Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — FY2024 Earnings Presentation
28 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: 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 5: 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 6: 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
Slide 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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
Slide 19: References
1. PERFORMANCE OVERVIEW FOR FY24 2. DETAILS OF FINANCIAL RESULTS FOR FY24 3. REFERENCES ©Japan Airlines, ALL rights reserved. 19
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 27
Slide 28: 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