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FY2025.3 3Q Financial Results Presentation January 31, 2025 West Japan Railway Company Connect more. Spring into the future.
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2 FY2025.3, 3Q Results and Earnings Forecasts (Details) Progress on the Medium-Term Management Plan 2025 Update Overview of the Medium-Term Management Plan 2025 Update (reprint) Appendix FY2025.3, 3Q Results and Earnings Forecasts (Overview) P . 2 P . 12 P . 21 P . 29 P . 44
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(¥ Billions) ⚫ In addition to capitalizing on the extension of the Hokuriku Shinkansen to Tsuruga and the opening of projects in Osaka, the entire Group captured high demand during the autumn and achieved increased revenue and income year-on-year for the fourth consecutive year. ⚫ The results of the consolidated nine months are in line with the earnings forecast. As we will continue to create demand in each Group business from January to March, the earnings forecast will not be changed. ⚫ Dividends will not be changed from ¥74 per share based on the forecast revised on November 1. Highlight (1) 3 FY24.3 FY25.3 FY25.3 3Q Results 3Q Results Increase/ (Decrease) % Forecasts Increase/ (Decrease) % 【Consolidated】 Operating Revenues 1,194.3 1,245.6 +51.3 4.3% 1,718.0 +82.9 5.1% Operating Expenses 1,021.8 1,070.3 +48.4 4.7% 1,548.0 +92.7 6.4% Operating Income 172.4 175.3 +2.8 1.7% 170.0 (9.7) -5.4% Recurring Income 161.0 164.2 +3.2 2.0% 155.5 (11.8) -7.1% Income attributable to owners of parent 109.8 114.6 +4.7 4.3% 100.0 +1.2 1.3% EBITDA 293.2 299.7 +6.4 2.2% 343.0 (0.0) 0.0% 【Non-Consolidated】 Transportation Revenue 632.8 674.1 +41.2 6.5% 887.0 +46.4 5.5% Operating Expenses 584.0 614.9 +30.9 5.3% 872.0 +43.1 5.2% YoY YoY
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Highlight (2) ⚫ The mobility business achieved record-high transportation revenues for a third quarter due to the extension of the Hokuriku Shinkansen to Tsuruga and fully capturing the demand during the holiday season. ⚫ Performance in the retail business and shopping center business exceeded expectations, firmly capturing the demand during the high-demand period and inbound demand. ⚫ In the real estate lease and sales business, revenue increased due to the openings of projects in Osaka but income decreased due to an increase in expenses related to the openings and a decrease in condominium sales. ⚫ In the hotel business, costs increased due to the opening of a new hotel. In the travel and regional solutions business, income decreased due to a reactionary decline in the COVID-19-related contract business. 172.4 175.3+13.1 (9.5) Mobility Retail Real Estate Travel and regional solutions FY24.3 3Q results (¥ Billions) FY25.3 3Q results Other +0 +1.1 Department stores Goods and foods (2.5) HotelsShopping centers Real estate lease and sales Operating income results 4 * The breakdowns of the figures for each segment are the sums of the figures of major subsidiaries and do not match the segment totals. *Includes a 0.9 decrease in non-consolidated real estate income +1.1 (1.0) +1.6 (2.0) +1.2
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Mobility Segment * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. Mobility Results and Forecasts (full year) 5 FY2025.3 3Q Results Highlights Transportation revenue was at a record high for a third quarter by firmly capturing the autumn leisure demand. The Sanyo Shinkansen and Kansai urban area especially contributed to this and resulted in recovering to approximately ¥2.0 billion short against the plan. Sanyo Shinkansen The basic usage exceeded the previous fiscal year and the leisure demand, which was weak until 2Q, saw significant improvement in 3Q Hokuriku Shinkansen Results were generally in line with expectations since usage from the Tokyo metropolitan area has been firm following the Tsuruga extension Kansai Urban Area (Non-commuter pass) Short-distance travel progressed as expected in the first half, with significant increases on both weekdays and weekends in 3Q Due to low usage between the Kansai and Hokuriku regions caused by the impact of the Noto Earthquake, the usage of limited express trains was lower than expected. (Commuter passes) No. of commuter pass holders and revenue were broadly in line with estimates Inbound Tourist (Transportation Revenue) 13% year-on-year, slightly exceeding the estimates Cost Structure Reform Cost structure reform steadily led to a ¥27.0 billion reduction in FY2025.3 3Q, compared to a full-year estimate of ¥38.0 billion (¥ Billion) FY24.3Q results FY25.3 3Q results FY25.3 forecasts (full year) Operating Revenues 727.3 770.1 1,037.5 Of which, non-consolidated transportation revenues 632.8 674.1 887.0 Shinkansen 336.5 384.8 505.0 Kansai Urban Area 220.8 229.8 305.0 Other conventional lines 75.4 59.4 77.0 Operating Income 116.1 129.2 120.0 EBITDA 211.4 225.6 253.0
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90 90 94 95 96 94 99 87 89 93 93 91 91 94 88 90 100 98 95 95 104 89 93 100 101 95 98 108 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 近畿圏 （基礎的なご利用） 山陽新幹線 （基礎的なご利用） 近畿圏 （定期外収入） 山陽新幹線 （定期外収入） FY24.3 FY25.3 Mobility Segment: Related Indicators （%） Estimate for Kansai Urban Area 95% Estimate for Sanyo Shinkansen 93% 6 Lines Sections 1Q total 2Q total 3Q total* Hokuriku Shinkansen Joetsumyoko to Itoigawa 108% 113% 118% Conventional line express Kyoto/Maibara to Tsuruga 71% 76% 79% Usage of Hokuriku Shinkansen, etc. (vs. 2019) Basic usage excludes increases and decreases in usage due to special factors such as inbound tourist-based usage and the day-date relationships during holiday periods. Transportation revenue and usage (vs. 2019) Trend in 3Q (Oct.-Dec.) Sanyo Shinkansen: Leisure demand surged due to concentrated demand during the holiday season, long holidays, etc. Kansai Urban Area: Non-commuter pass usage significantly increased on both weekdays and holidays Hokuriku Shinkansen: Firm usage from the Tokyo metropolitan area further increased in 3Q Conventional line express*: Low flow between the Kansai and Hokuriku regions trended favorably during 3Q *Thunderbird and Shirasagi FY24.3 Results FY25.3 Estimate FY26.3 Target FY28.3 Target Level (¥36.0 billion) (¥38.0 billion) (¥40.0 billion) (¥50.0 billion) FY25.3 3Q results Vs. previous year Vs. plan Progress rate (¥27.0 billion) (¥1.5 billion) 71% Progress of KPIs (Non-Consolidated: vs. FY20.3) Progress on Cost Structure Reform *Due to the impact of a typhoon in October 2019, the 3Q total is compared against FY2018 Sanyo Shinkansen (basic usage) Kansai Urban Area (basic usage) Sanyo Shinkansen (non-commuter pass revenue) Kansai Urban Area (non-commuter pass revenue)
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0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 FY19.3 results FY23.3 results FY24.3 results FY25.3 results 7.47 1.27 7.44 9.86 Inbound Transportation Revenue (Inbound traveler product revenues made up about 50% of total inbound revenue) The figures are the totals of our revenues from products for inbound travelers and regular ticket use (estimated) Percentage of transportation revenue (full year) 31.1 9.6 35.5 37.0 23.4 3.6 27.4 30.9 FY19.3 results FY23.3 results FY24.3 results FY25.3 results/estimate (¥ Billions) 7 ■FY results (forecast) ■3Q results 3.6% 0.1% 4.2% 4.4% ⚫ Firmly captured the strong inbound demand and achieved record-high inbound transportation revenue for the cumulative nine months. ⚫ The number of inbound travelers from the Asia region of Kansai International Airport and Fukuoka Airport exceeds Narita International Airport and Tokyo International Airport (Haneda Airport), with further increases being expected in spring 2025 and beyond. FY26.3 estimate ¥44.0 billion Inbound Transportation Revenue State of Inbound (April to December) Created by the Company based on the Report of Statistics on Legal Migrants by the Ministry of Justice ■Number of inbound travelers of Kansai International Airport ■Number of inbound travelers of Fukuoka Airport (Million travelers) State of inbound travelers from Asia region Kansai International Airport Fukuoka Airport 6.92 1.17 6.85 7.82 (April to November) Narita International Airport Tokyo International Airport (Haneda Airport) 6.89 1.67 6.66 7.56 (April to November) (Spring 2025 and beyond) Kansai International Airport: Departure and arrival slots increased by 30% Fukuoka Airport: Started operation of the second runway
