining ANA Group quality
through individual employee contributions and teamwork
Increase the number of ANA Group fans through the wonder,
excitement, and joy we bring to our customers
KGI
Value-Added Productivity*1 (ANA Brand)
＋15％ (vs. FY2018) (FY2025 target)
*1 Value-Added Productivity = (Operating Income*2 + Personnel Expenses)/No. of Employees
*2 Operating Income: Total of Air Transportation Business and Airline Related Business
Increase Basic
Quality &
Productivity
Customer
Delight
Increase
Engagement
of Group
Employees
Enhance
the Social
and Economic Value
of the ANA Group
Transformation
Transformation
Increase Basic Quality &
Productivity
2
Customer Delight
3
Enhance the Social and
Economic Value
of the ANA Group
4
Invest in Human
Capital
P.44
Raise job satisfaction and the willingness to take on challenges,
and encourage employees to embrace a sense of ownership in
accomplishing the ANA Group Corporate Strategy
Human Capital Strategy
43
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
• The ANA Group works as one to pursue productivity improvements stemming from value-added creation to
move the value creation cycle forward in a sustainable manner.
• We optimize inputs by streamlining work time and expenses, reinvesting the resources generated into human
capital development (training) and dialogue opportunities. In this way, we increase the added value of each
employee and maximize output in terms of revenues, safety, quality, and customer satisfaction.
• We use the value-added productivity index to measure results. We seek to create a virtuous cycle by which
we make gains in personnel expenses per employee (individual enrichment) and operating income per
employee (organizational growth), using the results generated to reinvest in further value creation.
ANA Brand Value-Added Productivity Index
Individual Enrichment
Organizational Growth
Return of Results
Personnel Expenses per
Employee
Personnel Expenses
Adjusted No. of Employees
Operating Income per
Employee
Operating Income
Adjusted No. of Employees
Value-Added Productivity
Indicator Graph (FY2018=100)
115
100
2018
2022
2023
2024
2025
KGIs for the Value Creation Cycle Beginning with Human Capital
Target (FY2018
FY2025) +15% Improvement
97
122
122
Targets
Mechanisms for Raising Value-Added Productivity
The ANA Group operates Value+, a case study sharing website for collecting knowledge from across our organization on productivity improvements, focusing on value-added creation. This website
encourages the sharing and adoption of good practices throughout the ANA Group to revitalize activities at each workplace. In fiscal 2024, we received 2,577 submissions of good practices from
across all group companies. Many insights led to operational improvements, cost reductions, and new value creation. We use the ANA’s Way AWARDS as a means to recognize the best of these
good practices and honor the contribution to value-added creation, leading to greater productivity and sustainable corporate value improvement for the entire organization.
(FY)
KPI
KPI
KPI
Increase Engagement of
Group Employees
1
ANA’s Way Survey
Avg. Score for All Questions: 4.03/5 (FY2025 target)
SKYTRAX 5-Star Rating (FY2025 target)
Net Promoter Score (NPS) Domestic routes +0.2 pts
International routes +0.1 pts (FY2025 targets)
Generate social value (environment, employee well-being,
community creation, etc.) and economic value (profit)
simultaneously
Establish a competitive advantage by refining ANA Group quality
through individual employee contributions and teamwork
Increase the number of ANA Group fans through the wonder,
excitement, and joy we bring to our customers
KGI
Value-Added Productivity*1 (ANA Brand)
＋15％ (vs. FY2018) (FY2025 target)
*1 Value-Added Productivity = (Operating Income*2 + Personnel Expenses)/No. of Employees
*2 Operating Income: Total of Air Transportation Business and Airline Related Business
Increase Basic
Quality &
Productivity
Customer
Delight
Increase
Engagement
of Group
Employees
Enhance
the Social
and Economic Value
of the ANA Group
Transformation
Transformation
Increase Basic Quality &
Productivity
2
Customer Delight
3
Enhance the Social and
Economic Value
of the ANA Group
4
Invest in Human
Capital
Raise job satisfaction and the willingness to take on challenges,
and encourage employees to embrace a sense of ownership in
accomplishing the ANA Group Corporate Strategy
Initiatives for Enhancing Value-Added Productivity
Human Capital Strategy
44
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
The ANA Group improves human capital by linking corporate strategy with human capital strategy. Certain issues related to our people and organization present a challenge to achieving
our Corporate Strategy. In addition, despite a record-high score overall, the fiscal 2024 ANA’s Way Survey results showed three comparatively low scores across the three topics of career
goals, work assignments, and front-line information. To address these issues, the ANA Group established four priority measures: (1) Enhance team spirit, (2) Increase the power of people x
professional expertise, (3) Become an organization that is resilient to change, and (4) Create comfortable work environments. Through these measures, we will enhance the practicability of
our Corporate Strategy by fostering employee job satisfaction and organizational growth, as well as by aiming for sustainable corporate value enhancement.
Vision
Human Capital Strategy Priority Measures and KPIs
Establish a second
pillar of earnings
in the Non-Air Business
Create a business structure
resilient to risks
Secure human capital
for the Non-Air Business
Maximize profit in the Air
Transportation Business
Ability to innovate and be
agile in response to change
Improve Engagement
Challenges Uncovered in
Engagement Surveys
Secure human capital to
support operations
Implementing Human Capital Strategy Tied to Corporate Strategy
Corporate Strategy
People and Organizations
Enhance Team
Spirit
Strengthen dialogue between
management and employees
No. of dialogue sessions held by management
1,756 (13,560 participants)
Leverage Good Job Program to
strengthen communication across
companies and organizations
No. of cross-company/cross-department messages
189,975
Enhance training opportunities for joint
group and job training (rank-specific
training, selective training, etc.)
ANA’s Way Survey average score (training)
3.77/5
Increase the
Power of People
×
Professional
Expertise
Pursuit of career autonomy
Participants in career-related workshops and events
19,427
Expansion hand-raising system
No. of applications within the group
763
Step up recruitment of human capital who
contribute immediately in key positions
No. of professionals
capable of contributing immediately
161
Become an
Organization
That Is Resilient
to Change
DX human capital development
Digital leader talent
57 (for a total of 124)
Professionals who can utilize digital technology in their business
divisions to improve performance and solve problems
Support senior employees with diverse
skills and experience to encourage work
with drive, energy, and freedom to express
their individual talents
Percentage of employees extending employment after
retirement
87%
Promoting employement of people
with disabilities
Employment of People With Disabilities
Create
Comfortable
Work
Environments
Creating attractive workplaces (increasing
holidays, encourage employees to take
paid holidays, enhance benefit programs)
Turnover rate (vs. FY2020)
-1.9 pts
Comeback/workplace choice systems
No. of comeback hires
51
Promoting health management
ANA Group Health Management
1
2
3
4
Issues
Priority Measures
KPI
Raise Motivation to Achieve
Raise Motivation to Achieve
and Ability to Perform
and Ability to Perform
1 Job satisfaction and sense
of accomplishment
2 Pride in working for the ANA
Group
3 Expectations for the future
of the ANA Group
A. Employees chart their own
career goals
B. Appropriate work
assignments
C. Smooth communication from
the field to management
Major KPIs
Topics with a Relatively Low
Score and High Correlation
with Engagement
Figures are FY2024 results
The Linkage Between Corporate Strategy and Human Capital Strategy
Human Capital Strategy
45
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
To visualize the connection between non-financial and financial results, we performed a value relevance analysis* to verify the impact path of the measures implemented by the ANA
Group on the improvement of financial value. Analyzing the three areas of human capital, environment, and the connection between people and product, we confirmed a number of
correlative relationships along our hypothesized pathway in the chain from qualitative measures to financial value, particularly in the area of human capital.
* Value relevance analysis: A method of analysis to statistically analyze the correlations between indicators and verify a series of stories leading to corporate value improvement (using the Digital ESG Platform provided by ABeam Consulting Ltd.).
Hypothesize a value chain leading from non-financial measures to financial value
Test the hypothesis using historical data on indicators measuring each value (data collected: 520 types; average acquisition period of 9.8 years)
Analyze correlations between indicators and visualize routes connecting values having statistically significant correlation
Correlation
Correlation
Correlation
Specific Steps for Value Relevance Analysis
Examples of Indicators Used in the Analysis
Training/Training Hours
Training/Training Costs
No. of Flexible Work System Users
No. of Participants in Events
Personnel Expenses per Employee
Ratio of Female Managers
Overtime Hours Etc.
Examples of Indicators Used in the Analysis
ANA’s Way Survey SKYTRAX
NPS/CX Survey
No. of Customer Compliments/Complaints
Operational Risk Incidence Rate
In-Service Rate
On-Time Departure/Arrival Rate Etc.
Human Capital Measures
Good Job
Program
Indicator
No. of Participants
Direct Effects
Indirect Effects
Financial Value
Increased
Opportunities for
Mutual Praise
Indicator
No. of Messages Sent
Increased
Teamwork
Indicator
ANA’s Way Survey
Teamwork Score
Examples of Indicators Used in the Analysis
Operating Revenues
PBR, ROE, PER, and EPS
Operating Income
Operating Income Margin
Shareholders’ Equity Ratio Etc.
Financial Value /
Corporate Value
Indicator
Revenues, Profits,
Share Price, Etc.
Examples of Indicators Used in the Analysis
No. of Certified Employees
Rate of Certified Employees
No. of New Businesses Created
Turnover Rate
Return-to-Work Rate
No. of Kaizen Proposals
Production per Employee Etc.
Non-Financial
Image of a Value Chain
Financial
Performing a Value Relevance Analysis Visualizing the Relationship
Between Non-Financial and Financial Results
Human Capital Strategy
46
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
• Analysis performed by ABeam Consulting Ltd. Digital ESG Platform Note: Arrows (→) indicate chains with proven correlations (in fact, many other chains were identified, but only the main chains are shown here)
•
Embodiment of the ANA’s Way and
Increasing Engagement were confirmed to have a particularly large number of value chains (→ Processes to be particularly emphasized as important hubs for value creation)
Operating
Revenues
Operating
Income
PBR
Improved Employee
Well-Being
Support Career
Development
Education and Training
(Company-Wide, Specialized)
Increased
Diversity
Enhancing
Communication
Penetration of
Management Vision
Workplace-Based Value Creation
Respect
for Human
Rights
Create
Comfortable
Work
Environments
Become an
Organization
That Is Resilient
to Change
Enhance
Team Spirit
Increase
the Power
of People
×
Professional
Expertise
2
Culture of mutual
appreciation and
respect
1
Culture that
allows people
to work with
enthusiasm
5
Increasing
Engagement
8
Business
improvement
9
Increasing
productivity
6
Fostering
teamwork
4
Embodiment of
the ANA’s Way
10
Improving
specialized
skills
11
Value creation
in various job
categories
12
Increasing
the quality
of the group
13
Increasing
customer
evaluation and
brand value
14
Improved
transportation
capacity
3
Corporate culture
that creates
change
7
Accumulation
of know-how
Create Value Through Teamwork
The results of our value relevance analysis in the area of human capital proved quantitatively that fostering teamwork and
improving specialized skills in the workplace, two factors we emphasize as a group, are linked to economic value. The data also
illustrates how basic quality, productivity, and customer delight lead to revenues, profits, and higher share price. This value chain is
a link in line with the cycle of value creation that begins with investments in human capital, as pursued by the ANA Group.
In addition, we found that our emphasis on embodying ANA’s Way and improving engagement correlate particularly well with
other values, confirming that these factors are important focus points in the value creation process.
Human Capital
Policies
1 Increasing Engagement of Group Employees
Cultivating Culture
Embodiment of the ANA’s Way
Improved Engagement
Human Capital Enhancement
Increase
Basic Quality
and Productivity
3 Customer Delight
Enhance Social
and Economic Value
Human Capital
Policies
2
4
Strengthening Human Capital Leads to Enhanced Corporate Value
(Value Relationship Diagram)
KPI
KPI
KPI
Increase Engagement of
Group Employees
1
ANA’s Way Survey
Avg. Score for All Questions: 4.03/5 (FY2025 target)
SKYTRAX 5-Star Rating (FY2025 target)
Net Promoter Score (NPS) Domestic routes +0.2 pts
International routes +0.1 pts (FY2025 targets)
Generate social value (environment, employee well-being,
community creation, etc.) and economic value (profit)
simultaneously
Establish a competitive advantage by refining ANA Group quality
through individual employee contributions and teamwork
Increase the number of ANA Group fans through the wonder,
excitement, and joy we bring to our customers
KGI
Value-Added Productivity*1 (ANA Brand)
＋15％ (vs. FY2018) (FY2025 target)
*1 Value-Added Productivity = (Operating Income*2 + Personnel Expenses)/No. of Employees
*2 Operating Income: Total of Air Transportation Business and Airline Related Business
Increase Basic
Quality &
Productivity
Customer
Delight
Increase
Engagement
of Group
Employees
Enhance
the Social
and Economic Value
of the ANA Group
Transformation
Transformation
Increase Basic Quality &
Productivity
2
Customer Delight
3
Enhance the Social and
Economic Value
of the ANA Group
4
Invest in Human
Capital
Raise job satisfaction and the willingness to take on challenges,
and encourage employees to embrace a sense of ownership in
accomplishing the ANA Group Corporate Strategy
Creating Value by Maximizing Human Capital (Value Relevance Analysis)
Human Capital Strategy
47
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Measures to Encourage Every Employee to Embody ANA’s Way
4 Embodying of the ANA’s Way
ANA’s Way is a set of action guidelines that indicate the attitudes and actions every employee should embrace
and practice for us to achieve the ANA Group philosophy, the ANA Group Mission Statement, and the Management
Vision from a base of our founding aspirations. Embodiment of the ANA’s Way means that every employee has a deep
understanding of and takes personal responsibility for this code of conduct in their own work and daily activities.
Every ANA Group employee embodying the ANA’s Way is a source of value creation, and we aim toward Uniting
the World in Wonder through the resulting value created.
SUMICCO is a training facility where employees learn
about the DNA of the ANA Group, which has never
changed since our foundation, as well as the history of
hard work and challenges we have overcome. From this
starting point, we conduct the ANA’s Day Training
program for all ANA Group employees to help them think
and act on their own through experiences at each section
of ANA Blue Base (ANA Group General Training Center).
ANA’s Day Training at SUMICCO
ANA’s Day Training
We strive to increase engagement by recognizing initiatives that contribute to ANA Group value
creation, brand strength improvement, fostering the evolution of corporate culture, and
encouraging group unification, rewarding the efforts of
every employee based on the ANA’s Way group action
guidelines. By publicizing award-winning and entry
examples widely throughout the group, we create a
cycle of productivity improvement focused on value-
added creation, strengthening team spirit and
encouraging action to achieve our Management Vision.
We received 543 submissions from Japan and overseas
in fiscal 2024. A total of 15 initiatives won awards across
each of the five categories under ANA’s Way.
ANA’s Way Awards
ANA’s Way Awards
The ANA Book app is an ANA’s Way-based employee
communication app that we introduced in fiscal 2025.
This app provides information to employees to help
them take personal responsibility and action to achieve
our Management Vision. By providing cross-group
topics for dialogue, a business card exchange
function, and goal-setting functions, the app serves as
a starting point to foster connections among
employees and help enhance professional skills,
aiming to maximize the overall strength of the group.
The ANA Book App
Launch of ANA Book App
Activities Led by ANA’s Way Ambassadors
We have assigned 240 ANA’s Way Ambassadors
across the ANA organization and ANA Group
companies in Japan and overseas to encourage an
understanding and put the ANA’s Way into action in
each workplace. We strive to create workplaces
supporting our new Management Vision through cross-
group collaboration in the areas of carrying forward and
evolving corporate culture, changing behaviors, and
maximizing the capabilities of the ANA Group.
ANA’s Way Ambassadors
Initiatives to Create Value
Creating Value by Maximizing Human Capital
Human Capital Strategy
48
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
[Overview]
Total of 46 ANA Group companies, 38,786 respondents (95.9% response rate), and 68
questions (5-point scale) + 3 free-response questions
［Survey Results]
The average for group questions overall was 3.98 points, an all-time high. Scores
increased for all major KPIs and questions on specific issues
On the other hand, the average score for the three productivity index questions
remained at the same level as the previous year
We implemented the following measures in fiscal 2024 in connection with specific issues
identified, resulting in confirmed improvements in scores.
Based on the results of the fiscal 2024 survey, we determined to use the average score of the
three productivity-related questions as one of our key indicators for fiscal 2025. In this effort, we
aim to improve productivity through DX and enhance the professional skills of our employees.
Our particular focus in fiscal 2025 will be on fostering awareness and creating a framework
for these measures. Certain organizations are building systems to encourage the organization-
wide and individual acquisition of DX skills by adding DX-related items into the management by
objectives (MBO) system. Deploying these initiatives horizontally at the organizational level will
allow us to accelerate the DX transition of the entire group, as well as pursue the creation of
added value.
Initiatives Implemented and Results (Based on FY2023 Results)
Future Initiatives Based on FY2024 Results
The ANA Group conceives of measures based on the belief that improving employee engagement will lead to value-added
productivity improvements, as employees become more motivated and gain an increased ability to perform. We conduct
the ANA’s Way Survey (group employee engagement survey) annually. In addition to confirming the degree of
understanding and embodiment of the ANA’s Way group action guideline, we monitor the score on three questions
related to engagement as major KPIs. These three questions are highly correlated with engagement and relate to issues
related to change, leading to the discovery and improvement of organizational issues. We recorded the highest
engagement score ever in the fiscal 2024 survey, even though the overall score did not reach the target (4.02 points). All
major KPIs and specific issue questions indicated improvement from the previous year, showing that efforts to improve
engagement have been producing results. We will continue to analyze issues and implement measures to address those
issues, striving to improve engagement and enhance corporate value, which is one of the strengths of the ANA Group.
5 Increasing Engagement
3.7
3.8
3.9
4.0
2019
2020
2021
2022
2023
2024
(FY)
(pts)
3.97
3.80
3.90
3.96
3.95
3.98
Target Indicators
FY2023
FY2024
YoY
Overall Indicators
Avg. score for all questions
3.95
3.98
+0.02
Major KPIs*1
Job satisfaction and sense of accomplishment
3.80
3.86
+0.06
Pride in working for the ANA Group
4.05
4.11
+0.06
Expectations for the future of the ANA Group
3.87
3.93
+0.06
Specific Issues
Employees set their own career goals
3.43
3.49
+0.06
Appropriate work assignments
3.41
3.47
+0.06
Smooth communications from the field to management
3.16
3.23
+0.07
Productivity Indicator*2 Avg. score and 3 productivity questions
3.88
3.87
-0.01
*1 An analysis based on the results of past employee engagement surveys confirms the high correlation between Pride in working for the
ANA Group and Job satisfaction and sense of accomplishment with revenue and profit per employee.
*2 Three questions on productivity indicators
(1) I am working to maximize income and improve quality with a cost management perspective
(2) My workplace is improving and streamlining operations from where we can
(3) My workplace has productivity improvement initiatives in place
Overall
Score
Career Autonomy
Created opportunities to think about one’s own career development to
foster a sense of career ownership
Total of 19,427 participants
(Career Workshop: 17,873 participants; Career Expo: 132 participants;
Life Career Training: 1,422 participants)
Appropriate Work
Assignments
(Division of Duties)
Increased the number of flight attendants on some international routes
Introduced multi-skilling. Trained and certified personnel to perform
multiple duties in passenger services, operations, and ground handling
Smooth Information
Transfer
Encouraged dialogue and communication throughout the group
Internal Dialogue
P.53
Initiatives to Create Value
FY2024 ANA’s Way Survey (Group Employee Engagement Survey)
Creating Value by Maximizing Human Capital
Human Capital Strategy
49
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
To confirm the relevance of engagement survey topics in comparison with competitors, we commissioned a survey research firm in fiscal 2024 to rank the scoring of 34 questions comparable
to surveys used by other companies. As a result, we confirmed that the scores for the questions that we view as major KPIs are extremely high compared with the average of other companies.
At the same time, the scores for questions that we view as specific issues were low compared with the average of other companies, indicating that we have, indeed, recognized issues
correctly. We also found that questions related to work environment, such as work-life balance and work hour management, scored lower than the average for other companies. We analyzed
the factors behind this score, including the nature of the airline business and changes in the business environment after COVID-19. We are committed to improving work styles and systems
according to job types and duties, as well as to addressing staff shortages and other issues.
Rank
Assessment
Order
No. of Applicable
Questions
Questions (Excerpts)
S
Top level
Top 1% to 10%
13
[Main KPI] Pride in working for the ANA Group
[Main KPI] Job satisfaction and sense of accomplishment
My workplace is improving and streamlining operations from where we can
Suggestions offered regarding work problems and ideas
Culture of willingness to take on challenges to achieve the Management Vision
My work leads to customer satisfaction
An interest in the work of other departments; efforts to collaborate and discuss with each other
A+
High
Top 10% to 25%
8
Thoughts and messages from top management are conveyed clearly
Supervisors listen to diverse opinions and advice
Employees support and talk to each other when seeing others having trouble at work, rather than ignoring the issue
An environment and culture that understands and facilitates employees with special responsibilities (childcare, nursing care, etc.)
[Specific Issue] I am able to set my own career goals
A
Above average
Top 25% to 50%
4
Acting on a daily basis with awareness of management philosophy, vision, and action guidelines
B
Below average
Low 25% to 50%
6
[Specific Issue] Information from the front lines is communicated to management
[Specific Issue] Work assignments appropriate to workload, ability, and responsibility
Company values work-life balance
B-
Low
Low 10% to 25%
1
—
C
Needs improvement
Low 1% to 10%
2
Appropriate management of working hours
ANA’s Way Survey as Compared with Other Companies
ANA Group
Strengths as
Compared with
Other Companies
4
Embodiment of
the ANA’s Way
5
Increasing
Engagement
6
Foster
Teamwork
Special Factors in FY2024
Increased workload and extended work hours to maintain on-
time performance caused by multiple factors*
* Increase in bus operations due to the construction of the extension of Haneda Airport
Terminal 2 North Wing, aircraft operation shortages, weather irregularities, etc.
Challenges and Characteristics of the ANA Group Compared with Other Companies
Issues and Characteristics
Countermeasures
1. Relatively difficult to communicate and share information due to the presence of
employees with diverse job titles and work styles, especially on the front lines
Encourage internal communication, including dialogue between management and employees and improving
feedback to employees
2. Busy front lines due to demand recovery and shortage of human resources
Securing appropriate personnel and improving productivity through DX are effective measures
3. Flight delays and irregularities directly affect work hours
Improved on-time performance also contributes to higher employee engagement
Evaluation of the ANA Group as Compared with Other Companies
Note: Comparison with 295 companies having 100 or more employees (number of companies varied depending on the question)
5 Increasing Engagement
Creating Value by Maximizing Human Capital
Human Capital Strategy
50
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Teamwork is one of the biggest strengths of the ANA Group, inherited from the spirit of wakyo (close cooperation)
cultivated since our founding. Teamwork has continued to grow as we carefully nurture our corporate culture and evolve
with the times. Teamwork is not simply a cooperative relationship, but also a spirit of co-creation that transcends all
barriers, including as companies, divisions, and national borders. Teamwork means respecting individual personalities and
expertise, as well as creating new ideas and optimal solutions through dialogue. Employees from the group’s diverse
businesses, industries, and occupations work together to leverage strengths and complement challenges by making the
most of our mutual strengths for further value creation unique to the ANA Group.
Create Value Through Teamwork
We launched the Good Job Program in 2001, aiming to foster a culture of mutual appreciation and respect.
The Good Job Program is now used by 29,000 employees, or about 75% of the entire group, and we saw a total
960,000 messages exchanged in fiscal 2024. The program encompasses not only day-to-day operations, but also
various other situations, including when a colleague has overcome challenges. In this way and more, the program
contributes to instilling our corporate culture and increased engagement.
We use the number of cross-department/cross-company messages as a KPI that measures the team spirit of the
ANA Group. In fiscal 2024, we saw 189,975 such messages exchanged, which made a significant contribution to
deepening collaboration across organizations and maximizing the
value created by the ANA Group.
The Good Job Program includes a mechanism for expressing
appreciation and well wishes to other employees whose affiliation or
name may not be known. We counted 3,049 such messages in fiscal
2024. In particular, we use these messages as a tool to communicate
thoughts and feelings in situations where close cooperation is
required in unusual situations, such as front-line operations in the Air
Transportation Business.
Fostering a Sense of Unity Created by Enhanced Team Spirit and
Cross-Organizational Collaboration
Initiatives to Create Value
Example of Value Creation
Good Job Program:
Corporate Culture and Engagement Fostered
by Gratitude and Respect
Challenges in B787 Engine
Performance Assessments
We discovered frequent failures in our ground test facility performance
evaluations of the Rolls-Royce engines to be installed on the B787.
We formed a project team of mechanics to identify factors by analyzing
various data based on knowledge gained in the field. In cooperation
with related internal departments, the team contacted the engine
manufacturer directly to reach an agreement on a solution. These
efforts contributed to the stable operation of the aircraft, as well as the
curtailment of expenses of approximately ¥500 million in fiscal 2024.
200,000
160,000
2023
2022
2024
(FY)
(Messages)
135,003
172,678
189,975
40,000
80,000
120,000
0
Number of Cross-Company/
Cross-Department Messages
Creating Value by Maximizing Human Capital
Human Capital Strategy
51
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
International routes require customs applications for both departing and arriving flights. In the
past, airport staff performed the process manually, calculating and entering passenger and
cargo information for each flight (requiring 10 to 20 minutes per flight). Since we handle more
than 100 flights a day at Haneda International Airport, we wanted to automate this work. After
trial and error using RPA*1 and
GAS*2 digital tools, we created a
tool and system that we can use
with confidence, resulting in a
reduction of 5,600 hours of work
per year. We also reduced the
training system required to perform
the work by three days, allowing
for more efficient staffing. We rolled
out the same system at Narita
Airport, enjoying an even greater
impact.
Due to flight restrictions over Russia, the Brussels-Narita route was extended by approximately
two hours, making domestic flight connections difficult after arrival at Narita, which resulted in
a decrease in business demand customers. Feedback from the front lines questioned whether
something could be done to facilitate connections, so we made operational adjustments and
schedule changes to drastically
shorten tarmac time at Brussels
from approximately 200 minutes to
115 minutes. As a result,
customers were able to make
same-day domestic connections,
resulting in a 14% increase in
revenue on these routes year on
year. We received favorable
feedback for our initiative,
particularly from corporate clients
in Osaka and Nagoya.
Air Transportation Business employees, including flight crew, flight attendants, aircraft mechanics, and airport staff,
continue to improve expertise in their respective duties. Every employee contributes in their respective roles based on
daily training and education, as well as the knowledge, skills, and experience gained through work. Maximizing
performance in the workplace leads to improved operations quality across the entire group, including safety, on-time
performance, and comfort. At the same time, we all work with a strong desire to foster satisfaction and joy for our
customers, achieving value creation through innovations and problem-solving from the front lines.
Workplace-Based Value Creation
Example of Value Created
Significant Reduction in Work Hours
Through the Use of Digital Tools
Increased Revenue by Modifying Schedule to
Focus on Customer Transit Convenience
*1 Robotic Process Automation (RPA): Automation of routine tasks by software robots
*2 Google Apps Script (GAS): Services provided by Google
Creating Value by Maximizing Human Capital
Human Capital Strategy
52
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
The strength of the ANA Group lies in teamwork, which allows us to collaborate and cooperate across organizational and corporate boundaries. In light of group growth, globalization, and
changes in work styles, internal communications under the old methods have become increasingly challenging. To this end, we devised ways to ensure opportunities for communication
between management and employees, as well as between employees and employees.
In fiscal 2024, we renamed our traditional annual Town Hall Meetings to Management-Employee Dialogue to emphasize dialogue with each
employee and to strengthen communication through small group meetings between management and local workplaces.
In addition, we are strengthening cooperation among divisions and enhancing a sense of organizational unity through a cross-dialogue
program in which executives engage in cross-divisional dialogues.
Officers speak on individual topics of their choice (adherence to safety, basic quality, conscientious legal compliance), and we held a
total of 1,756 dialogues regarding what we must do to maximize the power of ANA Group people and our organization. A total of 13,560
people participated in these dialogues.
The ANA Book app is an internal communication tool that
provides regular seeds of dialogue for ANA Group employees
to engage on common topics across workplaces and
organizations.
In addition to current hot topics, other topics are designed to
foster a positive corporate culture and team building. When
employees offer their thoughts on a topic, engage in actual
dialogue, and share values via the app, we see improved
teamwork and create opportunities to explore ideas for value
creation.
The Human Capital Story Book, published in March
2025, is being used widely within the group as a tool
for internal dialogue. We share the results of our value
relevance analysis, human capital strategy policies,
and measures to address issues with ANA Group
employees through the ANA Book application, internal
newsletters, presentations to group companies, and
study sessions.
Employees have commented that visualizing how
human capital measures link to revenue and profits
provides a renewed confidence in performing daily
work, that they are more motivated to take action with
an awareness of value creation, and that they hope to
use the app for more dialogue within the workplace.
Management-Employee Dialogue
Encouraging Communications Among Employees
Using the ANA Book App
Dialogue Using the Human Capital Story Book
Facilitating Internal Communication
Highlights of
Feedback Received
During Dialogue
with Executives
Executives
Cross-dialogue has been an opportunity to encourage mutual understanding and lower the barriers between departments.
Dialogue with overseas employees is very meaningful; local employees were satisfied that they have begun receiving more information from
headquarters executives.
The recognition that some work has become compartmentalized, and the need to devise ways to work in a coordinated and organized manner.
Dialogue with employees who have less opportunity for contact on a daily basis resulted in more frank opinions being expressed.
Employees
One can only understand the hardships faced by management and headquarters staff after transfer from the front lines to headquarters. Mutual
understanding between management and the front lines is extremely important.
Revenue is growing, but the increase in customers is causing a greater burden on the front-line staff. Hopefully, executives gain a more accurate
understanding of the hardships on the front lines and devise effective responses.
Internal Dialogue
Human Capital Strategy
53
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Uniting
the World in
Wonder
Diversity
Attributes (e.g., gender,
nationality, disability)
Values and work styles
Equity
Support tailored to individual
differences
Opportunities for growth and
challenge
Inclusion
Mutual understanding and
support across differences
Workplaces that foster
co-creation
Society
Customers
Employees
A workplace that promotes diversity
and fosters equity and inclusion
Enhance Engagement and Productivity
Enhance Customer Experience Value
Sustainable growth of the ANA Group
Contributing to a better society and to richer lives for
our employees and customers
Innovation and value-added creation
Providing services chosen by a diverse range of customers
The ANA Group implements DEI as a foundation for the growth of our people and the organization.
Workplaces that empower all individuals enhance employee engagement and productivity. By
fostering such environments, we aim to deliver greater joy to our customers and become a
corporate group that generates sustainable value.
Basic Approach
* ANA HOLDINGS INC. and 38 companies subject to our management rules (total of 39 companies)
LGBTQ+ Initiatives
Employment of People with Disabilities
1 Gender equality
The ANA Group takes various actions to ensure diversity in decision-making and the autonomous
growth of employees. These actions include reviewing our personnel and support systems
and fostering capacity building and awareness. We set a target of increasing the ratio of female
executives and managers to 30% or more (applicable within Japan) as early as possible in the
2020s as a key metric for measuring our progress in diversity.
Some group companies, including ANA, also received the highest rating under the
Ministry of Health, Labour and Welfare’s Eruboshi certification, based on the The Act on
Promotion of Women’s Participation and Advancement in the Workplace.
2 Diverse work styles
The ANA Group has established systems that help employees balance
work with childcare, nursing care, and other responsibilities, and that
support diverse work styles tailored to individual needs. These systems
include reduced working hours or days, remote work, and sabbatical leave
available regardless of reason. The group also works to raise workplace
awareness of these systems. Our three-day paid childcare leave was
previously available only at certain companies. By offering this leave to the
entire group and encouraging utilization among male employees, we work
to support the lives and fulfillment of employees and their families.
Ratio of Female Executives
Ratio of Female Managers
ANA Group*
12.2% (+0.4 pt)
20.9% (+0.6 pt)
ANA
25.5% (+2.1 pt)
21.0% (+0.8 pt)
* ANA HOLDINGS INC. and 38 companies subject to our management rules (total of 39 companies)
(Ratio of female executives as of June 30, 2025. Ratio of female managers as of April 1, 2025.)
Figures in parentheses indicate year-on-year change
Fiscal 2024
Percentage of employees taking
paternity leave
81.5%
*
(FY2023: 69.8%)
Fiscal 2024
Percentage of employees
taking either or both
paternity leave or
the three-day parental leave
98.6%
*
(FY2023: 95.9%)
Creating Workplaces That Embrace DEI
Employees
Material Issue
Customers
Material Issue
Human Capital
DEI
54
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Other Initiatives (Japanese only)
ANA Sorapass Class
We strive to create an environment in which all customers can travel by air without anxiety or stress, taking into account customer feedback and the perspectives of individuals at ANA Wing
Fellows Vie Oji Co., Ltd., our special subsidiary.
Responding to the Diversity of Our Customers (Universal Services)
Customers
Creating a Comfortable Environment for All (Tangible Initiatives)
Developing Human Resources to Respect Customers Diversity (Intangible Initiatives)
ANA Group employees visit schools to conduct
on-site lessons as part of pre-trip programs for
school trips and group travel on ANA flights.
These lessons feature experiential curriculum
tailored to the characteristics of various disabilities,
including physical and developmental disabilities.
Web Accessibility
We implement measures to comply with WCAG
2.1, a global standard of the W3C,* and Level
AA of JIS X 8341-3:2016, a Japanese Industrial
Standard, to ensure everyone has comfortable
access.
Learn More
Learn More (Japanese only)
Learn More (Japanese only)
Learn More (Japanese only)
Barrier-Free Hearts Seminars and
Elderly and Pregnant Simulations
ANA conducts initiatives to enable each employee
to foster barrier-free hearts and deepen
understanding of people with disabilities by offering
seminars led by individuals with disabilities and
providing simulation gear that replicates the lived
experiences of those individuals.
ANA Universal Standard Certification
ANA Wing Fellows Vie Oji led the creation of the
ANA Universal Service Certification to strengthen
universal service capabilities across the ANA
Group. This certification incorporates the
perspectives of individuals with disabilities and
ANA’s long-standing spirit of hospitality.
Approximately 2,000 employees across the group
have taken the certification exam to date.
We installed communication support devices
at domestic airports to facilitate smooth
communication between staff and customers
who are deaf, hard of hearing, speech-impaired,
or elderly.
Universal MaaS
Based on the concept of universal design, we
aim to provide door-to-door mobility, striving for
a society where everyone can move comfortably,
regardless of disability or age. We are rolling out
our Universal Access Map and One-stop Travel
Support nationwide through collaboration with
local governments and businesses.
