FY2026.3 Semi-Annual Investor Meeting (Presentation Handout)

Semi-Annual Investor Meeting FY2026.3 (Fiscal Year Ending March 31, 2026)

1. Summary of Financial Results

2. Summary of Total Construction Costs for the Chuo Shinkansen Section

   between Shinagawa and Nagoya

3. Policy on Future Shareholder Returns

4. JR Central's Growth Strategy

   
   
   

   Shunsuke Niwa President, Representative Director

   Central Japan Railway Company

   October 30, 2025

   • For the semi-annual financial results of FY2026.3, both non-consolidated andconsolidated results showed increases in revenues and income.

   • Transportation revenues for the first half rose 14% year on year, mainly driven by:

     • Osaka-Kansai Expo (6%)

     • Inbound demand (3%)

     • Other factors (5%), including the impact from last year's natural disasters (2%),

       increased business demand and conventional line demand.

   • Full-year forecasts have been revised upward for both non-consolidated and

     consolidated results, with revenues and all income levels expected to surpas s the previous year's figures.

     • Transportation revenues have been revised to incorporate the stronger-than-expected results for the first half, while the outlook for the second half remains unchanged.

   • Regarding shareholder returns, the Company will maintain stable dividends while flexibly

     considering and implementing additional measures in line with changing circumstances.

     • Interim dividends as forecast; no changes to year-end dividends.

     • In addition to the previously announced 100 billion yen share repurchase program, afurther 10 billion yen buyback will be executed.

   
   
   

   between Shinagawa and Nagoya

   • Forecast of the total construction costs (section between Shinagawa and Nagoya)：

     • 11.0 trillion yen

       ※Increased by approximately 4 trillion yen compared to the construction budget of 7.04 trillion yen set forth in the Construction Implementation Plan (#3) and the change to approved items

       ※Includes the cost for rolling stock and excludes the expenses already spent on the

       Yamanashi Maglev Line

   • Reasons for the increase in construction costs：

     • Impact of price increases and other factors (＋2.3 trillion yen)

     • Responding to challenging construction work (＋1.2 trillion yen)

     • Further enhancement of specifications (＋0.4 trillion yen)

   • Confirmation of securing construction funds and sound management

     • We conducted a calculation to confirm that the funds necessary for completion of the construction are secured and that sound management is ensured

     • This analysis confirmed that, if approximately 2.4 trillion yen of new financing through corporate bonds and borrowings is added to such operating cash flow, the cumulative amount of the funds available for construction of the section between Shinagawa and Nagoya would enable coverage of construction costs, while maintaining sound management and stable dividends

     • The Company will continue to proceed with the Chuo Shinkansen project with the aim of early

   realization

   
   
   

   • There has been no change in the Company's policy of maintaining stable dividends while making the necessary investments to ensure safety and accumulating internal reserves to secure funds for the construction of the Chuo Shinkansen and other purposes.

   • At the same time, shareholder returns remain an important consideration. Based on the latest projections, if business results outperform expectations and excess funds become available, the Company will consider enhancing shareholder returns accordingly.

   • Going forward, we will work to increase cash flow through "Revenue Expansion" and "Reform of Business Operations."

     Capital Allocation Plan from FY2024 through FY2035 (11-Year Outlook)

A portion of the upside will be allocated to shareholder returns (see next page)

Cash-in Cash-out

Operating CF: Approx. 6.6 trillion yen

CAPEX (existing businesses): Approx. 2.4 trillion yen

The Chuo Shinkansen

Construction

Fund Management Trust:

• In the current projection, transportation revenues are assumed to remain at a certain level from FY2026 onward until the opening of the Nagoya segment. However, by advancing our growth strategies, the Company aims to achieve further increases in both transportation revenues and profit.

• If actual profit in any fiscal year exceeds the projected levels and surplus funds become available, a portion of the excess may be allocated to shareholder returns.

Transport

volume

Pricing

Impact of COVID-19

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Image of transportation revenue trends

Revenue Expansion

Creation of demand and pricing strategies

Reform of Business Operations

80 billion yen reduction in recurring costs

Cash Flow Generation

Safety investments

Chuo Shinkansen investments

Other growth investments

Shareholder returns

The interests of shareholders and all other stakeholders

Increase of Corporate Value

〇Image of Business Demand Recovery (Assuming Pre-COVID Level = 100%)*

110%

100%

90%

80%

70%

60%

50%

40%

30%

100％

Demand replaced by

online meetings

50%

Business demand continues to recover

Outlook for Japan's GDP

• Real GDP

  Trillion USD

  FY2022 FY2023

  FY2024

  From FY2025

  2024 2050

  Source: Japan Center for Economic Research, "Long-term Economic Forecast to 2075 (Interim Report)"

  • Nominal GDP

* Prepared based on usage data from major corporate members of the "Express Reservation" service and onboard survey results.

onward

2024: approx.

