Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — FY2024 Earnings Presentation
45 slides from Japan Airlines's earnings presentation, May 2, 2025
Slide 1: Financial Results Mar/2025 (FY2024)
JAPAN AIRLINES Co.,Ltd. Financial Results Mar/2025（FY2024） May 2, 2025 ©Japan Airlines, ALL rights reserved.
Slide 2: Performance Overview, Details of Financial Results, References
SKYTRAX SKYTRAX 2024 World Airline Star APEX Best Wi-Fi in Eastern Rating World's Best WORLD CLASS Asia 2025 APEX" Premium Economy Class 5-Star 1. PERFORMANCE OVERVIEW FOR FY24 The 42nd IT Awards 2024 (Open Innovation Field) 2. DETAILS OF FINANCIAL RESULTS FOR FY24 3. REFERENCES ※ ESG Indices THE IN
Slide 3: Performance Overview for FY2024
Performance Overview for FY2024 ✔ Revenue/profit increased y/y, with EBIT exceeding the plan, by capturing Int’l pax demand, stimulus measures for domestic pax demand and advancing the business model reform ✔ The year-end dividend proposal increased from 40 yen to 46 yen per share, making the annual
Slide 4: Speaker notes: performance overview
● Please take a look at the page 3 of our IR material. ● In the fiscal year 2024, our revenue was 1 trillion and 844.0 Billion Yen, which is a 192.2 billion yen increase year on year, mainly due to the continued strong performance of international passenger business, growth in domestic passenger bus
Slide 5: Consolidated Revenue and EBIT Trends for Each Quarter
Consolidated Revenue and EBIT Trends for Each Quarter ✔ Revenue increased y/y in all quarters and EBIT significantly exceeded the previous year, especially in the 2nd half. ✔ In Q4(Jan. to Mar), revenue/profit increased y/y and EBIT margin improved by 2pt y/y Revenue EBIT (JPY Bn) (JPY Bn) ©Japan Airl
Slide 6: Speaker notes: quarterly revenue and EBIT
● This page shows an overview of consolidated revenues and EBIT for each quarter. ● The consolidated revenue increased year-on-year in all quarters, and EBIT particularly increased in the second half of the year. ● The consolidated revenue for the fourth quarter was 458.1 billion yen and its EBIT wa
Slide 7: FY2024 Performance by business segment
FY2024 Performance by business segment ✔ Revenue and profit increased y/y in all segments, and through business model reforms, income and profit of other than FSC grew. ✔ FSC: Performance improved through capturing Int’l pax demand, stimulus measures for domestic pax demand and utilizing freighters ✔
Slide 8: Speaker notes: business segment performance
● This page shows the performance of each business segment. ● Both revenue and EBIT increased year-on-year in all segments. Due to the progress in business portfolio reforms, revenue and EBIT from non-full-service carriers have grown. ● The full-service carrier business has improved its performance
Slide 9: Details of Financial Results for FY24
1. PERFORMANCE OVERVIEW FOR FY24 2. DETAILS OF FINANCIAL RESULTS FOR FY24 3. REFERENCES ©Japan Airlines, ALL rights reserved. 6
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INTENTIONALLY LEFT BLANK ©Japan Airlines, ALL rights reserved.
