Japan Airlines Co., Ltd. · TSE:9201

Japan Airlines — Q3 FY2025 Earnings Presentation

40 slides from Japan Airlines's earnings presentation, Feb 3, 2026

Slide 2: Performance Overview, Details of Financial Results, References
APEX SKYTRAX Best Wi-Fi in Eastern SKYTRAX Best Economy Class Airline Seats WORLD CLASS Asia 2026 APEX" World Airline Star 2025 Rating Best Premium Economy Class Airline 5-Star in Asia 2025 The 42nd IT Awards 2024 1. PERFORMANCE OVERVIEW FOR FY25Q3 (Open Innovation Field) 2. DETAILS OF FINANCIAL RES
Slide 3: Performance Overview for FY2025Q3
Performance Overview for FY2025Q3 ✔ Strong Int'l pax demand and demand stimulus measures to capture Domestic pax resulted in revenue increase year-on-year and record-high EBIT, which exceeded our plan Revenue EBIT (1) / Net Proﬁt (2) (JPY Bn) +127.8Bn (JPY Bn) (+9.2%) Fuel/FX Markets Operational Pre
Slide 4: Q3 FY2025 revenue and EBIT commentary
● In the third quarter of fiscal year 2025, our revenue reached to a record-high of 1,513.7 Billion Yen since re-listing, mainly due to the strong international passenger demand and through stimulus measures for domestic passenger demand. ● EBIT was 179.1 billion yen, which is 34.8 billion yen highe
Slide 5: Consolidated Revenue and EBIT Trends for Each Quarter
Consolidated Revenue and EBIT Trends for Each Quarter ✔ Achieved y/y growth of both revenue and proﬁt in Q3 alone to a record-high level since re-listing ✔ Achieved the Q3 alone EBIT Margin of 13.1 % Revenue EBIT (JPY Bn) (JPY Bn) ©Japan Airlines, ALL rights reserved. 4
Slide 6: Quarterly revenue and EBIT overview commentary
● This page shows an overview of consolidated revenues and EBIT for each quarter. ● The consolidated revenues for the third quarter alone was 529.8 billion yen, an increase of 45.7 billion yen year on year. EBIT for the third quarter alone was 69.4 billion yen, which is an increase of 10.8 billion y
Slide 7: FY2025Q3 Performance by business segment
FY2025Q3 Performance by business segment ✔ FSC: Revenue/proﬁt increased y/y through capturing Int’l Pax demand and utilizing freighters ✔ LCC: Responded ﬂexibly to the market demand and maintained y/y revenue growth ✔ Mileage/Finance and Commerce: Both revenue/proﬁt increased y/y through business mo
Slide 8: Business segment results 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, we have maintained year-on-year revenue growth by responding flexibly
Slide 11: Details of financial results for FY2025Q3: Consolidated Financial Results
Details of ﬁnancial results for FY2025Q3 Consolidated Financial Results Q3（Apr. to Dec.） Q3（Oct. to Dec.） (JPY Bn) Vs. FY24Q3 Vs. FY24Q3 FY24Q3 FY25Q3 FY25Q3 Diﬀ. y/y Diﬀ. y/y Revenue 1,385.9 1,513.7 +127.8 +9.2% 529.8 +45.7 +9.4% Full Service Carrier 1,091.9 1,189.3 +97.3 +8.9% 419.0 +37.2 +9.8% In
Slide 12: Consolidated results commentary
● From this page, I will show you the details for the third 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 FY2025Q3 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 ： +5.4% +34.8 Bn (JPY Bn) Other (Ground Handling, Travel, (1) Mileage/Finan
Slide 14: EBIT change factors commentary
● This page shows the factors behind the difference in EBIT from the previous year, dividing into revenue and expense. ● Revenues increased by 127.8 billion yen year-on-year, driven by growth across each segment. ● As for expenses, Maintenance and Aircraft expenses increased with operational growth.
Slide 15: Changes in EBIT (Market and other impact)
Details of ﬁnancial results for FY2025Q3 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) Currency Market +8.5 Bn +34.8 Bn Revenue ▼5.7 Bn Cost +14.3 Bn Fuel +7.5
Slide 16: Market impact on EBIT 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 9.0 USD, a 9.6% decrease from the previous year, while the yen appreciated from 152.6 yen last year to 148.0 yen. ● These marke
Slide 17: International Passenger Operations (Full Service Carrier)
Details of ﬁnancial results for FY2025Q3 International Passenger Operations (Full Service Carrier) ✔ Revenue grew y/y, as the trend of the 1st Half of FY25, by capturing strong inbound demand and recovering outbound business demand. Unit price is signiﬁcantly increasing in Q3, which led y/y revenue
Slide 18: International passenger commentary
● This page shows the results of full-service carrier international passenger business. ● The total number of passengers increased by 8.2% 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 2.7 points f
Slide 19: Domestic Passenger Operations (Full Service Carrier)
Details of ﬁnancial results for FY2025Q3 Domestic Passenger Operations (Full Service Carrier) ✔ Pax demand remained strong and Revenue increased y/y through the ﬂexible revenue management, which lead an increase in unit price in Q3 alone, amid the high load factor ✔ Pax number and unit price are exp
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. ● The unit price decreased by 0.1% from the previous year. However, the number of passengers increased by 7.4%, and the l
Slide 21: Cargo
Details of ﬁnancial results for FY2025Q3 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 converting the Bangkok route to scheduled services and increasing large-size freighter ﬂights to C