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Retail Segment * The breakdowns of the figures for each segment are the sums of the figures of major subsidiaries and do not match the segment totals. * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. (¥ Billions) FY24.3 3Q results FY25.3 3Q results FY25.3 forecasts (full year) Operating Revenues (major breakdown) 148.3 157.6 201.5 Sales of goods and food services Portion of revenues from VIA INN 129.1 15.7 137.7 18.2 175.5 21.5 Department stores 18.1 18.6 24.5 Operating Income (major breakdown) 11.3 12.4 12.0 Sales of goods and food services Portion of income from VIA INN 9.7 2.3 10.8 3.5 10.0 2.5 Department stores 1.4 1.5 2.0 EBITDA 15.4 16.7 18.0 FY2025.3 3Q Results Highlights Income in the retail business recorded a new high for the second consecutive year due to increased sales at stores within train stations backed by favorable train usage, increased accommodation revenue from VIA INN, and other factors. Sales of goods • Revenue exceeded both the previous year and expectations, driven by stable customer traffic at station locations and strong demand for souvenirs. • Convenience store revenues of the existing store base trended favorably exceeding the CY2019 level since the autumn. VIA INN • Revenue and income increased year-on-year due to capturing inbound demand. ADR was higher than expected. • ADR in the Tokyo area, Osaka area, and other areas increased; in 3Q (Oct. to Dec.) ADR was +16% year-on-year and +32% vs. CY2019. Department stores • Duty-free sales and out-of-store sales trended favorably and revenue and income increased year-on-year. Kyoto store sales continue to exceed the CY2019 level 8 Retail Results and Forecasts (full year)
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FY2025.3 3Q Results Highlights Real estate lease and sales business • Revenue increased year-on-year due to the sales of rental properties we invested in (1Q) and the opening of the Osaka project. • Income decreased year-on-year due to an increase in costs including depreciation costs due to the openings of projects in Osaka and a decreased in condominium sales. • Costs are expected to increased in the real estate lease division in 4Q due to maintenance of existing building assets. Shopping center business • Achieved record-high income by capturing inbound and year-end sales season demands, especially with favorable performance in station-hub shopping centers (LUCUA, etc.) in the Kyoto-Osaka-Kobe area. • Sales at existing shopping centers exceeded CY2019 level, and newly opened facilities (BARCHICA 03, CURU-F Fukui, etc.) are performing well. Hotel business • Revenue increased year-on-year due to capturing inbound demand and the high demand period. ADR of GRANVIA increased by +38% compared to CY2019 (October to December). • Income declined year-on-year due to an increase in costs related to new openings, but the hotel business from October to December secured ¥1.2 billion, the same level as the previous year. Real Estate Segment * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. (¥ Billions) FY24.3 3Q results FY25.3 3Q results FY25.3 forecasts (full year) Operating Revenues (major breakdown) 156.2 168.3 237.5 Real estate lease and sales business Portion of income from real estate leases Portion of income from sales business 82.1 41.1 40.9 86.6 45.6 40.9 125.5 57.0 68.5 Shopping center business 44.4 47.9 61.5 Hotel business 29.0 33.1 49.5 Operating Income (major breakdown) 34.6 32.0 35.0 Real estate lease and sales business Portion of income from real estate leases Portion of income from sales business 17.0 12.8 4.2 15.9 13.3 2.5 15.0 10.5 4.5 Shopping center business 8.9 10.6 10.0 Hotel business 1.3 (0.6) 0.5 EBITDA 56.6 56.2 68.5 * The breakdowns of the figures for each segment are the sums of the figures of major subsidiaries and do not match the segme nt totals. 9 Real Estate Results and Forecasts (full year)
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Real Estate Segment: Related Indicators 10 * The hotel chain VIA INN is a retail segment business. Shopping center sales Hotel ADR FY24.3 Tete Myodani Shamine Yonago CURU-F Fukui Station In or after FY25.3 BARCHICA 03 (Osaka) Umekita Green Place Hiroshima Station building minamoa Sannomiya Station building Newly opened properties GRANVIA VIA INN FY25.3 End of FY2024.3 level Same level as previous year ADR of hotels in the earnings forecast When ADR index is set to 100 for FY19.3 * Figures for each period are based on an ADR index set to 100 for FY19.3. Each quarter is based on an ADR index set to 100 for the 2019 calendar year. (¥ Billions) * Shopping center sales prior to FY23.3 have been adjusted to reflect the segment change at the beginning of FY24.3 (%) *ADR index of VIA INN for FY25.3 2Q has been revised (126% to 124%).
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Travel and Regional Solutions Segment * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. (¥ Billions) FY24.3 3Q results FY25.3 3Q results FY25.3 forecasts (full year) Operating Revenues 144.1 129.0 213.0 Tourism business 63.2 60.9 96.0 Solution business 80.9 68.0 117.0 Operating Income 7.9 (1.6) 1.5 Tourism business 2.0 0.1 0.0 Solution business 5.8 (1.7) 1.5 EBITDA 8.2 (1.2) 2.5 Travel and Regional Solutions Results and Forecasts (full year) 11 FY2025.3 3Q (January to September) Results Highlights • Due to digital tourism-related costs and investment in human capital, SG&A expenses increased year-on-year. • In 4Q (October-December), we aim to capture travel demand during the tourism season and expect settlement revenue from contracted services Tourism business • Revenue and income decreased year-on-year due to domestic travel demand being sluggish from the impacts of intense heat during the summer and soaring commodity prices. • Demand for overseas travel continues to be at a low level due to the weak yen. Solution business • Revenue and income decreased year-on-year due to the significant impact of the decline in COVID-19-related contract business in FY2024.3 1Q (January to March) . • Inbound-related business, such as MICE, has been performing steadily
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12 FY2025.3, 3Q Results and Earnings Forecasts (Details) Progress on the Medium-Term Management Plan 2025 Update Overview of the Medium-Term Management Plan 2025 Update (reprint) Appendix FY2025.3, 3Q Results and Earnings Forecasts (Overview) P . 2 P . 12 P . 21 P . 29 P . 44
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Past initiatives 13 Consolidated Statements of Income ￥Billions Increase/ (Decrease) % Increase/ (Decrease) % Operating Revenues 1,194.3 1,245.6 51.3 4.3 [Increase for a fourth straight fiscal year] 1,718.0 82.9 5.1 Mobility 727.3 770.1 42.7 5.9 Increase in transportation revenue 1,037.5 51.0 5.2 Retail 148.3 157.6 9.2 6.2 Increase in sales of goods and food services 201.5 4.4 2.3 Real estate 156.2 168.3 12.1 7.8 Increase in real estate lease and sales, shopping centers, and hotel business 237.5 19.7 9.1 Travel and regional solutions 144.1 129.0 (15.1) (10.5) Decrease in contracted business 213.0 6.9 3.4 Other businesses 18.1 20.5 2.3 13.0 28.5 0.6 2.3 Operating Expenses 1,021.8 1,070.3 48.4 4.7 1,548.0 92.7 6.4 Operating Income 172.4 175.3 2.8 1.7 [Increase for a fourth straight fiscal year] 170.0 (9.7) (5.4) Mobility 116.1 129.2 13.1 11.3 Increase in transportation revenue 120.0 5.5 4.8 Retail 11.3 12.4 1.1 10.3 Increase in sales of goods and food services 12.0 (1.0) (8.2) Real estate 34.6 32.0 (2.5) (7.4) Decrease in real estate lease and sales, increase in shopping centershotel business,decrease in hotel business 35.0 (5.6) (13.9) Travel and regional solutions 7.9 (1.6) (9.5) － Decrease in contracted business 1.5 (6.3) (80.9) Other businesses 1.3 2.6 1.2 90.1 3.0 (1.2) (29.1) Non-operating revenues and expenses, net (11.4) (11.0) 0.3 － Decrease in interest expenses (14.5) (2.1) － Recurring Income 161.0 164.2 3.2 2.0 [Increase for a fourth straight fiscal year] 155.5 (11.8) (7.1) Extraordinary profit and loss, net (0.1) 1.9 2.1 － Increase in gain from sales of non-current assets (5.0) 17.2 － Income taxes 47.2 49.6 2.4 5.1 45.5 4.6 11.5 Income attributable to owners of parent 109.8 114.6 4.7 4.3 [Increase for a fourth straight fiscal year] 100.0 1.2 1.3 Note: Figures in brackets ( ) are negative values. YoY9 months ended Dec. 31, 2023 9 months ended Dec. 31, 2024 YoY Major factors Forecasts FY2025.3