4.2 trillion USD

2030: approx.

• Oshi Travel

  
  
  

  JR Central × Ado

• Chartered Shinkansen Package

"Nissin Yakisoba U.F.O. Sauce

Express"

⃝ By analyzing travel behavior and product usage by country and region, we aim to implement more effective promotional activities.

⃝ Strengthening partnerships with travel agencies will help expand distribution channels and improve customer convenience.

Promoting overseas awareness of the Shinkansen

and experiential contents at destinations.

Partner companies (as of end-September 2025)

• There are railway fares and fees that can be revised simply by notifying the

  government.

  Measures to increase unit price	Timing of implementation
  Reduced discounts for "Express Reservation"	September 2023
  Price revisions for "Japan Rail Pass"	October 2023
  Introduction of Premium Class Seats (private type)	Fall 2026
  Introduction of Premium Class Seats (semi- private type)	During FY2027
  Improvements of Green Car service	During FY2027 (Planned)

  (Changes in discount amounts, Green Car fees, seat reservation fees, Nozomi fees)

  
  
  

  Image of Premium Class Seats (private type)

  
  
  

  Image of Premium Class Seats (semi-private type)

• We will continue to request the government to allow non-reserved seat express fees on the Shinkansen to be changed by notification and to introduce a system that allows flexibility in passing on cost increases due to inflation to fares and fees.

  
  
  

  • Achieve steady cost reduction of 80 billion yen over 10 to 15 years.

  • Effect expected to be approx. 18 billion yen (cumulative total) in FY2024 and

    approx. 21 billion yen (cumulative total) in FY2025.

  • Work to expand the effects of new business reform projects and existing projects.

• Examples of the Reform of Business Operations

• Effect of business reform (billion yen, cumulative total)

2021

2022

2023

2024

2025

(plan)

▲3

▲10

▲14

▲18

▲21

Substituting Doctor Yellow's

functions

Monitoring of the condition of rolling stock using rolling stock data and data from the visual inspection equipment.

Doctor Yellow N700S (commercial rolling stock equipped with inspection function)

Automating rolling stock visual inspection Technology development for commercial

rolling stock inspection

Semi-Annual Investor Meeting FY2026.3 (Fiscal Year Ending March 31, 2026)

1. Latest Performance

2. Summary of Financial Results for First Half of FY2026.3

3. Performance Forecast for FY2026.3

4. Confirmation of securing construction funds and sound

   
   
   

   management

   Ataru Kimura Senior Corporate ExecutiveOfficer, Director General of Corporate Planning

   Central Japan Railway Company

   October 30, 2025

   
   
   

   • Tokaido Shinkansen Passenger Volume (Tokyo Gate, compared to FY2024)

     
     
     

     125%

     121%

     120%

     115%

     110%

     110%

     112%

     112%

     115%

     107%

     First half：113％

     105%

     100%

     １Ｑ：110％

     Apr. May Jun.

     ２Ｑ：116％

     Jul. Aug. Sep.

     ⃝ Passenger volume remained strong, reaching 113% of FY2024 levels

     
     
     

     • Comparison of Transportation Revenue (Shinkansen & Conventional Lines)

   785.4

   (Billions of yen)

   Expo

   6％

   686.4

   ＋5％

   Expo

   ３％

   Others

   ２％

   ＋14％

   Inbound

   ３％

   Others

   ５％

   ※ Impact from last year's natural disasters accounts for 2%

   FY2024

   First half Results

   FY2025

   First-half Earnings Forecast

   FY2025

   First half Results

   ⃝ Transportation revenues were 114% of FY2024 figure, driven by Expo demand (6%), inbound demand (3%), and other factors(5%) . Other factors include impact from last year's natural disasters (2%) and increased business demand.

   ⃝ First-half transportation revenues exceeded the FY2024 results by 99.0 billion yen

   
   
   

   ⃝ In conjunction with the Osaka-Kansai Expo, the Tokaido Shinkansen is implementing flexible train schedules to meet demand.

