Announcement Regarding Update of the Numerical Targets for the Group Management Vision “To the Next Stage” 2034

(Translation)

April 30, 2026

To whom it may concern:

Company Name: East Japan Railway Company Representative: KISE Yoichi

President and CEO Securities Code: 9020

Tokyo Stock Exchange (Prime Market) Contact Person: SHIOHARA Satoshi

General Manager, Corporate Communications Department

Announcement Regarding Update of the Numerical Targets for the Group Management Vision “To the Next Stage” 2034

East Japan Railway Company (JR East) hereby announces that based on the financial results and business forecasts, it will update the numerical targets for the group management vision “To the Next Stage” 2034 (announced on July 1, 2025) as below.

DETAILS

1. Numerical Targets for FY2032.3

   		New target (announced today)	Previous target (announced on July 1, 2025)
   Operating revenue		Approx. 4.3 trillion yen	Over 4 trillion yen
   EBITDA		Approx. 1.2 trillion yen	Approx. 1.2 trillion yen
   	Mobility	Approx. 600 billion yen	Approx. 600 billion yen
   	Lifestyle Solutions	Approx, 600 billion yen	Approx, 600 billion yen
   Operating income		Approx. 750 billion yen	Approx. 700 billion yen
   	Mobility	Approx. 260 billion yen	Approx. 250 billion yen
   	Lifestyle Solutions	Approx. 490 billion yen	Approx. 450 billion yen
   ROA		5% or more	5% or more
   	Mobility	3% or more	3% or more
   	Lifestyle Solutions	7% or more	7% or more
   Net interest-bearing		Approx. 5 ×	Approx. 5 ×
   debt / EBITDA	Mobility	Approx. 5 ×	Approx. 5 ×
   	Lifestyle Solutions	Approx. 6 ×	Approx. 6 ×
   ROE		10% or more	10% or more

2. Numerical Targets for FY2028.3

   		New target (announced today)	Previous target (announced on July 1, 2025)
   Operating revenue		3,518.0 billion yen	3,464.0 billion yen
   	Transportation	2,175.0 billion yen	2,122.0 billion yen
   	Retail & Services	507.0 billion yen	655.0 billion yen
   	Real Estate & Hotels	710.0 billion yen	573.0 billion yen
   	Others	126.0 billion yen	114.0 billion yen
   EBITDA		958.0 billion yen	947.0 billion yen
   	Transportation	551.0 billion yen	546.0 billion yen
   	Retail & Services	104.0 billion yen	107.0 billion yen
   	Real Estate & Hotels	241.0 billion yen	229.0 billion yen
   	Others	64.0 billion yen	67.0 billion yen
   Operating income		488.0 billion yen	485.0 billion yen
   	Transportation	236.0 billion yen	234.0 billion yen
   	Retail & Services	80.0 billion yen	83.0 billion yen
   	Real Estate & Hotels	149.0 billion yen	138.0 billion yen
   	Others	26.0 billion yen	32.0 billion yen
   ROA		4.3%	4.4%
   	Mobility	3.1%	3.0%
   	Lifestyle Solutions	5.4%	5.8%
   Net interest-bearing		Approx. 5 ×	Approx. 5 ×
   debt / EBITDA	Mobility	Approx. 5 ×	Approx. 5 ×
   	Lifestyle Solutions	Approx. 6 ×	Approx. 6 ×
   ROE		8% or more	8% or more

3. Numerical Targets for related midium- to long-term strategies

1. Medium- to long-term growth strategy for the mobility business “PRIDE & INTEGRITY”

   New target (announced today)	Previous target (announced on September 9, 2025)
   Increase in operating revenue in mobility business by more than 300 billion yenin FY2032.3 (compared to FY2025.3)	Increase in operating revenue in mobility business by more than 200 billion yen in FY2032.3 (compared to FY2025.3)

2. Medium- to long-term business growth strategy “Beyond the Border”

   New target (announced today)	Previous target (announced on June 4, 2024)
   Double operating revenue and operating income of FY2032.3in Lifestyle Solutions (compared to FY2024.3) Furthermore, increase in operating revenue by 150 billion yen and operating income by 100 billion yen	Double operating revenue and operating income of FY2034.3 in Lifestyle Solutions (compared to FY2024.3)

   2

   Excerpts from the updated pages of “To the Next Stage” 2034 Underlined in blue: Updated on April 30, 2026Overview of Numerical Targets

   • As the KGI* (long-term management goal) of “To the Next Stage” 2034, we set a target of ROE of 10% or more in FY2032.3.

   • We aim to achieve operating revenue of approximately 4.3 trillion yen in FY2032.3 through growth in existing businesses and breakthrough growth, thereby charting a growth trajectory toward an operating revenue scale of 5 trillion yen in FY2035.3.

   • To create conglomerate premium and maximize the corporate value of the Group, we will move forward with capital strategies like M&A. We will also pursue with the best possible financial partnerships depending on the business environment.

