Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — FY2025 Earnings Presentation
48 slides from Japan Airlines's earnings presentation, Apr 30, 2026
Slide 1: Financial Results Mar/2026 (FY2025)
JAPAN AIRLINES Co.,Ltd. Financial Results Mar/2026（FY2025） April 30, 2026 ©Japan Airlines, ALL rights reserved.
Slide 2: Performance Overview, Details of Financial Results, References
APEX SKYTRAX SKYTRAX Best Wi-Fi in Best Economy Class Airline World Airline Star WORLD CLASS Eastern Asia 2026 Seats 2025 Rating APEX" Best Premium Economy Class 5-Star Airline in Asia 2025 Yen Bond 1. PERFORMANCE OVERVIEW FOR FY25 Bond of the Year 2. DETAILS OF FINANCIAL RESULTS FOR FY25 3. REFEREN
Slide 3: Performance Overview for FY2025
Performance Overview for FY2025 ✔ Strong Int'l Flight, stimulus measures for Domestic Flight, and growth in the highly profitable Mileage/Finance resulted in a record-high EBIT, which exceeded our revised plan. ✔ The year-end dividend forecast of 50 yen per share, making the annual dividend 96 yen p
Slide 4: FY2025 revenue and EBIT commentary
● In the fiscal year 2025, our revenue was 2 trillion and 12.5 Billion Yen, which is a 168.4 billion yen increase year on year, mainly due to the continued strong international passenger business, the domestic passenger business that grew through stimulus measures, and the growth of the highly profi
Slide 5: Achievement of Mid-Term Management Plan Targets
Achievement of Mid-Term Management Plan Targets Revenue and EBIT Trends for Each Quarter ✔ Achieved all FY25 financial targets, the final year of the mid-term plan. ✔ Achieved y/y growth of both revenue and profit in all quarter for revenue, a record-high level since re-listing EBIT Margin （Profit m
Slide 6: Mid-term plan targets and quarterly trends commentary
● This page shows the achievement status of financial management targets in the Medium-Term Management Plan, and an overview of consolidated revenues and EBIT for each quarter. ● The EBIT margin was 10.8%, ROIC was 9.5%, and EPS was 306 yen, achieving all of our financial targets. ● Also, in all qua
Slide 7: FY2025 Performance by business segment
FY2025 Performance by business segment ✔ FSC: Both revenue and profit increased y/y through capturing Int’l and Domestic pax demand, improving unit prices, and utilizing freighters ✔ LCC: Revenue increased y/y through capturing the inbound demand ✔ Mileage/Finance and Commerce: Established a high-pr
Slide 8: Business segment performance commentary
● This page shows the performance of each business segment. ● In our Full-Service Carrier business, both revenue and EBIT increased year-on-year, driven by international and domestic passenger and cargo business. ● Our Low-Cost Carrier business has steadily captured inbound demand, resulting in year
Slide 9: Performance Overview, Details, References
1. PERFORMANCE OVERVIEW FOR FY25 2. DETAILS OF FINANCIAL RESULTS FOR FY25 3. REFERENCES ©Japan Airlines, ALL rights reserved. 6
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Slide 11: Consolidated Financial Results
Details of financial results for FY2025 Consolidated Financial Results Q4（Apr. to Mar.） Q4（Jan. to Mar.） Vs. FY24 Vs. FY24Q4 (JPY Bn) FY24 FY25 FY25 Diff. y/y Diff. y/y Revenue 1,844.0 2,012.5 +168.4 +9.1% 498.7 +40.6 +8.9% Full Service Carrier 1,449.9 1,578.3 +128.3 +8.9% 389.0 +31.0 +8.7% Internat
Slide 12: Introduction to FY2025 details
● From this page, I will show you the details for the fiscal year 2025. ● Page 7 shows our consolidated results. ● Please go on to page 8. ©Japan Airlines, ALL rights reserved. 7-S
Slide 13: Changes in EBIT (Revenues/Expenses)
Details of financial results for FY2025 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： +7.3% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： +4.4% +45.5 Bn (JPY Bn) Other (Ground Handling, Travel, (1) etc.) Mileag
Slide 14: EBIT difference factors commentary
● This page shows the factors behind the difference in EBIT from the previous year through revenue and expense. ● Revenues increased by 168.4 billion yen year-on-year as a result of the growth in each business segment. ● As for expenses, in addition to Maintenance and Aircraft expenses, costs linked
Slide 15: Changes in EBIT (Market and other impact)
Details of financial results for FY2025 Changes in EBIT (Market and other impact) (JPY Bn) + stands for profit increase (revenue increase, cost decrease) ▼stands for profit decrease (revenue decrease, cost increase) Impact from +45.5 Bn Currency Market +8.8 Bn Revenue ▼2.7 Bn Cost +11.5 Bn Fuel +6.6
Slide 16: Market impact on EBIT commentary
● This page shows the EBIT difference by dividing it into market impacts and other factors from the previous year. ● As for market conditions, Singapore kerosene fell by about 8.0 USD, 8.7% decrease from the previous year, while the yen appreciated from 153.0 yen last year to 150.0 yen. ● These mark
