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FY2026.3 3Q Financial Results Presentation February 3 , 2026 West Japan Railway Company Connect more. Spring into the future.
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2 FY2026.3 3Q Results and Earnings Forecasts (Details) FY2026.3 3Q Results and Earnings Forecasts (Overview) P . 3 P . 14 Appendix P . 23 P . 36 Rapid Changes in the Management Environment and Response Policy Progress Update on the Medium-Term Management Plan 2025
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Highlights 3 FY25.3 FY26.3 YoY FY25.3 FY26.3 YoY 3Q results 3Q results Difference Ratio Results Current forecasts (2/3)* Difference Ratio [Consolidated] Operating Revenues 1,245.6 1,339.4 +93.7 7.5% 1,707.9 1,836.0 +128.0 7.5% Operating Expenses 1,070.3 1,142.3 +72.0 6.7% 1,527.7 1,641.0 +113.2 7.4% Operating Income 175.3 197.1 +21.7 12.4% 180.1 195.0 +14.8 8.2% Recurring Income 164.2 184.7 +20.5 12.5% 165.6 179.0 +13.3 8.0% Net income attributable to owners of parent 114.6 121.0 +6.3 5.5% 113.9 118.5 +4.5 4.0% EBITDA 299.7 328.1 +28.4 9.5% 349.5 379.0 +29.4 8.4% 【Non-Consolidated】 Transportation Revenues 674.1 719.2 ＋45.0 6.7% 892.6 930.0 +37.3 4.2% Operating Expenses 614.9 653.7 +38.8 6.3% 875.4 910.0 +34.5 3.9% * No changes from the full-year forecast announced on November 4, 2025. ⚫ Following the closing of the Osaka-Kansai Expo, strong performance continued through 3Q (October to December), resulting in revenue and income growth for the fifth consecutive period and a record-high income ⚫ As business is progressing as planned, the full-year earnings forecast and dividend forecast are unchanged (¥ Billions)
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Overview of FY2026.3 3Q Operating Income (Against FY2025.3 3Q) 4 ⚫ The mobility segment recorded revenue and income growth driven by stronger-than-expected transportation revenue supported by the Expo, inbound demand, and solid domestic travel demand even after the closing of the Expo. ⚫ The retail segment recorded revenue and income growth, which exceeded expectations, driven by Expo-related businesses, continued strong performance after the Expo in station concourse stores(convenience stores and souvenir shops), and the Via Inn business. ⚫ The real estate segment posted revenue and income growth, supported by strong performance in hotels and shopping centers driven by the opening of city development projects in Osaka and Hiroshima. ⚫ In the travel and regional solutions segment, although the solutions business recorded increased revenue, a decline in the domestic travel business led to increased revenue but lower income. 175.3 197.1 +13.5 (0.3) +2.9 +3.8Mobility Retail Real estate lease and sales business Travel and regional solutions FY25.3 3Q results (¥ Billions) FY26.3 3Q results +0.6 Other businesses +3.3 Department stores Goods and foods +3.3 (0.3) +5.1 HotelsShopping centers Real estate lease and sales Operating income Results * The breakdowns of the figures for each segment are the sums of the figures of major subsidiaries and do not match the segment totals. * Effective from FY2025.3, JR West has reclassified its under-elevated structure leasing business from the Mobility segment to the Real Estate segment. The figures for the same period of the previous fiscal year have been restated to reflect the new segment classification. * Includes a 0.6 decrease in non-consolidated real estate income (0.3)
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Mobility Mobility Results and Forecasts (full year) (¥ Billions) FY25.3 3Q results FY26.3 3Q results YoY FY26.3 forecasts (full year) Operating Revenues 769.9 820.9 +50.9 1,074.5 Of which, non-consolidated transportation revenues 674.1 719.2 +45.0 930.0 Shinkansen 384.8 415.9 +31.0 533.9 Kansai Urban Area 229.8 241.4 +11.5 315.6 Other conventional lines 59.4 61.8 +2.4 80.4 Operating income 126.4 140.0 +13.5 128.0 EBITDA 222.8 238.9 +16.1 263.5 5 FY2026.3 3Q (October to December) Results Highlights Conclusion (transportation revenues) • In addition to increasing inbound demand, by capturing strong domestic demand for both business and leisure, mainly on medium- and long-distance travel, transportation revenues exceeded expectations. Sanyo Shinkansen • In addition to strong inbound and business travel demand, leisure travel remained robust even after the Expo, and year-end/New Year usage also trended favorably. Hokuriku Shinkansen • From the Tokyo metropolitan area to the Hokuriku region, due to reduced flight frequencies the shift from air to Shinkansen and year- end/New Year usage trended favorably Kansai Urban Area • (Non-commuter passes) In addition to inbound demand, there was an uplift effect from barrier-free surcharge fares. • (Commuter passes) The number of commuter pass holders continues to grow at a moderate pace. * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. * Effective from FY2025.3, JR West has reclassified its under-elevated structure leasing business from the Mobility segment to the Real Estate segment. The figures for the same period of the previous fiscal year have been restated to reflect the new segment classification.
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Mobility Segment: Related Indicators Non-consolidated expenses (YoY comparison) 6 193.2 210.3 211.2 260.5 206.0 221.0 226.6 1Q 2Q 3Q 4Q ◆ Full-year plan FY25.3 ¥875.4 billion FY26.3 (current) ¥910.0 billion (+12.7) ⚫ 3Q (October to December) saw a lump-sum bonus leading to a YoY increase of ¥3.9 billion ⚫ In addition to Expo-related expenses, personnel costs and digital strategy promotion led to a YoY increase (+10.7) Major factors for increase 3Q results Details Personnel costs +9.7 billion Wage increases, lump-sum bonus, etc. Energy costs +1.7 billion Renewable energy surcharge, etc. Maintenance costs +9.4 billion Increase in labor unit costs, etc. Miscellaneous costs +10.6 billion Expo-related, digital, etc. (+15.3) ⚫ In addition to inbound demand, strong demand centered around domestic leisure continues even after the Expo. ⚫ Since November, when the effects of the Expo are no longer present, weekend leisure use has been driving this trend. Transportation Revenues (YoY comparison) 212.5 222.1 239.5 218.5 227.3 1Q 2Q 3Q 4Q (+7%) (+7%) 238.4 (+6%) 253.4 (Assumed) YoY increase of 104 % (¥ Billions)(¥ Billions) The first half Oct Nov Dec 3Q Weekday +10％ +8％ +5％ 0％ +4％ Holiday +10％ +7％ +7％ +2% +7％ ◆Usage Status of the Sanyo Shinkansen (Between Shin-Osaka and Nishi-Akashi) ※The periods of high demand, such as the year-end and New Year holidays, are not included.
