Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — Q1 FY2025 Earnings Presentation
37 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
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: Performance overview commentary
● Please take a look at the page 3 of our presentation material. ● In the first quarter of fiscal year 2025, our revenue was 471 Billion Yen, which increased more than 10% year on year, mainly due to the strong international passenger demand and through stimulus measures for domestic passenger deman
Slide 5: 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 6: Business segment commentary
● This page shows the performance of each business segment. ● In our Full-Service Carrier business, both revenue and profit increased year-on-year, by capturing strong international passenger demand and efficient use of our freighters. ● Our Low-Cost Carrier business remains strong. ZIPAIR continues
Slide 7: 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 8: Intentionally left blank
INTENTIONALLY LEFT BLANK ©Japan Airlines, ALL rights reserved.
Slide 9: Details of financial results for FY2025Q1: 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 10: Consolidated results commentary
● From this page, I will show you the details for the first quarter of Fiscal Year 2025. ● Page 6 shows our consolidated results. ©Japan Airlines, ALL rights reserved. 6-S
Slide 11: 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 12: EBIT change commentary
● This page shows the factors behind the difference in EBIT from the previous year through revenue and expense. ● Revenues increased by 47.0 billion yen year-on-year as a result of the growth in each business segment. ● As for expenses, personnel expenses increased from the previous year as a result
Slide 13: 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 (Excl. Market Impact) Revenue ▼2.1 Bn Cos
Slide 14: Market and other impact commentary
● This page shows the EBIT difference by dividing into market impacts and other factors from the previous year. ● As for market conditions, Singapore kerosene fell 18.8% from the previous year, while the yen appreciated from 153.7 yen last year to 145.3 yen. ● These market effects increased EBIT by
Slide 15: 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 16: International passenger commentary
● This page shows the results of full-service carrier international passenger business. ● The total number of passengers increased by 11.7% 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 5.4 points fr
Slide 17: 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 18: 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 that exceeded last year’s level. ● Total number of passengers increased by 13.3% from the previous year, and the load factor remained high at 79.5%. A
Slide 19: 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 20: Cargo commentary
● This page shows the performance of our Cargo business. ● As for the international cargo business, We increased our cargo freighters to three by adding one more aircraft and launched a new route to Hanoi. We also started flights to Chicago by using chartered aircraft. ● both the cargo revenue and w
Slide 21: 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 22: LCC commentary
● This page shows the performance of our LCC business. ● ZIPAIR continues to show steady growth in both passenger numbers and revenue, including the newly launched Houston route. ● Spring Japan has captured strong demand from major cities in China, resulting in year-on-year increases in both the pas
Slide 23: 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 24: Mileage and Other business 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 is steadily increasing and EBIT showed a growth. ● Regarding Other businesses, while there recorded some foreign exchange valuation los
Slide 25: 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 26: Expenses commentary
● This page shows the breakdown of the cost. ● The total operating expenses increased by 29.2 billion yen from the previous year to 435.4 billion yen, due to an increase in variable expenses and personnel expenses as human capital investment. Excluding the FX and fuel market factors and time-lag fac
Slide 27: 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 28: Fuel cost and hedging commentary
● This page shows our fuel cost and hedging. ● The fuel cost was 94.0 billion yen, decreased by 0.5 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. ©J
Slide 29: 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 30: Balance sheet and cash flow commentary
● Finally, I will explain our balance sheet and cash flow. ● As of the end of June of 2025, the equity ratio was 38.7% and the net D/E ratio was negative, which means we are cash-rich. ● Our cash position at the end of June 2025 was 950.2 billion yen, enough for the existing hybrid debts repayment a
Slide 31: References
1. PERFORMANCE OVERVIEW FOR FY25Q1 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q1 3. REFERENCES ©Japan Airlines, ALL rights reserved. 17
Slide 32: 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 33: 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 34: 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 35: 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 36: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 22
Slide 37: 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