Japan Airlines Co., Ltd. · TSE:9201

Japan Airlines — FY2025 Earnings Presentation

29 slides from Japan Airlines's earnings presentation, Apr 30, 2026

Slide 2: Agenda: 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: 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 5: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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
Slide 27: Acquisition of Approx. 18.3% of Lifenet Insurance Company's 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 29: 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

Japan Airlines — FY2025 Earnings Presentation on 6ix

Japan Airlines — FY2025 Earnings Presentation

Slide 1: Financial Results Mar/2026 (FY2025)

Slide 2: Agenda: Performance Overview, Details of Financial Results, References

Slide 3: Performance Overview for FY2025

Slide 4: Achievement of Mid-Term Management Plan Targets

Slide 5: FY2025 Performance by business segment

Slide 6: Details of Financial Results for FY25

Slide 7: Consolidated Financial Results

Slide 8: Changes in EBIT (Revenues/Expenses)

Slide 9: Changes in EBIT (Market and other impact)

Slide 10: International Passenger Operations (Full Service Carrier)

Slide 11: Domestic Passenger Operations (Full Service Carrier)

Slide 12: Cargo

Slide 13: LCC

Slide 14: Mileage/Finance and Commerce, Other

Slide 15: Expenses

Slide 16: Fuel Costs

Slide 17: Balance Sheet and Cash Flow

Slide 18: References

Slide 19: Operation Performance by Geographic Segment

Slide 20: Fleet Information

Slide 21: FY2026 Outlook | Details

Slide 22: FY2026 Outlook | Change in EBIT

Slide 23: FY2026 Earnings Forecast (Air transportation Segment)

Slide 24: Traffic results for FY2025 and outlook for FY2026

Slide 25: Monthly impact of market fluctuations

Slide 26: FY2026 Outlook: Balance Sheet and Cash Flow

Slide 27: Acquisition of Approx. 18.3% of Lifenet Insurance Company's shares

Slide 28: Finance & Investor Relations

Slide 29: Disclaimer