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Inbound Revenue ⚫ By steadily capturing the ongoing growth in inbound demand, the company recorded a record high in inbound revenue in 3Q. ⚫ Although usage declined due to the Chinese government's advisory to refrain from travel, the impact on the Group as of 3Q was limited. ⚫ The number of foreign visitors to Japan is on an increasing trend. In the Asian market, usage of Kansai International Airport and Fukuoka Airport within our service area exceeds that of Narita International Airport and Tokyo International Airport (Haneda Airport). 31.1 35.5 11.6 30.9 40.9 14.1 38.8 48.5 15.3 23.6 8.1 23.1 31.4 9.2 25.8 35.5 46.5 59.1 19.8 54.1 72.3 23.4 64.7 84.0 (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 (¥ Billions) ■Transportation revenue Inbound Revenue Number of Foreign Visitors to Japan Created by the Company based on the Report of Statistics on Legal Migrants by the Ministry of Justice 7 ■Group companies (Department store business, VIA INN, hotel business, Travel and regional solutions) * *() Indicates overlap with Expo demand FY19.3 FY24.3 FY25.3 FY26.3 (Pre-COVID numbers provided for comparison) 30.66 million 29.51 million Narita International Airport + Tokyo International Airport (Haneda Airport) Kansai International Airport + Fukuoka Airport Other (as of 3Q) 31.89 million 46% 35% 19% 48% 35% 17%25% 33% 42% 60 million Government target (2030) 45% 35% 20% * (1.5) (1.4) Visitors from within the Asia region 25.97 million 23.62 million 30.99 million 21.80 million (April to November) Kansai International Airport + Fukuoka Airport 9.49 million 9.65 million 12.16 million 8.72 million (April to November) Narita International Airport +Tokyo International Airport (Haneda Airport) 9.28 million 9.4 million 11.9 million 7.74 million (April to November) 38.65 million FY19.3 FY24.3 3Q 3Q FY25.3 3Q 3Q FY26.3 forecasts (1.4) (1.5)* * (Oct to Dec) (Oct to Dec) 3.6% 4.2% 4.6% 4.6% 5.4% 5.2% Reference：Usage Status related to inbound for 3Q(October to December)(YoY) The first half Oct Nov Dec 3Q Kansai International Airport Express “Haruka” (Number of users) +8% +12% +5% (3％) +4％
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Retail 8 * 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. * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. Retail Results and Forecasts (full year) FY2026.3 3Q (October to December) Results Highlights Conclusion • With rail usage remaining strong even after the Expo, retail segment performance exceeded expectations due to higher revenues from station concourse stores and VIA INN * Highest-ever 3Q income for the sector Goods and foods • While customer numbers at CVS were roughly flat year on year, average customer spend trended above the prior year. • Souvenir shops continued strong performance after the Expo, with both the number of customers and average customer spend trended above the prior year. Of which VIA INN • While the occupancy rate was slightly lower than the previous year, the ADR exceeded the prior year's levels. • However, in December, some impact was observed due to the Chinese government’s advisory to refrain from travel , and the ADR remained on par with the prior year. Department stores • Domestic demand has recovered to around the same level as prior year. Duty-free sales began to show the impact of the Chinese government’s advisory since December. (¥ Billions) FY25.3 3Q results FY26.3 3Q results YoY FY26.3 forecasts (full year) Operating Revenues (major breakdown) 157.6 179.1 +21.5 229.0 Sales of goods and food services Portion of revenues from VIA INN 137.7 18.2 159.8 20.1 +22.0 +1.8 203.0 26.5 Department stores 18.6 17.8 （0.7) 24.0 Operating Income (major breakdown) 12.4 15.8 +3.3 16.0 Sales of goods and food services Portion of income from VIA INN 10.8 3.5 14.7 5.1 +3.8 +1.5 15.0 5.0 Department stores 1.5 1.1 (0.3) 1.5 EBITDA 16.7 20.3 +3.6 21.5
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(¥ Billions) FY25.3 3Q results FY26.3 3Q results YoY FY26.3 forecasts (full year) Operating Revenues (major breakdown) 168.5 186.8 +18.3 293.0 Real estate lease and sales business Portion of income from real estate leases Portion of income from sales business 86.6 45.6 40.9 90.0 45.7 44.3 +3.4 +0.1 +3.3 156.0 62.5 93.5 Shopping center business 47.9 55.4 +7.4 79.0 Hotel business 33.1 40.7 +7.5 54.0 Operating Income (major breakdown) 34.8 39.9 ＋5.1 47.0 Real estate lease and sales business Portion of income from real estate leases Portion of income from sales business 15.9 13.3 2.5 15.5 11.5 3.9 (0.3) (1.7) +1.3 19.5 12.0 7.5 Shopping center business 10.6 13.5 +2.9 14.5 Hotel business (0.6) 2.6 +3.3 2.5 EBITDA 58.9 67.6 +8.6 86.0 Real estate * 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) FY2026.3 3Q (October to December) Results Highlights Real estate lease and sales business • Leasing: The city development project in Osaka is making steady progress, resulting in higher revenue YoY. • Sales: Condominium (or residential housing) sales performed steadily, resulting in year-on-year revenue growth. Shopping center business • Core shopping centers in the Kansai urban area and the Hiroshima Station building that opened in March 2025 continued to perform well. * Highest-ever 3Q income for the sector Hotel business • Despite the impact caused by the Chinese government’s advisory to refrain from travel, we captured domestic travel demand during the autumn excursion season and year-end, resulting in year-on-year revenue growth. * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. * Effective from FY25.3, JR West has reclassified its under-elevated structure leasing business from the Mobility segment to the Real estate segment. The figures for the same period of the previous fiscal year have been restated to reflect the new segment classification.
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92.0 93.7 108.4 96.8 110.8 112.6 125.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 25.3期 26.3期 10,500 10,700 12,100 11,100 12,100 11,700 13,200 21,000 20,800 23,200 20,500 23,300 21,400 24,700 1Q 2Q 3Q 4Q 1Q 2Q 3Q 25.3期 26.3期 (109%) (103%) Real Estate Segment: Related Indicators Newly opened properties (¥ Billions) 10 Shopping center sales Hotel ADR FY25.3 BARCHICA 03 (Osaka) Opened in July 2024 Umekita Green Place Opened in March 2025 minamoa (Hiroshima) Opened in March 2025 FY26.3 Takatsuki Green Place Opened in May 2025 Kitasenri Green Place Opened in July 2025 VIA INN GRANVIA Beyond expectation Beyond expectation FY26.3 3Q 111％ 106％ ⚫ Capturing Expo and inbound demand, hotel ADR increased year on year ⚫ Urban areas, particularly the Tokyo metropolitan area and the Kansai region, showed solid performance ⚫ In addition to newly opened properties in Hiroshima, Osaka, and other locations, we captured Expo and inbound demand, mainly in the Kansai region, which led to year-on-year revenue growth * The hotel chain VIA INN is a retail segment business. * FY26.3 3Q results are preliminary figures. * Hotel Granvia Hiroshima South Gate is included in the above figures from 4Q of FY25.3. (¥) (116%) (111%) (120%) (109%) (120%) (116%) (106%) * FY26.3 3Q results are preliminary figures. FY25.3 FY26.3 FY25.3 FY26.3 Average ADR
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Travel and regional solutions * FY2019.3 figures do not reflect the adoption of accounting standards for revenue recognition. 11 Travel and Regional Solutions Results and Forecasts (full year) (¥ Billions) FY25.3 3Q results FY26.3 3Q results YoY FY26.3 forecasts (full year) Operating Revenues 129.0 130.7 +1.6 207.0 Tourism business 60.9 59.6 (1.3) 88.5 Solution business 68.0 71.1 +3.0 118.5 Operating income (1.6) (2.0) (0.3) 1.0 Tourism business 0.1 (0.8) (0.9) 0.2 Solution business (1.7) (1.2) +0.5 0.8 EBITDA (1.2) (1.5) (0.3) 2.5 FY26.3 Q3 (July–September) Results Highlights Conclusion • Driven by sales of Expo-related products, the solutions and tourism businesses both saw transaction volumes increase, broadly in line with planned targets. Tourism business • Sales of our core domestic package tour product "Red Balloon" are gradually recovering. • The cost ratio of travel products is trending upward due to surging hotel lodging prices and other factors. Solution business • Expansion of contracted business operations. • Cost reductions in sales and other expenses have also contributed to increased incomes year-on-year.
