Japan Airlines Co., Ltd. · TSE:9201
Japan Airlines — H1 FY2025 Earnings Presentation
24 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: Agenda: 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: 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 5: 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 6: Details of Financial Results for FY25Q2
1. PERFORMANCE OVERVIEW FOR FY25Q2 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q2 3. REFERENCES ©Japan Airlines, ALL rights reserved. 6
Slide 7: Consolidated Financial Results
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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: References
1. PERFORMANCE OVERVIEW FOR FY25Q2 2. DETAILS OF FINANCIAL RESULTS FOR FY25Q2 3. REFERENCES ©Japan Airlines, ALL rights reserved. 19
Slide 20: 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 21: 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 22: 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 23: Fly into tomorrow.
Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 23
Slide 24: 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