* The World Wide Web Consortium (W3W): A nonprofit organization that standardizes web technologies
Learn More
Learn More
Learn More
Communication Support Tools
and Devices
(Remote sign language service, Sign Language
Badges)
Universal Access Map
One-stop Travel Support
DEI
55
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Achieving Our DX Vision
Expand the Connection Between People
and Product
Expand the ANA Group Fan Base
Focus on Air Transportation to grow the ANA Economic Zone
Increase stakeholder trust and support
Quantitative Growth
Qualitative Depth
The ANA Group positions digital transformation (DX) as
the core of our Corporate Strategy to respond to the rapid
evolution of technologies, including AI, and changes in
the business environment. We formulated our DX Vision,
which sets the future state we aim to achieve through
DX. The president & CEO and management of the
group oversee our transformation efforts utilizing digital
technologies. These efforts include automating operations
and improving data management efficiency to reduce
costs and raise productivity, while also making effective
use of the data assets held by each group company
to transform existing businesses and create new ones.
These business transformations and synergies enhance
employee experience (EX) and customer experience
(CX) while advancing sustainability transformation (SX),
which balances corporate sustainability with ESG through
achieving a decarbonized society and related measures.
The ANA Group is committed to strengthening our business
model and enhancing corporate value by leveraging these
DX Vision efforts to expand the link between people and
products while growing the ANA Group fan base.
Recruiting and Developing Digital Talent
Digital Governance
Data Management
Strengthening IT Infrastructure
DX Digital Transformation
Create new value and expand digital and virtual businesses
Use digital technologies and data to transform our businesses and generate synergies
Deliver smart experience value that
exceeds expectations
DX
Vision
Pursue value creation that balances
corporate sustainability and ESG
SX
Sustainability
Transformation
CX
Customer
Experience
Foster smart work styles to increase engagement
through rewarding and self-fulfilling work
EX
Employee
Experience
Material Issue
DX
DX Strategy
56
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
FY2025 Policies
We established the DX Executive Officer Meetings in fiscal
2024. These meetings comprise all ANA directors and aim to
strengthen coordination between our Corporate Strategy
and DX strategy Directors participate in monthly meetings
and hold management-oriented discussions on investment
decisions that should be prioritized and solutions to
important issues. Discussions also cover the state of DX,
organizational issues, budgets, fostering a corporate culture,
and human capital development. This framework drives
stronger business transformation in unison with management.
The group also saw expanded results from using digital
technologies and data at the operational level. In fiscal 2024,
we introduced a system for flight attendants to share data
on tablets used in cabins without an internet connection.
Previously, flight attendants in cabins relied on paper notes
or verbal exchanges to communicate, which made it difficult
to respond to customer requests in a timely manner. The
ability to share information in real-time on their tablets
enabled flight attendants to provide quick and accurate
service. In this way, we aim to not simply replace existing
work with digital tools but transform operations and create
new value. We support each division in building a data-driven
culture and roll out generative AI to all group employees to
broaden the foundation for digital transformation across all
group companies.
At the same time, we recognize challenges that remain for
our next stage of growth in pursuing value creation across all
group companies. These challenges include sharing successful
case studies across the group, enhancing our ability to
fundamentally design operations based on digital technologies,
data, and AI, and strengthening our ability to quickly apply
evolving AI technologies to our businesses.
In fiscal 2025, the final year of the current ANA Group
Corporate Strategy, we will use the strengthened data
infrastructure and digital talent developed to date to
strategically leverage digital technologies, data, and AI
across the group. We will also strengthen our capacity for
transformation by sharing results from data utilization in each
department, strengthening our support, and improving the
digital and business design skills of employees in business
department. Furthermore, we established the new AI
Strategy Team in the ANA Digital Transformation Office to
strengthen efforts to turn the rapid evolution of AI
technologies into business value.
Initiatives
Issues
• Revitalized DX-related discussions lead
by management (e.g., established the DX
Executive Officer Meetings)
• Built infrastructure and fostered culture
to leverage data and AI (e.g., rolled out
generative AI to all group employees)
• Expand and sustain sharing of front-line
driven data utilization case studies across
the group
• Strengthen digital literacy and problem-
solving skills to respond quickly to change
• Lay the groundwork to adapt to rapid AI
evolution and link it to business growth
FY2023-2025 ANA Group Corporate Strategy Progress
• Share and strengthen support for results created through data utilization in each
department across the group
• Strengthen transformation capabilities by improving the digital and business design
skills of employees in business departments
• Strengthen efforts to turn the rapid evolution of AI technologies into business value
Leverage our foundation of data and digital
talent to advance DX across the group
FY2024 in Review
Discussion at DX Executive Officer Meetings with the participation of all ANA directors
DX Strategy
57
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
FY2023-2025 ANA Group Corporate Strategy Target
FY2025
Amount of usable data
(vs. FY2022)
4 times
FY2023-2025 ANA Group Corporate Strategy Target
FY2025
Digital talent
(vs. FY2022)
1.6 times
Improving Our DX Infrastructure
The ANA Group enforces thorough offensive and defensive
digital governance as a designated critical infrastructure
operator in Japan. In fiscal 2024, we established a
specialized team to respond to security incidents and
strengthened our rapid-response framework. We also
provide education and training for group employees and
management, and balance safety and value creation by
implementing information security measures in compliance
with international standards.
Securing Digital Talent
Securing and developing digital talent is one of our important
management priorities, and it has been a regular topic of
discussion at the Management Committee, which is also
attended by directors. We develop the digital talent essential
to driving DX by clearly defining the roles and skills of such
talent. Our digital talent grew to 1.4 times the fiscal 2022 level
by the end of fiscal 2024, and we expect to achieve the ANA
Group Corporate Strategy target of 1.6 times by the end of
fiscal 2025. We aim to secure highly motivated human capital
with on-site expertise by hiring new graduates and mid-career
employees, as well as leveraging internal recruitment from on-
site departments.
The ANA Group is transforming our IT infrastructure behind
our DX Strategy to ensure quick responses to rapid changes in
the business environment. We view the migration of the
domestic passenger system to an external service as an
opportunity to strategically adopt public cloud services and
improve flexibility between systems. We also established an IT
architecture command function within ANA HOLDINGS to
oversee optimal design across the group and eliminate
system complexity caused by individual optimization. This
command functions balances control and smooth
development at the operational level, allowing us to build a
simple, change-resilient IT infrastructure that delivers value
quickly to customers and supports sustainable business
growth.
Data Management
Digital Governance
Strengthening IT Infrastructure
Securing Digital Talent and Supporting
Their Development
Supporting the Development of Digital Talent
Our efforts to develop digital talent include regular
assessments of each employee’s specialized skills and
support for career development to maximize individual
strengths through discussions with supervisors. In addition,
more than 150 employees in business departments
currently serve as Digital Leads, using digital technologies
to enhance sustainable performance and solve problems.
We aim to expand this number to 500 by 2028. Members
of the ANA Digital Transformation Office work alongside
participants in the Digital Lead Training and Development
Program and provide advanced practical training that
enables participating employees to propose front-line-driven
solutions to management. Through these efforts, the ANA
Group supports individual capabilities and the
transformation capacity of our entire organization.
AI Utilization
and AI
Governance
The ANA Group views AI as a partner in our work, implementing the tool across various fields.
We provide generative AI (Gemini) to all employees and use AI in analyzing surveys and optimizing
work shifts. Nearly 10,000 group employees already use Gemini in improving daily productivity
and work quality. At the same time, we ensure the protection of personal information, copyrights,
and security in using AI, working to establish responsible use and trusted governance.
Digital Lead Training and Development Program
The ANA Group aims to increase the amount of usable data
to four times by the end of fiscal 2025 compared with fiscal
2022. We expanded this amount to 3.2 times as of the end
of fiscal 2024 and are making steady progress in line with the
plan. We will continue our efforts in fiscal 2025 to strengthen
our data infrastructure and drive initiatives that make use of
the data we collect. We will also pursue data-driven corporate
value enhancement by democratizing data utilization through
improved data governance, utilization skills, and design
capabilities for employees in business departments.
DX Strategy
58
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Transformation Initiatives to Achieve the DX Vision
ANA works to provide every customer with a smooth, stress-free journey through
ANA Smart Travel. As part of this transformation, we will begin integrating our
internal domestic passenger service system into the international passenger
service system provided by Amadeus* in fiscal 2025.
This change will enable seamless service at every customer touchpoint, from
booking to the airport, boarding, and transfers, for all customers both domestic
and international. ANA Smart Travel will allow us to deliver timely, personalized
information and support to each customer through the ANA app and other
channels, even during operational irregularities.
Furthermore, transitioning to an industry-standard system will enable the
rapid introduction of next-generation services that use the latest technology.
Such services will allow us to provide attractive new services to domestic and
international customers sooner, respond quickly to global market changes and
customer needs, and maximize customer satisfaction.
Outsourcing our proprietary system will also improve management flexibility
by converting fixed costs to variable costs, while enhancing efficiency and
sophistication in operations and human capital development. We will continue
to combine digital technology and the power of our people to deliver inspiring
experiences that exceed customer expectations and enhance corporate value.
Integrating Domestic and International Passenger
Operation Systems for Seamless Customer Experience
and Sustainable Value Creation
* Amadeus is a global passenger service system provider headquartered in Madrid, Spain. The company offers
passenger handling systems used by over 200 airlines worldwide, as well as reservation systems for travel
agencies. ANA began using Amadeus for international routes in April 2015.
Improving Timetable Revisions with a Mathematical Optimization Model
First in Japan to Visualize Citizens’ CO2 Reductions Through Co-Creation
Timetable revisions during operational disruptions, such as typhoons or airport congestion, require quick,
high-level decisions, placing heavy demands on the skills of operations staff and creating significant
psychological stress.
To address this issue, we introduced a system for domestic routes that uses a mathematical
optimization model to generate optimal revision proposals quickly and efficiently. The model produces
multiple optimal options in a short time, allowing staff to focus on making the final decision. This process
significantly reduces workload and supports fast, accurate decision-making. We strive to use DX to solve
workplace challenges and improve job satisfaction and work quality, aiming to enhance corporate value.
Achieving a decarbonized society requires action from all of society. To this end, ANA X Inc. began the
first proof-of-concept project in Japan in collaboration with Fujitsu Limited, Toshiba Data Corporation, and
Kawasaki City in February 2025, to visualize reduced CO2 through citizens’ environmentally conscious
actions. The project makes it possible to visualize CO2 reductions by providing travel data from ANA
Pocket to a database developed by Fujitsu Limited while also ensuring privacy protection.
Evaluating quantitative data and providing feedback on citizens’ environmental actions encourages
greater environmental awareness, while also verifying the social value of CO2 reductions and identifying
elements needed for the social implementation of the database. Through this collaboration, the ANA Group
supports behavioral change among citizens, helps achieve a decarbonized society, and advances SX.
Provide seamless and
attractive services
Introduce services to meet
diverse market needs
Integrate passenger
service systems
Digital
services
Staff
services
Online reservation
confirmations, transfer
procedures at the airport, etc.
Rapid response to market
changes and
customer needs
Timely provision of
information and services
during operational
irregularities
Rapid introduction of new
services with new
technologies
Data
accumulation
Data analysis
Standardized metrics
set by the Ministry of the
Environment
Environmental Action
Data Platform
ANA Pocket
Company applications
Users
Eco Potential online application developed by Fujitsu Limited
Smart Receipt®
Green Carb0n Club
Data linkage
Reduced
CO2 volume
Feedback
Conversion to reduced
CO2 volume
Environmental behavior
data collection
Environmental
action
Behavior Incentive Flow
Travel data
Purchase data
Environment-related travel data
Analysis
results
DX Strategy
59
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Implementation Structure
We build on the activities of our 33 branches nationwide, working with local communities and building deeper relationships
through two-way dialogue as we work together to solve local issues. We contribute to communities as an integrated group, led
by a team under ANA Akindo to strengthen coordination across the ANA Group toward regional revitalization and solutions to
community issues. The ANA Group Regional Revitalization Steering Committee consists of executives in charge of each group
company and is responsible for overall decision-making regarding regional revitalization. The Group Regional Revitalization
Meeting, a meeting attended by members from each ANA Group company, serves as another body creating new value through
group company synergies.
Basic Approach
Regional revitalization is an initiative to overcome regional
issues such as declining populations, low birthrates, aging
demographics, and shrinking economies, as well as to
ensure the revitalization of regions going forward.
Beyond air transportation, the ANA Group aims to
resolve regional issues while creating new relationships
among people, goods, and experiences. We are committed
to growing regional fan bases and expanding the number
of people with whom we interact and build relationships.
Working in unison with local communities is crucial to
resolving issues. We create deeper ties with local
communities by coordinating with regional representative
branches nationwide and building close relationships with
local governments and businesses throughout Japan.
Based on the trust we have built with local communities
through our Air Transportation and Travel Services
businesses, we pursue social value and economic value in
parallel, striving for sustainable societies and enhanced
corporate value.
Regional Governments / DMO /
Regional Businesses
Government
Agencies
33 Branches Nationwide
• Regional Group General
Information Desk
ANA Akindo Regional Revitalization Department
• Leading Company for Regional Revitalization
in the ANA Group
ALL NIPPON
AIRWAYS TRADING
Trade and Retail
ANA Cargo
Transportation
Overseas HQs,
Offices
Overseas Promotions
ANA FESTA
Merchandise Sales
All Nippon Airways
Transportation and
Tourist Promotions
ANA Sky Building
Service
Real Estate Management
Other Group
Companies
Air Transportation-
Related Resources
ANA Catering
Service
Food Development
ANA X
Travel Services and
Digital Marketing
ANA Strategic
Research Institute
Human Capital Development
and Industry-Academia
Collaboration
Overseas Courier
Service
Overseas Transportation
ANA Business
Solutions
Providing ANA Human
Capital Expertise
ANA Facilities
Facility Management
Collaboration
With Local
Communities
ANA Holdings
Regional Revitalization Officer
ANA Group Regional Revitalization Promotion Team
• ANA Group Core Regional Revitalization Organization
Group-Wide Cooperation
ANA Systems
Systems
Japan’s communities face declining birthrates,
increasingly aging and shrinking populations,
a growing labor shortage, and a decline in
economic vitality. Rural areas, in particular,
are experiencing an ongoing outflow of
young people to urban areas, making it
difficult to maintain the local economies and
communities.
On the industrial front, in addition to the
decline of traditional industries and lack of
successors, new industry development is
lagging, undermining the independence of
local economies. Other factors that threaten
the sustainability of local communities are
increasingly frequent natural disasters and
the rising risks posed by climate change.
We aim to create new relationships among people, goods, and services, combining initiatives unique to the ANA Group in response to regional issues.
• Tourism promotion support
• Refining tourism attractions and
communications
• Travel package development
• Efforts to attract tourism from other
regions
• Digital initiatives
Expanding Travel
and Relationships
• Support for local primary industries and
businesses
• Development of products and services
using local resources
• Logistics support
• Sales
channel
expansion
Expanding Regional
Product Exports
• Japan/international media and ANA
website
• Social media
• ANA in-flight
magazines and other
owned media
Promotions/Awareness
Outside the Region
• Encouragement of regional DX
• Human resources training using ANA
expertise
• Development of tourism human capital
Improved Reception
System and Environments
Major Regional Issues in Japan
The Regional Issues That the ANA Group Solves
Regional Revitalization (Social Capital)
60
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Attracting Vistors From Overseas to Japan
Highlighting Regional Attractions
to Overseas/Foreign Visitors
Regional Issues
Examples of ANA Group Regional Revitalization Initiatives
Promoting Tourism
Resources
Encouraging
Regional Tourism
Exports of Regional
Products
Expanding Awareness
and Conducting
Promotions Outside
the Region
Regional Issues
Positive Regional Impact
ANA Group Benefits
• Increased regional awareness via
campaigns
• Regional activity due to inbound travel
• Increased awareness of the ANA Group
within the region
• Strengthened relationships with regional
businesses
• Increase in regional visitors
• Increased consumption and sales for
businesses in the region
• Increase in passengers and airline
revenues
• Expanded ANA Group merchandise
sales (regional product sales)
Social
Value
Economic
Value
Positive Regional Impact
ANA Group Benefits
• Regional activity due to inbound travel
• Increased awareness of regional travel
from overseas
• Increased awareness of regional travel
from overseas
• Increase in regional visitors
• Increased consumption and sales for
businesses in the region
• More opportunities for inbound
passengers to use domestic routes
• New business opportunities and
diversified revenue sources
Social
Value
Economic
Value
Representative Initiatives
• Ads on landing pages targeting overseas visitors planning
to visit (or currently visiting) Japan
Landing Page
• ANA e-newsletter (ANA’s e-Newsletter) targeting non-Japanese living overseas
• Region-specific promotional videos used for in-flight broadcasts
• Host overseas travel agency personnel, media, influencers, etc., to encourage regional
tourism
Study Tour (Japanese only)
Representative Initiatives
• Flight attendants produced a video highlighting the prefecture
and its attractions, viewable on the official ANA YouTube channel
• Special feature page on the official ANA website
to highlight tourist attractions
• Campaign to attract travelers using discount coupons
for travel packages
• Prefecture-specific ANA Pocket ANA Pocket (Japanese only)
• Regional product fair at the ANA FESTA Haneda B1 Floor Gift Shop (Haneda Airport)
• Encourage travel by publishing lodging and experience donation
options on the ANA Hometown Tax Donation site
• Tie-up with restaurants in Haneda Airport and hotels in Tokyo to offer dishes using regional
ingredients Restaurants at Haneda Airport and hotels in Tokyo (Japanese only)
• Serialized articles with regional information in TSUBASA-GLOBAL WINGS in-flight magazine
TSUBASA-GLOBAL WINGS (Japanese only)
Highlighting Regional Attractions and
Encouraging Tourism
Case 1
Initiatives Targeting Inbound Visitors
From Overseas
Case 2
Feature Page (Japanese only)
Case Study
We contribute to the revitalization of regional economies in cooperation with local residents, using the products, services, and expertise of ANA Group companies and our nationwide network of 33
branches.
Learn More
ANA Official YouTube Channel
ANA Hometown Tax Donation (Japanese only)
Regional Revitalization (Social Capital)
61
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
Business Strategy
Message from the CHO
Human Capital Strategy (Human Capital)
DEI
DX Strategy
Regional Revitalization (Social Capital)
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Safety is our promise to the public and is the foundation of
our business. This statement is the first line of the ANA Group
Safety Principles. Safety is the No. 1 priority for the ANA
Group and our core business in air transportation. We
communicate safety repeatedly to our employees through
dialogue and messages from the president and other
members of top management. As employees of the ANA
Group, we must always share the awareness that we are
doing important work, entrusted with the lives of our
customers. Given this shared understanding, it is important
that every ANA Group employee values their day-to-day
work, considering risks in various environments and
situations. Employees must stop when they feel uneasy or
call out to colleagues for confirmation, creating their own
circle of safety. Through the ongoing accumulation of
fundamentals, we continue to build peace of mind for our
customers and society at large.
What the ANA Group values most in maintaining safety is
consideration for colleagues, which we view as a great
strength. Symbolically, we pursue ASSERTION initiatives, or
behavioral conduct in which employees, regardless of
seniority or job title, communicate actively to prevent
colleagues from making mistakes.
In addition to the efforts of our employees, we continue as
an organization to create environments and systems to
ensure safety. We intend to make Japan the world leader in
aviation safety. We will do so through measures and
investments that ensure that employees on the front lines
work with energy and actively ensure safety. At the same
time, we are committed to working cooperatively with the
industry to improve our safety risk management system.
Safety is the foundation of our business. Safety is also our uncompromising mission in all group operations, regardless of
industry or brand. We established the ANA Group Safety Principles and Course of ANA Group Safety Action, which serve
as a common pledge and norms for employees to follow in the execution of their daily duties.
The ANA Group Safety Management System (SMS) conforms to Annex 19 to
the Convention on International Civil Aviation as provided in the Safety Management
Manual. Our SMS is a systematic approach to safety management, and includes the
necessary organizational structure, accountability, implementation responsibilities, and policies and
procedures. The SMS consists of the following four components:
Solid Approach to Safety
Safety System
The ANA Group Safety Management System
Safety is our promise to the public
and is the foundation of our business.
Safety is assured by an integrated
management system and mutual respect.
Safety is enhanced through individual
performance and dedication.
ANA Group Safety Principles
1 Strictly observe rules & regulations, and all actions will be grounded on safety.
2 As a professional, place safety as the #1 priority while keeping your health in mind.
3 Address any questions and sincerely accept the opinions of others.
4 Information will be accurately reported and shared in a timely manner.
5 Continuous self-improvement for preventive and recurrence prevention.
6 Lessons learned from experiences and increased skills for risk awareness.
Course of ANA Group Safety Action
MIYAMAE Toshihiro
ALL NIPPON AIRWAYS CO., LTD.
Member of the Board, Executive Vice President
Chief Safety Officer,
Chair of Safety Promotion Committee,
Safety Promotion,
Corporate Safety & Quality Audit,
ANA Blue Base,
General Manager of Corporate Safety
and the Safety Promotion Center
Message
from an
Executive
Officer
ESG
Aviation Security Security Risk Management
Safety
Communication
Safety Risk
Management
Safety Policy
and
Targets
Safety
Assurance
Reporting
Learning
Flexible
Just Culture
Safety and Security Culture
Sense of
Safety
1
Safety Policy and Targets
We created the ANA Group Aviation Safety and Aviation Security Policy and conduct safety promotion activities.
We publish SMS annual targets and results in the ANA Group Safety Report.
2
Safety Risk Management
We implement risk management in four areas to respond to unsafe conditions and close calls: (1) Flight operations;
(2) Customers; (3) Employees (workers); and (4) Security.
3
Safety Assurance
The ANA Group manages and strengthens safety on a continual basis. Measures include top management reviews, internal,
external, and code-share audits, flight data analysis, and the ongoing development of emergency response systems.
4
Safety Promotion
We encourage every employee to think about safety and embody safety behavior in the workplace. To this end, we conduct
direct communication between top management and employees on safety and security, safety education and training,
emergency evacuation training for all employees, and various other initiatives.
Material Issue
Safety
The ANA Group has established a safety management system as shown in the
accompanying sunflower diagram.
Head: The head of the sunflower represents aviation safety and customer peace of mind.
Leaves and stem: The leaves and stem support the head in the form of safety policy and targets,
safety risk management, and safety assurance.
Fence: The fence around the sunflower represents aviation security to protect the sunflower from
outside agents.
The sunflower and fence stand on the soil that represents our culture of safety and
security (positive safety culture). We believe that four cultures form the most important
components of this soil upon which the ANA Group strives as one in an unending
pursuit of safety and security: (1) A just culture; (2) A reporting culture;
(3) A learning culture; and (4) A flexible culture.
Learn More
Safety
62
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognition
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
In the 54 years since the Shizukuishi collision on July 30, 1971, the ANA Group has posted a record of zero fatality accidents. However, past performance is never a guarantee of future safety.
Every ANA Group employee endeavors tirelessly in the pursuit of air safety to ensure safe and secure air travel for our customers.
Working under the idea that every individual must be sensitive to changes, stand firm, and take responsibility for safety, we look ahead to an ideal vision for fiscal 2030, continuing to enhance safety
under the leadership of top management. In this way, we foster a proactive safety and security culture for the further evolution of safety risk management and ever-stronger mechanisms to respond to
aviation security risks.
Enhanced Response to Aviation Security Risks (External Threats)
World-class,
data-driven safety
management
Predictive
response to
geopolitical risks
and new threats
2024
Aviation Security of the Past
2025
Systems
Infrastructure
Pursuing Safety and Security Promotion Activities Looking Ahead to 2030
Mandate that airlines
establish a safety
management system
(SMS)
Flight Operations
Risk Management
Through FY2024
The Evolution of Safety Risk Management (Strengthening Prevention and Prediction)
After FY2025
2006
Expanded scope of risk
management
Four areas: (flight operations,
customers, employees,
security)
Anticipated risks due to new
changes
Introduction of Change
Management
2015
Additional Change
Management
Guidance enhances
risk management
capabilities
2021
New safety risk management
methods to further enhance
prevention
Digital tools to analyze large
volumes of data
Airline industry works together on
new safety risk management
system
2024
Airline industry-
wide risk
management
Industry
associations
Manufacturers
Airlines
Regulatory
authorities
Airports
Air traffic
control
Enhanced security management
system
Reexamination of security training
systems and content review
Stronger security risk management
Increased threat to domestic and international
public transportation systems, as terrorism and
armed conflict become the norm
Prevention of terrorism and hijacking, focusing
on measures against acts of unlawful
interference and unlawful acts
Upgrade to IATA recommended Security Management System (SeMS) model
Aim for IATA SeMS Certification
Work with national governments to
establish a security management system
Fostering a Positive Safety and Security Culture Among All Employees Under the Leadership of Top Management
Every Employee Embodying Awareness and Safety Behavior
Knowledge and Skills Improvement
Higher Safety and Security Awareness
Learning on the Job
Safety education and training for each employee according to
their role
Education and training tailored to the tasks of each department
Awareness-raising through dialogue with board members, special
promotion months, etc.
Promotion activities through the publication and use of safety
information media (Flight Safety Review (quarterly magazine), etc.)
Practical knowledge and skills acquired from supervisors and
senior staff
Developing human capital capable of learning, thinking, and acting
on their own through work experience
Learn More
Safety
63
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognition
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
All ANA Group employees, whether involved in flight operations
directly or not, receive safety education and training.
As time has passed since the most recent serious incident, we must
foster an awareness of safety vigilance among all officers and employees
under the concepts of facing accidents, understanding other minds, and
discussing with co-workers
To feel the tragedy of accidents, experience the reality of mistakes,
master safety compliance, and embody safe behavior
Beginning in 2019, we shifted flight crew training from standardized
training to competency-based training and assessment (CBTA).
This training adapts to individual proficiency levels and actual
operations. The CBTA is a new framework for developing individual
pilot capabilities by incorporating topics based on operational
and training data, aiming to foster not only the skills to fly aircraft,
but also the ability to respond flexibly to unexpected situations (resilience). We will continue to
review training content and plan to expand the training gradually to other models, striving to
create a more effective training environment.
Our focus on Inflight Services Center skills training combines real-world
and digital methods. In the past, flight attendants could only experience
cabin conditions after boarding. Today, we offer realistic pre- and post-
learning that leverages techniques including 360° Camera View (digital
content teaching safe operations) and Knowledge Square, an in-office
facility to learn by interacting with various in-flight equipment. Realistic in-flight experiences and
tools such as these facilitate the transfer of past experiences and the improvement of individual
skills to maintain a high level of safety and quality.
ANA Group Safety Education Center (ASEC)
Enhancing Resilience
ANA Group
Flight Operations Division
Inflight Services Center
We have conducted emergency aircraft evacuation training
consistently since 2012. Our aim in this training is for every
employee to take responsibility and act reflexively in taking
emergency action. We updated the program for a third round
of training beginning October 2024. Our updates foster greater
practical action, referencing case studies from other companies,
including the Haneda Airport collision.
Understanding that anyone can make a mistake, we engage in
communication (ASSERTION) in which junior staff express their opinions
constructively to their seniors, regardless of hierarchy. Through practical
work, we endeavor for proactive communications, practicing the cycle of ask, speak up, and
show appreciation. Our Maintenance Division established these ASSERTION initiatives, taking
a cue from flight crew communication methods. The initiative has been rolled out in other
divisions as well. In 2023, we began anger management training for managers. We strive to
provide guidance and ensure psychological safety through appropriate ways to demonstrate
and communicate dissatisfaction without being influenced by negative emotions.
We began using a VR training simulator in 2024 for ground handling
training. This technology compensates for the lack of training opportunities
stemming from the limited number of flights and aircraft types in service at
regional airports. While this lack of opportunity had been an issue in the
past, the new training has made it possible to provide a standardized, high-quality training
environment anywhere in Japan. The training equipment allows the user to select from a variety
of airports and weather conditions and simulates malfunctions of the type difficult to reproduce
with actual aircraft. We expect this technology to foster practical skills to deal
with any situation.
Emergency Aircraft Evacuation
Training
Improved Psychological Safety
Virtual Reality-Based Training (VR)
ANA Group
Maintenance Division
Ground Handling Division
Ask
Speak Up
Show
Appreciation
Leveraging Real-World and Digital for
Stronger Prevention
FOCUS: Major Initiatives
64
Safety
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognition
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
The ANA Group developed an Emergency Response Manual (ERM) to prepare against emergencies
or crises, such as airline accidents that may disrupt aircraft operations or business activities. The
manual includes procedures to ensure a smooth initial response in the event of an in-flight
accident, including how to instruct and evacuate passengers, provide humanitarian assistance
to victims and their families, and prevent the spread of damage. We conduct drills on topics
covered in manuals at least once a year. Approximately 130 employees participated in this
training to confirm procedures, verify effectiveness, and improve skills. The ERM also addresses
responses to crises other than airline accidents. During the Noto Peninsula Earthquake of 2024,
we used the ERM crisis response system for cross-organizational action, including personal
safety confirmations, in the
initial phases and through
to the resumption of
operations.
Ensuring Safety in Non-Air Operations
The ANA Group pursues safety not only in flight operations, but also in various other areas, including food, information,
and the workplace.
Kikuchi Sheet Kogyo, TOPPAN Inc., and the ANA Group collaborated on a fire-resistant bag to
protect passengers, flight crew, and aircraft from electronic devices that generate abnormal
heat in-flight. We designed and developed this product in response to requests from flight
attendants and an increasing number of incidents of lithium-ion battery ignition and smoke.
Since April 2024, every ANA Group aircraft has had a fire-resistant bag as standard equipment.
This fire-resistant bag combines a film that releases a fire-extinguishing aerosol in response to
heat and a fire-resistant outer layer for the rapid and safe response to thermal runaway by a
piece of electronic equipment to prevent the fire from spreading. The lightweight and compact
design also allows cabin crew to respond
quickly, reliably, and safely. Flight
attendants also receive training in fire
extinguishing drills for lithium-ion battery
fires at a facility where attendants go
through the practical steps to ingrain a
proper response to events.
Food Safety
Information Security
The ANA Group created the ANA Catering Quality Program
(ACQP) to ensure food safety and the highest quality meal
service. Qualified auditors and chefs conduct regular audits
and checks of our catering companies in Japan and around
the world, offering guidance and requesting improvements.
External audits based on international standards are conducted
by a third-party contractor. ANA receives feedback about the
results of these rigorous checks, using the details to improve
quality and ensure food safety.
The ANA Group works continuously to ensure
the secure handling of information, including
customers’ personal data, as a management
issue equally important to flight operations.
We endeavor to reduce the risk of information
leaks by defining the information to be protected
and strengthening our information management
system in terms of both facilities and systems, considering the level of importance of each type
of information. We also comply with the privacy laws of various countries as appropriate,
including the laws of Japan. These initiatives are regularly reported to management at ANA
Group companies to raise awareness.
Inflight Services Center
Crisis Management
Dealing With Mobile Battery Fires
Preparing for Airline Accidents and Other Emergencies
Cybersecurity training for management
Learn More
Learn More
FOCUS: Major Initiatives
65
Safety
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognition
06 Data Section
ANA HOLDINGS INC.
Integrated Report 2025
In the fight against climate change, the ANA Group recognizes that reducing greenhouse gas
emissions is a particularly urgent and important issue for sustainable business growth and social
contribution. Equally important are efforts to protect the global environment, including natural
capital and the effective use of resources.
In accordance with the ANA Group Environmental Policy, the ANA Group Biodiversity Policy,
and the ANA Group Procurement Policy, the ANA Group works with stakeholders involved in the
value chain as we balance medium- to long-term corporate aspirations with short-term business
growth. At the same time, we work strategically toward our 2030 Environmental Targets and
2050 Environmental Targets, which contribute to the sustainable improvement of corporate
value. We endeavor to provide transparent information disclosure regarding the impact on our
business environment and efforts to preserve natural capital.
Basic Approach
ANA Group Environmental Policy
ANA Group Biodiversity Policy
In November 2024, the ANA Group participated in
COP29 in Baku, Azerbaijan, to explain the role of
the airline industry in climate action, the challenges
of decarbonization, and specific ANA efforts to
contribute to sustainable societies.
Initiatives
FY2030 Targets
FY2050 Targets
FY2024 Results
Reduce CO2
Emissions
Aircraft
• Improve flight operations
• Adopt new aircraft technologies
• Decarbonize aircraft fuel by using SAF
*1
• Use negative emissions technologies (NETs)
*2
• Use emission trading schemes
Net 10% Reduction
vs. FY2019
(Net emissions: 11.1 million t-CO2 or less)
Net zero
*3
8.9% reduction
(11.23 million t-CO2)
Replace 10% or more
of fuel used with SAF
Less than 0.1%
External Environment Necessary
for Achieving Goals
• Stable supply of SAF (volume and price)
• Adopt new aircraft technologies (development of electric and hydrogen airplanes, etc.)
• Establish an environment for the emissions trading market
Non-
Aircraft
• Enhance energy efficiency and upgrade aging facilities and equipment
• Use renewable energy
• Procure electric vehicles (EVs) and fuel cell vehicles (FCVs) when
upgrading airport vehicles
33%+ reduction
vs. FY2019
Net zero
20.5%
reduction
External Environment Necessary
for Achieving Goals
• Expansion of renewable energy supply
• Development of airport infrastructure to operate EVs/FCVs
Reduce Resource Waste Rate
(Plastics, Paper, Etc.)
• Switch from single-use plastics to paper and reusable materials for
in-flight meal containers
• Establish an in-house recycling scheme for plastic film used in cargo
transportation
70%+ reduction
(Waste generated vs. FY2019)
Zero waste rate
57.6%
reduction
Reduce Food Waste Rate
(Including In-Flight Meals, Etc.)
• Monitor the disposal of in-flight and domestic airport lounge meals,
optimize the number loaded using the in-flight meal pre-order service, etc.
Less than
3.8% waste rate
(FY2019: 4.6%)
Less than
2.3% waste rate
(50% reduction vs. FY2019)
4.1%
Conserve
Biodiversity
• Conduct educational activities aimed at eradicating illegal wildlife trafficking in air transportation
• Engage in environmental conservation activities aimed at biodiversity conservation, etc.
2030 Medium-Term and 2050 Long-Term Targets
1
2
3
4
*1 SAF (sustainable aviation fuel): Aviation fuel that is not produced from fossil fuels but from sustainable sources such as vegetable oils and animal fats *2 Technology to capture and remove CO2 directly from the atmosphere and store permanently
*3 The balance of CO2 emissions that cannot be reduced over the entire life cycle will be eliminated through technologies (e.g., that physically remove CO2 from the atmosphere)
Transition
Strategy
P.67
P.70
P.71
P.71
P.72
Medium- and Long-Term Environmental Targets
Environment (Natural Capital)
Material Issue
Environment
66
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
We have developed transition scenarios to achieve ANA Group 2050 Environmental Targets.
We actively explore new technologies to implement our transition strategy, while seeking the
best mix of SAF and carbon credits, considering circulation status and economic rationality, as
we pursue 2030 Environmental Targets and 2050 Environmental Targets. In January 2024, we
formulated and submitted the Air Transportation Business Decarbonization Promotion Plan. This
plan includes quantitative targets for fiscal 2030 and fiscal 2050 with respect to SAF adoption,
operational improvements, and the introduction of aircraft with enhanced environmental
performance, among other initiatives. We subsequently received approval for the plan from the
Ministry of Land, Infrastructure, Transport and Tourism. The first phase of ICAO’s CORSIA began
in January 2024, and we are working diligently to comply with regulations in the international
aviation sector. In Japan, ANA HOLDINGS began participating in the GX League*1 in fiscal 2024.