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Effects of the Expo Full year (Revenue / Income) Initial plan (Revenue / Income) Non-Consolidated 21.2 billion/16.7 billion (vs. 2Q flash: +0.7 billion) 20.0 billion/14.0 billion Group companies 24.0 billion/3.0 billion (vs. 2Q flash: - billion) 17.0 billion/1.0 billion Group Total 45.2 billion/19.7 billion (vs. 2Q flash: +0.7 billion) 37.0 billion/15.0 billion Value creation originating from the Osaka Kansai Expo ⚫ As a unified group, we captured Expo demand, and both the standalone company and the Group exceeded income expectations ⚫ To maximize the effects of the Expo, Plus-One Trip and Expo-dedicated timetable settings and other measures were implemented; in addition, we hosted events at the venue and opened an official store Image courtesy: Japan Association for the 2025 World Exposition Transport of the Visitors and Promote Visitor Attraction ・Operation of Expo Liner that directly connects the Shin-Osaka and Sakurajima stations ・Improvement of Bentencho and Sakurajima stations, which are transfer hubs ・Osaka destination campaign (April to June 2025) ・Hosting of events such as the Expo Final Event and Myaku-Myaku Around the World Exhibition Official store in the Expo venue • Period: April 13–October 13, 2025 (184 days) • Location: Yumeshima, Osaka Number of visitors Overview of Event • Actual attendance*: 25.57 million * Excludes Expo staff and other related parties © Eiichiro Oda / Shueisha, Fuji TV, Toei Animation ONE PIECE Shinkansen Final event of the Expo Myaku-Myaku Around the World Exhibition Building a foundation for future growth ・Opening of official store in the venue and development of collaborative products ・Proposal of trips that promote the Expo with accommodation and sightseeing in dedicated sites and other means ・Strengthening coordination with private railway companies in Kansai through Kansai MaaS ・Creating travel demand through operation of trains in collaboration with popular anime 12Campaign originating from the Expo
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13 FY2026.3 3Q Results and Earnings Forecasts (Details) FY2026.3 3Q Results and Earnings Forecasts (Overview) P . 3 P . 14 Appendix P . 23 P . 36 Rapid Changes in the Management Environment and Response Policy Progress Update on the Medium-Term Management Plan 2025
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Consolidated Statements of Income 14 ￥Billions Increase/ (Decrease) % Increase/ (Decrease) % Operating Revenues 1,245.6 1,339.4 93.7 7.5 [Five consecutive periods of revenue growth] 1,836.0 128.0 7.5 Mobility 769.9 820.9 50.9 6.6 Increase in transportation revenue 1,074.5 27.7 2.6 Retail 157.6 179.1 21.5 13.7 Increase in sales of goods and food services 229.0 20.7 10.0 Real estate 168.5 186.8 18.3 10.9 Increase in real estate leasing and sales, shopping center business and hotel business. 293.0 60.3 25.9 Travel and regional solutions 129.0 130.7 1.6 1.3 207.0 18.2 9.7 Other businesses 20.5 21.7 1.2 6.1 32.5 1.0 3.5 Operating Expenses 1,070.3 1,142.3 72.0 6.7 1,641.0 113.2 7.4 Operating Income 175.3 197.1 21.7 12.4 [Five consecutive periods of income growth] 195.0 14.8 8.2 Mobility 126.4 140.0 13.5 10.7 Increase in transportation revenue 128.0 5.4 4.5 Retail 12.4 15.8 3.3 27.2 Increase in sales of goods and food services 16.0 2.1 15.7 Real estate 34.8 39.9 5.1 14.8 Decrease in real estate leasing and sales, increase in shopping center business and hotel business. 47.0 8.0 20.8 Travel and regional solutions (1.6) (2.0) (0.3) － 1.0 (0.1) (11.8) Other businesses 2.6 3.3 0.6 25.3 3.5 (0.6) (15.5) Non-operating revenues and expenses, net (11.0) (12.3) (1.2) － (16.0) (1.5) － Recurring Income 164.2 184.7 20.5 12.5 [Five consecutive periods of income growth] 179.0 13.3 8.0 Extraordinary income and loss, net 1.9 (9.9) (11.8) － (2.5) (1.3) － Income taxes 49.6 50.9 1.3 2.7 52.0 6.1 13.3 Income attributable to owners of parent 114.6 121.0 6.3 5.5 [Five consecutive periods of income growth] 118.5 4.5 4.0 Note: Figures in brackets ( ) are negative values. *Effective from the end of FY2024, revenue from under-elevated structure leasing has been reclassified from “Mobirity” to “Real estate”. The figures for the same period of the previous fiscal year have been restated to reflect the new segment classification. YoY9 months ended Dec. 31, 2024 9 months ended Dec. 31, 2025 YoY Major factors Forecasts FY2026.3
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Major Factors of Increase/Decrease in Each Segment 15 ￥Billions Increase/ (Decrease) ％ Operating Revenues 769.9 820.9 50.9 6.6 ・Increase in railway usage, including demand from the Expo and inbound tourism Operating Income 126.4 140.0 13.5 10.7 Operating Revenues 137.7 159.8 22.0 16.0 ・Increase in sales of station concourse stores 【restated:Accommodation-oriented budget hotels】 【18.2】 【20.1】 【1.8】 【10.1】 ・Increase in average daily rate Operating Income 10.8 14.7 3.8 35.3 【restated:Accommodation-oriented budget hotels】 【3.5】 【5.1】 【1.5】 【44.3】 Operating Revenues 18.6 17.8 (0.7) (4.2) ・Decrease in duty-free sales Operating Income 1.5 1.1 (0.3) (26.3) Operating Revenues 86.6 90.0 3.4 4.0 ・Increase in condominium sales 【restated:Real estate sale】 【40.9】 【44.3】 【3.3】 【8.1】 Operating Income 15.9 15.5 (0.3) (2.3) 【restated:Real estate sale】 【2.5】 【3.9】 【1.3】 【53.5】 ・Difference in gross income margin Operating Revenues 47.9 55.4 7.4 15.6 ・Increase in rental income due to higher sales at shopping centers, including new openings Operating Income 10.6 13.5 2.9 27.8 Operating Revenues 33.1 40.7 7.5 22.8 ・Increase in average daily rate. Full-year contribution from properties opened in the previous fiscal year. Operating Income (0.6) 2.6 3.3 － Operating Revenues 129.0 130.7 1.6 1.3 ・Increase in the Solutions business (including group travel, etc) Operating Income (1.6) (2.0) (0.3) － ・Decrease in tourism business (sales of packaged tour products) 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, 2025 9 months ended Dec. 31, 2024 Sales of goods and food services Real estate lease and sale
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￥Billions Increase/ (Decrease) % Increase/ (Decrease) % 752.4 800.7 48.2 6.4 [Five consecutive periods of revenue growth] 1,039.0 39.7 4.0 674.1 719.2 45.0 6.7 930.0 37.3 4.2 9.0 10.5 1.4 16.2 13.7 1.2 10.4 24.1 26.4 2.2 9.4 35.2 2.3 7.1 45.0 44.5 (0.5) (1.3) 60.1 (1.2) (2.0) 614.9 653.7 38.8 6.3 910.0 34.5 3.9 153.4 163.2 9.7 6.4 Increase in unit price 215.5 7.9 3.8 305.2 327.0 21.8 7.2 476.5 16.1 3.5 Energy costs 45.4 47.2 1.7 3.9 Increase in renewable energy surcharge 61.5 0.6 1.0 Maintenance costs 101.4 110.8 9.4 9.3 Increase in labor cost per unit 172.0 0.0 0.0 Miscellaneous costs 158.3 169.0 10.6 6.7 Increase in expenses related to the Expo 243.0 15.4 6.8 26.8 29.2 2.4 9.0 Increase resulting from the extension of the Hokuriku Shinkansen to Tsuruga 39.0 3.3 9.3 32.8 33.7 0.8 2.5 42.0 1.4 3.5 96.5 100.5 3.9 4.1 137.0 5.7 4.4 137.5 146.9 9.4 6.9 [Five consecutive periods of income growth] 129.0 5.1 4.2 Note: Figures in brackets ( ) are negative values. Miscellaneous 9 months ended Dec. 31, 2024 9 months ended Dec. 31, 2025 YoY YoY Operating Revenues Transportation revenues Transportation incidentals Other operations Major factors Forecasts FY2026.3 Depreciation and Amortization Operating Income Operating Expenses Personnel costs Non personnel costs Rental payments, etc. Taxes Non-Consolidated Statements of Income 16 * Effective from the end of FY2024, revenue from under-elevated structure leasing has been reclassified from “Transportation incidentals” to “Other operations”. The figures for the same period of the previous fiscal year have been restated to reflect the new segment classification. Structural reform ¥(42.0) Structural reform ¥(29.0)