Slide 11: Consolidated Financial Results
Details of financial results for FY2024 Consolidated Financial Results Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) (JPY Bn) Vs. FY23 Vs. FY23Q4 FY23 FY24 FY24Q4 Diff. y/y Diff. y/y Revenue 1,651.8 1,844.0 +192.2 +11.6% 458.1 +55.6 +13.8% Full Service Carrier 1,323.7 1,449.9 +126.2 +9.5% 358.0 +43.9 +14.0% Inte
Slide 12: Speaker notes: FY2024 details
● From this page, I will show you the details for the fiscal year 2024. ● Page 7 shows our consolidated results. ©Japan Airlines, ALL rights reserved. 7-S
Slide 13: Changes in EBIT (Revenues/Expenses)
Details of financial results for FY2024 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： +10.8% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： +4.7% +27.2Bn (JPY Bn) Mileage/Finance and Commerce, Other (Ground Handlin
Slide 14: Speaker notes: EBIT change factors
● This page shows the factors behind the difference in EBIT from the previous year through revenue and expense. ● Revenues increased by 192.2 billion yen year-on-year as a result of the growth in each business segment. ● As for expenses, weak Yen pushed up our cost, especially Fuel and Maintenance c
Slide 15: Changes in EBIT (Market and other impact)
Details of financial results for FY2024 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) +27.2Bn Currency Market ▼12.9 Bn Revenue +28.4 Bn (Excl. Market Impact) Cos
Slide 16: Speaker notes: EBIT market impact
● This page shows the EBIT difference by dividing it into market impacts and other factors from the previous year. ● As for market conditions in fiscal year 2024, Singapore kerosene fell 9.4% from the previous year, while the yen depreciated from 143.4 yen last year to 153.0 yen. ● These market effe
Slide 17: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2024 International Passenger Operations (Full Service Carrier) ✔ Revenue exceeded the previous year through increasing inbound demand and recovering outbound business demand International Passenger Change in Revenue (JPY Bn) ＋74.0 Bn Q4 (Apr. to Mar.) Q4 (Jan. to Ma
Slide 18: Speaker notes: international passenger
● This page shows the results of full-service carrier international passenger business. ● The total number of passengers increased by 14.4% from the previous year, as a result of capturing strong inbound demand and recovering demand from Japan. As a result, the load factor increased by 5.3 points fr
Slide 19: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2024 Domestic Passenger Operations (Full Service Carrier) ✔ Revenue exceeded the previous year through enhanced revenue management amid the high level of load factor Domestic Passenger Change in Revenue (JPY Bn) ＋20.6 Bn Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) (＋3.7％) D
Slide 20: Speaker notes: domestic passenger
● This page shows the results of full-service carrier domestic passenger business. ● With the increasing load factor, we strengthened revenue management and secured higher revenue than the previous year. ● Total number of passengers increased by 2.9% from the previous year, and load factor remained
Slide 21: Traffic results for FY2024 and outlook for FY2025
Traffic results for FY2024 and outlook for FY2025 Int’l & Domestic Passenger Operations (Full Service Carrier) demand trends ✔ Int’l pax demand is expected to exceed both the previous year and our plan, with strong inbound demand ✔ Domestic pax demand is also expected to exceed both the previous year
Slide 22: Speaker notes: passenger outlook
● This page shows the outlook for passenger numbers on international and domestic flights for the first quarter of fiscal year 2025. ● For international flights, due to strong inbound demand, passenger numbers are expected to be around 110% compared to the previous year, exceeding our plan. ● For do
Slide 23: Cargo
Details of financial results for FY2024 Cargo ✔ Int’l Cargo: Expanded the freighter network. Unit price increased by capturing Europe-bound and North-American-bound cargo from China or Asia as well as value-added goods such as pharmaceuticals, resulting in a significant increase in revenue. ✔ Domestic
Slide 24: Speaker notes: cargo
● This page shows the performance of our Cargo business. ● As for the international cargo business, both transported weight and cargo revenue increased from the previous year due to capturing the demand of high-value cargo from Asia and China to North America. ● Domestic cargo revenue also increased
Slide 25: LCC
Details of financial results for FY2024 LCC ✔ ZIPAIR continues to perform well, including the new Houston route. ✔ SPRING JAPAN turns to be profitable on a full-year basis with significant increase in revenue y/y. Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) ZIPAIR FY23 FY24 Vs. FY23 FY24Q4 Vs. FY23 Passenger R
Slide 26: Speaker notes: LCC
● This page shows the performance of our LCC business. ● ZIPAIR launched Houston routes. Passenger numbers and revenue continue to grow steadily. ● Spring Japan also showed the increase of revenue from the previous year due to the recovery of the demand from China, and achieved profitability for the
Slide 27: Mileage/Finance and Commerce, Other
Details of financial results for FY2024 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Mileage/Finance and Commerce: the number of miles points issued continued to grow steadily ✔ Other: Ground Handling continues to perform well EBIT by Mileage/Finance and EBIT by Other(Ground Ha
Slide 28: Speaker notes: mileage, commerce and other
● 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 is steadily increasing and EBIT showed a growth. ● Other businesses also posted an increase in profit due to steady growth in ground ha
Slide 29: Expenses
Details of financial results for FY2024 Expenses Major Operating Expense Items Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) （JPY Bn） Vs. FY23 Vs. FY23 FY23 FY24 FY24Q4 Diff. y/y Diff. y/y Fuel 356.7 380.0 +23.2 +6.5% 95.6 +5.0 +5.5% Landing and navigation fees 72.3 88.0 +15.6 +21.7% 22.6 +3.8 +20.5% Maintenance
Slide 30: Speaker notes: expenses
● This page shows the breakdown of the cost. ● Total operating expenses increased by 151.1 billion yen from the previous year to 1 trillion and 693.4 billion yen, due to the impact of market conditions, such as weak yen, as well as an increase in various expenses. ● The Unit Profit was 1.0 with the
Slide 31: Fuel Costs
Details of financial results for FY2024 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Mar./2025) Hedging （JPY Bn） and Volume Market FX others +26.2 ▼30.6 +22.7 +4.8 380.0 356.7 ＋23.2Bn (+6.5%) FY23 FY24 FY24 FY25 FY26 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for Fuel
Slide 32: Speaker notes: fuel cost and hedging
● This page shows our fuel cost and hedging. ● The fuel cost was 380.0 billion yen, increased by 23.2 billion yen year-on-year ● The upper right graph shows the current progress of hedging. The lower part of the graph shows the conceptual diagram of our fuel and currency hedging for your reference.