Not only are we taking on the challenge of reducing our own emissions, but we also promote
decarbonization in Japan through public-private partnerships to create a Scope 3 market and
other initiatives.
*1 GX League: A gathering of companies working together with government and academic institutions to achieve sustainable growth in the present and future by taking on the challenge of green transformation (GX) through joint initiatives. The goal of the GX League is to achieve
carbon neutrality and social change by 2050.
*2 Air Transport Action Group: A research group on sustainability in the aviation industry, with involvement from the International Air Transport Association (IATA), aircraft manufacturers, and others
Transition Strategies to Achieve 2050 Environmental Targets
Operational
Improvements
and New Aircraft
Technologies
Use of SAF and
Other Lower
Carbon Aviation
Fuels
Use of Emission
Trading Schemes
Use of Negative
Emissions
Technologies
1
2
3
4
(Ten thousands
of t-CO2)
2,000
1,500
1,000
500
0
2020
2025
2035
(500)
Net CO2 emissions after implementation
of measures 1 , 2 , and 3
Net CO2 emissions after implementation
of all measures, including 4
2040
2045
CO2
Reduction
CO2
Offset
CO2
Removal
CO2 emissions in the business-as-
usual scenario
The ANA Group Plan, Support for the Japanese
Government’s Target of 60 Million Inbound Visitors,
Air Transport Action Group*2 Growth Forecast for
International Travel Demand
(FY)
2019
2030
2050
Net CO2
emissions
2030 Medium-Term
and 2050 Long-Term
Environmental Targets
FY2030
Replace at least 10%
of fuel with SAF
Carbon negative
by use of NETs
Net 10% Reduction
vs. FY2019
Net 10%+
reduction
15%
100%
6.5%
11.5%
(1%)
(10%)
70%
20%
FY2050
Net zero
FY2050
FY2030
Reduce CO2 Emissions From Aircraft Flight Operations
Transition Strategy
1 Reduce CO2 Emissions
Environment (Natural Capital)
67
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
1
Operational Improvements and New Aircraft Technologies
Improving flight operations represents an important measure to reduce CO2 emissions directly
as part of our transition strategy. The Flight Operations Division is the organization mainly
responsible for this initiative. In addition to climbing with early acceleration and flap retraction,
reducing thrust reverser usage after landing, single-engine taxiing-in, fuel-efficient speeds,
and other measures to date, in fiscal 2024, we began visualizing CO2 emissions savings by
shortening flight paths in cooperation with air navigation service provider as part of new fuel-
saving activities. Through wide-ranging measures that include new initiatives, appropriate day-
to-day weight management, and the use of ground power units and pre-conditioned air units,
we reduced CO2 emissions by approximately 125,000 tons. In October 2024, we presented
on the effectiveness of climbing with early acceleration and flap retraction at a conference
hosted by the International Civil Aviation Organization (ICAO), which also strengthened our
presence on the international stage. We participate in a working group sponsored by the Civil
Aviation Bureau to encourage decarbonization across the entire aviation industry. We continue
efforts to achieve our goals and lead the way to the decarbonization of the aviation industry.
Amid a recovery and expansion in business scale,
we are upgrading to fuel-efficient aircraft. In February
2025, we placed an order for 77 aircraft, including
state-of-the-art regional jets. As a result, we expect to
increase the rate of fuel-efficient aircraft to 91% of
the group’s total fleet of approximately 320 aircraft by the end of fiscal 2030.
In addition, we participate in a Public–Private Committee on New Technologies toward
Decarbonization of Aircraft initiative, sponsored by the Ministry of Economy, Trade and
Industry. Participation in this initiative is one way in which we endeavor to grow Japan’s aircraft
industry while reducing environmental impact. We are also part of joint research projects
with aircraft manufacturers to develop technology to fly on hydrogen and electric power,
collaborating with Airbus and Boeing to share information on cutting-edge technologies and
address issues related to adopting hydrogen-powered aircraft.
The ANA Group has become the first airline in the world to introduce AeroSHARK film,*1
a riblet film jointly developed by Lufthansa Technik and BASF, on both a Boeing 777 cargo
aircraft (September 2024) and a Boeing 777 passenger aircraft (April 2025). We expect the
film to reduce aerodynamic drag on the surface of the aircraft during flight, leading to fuel
consumption savings of approximately 250 tons and CO2 emissions reductions of 800 tons
per year.*2 In June 2025, we received the 26th Logistics Environment Award (Advanced
Technology Award), sponsored by the Japan Association
for Logistics and Transport for this initiative.
Fuel-Efficient Aircraft Rate
Operational Improvements
Adopting New Aircraft Technologies
All departments that ensure safe flight operations work together on measures to reduce CO2 emissions in daily operations. In parallel, we are making progress in decarbonization and fuel efficiency
improvements, upgrading to more fuel-efficient aircraft as part of the ANA Group Corporate Strategy.
Emission Reductions from Improved Flight Operations
Presentation at the 2024 ICAO LTAG Stocktaking
Event
*1 Technology for applying riblet film on aircraft, developed jointly between
Lufthansa Technik and BASF
*2 Maximum projected impact calculated by Lufthansa Technik based on ANA
annual average flight hours
AeroSHARK riblet film
Four Strategic Approaches
End of FY2024
End of FY2030
82.7%
Approximately
91%
Targets
Results
2023
2025
2024
150,000
100,000
50,000
0
(t-CO2)
(FY)
Operational Measures to Reduce CO2 Emissions from Aircraft
90,000
83,000
83,000
90,000
90,000
125,000
124,900
Fiscal 2024 results reflect emission reductions from shorter flight paths.
1 Reduce CO2 Emissions
Environment (Natural Capital)
68
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
SAF plays a key role in the ANA Group’s decarbonization strategy. We continue to pursue cooperation on SAF between the public and private sectors, while working to establish a future supply
chain and ensure the stable supply and use of this fuel.
Through public–private consultations, including relevant ministries and
agencies and supply-side entities (e.g., oil wholesalers), the decision was
made to pass budgetary measures to provide investment support for
SAF production facilities by the government and tax credits based on
production volume. At the same time, studies are underway to establish
a system for the stable supply of SAF at internationally competitive prices.
2
Use of SAF and Other Lower-Carbon Aviation Fuels
Public-Private Council to Promote the Introduction of SAF
Ensuring a Stable Supply of SAF and Promoting Wider Adoption
ACT FOR SKY is an industry-academia-government collaboration aiming
to commercialize, popularize, and expand domestically produced SAF.
ANA’s MATSUSHITA Tadashi (executive vice president, Industrial &
Governmental Relations, GX)
spoke at the ACT FOR SKY
Symposium in December 2024,
explaining the current status
and challenges of aviation
decarbonization, in addition to our
expectations for the future.
At a symposium held in January
2025, then-Executive Vice President
MIYATA Chikako communicated
the need to deepen public
understanding of the importance
and challenges of gaining support
for SAF, as well as the need for
a mechanism to both encourage
and enable society as a whole to
decarbonize the aviation sector.
The ANA Project to Reduce CO2
emissions on the Haneda–Hachijojima
Route through the use of SAF was
selected by the Tokyo Metropolitan
Government as an official project
to promote business development
through the use of biofuels. We used
SAF on the route between December
2023 and fiscal 2024.
ACT FOR SKY, an Inter-Industry Collaboration to Promote
Domestic SAF
Presentation at the Carbon-
Neutral in the Skies
Symposium Vol. 3
Project to Reduce CO2 Emissions on the Haneda–Hachijojima
Route Through the Use of SAF
In fiscal 2024, ENEOS Corporation was selected for the Ministry of
Land, Infrastructure, Transport and Tourism’s SAF Introduction Support
Demonstration Project and the Tokyo Metropolitan Government’s project
to promote business development through the use of biofuels, with ANA
then procuring imported SAF from the company.
In fiscal 2025, we entered into a procurement agreement with Cosmo Oil
Marketing, the first company to produce SAF in Japan.
Collaborations With SAF Production Companies
ANA launched the SAF Flight Initiative in September 2021, a cross-industry effort that collaborates with diverse participating companies to advance
SAF usage. In September 2023, the Cargo Program for cargo transport, which was designed for freight agents, was expanded to shippers, facilitating
the allocation of Scope 3 emissions reductions to shippers based on actual transportation results from freight forwarders to shippers. As of July 2025,
21 companies have participated in the program, and we continue to invite new companies to join.
SAF Flight Initiative
Cargo Program Details of Services for Shippers
Efforts to Form a Market Promoting the Use of SAF
Learn More (Japanese only)
Learn More (Japanese only)
Learn More
Learn More (Japanese only)
1 Reduce CO2 Emissions
Environment (Natural Capital)
69
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
To reduce aircraft CO2 emissions, we are pursuing flight operation improvements, technological
innovations in aircraft, and the use of SAF, while also utilizing emissions trading schemes as a short-
term measure. During the first phase of CORSIA, which began in January 2024, we purchased CORSIA
Eligible Emissions Units that meet ICAO standards to fulfill our obligation to offset CO2 emissions from
international flights. Although the agreement on the operational rules of Article 6 of the Paris Agreement
resulted in institutional progress at COP29 in November 2024, CORSIA Eligible Emissions Units are still
limited to the ART Guyana REDD++ project*1 in the Republic of Guyana. To ensure planned CORSIA
compliance, ANA purchased 1,000 t-CO2 of CORSIA Eligible Emissions Units in fiscal 2024 and
canceled the credits.*2 We look forward to the greater availability of CORSIA Eligible Emission Units.
We plan to introduce negative emission technologies for residual emissions that cannot be eliminated
through SAF or other lower-carbon aviation fuels. These technologies capture and remove CO2 directly
from the atmosphere for permanent storage. We consider direct air capture (DAC; technology capturing
CO2 directly from the air), in particular, essential for achieving net zero emissions by 2050. In August
2023, we became the first airline in the world to sign a DAC carbon dioxide removal (CDR) credit
contract with 1PointFive of the United States. 1PointFive is building STRATOS, its first commercial plant,
in Texas, U.S.A., which is expected to begin operations by the end of 2025. ANA plans to procure more
than 30,000 tons of CDR credits over three years beginning in 2025.
AIR TO FUELS™ is a registered
trademark of Carbon Engineering Ltd.
To reduce CO2 emissions generated from sources besides aircraft operations,
the ANA Group established energy management standards at each business site,
managing CO2 emissions in detail using a cloud-based energy management system.
Besides air transportation operations, ANA Foods and ANA Catering Service (specified
business operators under the Act on the Rational Use of Energy) received the Excellence
in Energy Efficiency Award (S Class) certification (highest certification) for fiscal 2024
(fiscal 2023 results) under the Act on the Rational Use of Energy from the Ministry of
Trade, Economy and Industry. We are pursuing an environmental goal to reduce
emissions from electricity and vehicle fuels, which account for the majority of CO2
emissions, by at least 33% by 2030, as compared to fiscal 2019.
3
Use of Emission Trading Schemes
4
Use of Negative Emissions Technologies (NETs)
*1 As of May 2025 *2 Cancellation of carbon credits by the supplier on behalf of ANA
STRATOS (Texas, U.S.A.), first commercial
plant currently under construction
1PointFive is committed to
reducing global temperature
rise by 1.5 °C by 2050 through
decarbonization solutions,
including Carbon Engineering’s
DAC technology, AIR TO
FUELS™ technology, and
geological storage hubs.
The ANA Group focuses on reducing CO2 emissions from aircraft
ground support equipment vehicles (GSE vehicles) used at airports.
The group’s fleet of GSE vehicles consists of more than 4,000
powered vehicles, ranging from aircraft tow tractors, cargo and
baggage tugs (towing dollies), and cargo trucks that transport cargo
between cargo buildings, baggage sorting areas, and aircraft.
As a specific initiative, we are looking into replacing vehicles with
lower-carbon models, including electric vehicles, fuel cell vehicles,
and hybrid vehicles. We are also considering converting vehicle fuel
to renewable diesel. We are currently conducting demonstration tests
with the cooperation of vehicle manufacturers and local governments
to determine the best mix that not only maintains operations quality,
but also considers economic rationality. The Vehicles and Facilities
Working Group, established under the Group’s Ground Energy
Subcommittee, is responsible for driving these initiatives.
Lower-Carbon Airport Vehicles
Major Initiatives
Reduce Non-Aircraft CO2 Emissions
DAC Conceptual Diagram
Underground Storage and
Permanent CO2 Solidification
Atmosphere
Air
CO2
DAC Facility
Absorption
via Solution,
Etc.
Adsorption
via Porous
Materials
Membrane
Separation
Use as a Raw Material
for Synthetic Fuel (SAF)
1 Reduce CO2 Emissions
Environment (Natural Capital)
70
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
The ANA Group pursues the 3Rs (Reduce, Reuse, Recycle) + R (Renewable) to reduce
our resource waste rate.
We continue to replace single-use plastic
products used in airport lounges and
on flights with materials from renewable
sources. The bulk of the materials used
in toys offered in-flight are made of
wood and paper, and we also changed
the packaging to paper material. We are
also gradually shifting amenities provided
in shower rooms in lounges at Haneda
and Narita airports to low environmental
impact materials.
We continue renovations of security checkpoints and automatic boarding gates for domestic
flights to eliminate paper-based security passes and boarding passes. We also offer our in-flight
magazine, TSUBASA-GLOBAL WINGS, electronically for viewing on personal digital devices.
To ensure the comfort of passengers on international flights, we offer a pre-order in-flight meal
service that allows passengers to select their favorite menu, a light meal, or no meal prior to
departure. This service reduces the number of unused in-flight meals, leading to a lower food
waste rate.
Reduce the Use of Plastics
Reduce Paper Resources
The ANA Group’s ANA Future Promise is a movement toward continued corporate
growth to achieve the SDGs together with our customers and society (Promise), aiming
for sustainable growth (Future). On September 2, 2024, we began operating Boeing
777 freighters outfitted with riblet processed film. On April 26, 2025, we began operating
Boeing 777 passenger aircraft outfitted with the same film. We have measured the
impact on operations since the first aircraft entered service, confirming that the film
reduces fuel consumption and CO2 emissions by approximately 1%, in line with our
initial projection. We are making riblet technology a more familiar technology to passengers
by placing promotional decals around the boarding door areas of passenger aircraft
and installing samples of the riblet processed film on board for passengers to touch.
ANA Future Promise
Spotlight
Riblet processed film (film mimicking the structure of shark skin)
Lounge amenities
Paper cups
Toys
Wooden cutlery
Toothbrushes
A proposal by an employee in the cargo
division at the Central Japan International
Airport led to a resource recycling scheme to
recycle plastic film for cargo transportation
into trash bags and other items in the airport
building. The idea won the Silver Prize at the
2025 Aichi Environmental Awards.
Reducing Paper Resources at Airports: Paperless
Entry at Security Checkpoints and Boarding Gates
TSUBASA-GLOBAL WINGS
In-flight Magazine (Japanese only)
Other Initiatives
First Class In-flight Meal Pre-order Service
Business Class In-flight Meal Pre-order Service
Reduce Food Waste Rates
Reduce Resource Waste Rate
(Plastics, Paper, Etc.)
2 Reduce Resource Waste Rate / 3 Reduce Food Waste Rate
Environment (Natural Capital)
71
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Endorsement of the Keidanren Declaration for
Biodiversity and Guideline
ANA HOLDINGS participates in the Keidanren Committee on
Nature Conservation as a standing committee member. We also
endorse the Keidanren Initiative for Biodiversity Conservation.
Team Chura Sango (Coral Reef Conservation Project to
Preserve Tourism Resources)
Twenty years have passed since the start of coral conservation
activities sponsored by the Ministry of the Environment and other
organizations. The project restores the coral reef devastated by
rising sea temperatures and crown-of-thorns starfish, helping
restore an abundant ocean ecosystem. To date, a total of 4,652
participants have planted 19,532 coral seedlings.
Conserve Biodiversity
Related to the 23 targets of the Kunming-Montreal Biodiversity Framework (GBF*1), ICAO*2 identified the prevention of illegal wildlife trafficking and the mitigation of impact on organisms around
airports as key biodiversity conservation issues for the airline industry to address. The ANA Group addresses these issues by reducing the negative impact of our business activities on natural capital
and by contributing to the conservation of biodiversity.
*1 Global Biodiversity Framework *2 ICAO Environmental Report 2025
Collaborations with Stakeholders
ANA is committed to eradicating illegal wildlife trafficking in compliance
with the Buckingham Palace Declaration, which we signed in 2018.
Since that time, we have cooperated with TRAFFIC, an international
NGO, holding annual informational seminars on border control measures.
To date, more than 1,000 airport personnel and ANA Group employees
worldwide have participated in the program, contributing to the
prevention of illegal wildlife trafficking.
The Narita plant of ANA Catering Service Co., Ltd. recycles 100%
of food residue from the preparation of in-flight meals into compost
and feed. This recycling-based system uses soft kale grown from this
compost for in-flight meals and is certified under the Food Recycling
Act. This initiative contributes to food safety and the conservation of
biodiversity by reducing environmental impact through the recycling of
resources.
The ANA Akindo ANA Farm Project aids in the revitalization of
abandoned mandarin orchard fields in Ehime Prefecture, supporting
the process from production to sales of mandarin oranges. This
program addresses weed and pest infestation, wildlife invasion, and
landslides, among other issues. In addition to promoting green tourism
and agricultural experiences in cooperation with the local community,
ANA Akindo also contributes to farmland restoration and biodiversity
conservation through the planting of iyokan orange trees.
Avoidance and Mitigation
Mitigation
Mitigation
Initiatives Through Business Activities
Endorsement of the 30by30 Alliance of the Ministry of
the Environment
ANA HOLDINGS supports the goal of the 30by30 alliance to
conserve more than 30% of land and sea as healthy ecosystems
by 2030. We participate in the 30by30 Alliance for Biodiversity,
which pursues efforts to achieve the 30by30 targets.
Participation in the TNFD Forum
ANA HOLDINGS is a member of the TNFD Forum, which was
established to develop a framework for risk management and
disclosure related to natural capital.
4 Conserve Biodiversity
Environment (Natural Capital)
72
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
We endeavor to enhance the quality and quantity of information disclosure utilizing the frameworks recommended by the Task Force on Climate-related Financial
Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). We use these frameworks to identify risks and opportunities related to
climate change and natural capital in our business activities, to deepen dialogue with stakeholders, and to enhance business sustainability.
The Group ESG Management Promotion Committee convenes four times a year to discuss
important policies and measures related to environmental issues such as climate change and
natural capital. The committee is overseen by the President & Chief Executive Officer and chaired
by the Chief ESG Promotion Officer, the director in charge of Group ESG management. Under the
umbrella of the committee, we established the Eco-First Subcommittee (related to CO2 emissions
from aircraft operations) and the Ground Energy Subcommittee (related to CO2 emissions from
non-aircraft operations). The Ground Energy Subcommittee organized the Vehicles and Facilities
Working Group and an Airport Community Partnership Working Group to report and discuss CO2
reduction measures and progress. Important matters related to corporate strategy are discussed
at the Group Management Committee and submitted to the Board of Directors. The Board of
Directors sets group-wide management policies and goals, including those related to environmental
issues, while supervising the management and business execution of each group company.
The ANA Group Procurement Policy includes our response to climate change and natural
capital. This policy consists of the Basic Procurement Policy and the Supplier Code of Conduct.
We select business partners based largely on this policy, monitoring partners regularly and
actively encouraging them to understand and cooperate with our initiatives. Our aim here is to
address climate change and natural capital across our entire supply chain.
We incorporate CO2 emissions and ESG external evaluations in officer compensation as
a mechanism to link efforts to combat climate change and conserve natural capital with
the Company’s sustainable growth and enhancement of corporate value over the medium
to long term.
Establishment of various environmental policies and medium- to long-term environmental
targets
Progress reports on medium- to long-term environmental targets
Disclosures Based on TCFD and TNFD recommendations
Transition strategy to become carbon-neutral by 2050
Incorporation of climate change response into the FY2023–FY2025 ANA Group Corporate
Strategy
Governance
Examples of Climate Change and Natural Capital Issues Brought Before/
Reported to the Board of Directors
TCFD and TNFD
Organization
Supervision
Overall management
Proposal/Report
Chair: Chief Sustainability Officer (CSO)
Participants: Managers from each
related division
Secretariat: Corporate Sustainability
Chair: Chief Sustainability Officer (CSO)
Participants: Managers from each related
flight operations division
Secretariat: Corporate Sustainability
Submit agenda/Report
Submit agenda/Report
Instruction
Instruction
Collaboration
Instruction/
Supervision
Report
ANA HOLDINGS INC.
President & Chief Executive Officer
Group Management Committee
Group Companies and Departments
Ground Energy
Subcommittee
Airport Community
Partnership Working Group
Vehicles and Facilities
Working Group
Eco-First Subcommittee
ESG Promotion
Officer (EPO)
(Group company
directors and executive
officers overseeing ESG
management)
ESG Promotion
Leader (EPL)
Environment Officer
Chair: Chief ESG Promotion Officer (CEPO)
Members: General managers of each business and corporate division, ESG Promotion Officer (EPO), etc.
Secretariat: Corporate Sustainability, General Administration, Legal & Insurance
Group ESG Management Promotion Committee
Board of Directors
Disclosures Based on TCFD and TNFD Recommendations
Environment (Natural Capital)
73
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Risks related to environmental issues, including climate change and natural capital, are also
handled as key issues within the risk management framework based on ANA Group Total Risk
Management Regulations.
The Company has formulated medium- to long-term environmental targets, working to reduce
our environmental impact. We are working steadily toward our goal of net zero CO2 emissions
by fiscal 2050, as well as targets to reduce waste rates of resources and food products. We strive
to mitigate our impact on natural capital through our business activities while conserving natural
capital through business and social contribution activities.
Risk Management
Metrics and Targets
Methodology for Calculating the Scale of Impact on Business and Medium- and Long-Term Financial Impact
Risk Management Structure
The cost of SAF in 2025 is expected to be 4.2 times*1 the conventional jet fuel price. Analysts
for the UK Department for Transport also project SAF costs to be between one and three
times that of kerosene by 2040 due to lower manufacturing costs.*2 Under the current cost
structure of the air transportation business, fuel expense accounts for more than 20% of
operating expenses. This difference in procurement prices between SAF and kerosene will
have a significant financial impact as we accelerate the use of SAF. We will have challenges in
absorbing this cost increase in our core Group business, which is in a commercial airline
industry where net profit margins are only 3.7% worldwide.*3 For the Group to continue to
provide air transportation services to society, we must create an environment in which society
as a whole bears the costs of reducing CO2 emissions to net zero. These costs include the
use of SAF. In other words, these are the costs of contributing to a sustainable future, and for
us to continue to fulfill our social mission, we must continue to engage with stakeholders,
including national governments.
We conducted a scenario analysis based on the 4ºC and 1.5ºC scenarios from the UN
Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) to
4°C Scenario
A scenario in which, by not taking measures to combat global warming
beyond the status quo, temperatures rise about 4°C above pre-industrial
levels, and risks related to physical changes caused by climate change
become apparent
1.5°C Scenario
A scenario in which a fundamental system transition is achieved, resulting
in a temperature increase of less than 1.5°C above pre-industrial levels, and
risks related to the transition to a lower-carbon economy become apparent
*1 Fuel Fact Sheet 2024, June 2025, IATA
*2 Sustainable Aviation Fuel Mandate - Final Stage Cost Benefit Analysis, April 2024, UK Department for Transport
*3 Chart of the Week: Airline profits hold altitude in 2025 amid headwinds, June 13, 2025, IATA
identify the risks and opportunities posed by climate change to the ANA Group. We assessed
the financial impact of these scenarios and continue to consider response measures. We calculated
the single-year financial impact of the risks and opportunities assessed as having a large financial
impact over the medium term (fiscal 2030) and long term (fiscal 2050). We disclosed the calculation
methodology used on our official corporate website.
Strategy (TCFD)
Transition Strategies
P.67
Disclosures Based on TCFD and TNFD Recommendations
Environment (Natural Capital)
74
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
*1 Large: ¥10 billion or more per year; Medium: ¥1 billion to ¥10 billion per year; Small: less than ¥1 billion per year
*2 DAC (Direct air capture): Technology to capture CO2 directly from the atmosphere
*3 Airport ground handling vehicles
*4 ZEV (Zero emission vehicles): Vehicles that do not emit CO2 or other emissions during operation (EVs, FCVs)
Description of Opportunities / Risks
Financial Impact*1
Action Plans
Medium-Term
Long-Term
Increasing Severity
and Frequency of
Extreme Weather
• Lost income resulting from flight cancellations due to severe natural disasters
• Increased operational costs and cost of restoration from damage to aircraft
and facilities due to disasters
• Expanding aircraft observation business to address climate change
• Decreased revenues due to difficulty in maintaining flight operations to
affected areas
Large
Large
• Establishing a more advanced BCP
• Upgrading to disaster-resistant facilities, equipment, etc.
Changes in Rainfall
and Weather
Patterns
Medium
• Collaborating in research with JAXA
• Determining destinations, number of flights, etc., and appropriate reflection in business plans
Actions to Reduce CO2 Emissions (Aircraft)
Carbon Credits
• Increased costs due to the use of credits (price increases due to excess
demand for emission credits / increased offsetting)
Small to
Large
Medium
to Large
• Procuring CORSIA eligible and high-quality credits
• Minimizing cost impact through an optimum combination of SAF and credits
SAF
• Concern about increased costs due to higher SAF prices until around
2040 and decreased revenues due to restricted flight operations as
a result of insufficient procurement of SAF
• Differentiating through strategic purchases, contracts, and investments to
benefit from priority procurement and stable supply
Large
Small to
Large
• Making strategic purchase agreements
• Strategically investing in the establishment of a system for domestic mass production of SAF,
and strengthening public–private and inter-industry collaboration to establish the supply chain
• Partially compensating for SAF purchase costs through development of schemes such as
the SAF Flight Initiative
New Technology
• Increased cost from introducing next-generation aircraft (e.g., hydrogen
and electricity)
Calculating
• Engaging with policymakers and other relevant parties to improve airport infrastructure
• Participating in joint research projects with aircraft manufacturers to develop aircraft
incorporating new technologies
• Strategically investing in the introduction of high quality, permanent CO2 removal technology
such as DAC*2
• Reduced fuel costs due to fuel efficiency improvements
• Through investment, creating opportunities for technological innovation
and building an environment that enables the preferential procurement of
SAF and credits
Large
Large
Actions to Reduce CO2 Emissions (Non-Aircraft)
Vehicle*3 Fuel
(diesel oil)
• Increased costs due to replacement with ZEVs*4
• Reduction in fuel costs and offset costs and labor savings in airport
operations due to the development of new technologies such as
unmanned autonomous driving
Medium
• Continuously engaging in and collaborating with policymakers and other relevant business
operators to promote the shift to ZEVs and improve airport infrastructure
• Procurement and construction of a supply chain for alternative fuels such as next-generation
biofuels
• Introduction of experimental tests and remote-controlled EVs to switch airport vehicles to EVs
Litigation / Fines /
Taxation
• Penalties and fines for failure to comply with laws and regulations of each
country
• Pressure from stakeholders over delayed climate change action
• Increased costs as a result of higher prices due to the introduction of
carbon pricing (carbon taxes, emissions trading)
Medium
• Appropriately responding to and disclosing information on climate change
• Engaging with national governments continuously, in collaboration with industries and other
organizations, for relaxation of regulations and tax systems
Changes in
Consumer
Awareness and
Preferences
• Securing talent from a younger environmentally sensitive generation and
increasing sales by securing customer trust as a result of proactively
addressing climate change to improve brand value
• Growing new businesses that do not require physical travel
• Increased demand for the reduction of corporate Scope 3 emissions
(business trips and cargo transportation)
Medium
• Appropriately responding to and disclosing information on climate change
• Identifying needs through ongoing dialogue with society and reflecting these needs in strategies
• Developing measures that drive progess while acquiring the understanding and cooperation
of customers
• Diversifying business portfolio
• Collaborating with various stakeholders and strategically investing in new business growth
(avatars, electric air taxi, drone logistics services)
Financing
• Successfully financing through loans and incorporation of ESG investment
by proactively responding to climate change ahead of the market
Medium
• Identifying needs through ongoing dialogue with investors and responding appropriately
• Information disclosure in accordance with international frameworks
Medium- and Long-Term Financial Impact of Climate Change
Physical
Transition
Opportunities
Opportunities
Risks
Risks
Disclosures Based on TCFD and TNFD Recommendations
Environment (Natural Capital)
75
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Strategy (TNFD)
The ANA Group identifies material sustainability issues based on the concept of double materiality. Following the LEAP approach, we assessed nature-related dependencies (evaluating the financial
impact and likelihood of changes in the availability of ecosystem services), impacts (evaluating their severity and likelihood), and the resulting risks and opportunities (evaluating their financial impact,
likelihood, and time horizon) in our priority locations. Using the materiality matrix on the next page, we identified items with a score of 5 or higher as important issues. During the assessments, we
decided to consider pathways based on the TNFD framework shown below for dependencies and impacts, visualizing the results using a logic tree.
Identifying Priority Locations
Materiality Assessment of Dependencies, Impacts, Risks, and Opportunities
Disclosures Based on TNFD Recommendations
In the previous fiscal year, we studied nature-related dependencies and impacts of ANA Group business activities, collecting available related information. Based on these activities, we conducted
an analysis of airports as locations of ecological concern in the context of our business activities. We also conducted an analysis of invasive alien species from the perspective of material locations
identified as having important nature-related dependencies, impacts, risks, and opportunities in the context of our business activities. Furthermore, we conducted an analysis of illegal wildlife trafficking
and tourism resources. We conducted this series of analyses in accordance with the LEAP approach*1 recommended by the TNFD.
*1 The LEAP (Locate/Evaluate/Assess/Prepare) approach is an integrated approach to assess and manage nature-related issues.
Nature-Related and Biodiversity Dependencies, Impacts, Risks, and Opportunities
Logic Tree
Visualized Material Nature-Related Dependencies, Impacts, Risks, and Opportunities
External factors (factors other than an entity’s activities that may cause changes in the natural
environment or ecosystem services)
Impact drivers (an entity’s activities that may cause changes in the natural environment or
ecosystem services)
Dependency on nature
Aircraft operation Sustainable tourism/Regional revitalization
Transition risk (risk arising from the gap between social and corporate initiatives
that transition in a positive direction for nature)
Physical risk (risks that affect an entity’s finances directly due to changes in
the natural environment)
Opportunities (events that have a positive effect on an entity’s finances or nature)
Land
Other
Resources
No significant risks
Decrease
in sales
Increase
in sales
Dependency
Business
Activity
Financial
Impact
Priority
Location
State of Nature
Dependency on Nature
Risks and Opportunities
Impact Drivers
External Factors
Impact
Declining population
Destruction and
degradation of
ecosystems
Loss of
biodiversity
Japan
Japan
Thailand
and other
destinations
Belgium
and other
destinations
Legend
Decrease in passengers and
challenges in regional revitalization
due to fewer tourism resources
Promoting nature conservation
by designing and operating
sustainable tourism
Reduced dependency and load on
specific regions, improved load factor
due to demand diversification
Over-tourism
Increase in waste and
damage from trampling
Invasive alien species
Migration by
air transportation
Illegal trade
Extinction of rare plants
and animals
Availability of
nature-related
tourism resources
Culture
Transition
risk
Chronic
Sustainability
Sustainability
TNFD Framework
Nature-Related Dependencies and Impact Pathways
Business Model and Value Chain
Dependency
pathway
Dependency
pathway
Dependency
pathway
Impact
pathway
Source: TNFD Final Recommendation v1.0
Changes to state
State of
nature
Ecosystem assets
Impact
drivers
Changes to flow
Ecosystem
services
Other
Organizations,
society, and
nature
Nature-related
risks and
opportunities
External
drivers
of change
Environment (Natural Capital)
76
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
We will consider using the AR3T Framework*2 and other relevant frameworks to step up response measures for material nature-related issues identified in this report.
Action Plans
*2 A framework for targeted corporate actions as recommended by SBTs for Nature.
Results of Materiality Assessment of Dependencies, Impacts, Risks, and Opportunities
The ANA Group has concluded that group business activities have a significant impact relationship with invasive alien species, illegal wildlife
trafficking, over-tourism, and regional revitalization. While these impacts are unlikely to be related directly to regulatory risk at this time, we
recognize the need to review these impacts periodically to prepare for any future changes in regulations and customer preferences. We
concluded that dependency on nature-related tourism resources in rural areas represents a physical risk, and that insufficient labor resources
in these destinations due to declining populations could result in a loss of revenue. Based on the results of our evaluation, we added GBF
Target 6: Measures Against Invasive Alien Species to our basic approach. In response to these challenges, we have identified two important
issues that we believe are also business opportunities: (1) Sustainable tourism (nature restoration and the creation of demand) and
(2) Over-tourism mitigation by diversifying demand to unexplored tourist destinations while improving profitability.
Impact,
Severity,
Irreversibility
Dependency,
Risk, Size of
Opportunity
: Material Dependencies, Impacts,
Risks, and Opportunities
Assessment Matrix
High
Large
3
4
5
6
2
3
4
5
Low
Small
1
2
3
4
1
2
3
Low
High
Likelihood (Probability)
Dependency and Impact Assessed as Highly Material
Nature-Related Issues
Priority Location
Dependency/
Impact
Details
(a) + (b)
Overall Score
(out of 6)
(a) Dependency/
Size of Impact
(b) Likelihood
Sustainable tourism
All of Japan*1
Dependency
Sustainable tourism (certain routes) is dependent on the natural environment, including natural
scenery, wild flora, and fauna
5
3
2
Regional revitalization
All of Japan*1
Dependency
The regional revitalization for which the ANA Group aims depends on natural capital and biodiversity
5
3
2
Invasive alien species
Source: Belgium, U.S.A., France, Germany, Austria, Italy, Mexico,
China, India, Vietnam
Destination: Narita, Haneda, Kansai
Impact
Impacts on species and ecosystems through the transport of invasive alien species by air
6
3
3
Preventing illegal wildlife
trafficking
Thailand, U.S.A., Hong Kong, China
Impact
Impact on species when air transportation becomes a route for illegally traded protected or rare
species of plants and animals
5
2
3
Over-tourism
Niseko, Biei-cho, Oirase, Zao, Hakone, Sado, Mt. Fuji, Kyoto,
Nara Park and mountain paths, Niyodo River, Aso, Iriomote Island
Impact
Impacts on terrestrial and marine ecosystems when the expansion of air transportation becomes
a gateway for over-tourism
5
2
3
*1 We noted no concentration of highly attractive tourism resources by region (Hokkaido, Tohoku, Kyushu, etc.), and tourism resources are ubiquitous in the vicinity of airports nationwide
Risks and Opportunities Assessed as Highly Material
Nature-Related Issues
Priority Location
Risks/
Opportunities
Details
(a) + (b)
Overall Score
(out of 6)
(a) Financial
Impact
(b) Likelihood
Sustainable tourism
All of Japan*1
Risks
Decrease in the number of passengers traveling for tourism purposes and the associated loss of
revenue if rich natural environments are abandoned or lost
5
2
3
Regional revitalization
All of Japan*1
Risks
The risk of shrinking air travel demand and reduced operating revenue stems from a decline in
the regional economy. This economic decline is a result of a shrinking local population and the
degradation of natural landscapes, which have led to a shortage of eco-tourism personnel and fewer
tourism resources for regional revitalization.
