This article is based on an official press release from ANA Holdings.

ANA Holdings Unveils Aggressive FY2026-2028 Strategy Targeting Narita Expansion

On January 30, 2026, ANA Holdings (ANAHD) announced its new Medium-term Corporate Strategy for fiscal years 2026 through 2028. Under the theme “Soaring to New Heights towards 2030,” the group has outlined a roadmap shifting from post-pandemic recovery to a phase of aggressive growth, underpinned by a record 2.7 trillion yen investment plan over the next five years.

The strategy identifies the planned expansion of Narita International Airport in 2029 as a critical business opportunity. According to the company, this infrastructure upgrade will serve as a catalyst for expanding its global footprint. Financially, the group is targeting record-breaking performance, aiming for 250 billion yen in operating income by FY2028 and 310 billion yen by FY2030.

Strategic Pivot: The “2029 Catalyst”

A central pillar of the new strategy is the preparation for the massive infrastructure upgrade at Narita International Airport, scheduled for completion in March 2029. This expansion includes the construction of a new third runway (Runway C) and the extension of Runway B, which is expected to increase the airport’s annual slot capacity from 300,000 to 500,000 movements.

ANAHD views this development as a “once-in-a-generation” opportunity. The group’s network strategy is divided into two distinct phases:

• FY2026-2028: The Airlines will prioritize expanding flights at Haneda Airport to capture high-yield business demand during the immediate term.
• Post-2029: The focus will shift to Narita Airport to leverage the new capacity. The group targets 1.7x growth in Narita-based flights, specifically strengthening connections to North-America and Asia.

Fleet and Product Upgrades

To support this expansion, ANAHD plans to introduce new Boeing 787-9 aircraft starting in August 2026. These aircraft will feature upgraded seats in all classes, a move designed to enhance the airline’s premium appeal in the competitive international market. The total fleet is expected to expand to approximately 330 aircraft, exceeding pre-COVID levels.

Cargo and LCC Integration

Following the acquisition of Nippon Cargo Airlines (NCA) in August 2025, ANAHD is positioning itself as a “combination carrier” powerhouse. The strategy outlines a goal to integrate ANA’s passenger belly-hold capacity with NCA’s large freighter fleet, which includes Boeing 747-8Fs.

“The group aims to realize 30 billion yen in synergies, positioning the group as a global logistics powerhouse.”

, ANA Holdings Press Release

By combining these assets, the group intends to expand its Cargo-Aircraft scale (Available Ton-Kilometers) by 1.3 times, targeting leadership in the Asia-North America and Asia-Europe trade lanes.

Peach Aviation Growth

The group’s low-cost carrier, Peach, is also targeted for 1.3x growth in scale. The strategy emphasizes capturing inbound tourism demand through Kansai International Airport and expanding international medium-haul routes.

Financial Targets and Digital Transformation

The financial roadmap set forth by ANAHD is ambitious. The group aims to achieve an operating margin of 9% by FY2028 and 10% by FY2030. To achieve these figures, the company has committed to a 2.7 trillion yen investment over five years, with 50% allocated to international passenger and cargo growth.

AI is another significant investment area, with 270 billion yen allocated to digital initiatives. The group aims to increase value-added productivity by 30% by FY2030 compared to pre-COVID levels. This includes a focus on “Empowerment of All Employees,” training staff as digital talent to combat Japan’s shrinking workforce.

AirPro News Analysis

The strategic distinction between ANA and its primary domestic competitor, Japan Airlines (JAL), is becoming increasingly defined by hub strategy and cargo volume. While both carriers are modernizing fleets and targeting North American traffic, ANA’s explicit “dual-hub” timeline, banking heavily on the 2029 Narita expansion, suggests a long-term volume play that complements its high-yield Haneda operations.

Furthermore, the integration of NCA provides ANA with a diversified revenue stream that acts as a hedge against passenger market volatility. By securing dedicated freighter capacity via NCA, ANA is less reliant on passenger belly space than competitors who lack a dedicated heavy-freighter subsidiary, potentially giving them an edge in the logistics sector.

Shareholder Returns and Sustainability

In response to market demands for capital efficiency, ANAHD has signaled a commitment to Total Shareholder Return (TSR). The policy includes maintaining a dividend payout ratio of approximately 20% and introducing a new interim dividend system starting next fiscal year. The group also noted it would execute flexible share buybacks.

On the Sustainability front, the group reiterated its goal of Net-Zero CO2 emissions by 2050, focusing on operational improvements and the accelerated adoption of SAF.

Frequently Asked Questions

When does the new strategy go into effect?

The Medium-term Corporate Strategy covers the fiscal years 2026 through 2028, beginning April 1, 2026.

What is the “2029 Catalyst”?

This refers to the completion of the Narita Airport expansion in March 2029, which includes a new third runway and will increase slot capacity to 500,000 movements annually.

How much is ANA investing in this plan?

ANA Holdings plans a total investment of 2.7 trillion yen over five years.

What is the target for operating income?

The group targets 250 billion yen in operating income by FY2028 and 310 billion yen by FY2030.

Sources

• ANA Holdings