Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — Q1 FY2026 Earnings Presentation
27 slides from Japan Airlines's earnings presentation, Aug 3, 2026
Slide 1: Financial Results 1st Quarter FY2026
JAPAN AIRLINES Co.,Ltd. Financial Results 1st Quarter Mar/2027（FY2026） August 3, 2026 ©Japan Airlines, ALL rights reserved.
Slide 2: Agenda and awards
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 FY26Q1 Bond of the Year 2. DETAILS OF FINANCIAL RESULTS FOR FY26Q1 3. REF
Slide 3: Performance Overview for FY2026Q1
Performance Overview for FY2026Q1 ✔ Despite demand shifts and soaring fuel costs driven by the escalating Middle East tensions, achieved a record-high revenue, by agile pricing strategies that captured high demand in Int’l flight and cargo, as well as unit price improvements in domestic flight ✔ Exc
Slide 4: FY2026Q1 Performance by business segment
FY2026Q1 Performance by business segment ✔ While FSC segment EBIT faced strong pressure from soaring fuel costs, non-aviation business such as Mileage/Finance and Commerce provided a stable revenue base, solidly supporting consolidated profitability. ✔ FSC and LCC segment EBIT turned profitable from
Slide 5: Details of Financial Results for FY26Q1
1. PERFORMANCE OVERVIEW FOR FY26Q1 2. DETAILS OF FINANCIAL RESULTS FOR FY26Q1 3. REFERENCES © Japan Airlines, All rights reserved. Highly Confidential. 5
Slide 6: Consolidated Financial Results
Details of financial results for FY2026Q1 Consolidated Financial Results Vs. FY25 (JPY Bn) FY25Q1 FY26Q1 Diff. y/y Revenue 471.0 523.7 +52.6 +11.2% Full Service Carrier 367.3 418.3 +51.0 +13.9% International PAX 184.9 211.6 +26.6 +14.4% Domestic PAX 134.2 139.0 +4.8 +3.6% Cargo / Mail 43.6 62.7 +19.
Slide 7: Changes in EBIT (Revenues/Expenses)
Details of financial results for FY2026Q1 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： ▼2.3% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： ▼2.9% ▼32.8 Bn (JPY Bn) Other (Ground Handling, Travel, (1) Cargo and
Slide 8: Changes in EBIT (Market and other impact)
Details of financial results for FY2026Q1 Changes in EBIT (Market and other impact) FY25Q1 FY26Q1 y/y Singapore Kerosene(USD/bbl) 81.4 182.5 +124.2% Dubai Crude Oil(USD/bbl) 68.0 112.5 +65.4% (JPY Bn) FX Rate (JPY/USD) 145.3 159.0 +9.4% Impact from ▼32.8 Bn Currency Market ▼12.8 Bn + stands for prof
Slide 9: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2026Q1 International Passenger Operations (Full Service Carrier) ✔ Despite the sharp increase in fuel costs, thoroughly drove the cost pass-through with agile price adjustment and revisions of fuel surcharge scheme ✔ Significant increase in unit price contributed t
Slide 10: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2026Q1 Domestic Passenger Operations (Full Service Carrier) ✔ Looking ahead to the business structural reform, thoroughly drove the revenue management focusing in unit price ✔ Outperformed our planned unit price and achieved y/y revenue growth through fare increase
Slide 11: Cargo
Details of financial results for FY2026Q1 Cargo ✔ Int’l Cargo: Achieved significant revenue growth by capturing strong demand between Asia and North America, alongside cost pass-through via fuel surcharge scheme revisions. In addition, expanded the freighter network by increasing large-size freighte
Slide 12: LCC
Details of financial results for FY2026Q1 LCC ✔ ZIPAIR, achieved a significant increase in L/F and unit revenue, by enhancing customer experience through the installation of high-speed internet service “Starlink” across its entire fleet and the flexible price strategy responding to the market ✔ SPRI
Slide 13: Mileage/Finance and Commerce
Details of financial results for FY2026Q1 Mileage/Finance and Commerce ✔ Achieving growth in mileage issuance and its income in the non-aviation domain, through the increase in JAL Card payment volume and enhancing global partnerships such as with Capital One. Forming a strategic partnership with Ma
Slide 14: Expenses