5
2
3
Sustainable tourism
Domestic airports in Japan with relatively small numbers of passengers,
yet offering access to valuable natural resources that should be
preserved and are highly attractive as tourism resources
Opportunities
Encourage nature conservation by designing and operating sustainable tourism; increase revenue by
stimulating demand through related activities
5
2
3
Over-tourism
Domestic airports in Japan (as a destination for diversifying
demand for over-tourism) that offer access to highly attractive
tourism resources nearby but handle relatively few passengers
Opportunities
Opportunities to increase profits by analyzing over-tourism trends and diversifying demand to reduce
the burden on nature and increase load factors
5
2
3
Environment (Natural Capital)
77
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
In 2016, the ANA Group conducted a human rights impact assessment of the potential
human rights risks posed by the ANA Group’s business activities in all its business areas
and countries where it flies. In light of changes in the international environment surrounding
business and human rights as well as changes in the ANA Group’s business environment
and business portfolio, we conducted a human rights impact assessment in 2022. Our efforts
included holding the Human Rights and Environmental Due Diligence Workshop to discuss
and confirm themes throughout the Company. We took into account new human rights risks
and established five new human rights topics based on the potential issues identified in the
workshop. During fiscal 2025, we will review our major human rights themes after confirming
the progress made over the past three years.
The ANA Group has established a management system (cycle) for human rights in
accordance with the global standards provided in the United Nations Guiding Principles on
Business and Human Rights. We consider ourselves a pioneer in this area among Japanese
companies, issuing Japan’s first-ever human rights report in 2018. The FY2023-2025 ANA
Group Corporate Strategy also includes a commitment to respecting human rights in the
supply chain. We believe it is important to listen to the voices of rights-holders* through the
human rights due diligence process and the grievance mechanism and take appropriate
response measures. We are committed to furthering our efforts to respect human rights
based on engagement with rights-holders.
Commitment and Raising Awareness Through Policies
The ANA Group works to prevent risks related to the major human rights themes we identified.
We work with CRT Japan, a third-party organization, implementing the following three steps
in an annual cycle. Steps ❷ and ❸ guide rights-holders to a direct grievance mechanism,
providing an interconnected human rights due diligence and grievance mechanism.
Basic Approach
Respect the Human Rights of Migrant Workers Working at
Contractors and Vendors in Japan and Overseas
Visit the following website for information on all our initiatives:
Human Rights Report 2023
ANA Group Policy on Human Rights
We established the ANA Group Policy on Human Rights in April 2016 and revised the policy in July 2023.
* Rights-holders are individuals or social groups that have particular entitlements in relation to duty-bearers (state or non-state including enterprises), and they may be affected an entity’s activities (e.g., employees, business partners, customers, and communities).
Priority Human
Rights Themes
Theme 1
Respect the Human Rights of Migrant Workers Working at Contractors and Vendors in Japan
and Overseas
Theme 2
Identify Human Rights Issues and Environmental Burdens in the Supply Chain
Theme 3
Prevent the Use of Airplanes in Human Trafficking
Theme 4
Protect Customer Information and Give Consideration to Privacy
Theme 5
Respect Human Rights When Providing AI, Metaverse and Other Services
1 Assess Actual and Potential HR Impacts
2 Integrate and Act upon the Findings
3 Track Responses
Remediation
(Grievance
mechanism)
Stakeholder Engagement
1
4
2
3
Policy
Commitment
Assess Actual
and Potential
HR Impacts
Disclose
Information to
External Parties
Integrate and
Act upon
the Findings
Track
Responses
Human Rights Due Diligence
Conduct direct questionnaire
surveys of foreign workers
Based on the results of ❶, we gather
direct feedback through questionnaires
targeting specified skilled and technical
intern trainees, who face a generally higher
potential risk.
Face-to-face interviews of foreign
workers
Based on survey results, we speak with
company managers and personnel and have
third parties interview workers to confirm the
situation on the ground. We then work with
contractors to improve issues identified during
the process and conduct follow-up evaluations.
Step ❶
Step ❷
Step ❸
Survey on the employment
status of foreign workers
working at group companies
and partner companies to
which we outsource work
We leverage the system to confirm the
employment status of foreign workers
(e.g., number of persons, nationality,
and status of residence).
Case Study
Priority Human Rights Theme 1
Challenges and Future Initiatives
As we move forward in line with the UN Guiding Principles on Business and Human Rights, we are finding
it difficult to confirm the effectiveness of the responses we have implemented within an appropriate time
frame, particularly for the initiatives mentioned in case studies. We plan to extend our efforts by tracking
responses within the cycle beginning in fiscal 2025.
Management System (Cycle) for Human Rights
Learn More
Human Rights
Material Issue
Human Rights
78
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Ninja, a grievance mechanism that commenced operation in
November 2020, is a contact point for receiving complaints.
Ninja receives a wide range of reports from workers regarding
not only violations of human rights but also various complaints
and concerns. By fiscal 2024, we had received 19 complaints,
and responded to each within two weeks. In our response,
we stated whether there was an existing policy concerning
the matter and who the person in charge was, and we took
necessary actions for each case.
Remedy (Grievance Mechanism)
Follow the Link for More about Our Efforts Related to Important Human Rights Topics
ANA published the Human Rights Report in fiscal 2023.
Our statement is based on the UK Modern Slavery Act 2015 and the Australia Modern
Slavery Act 2018.
We publish the latest initiatives in this area on our website as appropriate.
Learn More
4 Disclose Information to External Parties
In June 2024, the ANA Group formulated the ANA Group Policy on Customer
Harassment to ensure a safe and comfortable environment of respect for both
employee and customer human rights. We continue to formulate policies,
develop guidelines, and conduct more internal training in this area.
We respond to customer comments and suggestions with sincerity and
integrity. At the same time, we strive to maintain and improve service quality by
acting resolutely and procedurally in the face of customer harassment. We will also
pursue efforts as part of the airline industry in cooperation with the parties involved.
Customer Harassment Policy
Spotlight
The ANA Group Policy on Customer Harassment
Audit at a uniform sewing factory (March 2025)
At the ANA Group, we identify the items to be prioritized and organize explanatory
sessions about the ANA Group Procurement Policy to foster suppliers’ understanding
toward responsible procurement.
Since fiscal 2020, we have been conducting our own questionnaire surveys on
sustainability for Important Suppliers in terms of ESG. We provide feedback on the
results, exchange opinions on improvement issues, and support corrective actions.
During factory audits, we also conduct ESG surveys based on our Supplier Code of
Conduct, covering matters including
labor standards and health and safety,
in addition to quality. In fiscal 2025,
we plan to engage EcoVadis, a global
sustainability ratings organization, to
identify supply chain risks and enhance
our supplier management practices.
Responsible Procurement Activities
Priority Human Rights Theme 2
In fiscal 2024, we conducted training for all 8,000 flight attendants working at ANA. In
addition, ANA Holdings sponsored the Forum on Preventing Human Trafficking in
a private-public partnership. We were
also the only commercial airline to
present at a training session on the
prevention of human trafficking in the
Republic of Kazakhstan, organized by the
International Organization for Migration
(IOM) Kazakhstan. This participation
and other activities highlight not only the
commitment within the ANA Group, but
also our leadership across the industry.
Prevent the Use of Airplanes in Human
Trafficking
Priority Human Rights Theme 3
Human Rights Report 2023
Human Rights
79
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
The ANA Group aims to practice management that
contributes to value creation for our various stakeholders
in accordance with our Mission Statement and to promote
sustainable growth and enhance corporate value over the
long term. To accomplish this goal, ANA HOLDINGS INC.
plays the lead role in group management for overall policies
and goal-setting, pursuing transparent, fair, prompt, and
effective decision-making. For this purpose, we have built
a corporate governance system and work continuously to
enhance governance within the ANA Group.
Corporate Governance System
ANA HOLDINGS Corporate Governance System
Holding Company
Structure
Company with Audit &
Supervisory Board Members
Corporate Executive
Officer System
The ANA Group has adopted a holding
company structure to remain competitive
in any challenging business environment.
Each group company is guided by
experienced and specialized personnel
who are delegated authority to operate
their respective businesses.
The Board of Directors and members of
the Audit & Supervisory Board oversee
and audit the execution of duties by
directors. The group strengthens the
supervisory function of the Board of
Directors by appointing outside directors.
We also strengthen the audit function of
members of the Audit & Supervisory
Board by appointing full-time outside
members.
The group has adopted a corporate
executive officer system under
which management and executive
functions are separated to promote
efficient decision-making and to clarify
responsibilities and authority in the
execution of duties. Under this system,
directors supervise management
decision-making and the execution
of duties, while corporate executive
officers conduct day-to day business.
Accounting Auditors
Personnel Advisory
Committee
Board of Directors
President & Chief
Executive Officer
Group Management
Committee
Group ESG Management Promotion Committee
Chief ESG Promotion Officer
Director in charge of Group Risk and Compliance
Secretariat
Corporate Sustainability / General Administration / Legal & Insurance
ESG Promotion Officer / Leaders
Responsible for ESG promotion in each company / department
General Meeting of Shareholders
Remuneration Advisory
Committee
Internal Audit Division
Group Companies
and Divisions
Audit & Supervisory Board
Audit & Supervisory
Board Members Office
Appointment /
Dismissal
Appointment /
Dismissal
Reporting
Reporting
Reporting
Reporting
Overall management
Proposal / Report
Proposal /
Report
Proposal / Report
Appointment / Dismissal
Supervision
Auditing
Internal
auditing
Instruction / Supervision
Instruction / Supervision
Appointment /
Dismissal
Advice
Account
auditing
Our Corporate Governance
Policy
Corporate Governance
Material Issue
Governance
80
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Board of Directors
The Board of Directors of ANA HOLDINGS INC. sets group-wide
management policies and goals, makes important decisions
for group management, and oversees the management and
business execution of each group company. The Board of
Directors is chaired by the chairman of the board. All directors,
including outside directors, and all members of the Audit &
Supervisory Board, including outside members, participate in
Board meetings.
The Personnel Advisory Committee discusses the selection
of director candidates and the dismissal of directors, and
reports to the Board of Directors. The committee, chaired
by an outside director, consists of four outside directors and
one inside director to ensure transparency and fairness in
the selection process of directors.
The Remuneration Advisory Committee consists of a majority
of outside directors, outside Audit & Supervisory Board
members, and outside experts to ensure fair and transparent
process of decision-making related to director remuneration.
The committee develops the director remuneration system
and director remuneration standards based on surveys of
director remuneration at other companies provided by outside
experts and reports to the Board of Directors.
Personnel Advisory Committee
Remuneration Advisory Committee
Chaired by the President & Chief Executive Officer, the Group
Management Committee consists of full-time directors, full-time
Audit & Supervisory Board members, and others, and functions
as an organization that complements the Board of Directors.
The role of the committee is to provide more timely and detailed
discussions of management matters.
Group Management Committee
Advisory Committees
Number of
Meetings 63
To ensure healthy development and to earn greater levels of
trust from society through audits, we appoint five individuals
to serve as Audit & Supervisory Board members who possess
extensive experience and the advanced expertise required to
conduct audits. The Audit & Supervisory Board strengthens
collaboration with the accounting auditors and the Internal
Audit Division. It also exchanges opinions with outside
directors on a regular basis.
Outside Audit &
Supervisory
Board Member
3
Audit & Supervisory
Board Member
2
5
Audit & Supervisory Board
Number of
Meetings 3
Term of
Office 1 year
Number of
Meetings 13
Term of
Office 4 years
Number of
Meetings 4
Term of
Office 1 year
Number of
Meetings 12
Term of
Office 1 year
Director
7
Audit &
Supervisory
Board Member
2
Outside Director
4
Outside Audit &
Supervisory
Board Member
3
16
Director
1
Outside Director
4
5
Outside Audit &
Supervisory
Board Member
1
Outside Director
4
Outside Experts
1
Director
1
7
Corporate Governance
81
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
7 INOUE Shinichi
Member of the Board of Directors
No. of shares of
the Company owned： 5,900
5 NAKAHORI Kimihiro
Director and Executive Vice President
No. of shares of
the Company owned： 3,100
6 TANEIE Jun
Director and Executive Officer
No. of shares of
the Company owned： 2,200
8 YAMAMOTO Ado
Outside Director
No. of shares of
the Company owned： 4,800
11 INOUE Yukari
Outside Director
No. of shares of
the Company owned： 2,000
9 KATSU Eijiro
Outside Director
No. of shares of
the Company owned： 4,100
10 MINEGISHI Masumi
Outside Director
No. of shares of
the Company owned： 500
4 NAOKI Yoshiharu
Representative Director,
Senior Executive Vice President
No. of shares of
the Company owned： 4,400
1 KATANOZAKA Shinya
Chairman of the Board
No. of shares of
the Company owned： 21,000
3 HIRASAWA Juichi
Representative Director,
Senior Executive Vice President
No. of shares of
the Company owned： 5,300
2 SHIBATA Koji
Representative Director,
President & Chief Executive Officer
No. of shares of
the Company owned： 11,400
1
2
4
3
7
6
5
8
11
9
10
Management Members: Directors
Corporate Governance
82
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Skill Matrix
Name
Position in the Company
Independent
Director
Executive
Officer
Assignments
Personnel
Advisory
Committee
Remuneration
Advisory
Committee
Knowledge, experience, and ability especially expected
Corporate
management
and long-term
strategy
Air transportation
business and
safety
Human
resources
development and
diversity
Finance and
accounting
Legal and risk
management
Sustainability
Technology and
innovation
Global
management
1
KATANOZAKA
Shinya
Chairman of the Board
• Chairman of the Board of Directors
●
●
●
●
●
2
SHIBATA Koji
Representative Director,
President & Chief
Executive Officer
• Chairman of the ANA Group Management Committee
• Head of Group ESG Management Promotion Committee
• In charge of the Internal Audit Division
●
●
●
●
●
●
●
3
HIRASAWA Juichi
Representative Director,
Senior Executive Vice
President
●
• In charge of Government & Industrial Affairs, Executive
Secretariat, Economic Security, Group Procurement
●
●
●
●
4
NAOKI Yoshiharu
Representative Director,
Senior Executive Vice
President
●
• Group CHO (Chief Human Resource Officer, Human
Resources, and Employee Relations), and Corporate Strategy
●
●
●
●
5
INOUE Shinichi
Member of the Board of
Directors
• President & Chief Executive Officer, ALL NIPPON AIRWAYS
CO., LTD.
●
●
●
●
●
6
NAKAHORI
Kimihiro
Director and
Executive Vice President
●
• Group CFO (Chief Financial Officer, Finance, Accounting,
and Investor Relations & Business Management)
●
●
●
●
7
TANEIE Jun
Director and
Executive Officer
●
• Chairman of Group ESG Management Promotion Committee
• In charge of Group Risk and Compliance, Legal & Insurance,
General Administration
●
●
●
●
●
8
YAMAMOTO Ado
Outside Director
●
○
Chairman
○
Chairman
●
●
●
●
9
KATSU Eijiro
Outside Director
●
●
●
●
●
●
●
●
10
MINEGISHI
Masumi
Outside Director
●
●
●
●
●
●
●
●
11
INOUE Yukari
Outside Director
●
●
●
●
●
●
●
Skill set
Reason for selection
Corporate management and
long-term strategy
In order to enhance corporate value through sustainable growth of the group, members of the Board who have abundant experience and knowledge on corporate management as well as creation and performance of long-term
corporate strategies are necessary.
Air transportation business
and safety
In order to enhance corporate value through the growth of the Air Transportation Business, which is the core business of the group, members of the Board who have knowledge and experience in the relevant business and who are
equipped with skills and expertise to promote deep understanding in safety, i.e., the core foundation of management, and wide acceptance of safety in corporate culture.
Human resources development
and diversity
In order to enhance corporate value through an increase in competitive power of the group, members of the Board who have skills and expertise to maximize individual capacities through training of human resources and to improve
the engagement of employees, as well as those who are capable of management of various human resources are necessary.
Finance and accounting
In order to enhance corporate value through efficient fund management of the group, members of the Board who have skills and expertise to achieve accurate financial reports and build a strong financial foundation and to make
well-balanced decisions based on growth investment and shareholder returns are necessary.
Legal and risk management
In order to enhance corporate value through stable business operation of the group, members of the Board who have in-depth knowledge of relevant laws and regulations, skills and expertise for establishing a proper corporate
governance system, and risk management capabilities are necessary.
Sustainability
In order to enhance corporate value by helping to achieve a sustainable society through the group business, members of the Board who are knowledgeable in environmental issues, human rights issues and other social issues, and
who also have skills and expertise to promote resolution of the same are necessary.
Technology and innovation
In order to enhance corporate value through technical innovation of the group, members of the Board who are knowledgeable in up-to-date air transportation technology concerning maintenance and flight operations, and those who
have skills and expertise to promote efficient business operation using digital technology as well as innovation and new business are necessary.
Global management
In order to enhance corporate value through global business development of the group, members of the Board who have in-depth understanding of global markets and who have abundant experience and expertise in ways of living,
culture, and business overseas are necessary.
Reasons for Skill Set Selection The set of expected skills of members of the Board of Directors were selected by the Company in accordance with the following reasons:
The above list does not represent all knowledge or experience of each individual.
Appointment of Directors
Corporate Governance
83
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Brief personal history
Major concurrent positions
Reason for selection
KATANOZAKA Shinya
Chairman of the Board of
Directors
2011 Executive Vice President
2015 President & Chief Executive
Officer, Representative
Director
2022 Representative Director,
Chairman
2024 Chairman of the Board
(present)
• Outside Director, Tokio Marine
Holdings, Inc.
• Outside Director, Kirin
Holdings Company, Ltd.
KATANOZAKA Shinya has extensive experience in sales, human resources, corporate planning, and other disciplines. He was appointed as president and
chief executive officer in April 2015 and helped the Company achieve growth for four consecutive years. In addition, he led measures to overcome the
business crisis resulting from COVID-19. His efforts included quickly securing liquidity on hand as well as formulating and implementing business structure
reforms. He served as representative director and chairman of the Board of Directors from April 2022 and as chairman of the Board, chairman of the Board
of Directors from April 2024, leveraging his extensive experience and track record to contribute to strengthening the functions of the Board.
SHIBATA Koji
Representative Director,
President and Chief Executive
Officer
2020 Member of the Board of
Directors
2021 Representative Director
2022 President & Chief Executive
Officer (present)
SHIBATA Koji has been involved in sales and international alliances for many years. As a member of the Board of Directors and executive vice president from
June 2020, and as representative director and executive vice president since April 2021, he has been in charge of the planning and execution of group
corporate strategy. As representative director, president and CEO since April 2022, he has been pursuing group management, always maintaining a global
perspective and placing the highest priority on safety. He contributes to strengthening the functions of the Board of Directors by leveraging his extensive
experience and achievements over his career.
HIRASAWA Juichi
Representative Director,
Senior Executive Vice
President
2022 Member of the Board of
Directors
2024 Representative Director
2025 Representative Director,
Senior Executive Vice
President (present)
HIRASAWA Juichi has been involved with the business planning and planning divisions for many years. From April 2018, he served as an executive officer of
ALL NIPPON AIRWAYS CO., LTD., a core subsidiary of the ANA Group, where he was in charge of implementing the Company’s management strategy. As
member of the Board of Directors since June 2022, as representative director and executive vice president since April 2024, and as representative director,
senior executive vice president since April 2025, he is primarily engaged in industrial strategies.
NAOKI Yoshiharu
Representative Director,
Senior Executive Vice
President
2024 Representative Director
2025 Representative Director,
Senior Executive Vice
President (present)
NAOKI Yoshiharu has extensive experience in human resources and sales. In April 2019, he was appointed as the executive officer in charge of the human
resources division of ALL NIPPON AIRWAYS CO., LTD., a core subsidiary of the ANA Group, where he reviewed the human resources system and worked
to develop human capital and improve employee engagement. As representative director and executive vice president from June 2024, and as representative
director, senior executive vice president from April 2025, he is in charge of planning and implementing corporate strategy of the Company and promoting
group management.
INOUE Shinichi
Member of the Board of
Directors
2022 Member of the Board of
Directors (present)
• President and Chief Executive
Officer of ALL NIPPON
AIRWAYS CO., LTD.
• Chairman of ALL JAPAN AIR
TRANSPORT AND SERVICE
ASSOSIATION CO., LTD.
INOUE Shinichi was involved in the establishment of Peach Aviation Limited, Japan’s first low cost carrier (LCC), and as representative director and CEO, he
has achieved rapid growth for the company. In addition, since April 2020, he has overseen the sales division as representative director and executive vice
president of ALL NIPPON AIRWAYS CO., LTD., a core subsidiary of the ANA Group. As representative director and president and CEO of the company from
April 2022, he has been pursuing management with safety as the top priority in order to put the company back on a growth trajectory to become a leading
global airline.
NAKAHORI Kimihiro
Director and
Executive Vice President
2024 Member of the Board of
Directors (present)
NAKAHORI Kimihiro has extensive experience in accounting and finance. He has ensured liquidity on hand during the COVID-19 pandemic and has worked
to secure a stable financial base as executive officer since April 2020 and as chief financial officer from April 2022.
TANEIE Jun
Director and
Executive Officer
2024 Member of the Board of
Directors (present)
TANEIE Jun has extensive experience in marketing. As an executive officer since April 2021 and as a senior executive officer since April 2023, she has been
working to raise awareness and promote DEI in the group. As director and executive officer since June 2024, she been working to strengthen overall risk
management and corporate governance.
Reasons for Appointment to Board of Directors
Directors
Appointment of Directors
Corporate Governance
84
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Internal
Directors
The Company selects directors from among candidates who have impeccable character,
extensive experience, broad insight, and advanced expertise. Ideal candidates have
the potential to contribute to improved policy-making, decision-making, and oversight
befitting a global airline group with widespread businesses centered on the Air
Transportation Business. Our selection is also made to ensure diversity in terms of
gender, nationality, race, ethnicity, age, and other factors within the scope of the Civil
Aeronautics Act and other relevant laws.
Outside
Directors
In addition, the group selects a multiple number of outside directors who possess
practical viewpoints based on extensive experience in corporate management, or who
possess unique global or regional viewpoints. These individuals must be independent
from the Company, and able to offer objective and expert opinions based on a
sophisticated knowledge of social and economic trends.
Reasons for Appointment of Outside Directors
Approach to Selection of Director Candidates
We recognize the importance of succession plans for the president, directors, and other
senior management for the survival of the Company and the sustainable enhancement of
corporate value. We select candidates for senior management and train these employees
to give them the knowledge, skills, and other qualities required for such positions. We
established the Personnel Advisory Committee to guarantee transparency and fairness in the
selection of candidates. The committee is chaired by an outside director and consists of four
outside directors and one internal director. The committee discusses the succession plan
for the president and representative director, the knowledge, skills, experience, and other
requirements of senior management, and the appointment and assignment of officers.
The committee also reports to the Board of Directors for the Board to make final decisions on
representative directors. Candidates and succession plans for executive officers and certain
department heads are also reported and shared with the Personnel Advisory Committee.
Succession Plan
Brief personal history
Major concurrent positions
Reason for selection
YAMAMOTO Ado
Independent Outside Director
2013 Outside Director
(present)
YAMAMOTO Ado has a wealth of experience and wide-ranging expertise in transportation industry management and as a top executive in
an economic organization. At meetings of the Board of Directors, he offers opinions and advice on safety and quality in public transportation
organizations, organizational management, human capital strategies, and other matters. He was appointed as a member of the Remuneration
Advisory Committee and the Personnel Advisory Committee in June 2016. In June 2020, he was appointed chair of the Remuneration Advisory
Committee and Personnel Advisory Committee.
KATSU Eijiro
Independent Outside Director
2020 Outside Director
(present)
• Special Counsel of Internet Initiative
Japan Inc.
• Outside Director of Nippon Television
Holdings, Inc.
• Member of the International Advisory
Committee, Mitsubishi Corporation
KATSU Eijiro has a wealth of experience and expertise as a government official, including his tenure as Vice Minister of Finance and his extensive
experience in ICT company management. He leverages this experience to provide opinions and advice on corporate strategies, investment
management, and risk management. He was appointed as a member of the Remuneration Advisory Committee and the Personnel Advisory
Committee in June 2020.
MINEGISHI Masumi
Independent Outside Director
2020 Outside Director
(present)
• Chairperson and Representative
Director of Recruit Holdings Co., Ltd.
• Outside Director of Konica Minolta, Inc.
MINEGISHI Masumi has led numerous new businesses to success at Recruit Co., Ltd. (now Recruit Holdings Co., Ltd.). Since April 2012,
he has contributed to a significant increase in the corporate value of company as representative director and through M&As of overseas
companies. He leverages his extensive experience as a company manager in consumer and service industries to provide opinions and advice
regarding management strategies, allocation of management resources, and investment management. He was appointed as a member of the
Remuneration Advisory Committee and the Personnel Advisory Committee in June 2022.
INOUE Yukari
Independent Outside Director
2025 Outside Director
(present)
• Managing Director of Kellogg (Japan)
G.K.
• Outside Director of Toyota Tsusho
Corporation
INOUE Yukari has held executive positions at global companies. Since July 2013, she has served as managing director of Kellogg (Japan) G.K.
and has contributed to the company’s business growth and brand value enhancement. She has expertise and extensive experience in global
business expansion and marketing.
Outside Directors
Appointment of Directors
Corporate Governance
85
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Reasons for Appointment of
Audit & Supervisory Board
Member
Skill Matrix
To ensure healthy development and to earn greater levels
of trust from society through audits, the Company appoints
individuals to Audit & Supervisory Board member positions
from both inside and outside the Company who possess
extensive experience and the advanced expertise required
to conduct audits. Our selections do not consider gender,
nationality, or other factors. The Company appoints at
least one individual who possesses appropriate levels of
knowledge related to finance and accounting.
Outside Audit & Supervisory Board members are selected
from among candidates who have advanced levels of
knowledge in a variety of areas and who are independent
of the ANA Group. These individuals include candidates
who are well-versed in corporate management, candidates
who have sophisticated knowledge of social and economic
trends, and candidates who have advanced knowledge in
finance, accounting, or legal matters.
KIKUCHI Shin was elected at the 80th General Meeting of
Shareholders.
Reason for selection
KIKUCHI
Shin
KIKUCHI Shin has abundant management experience
and broad insight, including in the area of investment
management, by having served as a Member of the
Board of Directors of an government-affiliated policy
financial institution for many years.
Name
Independent Director
Remuneration
Advisory Committee
Knowledge, experience, and ability especially expected
Air transportation
business and
safety
Finance and
accounting
Legal and risk
management
Sustainability
KIKUCHI Shin
●
●
●
●
FUKUZAWA Ichiro
●
●
KAJITA Emiko
●
●
●
OGAWA Eiji
●
●
●
MITSUHASHI Yukiko
●
●
●
KAJITA Emiko
Audit & Supervisory
Board Member
FUKUZAWA Ichiro
Audit & Supervisory
Board Member
KIKUCHI Shin
Outside Audit & Supervisory
Board Member
OGAWA Eiji*
Outside Audit & Supervisory
Board Member
MITSUHASHI Yukiko*
Outside Audit & Supervisory Board
Member
The above list does not represent all knowledge or experience of each individual.
Approach to Selection of
Candidates for Audit &
Supervisory Board Members
* Independent Audit & Supervisory Board members
Management Members: Audit & Supervisory Board Members
Corporate Governance
86
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Major Agenda Items for the Board of Directors (FY2024)
Strategy Discussion Topics
1. Items Related to General
Meetings of Shareholders
Proposals to be submitted to General Meetings of Shareholders for
approval
2. Items Related to Directors,
Corporate Executive Officers,
the Board of Directors, etc.
Selection of director candidates and corporate executive officers
Results of the evaluation of the effectiveness of the Board of Directors
Policies for officer remuneration
3. Items Related to Financial
Results
Financial results and earnings forecasts
Reports from group companies
Evaluations from the capital market (Feedback and comments from investors)
4. Items Related to Shares and
Capital
Making Peach Aviation Limited a wholly owned subsidiary
5. Items Related to Organizational Restructuring
6. Items Related to Personnel and Organizations
7. Items Related to Disposal and
Receipt of Important Assets
Aircraft and engine procurement, sales, and leases
System investment and capital investment
8. Items Related to Major Debts
Funding plans and bond issuances
9. Items Related to Corporate
Governance
Climate-related and biodiversity-related information disclosures
Compliance with the Modern Slavery Act of the U.K. and Australia
Internal audit plans and results reports
Group ESG Management Promotion Committee report
Valuation of cross-shareholdings
10. Other Items
Air Transportation Business safety measures
Progress in acquiring shares of Nippon Cargo Airlines Co., Ltd.
Progress of metaverse business
Status report on strategic investments
Net Promoter Score (NPS) survey results
ANA’s Way Survey (employee engagement survey) results
Personnel Advisory Committee and Remuneration Advisory
Committee reports
Topics
Major Details
Corporate
Strategy
We discussed forward-looking strategies to support sustainable growth and
enhance corporate value of the ANA Group. These strategies included target
profit levels, the digital transformation strategy, capital and financial policies,
and measures to strengthen management oriented toward the cost of capital
and share price.
Business
Strategy
We discussed fleet, marketing, network, and international alliance strategies
for fiscal 2035 to strengthen competitiveness and improve profitability in the Air
Transportation Business, the core business of the ANA Group.
Sustainability
and Risk
Management
We discussed policies to address the urgent issue of decarbonization in the
airline industry, aiming to solve social issues, create a sustainable society, and
enhance corporate value. We also clarified our vision of the Company, society,
and our business model, and reviewed the social issues (material issues) that
the ANA Group recognizes as critical to deepen our value creation story.
We established a basic policy for total risk management to comprehensively
manage risks across the ANA Group and address key risks appropriately in our
operations to prevent damage to corporate value. Discussions also included
the identification of top-priority risks.
Matters related to fleet
plans, investments,
asset sales, etc.
Matters related to the General
Meeting of Shareholders,
Board of Directors, etc.
Important
matters,
including
corporate
strategy and
business plans
Other
Matters related
to financial results
71.6%
3.3%
2.9%
6.2%
16.2%
Changes in Board Meeting
Length
2020
2021
2022
2023
2024
28.9
34.4
35.4
35.2
34.2
hours
(FY)
In fiscal 2024, we streamlined Board
of Director operations by securing
sufficient time for deliberation,
revising the regulations to delegate
authority to the executive side, and
enhancing pre-briefings for outside
directors.
The Board of Directors focused
on important matters, including
corporate strategy and business
planning, and discussed
medium- to long-term
management issues for fiscal
2026 and beyond.
Discussion by Agenda
Topic (FY2024)
The ANA Group focuses on corporate strategy items that enhance medium- to long-term corporate value
and enrich related discussions.
Initiatives to Strengthen Governance Structure
Corporate Governance
87
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Directors’
composition
Audit &
Supervisory
Board’s
composition
Organizational format
Enhanced medium-
to long-term
discussions
Enhanced input
opportunities for
outside directors
Officer remuneration
2015
Established the share
remuneration plan
2013
Transitioned to a holding company structure
Established the Remuneration Advisory
Committee
Renamed to the Group CSR Promotion
Committee
2016
Established the Personnel Advisory Committee
Renamed to the Group CSR Risk Compliance Committee
2020
Renamed to the Group ESG
Management Promotion Committee
2022
Established a strategy
discussion category dedicated
to medium- to long-term
discussions
2020
Established a special meeting for reports and
Q&A separate from Board meetings for medium-
to long-term management issues
2013
Explained all proposals to outside directors prior to the
Board of Directors’ meetings as a general rule
2018
Adopted non-financial indicators as KPIs for officer remuneration
2021
Established forums to explain management issues at major
group companies from directors in charge
Held annual discussions among financial statement auditors
and outside directors
2019
Extended meeting time
(from two to three hours)
7 Internal
directors
(7 male, 0 female)
3 outside
directors
(2 male, 1 female)
10
30%
2 Internal
members
(2 male, 0 female)
3 Outside
members
(3 male, 0 female)
5
60%
2017
Began effectiveness
evaluation
7 Internal
directors
(7 male, 0 female)
7 Internal
directors
(6 male, 1 female)
2 Internal
members
(2 male, 0 female)
2 Internal
members
(1 male, 1 female)
4 outside
directors
(3 male, 1 female)
4 outside
directors
(3 male, 1 female)
3 Outside
members
(2 male, 1 female)
3 Outside
members
(2 male, 1 female)
11
11
5
5
36%
36%
60%
60%
2013–
2023–
2024–
2013–
2022–
2023–
2018
Conducted annual town meetings between employees and
outside directors in the current business divisions
Board of Directors’ composition
Improve the effectiveness of
the Board of Directors
2018
Reorganized agenda items
and reviewed operating rules
and regulations
Initiatives to Strengthen Governance Structure
Corporate Governance
88
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Cross-Shareholdings
Equity Alliances with Airlines
We believe that it is essential to maintain and strengthen collaborative relationships with our
business partners for further growth and development of group businesses. The ANA Group,
consisting mainly of our Air Transportation Business, engages in cross-shareholding when
we deem such holdings to contribute to improved corporate value over the medium to long
term from the viewpoint of continuing smooth business, maintaining business alliances, and
growing profits through strengthening business relationships.
We changed our policy on cross-shareholdings from “explain” to “comply” in the
Corporate Governance Report submitted at the end of April 2025. The ANA Group will
continue to hold shares in companies closely tied to the Air Transportation Business, as well
as companies involving collaboration in tourism and other similar areas. However, we will
reduce holdings with limited strategic relevance by the end of fiscal 2028. ANA HOLDINGS
held 119 cross-shareholdings for purposes other than pure investment, including 89 unlisted
stocks, as of the end of fiscal 2024. The total balance sheet value stood at ¥101,390 million (of
which ¥8,136 million were unlisted stocks).
The total amount of airline stocks held by the Company
on the balance sheet was ¥40,217 million, accounting
for 39.7% of cross-shareholdings. The purpose of these
holdings is as shown below.
1 PAL HOLDINGS, INC.
(Parent Company of Philippine Airlines)
Strengthen strategic partnership with PAL HOLDINGS, INC. and
Vietnam Airlines JSC through a wide range of business alliances,
including code-sharing and mileage program alliances, the
dispatch of directors, and outsourcing of airport operations.
2 Vietnam Airlines JSC
3 Star Flyer Inc.
Strengthen strategic partnership with Star Flyer Inc. through a
wide range of business alliances, including code-sharing, the
dispatch of directors, and outsourcing of airport operations.
4 Skymark Airlines Inc.
Strengthen strategic partnership with Skymark Airlines Inc. through
a wide range of business alliances, including the outsourcing of
maintenance work.
Airlines
40%
Breakdown
of Cross-
Shareholdings
Action / Plan Identify Issues
Action / Plan Identify Issues
Do Improvement Initiatives
Do Improvement Initiatives
Check Evaluate
FY2023
FY2024
FY2025
Management
Although we made some progress, we must
further streamline Board meeting operations
as there is insufficient time for discussions of
important corporate strategies.
We will hold separate study sessions
for outside directors as needed for
major strategic topics related to the
Air Transportation Business.