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Transportation Revenues and Passenger-Kilometers 17 Transportation Revenues Passenger-Kilometers %, ￥Billions %, Millions of passenger-kilometers Increase/ (Decrease) % Increase/ (Decrease) % Increase/ (Decrease) % 9.4 0.7 8.9 － － － 738 56 8.4 344.6 27.8 8.8 － － － 14,731 969 7.0 354.0 28.6 8.8 454.4 23.2 5.4 15,469 1,026 7.1 1.6 0.1 13.4 － － － 111 12 12.3 60.3 2.2 3.9 － － － 1,936 59 3.2 61.9 2.4 4.2 79.4 1.2 1.6 2,047 71 3.6 11.0 0.9 9.5 － － － 849 69 8.9 404.9 30.1 8.0 － － － 16,667 1,028 6.6 415.9 31.0 8.1 533.9 24.5 4.8 17,517 1,097 6.7 82.8 1.0 1.2 － － － 12,955 130 1.0 158.5 10.5 7.1 － － － 8,138 335 4.3 241.4 11.5 5.0 315.6 11.0 3.6 21,093 465 2.3 15.8 0.1 1.3 － － － 2,583 18 0.7 45.9 2.2 5.0 － － － 2,212 12 0.6 61.8 2.4 4.0 80.4 1.7 2.3 4,796 31 0.7 98.6 1.2 1.2 － － － 15,538 149 1.0 204.5 12.7 6.7 － － － 10,351 347 3.5 303.2 13.9 4.8 396.0 12.7 3.3 25,890 497 2.0 109.7 2.1 2.0 － － － 16,388 218 1.4 609.4 42.9 7.6 － － － 27,019 1,376 5.4 719.2 45.0 6.7 930.0 37.3 4.2 43,407 1,594 3.8 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 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, 2025 9 months ended Dec. 31, 2025 YoY Forecasts FY2026.3 YoY
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Major Factors for Increase/Decrease in Transportation Revenue 18 ￥Billions Increase/ (Decrease) ％ Fundamental trend 2.1% 6.9 Special factors ・Osaka-Kansai Expo 13.0 ・Increase in inbound demand*² 3.4 etc. Fundamental trend 0.1% 0.0 Special factors ・Osaka-Kansai Expo 1.8 ・Increase in inbound demand*² 0.3 etc. Fundamental trend (0.3%) (0.7) Special factors ・Osaka-Kansai Expo 5.7 ・Increase in inbound demand*² 3.4 ・Expansion of barrier-free fare collection areas 1.3 ・Panda-driven demand 0.1 etc. Fundamental trend 0% 0.0 Special factors ・Osaka-Kansai Expo 0.5 ・Increase in inbound demand*² 0.7 ・Panda-driven demand 0.2 etc. Notes: ・1. Baggage revenue is omitted due to its immaterial amount ・2. Includes overlapping amounts related to the Osaka–Kansai Expo 11.5 Results for 9 months ended December. 31, 2025 YoY Major factors 5.0 Other lines 61.8 Total*¹ 719.2 Kansai Urban Area (Kyoto-Osaka- Kobe Area) 241.4 303.2Conventional lines 45.0 6.7 4.02.4 13.9 4.8 Sanyo Shinkansen 354.0 28.6 8.8 Hokuriku Shinkansen 61.9 2.4 4.2 Shinkansen 415.9 31.0 8.1
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Capital Expenditures (excluding investments in affiliates) 19 ・Major Capital Expenditures (non-consolidated) New rolling stock (Okayama-Yamaguchi area commuter trains and N700S), safety and disaster prevention measures (including earthquake countermeasures), etc.
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￥Billions 617.3 736.5 119.2 125.6 166.0 40.4 181.1 245.8 64.6 Increase in real estate for sale and advances for construction in progress 310.5 324.6 14.1 3,135.0 3,112.1 (22.9) 2,685.6 2,664.8 (20.8) 78.2 91.7 13.5 371.2 355.5 (15.6) 3,752.3 3,848.6 96.3 698.5 669.4 (29.1) 138.7 97.9 (40.8) 559.7 571.5 11.7 1,773.6 1,863.0 89.3 1,383.0 1,470.2 87.2 170.6 176.1 5.5 219.9 216.5 (3.4) 2,472.1 2,532.4 60.2 1,129.6 1,157.0 27.4 226.1 226.1 － 184.0 183.9 (0.1) 720.7 748.2 27.4 (1.2) (1.1) 0.0 27.0 33.0 6.0 123.5 126.1 2.5 1,280.1 1,316.2 36.0 3,752.3 3,848.6 96.3 Notes: ・Figures in brackets ( ) are negative values. Major factors Difference increase/(decrease) Current assets Non-current assets Property, plant and equipment, etc. Construction in progress Investments and other assets As of December 31,2025 As of March 31, 2025 Cash and deposits Inventories Other current 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 Total Liabilities and net assets Retained earnings income attributable to owners of parent:121.0 Cancellation of treasury stock: (49.9) Dividend:(42.8) Treasury stock Accumulated other comprehensive income Non-controlling interests Total Net assets As of March 31, 2025 As of December 31,2025 Difference increase/(decrease) Liabilities with interest 1,529.6 1,579.6 50.0 【Average interest rate（%）】 【1.28】 【1.40】 【0.12】 Shinkansen Purchase Liability 96.1 95.4 (0.6) 【Average interest rate（%）】 【6.55】 【6.55】 【ー】 Bonds 845.4 855.9 10.5 【Average interest rate（%）】 【1.09】 【1.17】 【0.08】 Other(Long-term debt etc.) 588.0 628.2 40.2 Consolidated Balance Sheet 20
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Various Management Indicators 21 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 45,487 21,561 45,450 21,665 47,309 22,466 － － Financial Expenses, net (13.2) (11.7) (18.1) (14.7) (14.6) (13.0) (20.3) (18.7) Interest and dividend income 1.3 3.2 1.3 5.2 1.3 4.3 1.3 4.4 Interest expenses 14.5 14.9 19.5 20.0 15.9 17.3 21.6 23.1 Net Debt / EBITDA Equity ratio (%) Net income per share（EPS） (￥) Net assets per share（BPS） (￥) Note: Figures in brackets ( ) are negative values. Dividends (￥) 37.0 47.5 【84.5】 45.0 45.5 【90.5】 － FY2025.3 Forecasts FY2026.3 Interim Year-end 【total】 Interim Year-end 【total】 － 30.8 30.9 － 240.84 240.08 262.83 258.12 － 4.0 － － 184.0 349.5 328.1299.7 169.3 130.9124.3 10.110.1 －－ 379.0 2,458.45 2,615.16－ As of Mar. 31 9 months ended Dec. 31 4.8 － 9 months ended Dec. 31 － FY2025.3 FY2026.3 Forecasts As of Mar. 31 5.1
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22 FY2026.3 3Q Results and Earnings Forecasts (Details) FY2026.3 3Q Results and Earnings Forecasts (Overview) P . 3 P . 14 Appendix P . 23 P . 36 Rapid Changes in the Management Environment and Response Policy Progress Update on the Medium-Term Management Plan 2025
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⚫ Impacts from intensifying disasters, an increase in labor shortages, an enhancement of human resource, and the expansion of inflation are expected to further expand in the future. ⚫ Considering the above outlook, we will deepen discussions on accumulating measures (investment) aimed at improving safety and continuously advancing transportation operations, as well as accelerating growth in the life design field. Rapid Changes in the Management Environment and Response Policy Increase in labor shortages ⚫ Safety enhancement initiatives (investment), including earthquake measures and barrier-free accessibility ⚫ Further investment to improve labor productivity ⚫ Continued approach to the government for the review of the fare system and consideration of fare revisions ⚫ Further incorporation of inbound demand as a Group ⚫ Consideration of Ideal local lines and local traffic ⚫ Operation of flexible financial strategy and regular revision ⚫ Cash allocation ⚫ Accelerate growth in the life design field ⚫ Sophistication of business portfolio management Improvement of safety and continuous advancement of transportation operations Growth by rebuilding business portfolio Enhancement of human resources and Continued impact of inflation Rapid Changes in the Management Environment Future response policy Financial strategy that enables both of the above The remaining shortage requires further effort *Calculate the estimated labor force taking in the capability of securing labor per industry based on the decline of the working age population. * Forecast on the improvement of labor productivity from the perspective of measures implemented so far and accumulated efforts. Transportation Operations Trend of Labor Demand (estimate diagram) 2030 2040 2050 Required labor Acquirable labor Intensifying disaster A B C D E F F 23
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A Further investment to improve labor productivity • Under the project, about 1,900 people are promoting business transformation using digital tools (Work Smile Project) • Forming a generative AI community, etc. *CBM (Condition Based Maintenance): Philosophy of preventative maintenance to achieve both quality and efficiency by constantly monitoring and tracking the status of facilities, and conducting maintenance only when necessary. Train Station • Promotion of digitalizing station services by improving the functions of green ticket-vending machines. • Customer guidance through the use of tablet terminals. • Digitalization of tickets etc. Operation management • Planned renewal of rolling stock in each West Japan area. • Promotion of transition to one-person operation. • Formulating a flexible timetable including temporary trains, considering the estimated demand. Facility maintenance • Realization of CBM* - Installation of sensor, etc., in preparation for monitoring ground facilities and on-boarding of inspection through introducing a comprehensive inspection train IoT infrastructure network utilizing the existing communication network • Improvement of construction productivity • Increasing the resilience of the facility, etc. Indirect department • Work Smile Project • Multifunctional Railway Heavy Equipment • Partnership toward introducing self-driving technology • Green ticket-vending machine Plus • Promote standardizing equipment and parts for rolling stock, smart maintenance of electrical equipment, and mechanization and digital transformation of construction operations with JR East (joint development) • Coordination toward introducing self-driving technology / Coordination with JR Central and JR Kyushu on mobile ICOCA, etc. In addition to the above, accelerate initiatives through coordination between the railway business 24
