High Leverage RemainsDespite reductions in net debt, ANA still carries a high debt-to-equity ratio. Elevated leverage constrains financial flexibility, increases interest and refinancing risk, and can pressure cash flow priorities if demand softens or interest rates rise over the medium term.
Margins Not Fully RecoveredAlthough margins have turned positive, EBIT/EBITDA remain below pre-pandemic norms. This suggests ongoing cost or revenue mix pressures (e.g., lower yields or higher unit costs) that could limit profitability expansion unless operational efficiencies or pricing power strengthen.
Cyclicality & External Cost ExposureANA's earnings are structurally sensitive to travel demand cycles, fuel price volatility, FX moves and utilization rates. These durable macro and input exposures can produce revenue and margin volatility across 2-6 months, constraining predictability despite recovery trends.