The Board of Directors revised the Board of
Directors Regulations and rearranged agendas
regarding matters of less importance.
We enhanced the explanations for outside directors
prior to meetings and shared outside director
input with all meeting participants to improve the
efficiency and depth of Board discussions.
Board operations have
reached a certain level of
effectiveness, but we must
improve efficiency further.
The enhanced explanations provided to outside directors prior
to meetings and the sharing of outside director input were well
received.
Some directors found the time allocation appropriate, while others
believed certain agenda items lack sufficient discussion time.
Some directors suggested holding sessions outside the Board to
help outside directors build knowledge on major strategic topics.
Discussion
Details
Our allocation of dedicated time for strategic
discussions has been well received.
Members request that we focus on medium- to
long-term management issues and important
issues to enrich our discussions further.
We will strengthen Board discussions
further by presenting options, issues
to be discussed, and risk scenarios
based on the market, competition,
and the current state and underlying
assumptions of our competitive
strength.
The Board discussed and selected annual topics at
the beginning of the fiscal year regarding important
management issues to be discussed by the Board.
Discussions in fiscal 2024 focused on the Air
Transportation Business, including environmental
outlook, resource allocation, and individual
business strategies under the medium- to long-
term strategy.
Directors expect us to present
underlying assumptions and
difficult management decisions
for consideration within the
context of overall strategy,
rather than discussing topics
under a predetermined
direction.
While the time secured for medium- to long-term discussions
on the Air Transportation Business was well received, some
directors called for an enhanced analysis of the business
environment to support individual strategy topics.
We were expected to present strategic options and issues to be
discussed, rather than discussing topics under a predetermined
direction.
Some directors emphasized the need to incorporate risk
scenarios into strategic discussions on a consistent basis.
Provision
of Materials
to Outside
Directors
Some directors commented there are too many
materials and it is difficult to understand the main
points of these materials, urging us to examine
the contents of the materials closely.
We will include the status of discussions
(supporting and opposing views) from
internal meetings in materials provided
to the Board of Directors to clarify
where the issues lie.
We worked with the corporate planning division to
review the content and improve the materials for
Aviation’s meetings.
Some directors call for Board
materials to include the points
raised and opposing views in
internal meetings, as these
discussions have not been
sufficiently shared.
Some directors noted a lack of communication around points
raised and opposing opinions in internal discussions.
Front Line
Visits and Town
Meetings
Front line visits and town meetings* with the cargo
division received strong positive feedback.
Front line visits and town meetings are extremely
effective in understanding the front lines.
We will make further enhancements
based on the interests of the outside
directors and the challenges the
Company faces.
In fiscal 2024, we observed Peach Aviation’s
operations and held a town meeting.
Front line visits and town meetings
are extremely effective in
understanding business.
Front line visits and town meetings for Peach Aviation received
strong feedback, with some directors commenting that these
efforts reaffirmed the importance of visiting the front line.
* Dialogue between officers and employees
Efforts to Improve the Effectiveness of the Board of Directors
Corporate Governance
89
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Conceptual Diagram for the Officer Remuneration System
Fixed
Variable
Remuneration
limits
Ratio
1
0.67
*1
Remuneration
Basic
remuneration
Bonuses
Stock-based
compensation
(long-term incentive)
Internal
directors
Payment
according
to title, etc.
Measure for
fiscal year results
according to
various criteria
Net income
Safety
Customer
satisfaction
Employee
satisfaction
Evaluate
contributions to
corporate value
over the medium
to long term
Return on equity
(ROE)
Non-Air Business
and ANA Economic
Zone indicators
ESG indicator
Productivity
Annual total for
and
is limited
to a maximum of
¥960 million
Per resolution at the 66th Ordinary
General Meeting of Shareholders,
held on June 20, 2011
Annual maximum
of 40,000 shares
*2
Per resolution at the 70th Ordinary
General Meeting of Shareholders,
held on June 29, 2015
Outside
directors
Uniform
payment for
all members
―
―
Audit &
Supervisory
Board
members
Payment
according to
status as
full-time or
part-time
―
―
Annual maximum of
¥180 million
Per resolution at the 74th Ordinary
General Meeting of Shareholders,
held on June 21, 2019
Payment
method
Monthly
(cash)
Annually (cash)
Multi-year
evaluation
*3
*1 The Company determined to pay within a range from 0.0 to 0.92 times according to the degree of achievement for annual
performance targets.
*2 It was resolved at the 70th Ordinary General Meeting of Shareholders of the Company, held on June 29, 2015, that the maximum
amount of share remuneration per year would be 400,000 points per fiscal year (400,000 shares of Company common stock).
However, the number of shares is based on before the reverse stock split on October 1, 2017, and includes 40,000 points (40,000
shares of Company common stock) after the reverse stock split.
*3 Upon retirement, stock-based compensation is granted during a term of office will be delivered in the form of shares (or partly in
cash equivalent to the amount when converted to market value) through the stock delivery trust.
The basic policies for director remuneration are as follows.
• We set compensation at a level commensurate with the role and responsibility of each position.
• This will contribute to the enhancement of medium- to long-term corporate value.
• We will incorporate stock-based compensation that allows us to share profits with our
shareholders.
• A Remuneration Advisory Committee, chaired by an outside director and consisting of
a majority of outside directors, will be established to ensure a fair and transparent decision-
making process.
Basic Policies for Director Remuneration
1
The Board of Directors decides director remuneration after deliberation of the details, taking
into account reports by the Remuneration Advisory Committee. The total amount of director
remuneration shall be within the scope of the amount approved at the Ordinary General Meeting
of Shareholders.
Procedures for Determining Remuneration
2
Internal
directors
In addition to a fixed basic remuneration, remuneration for directors includes an
annual variable performance-linked bonus and long-term incentive stock option plan
as a means of providing healthy incentives for pursuing sustainable growth for the
Company. The ratio of fixed basic remuneration to bonuses/stock options for total
remuneration is 1:0.67 (fixed to variable) if annual performance targets have been
accomplished. The ratio of variable remuneration ranges from 0.0 to 0.92 times
according to the degree of achievement for annual performance targets.
Bonuses
We use net income, safety, customer satisfaction, and employee
satisfaction as indicators that reflect the performance and basic
quality for a single fiscal year. Bonuses are determined based on
the scores of each indicator.
Stock-based
Compensation
We use ROE, Non-Airline Business and ANA Economic Zone
indicators, ESG evaluation indicators, and a productivity indicator
as indicators of improved corporate value over the medium to long
term and of sustainable growth. Stock-based compensation is
determined based on the scores of each indicator.
Outside
directors
Remuneration for outside directors consists of fixed compensation (monthly
compensation) without a performance-linked portion. This compensation encourages
outside directors to exercise their supervisory functions from an independent standpoint.
Audit &
Supervisory
Board
members
Remuneration for both inside and outside Audit & Supervisory Board members
consists of fixed compensation (monthly compensation) without a performance-linked
portion. This compensation encourages those members to exercise their supervisory
functions from an independent standpoint.
Remuneration levels for members of the Audit & Supervisory Board are determined
in line with remuneration at other companies and in consultation with outside experts.
Remuneration System
3
Payment criteria
Director and Audit & Supervisory Board Member Remuneration
Corporate Governance
90
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Bonuses
The payment coefficient is determined by combining the following
four indicators. The figures in the graph show the percentage of each
indicator related to the total bonus when a target is achieved (minimum
0%, maximum 150%).
Payment Concept: Bonus
Payment Concept:
Stock-Based Compensation
Minimum
(0%)
Minimum
(0%)
Target Achieved
(100%)
Target Achieved
(100%)
Maximum
(150%)
Maximum
(125%)
■Net income ■Customer satisfaction ■Employee satisfaction
■ROE ■Non-Airline Business and ANA Economic Zone ■ESG ■Productivity
Net income target: Net income attributable to owners of the parent company indicated in the annual
business plan
Customer satisfaction target: Net Promoter Score (NPS) in the NPS survey indicated in the annual
business plan
Employee satisfaction target: Points scored in the ANA’s Way Survey (employee engagement survey)
Safety target: Indicator for a reduction in payment as a result of a security or safety event that has a
significant impact on society (to be confirmed by the Remuneration Advisory Committee)
We paid out 85% of the targeted bonus in fiscal 2024.
ROE target: ROE as of the end of fiscal 2025 in the medium-term business plan
Non-Airline Business
and ANA Economic Zone: Target values at the end of fiscal 2025 indicated in the medium-term business
plan: (1) Non-Air operating revenues, (2) Non-Air operating income, and (3)
Size of the ANA Economic Zone
ESG target: Target values for the following three evaluation indicators as of the end of fiscal 2025 (1)
Selection as a component of the Dow Jones Sustainability Index, (2) CDP A- rating, and (3)
CO2 emissions
Productivity: Target productivity improvement index at the end of fiscal 2025
Performance-linked remuneration for internal directors is calculated based on the following approach.
50
20
30
25
25
25
25
92.5
20.0
37.5
50
25
25
25
Fiscal 2024 Director and Audit & Supervisory Board Member Remuneration
Notes:
1. The table above includes two outside Audit & Supervisory Board members who resigned as of the end of the 79th Ordinary General Meeting of Shareholders, held on June 27, 2024.
2. We estimate and record share remuneration for directors during the period under review, with a three-year evaluation period from fiscal 2023 to fiscal 2025.
3. It was resolved at the 66th Ordinary General Meeting of Shareholders of the Company, held on June 20, 2011, that the maximum amount of remuneration of directors per year would be ¥960 million. There were 17 directors (including two outside directors) as of the close of
this Ordinary General Meeting of Shareholders. It was resolved at the 70th Ordinary General Meeting of Shareholders of the Company, held on June 29, 2015, that the maximum amount of share remuneration per year would be 400,000 points per fiscal year (400,000 shares of
Company common stock). However, the number of shares is based on before the reverse stock split on October 1, 2017, and includes 40,000 points (40,000 shares of Company common stock) after the reverse stock split. There were seven directors (excluding outside directors)
as of the close of this Ordinary General Meeting of Shareholders.
4. It was resolved at the 74th Ordinary General Meeting of Shareholders of the Company, held on June 21, 2019, that the maximum amount of annual remuneration for Audit & Supervisory Board members per year would be ¥180 million. There were five Audit & Supervisory Board
members as of the close of this Ordinary General Meeting of Shareholders (including three outside Audit & Supervisory Board members).
5. The amounts listed above are rounded down to the nearest million yen.
Number of persons
eligible
Total amount of remuneration,
etc. (¥ millions)
Total amount by type (remuneration, etc.) (¥ millions)
Basic remuneration
Bonuses
Stock-based compensation
Directors
11
471
321
72
77
(Outside directors)
(4)
(60)
(60)
(—)
(—)
Audit & Supervisory Board members
7
144
144
—
—
(Outside Audit & Supervisory Board members)
(3)
(69)
(69)
(—)
(—)
Total
18
615
465
72
77
(Outside directors)
(7)
(130)
(130)
(—)
(—)
Calculation Method
Stock-Based
Compensation
The payment coefficient is determined by combining the following
four indicators. The figures in the graph show the percentage of each
indicator related to the total stock-based compensation when a target
is achieved (minimum 0%, maximum 125%).
Director and Audit & Supervisory Board Member Remuneration
Corporate Governance
91
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Pursuing an Effective Governance Structure Toward
Sustainable Corporate Value Enhancement
KATANOZAKA The ANA Group continues to strengthen
governance by allocating more time for discussion at
Board of Directors meetings and providing more detailed
explanations to directors in advance. The Company also
pursues new initiatives, including an updated policy on
cross-shareholdings. The current ANA Group Corporate
Strategy is progressing well, and the Company is restoring
our financial base to pre-COVID levels. We are grateful to
our outside directors for their contributions to improving
the quality of decision-making, bringing their diverse
knowledge. The topic of today’s discussion is improving
the ANA Group’s corporate value over the medium to long
term. We welcome your candid opinions on the previous
year’s deliberations and key issues for future growth.
Values, Mottos, and Impressions of
the ANA Group
KATANOZAKA First, I want to ask a question of Ms.
Inoue, our newest outside director who was appointed at
the June 2025 Ordinary General Meeting of Shareholders.
You have served as a top executive at a global consumer
goods company for many years. What values and mottos
do you believe are important, and what is your impression of
the ANA Group?
MINEGISHI
Masumi
Independent Outside Director
YAMAMOTO
Ado
Independent Outside Director
KATANOZAKA
Shinya
Chairman of the Board
KATSU Eijiro
Independent Outside Director
INOUE Yukari
Independent Outside Director
Outside Director Roundtable Discussion
Corporate Governance
92
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
INOUE I value the spirit of gratitude and humility. I am
grateful for the opportunities and encounters I have had,
and I try to remember to be humble enough to always keep
learning. At the same time, I try to embody the never-give-
up spirit. This is the philosophy I hope to contribute to ANA
Group management.
The ANA Group has an impression of being modern and
cutting-edge. I’m sure this image has been shaped by the
Company’s constant willingness to take on challenges,
including the launch of new international routes and its
membership in the Star Alliance, which is the world’s largest
airline alliance. The newness that customers feel each time
they use ANA is a major attraction.
KATANOZAKA Thank you. I have high expectations
that Ms. Inoue’s new perspective and active input, based on
her diverse experience, will be a strong driver of ANA Group
transformation.
Efforts to Strengthen Governance
KATANOZAKA I think the function of the Board of
Directors improved in fiscal 2024, including devoting more
time to discussions from a medium- to long-term
perspective. What is your assessment?
YAMAMOTO I think that the governance of the Board of
Directors has improved dramatically over the past several
years. Where the number of speakers had been limited, the
meeting has transformed into a lively forum where every
participant feels comfortable in challenging each other’s
opinions. In particular, the in-depth briefing from the
secretariat allows us as outside directors to enter the
proceedings with enough information to hold more
substantive and in-depth discussions.
The atmosphere at Board meetings is friendly, but there
is a healthy tension between internal and outside Board
members. We aren’t afraid to raise incisive criticisms that go
to the heart of a matter. We appreciate the time being set
aside to discuss matters from a medium- to long-term
perspective, including post-COVID growth strategies. I think
governance is functioning effectively to enhance corporate
value, including opportunities to bring new knowledge
gained from front line visits.
KATANOZAKA Thank you. I think front line visits are very
useful in assuring the quality of discussions. Outside directors
participate in frank exchanges of opinions at the front lines,
receiving feedback from employees and learning about the
challenges we face. These experiences have been significant
in fostering active discussions at Board of Directors meetings.
Management That Is Conscious of
the Cost of Capital and Stock Price
KATANOZAKA Next, I want to address the Tokyo Stock
Exchange’s request that companies take measures to engage
in management that is oriented toward the cost of capital
and stock price. Do you have any remarks regarding past
results and future issues related to this topic?
KATSU The company sent a strong message to the
market through a clearly stated management policy about
orientation toward the cost of capital and stock price,
including specific targets of a price-to-book ratio of 2 times
and an ROE of at least 12%. Share prices are an indication
of future growth expectations, and it is our responsibility to
meet those expectations. Initiatives to achieve these goals
will continue to be important going forward. To this end, we
must resolve several key issues: the strategic procurement
of aircraft, which can be a constraint to growth; a growth
strategy for the Air Transportation Business, focusing on
international routes to enhance profitability; addressing the
cost of capital; and developing the human capital who will
support these efforts. We must address these issues
through more in-depth discussions at Board of Directors
meetings and by strengthening communication with
investors, which will lead to the sustainable enhancement
of corporate value.
KATANOZAKA Thank you. One initiative symbolic of
management oriented toward the cost of capital and stock
price was the discussion regarding the order of 77 aircraft
announced at the end of February 2025. In the past, orders
were often approved as proposed. This time, we engaged
in detailed discussions from the viewpoint of whether the
investment would generate solid returns in the future. We
Outside Director Roundtable Discussion
Corporate Governance
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
revised our order plan in part due to these discussions.
The changes are, I believe, a true reflection of the practice
of management oriented toward capital efficiency. Goals of
a PBR of 2 times and an ROE of at least 12% are ambitious.
But we intend to overcome these challenges one by one
and achieve a higher corporate value.
Material Issues
KATANOZAKA We redefined our material issues for
the first time in about ten years, reflecting the changes in
the management environment. What are your thoughts on
the results of Board of Directors efforts to establish a common
understanding of important management issues and the value
creation process to enhance the corporate value of the ANA
Group? What do you see as future challenges?
YAMAMOTO Redefining the material issues was an
unavoidable part of solidifying the framework of a value
creation story that will form the basis of the next ANA Group
Corporate Strategy. The Board of Directors met twice
regarding this topic and conducted quite lively discussions.
We engaged in a process that refined the initial proposal
into something more concrete and practical, fostering a
deeper common understanding among the directors. In the
end, the eight material issues, expressed in concrete terms,
clearly convey the direction of the ANA Group. This clarity
benefits not only us as directors, but also the employees
who work hard every day, the customers, and the other
stakeholders.
KATANOZAKA As you say, redefining material issues
was an extremely important process for the ANA Group.
As the Board of Directors initially discussed the proposal
developed by the secretariat, the discussion became so
heated that we had to schedule a second meeting at a
later date. These detailed discussions helped us refine
material issues into something more than mere words, but
rather something that will lead to action by every individual
employee.
YAMAMOTO Through painstaking discussions in the
Board meetings, we developed two axes for the material
issues: Establishing competitive advantage and building a
foundation for sustainable growth. I appreciate the Company’s
accomplishment in creating refined, specific phrases that
relate directly to the actions of each employee. I expect these
material issues to become intimately familiar throughout the
ANA Group and function as a compass for daily operations.
Discussion of Strategies From
a Medium- to Long-Term Perspective
KATANOZAKA In the previous year, we held a series of
discussions from a long-term perspective on the topic of the
ANA Group vision for 2035 to achieve post-COVID growth.
What are your thoughts on the outcome of these discussions?
MINEGISHI The unprecedented crisis of the COVID-19
pandemic had us focusing all efforts on short-term survival.
Last year, the business environment moved more toward
normalization. We had the luxury to sit down and discuss
growth strategies from a long-term perspective, or the ANA
Group vision for 2035. The opportunity signaled that ANA
Group management entered a new phase, ready to formulate
a corporate strategy backcasting from long-term goals.
KATANOZAKA Yes, I agree. While investors expect
growth, they also assess the likelihood of such growth with
a sharp eye. The word likelihood has become a common
term in the language of the Board of Directors, allowing us
to examine the relevance of strategies from multiple
perspectives and to improve accuracy. The process itself
is proof of sound governance.
MINEGISHI As the formulation of the next ANA Group
Corporate Strategy is in full swing, I think the most important
topics to be discussed are how to accelerate growth through
Outside Director Roundtable Discussion
Corporate Governance
94
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
added value while gaining more precision in risk management.
Besides growing earnings based on demand forecasts, another
major topic of discussion will be how to create added value
through digital transformation and innovation. For these initiatives
to be successful, we must clarify specific responsibilities, set
KPIs to measure success, and establish a highly transparent
system to monitor progress. At the same time, geopolitical
risks and the reemergence of pandemics increase uncertainty
in the business environment. While we assume the base plan
will proceed smoothly, we must prepare alternative plans
assuming multiple risk scenarios. This approach will increase
resilience to changes in the environment and strengthen the
likelihood that plans will be accomplished.
KATANOZAKA As you say, balancing accelerating growth
and risk management will be the most important topic in the
next ANA Group Corporate Strategy. In terms of existing
business, domestic routes face the most difficult environment.
We are already in public-private discussions on ways to
improve profitability. We continue to optimize our business
portfolio while preparing against risk scenarios and formulating
strategies to build a strong management foundation capable
of sustainable growth in any environment.
Dialogue With Investors
KATANOZAKA Smooth communications with investors
and fostering relationships of trust have become increasingly
important. What is your opinion on how the ANA Group should
communicate with investors in our pursuit of long-term
corporate value enhancement?
KATSU Building relationships of trust with investors is
an essential part of long-term corporate value enhancement.
The key is to present a detailed and clear picture of the ANA
Group growth strategy based on facts. Information disclosures
must be fair to all investors, and the Company should avoid
surprising the market with sudden announcements. Even in
the event of an unexpected development, relationships of
trust cultivated through close communication over time should
engender an understanding among investors. Constructive
dialogue on a daily basis is the most important foundation in
the relationship with investors.
KATANOZAKA Yes, I agree. Constructive dialogue with
investors is fundamental to enhancing corporate value. Top
management continues to take the initiative in one-on-one
meetings with overseas investors. Explaining the ANA Group
growth strategy in detail and with greater transparency from
a more multifaceted perspective aids the important task of
building unwavering relationships of trust.
Creating Social Value
and Economic Value in Parallel
KATANOZAKA As the final question, what should
the ANA Group keep in mind to achieve sustainable
enhancement of corporate value? What should the group
consider in balancing social value and economic value?
INOUE In terms of social value, I think the Company
must streamline domestic flight operations further, obviously
built on an unassailable foundation of safety. The Company
must fulfill its role as social infrastructure by eliminating
inefficiencies and building a stronger management foundation.
At the same time, maximizing customer satisfaction is key
to economic value, or in other words, improving profitability.
The ANA Group needs to differentiate from the competition
through exceptional experience value of the type that only
the ANA Group can offer. Another important aspect is a
perspective that encompasses the customer experience
value not only on the aircraft, but also in the airport.
Public-private partnerships to enhance the international
competitiveness of Japan’s major airport hubs will also
support the sustainable growth of the ANA Group.
KATANOZAKA Thank you for your insightful comments.
We intend to accomplish our responsibilities as social
infrastructure and provide experience value that becomes
the choice of customers as we build a greater presence for
the ANA Group in the world.
In today’s discussion, we heard thought-provoking opinions
from our outside directors regarding how to enhance the
ANA Group’s corporate value over the medium to long term.
We once again recognize that objective and incisive
comments from outside directors are indispensable in
gaining a broader perspective among our management
team and for fostering in-depth discussions. It is my hope
that we deepen discussions in Board of Directors meetings
further as a way for the ANA Group to continue earning the
trust of society and growing sustainably in the future. Thank
you for your participation today.
Outside Director Roundtable Discussion
Corporate Governance
95
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Risk Management—Preserving Corporate Value Through Safe and Reliable Business Operations
The ANA Group takes steps to identify, analyze, and appropriately address risks with the potential
to impact management severely. In addition, we have developed group-wide frameworks to
minimize the impact of risks and prevent reoccurrence in case risks materialize.
Under policies determined by the Board of Directors, the Group ESG Management Promotion
Committee monitors the progress of measures in accordance with the ANA Group Total Risk
Management Regulations, which stipulate the basic terms of the group’s risk management
system. Under the Chief ESG Promotion Officer (CEPO), who is responsible for the
promotion of ESG management (promotion of risk management and information security),
each group company has established a risk management system by having in place an ESG
Promotion Officer (EPO), responsible for ESG overall, and an ESG Promotion Leader (EPL),
responsible for active promotion. Risks related to sustainability are handled within the overall
risk management framework.
Risk Management Structure
Major Initiatives
The ANA Group is taking steps to minimize exposure to legal risks and prevent incidents that could diminish corporate value.
Compliance—Maintaining Corporate Value by Enhancing Internal Systems and Instilling Our Policy Further
We have established a compliance system based on the ANA Group Compliance Regulations
to ensure compliance with laws, regulations, and other norms related to our business activities.
The Group ESG Management Promotion Committee monitors the progress of our measures
in this area. Under the Group ESG Management Promotion Committee, we strive to
strengthen awareness of compliance throughout the entire group. We appoint an ESG
Compliance Implementation Structure
Promotion Officer (EPO) and an ESG Promotion Leader (EPL), responsible for promoting
compliance at each group company. Our major initiatives in this area include education on
legal compliance, providing information on the intranet, enhancing the internal reporting
system, and compliance surveys of ANA Group companies.
The ANA Group identifies and assesses all risks that could interfere with achieving our management
targets. At the same time, we continue to advance our ANA-style ERM and bolster governance
toward sustainable corporate value improvement. In fiscal 2024, the Board of Directors discussed
and made decisions on policies and key risks, laying a foundation for stronger operational systems.
ANA-Style Enterprise Risk Management (ERM)
Spotlight
Business Continuity Plan (BCP)
Information Security
Data & Privacy Governance
Learn More
Learn More
Group
Company A
Group
Company B
Group
Company C
Monitor progress of measures
Oversee risk management
Determine policy
Identify risks
Analyze and evaluate
Consider and implement
countermeasures
Monitor
Collect information
Implement initial response
Determine causes
Formulate measures to prevent
reoccurrence
ESG Promotion Leader (EPL)
ESG Promotion Officer (EPO)
Board of Directors
Group ESG Management
Promotion Committee
Identification of key risks for the ANA Group
Chief ESG Promotion Officer (CEPO)
EPO
EPL
EPO
EPL
Instruction / Supervision
Instruction /
Supervision
Proposal / Report
Report /
Consultation
Comprehensive
understanding of
group-wide risks
General Administration
Risk Management
Team
General
General
General
Preventive
Measures
Crisis
Response
Learn More
Risk Management and Compliance
96
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Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
Internal Dialogue
Outside Director Town Meeting Initiatives
(Reference) Our Initiatives
Fiscal
2024
Topics
Since fiscal 2018, the ANA Group has been providing opportunities for town
meetings in which outside directors can engage in direct dialogue with managers
across various group departments. The purpose of these meetings is to gain
a deeper understanding of the group’s business and corporate culture, and to
assist in the future management of the Board of Directors. In fiscal 2024, we
held dialogue sessions with members of Peach, which is responsible for the ANA
Group LCC business. We shared updates on quality improvement initiatives,
current challenges, and future directions.
Initiatives to Improve Quality
at Peach and Future Issues and Direction
Fiscal Year
Division
Company and Department Name
Fiscal 2018
Maintenance
ANA Engineering & Maintenance Center,
Each Group Maintenance Company
Fiscal 2019
Flight
Operations
ANA Flight Operations Center
Fiscal 2020
Marketing
ANA CX Management Office
Fiscal 2021
Human
Resources
ANA Group Human Resources Strategy
Department
Fiscal 2022
Cabin
ANA Inflight Services Center
Fiscal 2023
Cargo
ANA Cargo Marketing & Services
Fiscal 2024
LCC
Peach (corporate planning, sales
strategy, brand strategy, etc.)
Current Challenges and
Initiatives
1
Topic
Future Target Segments and
Market Positioning of Peach
2
Topic
Peach Strengths and
ANA Group Strategy
3
Topic
Current Challenges Facing Peach
As Peach expands its operations, the increase in bases
and the growing complexity of its network have made
it more difficult to maintain service quality. Combined
with cost reduction efforts typical of LCCs, this has led
to a decline in on-time performance and overall service
consistency.
Initiatives to Improve Quality
Each division works to improve quality. The network
division sets schedules that guarantee on-time
performance, and the sales division displays easy-to-
understand fares for customers.
Peach is shifting toward a new set of values, but the
company may not have fully achieved internal alignment.
Has this approach been thoroughly spread throughout
the organization?
Some participants questioned why the approach should
be changed, citing past successes.
Building on new successes and acknowledging high-
performing employees are both key. Sharing evaluations
from external organization is particularly important.
What Should Peach Aim For?
Peach aims to move beyond the its current low-cost
and casual positioning to a slightly more elevated market
position.
Key markets include China, South Korea, and Southeast
Asia as the number of inbound travelers continues to grow.
In addition to younger travelers, Peach is working to
strengthen company appeal to senior travelers. Efforts are
underway to enhance communication with senior travelers
and to streamline the booking process.
Peach may need to improve hospitality and customer
experiences to serve more senior travelers.
Peach is exploring ways to broaden target segments, but
is the company doing so on the premise of controlling
costs while increasing value?
Improving productivity is a key priority as an LCC, and
Peach must reiterate this clearly to all employees.
Balancing improvements in service quality and profitability
at the same time remains a difficult challenge.
What Are the Strengths of Peach?
The company possesses a diverse range of human capital
and is quick to make decisions.
Peach has demonstrated originality and independence,
free from the conventions of the traditional airline industry,
rather than simply localizing an LCC model in Japan.
Peach in the ANA Group
Group strategy and individual strategy are not fundamentally
aligned. How is the relationship with the parent company?
The relationship between Peach and the group is relatively
distant compared with other group companies. Peach
has valued independence since its founding and should
continue advancing in the direction the company aims for.
The parent company also respects the independence of
Peach, so it makes sense for Peach to pursue synergies
where possible and compete where necessary.
Routes overlap within the group, so it may be necessary
for ANA, Peach, and AirJapan to clarify target customers
and routes.
Co-Creation with Stakeholders
97
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
May 29, 2024
Church Commissioners for England
Daniel Neale, Responsible Investment-Social Themes Lead- at Church of Commissioners for England
Caux Round Table Japan
Rishi Sher Singh, CRT Advisor, Specialist in Business and Human Rights and Supply Chain Sustainability
October 24, 2024
Institute for Human Rights and Business（IHRB）
Guna Subramaniam, Southeast Asia Regional Advisor, Migrant Workers Programme
World Benchmarking Alliance
Talya Swissa, Engagement Manager
Caux Round Table Japan
Rishi Sher Singh, CRT Advisor, Specialist in Business and Human Rights and Supply Chain Sustainability
Work Better Innovations（WBI）
Dr. Bonny Ling, Exective Director
The Mission to Seafarers Philippines（MtS）
Lailani Tolentino-Rahon, Country Manager
November 29 -
December 6, 2024
World Benchmarking Alliance
Talya Swissa, Engagement Manager
Church Commissioners for England
Daniel Neale, Responsible Investment-Social Themes Lead- at Church of Commissioners for England
Federated Hermes Limited
Kenny Tsang: Associate Director, Engagement, EOS／Haonan Wu, Manager - Engagement - EOS／
Judi Tseng, Assistant Manager - Engagement EOS
December 12, 2024
Eiichiro Adachi, Senior Counselor at The Japan Research Institute, Limited
Hiroshi Ishida, Executive Director, Caux Round Table Japan
Yasushi Hibi, Director, Conservation International Japan
Major Dialogue with External Stakeholders During FY2024
Dialogue with
Shareholders
and Investors
The 80th Ordinary General Meeting of Shareholders (held on June 27, 2025)
Financial results presentations
and small meetings
(for institutional investors and analysts)
No. of attendees: 1,047
Voting rights exercise ratio: 60.6%
11 times
Dialogue with institutional investors and analysts
254 times (113 in Japan, 141 overseas)
Presentations (for private investors)
Tours for private shareholders
8 times
ANA BLUE BASE 12 times
(training center)
ANA Blue Hangar 10 times
(engineering and
maintenance center)
IR Day (tours for institutional investors)
We conduct tours of our facilities and workplaces and hold business presentations to provide
investors with an opportunity to directly experience our corporate culture and on-the-ground
capabilities. The event for fiscal 2024 took place at the new cargo building at Narita Airport.
Communication
with Our
Employees
Town meetings
First half No. of sessions: 1,045
Second half No. of sessions: 711
Participants: 7,988
Participants: 5,572
Dialogue with
ESG Experts
Environment/Human rights/ESG evaluation organizations
7 times
Dialogue with
Communities
ANA Blue Hangar tours (aircraft factory tours)
No. of tours: 1,113
Total participants: 46,285
No. of events: 30
Participants: 232
Highlighted Comments from External Investors and Experts
Response Measures
• The group should make more opportunities to discuss ESG with management. Investors are
increasingly seeking dialogue with outside directors to conduct a multifaceted evaluation of
medium- to long-term corporate value creation efforts and the effectiveness of governance
initiatives.
• The ANA Group held an ESG Small Meeting for the first time in September 2024. The meeting provided
a forum for our CEO, CFO, CSO, and outside directors to participate and engage in direct dialogue with
investors and analysts. The discussion focused on human capital, environmental strategies, and other key
issues, and featured active exchanges of opinions on our ESG management approach from both sides.
• Environmental initiatives require coordination with stakeholders throughout the entire value chain.
However, since the ANA Group is working independently to reduce GHG emissions, the group
should communicate their specific measures clearly to ensure broader understanding.
• We produced a video that clearly explains the initiatives taken by flight crew to reduce GHG emissions.
We also presented at an ICAO meeting to discuss accelerating ascent during takeoff and promote our
initiatives throughout the industry.
Initiatives
Narita district volunteer activities
Responsible Dialogue with Stakeholders
Co-Creation With Stakeholders
98
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
General
Human Capital
Quality
External Recognition for Sustainability
Environment
Inclusion in ESG Indexes, etc.
Dow Jones Best-in-Class World Index
Dow Jones Best-in-Class Asia Pacific Index
FTSE4Good Index
FTSE Blossom Japan Index
・FTSE Blossom Japan Sector Relative Index
SKYTRAX World Airline Star Rating
- Awarded 5-Star for the 12th consecutive year
(December 2024)
APEX
-“World Class” (October 2024)
SKYTRAX “World Airline Awards” (June 2025)
- World’s Best Airport Services (Twelfth award)
- Best Airline Staff Service in Asia (Tenth award)
- Best Cabin Crew in Japan
Air Transport World
- “2025 Airline of the Year Award”
CDP Climate Change A
MSCI Japan ESG Select Leaders Index
MSCI Selection Indexes
The S&P Global Sustainability Yearbook 2024-
Top 10%
Ministry of Economy, Trade and Industry
- DX Certification
GPIF
- Excellent Integrated Reports Selected by GPIF’s Asset Managers
Entrusted with Domestic Equity Investments (for the third
consecutive year)
Nikkei Inc.
-NIKKEI Integrated Report Award 2024 Excellence (for the third
consecutive year)
JobRainbow (ANA)
D&I AWARD 2024
- BEST WORKPLACE
work with Pride (36 group companies)
- PRIDE Index 2024 Gold Award
Ministry of Health, Labour and Welfare
- “Platinum Kurumin” Certified by the Ministry
in Recognition of Providing Superior Childcare
Support (ANA, ANA AIRPORT SERVICES Co., Ltd.)
- “Kurumin” Certified by the Ministry
(Overseas Courier Service Co., Ltd., ANA CHUBU AIRPORT CO., LTD.,
ANA Akindo Co., Ltd., ANA TELEMART CO., LTD., ANA Systems Co., Ltd.,
ANA FACILITIES CO., LTD., ANA X Inc., ANA NARITA AIRPORT SERVICES
CO., LTD., ANA NEW CHITOSE AIRPORT CO., LTD., ANA KANSAI
AIRPORT CO., LTD.)
Ministry of Health, Labour and Welfare Company
Promoting
Women’s Participation and Advancement in
the Workplace
- “Eruboshi” Certification
(ANA, ANA Systems Co., Ltd., Overseas Courier Service Co., Ltd., ANA
TELEMART CO., LTD., ANA X Inc., ANA KANSAI AIRPORT CO., LTD., ALL
NIPPON AIRWAYS TRADING CO., LTD., ANA Aero Supply Systems Co.,
Ltd., Air Japan Co., Ltd., ANA Akindo Co., Ltd., ANA Cargo Inc., ANA
NARITA AIRPORT SERVICES CO., LTD., ANA AIR SERVICE MATSUYAMA
CO., LTD., INFINI TRAVEL INFORMATION, INC., ANA KANSAI AIRPORT
CO., LTD.)