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Past initiatives 14 Major Factors of Increase/Decrease in Each Segment ￥Billions Increase/ (Decrease) ％ Operating Revenues 727.3 770.1 42.7 5.9 ・Recovery in demand（train usage） ・Increase in inbound demand Operating Income 116.1 129.2 13.1 11.3 Operating Revenues 129.1 137.7 8.6 6.7 ・Increase in sales of station concourse stores 【restated:Accommodation-oriented budget hotels】 【15.7】 【18.2】 【2.5】 【16.2】 ・Increase in average daily rate Operating Income 9.7 10.8 1.1 11.9 【restated:Accommodation-oriented budget hotels】 【2.3】 【3.5】 【1.2】 【50.3】 Operating Revenues 18.1 18.6 0.5 3.1 ・Increase in duty-free sales Operating Income 1.4 1.5 0.0 4.4 Operating Revenues 82.1 86.6 4.5 5.5 ・Increase in rental income due to new openings 【restated:Real estate sales】 【40.9】 【40.9】 【0.0】 【0.1】 Operating Income 17.0 15.9 (1.0) (6.4) ・Increase in expenses related to new openings 【restated:Real estate sales】 【4.2】 【2.5】 【(1.6)】 【(38.5)】 ・Decrease in condominium sales Operating Revenues 44.4 47.9 3.4 7.8 ・Increase in rental income due to a rise in tenant sales, including new openings Operating Income 8.9 10.6 1.6 18.9 Operating Revenues 29.0 33.1 4.0 14.1 ・Increase in average daily rate ・Opening of the Osaka Station Hotel Operating Income 1.3 (0.6) (2.0) － ・The Osaka Station Hotel opening expenses Operating Revenues 144.1 129.0 (15.1) (10.5) ・Reduction due to the rebound in contracted business Operating Income 7.9 (1.6) (9.5) － Notes: ・The breakdowns of operating revenues and operating income by each segment are the sums of those of major subsidiaries and do not match the total segment figures. ・Figures in brackets ( ) are negative values. Travel and regional solutions YoY Major factors Mobility Real estate Shopping center Hotel Retail Department stores 9 months ended Dec. 31, 2024 9 months ended Dec. 31, 2023 Sales of goods and food services Real estate lease and sales
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15 Non-Consolidated Statements of Income ￥Billions Increase/ (Decrease) % Increase/ (Decrease) % 708.7 752.4 43.6 6.2 [Increase for a fourth straight fiscal year] 992.0 47.7 5.1 632.8 674.1 41.2 6.5 887.0 46.4 5.5 11.7 11.8 0.0 0.2 15.5 (0.4) (2.7) 21.2 21.4 0.2 1.0 28.0 (0.4) (1.6) 42.9 45.0 2.1 5.1 Increase in intercompany settlements 61.4 2.2 3.7 584.0 614.9 30.9 5.3 872.0 43.1 5.2 150.8 153.4 2.6 1.7 Increase in bonus 205.5 1.0 0.5 286.4 305.2 18.7 6.5 459.5 29.8 6.9 Energy costs 46.1 45.4 (0.7) (1.6) 60.0 (0.0) (0.1) Maintenance costs 95.7 101.4 5.6 5.9 Increase in fluctuation in periodic inspection and maintenance 166.0 7.8 5.0 Miscellaneous costs 144.5 158.3 13.7 9.5 Increase in intercompany settlements, Increase in WESTER-related expenses 233.5 22.0 10.4 20.0 26.8 6.7 33.6 Increase due to the extension of the Hokuriku Shinkansen to Tsuruga 35.5 8.2 30.5 31.7 32.8 1.1 3.6 40.0 0.5 1.3 94.8 96.5 1.6 1.8 131.5 3.4 2.7 124.7 137.5 12.7 10.2 [Increase for a fourth straight fiscal year] 120.0 4.5 3.9 Note: Figures in brackets ( ) are negative values. Depreciation and Amortization Operating Income Operating Expenses Personnel costs Non personnel costs Rental payments, etc. Taxes YoY Operating Revenues Transportation revenues Transportation incidentals Other operations Major factors Forecasts FY2025.3 Miscellaneous 9 months ended Dec. 31, 2023 9 months ended Dec. 31, 2024 YoY Structural reforms ¥(27.0) billion Structural reforms ¥(38.0) billion
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Transportation Revenues Passenger-Kilometers %, ￥Billions %, Millions of passenger-kilometers Increase/ (Decrease) % Increase/ (Decrease) % Increase/ (Decrease) % 8.6 0.4 6.0 8.7 － － － 681 37 5.9 8.3 316.7 19.4 6.6 0.3 － － － 13,761 238 1.8 (8.2) 325.4 19.9 6.5 0.5 427.0 21.5 5.3 14,442 276 2.0 (7.5) 1.4 0.7 111.6 112.7 － － － 98 54 120.7 117.6 58.0 27.6 90.8 86.8 － － － 1,877 911 94.3 89.1 59.4 28.3 91.3 87.3 78.0 35.7 84.4 1,976 965 95.4 90.3 10.0 1.2 14.2 16.9 － － － 780 92 13.4 15.7 374.7 47.1 14.4 8.0 － － － 15,639 1,149 7.9 (2.1) 384.8 48.3 14.4 8.2 505.0 57.2 12.8 16,419 1,241 8.2 (1.4) 81.8 1.5 1.9 (8.1) － － － 12,824 134 1.1 (11.9) 148.0 7.3 5.3 (2.2) － － － 7,802 259 3.4 (9.4) 229.8 8.9 4.0 (4.4) 305.0 10.7 3.6 20,627 394 1.9 (11.0) 15.6 (1.3) (7.7) (17.2) － － － 2,564 (184) (6.7) (17.9) 43.7 (14.7) (25.2) (33.7) － － － 2,200 (683) (23.7) (34.8) 59.4 (16.0) (21.2) (30.1) 77.0 (21.5) (21.9) 4,765 (868) (15.4) (26.6) 97.4 0.2 0.3 (9.7) － － － 15,389 (50) (0.3) (12.9) 191.7 (7.3) (3.7) (11.8) － － － 10,003 (423) (4.1) (16.6) 289.2 (7.0) (2.4) (11.1) 382.0 (10.8) (2.8) 25,393 (474) (1.8) (14.4) 107.5 1.4 1.4 (7.7) － － － 16,169 41 0.3 (11.9) 566.5 39.7 7.6 0.4 － － － 25,643 725 2.9 (8.3) 674.1 41.2 6.5 (1.0) 887.0 46.4 5.5 41,812 767 1.9 (9.7) Notes: ・Revenues from luggage transportation are omitted due to the small amount. ・Figures in brackets ( ) are negative values. Total Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes Total Other Non-Commuter Passes Total Total compared with CY2019 compared with CY2019 Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes Total Commuter Passes YoY Shinkansen Sanyo Shinkansen Hokuriku Shinkansen Conventional lines Kansai Urban Area (Kyoto- Osaka-Kobe Area) 9 months ended Dec. 31, 2024 9 months ended Dec. 31, 2024 YoY Forecasts FY2025.3 YoY Past initiatives 16 Transportation Revenues and Passenger-Kilometers
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Past initiatives 17 Major Factors for Increase/Decrease in Transportation Revenue ￥Billions Increase/ (Decrease) ％ Fundamental trend 0.0% Special factors ・Recovery of travel demand 17.2 ・Rebound from last year's natural disaster 0.9 ・Increase in inbound demand 0.9 ・This year's natural disaster, etc. (2.3) Fundamental trend 0.0% Special factors ・Hokuriku Shinkansen Extension to Tsuruga 29.1 ・Rebound from last year's natural disaster 0.1 etc. Fundamental trend 0.0% Special factors ・Recovery of travel demand 6.2 ・Increase in inbound demand 2.3 ・Pattern of weekdays and weekends during year-end and New Year period 0.5 ・Hokuriku Shinkansen Extension to Tsuruga etc. (0.5) Fundamental trend 0.0% Special factors ・Recovery of travel demand 1.8 ・Increase in inbound demand 0.1 ・This year's natural disaster (0.2) ・Hokuriku Shinkansen Extension to Tsuruga etc. (18.2) Notes: ・Revenues from luggage transportation are omitted due to the small amount ・Figures in brackets ( ) are negative values. (21.2)(16.0) (7.0) (2.4) Sanyo Shinkansen 325.4 19.9 6.5 Hokuriku Shinkansen 59.4 28.3 91.3 Shinkansen 384.8 48.3 14.4 289.2Conventional lines 41.2 6.5 Other lines 59.4 8.9 Total 674.1 Results for 9 months ended December 31, 2024 YoY Major factors Kansai Urban Area (Kyoto-Osaka- Kobe Area) 229.8 4.0
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Past initiatives 18 Capital Expenditures ￥Billions Increase/ (Decrease) % 133.7 140.8 7.1 5.3 － Own fund 127.6 136.5 8.9 7.0 294.0 External fund 6.1 4.3 (1.8) (29.9) － 92.8 81.2 (11.5) (12.5) － Own fund 86.6 76.9 (9.7) (11.2) 174.0 [Safety-related capital expenditures] [52.2] [50.9] [(1.3)] [(2.5)] [101.0] [Other, etc.] [34.4] [26.0] [(8.4)] [(24.5)] [73.0] External fund 6.1 4.3 (1.8) (29.9) － Note: Figures in brackets ( ) are negative values. Forecasts FY2025.3 [Break down] 9 months ended Dec. 31, 2023 9 months ended Dec. 31, 2024 YoY Capital Expenditures Consolidated Capital Expenditures Non-consolidated ・ Major capital expenditure projects （Non-consolidated） - new rolling stock（Okayama area commuter trains, N700S series, Yakumo Ltd. Exp.） - safety and disaster prevention measures（earthquake countermeasures ） - development Project for the west area of Osaka Station, etc.