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B Railway Fares/Charges Impact of inflation under the current system 25 ⚫ Even in light of the revised cost of revenue calculation guidelines, there is currently no room for fare rate revision due to the strong earnings results and high capital efficiency. Despite this, we recognize that fare revision remains an important management issue due to the impacts of inflation and enhancement of human resources, with labor shortage occurring faster than expected. Operational return *Similar to asset incomeability Operational costs related to railway business Railway revenue, Etc. <Revenue><Costs> Fare cannot be revised if revenue exceeds the costs Changes in conditions such as inflation 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 Promoting a revised fare system that can adapt to inflations ●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.
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C Further incorporation of inbound demand as a Group ⚫ In response to the rapid recovery and expansion of inbound tourists, we will steadily implement efforts to capture demand and establish a passenger reception system through collaboration with group companies and local communities. ⚫ Continue to promote wide area circulation in the West Japan area through the development of content in coordination with regions such as the Setouchi Palette Project and enhancement of online sales overseas. ○Development and preparation of a wide-area sightseeing route • Setting markets with large consumption as a main target ○Capturing the demand through collaboration with Group companies and local communities • Promote the West Japan area from the travel planning stage (Promotion that combines digital and real world) ○Preparation for reception system • Promotion of the WEST QR service and enhancement of non-face-to-face ticket sales in coordination through OTA (Overseas Travel Agency) • Enhance the hub functions of stations with a high need to strengthen responses to inbound tourists (Kansai-Airport Station, Hakata Station) From FY26.3 (Preparation for 60 million visitors to Japan) Initiatives of Medium-Term Management Plan 2025 Future target ○Development and preparation of a wide-area sightseeing route • Setouchi Palette Project Update • Bundling of JR-WEST RAIL PASS and landing contents ○Capturing the demand through collaboration with Group companies and local communities • Renewal of the global site and SNS • Sales of specialized products with benefits for use of the Group company’s facilities ○Preparation for reception system • Increase the operation of the limited express Haruka and the expansion of non-reserved seats • Introduction of the WEST QR service, capitalizing on the Expo FY24.3 and FY25.3 FY26.3 forecasts Transportation revenue: ¥48.5 billion Group Company revenue: ¥35.5 billion Capitalize the increase in visitors to Japan for a further increase in revenue Setouchi Palette Project Update Initiatives aimed to realize Setouchi as a world-class location for living and travel Sightseeing train etSETOra running between Hiroshima and Fukuyama stations Setouchi sightseeing cruiser SEA SPICA JR PREMIUM SELECT SETOUCHI • Promotion of coordinated initiatives between the JR-West Group and local operators with inbound as the main target • Aim to increase the inbound revenue through increasing the visitation rate in each Setouchi prefectures and increasing the number of tours that include the Setouchi area. Enhancement of information release through the global site and SNS Renewal of content on the website from an inbound perspective and utilization of SNS for inbound Official Instagram targeting inboundWeibo Official site (offered in six languages) 26
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27 D Review of local lines and regional transportation ⚫ Since April 2022, we have been disclosing the revenue-to-cost ratio by line section for sections with a transport density of fewer than 2,000 passengers/day (Initially 17 lines, 30 sections ⇒ FY2024: 19 lines, 32 sections) ⚫ On these railway sections, which account for roughly one-third of our operating kilometers, usage has decreased to about 30% since 1987. This presents a problem where the benefits of railway service from the perspective of it being a mass transport are not being 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 o f new local lines, such as the Rebuilding Cooperation Committeee organized by the Ministry of Land, Infrastructure, Transport and Tourism at the request of local public organizations or railway operators. From June to July 2024, talks were held for setting a location for discussions Kisuki Line Izumo-Yokota to Bingo-Ochiai FY2024 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 Line sections with fewer than 2,000 passengers per day → Scope for disclosure Johana Line Himi Line Determined reconstruction policy 2029 Planned transfer of management Oito Line Minami-Otari – Itoigawa section Started demonstration project to increase bus services in June 2024 In October 2025, we decided to establish the cooperation committee in the beginning of FY2026 and to compile measures within the same fiscal year Kakogawa Line Nishiwaki City to Tanigawa Since April 2025: Implementing further measures to promote usage, such as increasing train frequency. Since December 2025: Publishing usage status reflecting ridership promotion during the Expo period. Discussions started by the Rebuilding Cooperation Committee in March 2024 Began demonstration project, including increased service on some sections in July 2025 Geibi Line Bitchu-Kojiro to Bingo-Shobara Mine Line As of July 2025, the direction has been set to pursue restoration via non-rail modes (BRT, etc.) In October 2025, the statutory council began plan formulation ▼State of Major Dialogues [Reference] Quoted from materials from the 4th Johana Line and Himi Line Rebuilding Meeting [Reference] Mine Line: Fourth Recovery Planning Subcommittee meeting materials
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E Real Estate and City Development Medium-Term Management Plan 2025 Period Prior to FY25.3 FY26.3 From FY27.3 Examples of Development and Acquisition Properties • Openings of projects in Osaka • Openings of projects in Hiroshima • Expansion of private-placement funds • Establishment of private-placement REIT and scale expansion • Renewal of the property management structure • Accumulating know-how on logistics, healthcare, etc. • Expansion of assets in the Tokyo metropolitan area, Fukuoka, etc. • Further expansion of private-placement funds and REIT • Promotion of projects in Sannomiya • Promotion of city development projects along the train line • Expansion of assets in highly fluid areas • Sales of assets and reduction of new investments that are prone to inflation • Promotion of overseas business • Expansion of life-support type shopping centers FY24.3 and FY25.3 Since FY26.3 Major Initiatives of the Medium-Term Management Plan 2025 ・Expansion of both total assets and improvement of ROA ・Privately-placement REIT AUM : ¥70.0 billion Future target FY25.3 (results) FY28.3 ・Total assets*: ¥983.7 billion ・Privately-placement REIT AUM: ¥42.6 billion Takatsuki Green Place May 2025 Opening J.GRAN Funahori Completed in March 2025 J.GRAN Kyoto Katsuragawa Station Front Planned completion in October 2026 Nishiakashi city development Station building in FY2026 Condominium in FY2027 Kitasenri Green Place July 2025 Opening Development under the western elevated tracks of Osaka Station Planned opening of commercial facilities and a bus terminal under the elevated tracks by Spring 2027 Predear Koiwa Completed in December 2025 CPD Nishinomiya Kita WEST Predear Court Kiyosumishirakawa Completed in February 2025 Nihonbashi North Square Acquired in June 2024 Nihonbashihisamatsucho NK builidng Completed in March 2024 Okayama City Ekimae-cho 1-chome 2, 3, 4. District Type 1 Urban Redevelopment Project Planned completion in FY2026 QUARTZ SHINSAIBASHI Planned completion in March 2026 ⚫ Significantly contributed to the generation of a vibrant environment around the station through the openings of the Osaka Projects and Hiroshima Projects. Maximize the effects of the project from FY2026.3 and beyond. ⚫ Promote the expansion of assets in highly fluid areas such as the Tokyo metropolitan area and the improvement of revenue by offering benefits for further growth and improvement of asset efficiency. ⚫ Aim to strengthen the real estate portfolio management through expanding private-placement funds as well as establishing and expanding private-placement REIT. ＊Total asset of real estate segment 28
