Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — H1 FY2025 Earnings Presentation
40 slides from Japan Airlines's earnings presentation, Oct 30, 2025
Slide 1: Financial Results 1st Half Mar/2026 (FY2025)
JAPAN AIRLINES Co.,Ltd. Financial Results 1st Half Mar/2026（FY2025） October 30, 2025 ©Japan Airlines, ALL rights reserved.
Slide 2: Performance Overview, Details of Financial Results, References
APEX SKYTRAX Best Wi-Fi in Eastern Best Economy Class Airline Seats SKYTRAX WORLD CLASS Asia 2025 APEX" 2025 World Airline Star Best Premium Economy Class Airline Rating in Asia 2025 5-Star The 42nd IT Awards 2024 1. PERFORMANCE OVERVIEW FOR FY25Q2 (Open Innovation Field) 2. DETAILS OF FINANCIAL RES
Slide 3: Performance Overview for FY2025Q2
Performance Overview for FY2025Q2 ✔ Strong Int'l pax demand and demand stimulus measures to capture Domestic pax resulted in record-high revenue since re-listing, with EBIT exceeded our plan and the previous year ✔ No change in full-year consolidated earnings forecast and dividends forecast, with in
Slide 4: Performance overview commentary
● Please take a look at the page 3 of our IR material. ● In the second quarter of fiscal year 2025, our revenue reached to a record-high 983.9 Billion Yen since re-listing, mainly due to the strong international passenger demand and through stimulus measures for domestic passenger demand. ● EBIT was
Slide 5: Consolidated Revenue and EBIT Trends for Each Quarter
Consolidated Revenue and EBIT Trends for Each Quarter ✔ Achieved an increase in both revenue and profit in Q2 alone, following Q1 ✔ Achieved record-high revenue in Q2 alone since re-listing Revenue EBIT (JPY Bn) (JPY Bn) ©Japan Airlines, ALL rights reserved. 4
Slide 6: Quarterly revenue and EBIT commentary
● This page shows an overview of consolidated revenues and EBIT for each quarter. ● The consolidated revenues for the second quarter alone was 512.8 billion yen, an increase of 35.0 billion yen year on year. EBIT for the second quarter alone was 64.2 billion yen, which is an increase of 0.6 billion
Slide 7: FY2025Q2 Performance by business segment
FY2025Q2 Performance by business segment ✔ FSC: Revenue/profit increased y/y through capturing Int’l Pax demand and utilizing freighters ✔ LCC: Maintained y/y revenue growth despite a temporary slowdown of inbound demand for ZIPAIR ✔ Mileage/Finance and Commerce: Both revenue/profit increased y/y thro
Slide 8: Business segment commentary
● This page shows the result of each business segment. ● In our Full-Service Carrier business, both revenue and profit increased year-on-year, driven by international passenger and cargo business. ● Our Low-Cost Carrier business, ZIPAIR’s demand slowed down temporarily but it has maintained year-on-
Slide 9: Performance Overview, Details of Financial Results, References
1. PERFORMANCE OVERVIEW FOR FY25Q2 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q2 3. REFERENCES ©Japan Airlines, ALL rights reserved. 6
Slide 10: Intentionally left blank
INTENTIONALLY LEFT BLANK ©Japan Airlines, ALL rights reserved.
Slide 11: Details of financial results for FY2025Q2
Details of financial results for FY2025Q2 Consolidated Financial Results 1st Half Q2（Jul. to Sep.） Vs. FY24 Vs. FY24Q2 (JPY Bn) FY24Q2 FY25Q2 FY25Q2 Diff. y/y Diff. y/y Revenue 901.8 983.9 +82.1 +9.1% 512.8 +35.0 +7.3% Full Service Carrier 710.1 770.2 +60.0 +8.5% 402.9 +26.5 +7.0% International PAX 340
Slide 12: Consolidated results commentary
● From this page, I will show you the details for the second quarter of Fiscal Year 2025. ● 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 FY2025Q2 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： +10.9% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： +5.5% +24.0Bn (JPY Bn) Other (Ground Handling, Travel, (1) etc.) Mileage
Slide 14: EBIT change commentary
● This page shows the factors behind the difference in EBIT from the previous year in revenue and expense. ● Revenues increased by 82.1 billion yen year-on-year, driven by growth across each segment. ● As for expenses, Maintenance and Aircraft expenses increased with operational growth. In addition,
Slide 15: Changes in EBIT (Market and other impact)
Details of financial results for FY2025Q2 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) +24.0Bn Currency Market +10.5 Bn Revenue ▼6.4 Bn Cost +17.0 Bn Fuel +8.7
Slide 16: Market 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 by about 15.0 USD, a 14.9% decrease from the previous year, while the yen appreciated from 154.0 yen last year to 146.2 yen. ● These mar
Slide 17: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2025Q2 International Passenger Operations (Full Service Carrier) ✔ Achieved y/y revenue growth with a steady number of pax and unit price by capturing strong inbound demand and recovering outbound business demand in the first Half of FY25 ✔ In Q3, the number of pax i
Slide 18: International passenger commentary
● This page shows the results of full-service carrier international passenger business. ● The total number of passengers increased by 10.1% from the previous year, as a result of capturing inbound demand and recovering business demand from Japan. As a result, the load factor increased by 3.5 points
Slide 19: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2025Q2 Domestic Passenger Operations (Full Service Carrier) ✔ Revenue increased y/y through the flexible revenue management in the first Half, and the number of pax is expected to grow steadily in Q3 as well Domestic Passenger Change in Revenue (JPY Bn) ＋21.6 Bn Q2 (A