＊KGI = Key Goal Indicator

Operating revenue

EBITDA*1

Operating income

ROA*2

Net interest-bearing debt*3/ EBITDA

ROE*4

FY2025.3

2,887.5 billion yen

782.9 billion yen

376.7 billion yen

3.8%

6.0 x

8.0%

In addition to the growth of existing businesses,

we will enhance the earning power at an early stage and achieve breakthrough growth.

• Realization of M&A

  • Creation of

    new businesses

    FY2032.3

    Approx. 4.3 trillion yen

    Approx. 1.2 trillion yen Approx. 750 billion yen 5% or more

    Approx. 5 x

    10% or more

    Charting a growth trajectory toward 5 trillion yen

    in FY2035.3

    = KGI

    ＊1 EBITDA = Operating income + Depreciation expense ＊3 Net interest-bearing debt = Balance of Interest-bearing debt ‒ Balance of Cash and cash equivalents

    ＊2 ROA = Return (=operating income) on assets ＊4 ROE = Return(=profit attributable to owners of parent) on shareholders’ equity

    Note 1: If the proposed revision to the upper limit of railway passenger fares is approved as submitted, the fare revision will be implemented starting in March 2026.

    Note 2: Based on the accounting standards applied by our Group as of the end of March 2025. 37

    Numerical Targets for FY2032.3

    Underlined in blue: Updated on April 30, 2026

    • We set the ROE as a KGI*1 (long-term management goal), and aim to achieve an ROE of 10% or more in FY2032.3.

    • To achieve the KGI, we will set KPIs*2 including ROA, operating revenue, EBITDA, and net interest-bearing debt/EBITDA.

    • We will gradually increase the dividend payout ratio by 40% by FY2028.3, while conducting share buybacks flexibly.

      ＊1 KGI ＝ Key Goal Indicator ＊2 KPI ＝ Key Performance Indicator

      Numerical Targets for FY2032.3

      Operating revenue:

      KGI KPI Shareholder Returns Indicator Lifestyle: Lifestyle Solutions

      Focusing on improving

      Increased Profitability

      Enhance engagement of each employee and realize

      “full participation management”

      Maximize cash flows Portfolio strategy

      Optimization of assets

      Portfolio strategy Improvement of asset efficiency

      Decrease assets

      Approx. ￥4.3 trillion

      EBITDA:

      Approx. ￥1.2 trillion

      Mobility: Approx. ￥600 billion Lifestyle: Approx. ￥600 billion

      Operating income: Approx. ￥750 billion

      Mobility: Approx. ￥260 billion

      Lifestyle: Approx. ￥490 billion

      Assets: Approx. ￥13 trillion

      Mobility: Approx. ￥8 trillion Lifestyle: Approx. ￥6 trillion

      Mobility ROA: 3% or more

      Lifestyle ROA: 7% or more

      ROE by improving ROA

      ROA:

      (return (operating income) on assets)

      5% or more

      ROE:

      (return on

      shareholders’ equity)

      10% or more

      Optimum capital

      Net assets: Approx.

      ￥4 trillion

      Mobility:Approx.￥2.5trillion

      Lifestyle:Approx.￥1.5trillion

      Liabilities: Approx. ￥9 trillion

      Mobility:Approx.￥5 trillion Lifestyle:Approx.￥4 trillion

      Dividend payout ratio:

      structure

      Level of interest-bearing debt based on business characteristics

      Net interest-bearing debt/

      EBITDA: Approx. 5 x

      Mobility: Approx. 5 x Lifestyle: Approx. 6 x

      Financial leverage: Approx. 3 x

      Mobility: approx. 3 x Lifestyle: Approx. 4 x

      40%

      ＋

      Flexible share buybacks

      Note 1: If the proposed revision to the upper limit of railway passenger fares is approved as submitted, the fare revision will be implemented starting in March 2026.

      Note 2: Based on the accounting standards applied by our Group as of the end of March 2025. 38

      Operating Revenue

      Underlined in blue: Updated on April 30, 2026

    • The JR East Group will focus on “increasing profitability” and “optimizing of assets” based on a full participation management approach in which each employee contributes through their work and challenges.

    • The source of “increased profitability” lies in operating revenue. In addition to growing existing businesses through the dual axes of Mobility and Lifestyle Solutions, as well as synergies created through integration and collaboration, we aim to achieve approximately 4.3 trillion yen in operating revenue inFY2032.3 through breakthrough growth driven by M&A and the creation of new businesses.

4.3 trillion yen Compared

2,887.5 billion yen

Results for FY2025.3

KPI

for FY2028.3

KPI

for FY2032.3

to FY2025.3:

+50%

Note 1: If the proposed revision to the upper limit of railway passenger fares is approved as submitted, the fare revision will be implemented starting in March 2026.

Note 2: Based on the accounting standards applied by our Group as of the end of March 2025. 39