ANA Holdings Inc. (ANA) reported year-over-year growth in international cargo volumes for the nine months ended December 31, 2025, supported by stronger shipments from Asia to North America and a rebound in demand from China to North America via Japan.

Despite the increase in freight carried, cargo revenue declined, reflecting weaker automotive-related shipments and softer e-commerce demand.

ANA noted that international cargo volumes grew year-over-year, supported by enhanced efforts to capture cargo from Asia to North-America and by recovering cargo demand from China to North America via Japan.

It said that cargo demand from China to North America via Japan, previously declined due to the U.S. tariff policies, is showing signs of recovery.

ANA noted that it also adjusted freighter routes and capacity in response to demand fluctuations. On North American routes, ANA further enhanced profitability by continuing to operate charter flights for other carriers.

Meanwhile, Nippon Cargo Airlines (NCA) saw a decline in trilateral cargo demand from China to North America via Japan, due to the U.S. tariff policies, though demand has begun to recover.

Concurrently, since October, NCA has proactively secured strong cargo demand from Asia to Europe and North America.

NCA launched the Narita-Frankfurt route in September. From October, extra flights were operated on key routes, including Narita to Hong Kong and Narita to Los Angeles, to optimize revenue.

NCA began code-sharing with ANA on European and North American routes in October and will continue strengthening collaboration to enhance the Group's cargo business and deliver high-quality, competitive services.