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Past initiatives 19 Consolidated Balance Sheet ￥Billions 700.9 595.9 (104.9) 233.4 126.0 (107.4) 160.6 212.0 51.4 306.8 257.8 (48.9) 3,078.9 3,056.2 (22.6) 2,557.2 2,582.0 24.8 122.6 107.2 (15.4) 398.9 366.9 (32.0) 0.1 － (0.1) 3,780.0 3,652.2 (127.8) 710.1 622.9 (87.2) 138.4 136.4 (1.9) 571.7 486.4 (85.2) 1,842.7 1,774.0 (68.6) 1,415.9 1,352.5 (63.4) 211.6 200.0 (11.5) 215.1 221.4 6.3 2,552.9 2,397.0 (155.8) 1,103.4 1,130.3 26.9 226.1 226.1 － 183.9 184.0 0.0 694.6 721.4 26.8 (1.2) (1.2) (0.0) 4.6 4.2 (0.3) 119.0 120.5 1.5 1,227.1 1,255.2 28.0 3,780.0 3,652.2 (127.8) Notes:・Accounting policies have been changed from the beginning of FY2025.3, and the figures for the FY2024.3 have been retroactively applied. ・Figures in brackets ( ) are negative values. Total Liabilities and net assets Retained earnings Profit attributable to owners of parent:114.6 Treasury stock cancellation: (49.8) Dividend:(38.0) Treasury stock Accumulated other comprehensive income Non-controlling interests Total Net assets Capital surplus Total assets Current liabilities Current portion of long-term payables, etc. Accounts payable-other, etc. Non-current liabilities Bond and Long-term debt, etc. Accrued retirement benefits Other long-term liabilities Total liabilities Shareholders’ equity Common stock Major factors Deferred assets Difference increase/(decrease) Current assets Non-current assets Property, plant and equipment, etc. Construction in progress Investments and other assets As of December 31, 2024 As of March 31, 2024 Cash and deposits Inventories Other current assets Decrease in notes and accounts receivables, Decrease in accounts receivables As of March 31, 2024 As of December 31, 2024 Difference increase/(decrease) Liabilities with interest 1,563.4 1,499.8 (63.6) 【Average interest rate（%）】 【1.22】 【1.26】 【0.04】 Shinkansen Purchase Liability 97.4 96.7 (0.6) 【Average interest rate（%）】 【6.55】 【6.55】 【ー】 Bonds 859.9 810.4 (49.4) 【Average interest rate（%）】 【1.01】 【1.08】 【0.07】 Other(Long-term debt etc.) 606.0 592.6 (13.4)
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Past initiatives 20 Various Management Indicators persons, ￥Billions ROA (%, Consolidated) ROE (%, Consolidated) EBITDA（Consolidated） Depreciation (Consolidated) Consolidated Non-Consolidated Consolidated Non-Consolidated Consolidated Non-Consolidated Consolidated Non-Consolidated No. of employees at the end of period 44,872 21,580 44,366 21,314 45,487 21,561 － － Financial Expenses, net (14.2) (12.5) (19.1) (17.1) (13.2) (11.7) (18.4) (16.0) Interest and dividend income 0.9 2.6 0.9 3.0 1.3 3.2 1.0 3.6 Interest expenses 15.1 15.1 20.1 20.1 14.5 14.9 19.4 19.6 Net Debt / EBITDA Equity ratio (%) Net income per share（EPS） (￥) Net assets per share（BPS） (￥) Note: Figures in brackets ( ) are negative values. Dividends (￥) Notes: ・The Company conducted a 2-for-1 stock split of shares of common stock that became effective on April 1, 2024. Net income per share (EPS) and net assets per share (BPS) are calculated assuming this stock split was conducted at the beginning of the fiscal year ending March 31, 2024. Please note that dividends for FY2024.3 are pre-stock split dividends. ・Accounting policies have been changed from the beginning of FY2025.3, and the figures for the FY2024.3 have been retroactively applied. ・The year-end forecast of EPS takes into account the acquisition of treasury stock through the end of December 2024 and the cancellation of treasury stocktreasury stock. 2,273.29 2,411.64－ As of Mar. 31 9 months ended Dec. 31 4.8 － 9 months ended Dec. 31 － FY2024.3 FY2025.3 Forecasts As of Mar. 31 4.6 9.19.2 －－ 343.0 173.0 343.0 299.7293.2 163.3 124.3120.8 － 3.9 － － － 29.3 31.1 － 225.46 202.63 240.84 210.67 FY2024.3 Forecasts FY2025.3 Interim Year-end 【total】 Interim Year-end 【total】 57.5 84.5 【142.0】 37.0 37.0 【74.0】 －
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21 FY2025.3 3Q Results and Earnings Forecasts (Details) Progress Update on the Medium-Term Management Plan 2025 Overview of the Medium-Term Management Plan 2025 Update (reprint) Appendix FY2025.3, 3Q Results and Earnings Forecasts (Overview) P . 2 P . 12 P . 21 P . 29 P . 44
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Value creation originating from the Osaka Kansai Expo (1) 22 • Event period: April 13 to October 13, 2025 (184 days) • Event location: Yumeshima, Osaka • Expected number of visitors: 28.2 million (Source: “Fourth Edition of ‘The Expo 2025 Osaka, Kansai, Japan Specific Policy on Visitor Transportation (Action Plan)’”, July 2024) Overview of Event Image courtesy: Japan Association for the 2025 World Exposition ©Expo 2025 ⚫ Establishment of the 'Sakura' Shinkansen starting from Kagoshima- Chuo Station and arriving at Shin-Osaka Station around 9 AM ⚫ Increased departures during the morning and evening on JR Yumesaki Line, Osaka Loop Line, and Hanwa Line ⚫ Operation of Expo Liner that directly connects the Shin-Osaka and Sakurajima stations ⚫ Improvement of Bentencho and Sakurajima stations which are transfer hubs ⚫ Operation of shuttle buses to the Expo venue from Sakurajima Station ⚫ Operation of official stores that sell officially licensed products in the venue ⚫ Development and sales of original products in collaboration with the Expo ⚫ Accelerate open innovation through co-creation at the JR WEST LABO ⚫ Strengthen coordination with private railway companies in Kansai through Kansai MaaS Transport of the Expo Visitors Tackle co-creation with various partners led by Umekita Bentencho Station, transfer hub to Osaka Metro Chuo Line ⚫ We fulfill our responsibility as a transport operator that supports the travel needs related to the Expo as well as showed the presence of the JR West Group through the official store at the venue and other means. ⚫ Promoting the building of a foundation for future growth by taking on new challenges, capitalizing on the Expo. New Challenges of the Group Image of the official store in the venue Co-creation partners New technologies, new services, and verification needs for new ideas Co-creation field Co-creation at "JR WEST LABO" JR West Japan Utilization of tangible and intangible assets Above- ground section Underground section New value creation and business development Umekita Osaka Nishikujo Bentencho Shin-Osaka Sakurajima Direct special train Shuttle bus Yumeshima Expo site
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Value creation originating from the Osaka Kansai Expo (2) 23 Generating Demand for Wide Area Circulation in the West Japan Area Promote Attracting Visitors to the Expo ⚫ Promote attracting visitors to the Expo through offering seamless railway services such as QR code ticket service, holding various campaigns related to the Expo, and other means. ⚫ In addition, aim to maximize the effect of the Expo by generating demand for wide area circulation in the West Japan area through promoting measures for a plus-one-trip outside the Expo area. ・Hold various campaigns involving admission tickets for the Expo ・Osaka destination campaign (April to June 2025) Provide Seamless Railway Services in the Kansai Urban Area ・Expansion of QR ticket service WEST QR Haruka One-way Ticket, Osaka Smart Access Pass ・Promote reservation and advance payment for the Expo shuttle bus with Kansai MaaS ・Operation of trains collaborating with popular animes ONE PIECE and Case Closed ・Operation of sightseeing trains Ginga, Hana Akari, and Mahoroba departing from Osaka and Kyoto ・Propose trips that promote the Expo with accommodation and sightseeing in dedicated sites and other means ・Brush up landing contents in coordination with local governments and conduct joint domestic and international PR Japan’s first wide-area MaaS app through railway operators coordinating Tokyo metropolitan area [Fukui Prefecture] Signing of a cooperation agreement for inbound promotion (September 2024) [Wakayama Prefecture] Signing of a cooperation agreement related to tourism promotion (July 2023) Expo @尾田栄一郎／集英社・フジテレビ・東映アニメーション
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City Development Projects Medium-Term Management Plan 2025 FY24.3 FY25.3 FY26.3 From FY27.3 Osaka JP Tower Osaka Inogate Osaka Development under western elevated tracks JR WEST LABO Umekita Green Place (Reference) Grand Green Osaka （Umekita 2nd） Hiroshima Station building Sannomiya Station building Opened in July 2024 Opened in July 2024 Full opening in March 2025 Pedestrian deck for shared use opening in September 2024 Advance opening in September 2024 Opening in March 2025 Scheduled opening in FY2030 Plan to open from spring 2024 to spring 2027 Construction completed in March 2024 24 Grand opening of the south building in March 2025
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(Scheduled opening in March 2025) Large-scale renewal (Scheduled opening in 2029)EKI MARCHÉ Osaka UMEST JP Tower Osaka High circulation Sky passage Underground passage EKI MARCHÉ Osaka UMEST Inogate Osaka GRAND GREEN OSAKA GRAND FRONT OSAKA South GRAND FRONT OSAKA North Umekita Green Place Yodobashi Umeda Yodobashi tower Osaka Station West gate West elevated track Vitalization of the Osaka Station area 25 ⚫ Revitalization of the West Area of Osaka Station with the openings of Inogate Osaka and JP Tower Osaka and the advanced opening of Grand Green Osaka. ⚫ Going forward, we will promote activities to improve the value of the area by improving the overall convenience and circulation of the station through openings of EKI MARCHÉ Osaka UMEST and Umekita Green Place, a station commercial facility, as well as large-scale renewal of the South Gate Building, etc. ・Commercial: Food and Beverage Zone BARCHICA 03, etc. ・Office: rental meeting rooms, flexible offices, office floors (12F to 22F) *Office tenants start entering on Oct. 1, 2024 ・Commercial: KITTE Osaka ・Theater: Sky Theater MBS ・Office: Office floors (11F to 27F) opened November 2023 ・Hotel: Osaka Station Hotel (29F to 38F) ・Purpose: Retail facility, pedestrian spaces, etc. ・Business type: Sales of goods, foods and beverages, food court, etc. ・Number of stores: 20 stores (total store area: 3,750 m2) Scheduled opening in March 2025 Facility Overview (Opened this Period) ・Purpose: Commercial zone under western elevated tracks of the Osaka Station ・Business type: Food sales, restaurants ・Number of stores: 8 stores (total store area: 720 m2) Grand opening in late February 2025 (already partially opened) Facility Overview (Scheduled Opening in 4Q) 2 3 1 １ 2 3 4 4