   ⃝ We estimate that transportation revenues increased by approx. 40 billion yen, as passenger volume for the Tokyo Metropolitan area ⇔ Shin-Osaka and Nagoya ⇔ Shin-Osaka routes remained higher than the overall trend.

   [Result] First-half Revenue increase (Including foreign visitors to Japan)

   	Tokyo Metropolitan area ⇔ Shin-Osaka	Nagoya ⇔ Shin-Osaka	First-half Results
   Revenue increase	+36.5 billion yen	+3.5 billion yen	+40 billion yen

   [Reference] Assumptions used in the earnings forecast

   	Tokyo Metropolitan area ⇔ Shin-Osaka	Nagoya ⇔ Shin-Osaka	Estimate
   Revenue increase	+15.5 billion yen	+4.5 billion yen	+20 billion yen

   ⃝ Inbound revenue (estimate) in the second quarter was approx. 32 billion yen

* Inbound revenue (estimate) is rounded down to the nearest billion.

（billion yen）

45

35

27

24

29

32

１Ｑ

２Ｑ

３Ｑ

４Ｑ

１Ｑ

２Ｑ

FY2024

FY2025

50

[Left axis] Inbound revenue (estimate) [Right axis] Comparison with FY2018

500%

40 400%

30 300%

20 200%

10 100%

0 0%

(Billions of yen)

s

Note: The breakdown of operating revenues is based on the amount of sales to external customers, according to reportable segments.

17

(Billions of yen)

【Consolidated・Non-Consolidated】

(Billions of yen)

Confirmation of securing construction funds and sound management

• We will continue to prioritize sound management and stable dividends with regard to future management just as always, and will fund the construction costs mainly through operating cash flow and the remaining amount through fundraising.

• As a reference, we conducted a calculation to confirm that the funds necessary for completion of the construction are secured and that sound management is ensured

(Assumptions for confirmation, etc.)

⇒We confirmed that, if approximately 2.4 trillion yen of new financing through corporate bonds and borrowings is added to such operating cash flow, the cumulative amount of the funds available for

construction of the section between Shinagawa and Nagoya would enable coverage of construction costs,

while maintaining sound management and stable dividends

(Billion yen)

700

600

500

400

300

200

100

0

• In relation to the pricing of the Chuo Shinkansen, the basic policy is to set fares commensurate with its unmatched speed and service quality, and we will carry out the necessary procedures after determining the specific fare and fee structure closer to the opening date.

• The Company will continue efforts to further reduce costs related to the construction, operation, and maintenance of the Chuo Shinkansen, and in order to continuously secure the cash flow necessary for construction, we will continue to pursue ongoing "Business Reforms" and "Revenue Expansion" in our existing businesses. Should we experience significant inflationary impacts going forward, we believe it will be

  necessary to pass on increased costs to railway fares and fees.

• To this end, we are working with the relevant parties to develop a system that allows for the flexible and straightforward reflection of inflation-driven costs increases in fares and fees.

  Semi-Annual Investor Meeting FY2026.3 (Fiscal Year Ending March 31, 2026)

  
  
  

  1. Main Reasons for the Increase in Total Construction Costs for the Chuo Shinkansen Section between Shinagawa and Nagoya

  2. Status of the Chuo Shinkansen Project

  
  
  

  Hisao Sawada Senior Corporate ExecutiveOfficer, Director General of Chuo Shinkansen Promotion Division

  Central Japan Railway Company

  October 30, 2025

  
  
  

  • Construction costs have been revised in light of the significant increase in prices since 2021 for construction materials such as steel and concrete, as well as materials used in various equipment, including copper and aluminum, and costs related to receiving construction-generated soil. Labor costs have also increased. Including construction work to be carried out in the future, we have recorded an amount of 1.3 trillion yen to reflect the potential impact if the current price levels continue.

    • In addition to the impact amount assuming that the current price levels continue into the future, we have recorded an amount of 1.0 trillion yen as a provision for potential future increase in construction costs, including the risk of further rises in labor costs and general price inflation.

      
      
      

  • In relation to mountain tunnels, as the rock masses have proven more brittle than initially anticipated, we required additional measures to ensure safe construction and structural robustness.