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E Digital strategy 29 ⚫ With the launch of Wesmo! as an opportunity, we will strive to further expand point merchants and activate WESTER members through 1-to-1 services, such as real-time recommendations. ⚫ Regarding the number of WESTER members, we achieved 10 million members ahead of schedule. Revised the target plan upwards to 13 million members by FY2028.3. ⚫ Speedy execution of various measures to increase points awarding and usage amounts, creating income through group synergies. ・Maximize the effect of Group-wide ID and points (Promotion of Group-wide measures) ・Strengthen contact points with individual customers via an app (WESTER: 3.66 million DL) ・Increase in mobile ICOCA users and enhancement of functionality ・Preparation for Wesmo! launch (Completed Type 2 Funds Transfer Service registration and acquisition of ISMS certification) Selected as Noteworthy DX Companies 2025 for the first time ・The launch of Wesmo! service and the expansion of external point merchants by its introduction ・Further expansion of points awarding and usage amounts ・Enhancement of the app in preparation for an increase in active members ・Transition to 1-to-1 service (real-time recommendations) ・Development of mobile ICOCA in other areas (Spring 2026 and beyond) Expansion of Group synergy and business income FY24.3 and FY25.3 FY26.3 Major Initiatives of the Medium-Term Management Plan 2025 ・Number of members: 10.29 million members ・Number of active members: 3.44 million members ・Operating income*: ¥2.5 billion Future target ・Number of members: 13 million members ・Number of active members: 5 million members ・Operating income*: ¥4.5 billion FY25.3 (results) FY28.3 *Only the above WESTER-related income and expenditure are re-posted. Synergy effects from DX are included in each segment. WESTER World Released on May 28, 2025. Wesmo!
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F Business Portfolio Management ✓ Regularly review the positioning and roles of each business in alignment with the management strategy ✓ Focus capital investment according to the growth potential and characteristics of each business, and manage through KPI setting [Contribution to corporate value enhancement based on ROIC-WACC spread and the scale of invested capital] ✓ Reduce the cost of equity by improving accountability in enhancing the safety and sustainable evolution of the railway business and expanding the life design field by restructuring the business portfolio ✓ Enhance dialogue with capital markets and stakeholders regarding financial soundness and optimal capital structure Long-term Enhancement of Corporate Value Improvement of safety and continuous advancement of transportation operations Growth by rebuilding business portfolio Financial strategy to achieve both objectives listed on the left 30 Enhance business portfolio management using ROIC by business segment － Adapting to rapid environmental changes －
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F Business Portfolio Management 31 Approach to ROIC (Consolidated and by Business Segment): ➢ Consolidated：Calculated as after-tax operating income divided by Invested capital (interest-bearing debt + shareholder’s equity). ➢ By Business Segment：Calculated as after-tax operating income divided by utilized assets (inventories + tangible and intangible fixed assets). ROIC 2023 results 2024 results 2025 forecasts Consolidated total 4.6% 4.7% Approx. 4.8% Mobility 3.8% 4.2% Approx. 4.2% Retail 14.5% 15.4% Approx. 15.8% Real Estate 4.4% 3.5% Approx. 3.8% Travel and Regional Solutions 186.6% 23.1% Approx. 15.9% ＜ROIC by business segment＞ Consolidated WACC Approx. 3-4% * Only the year-end is updated for the ROIC by business
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Communication with Shareholders and Investors Main Content of Dialog Theme Voice of shareholders and investors 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 urban development, digital strategy, and new business creation. We would like the Company to further improve information disclosure on the progress of each direction of growth. ⚫ Isn’t long-term sustainability of the railway business difficult under the current fare system? ⚫ 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 clearly disclose ROIC per business. ⚫ We actively release state of progress on digital strategy through dialog with the person in charge of business departments during the IR Day. Disclose the impact of income and expenditure from the digital strategy. We will set opportunities to engage in dialog regarding other strategies when the occasion arises. ⚫ We requested the Ministry of Land, Infrastructure, Transport and Tourism and other bodies to build a fare system that can respond to an inflationary environment. 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 capital costs. ⚫ Share buyback of ¥100 billion (forecast) is accepted favorably. On the other hand, we hope this is not a temporary measure but is a continuous measure and further dialog with the capital market on cash allocation in the next mid-term management plan, direction during increased/decreased income, 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% level. We recognize that it has become a burden on the share price. ⚫ We have not changed our policy of controlling capital costs (WACC) at a 3% 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 dialog with the capital market ⚫ We expect EPS, ROE, and dividend per share to recover to the pre- COVID-19 level by early implementation of share buybacks as described in the Medium-Term Management Plan update. Sustainability management ⚫ The description of the human resources strategy is detailed, but it is not clear how it connects to value creation. ⚫ As to how outside directors are monitoring and can speedily execute measures is unclear; disclosure of what is being discussed in the Board of Directors meetings would be desirable. ⚫ Disclosed the focus on the management policy for human resources strategy, direction of the initiatives, and the scale of investment in human capital during the IR Day. ⚫ Set opportunities to engage in dialog with the outside director and release information regarding the roles and contributions of the outside director (Nozaki) through direct dialog. ⚫ Continue discussion on sustainability and improvement of corporate value as well as setting related KPIs as important issues. 32
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Communication with Shareholders and Investors 33 Integrated Report 2025 The following contents are expressed in the communication with stakeholders through the Integrated Report ⚫ By disclosing Our Purpose and Long-term Vision along with promoting initiatives in the Mid-Term Management Plan, we aim to evolve into a corporate group that can create value into the future within the value creation model ⚫ Improve corporate value from a long-term perspective through sustainability (ESG) initiatives as the foundation for value creation Key changes from the previous fiscal year reflecting investors feedback ⚫ By changing the presentation of the Group’s initiatives from “by business strategy” to “by materiality”, explanations are provided from the perspective of values offered to stakeholders in a way that makes it easy to understand the story toward achieving the Long-Term Vision ⚫ Increased the pages of messages and provided information in roundtable discussion format to increase the understanding of stakeholders on the thoughts of our management and the vision in the value creation story.
