Japan Airlines (9201) investor relations material

Executive summary

• Achieved record-high EBIT for FY2025, surpassing revised and medium-term plans, driven by strong international flights, domestic stimulus, and growth in Mileage/Finance segments, as well as robust non-aviation business expansion.

• Revenue rose 9.1% year-over-year to JPY 2,012.5 billion, EBIT up 26.4% to JPY 218.0 billion, and net profit attributable to owners up 28.6% to JPY 137.6 billion.

• Comprehensive income nearly doubled year-over-year to JPY 214.3 billion, reflecting improved operating performance and favorable financial items.

• All mid-term management plan financial targets met, with year-over-year growth in both revenue and profit every quarter.

• Annual dividend set at 96 yen per share, with a payout ratio of 31.3%.

Financial highlights

• Revenue rose to JPY 2,012.5 billion, up 9.1% year-over-year; EBIT increased 26.4% to JPY 218.0 billion; net profit reached JPY 137.6 billion, up 28.6% year-over-year.

• EBIT margin improved to 10.8% from 9.4% the previous year.

• EBITDA grew 17.0% to JPY 384.1 billion.

• Basic earnings per share rose to JPY 306.96 from JPY 245.09 year-over-year.

• Cash and cash equivalents at year-end increased to JPY 1,010.2 billion, up JPY 261.1 billion from the prior year.

Outlook and guidance

• FY2026 revenue forecasted at JPY 2,095.0 billion (+4.1% y/y), but EBIT expected to decline 17.4% to JPY 180.0 billion; net profit projected at JPY 110.0 billion, down 20.1% year-over-year.

• Dividend forecast for FY2027 is maintained at 96 yen per share.

• New long-term strategy targets EBIT of JPY 300 billion by FY2030 and JPY 350 billion by FY2035, focusing on international passenger and Mileage/Finance and Commerce businesses.

• Operating expenses to rise 5.9%, mainly due to higher fuel and personnel costs.

• Passenger numbers expected to decrease slightly, but unit revenue and yield to improve.