Details of financial results for FY2026Q1 Expenses Major Operating Expense Items Vs. FY25Q1 （JPY Bn） FY25Q1 FY26Q1 Diff. y/y Fuel 94.0 148.8 +54.8 +58.4% Landing and navigation fees 23.2 25.0 +1.7 +7.7% Maintenance 41.6 41.5 ▼0.0 ▼0.2% Sales commissions (Air Transport) 7.4 9.1 +1.7 +23.2% Services(1
Slide 15: Fuel Costs
Details of financial results for FY2026Q1 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Jun./2026) Hedging （JPY Bn） and FX others Market +13.0 ▼24.3 +68.9 148.8 Volume 94.0 ▼2.8 +54.8 Bn (+58.4%) FY25Q1 FY26Q1 FY26 FY27 FY28 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted f
Slide 16: Balance Sheet and Cash Flow
Details of financial results for FY2026Q1 Balance Sheet and Cash Flow ✔ Equity ratio stands at 42.9% and the Net D/E ratio is ▼0.1×, net cash maintained a BS healthy level CF ✔ Positive free cash flow maintained despite the increased growth investment （JPY Bn） Balance Sheet End of FY25 End of FY26Q1
Slide 17: References
1. PERFORMANCE OVERVIEW FOR FY26Q1 2. DETAILS OF FINANCIAL RESULTS FOR FY26Q1 3. REFERENCES © Japan Airlines, All rights reserved. Highly Confidential. 17
Slide 18: Operation Performance by Geographic Segment
[Reference] Operation Performance by Geographic Segment Passenger Revenue Revenue Passengers Carried FY26Q1 (%） Vs. FY25Q1 ('000) FY26Q1 Vs. FY25Q1 Component Ratio America 43% +13.7% America 446 ▼3.0% Europe 17% +11.3% Europe 170 ▼10.2% Asia/Oceania 28% +15.3% Asia/Oceania 903 +2.0% China 6% +21.2%
Slide 19: Fleet Information
[Reference] Fleet Information End of FY25 (March 31, 2026) End of FY26Q1 (Jun. 30, 2026) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 10 1 11 10 1 11 0 Airbus A350-900 12 5 17 12 5 17 0 Large Boeing 777-300ER 9 0 9 9 0 9 0 Large-sized Total 31 6 37 31 6 37 0 Boeing 787-9 19 3 22 19 3
Slide 20: FY2026 Outlook | Details
[Reference] FY2026 Outlook | Details FY26Q1 FY26 (JPY Bn) Result y/y vs.FY25Q1 Forecast Revenue 523.7 +11.2% 2,095.0 Full Service Carrier 420.2 +13.8% 1,642.0 International PAX 211.6 +14.4% 778.0 Domestic PAX 139.0 +3.6% 619.0 Cargo and Mail 62.7 +43.7% 208.0 Other Revenue 6.7 +4.4% 37.0 LCC 32.4 +6
Slide 21: Average monthly profit impact due to the current Middle East situation
[Reference] Average monthly profit impact due to the current Middle East situation ✔ Although fuel costs increased beyond our plan due to the impact of rising oil market prices, mitigated the negative profit impact through our earning power, fuel subsidies, and fuel surcharges ＋は利益増（収入増・費用減） ▲は利益減（収
Slide 22: Impact on profit after FY26Q2 by Fuel and FX
[Reference] Impact on profit after FY26Q2 by Fuel and FX* (Incl. hedging and Fuel surcharges) Dubai 45USD 65USD 85USD 105USD Crude Fuel (JPY Bn) Prices (USD/bbl) Singapore 90USD 110USD 130USD 150USD Kerosene BASE 150JPY ±0.0 ▼13.5 ▼27.0 ▼40.0 155JPY FX ▼4.5 ▼16.5 ▼30.5 ▼45.0 (JPY/USD) 160JPY ▼6.0 ▼2
Slide 23: Results of Mid-term Management Plan (Segment & Demand structure)
[Reference] Results of Mid-term Management Plan(Segment & Demand structure) ✔ Through the promotion of business structure reforms, the portfolio and revenue structure have shifted toward resilience ✔ By shifting to a 60% ratio of inbound, building a "foreign currency earning structure" that absorbs
Slide 24: Mileage/Finance Business Model
[Reference] Mileage/Finance Business Model ✔ Built an asset-light, highly profitable business model, securing margins through the revenues from JAL Card payments and partner service usage, alongside optimal management of mileage redemption costs ✔ Established a resilient and stable revenue base powe
Slide 25: Mileage/Finance Business (Revenue Structure Logic Tree)
[Reference] Mileage/Finance Business (Revenue Structure Logic Tree & Reflow into Aviation Income) ✔ Centering on in-house roll out of card business and stable high-value customers through “Mileage Lifestyle” program, expanding non-linear issuance by integrating daily payment, point exchange, and agi
Slide 26: Finance & Investor Relations
Finance & Investor Relations Japan Airlines © Japan Airlines, All rights reserved. Highly Confidential. 26 26
Slide 27: 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