Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — Q1 FY2025 Earnings Presentation
23 slides from Japan Airlines's earnings presentation, Jul 30, 2025
Slide 1: Financial Results 1st Quarter Mar/2026 (FY2025)
JAPAN AIRLINES Co.,Ltd. Financial Results 1st Quarter Mar/2026（FY2025） Jul 30, 2025 ©Japan Airlines, ALL rights reserved.
Slide 2: Agenda: Performance Overview, Details, References
SKYTRAX Best Economy Class Airline Seats SKYTRAX 2025 World Airline Star APEX Best Wi-Fi in Eastern Best Premium Economy Class Airline Rating WORLD CLASS Asia 2025 APEX" in Asia 2025 5-Star 1. PERFORMANCE OVERVIEW FOR FY25Q1 The 42nd IT Awards 2024 (Open Innovation Field) 2. DETAILS OF FINANCIAL RES
Slide 3: Performance Overview for FY2025Q1
Performance Overview for FY2025Q1 ✔ Q1：Revenue increased more than 10% y/y, with EBIT doubled y/y and reached a record high, by capturing strong Int’l pax demand and through stimulus measures for domestic pax demand ✔ Q2: EBIT is expected to be in line with our plan with lower costs through cost red
Slide 4: FY2025Q1 Performance by business segment
FY2025Q1 Performance by business segment ✔ FSC: Revenue/profit increased y/y through capturing Int’l Pax demand and utilizing freighters ✔ LCC: ZIPAIR continues to perform well and SPRING JAPAN increased both revenue/profit y/y by capturing inbound demand ✔ Mileage/Finance and Commerce: Both revenue/p
Slide 5: Details of Financial Results for FY25Q1
1. PERFORMANCE OVERVIEW FOR FY25Q1 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q1 3. REFERENCES ©Japan Airlines, ALL rights reserved. 5
Slide 6: Consolidated Financial Results
Details of financial results for FY2025Q1 Consolidated Financial Results Vs. FY24 (JPY Bn) FY24Q1 FY25Q1 Diff. y/y Revenue 424.0 471.0 +47.0 +11.1% Full Service Carrier 333.7 367.3 +33.5 +10.1% International PAX 165.9 184.9 +18.9 +11.4% Domestic PAX 124.7 134.2 +9.4 +7.6% Cargo / Mail 38.8 43.6 +4.8 +
Slide 7: Changes in EBIT (Revenues/Expenses)
Details of financial results for FY2025Q1 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： +13.3% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： +5.0% +23.3Bn (JPY Bn) Other (Ground Handling, Travel, Full Service Mile
Slide 8: Changes in EBIT (Market and other impact)
Details of financial results for FY2025Q1 Changes in EBIT (Market and other impact) (JPY Bn) + stands for profit increase (revenue increase, cost decrease) Impact from ▼stands for profit decrease (revenue decrease, cost increase) +23.3Bn Currency Market +6.9 Bn Revenue ▼2.1 Bn Cost +9.0 Bn (Excl. Marke
Slide 9: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2025Q1 International Passenger Operations (Full Service Carrier) ✔ In Q1, Revenue greatly exceeded its previous year level with a good level of the passenger number and unit price by capturing strong inbound demand and recovering outbound business demand ✔ In Q2, L/
Slide 10: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2025Q1 Domestic Passenger Operations (Full Service Carrier) ✔ In Q1, Revenue exceeded the previous year level through the flexible revenue management, and the number of pax is expected to grow steadily in Q2 as well Domestic Passenger Change in Revenue (JPY Bn) ＋9.4
Slide 11: Cargo
Details of financial results for FY2025Q1 Cargo ✔ Int’l Cargo: Revenue increased y/y through the expansion of the freighter network. Our third freighter allowed us to launch a Hanoi-Tokyo route. Combined with chartered flights to Chicago, we captured steady demand between Asia and North America. ✔ Dom