Slide 17: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2025 International Passenger Operations (Full Service Carrier) ✔ Pax numbers are growing steadily through capturing the strong inbound demand and recovering business outbound demand, achieving a record-high level Load Factor ✔ Increase in net unit price(excluding m
Slide 18: International passenger commentary
● This page shows the results of full-service carrier international passenger business. ● The total number of passengers increased by 5.6% from the previous year, as a result of capturing strong inbound demand and recovering business demand from Japan. As a result, the load factor increased by 1.9 p
Slide 19: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2025 Domestic Passenger Operations (Full Service Carrier) ✔ Capturing Pax through the stimulus measures led to a record-high level Load Factor and based on the trend, precise revenue management contributed to achieving y/y revenue growth Domestic Passenger Change i
Slide 20: Domestic passenger commentary
● This page shows the results of full-service carrier domestic passenger business. ● With flexible revenue management, we were able to secure revenue exceeding last year’s level. ● The unit price increased by 0.7% from the previous year, the number of passengers increased by 5.8%, and the load facto
Slide 21: Cargo
Details of financial results for FY2025 Cargo ✔ Int’l Cargo: Revenue increased y/y through the expansion of our freighter network. Successfully captured strong demand between Asia and North America by utilizing own freighters and large-size freighter flights to Chicago. In addition, from FY26, aimin
Slide 22: Cargo business commentary
● This page shows the performance of our Cargo business. ● As for the international cargo business, revenue increased year-on-year by the expansion of the freighter network. By using our own cargo aircraft and chartered aircraft, we captured strong demand between Asia and North America. As a result,
Slide 23: LCC
Details of financial results for FY2025 LCC ✔ ZIPAIR flexibly responded to market demand and enhanced customer experience through the installation of high-speed internet “Starlink Inflight Wi-Fi” ✔ SPRING JAPAN, despite travel restriction, achieved revenue growth by capturing strong demand from majo
Slide 24: LCC business commentary
● This page shows the performance of our LCC business. ● ZIPAIR has flexibly responded to market demand, resulting in year-on-year increases in both the number of passengers and revenue. ● Spring Japan also has captured strong demand from major cities in China, resulting in year-on-year increases in
Slide 25: Mileage/Finance and Commerce, Other
Details of financial results for FY2025 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Highly profitable Mileage/Finance contributed to the growth of the non-aviation business by expanding mileage issuance opportunities through business investments and global alliance, the numbe
Slide 26: Mileage/Finance and Other commentary
● This page shows the performance of our Mileage/Finance and Commerce and Other Business. ● In the mileage/finance and commerce business, the number of issued miles in the non-aviation domain is growing at an annual rate of 20% and EBIT showed a growth. ● Regarding Other businesses, our ground handl
Slide 27: Expenses
Details of financial results for FY2025 Expenses Major Operating Expense Items Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) （JPY Bn） Vs. FY24 Vs. FY24Q4 FY24 FY25 FY25Q4 Diff. y/y Diff. y/y Fuel 380.0 395.4 +15.4 +4.1% 98.0 +2.4 +2.5% Landing and navigation fees 88.0 95.2 +7.2 +8.2% 23.6 +0.9 +4.1% Maintenan
Slide 28: Expense breakdown commentary
● This page shows the breakdown of the cost. ● The total operating expenses increased by 140.5 billion yen year on year to 1 trillion 834.0 billion yen, due to an increase in Maintenance and Aircraft expenses and Personnel expenses as human capital investment. ● Although Unit Cost increased, the uni
Slide 29: Fuel Costs
Details of financial results for FY2025 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Mar./2026) Hedging （JPY Bn） and Volume Market FX others 380.0 +20.2 ▼24.1 ▼6.6 +25.9 395.4 +15.4 Bn (+4.1%) FY24 FY25 FY25 FY26 FY27 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for Fue
Slide 30: Fuel cost and hedging commentary
● This page shows our fuel cost and hedging. ● The fuel cost was 395.4 billion yen, increased by 15.4 billion yen year-on-year ● The upper right graph shows the current progress of hedging. ● Regarding fuel hedging, out of our total fuel consumption, we hedge the volume equivalent to domestic flight
Slide 31: Balance Sheet and Cash Flow
Details of financial results for FY2025 Balance Sheet and Cash Flow ✔ Equity ratio stands at 40.3% and the Net D/E ratio is ▼0.1×, net cash maintained a BS healthy level CF ✔ Positive free cash flow is maintained despite the increasing aircraft investment Balance Sheet End of FY24 End of FY25 Diff.