Slide 33: Balance Sheet and Cash Flow
Details of financial results for FY2024 Balance Sheet and Cash Flow BS ✔ Equity ratio is 41.1% and Net D/E ratio is 0.0x, both in terms of credit rating evaluation basis, which are maintained at a healthy level CF ✔ Positive free cash flow despite increased investment Balance Sheet End of FY23 End of
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INTENTIONALLY LEFT BLANK ©Japan Airlines, ALL rights reserved.
Slide 35: References
1. PERFORMANCE OVERVIEW FOR FY24 2. DETAILS OF FINANCIAL RESULTS FOR FY24 3. REFERENCES ©Japan Airlines, ALL rights reserved. 19
Slide 36: 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.) FY24 FY24Q4 ('000) （%） FY24 Vs. FY23 FY24Q4 Vs. FY23Q4 Component Vs. FY23 Component Vs. FY23Q4 Ratio Ratio America 1,654 +10.2%
Slide 37: Fleet Information
[Reference] Fleet Information End of FY23 (March 31, 2024) End of FY24 (March 31, 2025) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 3 0 3 7 1 8 +5 Airbus A350-900 11 4 15 11 4 15 0 Large Boeing 777-300ER 13 0 13 12 0 12 ▼1 Large-sized Total 27 4 31 30 5 35 +4 Boeing 787-9 19 3 22 19
Slide 38: FY2024-2025 Outlook | Details
[Reference] FY2024-2025 Outlook | Details FY24 FY25 (JPY Bn) Result Forecast Diff. vs. FY24 y/y vs. FY24 Revenue 1,844.0 1,977.0 +132.9 ＋7.2% Full Service Carrier 1,451.8 1,525.0 +73.1 ＋5.0% International PAX 696.5 715.0 +18.4 ＋2.7% Domestic PAX 571.6 583.0 +11.3 ＋2.0% Cargo and Mail 163.0 189.0 +25.
Slide 39: FY2024-2025 Outlook | Change in EBIT
[Reference] FY2024-2025 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： ＋4.0% ASK y/y： ＋4.0% ＋27.5Bn （JPY Bn） Mileage/Finance and Commerce, Other (1) (Ground Handl
Slide 40: FY2025 Earnings Forecast (Air transportation Segment)
[Reference] FY2025 Earnings Forecast (Air transportation Segment) FY25 Vs. FY24(%) International Passenger FY24 Forecast Full-year 1st Half 2nd Half Passenger Revenue (JPY Bn) 696.3 715.0 +2.7% +4.3% +1.2% Passengers (’000) 7,584 7,960 +5.0% +8.4% +1.8% RPK (MN passenger km) 41,916 44,705 +6.7% +9.8
Slide 41: FY2025 Outlook: Balance Sheet and Cash Flow
[Reference] FY2025 Outlook Balance Sheet and Cash Flow End of FY25 Balance Sheet End of FY24 Diff. Forecast （JPY Bn） Total Assets 2,794.9 2,985.0 +190.0 Cash and Deposits 749.0 949.0 +199.9 Balance of Interest-bearing Debt 896.0 836.0 ▼60.0 Shareholders’ Equity (1) 975.0 1,234.0 +258.9 (1) Equity Att
Slide 42: Speaker notes: FY2025 balance sheet and cash flow
● Finally, I will explain our balance sheet and cash flow forecast of fiscal year 2025. ● As of the end of March of 2026, the equity ratio will be 41.4% and the net D/E ratio will be negative, which means we will be cash-rich. ● Our cash position at the end of March 2026 will be 949.0 billion yen, e
Slide 43: Impact on profit in FY2025 by Fuel and FX
[Reference] Impact on profit in FY2025 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 ＋11.0 ＋6.0 ＋10.0 ▼2.0 ＋1.0 140JPY ＋9.0 ▼3.0 ±0.0 ▼3.0 ±0.0 Base FX (JPY/USD) 145
Slide 44: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 27
Slide 45: 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