Slide 22: Cargo business commentary
● This page shows the performance of our Cargo business. ● As for the international cargo business, revenue increased year-on-year by the expansion of the freighter network. By using our own cargo aircraft and chartered aircraft, we captured strong demand between Asia and North America. As a result,
Slide 23: LCC
Details of ﬁnancial results for FY2025Q3 LCC ✔ ZIPAIR ﬂexibly responded to market demand and its performance is expected to be solid in Q4 ✔ SPRING JAPAN is growing steadily by capturing strong demand from major cities in China Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) ZIPAIR FY24Q3 FY25Q3 y/y FY25Q3 y/y
Slide 24: LCC business commentary
● This page shows the performance of our LCC business. ● ZIPAIR has been gradually improving its performance by responding flexibly to market demand. Toward the end of the fiscal year, the improvement is becoming steadfast. ● Spring Japan has captured strong demand from major cities in China, result
Slide 25: Mileage/Finance and Commerce, Other
Details of ﬁnancial results for FY2025Q3 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) ✔ Mileage/Finance and Commerce: The number of mileage issued continues to grow steadily ✔ Other: Ground Handling continues to perform well EBIT by Mileage/Finance and EBIT by Other(Ground Handl
Slide 26: Mileage and other business 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 Others, our ground handling services have continued to perform steadily. A
Slide 27: Expenses
Details of ﬁnancial results for FY2025Q3 Expenses Major Operating Expense Items Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) （JPY Bn） Vs. FY24Q3 Vs. FY24Q3 FY24Q3 FY25Q3 FY25Q3 Diﬀ. y/y Diﬀ. y/y Fuel 284.4 297.4 +13.0 +4.6% 103.6 +11.5 +12.6% Landing and navigation fees 65.3 71.6 +6.3 +9.7% 24.4 +1.6 +7.3% M
Slide 28: Expense breakdown commentary
● This page shows the breakdown of the cost. ● The total operating expenses increased by 105.1 billion yen year on year to 1,358.9 billion yen, due to an increase in Maintenance and Aircraft expenses and Personnel expenses as human capital investment. ● The unit profit was 1.6, with the rise in Unit
Slide 29: Fuel Costs
Details of ﬁnancial results for FY2025Q3 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Dec./2025) Hedging （JPY Bn） Volume Market and FX others 284.4 +19.2 ▼23.1 ▼7.5 +24.4 297.4 +13.0 Bn (+4.6%) FY24Q3 FY25Q3 FY25 FY26 FY27 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted fo
Slide 30: Fuel cost and hedging commentary
● This page shows our fuel cost and hedging. ● The fuel cost was 297.4 billion yen, increased by 13.0 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 FY2025Q3 Balance Sheet and Cash Flow BS ✔ Equity ratio stands at 40.3% and the Net D/E ratio is ▼0.0×, net cash. Both are maintained at a healthy level. CF ✔ Positive free cash ﬂow is maintained despite the increasing aircraft investment. （JPY Bn） Balance Sheet End of
Slide 32: Balance sheet and cash flow commentary
● This page, I will explain our balance sheet and cash flow. ● As of the end of December 2025, the equity ratio on a credit rating basis was 40.2% and the net D/E ratio was negative, which means we are cash rich. ● Our cash position at the end of December was 900.2 billion yen. ● The operating cash
Slide 34: Operation Performance by Geographic Segment
[Reference] Operation Performance by Geographic Segment Passenger Revenue Revenue Passengers Carried Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) Q3 (Apr. to Dec.) Q3 (Oct. to Dec.) FY25Q3 FY25Q3 ('000) (%） FY25Q3 Vs. FY24Q3 Component Vs. FY24Q3 Component Vs. FY24Q3 FY25Q3 Vs. FY24Q3 Ratio Ratio America 1,39
Slide 35: Fleet Information
[Reference] Fleet Information End of FY24 (March 31, 2025) End of FY25Q3 (Dec. 31, 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 10 0 10 ▼2 Large-sized Total 30 5 35 31 5 36 +1 Boeing 787-9 19 3 22
Slide 36: FY2025 Outlook | Details
[Reference] FY2025 Outlook | Details FY25 Impact on proﬁt after FY25Q3 by Fuel and FX* (JPY Bn) FY2025H1 Q3Result Q3 YTD Forecast (Incl. hedging and Fuel surcharges) Revenue 983.9 529.8 1,513.7 1,977.0 Dubai Full Service Carrier 775.1 421.6 1,196.7 1,525.0 65USD 70USD 75USD 80USD Fuel Crude Internat
Slide 37: Non-Binding MoU with DBJ regarding Jetstar Japan Shareholder Structure
[Reference] Non-Binding MoU with the Development Bank of Japan (DBJ) regarding consideration of changes in Shareholder Structure of JetstarJapan (JJP) ✔ Welcoming DBJ as a new partner, JJP will advance its Asian LCC business by capturing inbound demand with Narita Airport as network hub through its
Slide 38: Jetstar Japan strategic shareholder change commentary
● Finally, I will explain about the Announcement of Intent for Strategic Shareholder Change in Jetstar Japan. ● JAL and DBJ today executed a non-binding MoU to begin considering DBJ’s participation as a new shareholder in JJP, which is an equity method affiliate of JAL ● Addition to this, the Qantas
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