Slide 12: LCC
Details of financial results for FY2025Q1 LCC ✔ ZIPAIR continues to perform well, including the new Houston route. The total cumulative number of passenger carried has exceeded 3 million. ✔ SPRING JAPAN is growing steadily by capturing strong demand in major cities in China. Q1 (Apr. to Jun.) ZIPAIR
Slide 13: Mileage/Finance and Commerce, Other
Details of financial results for FY2025Q1 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Mileage/Finance and Commerce: the number of miles issued continued to grow steadily. ✔ Other: While there is an impact from FX valuation losses, Ground Handling continues to perform well. EBI
Slide 14: Expenses
Details of financial results for FY2025Q1 Expenses Major Operating Expense Items Q1 (Apr. to Jun.) （JPY Bn） Vs. FY24Q1 FY24Q1 FY25Q1 Diff. y/y Fuel 94.5 94.0 ▼0.5 ▼0.5% Landing and navigation fees 20.6 23.2 +2.5 +12.3% Maintenance 36.2 41.6 +5.3 +14.8% Sales commissions (Air Transport) 7.5 7.4 ▼0.1 ▼1
Slide 15: Fuel Costs
Details of financial results for FY2025Q1 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Jun./2025) （JPY Bn） Hedging and Volume Market ▼14.8 others +5.5 FX 94.5 +13.2 94.0 ▼4.3 ▼0.5Bn (▼0.5%) FY24Q1 FY25Q1 FY25 FY26 FY27 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for Fue
Slide 16: Balance Sheet and Cash Flow
Details of financial results for FY2025Q1 Balance Sheet and Cash Flow BS ✔ Equity ratio stands at 38.7%, and the Net D/E ratio is ▼0.1×, recording net cash, both of which are maintained at a healthy level. CF ✔ Positive free cash flow despite the increased aircraft investment （JPY Bn） Balance Sheet En
Slide 17: References
1. PERFORMANCE OVERVIEW FOR FY25Q1 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q1 3. REFERENCES ©Japan Airlines, ALL rights reserved. 17
Slide 18: Operation Performance by Geographic Segment
[Reference] Operation Performance by Geographic Segment Passenger Revenue Revenue Passengers Carried Q1 (Apr. to Jun.) Q1 (Apr. to Jun.) (%） ('000) FY25Q1 FY25Q1 Vs. FY24Q1 Vs. FY24Q1 Component Ratio America 460 +11.3% America 43% +20.2% Europe 190 +7.6% Europe 17% +7.0% Asia/Oceania 886 +11.1% Asia
Slide 19: Fleet Information
[Reference] Fleet Information End of FY24 (March 31, 2025) End of FY25Q1 (June 30, 2025) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 7 1 8 8 1 9 +1 Airbus A350-900 11 4 15 11 4 15 0 Large Boeing 777-300ER 12 0 12 12 0 12 0 Large-sized Total 30 5 35 31 5 36 +1 Boeing 787-9 19 3 22 19
Slide 20: FY2025 Outlook | Details
[Reference] FY2025 Outlook | Details FY25 FY25 (JPY Bn) Diff. vs. FY25Q1Result Forecast FY24Q1 Revenue 471.0 +11.1% 1,977.0 Full Service Carrier 369.3 +10.4% 1,525.0 International PAX 184.9 +11.4% 715.0 Domestic PAX 134.2 +7.6% 583.0 Cargo and Mail 43.6 +12.4% 189.0 Other Revenue 6.4 +30.3% 38.0 LCC
Slide 21: Impact on profit after FY25Q2 by Fuel and FX
[Reference] Impact on profit after FY25Q2 by Fuel and FX* (Incl. hedging and Fuel surcharges) Dubai 65USD 70USD 75USD 80USD 85USD Crude Fuel (JPY Bn) Prices (USD/bbl) Singapore 80USD 85USD 90USD 95USD 100USD Kerosene 135JPY ＋5.5 ＋4.5 ＋3.0 ＋1.5 ＋0.5 140JPY ＋4.5 ＋2.5 ＋1.0 ±0.0 ▼1.5 Base FX (JPY/USD) 14
Slide 22: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 22
Slide 23: Disclaimer
Disclaimer This content contains descriptions of the future expectations, outlooks, objectives and plans etc. of Japan Airlines Co., Ltd. (hereafter "the company") and related Group companies (hereafter "the Group"). These are based on information available at the time when these materials were crea