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New station building “minamoa” at the South Gate of Hiroshima Station Floor map 26 ⚫ Opening of new station building “minamoa” at the South Gate of Hiroshima Station on March 24, 2025. ⚫ Further improve the convenience of the entire station as a gateway to the Chugoku and Shikoku region by strengthening its function as a transport hub through the integration of streetcars, the inclusion of shopping centers with stores entering the area for the first time, and Hotel Granvia Hiroshima South Gate, which acts as the origin of travel in Setouchi. Building area: approx. 14,000 m2/Floor area: approx. 111,000 m2/Store area: approx. 25,000 m2) Interior of station building Hotel lobby Large stairs Facility overview of “minamoa” ・Opening: March 24, 2025 (planned) ・Amount of investment: approx. ¥60.0 billion (incl. hotel) ・Size: 21 floors above ground, 1 floor underground, height approx. 100 m ・Use: Shopping center, cinema complex, hotel Overview of Hotel Granvia Hiroshima South Gate ・Opening: March 24, 2025 (planned) ・Area: approx. 17,000 m2 (western side of “minamoa”) ・Number of rooms: 380 rooms (room floors: 9F to 21F) ・ancillary facility: restaurant “UmiShima Dining“
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Railway Fares/Charges Impact of inflation under the current system Promoting a revised fare system that can adapt to inflations 27 ⚫ Even in light of the revised cost of revenue calculation guidelines, there is no room for fare rate revision for the time being due to the recent financial results and high asset efficiency. Despite this, we recognize that it is an important management issue. ●To enhance the sustainability of the railway business, it is desirable to create a virtuous cycle of wage increases and growth throughout the supply chain. This can be achieved by appropriately and timely passing on cost increases due to inflation and wage hikes to railway fares and charges. Therefore, we will continue to actively engage with the government. Operational return ※Similar to asset profitability Operational costs related to the railway business Railway revenue, etc. Changes in conditions such as inflation ＜Revenue＞＜Costs＞ If revenue exceeds cost, fare revisions cannot be made Through continuous management efforts, we have increased revenues, improved asset efficiency, and secured income that exceeds costs, achieving growth Failure to promptly pass on the increase in operating costs to revenue will make it impossible to secure the funds necessary for future-oriented investments, making it difficult to sustain and grow the railway business
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Hosting JR-WEST IR Day Event for Institutional Investors Communication with Shareholders and Investors 28 Date: Friday, February 21, 2025 Venue: In-person in Tokyo *Also streamed online First section: Digital strategy Hideo Okuda Director and Senior Executive Officer General Manager of Digital Solution Headquarters Second section: Sustainability and opinion exchange with the outside director Haruko Nozaki Director (Independent outside) Eiji Tsubone Director and Senior Managing Executive Officer General Manager of Corporate Strategy Headquarters Presentation and QA session on digital strategy, a key policy of the Mid-term Management Plan 2025 Presentation and QA session on sustainability management, a foundation for the group business [Main topics] ・Human resource strategy for improving responsiveness to change and our ability to create change ・Measures concerning corporate governance [Main topics] ・Creating synergies in current businesses ・Creation of new businesses
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29 FY2025.3, 3Q Results and Earnings Forecasts (Details) Progress on the Medium-Term Management Plan 2025 Update Overview of the Medium-Term Management Plan 2025 Update (reprint) Appendix FY2025.3, 3Q Results and Earnings Forecasts (Overview) P . 2 P . 12 P . 21 P . 29 P . 44
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30 Management Issues and Future Direction of the Company Management environment Actualization of labor shortages etc. Arrival of an inflationary society Booming tourism and inbound business Key strategies Evolve connections among people, communities, and societies, stir the heart. Drive the future.Our Purpose Accelerating the realization of Our Purpose and Long-Term Vision, by introducing new measures to address clearly perceived management issues, and by materializing initiatives of key strategies under the Medium-Term Management Plan 2025 and our value creation process Medium-Term Management Plan 2025 Progress Management issues that we clearly perceive and need to address Value creation as a group Improvement of adapting to changes and creativity Improvement of safety and continuous advancement of railway business Diversifying customer needs Build an optimal transportation system for the region Create an environment in which diverse human resources can play an active role Recovery of earnings at a level exceeding plan targets Contribute to enhancing the vitality of people, communities, and societies Realize sustainability management Create new businesses Promote the development of systems and hardware in accordance with the JR-West Group Railway Safety Think-and-Act Plan 2027 Steadily promote projects in Osaka and Hiroshima; Expand REITs and other businesses Mobile ICOCA and Group-wide WESTER economic zone expansion Launch Infrastructure Management Business (JCLaaS) and build related systems Progress is being made in capturing demand for use of the Hokuriku Shinkansen extension, inbound tourism, etc., and structural reforms Develop diverse services via digital strategy Further evolve real estate and city development Revitalize and restructure core businesses Improve safety of railways In particular, there is room for improvement in work safety and transportation quality
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31 Updating of the Medium-Term Management Plan 2025 ⚫ The basic strategies of the Plan remain unchanged. Numerical targets were changed (updated) based on increased usage resulting from the implementation of the Medium-Term Management Plan, the results of structural reforms, and changes in the external environment. ⚫ In FY26.3, we aim to achieve our initial operating income target level for FY28.3 and a record-high EBITDA. Operating income for FY28.3 is expected to reach a record-high level. ⚫ To realize our Long-Term Vision and address medium- to long-term management issues, we will further allocate resources and accelerate the promotion of the Medium-Term Management Plan. 2026.3 2028.3 2033.32024.3 Accelerate growth by making the most of our measures and opportunities Expand in the life design field and build an optimal business portfolio Return to pre - pandemic levels* by revitalizing railways Long - Term Vision Realization Improve safety of railways Life design field 40% of total (Consolidated operating income） * Excluding energy cost impacts 2025.3 179.7 170.0 185.0 115.0 150.0 185.0 195.0 (+) Upward trend in usage (+) Increase in Inbound tourism (+) Lower energy costs (+) Upward trend in usage (-) Inflation (prices and wages) (-) Improvement of adapting to changes and creativity (+) Lower energy costs Operating Income EBITDA 343.0 343.0 370.0 400.0 Operating income targets established in the Medium-Term Management Plan presented in April 2023 (¥ Billions)
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Additional initiatives associated with the update of the Medium-term Management Plan 2025 32 Improvement of adapting to changes and creativity Improvement of safety and continuous advancement of railway business Value creation as a group Accelerating the realization of our Our Purpose and Long-Term Vision 2032 by adding new initiatives to address clearly perceived management issues ・Cultivating human resources dedicated to enhancing services and quality through diligent self-improvement ・Enhancing safety and comfort by accelerating vehicle updates ・Enhancing transportation quality and productivity by improving both hardware and software ・Expanding real estate business (increasing real estate assets with more value added) ・Renewal of terminal stations, which are the core of the city ・Initiatives to enhance digital literacy and expand opportunities for creating innovation ・Expansion of seat service (adding A-seat) City development expanding from stations ・Environment/System that enhances diversity and motivation, and support individual growth Replacement of rolling stock Expansion of seat service Increasing housing business Renewal of shops in terminal stations Station Station Building Station Plaza Commercial, Office Residence
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Updating of the Medium-Term Management Plan 2025: Targets by Segment 33 (¥ Billions) FY19.3 results*1*2 FY23.3 results*2 FY24.3 results FY25.3 forecasts FY26.3 targets*3 FY28.3 target levels Consolidated operating revenues 1,529.3 1,395.5 1,635.0 1,718.0 1,857.0 2,076.5 Mobility Segment 1,026.3 833.7 986.4 1,037.5 1,064.5 ― Retail Segment 241.3 165.9 197.0 201.5 208.0 ― Real Estate Segment 188.3 204.9 217.7 237.5 275.0 ― Travel and Regional Solutions Business 40.5 162.9 206.0 213.0 248.0 ― Other 32.7 27.9 27.8 28.5 61.5 ― Consolidated operating income 196.9 83.9 179.7 170.0 185.0 195.0 Mobility Segment 146.9 33.2 114.4 120.0 127.5 ― Retail Segment 5.9 5.4 13.0 12.0 13.5 ― Real Estate Segment 36.9 34.5 40.6 35.0 41.0 ― Travel and Regional Solutions Business 0.2 6.0 7.8 1.5 1.5 ― Other 7.4 4.5 4.2 3.0 3.0 ― Consolidated recurring income 183.3 73.6 167.3 155.5 168.5 ― Consolidated income attributable to owners of parent 102.7 88.5 98.7 100.0 112.5 ― Consolidated EBITDA 361.3 243.6 343.0 343.0 370.0 400.0 *1 FY2019.3 figures do not reflect impact from “Accounting Standard for Revenue Recognition.” *2 Reportable segments have changed for FY2024.3 onward. Figures for FY2019.3 and FY2023.3 have been prepared based on new segment classifications. *3 This plan excludes impact from higher revenues related to Expo 2025.