Slide 32: Balance sheet and cash flow commentary
● This page, I will explain our balance sheet and cash flow ● As of the end of March 2026, the equity ratio on a credit rating basis was 40.2% and the net D/E ratio was negative, which means we are cash rich. ● Our cash position at the end of March 2026 was 1 trillion 10.1 billion yen, enough for th
Slide 33: Performance Overview, Details, References
1. PERFORMANCE OVERVIEW FOR FY25 2. DETAILS OF FINANCIAL RESULTS FOR FY25 3. REFERENCES ©Japan Airlines, ALL rights reserved. 18
Slide 34: Operation Performance by Geographic Segment
[Reference] Operation Performance by Geographic Segment Passenger Revenue Revenue Passengers Carried Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) FY25 FY25Q4 ('000) (%） FY25 Vs. FY24 FY25Q4 Vs. FY24Q4 Component Vs. FY24 Component Vs. FY24Q4 Ratio Ratio America 1,832 +10.7%
Slide 35: Fleet Information
[Reference] Fleet Information End of FY24 (March 31, 2025) End of FY25 (Mar. 31, 2026) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 7 1 8 10 1 11 +3 Airbus A350-900 11 4 15 12 5 17 +2 Large Boeing 777-300ER 12 0 12 9 0 9 ▼3 Large-sized Total 30 5 35 31 6 37 +2 Boeing 787-9 19 3 22 19
Slide 36: FY2026 Outlook | Details
[Reference] FY2026 Outlook | Details FY25 FY26 (JPY Bn) Result Forecast Diff. vs. FY25 y/y vs. FY25 Revenue 2,012.5 2,095.0 +82.4 +4.1% Full Service Carrier 1,587.4 1,642.0 +54.5 +3.4% International PAX 760.0 778.0 +17.9 +2.4% Domestic PAX 609.1 619.0 +9.8 +1.6% Cargo and Mail 189.7 208.0 +18.2 +9.6
Slide 37: FY2026 Outlook | Change in EBIT
[Reference] FY2026 Outlook | Details Change in EBIT（Revenues／Expenses） + stands for profit increase (revenue increase, cost decrease) ▼ stands for profit decrease (revenue decrease, cost increase) RPK y/y ： ▼0.6% ASK y/y ： +0.2% ▼38.0 Bn （JPY Bn） Mileage/Finance and Commerce, Other (Ground Handling,
Slide 38: FY2026 Earnings Forecast (Air transportation Segment)
[Reference] FY2026 Earnings Forecast (Air transportation Segment) FY25 FY26 Vs. FY25(%) International Passenger Result Forecast Full-year 1st Half 2nd Half Passenger Revenue (JPY Bn) 760.0 780.0 +2.4% +1.9% +2.8% Passengers (’000) 8,008 7,755 ▼3.2% ▼2.6% ▼3.7% RPK (MN passenger km) 45,305 44,133 ▼2.
Slide 39: Traffic results for FY2025 and outlook for FY2026
[Reference] Traffic results for FY2025 and outlook for FY2026 Int’l & Domestic Passenger Operations (Full Service Carrier) demand trends ✔ For Int’l Flight, caputring the tightening supply-demand caused by the situation in the Middle East since March 2026 For Domestic Flight, even if the fare increa
Slide 40: Passenger demand trends commentary
● This page shows the demand trends for international and domestic passengers. ● Regarding international flights, due to tight supply and demand caused by the situation in the Middle East since March, demand for Japan-Europe routes and Southeast Asia/India-North America routes via Japan has expanded
Slide 41: Monthly impact of market fluctuations
[Reference] Monthly impact of market fluctuations ✔ Fuel costs will increase by approximately JPY 28 billion per month when the average Singapore kerosene price is USD 200/bbl and the exchange rate is 160 JPY/USD ✔ Mitigating the negative impact through our earning power, fuel subsidy, and fuel surc
Slide 42: Market fluctuation impact commentary
● This page shows the monthly impact of market fluctuations ● Assuming Singapore kerosene at 200 USD per barrel and an exchange rate of 160 yen to the dollar, we expect fuel expenses to increase by approximately 28.0 billion yen per month ● We will offset this cost increase through (1) "our own earn
Slide 43: FY2026 Outlook: Balance Sheet and Cash Flow
[Reference] FY2026 Outlook Balance Sheet and Cash Flow End of FY26 Balance Sheet End of FY25 Diff. （JPY Bn） Forecast Total Assets 3,198.7 3,285.0 +86.3 (1) Equity Attributable to Owners of the Parent Cash and Deposits 1,010.1 1,011.0 +0.9 (2) Ratio of Equity Attributable to Owners of the Balance of
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Slide 45: Acquisition of approx. 18.3% of Lifenet Insurance shares
[Reference] Acquisition of Approx. 18.3% of Lifenet Insurance Company’s shares from au Financial Holdings Corporation ✔ Expand business for both companies by co-creating products and services that leverage our mutual strengths ✔ Drive business growth and mileage customer base expansion by integratin
Slide 46: Lifenet Insurance partnership commentary
● Today we signed a capital and business partnership agreement with Lifenet Insurance, and to do this, we also signed a share transfer agreement with au Financial Holdings. ● This is a strategic investment to achieve great growth of the Mile & Life business shown in the "JAL Group Management Vision
Slide 47: Finance & Investor Relations
Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 28
Slide 48: 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