Japan Airlines — Q3 FY2025 Earnings Presentation on 6ix

Japan Airlines — Q3 FY2025 Earnings Presentation

Slide 1: Financial Results 3rd Quarter Mar/2026 (FY2025)

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

Slide 3: Performance Overview for FY2025Q3

Slide 4: Q3 FY2025 revenue and EBIT commentary

Slide 5: Consolidated Revenue and EBIT Trends for Each Quarter

Slide 6: Quarterly revenue and EBIT overview commentary

Slide 7: FY2025Q3 Performance by business segment

Slide 8: Business segment results commentary

Slide 9: Details of Financial Results for FY25Q3

Slide 10: Intentionally left blank

Slide 11: Details of financial results for FY2025Q3: Consolidated Financial Results

Slide 12: Consolidated results commentary

Slide 13: Changes in EBIT (Revenues/Expenses)

Slide 14: EBIT change factors commentary

Slide 15: Changes in EBIT (Market and other impact)

Slide 16: Market impact on EBIT commentary

Slide 17: International Passenger Operations (Full Service Carrier)

Slide 18: International passenger commentary

Slide 19: Domestic Passenger Operations (Full Service Carrier)

Slide 20: Domestic passenger commentary

Slide 21: Cargo

Slide 22: Cargo business commentary

Slide 23: LCC

Slide 24: LCC business commentary

Slide 25: Mileage/Finance and Commerce, Other

Slide 26: Mileage and other business commentary

Slide 27: Expenses

Slide 28: Expense breakdown commentary

Slide 29: Fuel Costs

Slide 30: Fuel cost and hedging commentary

Slide 31: Balance Sheet and Cash Flow

Slide 32: Balance sheet and cash flow commentary

Slide 33: References

Slide 34: Operation Performance by Geographic Segment

Slide 35: Fleet Information

Slide 36: FY2025 Outlook | Details

Slide 37: Non-Binding MoU with DBJ regarding Jetstar Japan Shareholder Structure

Slide 38: Jetstar Japan strategic shareholder change commentary

Slide 39: Fly into tomorrow.

Slide 40: Disclaimer