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Operating Income by Segment 34 (¥ Billions) FY24.3 Results FY25.3 Forecasts FY26.3 Targets Major factors for increase/decrease in operating income (YoY) FY25.3 FY26.3 Mobility Segment 114.4 120.0 127.5 ・ Increase in Inbound tourism ・ Increase in unit price due to service improvements ・ Effect of extending the Hokuriku Shinkansen to Tsuruga ・ Increase in Inbound tourism ・ Reduction in costs due to structural reforms Retail Segment 13.0 12.0 13.5 ・ Increase in costs due to human capital investment ・ Increase in hotel renovation costs ・ Increase in store sales and business hotel revenues because of Expo 2025 Real Estate Segment 40.6 35.0 41.0 ・ City development project startup expenses ・ Expenses for opening new hotels ・ Leveling off of project effects ・ Increase in accommodation revenues Travel and Regional Solutions Business 7.8 1.5 1.5 ・ Loss of special demand for COVID-19 vaccinations ・ Increase in expenses in advance of digital tourism ・ Increase in travel due to increase in Inbound tourism Other 4.2 3.0 3.0 ・ Increase in new domain related costs ・ Digital strategy-based synergy generation Consolidated operating income 179.7 170.0 185.0 (9.7) +15.0
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Forecasts for Transportation Revenue 35 Forecasts for Transportation Revenue Growth from outcome of demand creation measures • Network expansion (faster service, increased frequency) • Synergy effects from digital strategy • Expansion of service content by customer segment • Review of pricing, etc. Recovery in inbound demand and increase in revenue through measures • Forecast transportation revenue FY25.3: Approx. ¥37.0 billion FY26.3: Approx. ¥44.0 billion Forecast for basic use (Shinkansen) • FY24.3 4Q: 93% • Maintain approx. 93% from FY25.3 (Kansai urban area) • FY24.3 4Q: 96% • Maintain approx. 95% from FY25.3 Extension of Hokuriku Shinkansen to Tsuruga • Increase in Shinkansen revenue (including decrease in revenue from parallel conventional lines) • Creation of demand through promotion of the new extension, etc. 840.5 905.0 694.5 887.0 (¥ Billions) ( ) indicates amount of increase in revenue since FY2023.3 873.4 FY19.3 FY23.3 Result FY24.3 Result FY26.3 Target FY25.3 Forecast ¥44.0 billion （+34.5） (approx. +34.5) (approx. +16.5) Creation of demand, etc. Inbound Basic use ¥37.0 billion （+27.5） (approx. +18.0) (approx. +23 5) (approx. +103 5) (approx. +18.0) Extension of Hokuriku Shinkansen to Tsuruga ¥35.5 billion （+26.0） (approx. +123 5) (approx. +123 5)
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Forecast for Non-Consolidated Operating Expenses 36 approx. + 20.0FY20.3 ¥842.1 billion Structural cost reductions Changes in the business environment/ Improvement of adapting the changes and creativity Emergency cost controls Other approx. (31.0) approx. (36.0) approx. (38.0) approx. (40.0) FY23.3 results ¥752.3 billion FY24.3 results ¥828.8 billion FY25.3 forecasts ¥872.0 billion FY26.3 target ¥899.0 billion Non- Consolidated Operating Expenses Forecast for Non-Consolidated Operating Expenses Emergency cost controls • Emergency controls removed from FY24.3 Digital strategy/New domain related expenses • Point-related expenses • System-related expenses • Comprehensive infrastructure management business related, etc. Structural cost reductions Plan to achieve ¥50.0 billion in cost reductions by FY28.3 • Transformation of customer services • Transformation of railway operations • Transformation of maintenance methods • Organizational structure reforms (¥ Billions) Changes in the business environment/Improvement of adapting the changes and creativity • Enhance human resource acquisition and training, increase in testing expenses and other costs that stimulate challenges, etc. • Increase due to rising energy costs, etc. approx. (61.0) approx. (22.0) approx. +4.0 approx. +23.0 approx. +5.0 approx. (6.0) approx. +34.5 approx. +11.5 approx. +9.5 approx. +12.0 approx. +20.5 Increase in railway use fees approx. +19.5 approx. +13.5 approx. +43.5 approx. +0.5 Digital strategy/New domain related expenses Other Increase in railway use fees • Railway use fees and property taxes associated with the extension of the Hokuriku Shinkansen
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Financial Strategy: Updating of Financial KPIs 37 FY24.3 Results FY25.3 Earnings forecast FY26.3 Medium-Term Management Plan Financial Target*1,2 FY28.3 Target Level (Reference)*2 Ability to generate profits Consolidated operating income ¥179.7 billion ¥170.0 billion (¥150.0 billion) ¥185.0 billion (¥185.0 billion) ¥195.0 billion EBITDA ¥343.0 billion ¥343.0 billion (¥340.0 billion) ¥370.0 billion (¥380.0 billion) ¥400.0 billion (Reference) Transportation Revenue ¥840.5 billion ¥887.0 billion (¥860.0 billion) ¥905.0 billion (¥870.0 billion) ¥915.0 billion Management efficiency Consolidated ROA 4.8% 4.6% (Approx. 4%) (Approx. 5%) (Approx. 5%) (Approx. 5%) Consolidated ROE 9.2% 9.1% (Approx. 8%) Approx. 10% (Approx. 9%) Approx. 10% Financial Discipline Net interest-bearing debt/ EBITDA 3.9× 4.2x (Under 5x) Approx. 4x (Under 4x) Under 4x Business Composition Life Design Field Operating Income Ratio 25% 22% (Approx. 25%) Approx. 25% (Approx.35%) Approx. 35% *1 This plan excludes the increase in transportation revenues related to EXPO2025 *2 The figures in parentheses are the figures in the Medium-Term Management Plan 2025 before being updated
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Financial Strategy: Updating of Financial KPIs 38 *For FY2021.3 and thereafter, figures are after the application of the “Accounting Standard for Revenue Recognition” ApproximatelyApproximately 4.4% (Excluding tax effects) Approximately Approximately
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Financial Strategy: Cash Allocation 39 Operating cash flow Bonds/ loans payable, other Fundraising Safety investments Growth investment Shareholder returns 【Priority ranking 1】 • Steadily invest in safety, an unwavering priority in our strategy 【Priority ranking 2-1】 • Aim to optimize the business portfolio by concentrating resource investments in growth fields to expand operations in life design field and invigorate mobility service field 【Priority ranking 2-2】 • Dividend payout ratio at least 35%, steady dividend payments • Net interest-bearing debt / EBITDA multiple: Under 5x (FY26.3) • Aim to constantly improve corporate value and implement capital policy as opportunities arise Uses of cash Ideas behind Additional Resource Allocation • Increase our competitiveness by allocating additional funds based on the status of improving safety and securing a workforce, which is the foundation of the Group's business Maintenance and upgrades investments, mainly Safety investments • Implement growth measures that contribute to the expansion of corporate value • Focus additional resources on measures related to optimizing the business portfolio by expanding the life design field • Implement share buybacks to reduce the cost of capital and recover EPS • FY28.3 target level: Keep Net interest-bearing debt / EBITDA at 4x as a guideline to control debt ⚫ After allocating human capital, which is the source of value creation, and strengthening our ability to respond to changes and creativity, we plan to allocate additional resources based on the priority of the use of funds and management issues as follows ⚫ Plan for additional ¥210.0 billion in capital investment by FY28.3 as well as implement share buybacks (expecting approx. ¥100.0 billion by FY27.3) depending on the progress of the Medium-Term Management Plan Approx. ¥100.0 billion Approx. ¥110.0 billion Approx. ¥100.0 billion (expected) Medium-term Management Plan 2025 Improvement of Adapting to Changes and Creativity • Securing human resources and diversity for promoting challenges, R&D budgets that enable technological development and creativity, cooperation with various partners, improvement of motivation through various educations, training, and workplace improvements, etc. (includes allocation from capital investments)
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Financial Strategy: Capital Investment Plan 40 Resources have been allocated to measures aimed at improving safety and continuous advancement of railway, creating value as a group, and enhancing adaptability to changes and creativity, which form the foundation for these efforts Figures in “( )” are changes compared to the initial plan Growth investment ¥540.0 billion Maintenance and upgrades investments ¥860.0 billion Safety investments ¥530.0 billion ¥1.40 trillion FY24.3- FY26.3 Growth investment ¥360.0 billion Maintenance and upgrades investments ¥540.0 billion Safety investments ¥340.0 billion ¥900.0 billion *Includes investment amount (Reference) FY24.3-FY28.3 Five-year comparison Growth investment ¥650.0 billion Maintenance and upgrades investments ¥960.0 billion Safety investments ¥610.0 billion ¥1.61 trillion (+¥210.0 billion) Growth investment ¥400.0 billion Maintenance and upgrades investments ¥540.0 billion Safety investments ¥340.0 billion ¥940.0 billion (+¥40.0 billion) Real estate and city development ¥265.0 billion (+¥55.0 billion) Transportation operations ¥70.0 billion (±0.0 billion） Digital strategy New domain ¥50.0 billion (-15.0 billion） Others ¥15.0 billion (±0.0 billion） Breakdown of growth investments (initial plan) (after updating) (initial plan) (after updating)
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88 91.3 50 50 63 71 74 0 10 20 30 40 50 60 70 80 90 100 FY19.3 FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 FY28.3 Shareholder returns Financial discipline ・ Net interest-bearing debt / EBITDA Approx. 4x (FY26.3), Under 4x (FY28.3) ・ Pay a stable dividend targeting a dividend payout ratio of at least 35% ・ Implement a capital policy that takes into account opportunities while aiming for sustained improvements in corporate value Shareholder returns Dividends Per Share (¥) (Planned) (¥ Billions) FY25.3 • Considering the number of shares after the cancellation of treasury stock, the dividend payout is planned to be increased by ¥2 to ¥74 per share [First half: ¥37.0 Second half: ¥37.0 (planned)] 2-for-1 stock split of common shares on April 1, 2024. Indicated amounts of dividends per share are those after the stock split 41 • Bought back approx. 17 million shares worth ¥49.9 billion (May 1 to August 14) • Resolved to cancel all shares (as of November 1) Share buybacks Dividends 33.6 34.9 19.1 24.4 30.4 34.5 Approx. 35.0 9.9 9.9 - - - - 49.9 Total Amount Paid for Dividends Share buybacks