Slide 20: 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 exceeding last year’s level. ● In the first half, the unit price decreased by 2.6% from the previous year. However, the number of passengers increased
Slide 21: Cargo
Details of financial results for FY2025Q2 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 launching a Hanoi-Tokyo route, increasing flights to Taipei, operating temporary flights to Bangkok,
Slide 22: Cargo commentary
● This page shows the performance of our Cargo business. ● As for the international cargo business, revenue increased year-on-year due to the expansion of the network. By using our own cargo aircraft and chartered aircraft, we captured strong demand between Asia and North America. As a result, both
Slide 23: LCC
Details of financial results for FY2025Q2 LCC ✔ ZIPAIR is expected to recover in Q3 after experiencing a temporary slowdown of inbound demand ✔ SPRING JAPAN is growing steadily by capturing strong demand in major cities in China Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) ZIPAIR FY24Q2 FY25Q2 y/y FY25Q2 y/y
Slide 24: LCC commentary
● This page shows the performance of our LCC business. ● ZIPAIR faced challenges in revenue management with a temporary slowdown in inbound demand. In the second half, we aim to capture inbound demand steadily. ● Spring Japan has captured strong inbound demand from major cities in China, resulting i
Slide 25: Mileage/Finance and Commerce, Other
Details of financial results for FY2025Q2 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Mileage/Finance and Commerce: the number of mileage issued continued to grow steadily ✔ Other: Ground Handling continues to perform well EBIT by Mileage/Finance and EBIT by Other(Ground Handl
Slide 26: Mileage/Finance and Commerce and Other 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, our ground handling services have continued to perform s
Slide 27: Expenses
Details of financial results for FY2025Q2 Expenses Major Operating Expense Items Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) （JPY Bn） Vs. FY24Q2 Vs. FY24Q2 FY24Q2 FY25Q2 FY25Q2 Diff. y/y Diff. y/y Fuel 192.3 193.8 +1.4 +0.8% 99.8 +1.9 +2.0% Landing and navigation fees 42.5 47.2 +4.6 +11.0% 24.0 +2.1 +9.7% Main
Slide 28: Expense commentary
● This page shows the breakdown of the cost. ● The total operating expenses increased by 66.5 billion yen year on year to 890.8 billion yen, due to an increase in Maintenance and Aircraft expenses and Personnel expenses as human capital investment. ● The unit profit was 1.4, with the rise in Unit Re
Slide 29: Fuel Costs
Details of financial results for FY2025Q2 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Sep./2025) （JPY Bn） Hedging Volume Market and others +12.8 ▼24.2 FX 192.3 +21.5 193.8 ▼8.7 +1.4Bn (+0.8%) FY24Q2 FY25Q2 FY25 FY26 FY27 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for
Slide 30: Fuel cost and hedging commentary
● This page shows our fuel cost and hedging. ● The fuel cost was 193.8 billion yen, increased by 1.4 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 31: Balance Sheet and Cash Flow
Details of financial results for FY2025Q2 Balance Sheet and Cash Flow BS ✔ Equity ratio stands at 39.5%, 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 is maintained despite the increasing aircraft investment （JPY Bn） Ba
Slide 32: Balance sheet and cash flow commentary
● This page, I will explain our balance sheet and cash flow. ● As of the end of September, the equity ratio on a credit rating basis was 39.4% and the net D/E ratio was negative, which means we are cash rich. ● Our cash position at the end of September was 949.6 billion yen. ● The operating cash flo
Slide 33: Shareholder return
FY2025 Q2 Consolidated Financial Result Shareholder return ✔ In addition to annual dividends forecast of 92 yen / share, including the interim dividends of 46 yen, we will conduct share buyback of 20 billion yen ✔ We will achieve the total payout ratio of around 50% in accordance with our original s
Slide 34: Share buyback commentary
● Finally, I will explain our share buyback. ● The Board approved today a share buyback of 20 billion yen as part of our shareholder returns. This is the first material buyback in six years since fiscal year 2019 and the first since the COVID-19 pandemic. ● This is expected to help us achieve our ta
Slide 35: References
1. PERFORMANCE OVERVIEW FOR FY25Q2 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q2 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 Q2 (Apr. to Sep.) Q2 (Apr. to Sep.) Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY25Q2 FY25Q2 ('000) (%） FY25Q2 Vs. FY24Q2 Component Vs. FY24Q2 Component Vs. FY24Q2 FY25Q2 Vs. FY24Q2 Ratio Ratio America 931
Slide 37: Fleet Information
[Reference] Fleet Information End of FY24 (March 31, 2025) End of FY25Q2 (Sep. 30, 2025) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 7 1 8 9 1 10 +2 Airbus A350-900 11 4 15 12 4 16 +1 Large Boeing 777-300ER 12 0 12 11 0 11 ▼1 Large-sized Total 30 5 35 32 5 37 +2 Boeing 787-9 19 3 22
Slide 38: FY2025 Outlook | Details
[Reference] FY2025 Outlook | Details FY25 Impact on profit after FY25Q2 by Fuel and FX* (JPY Bn) Q1Result Q2Result FY2025H1 Forecast (Incl. hedging and Fuel surcharges) Revenue 471.0 512.8 983.9 1,977.0 Dubai Full Service Carrier 369.3 405.7 775.1 1,525.0 65USD 70USD 75USD 80USD Fuel Crude Internatio
Slide 39: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 23
Slide 40: 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