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Direction of the next mid-term management plan Our Purpose Evolve connections among people, communities, and societies, stir the heart. Drive the future. Innovation in the field of mobility services • Further improvement of railway safety and transportation quality • Creation of travel demand(domestic and inbound) by honing the appeal of regions, products and services • Establishment of operations that address labor shortages • Realization of optimal transport system that consider regional characteristics and transport needs • Fare revisions to enhance safety and service, and to address price and interest rate trends, as well as human capital investment Expand Life Design Field • City development centered on the railway and the vitalization of regions • Further expansion of real estate business in growth domains • Expansion new businesses that contribute to solving social issues • Discontinuous growth through capital strategies capturing opportunities Improvement of the value of customer experience ・ Transformation of our business portfolio Expansion of life-related services that utilize the digital platform and customer base Next Medium-Term Management Plan is “The stage of transformation toward the next growth” Further “co-creation” and “challenge.” Direction Financial Strategy Capital Efficiency-Focused Financial Strategy 2025 Osaka Kansai Expo Osaka IR Opening (Annual Visitors: Approximately 20 Million) Naniwasuji Line Opening Inbound tourists 60million (Government targets for 2030) 2032 Realize our Long- Term Vision 34
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35 FY2026.3 3Q Results and Earnings Forecasts (Details) FY2026.3 3Q Results and Earnings Forecasts (Overview) P . 3 P . 14 Appendix P . 23 P . 36 Rapid Changes in the Management Environment and Response Policy Progress Update on the Medium-Term Management Plan 2025
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36 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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Additional Measures in the Medium-Term Management Plan 2025 Update 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 37
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Improve safety of railways Objectives over the 5 years through FY2028.3 Progress as of the end of the 3Q of FY2026.3 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 Zero(However, two occurrences in FY2023) FY2028.3 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% Upgrade ratio 58% (2) Update platform gates or platform safety screens at stations with less than 100,000 riders Upgrade ratio 50% Upgrade ratio 24% 〔Railway Crossing Safety〕 Upgrade equipment at railroad crossings that meet certain criteria to audibly warn train drivers of large vehicles stuck in crossings (1) Railroad crossings upgraded with radio notification systems Upgrade ratio 90% Upgrade ratio 78% (2) Trains equipped with visual recognition systems Upgrade ratio 60% Upgrade ratio 16% 〔Earthquake Countermeasures〕 Earthquake countermeasures for Sanyo Shinkansen (1) Measures to prevent collapse of structures (reinforce bridge footings) Upgrade ratio 100% Upgrade ratio 93% (2) Measures to prevent significant sagging of railway lines (reinforce rigid-frame abutments) Upgrade ratio 74% (3) Measures to prevent major train deviation from tracks (upgrade derailment prevention guards on high-priority track sections) Upgrade ratio 89% • 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” Promote actions that emphasize “management that prioritizes frontline judgment,” “putting customers first and meeting their expectations,” building “psychologically safe teams,” “frontline-driven think- and-act,” and the “five values we cherish.” 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 renewal of rolling stock based on the status of labor securement with the mindset of putting customers first and meeting their expectations. Progressing as planned 38 * For details on the target goals, please refer to our website: “JR-West Group Railway Safety Think-and-Act Plan 2027.” * The upgrade ratio is calculated based on the planned number of upgrades at the time the target goals were set. * For Platform Safety 2, the upgrade ratio also includes platform safety screens at stations with 100,000 or more daily boardings and alightings.
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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 Medium-Term Management Plan 2025 Progress (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. Effect of 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 City Commercialized +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 Released Wesmo! (May 2025) (Country) 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 39 Osaka/Kansai Expo (April to October) Mine Line: Establishment of the Regional Public Transportation Council for the area along the line 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 28 million visitors Number of WESTER members 10 million+ Started operation of the new rolling stock for the rapid train Yakumo Geibi Line: Fifth committee meeting Oito Line: 10th Promotion Working Group meeting
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Extension of Hokuriku Shinkansen to Tsuruga 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 Usage performance in the first year of operation Joetsumyoko～Itoigawa 9.901 million（124% YoY） Kanazawa～Fukui 8.161 million（125% YoY） 40
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City development project: Sannomiya 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 buildingDevelopment 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 41
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City development projects: Along railway line (Mukōmachi Station and Nishi-Akashi Station) 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) 42
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⚫ In FY2025.3, operating income increased by ¥10.1 billion and EBITDA increased by ¥6.5 billion compared to the target. ⚫ In FY2026.3, we are aiming to achieve operating income of ¥195 billion and EBITDA of ¥379 billion, which exceeds the target, by maximizing the effects of the Expo and City Development Projects despite changes in the management environment such as increasing investment in human resources and inflation as well as impact of upfront expenses for the digital and new businesses. 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 Long - Term Vision Achieved Improve safety of railways Life design field 40% of total (Consolidated operating income) * Excluding energy cost impacts 2025.3 179.7 180.1 195.0 185.0 195.0 (+) Effects of the Expo (－) Impact of the Noto Peninsula Earthquake (－) Human resource factor (incl. employment costs) (－) Upfront costs of digital and new businesses Operating Income EBITDA 343.0 349.5 379.0 400.0 Operating income of the Medium- Term Management Plan Update (¥ Billions) 43 170.0 (+) Upward trend in usage (－) Human resource factor (incl. employment costs) 343.0 370.0 Against the Medium-Term Management Plan 2025 Update Return to pre - pandemic levels* by revitalizing railways EBITDA of the Medium-Term Management Plan Update ※ The target levels and period for the next medium-term plan will be considered in the future
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Financial Strategy: Capital Investment Plan FY2024.3 to FY2026.3 (Three years) Maintenance and upgrades investments ¥505.0 billion Safety investments ¥340.0 billion Growth investment ¥400.0 billion Maintenance and upgrades investments ¥540.0 billion Safety investments ¥340.0 billion ¥940.0 billion Real estate and city development ¥265.0 billion Transportation operations ¥70.0 billion Digital strategy New domain ¥22.0 billion (Project delay, continued focus on investments) Other ¥78.0 billion Breakdown of growth investments “Current Plan”“Medium-Term Management Plan 2025 Update” ¥940.0 billion ¥1,064.5 billion EBITDA ¥1,056.0 billion * Includes investment in stocks, etc. (Reference) FY2024.3 to FY2028.3 Growth investment ¥650.0 billion Maintenance and upgrades investments ¥960.0 billion Safety investments ¥610.0 billion ¥1,610.0 billion “Medium-Term Management Plan 2025 Update” * Includes investment in stocks, etc. 44 Growth investment ¥435.0 billion ⚫ We will steadily promote each initiatives in the Medium-Term Management Plan 2025, aiming to generate EBITDA that exceeds the investment plan for FY2024.3 to FY2026.3 (three years), including the effects of the Osaka Kansai Expo. ⚫ We plan ¥384.5 billion in capital expenditure for FY2026.3 (including investments in stocks, etc.). We will review resource allocation to accelerate the expansion of the life design field, all while steadily advancing safety investments.