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Communication with Shareholders and Investors Period IR event Description Main correspondent May Financial Results Presentation (financial results for FY24.3) FY24.3 Performance, Medium-Term Management Plan 2025 Update President and Representative Director May Small Meeting Strategic dialog between analysts, institutional investors, and the President President and Representative Director Director and Senior Executive Officer (CFO) August Financial Results Presentation (1Q of FY25.3) FY25.3 1Q results Director and Senior Managing Executive Officer (CFO) September Facility tour Facility tour for openings of projects in Osaka Director and Senior Managing Executive Officer (CFO) General managers of business departments, business companies, etc. April to the end of September Dialog with shareholders and investors (approx. 100 times) Status of financial results, progress of mid-term management plan, ESG, opinion exchange related to management in general, etc. Director and Senior Managing Executive Officer (CFO) Board General Manager of Corporate Strategy Division November Financial Results Presentation (FY25.3 interim) FY25.3 interim performance, progress of the Medium-Term Management Plan 2025 Vice President and Representative Director Director and Senior Managing Executive Officer (CFO), etc. Status of Dialogs with Investors and Shareholders Results of FY25.3 (until November 1) 42 Main Content of Dialog Theme Feedback from investors and shareholders Company initiatives Growth strategy to enhance corporate value Building an optimal business portfolio ⚫ JR West is working to create a business portfolio that includes real estate and city development, digital strategy, and new business creation. We would like the Company to further improve information disclosure on the progress of each growth direction. ⚫ The direction of business portfolio management is to position the railway as the core business while regularly confirming and determining the degree of contributing to improving corporate value through the growth potential of each business, invested capital, and capital efficiency (ROIC-WACC spread); synergy between businesses; link to transportation; risk distribution; and other factors. ⚫ We recognize improvement of the level of disclosure related to portfolio structure is an item highly expected by the capital market and aim to make improvements Management with an awareness of capital costs and stock price ⚫ Considering the changes in the management environment after the COVID- 19 pandemic, we expect management and business development that consider appropriate cost of capital. ⚫ Share buyback of ¥100 billion (forecast) is accepted favorably. On the other hand, we hope this is not a temporary measure but a continuous measure and further dialogue with the capital market on cash allocation in the next mid-term management plan, direction during increased/decreased profits, and other matters ⚫ As a result of higher risk premiums in railway business due to the COVID- 19 and inflation during repeated discussions with shareholders and investors, cost of shareholders’ equity has currently increased to a 7-7.9% level. We recognize that it has become a burden on the share price. ⚫ We have not changed our policy of controlling the cost of capital (WACC) at a 3- 3.9% level for the mid- to long-term, but financial soundness and optimum capital composition including changes in the mid- to long-term portfolio will be regularly discussed by the Board of Directors upon repeated and continuous dialogue with the capital market
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8.6 8.4 10.2 10.0 11.3 9.8 8.1 8.8 9.2 9.1 Approx. 10% Approx. 10% FY14.3 FY18.3 FY20.3 FY23.3 FY24.3 FY25.3 FY26.3 FY28.3 Increased costs of shareholders’ equity to 7% level 5.1 5.2 6.6 6.3 6.5 6.5 5.2 2.2 4.7 FY14.3 FY18.3 FY20.3 FY23.3 FY24.3 [Reference] ROIC Control WACC at 3% level for mid- to long-term 43 Communication with Shareholders and Investors ⚫ We have been conducting management that considers efficiency and have been achieving a certain level of consolidated ROA and ROE. Going forward, we will conduct business portfolio management with even more focus on the efficiency of each business ⚫ Additionally, considering the public stock offerings and subsequent dialogue with the capital market, we will place greater emphasis on reducing the cost of capital, ROE, and EPS ⚫ Engage in the improvement of shareholder value by improving ROE and EPS through realizing profit generation and share buybacks in the Mid- Term Management Plan FY19.3 FY20.3 FY23.3 FY24.3 FY25.3 FY26.3 FY28.3 267 233 182 202 210 About 240 About 260 EPS (¥) ・A 2-for-1 stock split of shares of common stock became effective on April 1, 2024 (indicated EPS is the amount after the split) ・FY25.3 to FY28.3 are estimates ROE
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44 FY2025.3, 3Q Results and Earnings Forecasts (Details) Progress on the Medium-Term Management Plan 2025 Update Overview of the Medium-Term Management Plan 2025 Update (reprint) Appendix FY2025.3, 3Q Results and Earnings Forecasts (Overview) P . 2 P . 12 P . 21 P . 29 P . 44
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FY24.3 FY25.3 FY26.3 Mobility Service Railway revitalization Railway fares/rates Local Lines Life Design Real estate and city development Digital strategy New Business Progress on the Medium-Term Management Plan 2025 Update (National) Train Fares Subcommittee presents vision (National) Revisions to Regional Transportation Act Geibi Line: Request to establish rebuilding cooperation committee EX services: Reservations one year in the future, prices changed for EX products, JRP, etc. Extending the Hokuriku Shinkansen from Kanazawa to Tsuruga Began managing a private-placement REIT Started demonstration tests for self-driving and convoy driving with BRT on public roads JP Tower Osaka: Advanced opening of pedestrian deck and offices JP Tower Osaka: Completed Released ICOCA for Apple Pay Established TRAILBLAZER Undertook wastewater-related operations for Yonago City Signed business consignment agreement for water utility business for Fukuchiyama CityCommercialized +PLACE Released Kansai MaaS app Past initiatives JP Tower Osaka and Inogate Osaka: Opening Osaka Station Hotel: Opening JR WEST LABO Opening of Umekita aboveground station (Umekita Green Place) Future initiatives New Hiroshima Station building (minamoa): Opening Releasing of Wesmo! (Spring 2025） (National) Review of cost calculation guidelines Geibi Line: Rebuilding cooperation committee meetings Launched JCLaaS business Johana Line and Himi Line: Approval of railway restructuring implementation plan Opening of WESTER Mall Hokuriku destination campaign Expanded paid seat service Completed the addition of W7 series Shinkansen trains to the Hokuriku Shinkansen Completed the addition of two N700S series Shinkansen trainsets Osaka/Kansai Expo (April to October) Geibi Line: Second committee meeting Mine Line: First Recovery Planning Subcommittee meeting JCLaaS selected for Public-Private Partnership Modeling Project proposed by the Ministry of Land, Infrastructure, Transport and Tourism Cumulative number of visitors to XR (Metaverse) Virtual Osaka Station 3.0: exceeds 20 million visitors The number of WESTER members exceeded 9 million members 45 The new Yakumo limited express train in operation
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Improve safety of railways 46 Objectives over the 5 years through FY28.3 Progress as of the end of FY24.3 Train accidents that result in casualties among customers Keep at zero Zero accidents Train labor accidents that result in fatalities among employees Keep at zero Two accidents occurred FY28.3 objectives • Hardware maintenance 〔Platform Safety〕 Of train stations eligible for barrier-free fare system, ① Update platform gates at stations with more than 100,000 riders Upgrade ratio 60%*1 Upgrade ratio 48% ② Update platform gates or platform safety screens at stations with less than 100,000 riders Upgrade ratio 50%*1 Upgrade ratio 12% 〔Railway Crossing Safety〕 Upgrade equipment at railroad crossings that meet certain criteria*2 to audibly warn train drivers of large vehicles stuck in crossings ① Railroad crossings upgraded with radio notification systems Upgrade ratio 90% Upgrade ratio 60% ② Trains equipped with visual recognition systems Upgrade ratio 60%*3 Upgrade ratio 4% (technological verifications performed) 〔Earthquake Countermeasures〕 Earthquake countermeasures for Sanyo Shinkansen ① Measures to prevent collapse of structures (reinforce bridge footings) Upgrade ratio 100% Upgrade ratio 90% ② Measures to prevent significant sagging of railway lines (reinforce rigid-frame abutments) Upgrade ratio 36% ③ Measures to prevent major train deviation from tracks (upgrade derailment prevention guards on high-priority track sections*4) Upgrade ratio 67% • Vision Set targets to achieve by end of FY2028.3 based on “culture that prioritizes safety first,” “framework for ensuring safety across entire organization,” and “every employee thinks and acts with safety in mind” We have developed a system to lead to autonomous improvements in each organization, and have promoted specific initiatives, such as practical training for task force headquarters to establish a type of management that prioritizes on-site judgment. *1 Areas poised to expand upgrade ratio might change slightly based on outcomes of adjustments with relevant entities. *2 Train track crossings where large vehicles cross that meet any of the following criteria: (1) trains travel at speeds up to 100km/h when passing train intersections, (2) railway transportation density is more than 10,000 people per day on average by section, and (3) more than 500 large vehicles hours per day across the train tracks. *3 Assumes technological verifications progress smoothly for early introduction by FY2025.3 *4 Priority evaluations based on probability of earthquake and projected seismic activity During the period of the JR-West Group Railway Safety Think-and-Act Plan 2027, we will improve safety, which is the foundation of the Group's business, and further invest in safety, including investing in new rolling stock based on the status of labor securement with the mindset of putting customers first and meeting their expectations. Progressing as planned
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Non-financial targets (key non-financial KPIs, excluding safety targets) Preparation ratio of personnel to be next-generation officers* Preparation ratio of candidates able to take on key posts CO2 emissions (Group consolidated total, compared with FY2013) Ratio of women in management positions* CO2 emissions (Group consolidated total, compared with FY2013) Ratio of women in leadership positions* CO2 emissions (Group consolidated total, compared with FY2013) Motivated workplace ratio* Percentage of responses stating “low stress and high work engagement workplace to all workplaces” in employee awareness survey CO2 emissions (Group consolidated total, compared with FY2013) 167% 211% 330% 400% FY23.3 FY26.3 FY28.3FY23.3 FY26.3 FY28.3 2.6% 3.3% 5.5% 10.0% 5.9%6.7% 8.0% 10.0% FY23.3 FY26.3 FY28.3 64% 60% 77% 88% FY23.3 FY26.3 FY28.3 Explore appropriate non-financial KPIs as indicators of growth in residents, exchanges and related populations along train lines CO2 emissions (Group consolidated total, compared with FY14.3) CO2 emissions (Group consolidated total, compared with FY2013) FY14.3 FY26.3 FY31.3 2050 35% reduction 50% reduction Achieve carbon neutrality 2.15 million t-CO2 1.39 million t-CO2 1.07 million t-CO2 Net zero *JR-West non-consolidated indicators 47 FY24.3 FY24.3 FY24.3 FY24.3 Note: CO2 emissions in FY24.3 are currently being calculated