Nippon Kenko Kaigi, Ministry of Economy,
Trade and Industry
- Certified Health and Productivity Management
Recognition Program 2025 (ANA HOLDINGS INC.)
- Certified Health and Productivity
Management Organization Recognition
Program 2025
(26 group companies, of which 12 companies are White 500, 1 company is
Bright 500, 1 company is Next Bright 1000)
BtoB Association Japan
- Onboarding Category Gold Award
(ANA NARITA AIRPORT SERVICES CO., LTD.)
Inclusion in ESG Indexes
MSCI Japan Empowering Women Index (WIN)
External Recognition (As of July 2025)
99
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
Safety
Environment (Natural Capital)
Human Rights
Corporate Governance
Outside Director Roundtable
Discussion
Risk Management and Compliance
Co-Creation with Stakeholders
External Recognitions
06 Data Section
(FY) (Note 2)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2024
For the Year
Operating revenues (Note 4)
1,713,457
1,791,187
1,765,259
1,971,799
2,058,312
1,974,216
728,683
1,020,324
1,707,484
2,055,928
2,261,856
15,127,447
Operating expenses
1,621,916
1,654,724
1,619,720
1,807,283
1,893,293
1,913,410
1,193,457
1,193,451
1,587,454
1,848,017
2,065,217
13,812,312
Operating income (loss)
91,541
136,463
145,539
164,516
165,019
60,806
（464,774）
（173,127）
120,030
207,911
196,639
1,315,135
Income (loss) before income taxes
77,983
131,064
139,462
196,641
154,023
51,501
（545,372）
（175,374）
114,342
204,838
196,566
1,314,646
Net income (loss) attributable to owners of
the parent
39,239
78,169
98,827
143,887
110,777
27,655
（404,624）
（143,628）
89,477
157,097
153,027
1,023,455
Cash flows from operating activities
206,879
263,878
237,084
316,014
296,148
130,169
（270,441）
（76,413）
449,822
420,622
373,034
2,494,876
Cash flows from investing activities (Note 5)
（210,749）
（74,443）
（194,651）
（324,494）
（308,671）
（230,218）
（595,759）
230,019
（78,300）
（399,525）
（343,656）（2,298,394）
Cash flows from financing activities
（30,424）
（133,257）
3,349
（29,989）
（46,480）
23,869
1,098,172
93,646
（142,909）
（136,045）
（170,154）（1,138,001）
Free cash flow (Note 5)
（3,870）
189,435
42,433
（8,480）
（12,523）
（100,049）
（866,200）
153,606
371,522
21,097
29,378
196,482
Substantial free cash flow (Notes 5, 6)
（22,350）
88,035
39,655
61,410
（18,028）
（79,149）
（373,464）
（111,948）
373,104
206,148
127,784
854,628
Depreciation and amortization
131,329
138,830
140,354
150,408
159,541
175,739
176,352
147,328
144,313
142,315
148,659
994,241
EBITDA (Note 7)
222,870
275,293
285,893
314,924
324,560
236,545
（288,422）
（25,799）
264,343
350,226
345,298
2,309,376
Capital expenditures
274,702
281,416
254,425
304,707
375,864
351,361
156,710
133,364
116,892
240,469
255,930
1,711,677
At Year-End
Total assets
2,302,437
2,228,808
2,314,410
2,562,462
2,687,122
2,560,153
3,207,883
3,218,433
3,366,724
3,569,530
3,620,297
24,212,794
Interest-bearing debt
819,831
703,886
729,877
798,393
788,649
842,862
1,655,452
1,750,108
1,607,918
1,484,036
1,349,058
9,022,592
Shareholders’ equity (Note 8)
798,280
789,896
919,157
988,661
1,099,413
1,061,028
1,007,233
797,249
862,419
1,044,508
1,130,317
7,559,637
Per Share Data (Yen, U.S. dollars) (Note 9)
Earnings (loss) per share
11.24
22.36
28.23
417.82
331.04
82.66
（1,082.04）
（305.37）
190.24
335.09
325.58
2.17
Book value per share
228.45
225.87
262.44
2,954.47
3,285.46
3,171.80
2,141.49
1,695.06
1,833.64
2,222.03
2,405.12
16.08
Cash dividends
4.00
5.00
6.00
60.00
75.00
̶
̶
̶
̶
50.00
60.00
0.40
Average number of shares during the year
(Thousand shares)
3,492,380
3,496,561
3,500,205
344,372
334,632
334,559
373,945
470,339
470,334
468,822
470,012
Management Indexes
Operating income margin (%)
5.3
7.6
8.2
8.3
8.0
3.1
（63.8）
（17.0）
7.0
10.1
8.7
Net income margin (%)
2.3
4.4
5.6
7.3
5.4
1.4
（55.5）
（14.1）
5.2
7.7
6.8
ROA (%) (Note 10)
4.2
6.1
6.5
6.8
6.4
2.4
（16.0）
（5.3）
3.7
6.1
5.6
ROE (%) (Note 11)
5.1
9.8
11.6
15.1
10.6
2.6
（39.1）
（15.9）
10.8
16.5
14.1
Shareholders’ equity ratio (%)
34.7
35.4
39.7
38.6
40.9
41.4
31.4
24.8
25.6
29.3
31.2
Debt/equity ratio (Times) (Note 12)
1.0
0.9
0.8
0.8
0.7
0.8
1.6
2.2
1.9
1.4
1.2
Asset turnover (Times) (Note 13)
0.8
0.8
0.8
0.8
0.8
0.8
0.3
0.3
0.5
0.6
0.6
Payout ratio (%)
35.6
22.4
21.3
14.4
22.7
̶
̶
̶
̶
14.9
18.4
Number of employees
34,919
36,273
39,243
41,930
43,466
45,849
46,580
42,196
40,507
41,225
44,019
ANA HOLDINGS INC. and its consolidated subsidiaries (Note 1)
U.S. dollars
(Thousands)
(Note 3)
Yen (Millions)
Notes:
1. As of March 31, 2024, there were 55 consolidated subsidiaries and 13 equity-method subsidiaries and affiliates.
2. From April 1 to March 31 of the next year
3. U.S. dollar amounts in this report are translated, for convenience only, at the rate of ¥149.52 = US$1, the approximate exchange rate as of March 31, 2025.
4. Effective from fiscal 2014, revenue of jet fuel which is resold to airlines outside the group is offset by its purchasing cost and the net amount is recorded in operating revenues.
5. Figures prior to fiscal 2023 do not include time deposits with a deposit period longer than three months in the scope of funds while figures following fiscal 2023 include time deposits with a deposit period of six
months or less (fiscal 2022 also reflects such changes).
6. Substantial free cash flow after excluding payments into and proceeds from withdrawals of time deposits and payments for purchases and proceeds from redemptions of marketable securities (including negotiable
deposits with maturities exceeding three months).
7. EBITDA = Operating income + Depreciation and amortization
8. Total shareholders’ equity = Shareholders’ equity + Accumulated other comprehensive income
9. The group conducted a 1-for-10 reverse stock split effective October 1, 2017. Calculations have been made
assuming a reverse stock split at beginning of fiscal 2017.
10. ROA = (Operating income + Interest and dividend income) / Simple average of total assets
11. ROE = Net income (loss) attributable to owners of the parent / Simple average of shareholders’ equity
12. Debt/equity ratio = Interest-bearing debt / Shareholders’ equity
13. Asset turnover = Operating revenues / Simple average of total assets
Consolidated 11-Year Summary
100
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
ANA HOLDINGS INC.
Integrated Report 2025
(FY)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2024
Operating Data
ANA International Passenger Operations
Passenger revenues
468,321
515,696
516,789
597,446
651,587
613,908
44,726
70,151
433,470
728,168
805,530
5,387,439
Available seat-km (Millions)
49,487
54,710
60,148
64,376
65,976
68,885
14,465
20,524
35,875
53,281
57,746
Revenue passenger-km (Millions)
35,639
40,635
45,602
49,132
50,776
50,219
2,840
5,550
26,408
41,192
45,738
Number of passengers (Thousands)
7,208
8,167
9,119
9,740
10,093
9,416
427
825
4,212
7,134
8,072
Load factor (%)
72.0
74.3
75.8
76.3
77.0
72.9
19.6
27.0
73.6
77.3
79.2
Unit revenues (¥)
9.5
9.4
8.6
9.3
9.9
8.9
3.1
3.4
12.1
13.7
13.9
Yield (¥)
13.1
12.7
11.3
12.2
12.8
12.2
15.7
12.6
16.4
17.7
17.6
ANA Domestic Passenger Operations (Note15)
Passenger revenues
683,369
685,638
678,326
689,760
696,617
679,962
203,119
279,877
529,593
644,902
703,991
4,708,340
Available seat-km (Millions)
60,213
59,421
59,080
58,426
58,475
58,552
26,896
34,288
49,901
45,956
47,037
Revenue passenger-km (Millions)
38,582
38,470
38,990
40,271
40,704
39,502
11,567
16,382
32,201
32,373
35,274
Number of passengers (Thousands)
43,203
42,664
42,967
44,150
44,325
42,916
12,660
17,959
34,534
40,763
44,054
Load factor (%)
64.1
64.7
66.0
68.9
69.6
67.5
43.0
47.8
64.5
70.4
75.0
Unit revenues (¥)
11.3
11.5
11.5
11.8
11.9
11.6
7.6
8.2
10.6
14.0
15.0
Yield (¥)
17.7
17.8
17.4
17.1
17.1
17.2
17.6
17.1
16.4
19.9
20.0
Peach (Note14)(Note15)
Revenues
̶
̶
̶
87,555
93,611
81,953
22,071
37,813
90,265
138,030
139,321
931,788
Available seat-km (Millions)
̶
̶
̶
11,832
12,052
11,076
4,932
7,863
12,232
12,192
12,710
Revenue passenger-km (Millions)
̶
̶
̶
10,212
10,394
9,202
2,403
4,846
8,991
10,560
10,733
Number of passengers (Thousands)
̶
̶
̶
7,797
8,153
7,288
2,080
4,267
7,775
9,343
9,100
Load factor (%)
̶
̶
̶
86.3
86.2
83.1
48.7
61.6
73.5
86.6
84.4
Unit revenues (¥)
̶
̶
̶
7.4
7.8
7.4
4.5
4.8
7.4
11.3
11.0
Yield (¥)
̶
̶
̶
8.6
9.0
8.9
9.2
7.8
10.0
13.1
13.0
AirJapan (Note16)
Revenues
̶
̶
̶
̶
̶
̶
̶
̶
̶
1,295
11,710
78,317
Available seat-km (Millions)
̶
̶
̶
̶
̶
̶
̶
̶
̶
154
2,194
Revenue passenger-km (Millions)
̶
̶
̶
̶
̶
̶
̶
̶
̶
138
1,522
Number of passengers (Thousands)
̶
̶
̶
̶
̶
̶
̶
̶
̶
40
428
Load factor (%)
̶
̶
̶
̶
̶
̶
̶
̶
̶
89.9
69.3
Unit revenues (¥)
̶
̶
̶
̶
̶
̶
̶
̶
̶
8.4
5.3
Yield (¥)
̶
̶
̶
̶
̶
̶
̶
̶
̶
9.4
7.7
ANA International Cargo Operations
Cargo revenues
124,772
113,309
93,301
118,002
125,015
102,697
160,503
328,750
308,088
155,503
187,332
1,252,889
Cargo volume (Tons)
841,765
810,628
954,027
994,593
913,915
866,821
655,019
976,644
805,799
679,797
704,230
Unit Price
148
140
98
119
137
118
245
337
382
229
266
ANA Domestic Cargo Operations
Cargo revenues
32,584
31,740
30,860
30,710
27,454
25,533
20,881
24,932
24,119
22,485
23,032
154,039
Cargo volume (Tons)
475,462
466,979
451,266
436,790
393,773
373,176
218,032
251,332
253,661
253,083
276,920
Unit Price
69
68
68
70
70
68
96
99
95
89
83
U.S. dollars
(Thousands)
Yen (Millions)
Notes:
14. Peach Aviation Limited revenues include ancillary income. Peach Aviation Limited results also include Vanilla Air Inc. results prior to fiscal 2019.
15. As of fiscal 2024, segment distance for domestic routes reflects the same great-circle distance as used for international routes. We have changed the results for fiscal 2023 accordingly.
16. AirJapan Co., Ltd. revenues include ancillary income.
* Yen amounts are rounded down to the nearest million yen and percentages are rounded to the nearest one decimal place. U.S. dollar amounts are truncated.
* We applied the Accounting Standard for Revenue Recognition as of the beginning of fiscal 2021.
Consolidated 11-Year Summary
101
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
ANA HOLDINGS INC.
Integrated Report 2025
Economic Conditions
General Economic Overview
We expect the Japanese economy to continue tracing a gradual
recovery with an improved employment and income
environment. However, the ongoing rise in prices, impact of
U.S. trade policy, and other factors will likely present a downside
risk. The airline industry in Japan is seeing strong leisure
demand for domestic routes, while we expect the recovery in
international routes to and from Japan to continue, even amid
concerns about the impact of geopolitical risk.
Fuel Price Trends
Crude oil prices were unstable throughout the fiscal year.
Prices trended downward from the beginning of the fiscal year
through the end due to concerns about the economic slowdown
in the U.S. and China. However, prices rose temporarily at the
beginning of the year in response to expectations of economic
stimulus measures in China and other factors. Prices declined
once again due to concerns about U.S. tariff policy and the
decision by OPEC Plus to ease production cuts gradually.
Foreign Exchange Market
The yen weakened with respect to the U.S. dollar through July
2024, against a backdrop of widening interest rate differentials
between Japan and the U.S. due to monetary tightening in the
U.S. and ongoing monetary easing in Japan. The market
subsequently fluctuated between gains and losses due to
trends in U.S. policy and interest rate hikes by the Bank of Japan.
Air Transport Traffic Trends
International Air Transportation Association (IATA) member
airlines reported a 13.7% year-on-year increase in RPK for
international routes in 2024. RPK for domestic routes rose
6.0% year on year. At the same time, RTK in connection with
scheduled global air cargo increased 10.8%. (Source: IATA
World Air Transport Statistics, 2025)
In Japan, passengers on trunk routes* increased 4.6% year
on year to 46.91 million. The number of passengers on local
routes* increased 3.2% to 61.86 million. In total, passengers
on scheduled domestic flights increased 3.8% to 108.76
million. Cargo volume increased 11.4% to 0.61 million tons.
The number of passengers carried by Japanese airlines on
international flights increased 19.8% to 21.16 million, while the
volume of international cargo handled by Japanese airlines
increased 11.8% to 1.53 million tons. (Source: Ministry of Land,
Infrastructure, Transport and Tourism Annual Summary of Air
Transportation Statistics)
* Trunk routes refer to routes connecting Sapporo (New Chitose), Tokyo (Haneda),
Tokyo (Narita), Osaka (Itami), Osaka (Kansai), Fukuoka, and Okinawa (Naha) airports
with one another. Local routes refer to all other routes.
Monthly Prices for Dubai Crude Oil and Singapore Kerosene
Monthly Yen–Dollar Exchange Rate
22/
4
5
6
7
8
9 10 11 12
23/
1 2
3
4
5
6
7
8
9 10 11 12
24/
1
2
3
4
5
6
7
8
9
10
11
12
25/
1
2
3
(Year/
Month)
(U.S. dollars per barrel)
Dubai crude
60
80
100
120
140
160
Singapore kerosene
22/
4
5
6
7
8
9 10 11 12
23/
1 2
3
4
5
6
7
8
9 10 11 12
24/
1
2
3
4
5
6
7
8
9
10
11
12
25/
1
2
3
(Year/
Month)
(Yen/U.S. Dollar)
120
125
130
135
140
145
150
155
160
Source: Bloomberg
Average
Year-End
Dubai Crude (US$/Bbl)
78.3
73.6
Singapore Kerosene (US$/Bbl)
92.2
87.2
Dollar-Yen Exchange Rate (Yen/U.S. Dollar)
152.5
149.96
Performance for Fiscal 2024
Overview of the ANA Group
The ANA Group (“the group”), led by holding company ANA
HOLDINGS INC., consists of 142 subsidiaries (including ALL
NIPPON AIRWAYS CO., LTD.) and 35 affiliates. A total of 57
companies are treated as consolidated subsidiaries, with another
13 treated as equity-method subsidiaries and affiliates. Group
employees numbered 44,019 individuals, an increase of 2,794
compared with the previous fiscal year-end. Despite concerns
of geopolitical risks in Ukraine and the Middle East, the environment
for the airline industry was favorable in terms of international
and domestic passenger operations, supported by strong
inbound travel demand to Japan and leisure demand.
Amid this environment, operating revenues rose year on
year, mainly in our Air Transportation Business. At the same
time, operating income decreased due to higher operating
expenses in response to increased maintenance frequency
in connection with the growth of operating scale and
ongoing investments in human capital.
On the balance sheet, we posted an increase in retained
earnings, mainly due to the increase in operating revenues.
Liquidity on hand amounted to ¥1,216.4 billion.
Expenses and Operating Income
In fiscal 2024, we steadily captured strong inbound travel
demand and domestic leisure demand, resulting in
consolidated operating revenues of ¥2,261.8 billion, an
increase of ¥205.9 billion (10.0%) year on year.
At the same time, operating income amounted to ¥196.6
billion compared with operating income of ¥207.9 billion in the
previous fiscal year. This result was due to the impact of the
weakening yen, as well as an increase in maintenance
expenses, personnel expenses, and other costs.
(¥ Millions)
(Fiscal Year)
2024
2023
Change
Operating revenues
¥2,261,856
¥2,055,928
¥205,928
Operating expenses
2,065,217
1,848,017
217,200
Operating income
196,639
207,911
(11,272)
Operating income margin
8.7
10.1
(1.4)
Non-operating income
3,447
(255)
3,702
Ordinary income
200,086
207,656
(7,570)
Extraordinary income
(3,520)
(2,818)
(702)
Net income attributable to
owners of the parent
153,027
157,097
(4,070)
Net income
¥ 153,878
¥ 158,327
¥ (4,449)
Consolidated Business Performance
Source: Bloomberg
Management’s Discussion and Analysis
102
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
(¥ Millions)
Operating Revenues
Operating Income
EBITDA
(Fiscal Year)
2024
2023
Change
2024
2023
Change
2024
2023
Change
Air Transportation
¥2,058,779
¥1,869,552
¥189,227
¥199,116
¥207,975
¥ (8,859)
¥341,258
¥344,583
¥(3,325)
Airline Related
337,270
298,820
38,450
4,035
6,769
(2,734)
8,448
10,820
(2,372)
Travel Services
73,571
78,541
(4,970)
193
1,371
(1,178)
1,055
1,880
(825)
Trade and Retail
129,999
117,919
12,080
4,563
4,574
(11)
5,555
5,556
(1)
Subtotal
2,599,619
2,364,832
234,787
207,907
220,689
(12,782)
356,316
362,839
(6,523)
Other
45,517
41,244
4,273
1,151
546
605
1,401
711
690
Adjustments
(383,280)
(350,148)
(33,132)
(12,419)
(13,324)
905
(12,419)
(13,324)
905
Total (Consolidated)
¥2,261,856
¥2,055,928
¥205,928
¥196,639
¥207,911
¥(11,272)
¥345,298
¥350,226
¥(4,928)
Segment Information
Notes: 1. “Other” represents all operating segments that are not included in reportable segments, including facility management, business support, and other operations
2. Adjustments to segment operating income represent the elimination of intersegment transactions, group management expenses of ANA HOLDINGS INC., and other certain items.
3. Segment operating income is reconciled with operating income (loss) in the consolidated financial statements.
4. EBITDA = Operating income + Depreciation and amortization
Review by Segment
The group operates four reportable segments: Air Transportation, Airline Related, Travel Services, and Trade and Retail.
Air Transportation Business
Air Transportation Business operating revenues amounted to
¥2,058.7 billion, a year-on-year increase of 10.1%. This result
was mainly due to strong inbound travel demand to Japan and
leisure demand, as well as solid cargo demand, leading to
higher operating results across all businesses. Operating
income amounted to ¥199.1 billion, down 4.3%, mainly due to
higher maintenance and personnel expenses.
For the 12th consecutive year, SKYTRAX (U.K.) has given
the ANA Group the highest 5-Star rating for customer
satisfaction, and APEX of the United States, a non-profit
organization, gave the group our first WORLD CLASS award,
the highest rating, in recognition of the quality of our services.
Changes in Operating Income (Loss) (Fiscal 2024 vs. Fiscal 2023)
FY2023
Operating Income
ANA
International
Passenger
ANA
Domestic
Passenger
ANA Cargo
and Mail
ANA Other
Revenues
Peach,
AirJapan
Sales-Linked
Fuel &
Fuel Tax
Operation-Linked
Other Expenses
Depreciation and amortization, maintenance,
personnel, contracts, aircraft leasing fees
excluding code-share, others
Landing and navigation fees,
code-share costs,*
travel expenses for crew
Revenues from contracted maintenance
and handling, Mileage and Card, etc.
Sales commissions and promotion expenses,
in-flight services, ground services
FY2024
Operating Income
(¥ Billions)
+77.3
207.9
+59.0
+32.1
+8.9
+11.7
+18.9
+21.7
+36.0
+121.2
199.1
Operating
Revenues
+189.2
Operating
Expenses
+198.0
Operating
Income
(8.8)
(¥ Billions)
2024
2023
Change
YoY (%)
Operating revenues
2,058.7
1,869.5
+189.2
10%
Operating expenses
1,859.6
1,661.5
+198.0
12%
Operating income
199.1
207.9
(8.8)
-4%
* Including cargo aircraft charter costs
Management’s Discussion and Analysis
103
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Results by business were as follows.
ANA International Passenger Business
Expanded Business Scale Aggressively and Maximized
Revenue by Capturing Strong Demand
Fiscal 2024 in Review
In addition to strong demand for inbound travel to Japan on all
routes due to the continued weakness of the yen and other
factors, we also saw a recovery in demand originating from
Japan, including business demand to North America and
Europe, as well as leisure demand to Hawaii. Given the
environment, we increased available seat-kilometers (ASK) in
all directions, including an increase in flights on the Haneda-
Beijing route beginning in April 2024 and the resumption of the
Haneda-Vienna route in August 2024. In particular, we
expanded the scale of our business significantly on European
routes, opening a new Haneda-Milan route in December 2024,
a new Haneda-Stockholm route in January 2025, and a new
Haneda-Istanbul route in February 2025. We observed signs of
a slackening supply-demand balance on Asia and China routes
due to an increase in seat supply from overseas airlines.
However, overall passenger volume on international routes
exceeded the growth in ASK thanks to sales strategies tailored
to demand trends, including an accumulation of early bookings.
Yield remained high, mainly due to an expanded composition
for demand on routes to and from Japan.
We improved the profitability of sales and services further by
offering segmented fares of different availability to meet the
diverse needs of passengers, including advance seat selection
and free baggage allowance. We also worked to improve the
comfort of the in-flight experience through upgraded in-flight
internet and entertainment services.
As a result, ASK and revenue passenger-kilometers (RPK)
increased 8.4% and 11.0%, respectively, while load factor
increased 1.9 points to 79.2%. Passenger numbers increased
13.1% to 8.07 million, while unit price decreased 2.2% to
¥99,784. Operating revenues increased 10.6% to ¥805.5
billion. We posted a record-high for revenue from the
International Passenger Business, surpassing the ¥800.0
billion mark for the first time.
Fiscal 2025 Business Policies
We expect seat supply on routes to and from Japan to
increase in all directions. In Asia and China, in particular, we
project that overseas airlines will continue to expand supply.
We plan to expand ASK, mainly in response to making new
European routes opened in the previous fiscal year year-round
operations. We also plan to steadily capture strong demand for
inbound travel to Japan and business travel demand from
Japan, which continues to recover. We plan to exceed revenue
in the previous fiscal year through thorough yield management
and the meticulous assessment of demand for each route,
flight, and passenger mix.
We signed a joint venture agreement with Singapore Airlines
in April 2025. We expect this new venture to facilitate joint
route and timetable planning, which will expand itinerary
options based on efficient route planning, shorten connection
times on flights operated by both companies, and improve
convenience for mileage members that use both airlines. We
plan to strengthen the cooperation framework in the future
across regions other than Japan and Singapore to grow
earnings further.
Newly launched routes from Haneda to Istanbul
Newly launched routes from Haneda to Milan
*Load factors are year-on-year differences
(FY)
2024
2023
YoY (%)
ASK (Millions)
57,746
53,281
+8.4
RPK (Millions)
45,738
41,192
+11.0
Number of passengers (Thousands)
8,072
7,134
+13.1
Load factor (%)
79.2
77.3
+1.9pt*
Passenger revenues (¥ Billions)
805.5
728.1
+10.6
Unit revenues (¥)
13.9
13.7
+2.1
Yield (¥)
17.6
17.7
(0.4)
Unit price (¥)
99,784
102,058
(2.2)
ANA International Passenger Business Results
*1 Figures for ASK, RPK, and yield are indexed using the figures for fiscal 2019 as 100
*2 Figures prior to fiscal 2020 are adjusted based on the Accounting Standard for
Revenue Recognition (including award ticket passengers)
(FY)
(¥ Billions)
0
300
600
900
2019
2020
2021
2022
2023
2024
0
50
100
150
Passenger revenues
(Left)
(Right)
ASK
RPK
Yield
Management’s Discussion and Analysis
104
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
ANA Domestic Passenger Business
Pursued Profitability by Capturing Strong Leisure Demand
and Assessing the Balance Between Supply and Demand
Fiscal 2024 in Review
While the rapid recovery in demand following the conclusion of
the COVID-19 pandemic has slowed, business demand
continued to trace a gradual recovery, while leisure demand
remained strong at levels even exceeding performance before
the pandemic. In response to this business environment, we
strengthened our efforts to capture demand by deploying
wide-body aircraft and adding extra flights during periods and
on routes where we expected high demand, including summer
vacation and year-end and New Year holidays. In addition, we
actively tapped into leisure demand through the ongoing ANA
SUPER VALUE SALE campaigns, while adjusting promotions
according to demand trends as part of efforts to improve load
factor. We posted a record-high in unit revenue, with certain
fare increases starting in March 2024, as well as unit price
improvement gained through early booking rates in tandem
with capturing demand close to boarding dates at a higher
unit price.
In terms of sales and services, we renovated the premium
check-in counters for domestic flights at Haneda Airport in
December 2024, adding smart lanes in addition to the overall
layout redesign. In March 2025, the main building and satellite
at Haneda Airport Terminal 2 were connected to improve
customer convenience and comfort.
As a result, ASK and RPK increased 2.4% and 9.0%,
respectively, while load factor increased 4.5 points to 75.0%.
Passenger numbers increased 8.1% to 44.05 million, while unit
price increased 1.0% to ¥15,980. Operating revenues
increased 9.2% to ¥703.9 billion.
*1 Load factors are year-on-year differences
*2 Results for fiscal 2023 have been recalculated based on the definition of great-
circle distance.
(FY)
2024
2023
YoY (%)
ASK (Millions)
47,037
45,956
+2.4
RPK (Millions)
35,274
32,373
+9.0
Number of passengers (Thousands)
44,054
40,763
+8.1
Load factor (%)
75.0
70.4
+4.5pt*
Passenger revenues (¥ Billions)
703.9
644.9
+9.2
Unit revenues (¥)
15.0
14.0
+6.7
Yield (¥)
20.0
19.9
+0.2
Unit price (¥)
15,980
15,820
+1.0
ANA Domestic Passenger Business Results
*1 Figures for ASK, RPK, and unit price are indexed using the figures for fiscal 2019 at 100.
*2 Figures prior to fiscal 2020 are adjusted based on the Accounting Standard for
Revenue Recognition (including award ticket passengers)
*3 Results prior to fiscal 2023 have been recalculated based on the definition of
great-circle distance
(FY)
(¥ Billions)
0
300
600
900
2019
2020
2021
2022
2023
2024
0
50
100
150
ASK
RPK
Unit price
Number of passengers
Passenger revenues
(Left)
(Right)
Renovated the premium check-in counters for domestic flights at Haneda Airport
Domestic-spec Boeing 787-10 aircraft
Fiscal 2025 Business Policies
We expect business demand to continue to recover gradually,
continuing from the previous fiscal year. We also project leisure
demand to remain strong throughout the year, including an
increase in domestic travel in conjunction with the Expo 2025
Osaka, Kansai. We intend to maintain the number of routes
and flights in the network as of the end of fiscal 2024, but we
plan for seat supply to be lower than the previous year due to
the downsizing of the fleet to smaller aircraft following the
return of the A320/321neo aircraft to operations.
In addition to the ongoing ANA SUPER VALUE SALE
campaigns, we intend to develop sales strategies in line with
seasonality and the characteristics of each route, flight, and
passenger mix. We will also strengthen efforts to capture
leisure demand, especially during low-demand periods. We will
continue to engage in detailed yield management, while seeking
to maximize revenues by raising unit price through measures
that include fare raises on certain routes we implemented in
April 2025. We will introduce measures to increase the frequency
of boarding. We will also endeavor to improve profitability by
strengthening overseas sales to tie strong demand for inbound
travel to domestic route usage in Japan.
Management’s Discussion and Analysis
105
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Fiscal 2025 Business Policies
We expect to see the recovery in ANA International Cargo
continue for major commodities, particularly semiconductors
and electronic components. We plan to closely monitor cargo
trends in light of U.S. tariff policy, especially cargo from China
to North America. At the same time, we will redouble our
efforts to capture cargo from Asia and Japan, where demand
is relatively stable, while adjusting freighter routes flexibly
according to demand trends. We made Nippon Cargo Airlines
(“NCA”) a consolidated subsidiary in August 2025. We intend
to accelerate strategic discussions on overall ANA Group
cargo business, while leveraging the strengths of ANA as a
combination carrier (cargo and passenger services) with NCA
and its large freighter fleet. We will bring the entire ANA Group
to bear in providing high-quality and competitive air cargo
transport services.
For ANA Domestic Cargo, we plan to enhance value through
agile proposals tailored to the various needs of our customers,
taking advantage of our extensive route network and the
overwhelming speed of air transportation.
ANA International Cargo Business Results
(FY)
(¥ Billions)
0
100
200
300
400
2019
2020
2021
2022
2023
2024
0
100
200
400
300
International cargo revenues
(Left)
(Right)
ATK
RTK
Unit price
* Figures for ASK, RTK, and unit price are indexed using the figures for fiscal 2019 as 100.
(FY)
2024
2023
YoY (%)
Cargo and mail services revenues (¥ Billions)
217.9
185.7
+17.3
International
cargo
ATK (Millions)
6,498
6,316
+2.9
RTK (Millions)
3,611
3,464
+4.3
Cargo volume (Thousand tons)
704
679
+3.6
Cargo revenues (¥ Billions)
187.3
155.5
+20.5
Unit price (¥/kg)
266
229
+16.3
Mail revenues (¥ Billions)
4.9
5.0
(2.7)
Domestic
cargo
ATK (Millions)
1,539
1,455
+5.8
RTK (Millions)
266
247
+7.6
Cargo volume (Thousand tons)
276
253
+9.4
Cargo revenues (¥ Billions)
23.0
22.4
+2.4
Unit price (¥/kg)
83
89
(6.4)
Mail revenues (¥ Billions)
2.6
2.7
(3.0)
ANA Cargo and Mail Business Results
Boeing 777F aircraft
Automated guided vehicles (AGV) deployed in the cargo terminal at Narita Airport
ANA Cargo and Mail Business
Continued to Adjust Supply Volume in Response to Demand
Trends, Focusing on Revenue Growth
Fiscal 2024 in Review
ANA International Cargo experienced strong e-commerce
demand from China to North America and a moderate
recovery in cargo originating from Japan, including automobile-
related cargo. Amid this business environment, we secured
ATK by expanding cargo space with the increase in
international passenger operations and aircraft charter flights
by Western Global, which began in August 2024. Through
these efforts, we captured robust cargo demand from Asia and
China to North America. In addition to the aggressive pursuit of
high value-added commodities such as pharmaceuticals and
semiconductor manufacturing equipment, we adjusted routes
and capacity of our own freighter flights flexibly in response to
demand trends, improving profitability. ANA Cargo Base+ has
been in service at Narita Airport since October. We endeavored
to strengthen our product capabilities and improve the quality
of our cargo operations by consolidating facilities, introducing
self-driving transport vehicles, and expanding temperature-
controlled facilities.
As a result, ANA International Cargo volume amounted to
700 thousand tons (up 3.6% year on year), while unit price per
kilogram was ¥266 (up 16.3%) and operating revenues
amounted to ¥187.3 billion (up 20.5%). Available ton-kilometers
(ATK) increased 2.9% year on year and revenue ton-kilometers
(RTK) increased 4.3%.
ANA Domestic Cargo successfully implemented measures
to capture cargo volume, seeing a 5.8% year-on-year
improvement in ATK. The business posted a 9.4%
improvement in cargo volume to 270 thousand tons, a 6.4%
decrease in unit price to ¥83 per kilogram, and operating
revenues up 2.4% to ¥23.0 billion.
As a result, the ANA Cargo and Mail Business recorded
fiscal 2024 operating revenues of ¥217.9 billion, a year-on-year
increase of 17.3%.
* The domestic flight results for fiscal 2023 have been recalculated based on the definition
of great-circle distance.
Management’s Discussion and Analysis
106
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Peach / AirJapan
Optimized a Multi-Brand Approach to Increase Market Share
and Revenues
Peach: Fiscal 2024 in Review
To capture strong inbound travel demand to Japan, Peach
increased the number of flights on international routes,
including opening the Narita-Taipei and Kansai-Taipei routes in
October 2024 and the Kansai-Singapore route in December
2024. The airline also increased capacity by adding extra flights
in response to demand trends. Meanwhile, passenger numbers
on domestic routes decreased year on year due to a focused
allocation of resources, including aircraft, to international
routes. At the same time, profitability improved as we
strengthened yield management and revised fare structures
beginning with the winter schedule on October 27.
In terms of sales and services, we endeavored to capture
more leisure demand and attract new customers through
Peach Travel, a domestic and overseas travel package
product.
As a result, ASK and RPK increased 4.2% and 1.6%,
respectively, while load factor decreased 2.2 points to 84.4%.
Passenger numbers decreased 2.6% to 9.10 million, while unit
price increased 3.6% to ¥15,309. Operating revenues
increased 0.9% to ¥139.3 billion.
Peach Aviation Results
(FY)
(¥ Billions)
0
50
100
150
2019
2020
2021
2022
2023
2024
0
50
100
150
ASK
RPK
Unit price
Number of passengers
Operating revenues
(Left)
(Right)
*1 Figures for ASK, RPK, and unit price are indexed using the figures for fiscal 2019 as 100.
*2 Operating revenues includes ancillary revenues
*3 Fiscal 2019 includes Vanilla Air results
*4 Results prior to fiscal 2023 have been recalculated based on the definition of great-
circle distance
* 1 Load factor figures are year-on-year differences.
