Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — Q3 FY2024 Earnings Presentation
23 slides from Japan Airlines's earnings presentation, Feb 4, 2025
Slide 1: Financial Results 3rd Quarter Mar/2025 (FY2024)
JAPAN AIRLINES Co.,Ltd. Financial Results 3rd Quarter Mar/2025（FY2024） February 4, 2025 ©Japan Airlines, ALL rights reserved.
Slide 2: Agenda: 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 FY24Q3 The 42nd IT Awards 2024 (Open Innovation Field) 2. DETAILS OF FINANCIAL RESULTS FOR FY24Q3 3. REFERENCES Health and Produ
Slide 3: Performance Overview for FY2024Q3
Performance Overview for FY2024Q3 ✔ EBIT exceeded our plan through capturing Int’l pax demand, stimulus measures for domestic pax demand and advancing the business model reform, resulting in revenue/EBIT growth y/y ✔ The forecast of consolidated financial results and dividend remain unchanged Revenue
Slide 4: Consolidated Revenue and EBIT Trends for Each Quarter
Consolidated Revenue and EBIT Trends for Each Quarter ✔ In Q3(Oct. to Dec. 2024), both revenue and profit increased y/y and EBIT exceeded our plan ✔ Revenue and EBIT are record high as Q3(Oct. to Dec.) since re-listing ✔ EBIT margin is also record high 12.1% as Q3(Oct. to Dec.) Revenue EBIT (JPY Bn)
Slide 5: FY2024Q3 Performance by business segment
FY2024Q3 Performance by business segment ✔ FSC: Revenue growth y/y was made through strong demand for Int'l pax, recovery of Domestic pax and cargo freighters ✔ LCC: EBIT grew as ZIPAIR continued to perform well and SPRING JAPAN captured recovering inbound demand ✔ The business model reform led non-
Slide 6: Details of Financial Results for FY24Q3
1. PERFORMANCE OVERVIEW FOR FY24Q3 2. DETAILS OF FINANCIAL RESULTS FOR FY24Q3 3. REFERENCES ©Japan Airlines, ALL rights reserved. 6
Slide 7: Consolidated Financial Results
Details of financial results for FY2024Q3 Consolidated Financial Results Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) (JPY Bn) Vs. FY23Q3 FY23Q3 FY24Q3 Diff. y/y FY24Q3 Diff. y/y Revenue 1,249.3 1,385.9 +136.5 +10.9% 484.1 +55.6 +13.0% Full Service Carrier 1,009.6 1,091.9 +82.2 +8.2% 381.7 +37.7 +11.0% Internat
Slide 8: Changes in EBIT (Revenues/Expenses)
Details of financial results for FY2024Q3 Changes in EBIT (Revenues／Expenses) + stands for profit increase (revenue increase, cost decrease) RPK y/y ： +9.2% ▼ stands for profit decrease (revenue decrease, cost increase) ASK y/y ： +4.9% +15.2Bn (JPY Bn) Mileage/Finance and Commerce, Other (Ground Handli
Slide 9: Changes in EBIT (Market and other impact)
Details of financial results for FY2024Q3 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) +15.2Bn Currency Market ▼10.2 Bn Revenue +23.5 Bn Cost ▼33.8 Bn Fuel ▼18.
Slide 10: International Passenger Operations (Full Service Carrier)
Details of financial results for FY2024Q3 International Passenger Operations (Full Service Carrier) ✔ As the first half of this fical year, JAL continued to capture strong inbound demand and recovering outbound business demand ✔ JAL will capture strong inbound demand for further revenue increase Intern
Slide 11: Domestic Passenger Operations (Full Service Carrier)
Details of financial results for FY2024Q3 Domestic Passenger Operations (Full Service Carrier) ✔ Captured group passenger demand through stimulus measures for less-congested flights as well as strong individual passenger demand ✔ Will continue to stimulate demand for less-congested flights to secure re
Slide 12: Cargo
Details of financial results for FY2024Q3 Cargo ✔ Int’l Cargo: Utilized freighters to capture North-American-bound cargo from China or Asia as well as value-added goods such as pharmaceuticals. Revenue increased by improving unit price and increasing cargo volume for Europe and North America ✔ Domest
Slide 13: LCC
Details of financial results for FY2024Q3 LCC ✔ ZIPAIR continues to perform well ✔ SPRING JAPAN expects to turn to be profitable on a full-year basis with significant increase in revenues compared to the previous year Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) ZIPAIR FY23Q3 FY24Q3 y/y FY24Q3 y/y Passenger Rev
Slide 14: Mileage/Finance and Commerce, Other
Details of financial results for FY2024Q3 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Mileage/Finance and Commerce: EBIT grew y/y through increase of JALUX revenue and number of miles points issued ✔ Other: Ground Handling continues to perform well EBIT by Mileage/Finance and
Slide 15: Expenses
Details of financial results for FY2024Q3 Expenses Major Operating Expense Items Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) （JPY Bn） FY23Q3 FY24Q3 Diff. y/y FY24Q3 Diff. y/y Fuel 266.2 284.4 +18.2 +6.8% 92.0 ▼4.1 ▼4.3% Landing and navigation fees 53.5 65.3 +11.8 +22.1% 22.7 +4.4 +24.3% Maintenance 93.0 109.4
Slide 16: Fuel Costs
Details of financial results for FY2024Q3 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Dec./2024) Hedging （JPY Bn） and Volume Market FX others +20.3 ▼22.3 +18.7 +1.4 284.4 266.2 ＋18.2Bn (+6.8%) FY23Q3 FY24Q3 FY24 FY25 FY26 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for
Slide 17: Balance Sheet and Cash Flow
Details of financial results for FY2024Q3 Balance Sheet and Cash Flow ✔ Equity ratio is 40.7% and Net D/E ratio is 0.0x, both in terms of credit rating BS evaluation basis, which are maintained at a healthy level CF ✔ Positive free cash flow despite increased investment Balance Sheet End of FY23 End o
Slide 18: References
1. PERFORMANCE OVERVIEW FOR FY24Q3 2. DETAILS OF FINANCIAL RESULTS FOR FY24Q3 3. REFERENCES ©Japan Airlines, ALL rights reserved. 18
Slide 19: Operation Performance by Geographic Segment
[Reference] Operation Performance by Geographic Segment (Full Service Carrier) Passenger Revenue Revenue Passengers Carried Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) FY24 FY24 ('000) (%) FY24Q3 Vs. FY23Q3 FY24Q3 Vs. FY23Q3 Component Vs. FY23Q3 Component Vs. FY23Q3 Ratio
Slide 20: Fleet Information
[Reference] Fleet Information End of FY23 (March 31, 2024) End of FY24Q3 (December 31, 2024) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 3 0 3 7 0 7 ＋4 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 4 34 ＋3 Boeing 787-9 19 3 2
Slide 21: Impact on profit in FY24Q4 by Fuel and FX
[Reference] Impact on profit in FY24Q4 by Fuel and FX* (Incl. hedging and Fuel surcharges) Dubai 60USD 70USD 80USD 90USD Fuel Crude (JPY Bn) Prices (USD/bbl) Singapore 80USD 90USD 100USD 110USD Kerosene 140JPY ＋11.0 ＋8.0 ＋5.0 ＋2.0 Base 145JPY ＋9.5 ＋6.5 ＋3.5 ±0 FX 150JPY ＋9.0 ＋5.5 ＋2.0 ▼1.5 (JPY/USD)
Slide 22: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 22
Slide 23: 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