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Expected bond redemption 48 (¥ Billions) (Note 1): As of May 1, 2024 (Note 2): Redemption amount is face value (Note 3): Horizontal axis shows fiscal years ending in March Bond redemption amount (non-consolidated)
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Extension of Hokuriku Shinkansen to Tsuruga 49 Operations after opening Tsuruga extension New tourism train “Hana Akari” for create demand for travel ◼ Introduce new tourism train that connects customers to regions while conveying the special features of each region, with different routes depending on the season ◼ Autumn 2024 debut service with Hokuriku destination campaign Fastest train times ◼ Tokyo-Fukui 2:51（-36 min） Tsuruga 3:08 (-50 min） ◼ Osaka-Fukui 1:44（-3 min） Kanazawa 2:09（-22 min） Toyama 2:35（-29 min) Basic information ◼ Extended section that opened: Kanazawa to Tsuruga (125km) ◼ Opening date: March 16, 2024 The average number of passengers per day for the first month of operation was about 23,000 (up +26% compared to 2019). Spare no effort to help with rebuilding the region and facilitating the recovery Section between Kanazawa and Tsuruga opened on March 16, 2024 名古屋 Shintakaoka Osaka Maibara Iiyama Nagano Joetsu-myoko Itoigawa Kurobe unazuki- onsen Toyama Fukui Wakura-onsen Kanazawa Express service Noto Kagaribi Kanazawa～Wakura-onsen: ５round trips Shinkansen Tsurugi (Connection with express service Thunderbird and Shirasagi) Tsuruga-Toyama: 18 round trips Tsuruga-Kanazawa: 7 round trips （Tsurugi that does not connect to any express other than the above) Tsuruga-Toyama: 2 Tsuruga-Kanazawa: １ Kanazawa-Toyama: ２ Tsuruga Nagoya Echizentakefu Awara-onsen Kaga-onsen Komatsu Shinkansen Kagayaki/Hakutaka Tokyo-Tsuruga: Kagayaki: ９round trips Hakutaka: 5 round trips Tokyo-Kanazawa： Kagayaki:１round trip Hakutaka:９round trips Nagano-Kanazawa: Hakutaka: １round trip Express service Shirasagi (Connection with Hokuriku Shinkansen Tsurugi) Nagoya～Tsuruga: ８ round trips Maibara～Tsurugg: 7 round trips Express service Thunderbird (Connection with Hokuriku Shinkansen Tsurugi) Osaka-Tsuruga: 25 round trips New sensation XR bus WOW RIDE® Ikkosa! Fukui Version ◼ Introduce tourism XR bus for enjoying Fukui prefecture with the latest technology
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Local Lines FY2020.3 Transport Density Railway sections with more than 8,000 passengers per day Railway sections with 4,000 to 8,000 passengers per day Railway sections with 2,000 to 4,000 passengers per day ~2,000 passengers per day → Scope for disclosure Johana Line and Himi Line ◼ Johana Line and Himi Line rebuilding examination committee was established in July 2023 ◼ Certified as a Redevelopment Plan by the Ministry of Land, Infrastructure, Transport and Tourism in February 2024 (change business operator to Ainokaze Toyama Railway by around five years) ◼ Contributed ¥15.0 billion as a company toward the redevelopment plan* ◼ Steadily promote items stipulated in the plan with the community for the improvement of convenience and comfort and the realization of sustainable railway lines Geibi Line ◼ A request for a rebuilding cooperation committee to be set up for the 68.5-kilometer Bitchu-Kojiro to Bingo-Shobara section upon our request in October 2023 (first in Japan) ◼ The first Recovery Planning Subcommittee meeting was held in March 2024. ◼ The second meeting was held in October. Survey operation is planned to be implemented at the committee in the future. JR-West aims to work with the region to build a convenient and optimized transportation system. ⚫ Since April 2022, JR-West has disclosed the ratio of costs to revenue by railway section for 30 sections on 17 lines with a transport density of less than 2,000 passengers per day ⚫ On these railway sections, which account for roughly one-third of JR-West’s operating kilometers, usage has decreased by about 70% since 1987. This presents a problem where the benefits of railway service (mass transport) cannot be fully leveraged. Various discussions about this issue have commenced. ⚫ Revisions to the Regional Transportation Act (enacted on October 1, 2023) created a framework for discussing the rebuilding of new local lines, such as the rebuilding cooperation committee organized by the Ministry of Land, Infrastructure, Transport and Tourism at the request of local public organizations or railway operators. * Extraordinary loss recorded in FY24.3 50 Continue discussionBegan new discussions at the committee Mine Line ◼ Approx. 37 km area between Yunoto and Nagato Yumoto was affected by the heavy rain disaster in June 2023 (substitute bus transport between Asa and Nagato City) ◼ The first Recovery Planning Subcommittee meeting was held in August 2024. Discussions began by transport method
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Grand Front Osaka Hankyu Osaka- Umeda Station City development projects by sites: Osaka 51 Inogate Osaka Umekita Green Place Inogate Osaka Floor space: About 60,000㎡ Purpose: Office, retail. Size: 23 floors above ground, one floor below ground Date: Opened on July 31 ,2024 (Retail: July 31, office: Autumn 2024) Development under western elevated tracks Floor space: About 7,000㎡ Purpose: Retail, bus terminal. Planned opening: Spring 2027 (Spring 2024 onward) Umekita Green Place Floor space: About 10,000㎡ Purpose: Retail, pedestrian spaces, etc. Size: Three floor above ground Planned opening: March 2025 JP Tower Osaka Floor space: About 227,000㎡ Purpose: Office, hotels, retail, theaters. Size: 39 floors above ground, three floors below ground Date: Completed in March 2024, Opened on July 31 ,2024 (from November 2023 onward) JP Tower Osaka JR Osaka station
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Sannomiya Subway Station Hankyu Kobe Sannomiya Station Hanshin Kobe Sannomiya Station JR Sannomiya Station Central Exit Port Liner Sannomiya Station External rendering of new station building 52 City development projects by sites: Sannomiya Development Overview Note: Joint project with Urban Renaissance Agency Planned opening FY2030.3 Floor space 91,500m² Size Roughly 155m height (JR-West’s largest development project) Purpose Retail (retail space about 19,000㎡) Hotel (about 250 guestrooms) Office (Leasable floor area about 6,000㎡) Open area (open-air deck area in front of station) New JR Sannomiya Station building and neighboring transfer lines
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City development projects: Along railway line (Mukomachi Station and Nishi-Akashi Station) 53 Nishi-Akashi Station South Section (JR Kobe Line/Akashi City, Hyogo Prefecture) Vision To solve regional issues in cooperation with Akashi City and at the same time create a convenient and livable town utilizing a wide-area railroad network Development overview New ticket gates and new station building Condominium development utilizing company housing site (Development PeriodⅠ and Development Period II) (City projects: Station square, access road development, community exchange base development) Planned opening Station building: FY2026 Condominiums (constructed during Development Period I): FY2027 Floor space Station building: Approx. 2,400 ㎡ Condominiums (constructed during Development Period I): Approx. 35,400 ㎡ Building floor area Station building: Approx. 900 ㎡ Condominiums (constructed during Development Period I): Approx. 5,300 ㎡ Station Square Regional exchange base Passageway Station building Condominiums to be constructed during Development Period I Condominiums to be constructed during Development Period II (Planned) JR-West Group project City project Mukomachi Station East Section (JR Kyoto Line/Muko City, Kyoto Prefecture) Vision Creating an urban environment in which people want to work due to a concentration of diverse startups and cutting-edge companies Development overview East-west passageway and bridge project at Mukomachi Station East station section urban development project Planned opening FY2028 Floor space About 46,300 ㎡ Building floor area About 2,700 ㎡ Nishi-Akashi Station Passageway and over-track station project Over-track station Condominiums Approx. 330 rooms 5 floors station building (Commercial, Business, Services)
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Cautionary Statement regarding Forward-Looking Statements This document is available on our website. JR West website Investor Relations section: https://www.westjr.co.jp/global/en/ir/ ◼ This presentation contains forward-looking statements that are based on JR-West’s current expectations, assumptions, estimates and projections about its business, industry, and capital markets around the world. ◼ These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of JR-West’s financial condition, or state other forward-looking information. ◼ Known or unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward- looking statements. JR-West cannot promise that the expectations expressed in these forward-looking statements will turn out to be correct. JR-West’s actual results could be materially different from and worse than expectations. ◼ Important risks and factors that could cause actual results to be materially different from expectations include, but are not limited to: ⚫ enexpenses, liability, loss of revenue or adverse publicity associated with property or casualty losses; ⚫ economic downturn, deflation and population decreases; ⚫ adverse changes in laws, regulations and government policies in Japan; ⚫ service improvements, price reductions and other strategies undertaken by competitors such as passenger railway and airlines companies; ⚫ infectious disease outbreak and epidemic; ⚫ earthquake and other natural disaster risks; and failure of computer telecommunications systems disrupting railway or other operations ◼ All forward looking statements in this release are made as of January 31, 2025 based on information available to JR-West as of January 31, 2025 and JR-West does not undertake to update or revise any of its forward looking statements or reflect future events or circumstances. ◼ Compensation for damages caused by the accident on Fukuchiyama Line happened on April 25, 2005 is NOT considered in this presentation. 54