* 2 Results for fiscal 2023 have been recalculated based on the definition of great-circle
distance
(FY)
2024
2023
YoY (%)
ASK (Millions)
12,710
12,192
+4.2
RPK (Millions)
10,733
10,560
+1.6
Number of passengers
(Thousands)
9,100
9,343
(2.6)
Load factor (%)
84.4
86.6
(2.2)pt*
Operating revenues (¥ Billions)
139.3
138.0
+0.9
Unit revenues (¥)
11.0
11.3
(3.2)
Yield (¥)
13.0
13.1
(0.7)
Unit price (¥)
15,309
14,772
+3.6
Peach: Fiscal 2025 Business Policies
We intend to increase profitability on domestic routes by
improving on-time performance and operational quality, while
maintaining a scale of operations on par with the previous year.
We opened the Kansai-Gimpo and Chubu-Gimpo international
routes in April 2025. Both routes are scheduled to increase
flights further beginning at the end of August 2025. We will
continue to strengthen our already strong international routes
and increase revenues.
Newly launched routes from Kansai to Singapore
AirJapan’s 1st Anniversary
AirJapan: Fiscal 2024 in Review
We added a second aircraft in April 2024 to capture the strong
Asian inbound traffic to Japan, operating three routes: Narita-
Bangkok, Narita-Incheon, and Narita-Singapore. In addition to
improving convenience by introducing 2D barcode payment for
tickets in Japan, Thailand, and South Korea, the airline
strengthened sales competitiveness by revising fares and other
measures, resulting in a significant improvement in load factor
throughout the second half of the fiscal year.
AirJapan: Fiscal 2025 Business Policies
A third aircraft is scheduled to be introduced in the second half
of fiscal 2025, which will improve the quality of operations and
expand the scale of business to capture strong inbound
demand.
AirJapan Results
(FY)
2024
2023
YoY (%)
ASK (Millions)
2,194
154
+1,325.2
RPK (Millions)
1,522
138
+999.4
Number of passengers (Thousands)
428
40
+958.1
Load factor (%)
69.3
89.9
(20.6)pt*1
Operating revenues (¥ Billions)*2
11.7
1.2
+803.6
Unit revenues (¥)
5.3
8.4
(36.6)
Yield (¥)
7.7
9.4
(17.8)
Unit price (¥)
27,338
32,014
(14.6)
*1 Load factor figures are year-on-year differences.
*2 Operating revenues includes ancillary revenues.
The airline will work with ANA Mileage and strengthen yield
management to increase sales and improve profitability.
Management’s Discussion and Analysis
107
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Others
Air Transportation Business other operating revenues amounted
to ¥180.3 billion, up 5.2% year on year. Other operating
revenues in the Air Transportation Business include incidental
revenues from mileage memberships, in-flight sales, contracted
maintenance, etc.
Operating Expenses
Air Transportation Business operating expenses increased
¥198.0 billion year on year to ¥1,859.6 billion. Specific expense
amounts and explanations of year-on-year changes are
described below.
(¥ Millions)
(FY)
2024
2023
Change
Operating revenues
¥2,058,779
¥1,869,552
¥189,227
International Passenger
805,530
728,168
77,362
Cargo
187,332
155,503
31,829
Mail
4,911
5,048
(137)
Domestic
Passenger
703,991
644,902
59,089
Cargo
23,032
22,485
547
Mail
2,645
2,728
(83)
Peach revenues
139,321
138,030
1,291
AirJapan revenues
11,710
1,295
10,415
Other revenues
180,307
171,393
8,914
Segment operating expenses
1,859,663
1,661,577
198,086
Fuel and fuel tax
413,151
391,382
21,769
Landing and navigation fees
109,853
86,593
23,260
Aircraft leasing fees
154,474
147,902
6,572
Depreciation and amortization
142,142
136,608
5,534
Aircraft maintenance
241,049
186,065
54,984
Personnel
233,038
216,308
16,730
Sales commissions and
promotion
62,708
55,732
6,976
Contracts
292,480
257,142
35,338
Others
210,768
183,845
26,923
Segment operating income
¥ 199,116
¥ 207,975
¥ (8,859)
Breakdown of Operating Revenues and Expenses
Fuel and Fuel Tax
Fuel and fuel tax expenses amounted to ¥413.1 billion, a ¥21.7
billion (5.6%) increase year on year. This expense accounted
for 22.2% of Air Transportation Business operating expenses,
compared with 23.6% in the previous fiscal year.
This ¥21.7 billion increase was mainly due to an increase in
ANA consumption volume factors of ¥22.0 billion and
approximately ¥5.0 billion for Peach/AirJapan, while ANA unit
price factors (including hedging effectiveness) decreased
approximately ¥5.0 billion.
Landing and Navigation Fees
Domestic passenger flights were flat year on year, while
international passenger flights increased 6.1%, (excluding
Peach and AirJapan). Freighter flights decreased 7.8%.
The increase in passenger flights resulted in an increase of
landing and navigation fees of ¥23.2 billion year on year
(26.9%) to ¥109.8 billion.
Aircraft Leasing Fees
Aircraft leasing fees increased ¥6.5 billion (4.4%) to ¥154.4
billion, mainly due to increases in domestic code-share flights
operated by other airlines.
Depreciation and Amortization
Depreciation and amortization expenses increased ¥5.5 billion
(4.1%) to ¥142.1 billion. This result was mainly due to the
receipt of new aircraft and the purchase of leased aircraft.
Aircraft Maintenance
Aircraft maintenance expenses increased ¥54.9 billion (29.6%)
to ¥241.0 billion. This increase was due to an increase in
maintenance frequency stemming from the increase in aircraft
flights, the impact of the foreign currency market, and engine
inspection and maintenance at the request of engine
manufacturers.
Personnel
Personnel expenses increased ¥16.7 billion (7.7%) year on year
to ¥233.0 billion, mainly due to an increase in employees, monthly
wage base increases, provision for bonuses, and crew travel
expenses in connection with the recovery in ASK.
Sales Commissions and Promotion
Sales commissions and promotion expenses increased ¥6.9
billion (12.5%) year on year to ¥62.7 billion, stemming from an
increase in sales commissions in connection with higher passenger
revenues, particularly on international passenger routes.
Contracts
Outsourcing expenses increased ¥35.3 billion (13.7%) year on
year to ¥292.4 billion. This result was mainly due to an increase
in ASK and a rise in contract expenses resulting from an
increase in the number of flights among overseas airlines.
Other Expenses
Other expenses increased ¥26.9 billion year on year (14.6%) to
¥210.7 billion. The most significant factor behind this increase
was an increase in in-flight service expenses and ground
handling services due to higher passenger numbers.
Airline Related Business
Airline Related Business operating revenues rose ¥38.4 billion
year on year (12.9%) to ¥337.2 billion. This result was mainly
due to an increase in passenger and cargo ground handling
and in-flight meal-related services under contract as foreign
carriers returned to service and new flights began. The increase
in international cargo volume also contributed significantly. At
the same time, operating income was ¥4.0 billion (down
40.4%), mainly due to an increase in systems-related expenses.
Performance in the Airline Related Segment
(¥ Millions)
(FY)
2024
2023
Change
Operating revenues
¥337,270
¥298,820
¥38,450
Operating expenses
333,235
292,051
¥41,184
Operating income
¥ 4,035
¥ 6,769
¥ (2,734)
Management’s Discussion and Analysis
108
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Travel Services
Overseas travel revenues increased year on year due to strong
sales of dynamic package products, particularly for Hawaii, and
steady demand for European destinations, including new routes.
Domestic travel revenues were lower year on year, mainly
due to struggling sales of dynamic travel packages.
As a result, operating revenues in the Travel Services
segment were ¥73.5 billion, down ¥4.9 billion (6.3%).
Operating income amounted to ¥100 million, an 85.9%
decrease year on year.
ANA Pay mobile payment service members topped 1 million
as of November 2024. In January 2025, we improved the
functionality of ANA Pay to make it easier for customers to use
small amounts of miles in their day-to-day shopping.
Performance in the Travel Services Segment
(¥ Millions)
(FY)
2024
2023
Change
Segment operating revenues
¥73,571
¥78,541
¥(4,970)
Domestic package products
37,696
44,888
(7,192)
International package products
5,312
3,947
1,365
Other revenues
30,563
29,706
857
Segment operating expenses
73,378
77,170
(3,792)
Segment operating income
¥ 193
¥ 1,371
¥(1,178)
Trade and Retail
Operating revenues in the Trade and Retail segment outperformed
the previous fiscal year with strong performance of ANA DUTY
FREE SHOP (duty-free sales), ANA FESTA (airport merchandise
stores), and FUJISEY (souvenir wholesales). However, an
increase in personnel expenses results in operating income
slightly lower than the previous fiscal year.
As a result, operating revenues in the Trade and Retail
segment rose ¥12.0 billion (10.2%) year on year to ¥129.9 billion.
Operating income amounted to ¥4.5 billion (down 0.2%).
(¥ Millions)
(FY)
2024
2023
Change
Operating revenues
¥129,999
¥117,919
¥12,080
Operating expenses
125,436
113,345
¥12,091
Operating income
¥ 4,563
¥ 4,574
¥ (11)
Performance in the Trade and Retail Segment
Others
Operating revenues and operating income rose year on
year, mainly due to increased volume in the airport facilities
maintenance and management business and real estate
business.
As a result, operating revenues in the Others segment rose
¥4.2 billion (10.4%) year on year to ¥45.5 billion. Operating
income amounted to ¥1.1 billion (up 110.8%)
Performance in the Others Segment
(¥ Millions)
(FY)
2024
2023
Change
Operating revenues
¥45,517
¥41,244
¥4,273
Operating expenses
44,366
40,698
3,668
Operating income
¥ 1,151
¥ 546
¥ 605
Non-Operating Income and Non-Operating Expenses /
Extraordinary Income and Special Expenses
Non-operating income and special income amounted to a loss
of ¥70 million. Compensation payments received for delays in
aircraft delivery schedule and engine inspections at the request
of manufacturers are recorded as non-operating income.
(¥ Millions)
(FY)
2024
2023
Change
Non-operating income
¥36,101
¥30,774
¥5,327
Interest income
3,725
1,294
2,431
Dividend income
2,295
1,311
984
Equity in earnings of
unconsolidated subsidiaries
and affiliates
1,592
1,060
532
Foreign exchange gains, net
2,485
4,459
(1,974)
Gain on sales of assets
515
2,265
(1,750)
Gain on donation of non-
current assets
1,043
367
676
Compensation payments
19,508
14,404
5,104
Other, net
4,938
5,614
（676)
Non-operating expenses
(32,654)
(31,029)
(1,625)
Interest expenses
(23,359)
(23,324)
（35)
Loss on sales of assets
(180)
（50)
（130)
Loss on disposal of assets
(6,766)
(4,866)
(1,900)
Other
(2,349)
(2,789)
440
Extraordinary income
404
—
404
Gain on sales of investment
securities
404
—
404
Special expenses
(3,924)
(2,818)
(1,106)
Allowance for doubtful
accounts
(3,924)
—
(3,924)
Loss on valuation of
investment securities
—
(2,818)
2,818
Total
¥ (73)
¥ (3,073)
¥3,000
Non-Operating Income and Non-Operating Expenses /
Extraordinary Income and Special Expenses
Net Income Attributable to Owners of the Parent
As a result of the preceding, income before income taxes
amounted to ¥196.5 billion, compared with ¥204.8 billion in
the previous fiscal year. After income taxes, municipal taxes,
business taxes, and other adjustments, net income attributable
to owners of the parent amounted to ¥153.0 billion, compared
with ¥157.0 billion in the previous fiscal year. Income per share
was ¥325.58, compared with ¥335.09 in the previous fiscal year.
Management’s Discussion and Analysis
109
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Cash Flows
Basic Approach
The ANA Group’s fundamental approach to cash management
is to conduct continuous investments strategically to strengthen
competitiveness over the medium to long term, while maintaining
financial soundness.
We secure funds for working capital and capital expenditures
(mainly aircraft) through self-financing, bank loans, or through
the issuance of bonds. Our basic policy is to secure stable
sources of liquidity and funds necessary for business operations.
As of March 31, 2025, we have secured commitment line
agreements totaling ¥100.0 billion with several financial
institutions.
The group has access to the Japan Bank for International
Cooperation (JBIC)’s guarantee system for investments in
aircraft, our primary assets.
Overview of Fiscal 2024
Free cash flow amounted to ¥29.3 billion (sum of cash flows
from operating activities and investing activities). Net cash
used in financing activities totaled ¥170.1 billion. As a result,
cash and cash equivalents decreased ¥139.7 billion from
the beginning of the fiscal year, amounting to ¥862.7 billion at
the end of the fiscal year.
Cash Flows from Operating Activities
After adjusting the ¥196.5 billion in income before income
taxes for depreciation and amortization, notes and accounts
payable, notes and accounts receivable, and other non-cash
items, net cash provided by operating activities amounted to
¥373.0 billion, compared with ¥420.6 billion in the previous
fiscal year.
Cash Flows from Investing Activities
Net cash used in financing activities was ¥343.6 billion,
compared with ¥399.5 billion in the previous fiscal year. This
result was mainly due to capital investment in aircraft and other
items. Substantial cash flows used in investing amounted to
¥245.2 billion after excluding net outlays from payments into
and proceeds from withdrawals of time deposits and payments
for purchases and proceeds from redemptions of marketable
securities (including negotiable deposits with maturities
exceeding three months), which amounted to ¥98.4 billion.
Free Cash Flow
Net cash provided by operating activities totaled ¥373.0 billion.
Since net cash used in investing activities was ¥343.6 billion,
free cash flow for fiscal 2024 amounted to ¥29.3 billion, an
increase of ¥8.2 billion compared with the previous fiscal
year. Substantial free cash flow after excluding payments
into and proceeds from withdrawals of time deposits and
payments for purchases and proceeds from redemptions
of marketable securities (including negotiable deposits with
maturities exceeding three months) amounted to ¥127.7 billion,
compared with ¥206.1 billion in the previous fiscal year.
Cash Flows from Financing Activities
Net cash used in financing activities was ¥170.1 billion,
compared with ¥136.0 billion in the previous fiscal year. This
result was mainly due to dividend payments, the redemptions
of bonds, and repayments of loans.
* Substantial free cash flow after excluding payments for the purchase of marketable
securities and proceeds from redemptions of bonds (including negotiable deposits with
maturities exceeding three months)
(¥ Millions)
(FY)
2024
2023
Change
Cash flows from operating
activities
¥373,034
¥420,622
¥(47,588)
Cash flows from investing
activities
(343,656)
(399,525)
55,869
Cash flows from financing
activities
(170,154)
(136,045)
(34,109)
Free cash flow
29,378
21,097
8,281
Substantial free cash flow*
127,784
206,148
(78,364)
Capital expenditures
¥255,930
¥240,469
¥ 15,461
Consolidated Cash Flows
Management’s Discussion and Analysis
110
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Capital Expenditures and Aircraft
Procurement
Fundamental Approach to Aircraft Procurement
Aircraft are major investments used over the long term (10-
plus years). Decisions regarding the selection of aircraft types
suited to routes and networks and the pursuit of the best fleet
composition are among the most important issues for airline
management.
The ANA Group fleet strategy is based on three basic policies:
(1) Strengthening cost competitiveness by introducing fuel-
efficient aircraft, (2) Optimizing supply to demand by increasing
the ratios of narrow- and medium-body aircraft; and (3)
Allocating resources to growth areas, as represented by the
international business.
Fundamentally, the group purchases and owns aircraft we
intend to use over the medium to long term. We employ
operating leases to procure aircraft for use over the short term
or for capacity adjustment. The group may also utilize sale-
leaseback transactions as a means to diversify corporate
financing methods. In these and other ways, the group selects
the most economical aircraft procurement method.
Capital Expenditures
The ANA Group makes capital expenditures to improve safety,
as well as to enhance competitiveness and profitability. The
main areas of investment are fleet-related, including the
purchase of aircraft, aircraft spare engines and parts, as
well as investments related to information systems. Capital
expenditures for fiscal 2024 amounted to ¥255.9 billion,
an increase of 6.4% year on year.
By segment, Air Transportation Business capital expenditures
increased 5.4% year on year to ¥246.8 billion. Airline Related
expenditures increased 41.8% to ¥4.0 billion, while Travel
Services expenditures decreased 33.5% to ¥1.7 billion. Trade
and Retail capital expenditures decreased 13.7% to ¥1.6 billion
and Others increased 11.8% to ¥0.1 billion.
Capital Expenditures* / Depreciation and Amortization
* Capital expenditures contains only fixed assets
(FY)
(¥ Billions)
0
100.0
200.0
300.0
400.0
351.3
2019
2020
2021
2022
2023
2024
Capital expenditures
Depreciation and amortization
175.7
156.7
176.3
133.3
157.5
116.8
148.2
240.4
142.3
255.9
148.6
Aircraft Procured in Fiscal 2024
Based on our fleet strategy, aircraft totaled 278 as of the end
of fiscal 2024.
The table below shows changes in the number of aircraft by
type for the fiscal year under review. The ANA Group added six
aircraft, consisting of three Boeing 787-10s, one Boeing 787-9,
and two Airbus A320-200neos. Meanwhile, the group reduced
the fleet by six aircraft, consisting of three Boeing 767-300Fs
and three Airbus A320-200s.
Aircraft Procurement Plan for Fiscal 2025
We plan to add a total of 10 aircraft during fiscal 2025. These
ten aircraft consist of two Boeing 787-10s, one Boeing 787-9,
one Boeing 737-8, five Airbus A320-200neos, and one De
Havilland Canada DASH 8-400.
Meanwhile, the group plans to retire five aircraft, consisting
of two Boeing 777-300s and three Airbus A320-200s.
( ) changes
Aircraft
Number of Aircraft
Owned
Leased
Airbus A380-800
3
3
0
Boeing 777-300
18
9
9
Boeing 777-200
10
10
0
Boeing 777F
2
2
0
Boeing 787-10
8
(+3)
7
(+3)
1
Boeing 787-9
44
(+1)
38
(+1)
6
Boeing 787-8
36
33
(+2)
3
(–2)
Boeing 767-300
15
15
0
Boeing 767-300F
6
(–3)
3
(–3)
3
Airbus A321-200neoLR
3
0
3
Airbus A321-200neo
22
0
22
Airbus A321-200
4
0
4
Airbus A320-200neo
28
(+2)
11
17
(+2)
Airbus A320-200
16
(–3)
0
16
(–3)
Boeing 737-800
39
26
13
De Havilland Canada DASH 8-400 aircraft
24
24
0
Total
278
181
(+3)
97
(–3)
Changes in the Number of Aircraft in Fiscal 2024
Management’s Discussion and Analysis
111
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Interest-Bearing Debt
(¥ Millions)
(End of FY)
2024
2023
Change
Short-term debt
¥ 376,317
¥ 229,998
¥ 146,319
Short-term loans
76,919
84,170
(7,251)
Current portion of long-term
loans
267,166
73,777
193,389
Current portion of bonds
30,000
—
30,000
Current portion of bonds with
stock acquisition rights
—
70,000
(70,000)
Finance lease obligations
2,232
2,051
181
Long-term debt*
972,741
1,254,038
(281,297)
Bonds
125,000
155,000
(30,000)
Convertible bonds with stock
acquisition rights
150,000
150,000
0
Long-term loans
691,910
943,808
(251,898)
Finance lease obligations
5,831
5,230
601
Total interest-bearing debt
¥1,349,058
¥1,484,036
¥(134,978)
* Excluding current portion of long-term loans and current portion of bonds
Interest-Bearing Debt / Debt/Equity Ratio
* Excluding off-balanced lease obligations
(FY)
(¥ Billions)
(Times)
0
500
1,000
1,500
2,000
2019
2020
2021
2022
2023
2024
0
1.2
0.6
1.8
2.4
Interest-bearing debt
(Left)
(Right)
Net interest-bearing debt
Debt/equity ratio
Net debt/equity ratio
Net Assets
Net assets as of March 31, 2025, amounted to ¥1,140.0 billion,
an increase of ¥87.4 billion compared with the end of the
previous fiscal year.
Shareholders’ equity amounted to ¥1,071.3 billion, an increase
of ¥120.2 billion compared with the end of the previous fiscal
year. This increase was mainly due to the recording of net
income and the increase in retained earnings.
Total accumulated other comprehensive income amounted
to ¥58.9 billion, a decrease of ¥34.3 billion compared with the
end of the previous fiscal year. This was mainly due to a
decrease in deferred gain on derivatives under hedge
accounting.
As a result, total shareholders’ equity increased ¥85.8 billion
from the end of the previous fiscal year, amounting to
¥1,130.3 billion. The shareholders’ equity ratio increased 2.0
points to 31.2%.
Book value per share (BPS) at the end of the fiscal year was
¥2,405.12, compared with ¥2,222.03 as of the end of the
previous fiscal year.
(¥ Millions)
(FY)
2024
2023
Change
Total assets
¥3,620,297
¥3,569,530
¥ 50,767
Current assets
1,693,726
1,701,190
(7,464)
Property and equipment
1,926,140
1,867,807
58,333
Liabilities
2,480,202
2,516,903
(36,701)
Current liabilities
1,276,542
1,035,428
241,114
Long-term liabilities
1,203,660
1,481,475
(277,815)
Net assets
¥1,140,095
¥1,052,627
¥ 87,468
Consolidated Financial Position
Financial Position
Assets
Total assets as of March 31, 2025 amounted to ¥3,620.2 billion,
an increase of ¥50.7 billion compared with March 31, 2024.
Total current assets amounted to ¥1,693.7 billion, down
¥7.4 billion from the end of the previous fiscal year, mainly due
to a decrease in cash and deposits. Cash and deposits
amounted to ¥454.7 billion, a decrease of ¥146.1 billion
compared with the end of the previous fiscal year. Marketable
securities increased ¥104.7 billion to ¥761.7 billion. As a result,
liquidity on hand amounted to ¥1,216.4 billion, down ¥41.3
billion year on year. Total non-current assets at the end of the
fiscal year stood at ¥1,926.1 billion, up ¥58.3 billion year on
year, mainly due to the purchases of aircraft.
We plan to reduce total assets over the medium term and
shift to more efficient financial management.
Liabilities
Current liabilities as of the end of the fiscal year stood at
¥2,480.2 billion, a decrease of 36.7 billion compared with the
end of the previous fiscal year. This result was mainly due to
an increase in contract liabilities resulting from increased airline
ticket bookings against redemptions of bonds and repayments
of loans.
Interest-bearing debt, including finance lease obligations,
decreased ¥134.9 billion to ¥1,349.0 billion, mainly due to
repayments of loans. Our debt/equity ratio amounted to 1.2
times, a decrease of 0.2 points compared with the end of the
previous fiscal year. Net debt/equity ratio on a net interest-
bearing debt basis was 0.1 times.
Management’s Discussion and Analysis
112
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Basic Policy on Allocation of Profits
We recognize that shareholder returns are an important
management priority for the group.
The group strives to bolster shareholder returns while
maintaining financial soundness. This goal will be accomplished
as we secure the funds needed in light of earnings fluctuations
and to conduct growth investments (aircraft, etc.) to support
future business development. We examine the shareholder
returns in terms of dividend levels and share buybacks on an
ongoing basis, while considering the level for free cash flow.
Our basic policy is to pay a year-end dividend of surplus once
a year. Our General Meeting of Shareholders is the decision-
making body for the distribution of surpluses.
Dividends for Fiscal 2024 and Plans for Fiscal 2025
We have decided to pay a dividend of ¥60 per share for the
current fiscal year. This dividend is an increase of ¥10 per
share compared with our previous forecast, announced on
February 3, 2025. We plan to pay a dividend of ¥60 per share
for the next fiscal year.
The ANA Group pursues and conducts optimal hedge
transactions that reduce the impact of volatility in fuel prices
and foreign exchange rates to control the risk of fluctuations
in earnings. The objective of this hedging is to both stabilize
profitability and equalize expenses in response to rising fuel
surcharges and foreign currency revenues associated with
growth in ANA’s international business.
The group conducts fuel hedging (for ANA) three years in
advance of the applicable period after considering fuel surcharge
revenues.
The group hedges U.S. dollar payments for ANA HOLDINGS
and ANA related to fuel expenses three years in advance and
U.S. dollar payments associated with capital expenditures for
aircraft and other items five years in advance of the payment
periods. Based on a balance of foreign currency revenues,
revenues linked to foreign exchange market fluctuations, and
foreign currency expenses with respect to U.S. dollar payments,
the group uses forward exchange agreements to hedge any
portion of foreign currency expenses in excess of foreign
currency revenues.
The ANA Group has established a defined contribution pension
plan and a defined benefit pension plan. The defined benefit
plans consist of a defined benefit corporate pension plan and
lump-sum retirement benefit plans. Certain employees are
entitled to additional benefits upon retirement.
Certain consolidated subsidiaries adopting defined-benefit
corporate pension plans and lump-sum retirement benefit
plans use a simplified method for calculating retirement benefit
expenses and liabilities.
Retirement Benefit Obligations and Related Expenses
(¥ Millions)
(FY/End of FY)
2024
2023
Retirement benefit obligation
¥(206,037)
¥(215,433)
Plan assets at fair value
56,060
58,604
Net liability arising from defined benefit obligation
in the consolidated balance sheet
(149,977)
(156,829)
Liabilities for retirement benefits
(153,843)
(160,027)
Assets for retirement benefits
3,866
3,198
Net liability arising from defined benefit obligation
in the consolidated balance sheet
(149,977)
(156,829)
Net periodic benefit costs
14,064
14,279
Main basis for actuarial calculations
Discount rates
0.4–2.4%
0.1–1.6%
Expected rates of return on plan assets
1.0–2.5%
1.0–2.5%
Contribution to defined contribution pension plans
¥ 5,430
¥ 4,825
The Company has obtained credit ratings on various long-term
bonds from Japan Credit Rating Agency, Ltd. (JCR) and Rating
and Investment Information, Inc. (R&I).
Bond ratings as of March 31, 2025 were as follows:
Bond Ratings (As of March 31, 2025)
JCR
R&I
Issuer rating
A
A-
Outlook
Stable
Stable
Bond Ratings
Fuel and Exchange Rate Hedging
Allocation of Profits
Retirement Benefit Obligations
Management’s Discussion and Analysis
113
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Changes and Outlook
We believe this risk to be the most important risk for the
ANA Group.
Response
The ANA Group established a special organization to
perform safety quality audits and has built a sustainable
mechanism to ensure safety. We engage in safety risk
management that prevents recurrence while incorporating
preventive and predictive measures. We pursue further
safety improvements through risk management, focusing
on factors that include best practices and case studies from
outside the group. Futhermore, we provide visibility to safety
through safety performance indicators (SPI), response
measures, safety practices, and numerous other means to
improve safety further.
At the same time, we conduct ongoing and recurring
education and training for flight crew, flight attendants, and
other employees involved directly in aircraft operations.
We also provide constant safety awareness activities for all
employees in the ANA Group. In these ways, and through
the ANA Group Safety Education Center, we strive to
foster and strengthen a corporate group culture of active
safety and security. We also work closely with aircraft
manufacturers and other parties to exchange information
and opinions that support safety and high-quality operations.
(2) Major Risks
1. Addressing climate change issues is becoming more
important and urgent.
Summary
Aircraft operations emit CO2 and other greenhouse gases.
Reducing these emissions is a pressing matter for the
group. The ANA Group is working to achieve net-zero CO2
emissions by 2050. To this end, we aim to replace aircraft
with more fuel-efficient models and utilize sustainable
aviation fuel (SAF). SAF is jet fuel with significantly lower CO2
emissions than conventional fuels throughout the life cycle,
from raw material production and collection to combustion.
As a corporate group whose core business is air transportation,
we consider safety to be our most important social mission
and consider any damage or impediment to this mission to
be the most important risk we face. In addition to the severe
impact of the COVID-19 pandemic over the past several
years, we face a variety of other risks, including risks related
to climate change, which has increased in importance and
urgency, and risks related to international affairs, which are
becoming increasingly uncertain.
The following is a summary of the risks as of the end of
the current fiscal year that the ANA Group believes may
have a significant impact on investor decisions. The following
includes forward-looking statements, which may not be
consistent with actual conditions, and may omit other risks
that affect the group.
(1) Most Important Risk
The most important risk to the ANA Group is the risk of
damage or impairment to safety.
Summary
Safety is the ANA Group’s promise to the public and is the
foundation of our business. Any event that risks or impedes
safety has a significant impact on the group. In particular, any
human casualties could shake the foundations of the group’s
social credibility and trust. In the event of an airline accident
or other incident that results in personal or property damage,
we may be held liable for compensation for such damages. If
safety is impaired or compromised, the impact could be far-
reaching, even leading to a decline in group revenues over
the medium term as customers become hesitant to fly with
the group or choose to fly with another airline.
In the event that a manufacturing defect or other issue
is discovered in an aircraft, we may be forced to suspend
the operation of said aircraft as a precautionary measure to
ensure safety. In such cases, however, ANA Group business
operations could be affected by flight cancellations or
reductions due to a shortage of available aircraft.
At this point in time, there are no prospects indicating
that SAF will be in sufficient supply on a stable basis at a
reasonable price.
If SAF is not in stable or sufficient supply, the group may
be forced to purchase CO2 emission credits or allowances
from outside carbon reduction programs, which may
increase operating expenses. If SAF prices remain high,
the operating cost of aircraft may increase, affecting
group profitability. High operating costs could also affect
competitiveness against other modes of transportation,
such as railway and ocean transportation, as we must pass
on costs in the form of higher fares.
In the event that group plans to reduce CO2 emissions
do not progress as targeted, customers may prefer other
modes of transportation, such as rail, which emit relatively
lower levels of CO2. If an adequate supply of SAF cannot be
sourced in Japan, group aircraft may encounter restrictions
or limitations in access among certain countries or regions
that have adopted strict environmental standards.
Changes and Outlook
We believe that the response to climate change is an urgent
worldwide issue, and that addressing this risk is of extremely
high importance and priority. We also believe that the
aviation industry in general and the ANA Group, in particular,
may be required to take more stringent and sophisticated
measures to address this risk more quickly in the future.
Response
In addition to replacing aircraft with newer, more fuel-
efficient types, we also take proactive measures in the use of
negative emissions technologies to capture, absorb, store,
and immobilize atmospheric CO2. We are also establishing
an SAF development and supply system through public-
private partnerships (including other companies in the
industry), SAF manufacturers, and the government.
The ANA Group discloses information in line with the
recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD) on our corporate website.
(https://www.ana.co.jp/group/en/csr/environment/goal/)
114
Operating Risks
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
2. Increased risks due to instability in the international
situation
Summary
The ANA Group has expanded our International Business
in search of further growth opportunities. However,
international affairs have become increasingly uncertain
due to U.S.-Chinese frictions, the situations in Ukraine and
the Middle East, the emergence of third-party powers,
etc. Other uncertainties regarding future events have also
emerged.
International air transportation has grown against the
backdrop of economic globalization. However, if this trend
stagnates or reverses, or if peace fails due to war or conflict,
etc., ANA Group revenues could be affected negatively due
to slow demand for business travel or a decrease in demand
for tourism.
Instabilities in international affairs could affect not only
our international business but also our domestic business,
caused by lower inbound demand (foreign tourists visiting
Japan), etc. In addition, instabilities could force aircraft to
stop flying over or reroute around war or conflict zones. The
impact of these costs could be far-reaching.
Changes and Outlook
Uncertainty about the direction of international affairs and
the globalization of economic activities is increasing. We
believe there is a growing need to manage and address
these matters as risks.
Response
In developing our international business, we focus not only
on short-term profitability when building an airline network,
but also on the risks associated with the global situation.
We will continue to focus on this risk in the future. The
ANA Group will also take care that we do not rely overly
on passenger acquisition in certain countries or regions
overseas, but rather strive for a balanced approach.
In the event that an emergency response is required to an
escalation in the global situation, we will be flexible in altering
flight plans and routes to mitigate the impact.
3. Outbreaks of large-scale infectious diseases have a
tremendous impact on the ANA Group.
Summary
The ANA Group was impacted severely by the COVID-19
pandemic. If a large-scale outbreak of infectious disease
were to occur again in the future, demand for our services
could decline drastically due to restrictions or prohibitions on
travel, having a significant impact on ANA Group business
performance. Controlling Air Transportation Business
expenditures in the short term will not be easy, since aircraft
expenses, personnel expenses, and other fixed costs
account for a large portion of our business. In addition,
measures to curb business expenditures could affect group
business performance, even during the phase of recovery in
demand, as a certain amount of time would be required to
rebuild business structures.
Changes and Outlook
In general, climate change (global warming) is said to
increase the risk of infectious disease, and we believe this
risk will be increasingly important to address in the future.
Response
The ANA Group secured passenger aircraft and freighters
as resources allowing for a proactive response to the
movement of goods, even when personal travel has
declined. At the same time, we are able to serve personal
travel to limited demand in the most appropriate approach
through our three brands: ANA, Peach, and AirJapan. We
are also diversifying our business structure, expanding
revenue domains not linked to the Air Transportation
Business and expanding the ANA Economic Zone for the
sustainable growth of the ANA Group.
4. The impact of a system failure is significant.
Summary
The ANA Group seeks to systematize business operations to
provide air transportation services of ever-higher quality and
efficiency. The potential impact of system failures on our business
continues to increase, regardless of whether the failure is
caused by internal or external factors, such as a cyberattack.
In the event of a systems failure related to aircraft operations,
it may become difficult to operate aircraft. And in the event
of a failure in related systems such as reservations, payment
settlements, and boarding management, it may become
impossible to accept and settle reservations or manage
boarding at airports. In effect, the group would not be able
to provide air transportation services.
Changes and Outlook
We believe the risk of system failures and cyberattacks is
increasing with the rising number and sophistication of
cyberattacks related to the increasing use of cloud systems,
business supply chain interconnectivity and linkage, geopolitical
considerations, and even the weaponized use of AI. We
believe there is a growing social demand to prevent and
reduce this risk.
Response
We established the ANA Group Computer Security Incident
Response Team (CSIRT) in 2024. The team responds to
incidents from the moment when it is still unclear whether
the issue is one of system error or cybersecurity attack,
providing a comprehensive, multifaceted operating structure.
At the same time, the team allows us to respond quickly to
cyber incidents and needs from stakeholders overseas.
The group is also bolstering our response to intangible
aspects through a function to oversee overall system
architecture, improved education, and system failure-
response training.
5. Dealing with the risk of information leakage is
increasingly important.
Summary
The ANA Group retains a great deal of information, which
includes the personal data of ANA Mileage Club members.
In the event of an unauthorized leakage of such information,
the ANA Group may be sued for damages, ordered to
pay fines and penalties by governments, etc., and lose the
trust of our customers and society, thereby experiencing a
competitive disadvantage.
115
Operating Risks
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Changes and Outlook
We believe the need to address this risk appropriately is only
rising in light of heightened social awareness and norms
regarding information handling, based on increasingly strict
laws and regulations.
Response
We engage in appropriate information management in
accordance with the laws and regulations of each country.
We also implement computer virus countermeasures, email
security checks, monitoring for unauthorized operations,
restrictions on employee access to information, and
information management education and training for all
employees. In addition, we take measures to prevent
cyberattacks and information leaks, engaging in ongoing
inspections of group systems to detect and respond to
aging systems and vulnerabilities as early as possible.
6. Human rights risk involves expanding factors
demanding greater attention.
Summary
Any acts that violate human rights will bring social criticism
or boycotts, whether the violation occurs within our group or
within the business chain related to our business, including
contractors, suppliers, and business partners. Certain
countries and regions overseas are enacting legislation
related to the protection of human rights in the supply chain.