    
    
    

    • The above measures increased the cross-sectional area of the tunnel to be excavated, resulting in

      greater volumes of construction-generated soil and higher processing costs

    • Anticipating that similar measures will be needed for future excavation sections, construction costs have been revised accordingly

  • In relation to viaducts and bridges, based on the results of additional ground surveys made possible after land acquisition, it became necessary to change the types of foundations and implement additional slope stabilization measures. Consequently, construction costs, including those for future construction work to be ordered in the future, have been revised accordingly

    
    
    

  • In relation to Nagoya Station, based on the results of additional surveys, displacement control measures for soft ground have been reinforced to minimize impacts on adjacent infrastructure such as railway facilities and electrical conduits, in order to excavate the underground more safely. In addition, measures to counteract ground heave caused by upward water pressure during excavation have been strengthened

    Image of strengthening the measures to counteract ground heave
    
    
    

    Soil

    Weight

    Risk of counteract ground heave

    Excavation bottom

    Impermeable layer subject to water pressure

    Ground improvement area

    Groundwater pressure

    ⇒By increasing the thickness of the upper layer of the impermeable stratum, resistance against groundwater pressure would be enhanced

  • In relation to Shinagawa Station, based on detailed analysis that incorporated specific construction plans for structures supporting the Tokaido Shinkansen Station and the Shinagawa Building during underground excavation, the design was revised to further

    enhance seismic resistance, and the station box structure was also reinforced

    
    
    

  • In relation to the shield tunnel, the design of the substructure supporting the linear-motor-specific track (guideway sidewalls) was revised based on insights gained from the seismic design of viaducts and bridges. As a result, the required quantities of concrete, reinforcing bars, and other materials increased

    Conceptual cross-section of the Chuo Shinkansen Shield Tunnel

    Guideway sidewall

    Substructure

    
    
    

  • In relation to mechanical and electrical equipment, based on detailed simulations of train operations on the operational line, further in-depth studies were conducted, and as a result, specifications for all such equipment were revised and enhanced

[Main construction contract locations (as of September 30, 2025)]

* The locations of the main construction contract sections, etc. are approximate.

* This map is a copy of a 1:1,000,000 map of Japan issued by the Geospatial Information Authority of Japan under the approval of its Director General. (Approval number: H25 Jo Fuku, 310)

Uncontracted routes

Yamanashi Maglev Line

Contracted sections

Emergency exit and substation (contracted)

Station (contracted) Railyard (contracted)

Shizuoka

Aichi

Deep underground

section

Deep underground

section

Yamanashi Maglev

Line

Kanagawa

Gifu

Gifu Prefecture Sta. (tentative name) Elevated bridge

Bridge railing on the Tenryu River

Pier construction

Southern Alps Tunnel (Yamanashi Section) Excavation of main shaft

[Southern Alps Tunnel Shizuoka Section]

[Initiatives on Oi River water resources and preservation of the environment, such as the ecosystem of the Southern Alps]

⃝ We are in discussions with Shizuoka Prefecture and others based on the report of the Ministry of Land, Infrastructure, Transport and Tourism's Expert Council on Water Resources and Environmental

Conservation.

⃝ At the meeting of the Expert Subcommittee on Biodiversity held on August 20, progress was made in our dialogue as we obtained consent regarding the policy and specific plans for conducting surveys of the upper stream areas of the rivers. Based on these plans, surveys were carried out in all 11 targeted

streams, and the results are now being compiled.

⃝ We will continue to engage in careful and timely discussions with Shizuoka Prefecture regarding environmental conservation and the handling of soil requiring countermeasures.

⃝ Starting in November, we plan to hold briefing sessions in eight cities and two towns along the Oi River basin to explain initiatives for protecting the river's water resources.

[Request for consultations with Shizuoka Prefecture]

⃝ On August 1, the Company requested the necessary

consultations and coordination to prepare sites for construction yards and establish offices that will serve as environmental

survey bases. Discussions are currently underway.

⃝ On October 20, the President visited the Governor of Shizuoka Prefecture to request cooperation in concluding an agreement on compensation measures should water use in the middle and

lower reaches of the Oi River be affected. We are continuing discussions on this issue.

Survey of the upper stream area of the river

Forward-looking statements and forecasts contained in this document are estimates based on information currently available to the Company, and contain risks and

uncertainties. Examples of potential risks and uncertainties include changes in economic trends, the business environment, consumer trends, the competitive positions of the Company and its subsidiaries, and laws and regulations.

Reference：Semi-Annual Segment Information

【Result】 【FY2026.3 Forecast】

(Billions of yen)

Note: 1. Operating revenues include the amount of sales to other reportable segments as well as the amount of sales to external customers.

2. Rows entitled "Reconciliations" show amounts that are off-set among reportable segments.