Any acts that violate human rights, including acts committed
by contractors or other parties outside the group, may result
in penalties levied on the group under the jurisdiction of these
countries and regions. Furthermore, any problem resulting in
a shutdown of a supplier or other subcontractor could lead
to restrictions or limitations on group business operations.
Changes and Outlook
As we respond to the shrinking labor force in Japan and
expand our businesses overseas, our base of human
resources becomes more diverse, and we believe in the
need to address this risk from multiple perspectives.
Response
The ANA Group established a human rights due diligence
mechanism under the ANA Group Human Rights Policy that
reflects the procedures detailed in the United Nations
Guiding Principles on Business and Human Rights. We
strive to manage this risk appropriately by conducting
human rights risk assessments across our supply chain.
When necessary, we confirm and investigate human rights
risks with external parties or the worker themselves directly
through dialogue, etc. We have also developed a mechanism
for workers to give feedback directly and facilitate respect
for human rights through a grievance mechanism. Within the
ANA Group, we conduct employee education on human
rights and perform periodic monitoring at management-level
meetings.
7. The risk of severe natural disasters is increasing.
Summary
Air transportation has the advantage of being relatively more
resilient to natural disasters compared with most transportation
systems, as this means of travel connects points by air.
Even if certain airports fail to function, alternative flights can
be provided using nearby airports. However, the ANA
Group’s business is based and concentrated in the Tokyo
metropolitan area. Therefore, major restrictions or disruptions
to ANA Group flight operations could occur if the Haneda or
Narita airports are impacted by a natural disaster.
Changes and Outlook
Climate change (global warming) is said to lead to more
frequent and severe natural disasters, and we believe this
risk will be one of several increasingly important risks to
address in the future.
Response
We formulated a business continuity plan (BCP) and regularly
review the plan to ensure we can restore operational
functions quickly and fulfill our mission as a public
transportation service in the event of a large-scale natural
disaster, such as an earthquake directly under the Tokyo
metropolitan area. We have backup systems in place for the
various core functions essential to our flight operations.
These systems include satellite phones, employee
provisions, and employee safety systems. In addition, we
conduct regular disaster drills in cooperation with related
parties, including airport companies, etc.
8. The ANA Group’s business is affected significantly by
market fluctuations, including foreign exchange rates,
crude oil prices, and interest rates.
Summary
a. Foreign exchange rates
Since the aircraft used by the ANA Group are manufactured
by overseas manufacturers, a significant depreciation of the
yen will increase the cost of aircraft procurement. Aircraft
fuel, which accounts for a major portion of our operating
expenses, relies on the import of crude oil, which is used
as a raw material. Here, as well, operating expenses will
increase if the yen depreciates significantly. A weakening of
the yen boosts yen-equivalent revenues earned in foreign
currencies overseas by the ANA Group. However, the group
has more foreign currency-denominated expenses than
foreign currency-denominated revenues, and the effect does
not offset the entire increase in expenses.
The group also takes measures to mitigate the impact of
exchange rate fluctuations through hedging transactions,
etc. And while these measures may mitigate or equalize
the impact, they do not completely eliminate the impact.
Nor can these measures be expected to be effective in
controlling costs in all cases.
b. Crude oil prices
The price of jet fuel is linked to the price of crude oil. A
sharp rise in crude oil prices inevitably leads to an increase
in aircraft fuel costs. In certain of our businesses, the
ANA Group adopts measures that include assessing and
collecting fuel surcharges based on fuel prices. However,
these revenues do not always offset the entire increase in
fuel costs.
The group also takes measures to mitigate the impact
of crude oil prices through hedging transactions, etc. And
while these measures may mitigate or equalize the impact,
116
Operating Risks
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
they do not completely eliminate the impact. Nor can these
measures be expected to be effective in controlling costs in
all cases.
c. Interest rates
The ANA Group business operations leverage aircraft financing
and other external funds. A significant rise in interest rates
could affect the group in the form of increased financing costs.
Changes and Outlook
Although market fluctuations are always a possibility, we
believe the potential of this risk has increased recently in
light of growing uncertainties regarding international and
economic conditions.
Response
We take measures to reduce, mitigate, and equalize risks
through the use of hedging transactions, etc. As a group,
we strive to enhance resilience to market fluctuations. To
this end, we engage in more fundamental measures that
include increasing foreign currency-denominated revenues
to build a revenue structure that is resilient to the effects of
exchange rates, replacing our fleet with new aircraft having
superior fuel efficiency, diversifying our business portfolio to
develop businesses less susceptible to market fluctuations,
and procuring funds under appropriate financial discipline.
9. Investments designed to strengthen competitiveness
and achieve new growth also entail risks.
Summary
The ANA Group considers and executes investments to
achieve growth for the future. However, these investments
also entail risks.
Our Air Transportation Business introduces new aircraft
to maintain and improve competitiveness against other
companies, as well as to reduce greenhouse gas emissions.
However, these investments may not be as effective as
expected in the event of large-scale pandemics, the rapid
and dramatic development of technologies, associated
changes in social behavior, or the fragmentation of global
economic activities due to political circumstances.
In addition, we strive to increase the risk tolerance of
the group through the consideration and execution of
investments in related businesses that we expect to have
synergies with the Air Transportation Business and similar
businesses. These businesses may utilize expertise from the
Air Transportation Business, namely, regional revitalization
businesses, various air mobility businesses, avatar business,
ANA Economic Zone businesses, etc. While we expect
these investments to be highly impactful when they produce
the expected results, these investments may not produce
the expected results in all cases.
Changes and Outlook
We continue to believe risk management related to
investments is important.
Response
When considering and executing investments, we strive to
manage risk appropriately, not only through discussions
and deliberations at Board of Director meetings and other
management-level meetings but also through our investment
management committee, which oversees investments for
the group. In this way, we ensure a hierarchical management
system that incorporates pre-investment evaluation and
post-investment withdrawal standards.
10. A declining population may cause markets to contract
or make it more difficult to secure a workforce.
Summary
The most significant business foundation of the ANA Group
exists in Japan. But as Japan’s population continues to
decline, the size of this market may contract in the future.
Population declines may also have an impact on the ability
to secure the labor force necessary for ANA Group business
operations. In this event, unit labor costs may increase or
business operations may be limited due to labor shortages
or insufficient skills and knowledge on the part of employees.
Changes and Outlook
We believe this risk will emerge in the future.
Response
We take into account and reflect assumptions of social change
(declining populations, etc.) when forming corporate strategies.
We also strive to revitalize the market as a whole by utilizing
our LCC brand. Over the medium to long term, we will continue
to expand our international business, which addresses a
market likely to grow over the medium to long term.
To secure a sufficient workforce, we will improve our ability
to compete in recruitment via proactive investments in human
capital. These investments will include appropriate assignments
and expanded education and training opportunities to improve
skills and knowledge. At the same time, we pursue
mechanization, labor savings, and unattended operations,
for greater productivity.
11. Expansion of high-speed rail networks may intensify
competition between air and land transportation.
Summary
Further expansion of the high-speed rail network in Japan
is scheduled in the future, and competition with the
shinkansen bullet train and other railways may become
more intense. The extension of bullet train lines and the
acceleration of existing lines may impact the ANA Group’s
domestic operations. This impact could include a decline in
market share or a drop in unit price due to intensified price
competition.
Changes and Outlook
We believe this risk is likely to emerge over the medium to
long term.
Response
We take into account and reflect assumptions of changes
in the competitive environment, such as an extension of
high-speed rail networks, etc., when forming corporate
strategies. We also strive to revitalize the market as a whole
by utilizing our LCC brand.
Over the medium to long term, we will continue to expand
our international business, which addresses a market likely
to grow over the medium to long term.
117
Operating Risks
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
(3) Other Risks
a. Risks related to transportation and aviation
policies
Certain key airports, such as Haneda, have already reached
a maximum number of slots for departures and arrivals.
Given that the throughput capacity is essentially up to
national policy, such airports may limit the future business
development of the group. Furthermore, future policies
could result in the reduction or recovery of slots at these
airports currently in use by the group.
b. Risks related to taxation and taxes and public
dues
Our Air Transportation Business is subject to taxes and
public dues that include airport landing fees, parking fees,
and navigation and facility usage fees. These fees run in
addition to fuel tax and other taxes. Any raises to existing
taxes or new taxes and public dues could have a negative
impact on the group.
c. Risks related to economic fluctuations
Medium- to long-distance air transportation is more
susceptible to economic fluctuations than regular short-
distance transportation.
d. Risks related to profit structure, financial platform,
and funds procurement
The Air Transportation Business uses costly aircraft and
incurs many expenses (fuel, maintenance, etc.) linked to
flight operations, regardless of the volume of passengers
and cargo carried. A significant decline in demand could
cause a major reduction in profitability.
In addition, the ANA Group has recorded deferred tax
assets. However, these assets may be reversed in the event
of a decrease in expected future taxable income.
The group may procure funds necessary for capital
investment, etc., from financial institutions and the market.
However, if the group is constrained in its ability to procure
funds due to changes in creditworthiness or market turmoil,
such events may have a negative impact on the group.
e. Risks related to business portfolio
In addition to the Air Transportation Business, which
accounts for a large percentage of the ANA Group revenues
and earnings, many of the group’s other businesses,
including Airline Related, Travel Services, and Trade and
Retail businesses, are related to the Air Transportation
Business. Any significant negative impact on the Air
Transportation Business could affect these other businesses
materially.
f. Risks related to lawsuits
Lawsuits filed in Japan or overseas related to the ANA
Group business activities could have a negative impact on
the group.
118
Operating Risks
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Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Available Seat-Kilometers (ASK)
A unit of passenger transport capacity, analogous to
“production capacity.” Total number of seats × Transport
distance (kilometers).
Revenue Passenger-Kilometers (RPK)
Total distance flown by revenue-paying passengers
aboard aircraft. Revenue-paying passengers × Transport
distance (kilometers).
Load Factor
Indicates the seat occupancy ratio (status of seat sales)
as the ratio of revenue passenger-kilometers to available
seat-kilometers. Revenue passenger-kilometers / Available
seat-kilometers.
Yield
Unit revenues per revenue passenger-kilometer.
Revenues / Revenue passenger-kilometers.
Unit Revenues
Quantitatively measures revenue management
performance by showing unit revenues per available
seat-kilometer (Revenues / Available seat-kilometers).
Calculated as yield (Revenues / Revenue passenger-
kilometers) × load factor (Revenue passenger-kilometers /
Available seat-kilometers).
Unit Cost
Indicates cost per unit in the airline industry.
Calculated as cost per available seat-kilometer.
Revenue Management
This management technique maximizes revenues by
enabling the best mix of revenue-paying passengers
through yield management that involves optimum seat
sales in terms of optimum timing and price based on
network and fare strategy.
Optimizing Supply to Demand
Involves flexibly controlling production capacity (available
seat-kilometers) according to demand trends in ways such
as increasing or decreasing the frequencies on routes and
adjusting aircraft size.
Cargo Business Terms
Available Ton-Kilometers (ATK)
A unit of cargo transport capacity expressed as “production
capacity.” Total cargo capacity (tons) × Transport distance
(kilometers).
Revenue Ton-Kilometers (RTK)
Total distance carried by each revenue-paying cargo
aboard aircraft. Revenue-paying cargo (tons) x Transport
distance (kilometers).
Freighter
Dedicated cargo aircraft. Seats are removed from the
cabin space where passengers would normally sit, and
the space is filled with containers or palletized cargo.
Belly
The space below the cabin on passenger aircraft that is
used to transport cargo.
Airline Industry and Company Terms
IATA
The International Air Transport Association.
Founded in 1945 by airlines operating flights primarily on
international routes, functions include managing arrival
and departure slots at airports and settling receivables
and payables among airline companies. Approximately
350 airlines are IATA members.
ICAO
The International Civil Aviation Organization.
A specialized agency of the United Nations created in
1944 to promote the safe and orderly development of
international civil aviation. More than 190 countries are
ICAO members.
Star Alliance
Established in 1997, Star Alliance was the first and is the
world’s largest airline alliance. ANA became a member in
October 1999. As of July 2025, 25 airlines from around
the world are members.
Code-Sharing
A system in which airline alliance partners allow each other to
add their own flight numbers on other partners’ scheduled
flights. The frequen result is that multiple companies sell
seats on one flight. Also known as jointly operated flights.
Antitrust Immunity (ATI)
Granting of advance approval for immunity from competition
laws when airlines operating international routes cooperate
on planning routes, setting fares, conducting marketing
activities, or other areas, so that the airlines are not in
violation of the competition laws of such countries. In
Japan, the United States, and South Korea, the relevant
department of transportation grants ATI based on an
application (in countries other than these three, it is
common for a bureau such as a fair trade commission
to be in charge), but in the European Union the business
itself performs a self-assessment based on the law. ATI
approval is generally based on the two conditions that
the parties do not have the power to control the market
and approval will increase user convenience.
Joint Venture
A joint business in the international airline industry between
two or more airlines. Restrictions such as bilateral air
agreements between countries and caps on foreign capital
investments still exist in the international airline industry.
Therefore, airlines form ATI-based joint ventures, instead
of the commonly known methods used in other industries
such as capital tie-ups and M&As, etc. Joint ventures allow
airline operators to engage in deeper alliances, coordinate
schedules, set common fares, etc., enhancing customer
convenience and strengthening businesses while leveraging
the strengths of each company.
Full Service Carrier (FSC)
An airline company that serves a wide range of markets
based on a route network that includes code-sharing
connecting demand. FSCs offer multiple classes of seats
and provide in-flight food and beverages that are included
in advance in the fare paid. FSCs are also called network
carriers or legacy carriers when compared with low cost
carriers (LCCs).
Low Cost Carrier (LCC)
An airline that provides air transportation services at low
fares based on a low-cost system that includes using a
single type of aircraft, charging for in-flight services, and
simplifying sales. Fundamentally, LCCs operate frequent
short-and medium-haul point-to-point flights (flights
between two locations).
Fuel Surcharge
A fee, separate from airfare, established in response to
volatile fluctuations in aviation fuel prices for the purpose
of sharing a portion of the cost with passengers when fuel
prices exceed a certain threshold.
Sustainable Aviation Fuel (SAF)
Aviation fuel that is not produced from fossil fuels but from
sustainable sources such as vegetable oils and animal fats.
Passenger Business Terms
Glossary
119
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Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Haneda routes
Narita routes
Haneda / Narita routes
Vancouver
Seattle
San Francisco
Los Angeles
Chicago
New York
Houston
Mexico City
Washington, D.C.
Honolulu
Dalian
Seoul
Hangzhou
Kuala Lumpur
Singapore
Jakarta
Sydney
Delhi
Mumbai
Perth
Guangzhou
Taipei
Manila
Ho Chi Minh City
Bangkok
Hanoi
Hong Kong
Beijing
Shenzhen
Brussels
London
Stockholm
Paris
Munich
Vienna
Istanbul
Frankfurt
Milan
Qingdao
Shanghai
Sapporo
(New Chitose)
Kushiro
Nagoya
(Chubu)
Memanbetsu
Tokyo (Narita)
Tokyo (Narita)
Tokyo (Haneda)
Sendai
Osaka (Kansai)
Fukuoka
Seoul
Seoul (Incheon)
Seoul (Incheon)
Okinawa (Naha)
Nagasaki
Kagoshima
Miyazaki
Shanghai
Taipei
(Taoyuan)
Kaohsiung
Hong Kong
Amami Oshima
Ishigaki
Bangkok
Singapore
Singapore
Bangkok
Osaka (Kansai)
Shanghai
Beijing
Osaka route
Haneda
Narita
ANA-Operated International Routes
Peach Aviation-Operated Routes
AirJapan-Operated Routes
Does not include routes not in service
Compilation by ANA HOLDINGS INC. (As of August 1, 2025)
Route Map
120
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
The following data is the environmental results related to the ANA Group (Aggregate figures for fiscal 2024 are preliminary).
Climate Change Countermeasures（E）
Resource Savings
Unit
2020
2021
2022
2023
2024 (FY) Applicable
scope
Carbon dioxide (CO2) emissions*1
Total
(Aircraft, ground equipment, and vehicles)
10,000
tons
548.0
776.0
941.9 1,064.4 1,134.5
Consolidated
Aircraft
538.7
766.9
932.5 1,054.6 1,123.1
Consolidated
Passenger
470.9
678.0
846.8
993.4 1,067.5
Consolidated
Cargo
67.8
89.0
85.7
61.2
55.6
Consolidated
Ground equipment and vehicles
9.3
9.1
9.4
9.7
11.5
Consolidated
(Scope 1, 2, and 3)
10,000
tons
723.3
976.0 1,179.6 1,372.6 1,475.4
Consolidated
Scope 1
541.4
769.5
935.4 1,057.9 1,127.9
Consolidated
Scope 2
7.0
6.6
6.5
6.5
6.8
Consolidated
Scope 3
174.9
199.9
237.6
308.2
340.7
Consolidated
[Breakdown by Category]*2
1,000
tons
1 Purchased goods and services
624.9
548.8
753.0
971.4 1,189.1
Consolidated
2 Capital goods
361.3
327.2
250.9
560.4
570.9
Consolidated
3 Fuel- and energy-related activities
(not included in Scope 1 or 2)
734.2 1,038.1 1,258.6 1,413.2 1,508.3
Consolidated
4 Upstream transportation and distribution
0.6
1.1
0.7
1.6
1.2
Consolidated
5 Waste generated in operations
17.5
17.3
33.0
43.9
41.2
Consolidated
6 Business travel
0.3
2.3
4.0
6.6
6.2
Consolidated
7 Employee commuting
9.9
8.9
8.5
8.6
9.5
Consolidated
11 Use of sold products
0.0
0.0
0.0
0.0
0.0
Consolidated
13 Downstream leased assets
*3
55.6
67.6
76.4
80.8
Consolidated
Aircraft CO2 emissions per RTK
kg-CO2
1.21
1.09
1.00
0.99
0.98
Consolidated
Direct CO2 emissions from the
combustion of biomass (SAF, RD, etc.)*4
1,000
tons
̶
4.03
6.32
0.03
6.68
Consolidated
Total energy consumption
Total
212
300
364
407
434
Consolidated
Aircraft energy
207
295
359
403
429
Consolidated
Ground energy (non-aircraft operations)
4.8
4.7
4.9
4.8
5.6
Consolidated
Unit
2020
2021
2022
2023
2024 (FY)
Applicable
scope
Ozone depletion
Fluorocarbon
Aircraft
kg
2.9
0.0
0.0
0.0
0.0
ANA brand only
Ground
(non-aircraft operations)
254
169
80
120
200
Consolidated
Halon
Aircraft
20.5
12.8
12.8
44.3
12.3
ANA brand only
Fuel-efficient aircraft (Fiscal year-end)*6
Number of aircraft
ANA Group (jet aircraft)
Aircraft
195
188
194
204
210
Consolidated
Ratio
%
72.5
74.6
77.0
80.3
82.7
Consolidated
Unit
2020
2021
2022
2023
2024 (FY)
Applicable
scope
Waste produced
Total
1,000
tons
12.7
16.0
27.3
33.4
19.3
Consolidated
General waste
(cabin waste and sewage included)
7.8
4.8
16.1
23.9
9.9
Consolidated
General waste
(ground waste included)
1.0
2.8
1.6
1.9
1.4
Consolidated
Industrial waste
3.8
8.4
9.6
7.6
7.9
Consolidated
Water consumption
Total
10,000 kl
35.1
31.6
40.9
50.4
60.1
Consolidated
Clean water
30.6
27.1
35.8
44.3
53.6
Consolidated
Non-potable water
4.5
4.4
5.1
6.1
6.6
Consolidated
Ⅰ
Ⅱ
*1 We have not yet reflected the impact of sustainable aviation fuel (SAF) on CO2 emissions in fiscal 2020.
*2 Scope 3, categories 8, 9, 10, 12, 14, and 15 are not applicable
*3 Not applicable
*4 Direct CO2 emissions from the combustion of the SAF that ANA purchased are not included in Scope 1. SAF is made from animal
fat and has an approximate 90% CO2 reduction compared with the life cycle of conventional aviation fuel. Calculated beginning in
fiscal 2021
*5 Calculated beginning fiscal 2020
*6 Boeing 777, 787, 737-700,-800, Airbus A320neo, and A321neo (including A321LR)
*5
…
P.124
Environmental and Social Data
Crude oil equivalent:
10,000 kl
ESG-Related Data
121
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Governance-Related Data (G)
Flight-Related Data
Customer-Related Data
Unit
2020
2021
2022
2023
2024 (FY)
Applicable
scope
Corporate governance
Ratio of outside directors
%
30.0
30.0
36.4
36.4
36.4
ANAHD
Ratio of female executives
%
9.3
10.0
10.4
11.8
12.2
Consolidated
Risk management
Work-related accidents
Cases
25
26
65
83
97
ANA
ANA
Unit
2020
2021
2022
2023
2024 (FY)
Remarks
In-service rate
%
43.5
59.3
95.0
97.7
98.7
(All Passenger Flights
on ANA International
and Domestic Services)
On-time departure rate*4
%
97.3
94.5
88.1
83.9
81.1
(All Passenger Flights
on ANA International
and Domestic Services)
On-time arrival rate*4
%
96.8
93.6
88.1
82.0
79.4
(All Passenger Flights
on ANA International
and Domestic Services)
Peach
Unit
2020
2021
2022
2023
2024 (FY)
Remarks
In-service rate
%
98.7
99.5
On-time departure rate*4
%
79.7
83.4
On-time arrival rate*4
%
77.8
83.1
AirJapan
Unit
2020
2021
2022
2023
2024 (FY)
Remarks
In-service rate
%
97.3
99.2
Operations began
in fiscal 2023
On-time departure rate*4
%
34.5
65.5
On-time arrival rate*4
%
42.3
78.3
Unit
2020
2021
2022
2023
2024 (FY)
Applicable
scope
Number of customer feedback reports Cases 59,862
69,661
91,632
96,087
98,662
ANA
[Breakdown by route type]
Domestic
%
54.6
65.6
58.7
54.4
54.9
ANA
International
%
11.7
11.2
24.0
30.8
32.4
ANA
Other
%
33.7
23.2
17.4
14.8
12.7
ANA
[Breakdown by report type]
Complaint
%
30.1
29.1
38.3
40.8
40.7
ANA
Compliment
%
20.8
28.3
25.3
24.0
22.7
ANA
Comment / Request
%
28.8
21.9
19.6
17.4
16.6
ANA
Other
%
21.3
20.7
16.8
17.9
20.0
ANA
Ⅴ
*1 Excluding TC1 (Americas region) as defined by the International Air Transport Association (IATA) *2 The significant difference in wages
between men and women is due to factors that include the higher average age of men compared with women and the higher percentage
of men in flight crew positions, where wages are relatively high. *3 Ratio of employees with BMI of 18.5%–25.0%
Human Resources Data (S)
Unit
2020
2021
2022
2023
2024 (FY)
Applicable
scope
People
Number of employees
People
46,580
42,196
40,507
41,225
44,019
Consolidated
Number of employees
People
1,404
1,375
1,399
1,482
1,350
ANA
Number of employees hired
overseas
People
173
198
207
248
239
ANA
Ratio of managers hired
mid-career
%
9.9
10.9
9.6
7.0
7.6
ANA
Ratio of non-Japanese
managers*1
%
3.5
4.3
5.0
6.0
6.1
ANA
Ratio of female managers
(Excluding individuals 60 years old
and over)
%
17.2
18.2
19.3
20.3
20.9
Consolidated
Ratio of employees with
disabilities
%
2.80
2.75
2.72
2.66
2.63
Consolidated
Average age of employees
Years
37.9
38.9
39.2
41.0
38.2
Consolidated
Years worked
Average years worked
Years
12.5
13.4
14.2
16.9
14.3
ANA
Job turnover rates
Job turnover rates of
employees
%
4.0
4.2
3.5
3.6
3.5
ANA
Average annual salary
Gender wage gap*2
%
54.9
55.5
Consolidated
Diverse work styles
Number of employees on
pregnancy or childcare leave
/ Male
People
643/27
727/61
856/194
790/140
868/134
ANA
Number of employees on
nursing care leave
People
11
17
13
22
33
ANA
Health management
Ratio of employees with
healthy BMI (Male / Female)*3
%
64.8/70.8 67.5/69.9 67.4/68.5 67.1/69.1 66.0/70.3
Consolidated
Ratio of employees that
smoke (Male / Female)
%
24.9/3.6
23.6/3.5
23.2/3.6
23.1/3.4
22.5/3.6
Consolidated
Employee obesity rate
(Male / Female)
%
17.5/2.4
13.6/1.8
13.6/1.6
13.2/1.4
13.1/1.6
Consolidated
Ⅲ
Ⅳ
Ⅴ
Ⅵ
*4 Delays of 15 minutes or less, excluding canceled flights
Figures are as of the end of each fiscal year. The ratio of female managers is as of April 1 of the subsequent year, the ratio of female executives is as of the end of June of the subsequent year, and the ratio of employees with disabilities is as of June 1 of the subsequent year.
…
P.124
Environmental and Social Data
ESG-Related Data
122
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
International Passenger Market
Domestic Passenger Market
International Cargo Market
Global Air Transportation Passenger Volume by Region
Number of Domestic Passengers and LCC Share
Global Freight Ton Carried by Region
Foreign Visitor Arrivals /
Number of Japanese Overseas Travelers
ANA Domestic Passenger Business: ASK, RPK,
and Load Factor
ANA International Cargo Operations: ATK and RTK
2019
2020
2021
2022
2023
2024
9,039
3,034
2,411
2,070
846
481
195
(CY)
RPK
(Billions)
Total
(Left)
(Right)
Africa
Asia-Pacific
Europe
Latin America
Middle East
North America
0
700
1,400
2,100
2,800
3,500
0
2,000
4,000
6,000
8,000
10,000
2012
2019
2018
2017
2016
2015
2014
2013
2020
2021
2022
2023
(FY)
Number of Passengers
(Millions)
LCC Share
(%)
Full service carriers
LCC
0
40
20
60
80
100
120
(Left)
(Right)
LCC share
0.0
3.0
6.0
9.0
12.0
15.0
18.0
12.6
(CY)
RTK
(Billion Tons)
0
300
600
900
1,200
382
267
117
53
23
0
100
200
300
400
2019
2020
2021
2022
2023
2024
1,132
287
Total
(Left)
(Right)
Africa
Asia-Pacific
Europe
Latin America
Middle East
North America
2019
2020
2021
2022
2023
2024
(FY)
Number of Travelers
(Thousands)
Foreign visitor arrivals
Japanese overseas travelers
0
5,000
15,000
10,000
25,000
20,000
40,000
35,000
30,000
45,000
38,849
13,486
(FY)
ASK / RPK
(Billions)
(%)
ASK
RPK
0
20
40
60
80
(Left)
(Right)
Load factor
0.0
20.0
40.0
60.0
80.0
47.0
2019
2020
2021
2022
2023*2
2023*1
2024
35.2
75.0
(FY)
ATK / RTK
(Billion Tons)
Others
Asia / Oceania
China
Europe
North America
0.0
2.0
4.0
6.0
8.0
0.4
0.5
0.9
0.0
1.8
2019
2020
2021
2022
2023
2024
ATK
RTK：
6.5
Source: International Air Transport Association (IATA)
Source: Ministry of Land, Infrastructure, Transport and Tourism
Source: International Air Transport Association (IATA)
Source: Japan National Tourism Organization (JNTO)
*1 Designated distance by the Ministry of Land, Infrastructure, Transport and Tourism
*2 Great-circle distance
Notes: 1. We applied the Accounting Standard for Revenue Recognition in fiscal 2021.
2. Changed the definition of segment distance for domestic routes to great-
circle distance from fiscal 2024
Notes: 1. Figures for Others include road feeder service (RFS).
2. Figures for Asia / Oceania include the Vladivostok routes.
3. Figures for China include the Hong Kong routes.
Market Data
123
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Environmental
Social
CO2 Emissions
Number of Employees Hired Overseas (ANA)
Ratio of Female Managers /
Ratio of Female Executives
Fuel-Efficient Aircraft (No. / Ratio)
Ratio of Managers Hired Mid-Career (ANA)
Ratio of Employees with Disabilities (ANA)
2020
2021
2022
2023
2024
(FY)
(10,000 tons)
Scope 1
Scope 2
Scope 3
0
500
1,000
1,500
2,000
1,475.4
1,127.9
6.8
340.7
2020
2021
2022
2023
2024
(People)
0
500
1,000
1,500
2,000
1,350
(As of March 31
of each year)
2021
2022
2023
2024
2025 (Ratio of female managers：
As of April 1 of each year)
（Ratio of female executives：
As of June 30 of each year)
(%)
0
6.0
12.0
18.0
24.0
12.2
20.9
Ratio of female managers
Ratio of female executives
2020
2021
2022
2023
2024
(Aircraft)
Aircraft
0
60
120
180
240
(%)
0
25
50
75
100
210
82.7
Ratio
(As of March 31
of each year)
(Left)
(Right)
2020
2021
2022
2023
2024 (As of March 31
of each year)
(%)
0
3.0
6.0
9.0
12.0
7.6
2021
2022
2023
2024
2025
(%)
0
1.0
2.0
3.0
2.3
2.63
Ratio of employees with disabilities
Legally mandated ratio
(As of June 1
of each year)
*1 ANA Group aircraft (jets)
*2 Fuel-efficient aircraft: Boeing 777, 787, 737-700 and -800; Airbus A320neo and
A321neo (including A321LR)
Ⅰ
Ⅲ
Ⅴ
Ⅱ
Ⅳ
Ⅵ
Environmental and Social Data
124
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
Audit & Supervisory
Board Members
Audit &
Supervisory Board
Audit & Supervisory
Board Members Office
General Meeting
of Shareholders
Board of
Directors
Chairman
Internal Audit
Division
President & Chief
Executive Officer
Group Management
Committee
Group ESG
Management
Promotion
Committee
Corporate
Strategy
Future Creation
Finance,
Accounting,
Investor
Relations
& Business
Management
Facilities
Planning &
Procurement
Corporate Communications and Branding
General Administration
Corporate Sustainability
Executive Secretariat
Government & Industrial Affairs
Legal & Insurance
Human Resources
Employee Relations
DEI Promotion
Group IT Management
Corporate Planning
Airline Management
Business Strategy
New Business Development
New Mobility Business Creation
Digital Design Lab
Finance, Accounting & Investor
Relations
Business Management
Procurement
Facilities Planning
ANA HOLDINGS INC. Organization
Number of Subsidiaries and Affiliates
Major Subsidiaries
(As of April 1, 2025)
(As of March 31, 2025)
(As of March 31, 2025)
Total of
subsidiaries
Total of
affiliates
Operating segment
of which,
consolidated
of which, equity
method
of which, equity
method
Air Transportation
5
4
1
̶
Airline Related
44
29
4
2
Travel Service
6
5
3
1
Trade and Retail
72
8
1
̶
Others
15
11
1
26
9
Total
142
57
1
35
12
Company name
Amount of capital
(¥ Millions)
Ratio of voting
rights holding (%)
Principal business
Air Transportation
ALL NIPPON AIRWAYS CO., LTD.
25,000
100.0
Air transportation
Air Japan Co., Ltd.
50
100.0
Air transportation
ANA WINGS CO., LTD.
50
100.0
Air transportation
Peach Aviation Limited
100
100.0
Air transportation
Airline Related
ANA Cargo Inc.
100
100.0
Cargo operations
Overseas Courier Service Co., Ltd.
100
100.0
Express shipping business
ANA Systems Co., Ltd.
80
100.0
Innovation and operation of IT
systems
Travel Service
ANA X Inc.
25
100.0
Planning and sales of travel
products, and other customer-
related businesses
Trade and Retail
ALL NIPPON AIRWAYS TRADING
CO., LTD.
1,000
100.0
Trading and retailing
Note: No specified wholly owned subsidiaries as of the end of the fiscal year under review
ANA Group Profile
125
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data
(As of March 31, 2025)
Corporate Profile
Trade Name
ANA HOLDINGS INC.
Date of Foundation
December 27, 1952
Head Office
Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku,
Tokyo 105-7140, Japan
Number of Employees
44,019 (Consolidated)
Paid-In Capital
¥467,601 million
Fiscal Year-End
March 31
Number of Shares
of Common Stock
Authorized: 1,020,000,000 shares
Issued: 484,293,561 shares
Number of Shareholders
745,681
Stock Listing
Tokyo, Prime Market
Ticker Code
9202
Administrator of Register
of Shareholders
Sumitomo Mitsui Trust Bank, Limited
(Stock Transfer Agency Department)
1-4-1, Marunouchi, Chiyoda-ku, Tokyo
Independent Auditor
Deloitte Touche Tohmatsu LLC
American Depositary
Receipts Ratio (ADR:ORD): 5:1
Symbol: ALNPY
CUSIP: 032350100
Depositary:
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286, U.S.A.
TEL: 1-201-680-6825
U.S. Toll Free: 1-888-269-2377
(888-BNY-ADRS)
URL: https://www.adrbnymellon.com
Forward-Looking Statements
This report contains statements based on the ANA Group’s current plans, estimates, strategies, and beliefs; all statements that
are not statements of historical fact are forward-looking statements. These statements represent the judgments and hypotheses
of the group’s management based on currently available information.
The Air Transportation Business, the group’s core business, involves government-mandated costs that are beyond the
Company’s control, such as airport utilization fees and fuel taxes. In addition, conditions in the markets served by the ANA Group
are subject to significant fluctuations. Factors that could affect actual results include, but are not limited to, economic trends,
sharp changes in exchange rates, fluctuations in the price of crude oil, and disasters. Due to these risks and uncertainties, the
group’s future performance may differ significantly from the contents of this report. Accordingly, there is no assurance that the
forward-looking statements in this report will prove to be accurate.
Contact
ANA HOLDINGS INC.
Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo 105-7140, Japan
Investor Relations
Email: ir@anahd.co.jp
Information Disclosure Structure
Fact Book 2025 can be downloaded from
the Company’s corporate website in PDF
format. This document contains financial
data and information on the domestic and
international markets and LCC status.
Fact Book 2025
For Further Information (Website)
Corporate Profile
Investor Relations
Human Capital Story Book
Sustainability
Editorial Policy
The ANA Group emphasizes proactive communication with stakeholders in all of our business
activities. In Annual Report 2025, we aim to encourage a deeper comprehensive understanding
of the social and economic value created by the ANA Group through our management strategies,
our business, and our environmental, social, and governance (ESG) activities.
Sustainability Site
(ESG-related
initiatives, etc.)
IR Presentation
Materials
Annual Securities
Report
Financial Results
etc.
Strategy and Narrative
Comprehensive Detail
Financial
Non-Financial
Human Capital
Story Book
Integrated Report
Corporate Data
126
ANA HOLDINGS INC.
Integrated Report 2025
01 The ANA Group Vision for the Future
02 Management Messages
03 Business Environment Analysis
and Material Issues
04 Strategies to Establish Competitive
Advantage
05 Strengthening Our Foundation for
Sustainable Growth
06 Data Section
Consolidated 11-Year Summary
Management’s Discussion
and Analysis
Operating Risks
Glossary
Route Map
ESG-Related Data
Market Data
Environmental and Social Data
ANA Group Profile
Corporate Data