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Financial Strategy: Financial KPIs 45 Ability to generate income Management efficiency Financial Discipline FY25.3 [Results] FY26.3 [Earnings forecast] FY26.3 [Released figures of the Mid- Term Management Plan UD] FY28.3 [Released figures of the Mid- Term Management Plan UD] Consolidated operating income ¥180.1 billion ¥195.0 billion ¥185.0 billion ¥195.0 billion EBITDA ¥349.5 billion ¥379.0 billion ¥370.0 billion ¥400.0 billion (Reference) Transportation revenue ¥892.6 billion ¥930.0 billion ¥905.0 billion ¥915.0 billion Consolidated ROA 4.8% 5.1% Approx. 5% Approx. 5% Consolidated ROE 10.1% 10.1% Approx. 10% Approx. 10% (Reference) Consolidated ROIC 4.7% *Approx. 4.8% (Estimate at start of year) － － Net interest-bearing debt/EBITDA 4.0ⅹ Approx. 4ⅹ Approx. 4ⅹ Under 4ⅹ Life Design Field Operating Income Ratio 20% 22% (Estimate at start of year) Approx. 25% Approx. 35% Business Composition ※ The target levels and period for the next medium-term plan will be considered in the future
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87.5 91.3 50.0 50.0 62.5 71.0 84.5 90.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 19.3期 20.3期 21.3期 22.3期 23.3期 24.3期 25.3期 26.3期 Financial Strategy/Shareholder Returns Financial discipline ・ Net interest bearing debt / EBITDA 4x (FY26.3), Under 4x (FY28.3) Shareholder returns Dividends Per Share (¥) 33.6 34.9 19.1 24.4 30.4 34.5 39.7 41.2 Approximately 9.9 9.9 - - - - 49.9 49.9 Total Amount Paid for Dividends Share buybacks (Planned) (¥ Billions) FY25.3 • Based on the basic policy of dividend payout ratio of 35%, we plan an annual dividend of ¥84.5 per share (increase of ¥10.5 from the previous plan). [Interim: ¥37.0 Year-end: ¥47.5] A 2-for-1 stock split of shares of common stock became effective on April 1, 2024. Indicated amounts of dividends per share are those after the stock split ・ 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 • Acquire approximately 17 million shares worth ¥49.9 billion (Cancelled all shares) FY26.3 46 FY19.3 FY22.3 FY23.3FY20.3 FY21.3 FY25.3 FY26.3FY24.3 • Implement share buybacks of approximately 15.5 million shares worth ¥49.9 billion, considering the achievement status of the Mid-Term Management Plan to recover EPS to the pre-COVID-19 level and improve capital efficiency (Cancelled of all shares) • Annual dividend of ¥90.5 per share (planned) based on the basic policy
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Financial Strategy/Shareholder Returns ROE 169.5172.3 221.8235.8 285.4 266.7 233.4 181.6 202.6 240.1 258.1 0.0 50.0 100.0 150.0 200.0 250.0 300.0 14.3期 15.3期 16.3期 17.3期 18.3期 19.3期 20.3期 21.3期 22.3期 23.3期 24.3期 25.3期 26.3期 EPS 47 ・ 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) Five-year average before COVID-19 (FY2016.3 to FY2020.3) FY23.3 (Results of the previous Mid-Term Management Plan) FY26.3 After the share buybacks and cancellation (estimate) ROE 9.9% 8.8% 10.1% EPS ¥248.6 ¥181.6 ¥258.1 DPS (dividend per share) ¥79.5 ¥62.5 ¥90.5 Medium-Term Management Plan 2025 8.6 8.4 10.2 10.0 11.3 9.8 8.1 8.8 9.2 10.1 10.1 14.3期 15.3期 16.3期 17.3期 18.3期 19.3期 20.3期 21.3期 22.3期 23.3期 24.3期 25.3期 26.3期 The cost of equity increased to approximately 7%. (Unit: Yen)(Unit: %) FY14.3 FY17.3 FY18.3FY15.3 FY16.3 FY20.3 FY21.3FY19.3 FY22.3 FY23.3 FY25.3 FY26.3FY24.3 FY14.3 FY17.3 FY18.3FY15.3 FY16.3 FY20.3 FY21.3FY19.3 FY22.3 FY23.3 FY25.3 FY26.3FY24.3 ⚫ Conduct share buyback for the remaining ¥50 billion from May 2025 in addition to the share buyback of approximately ¥50 billion conducted in FY2025.3 to recover the EPS to the pre-COIVD-19 level and improve capital efficiency from both sides of Income generation through each business strategy and financial strategy. In addition to the share buyback of approximately ¥50.0 billion conducted in FY25.3, the remaining share buyback of approximately ¥50.0 billion was completed during the first half of FY26.3 ⚫ We expect ROE, EPS, DPS (dividend per share) will recover to the pre-COVID-19 level.
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10 50 45 30 25 15 20 25 10 10 10 20 30 25 10 10 20 25 30 50 55 30 35 10 10 35 15 15 35 15 15 40 20 40 20 0.5 1 25 40 20 25 0 500 1,000 1,500 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 '51 '52 '53 '54 '55 '56 '57 '58 '59 '60 '61 '62 '63 '70 '71 '72 20.3期以前 21.3期-23.3期(コロナ禍) 25.3期～ Expected bond redemption (¥ Billions) (Note 1): As of February 3, 2026 (Note 2): Redemption amount is face value (Note 3): Horizontal axis shows fiscal years ending in March Bond redemption amount (non-consolidated) 48 Before FY20.3 FY21.3 to FY23.3 (COVID-19) From FY25.3 50 100 150
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• 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 Financial strategy: Cash allocation 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 ⚫ 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) 49
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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% 175% 330% 400% 23.3期 24.3期 25.3期 26.3期 28.3期 64% 60% 71% 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 *JR-West non-consolidated indicators FY24.3 FY25.3 2.7% 3.6% 4.3% 5.5% 10.0% 2.6% 3.3% 3.9% 23.3期 24.3期 25.3期 26.3期 28.3期 出向受含む 出向受除く 6.8% 8.0% 10.0% 6.0% 6.7% 7.8% 8.0% 23.3期 24.3期 25.3期 26.3期 28.3期 出向受含む 出向受除く FY23.3 FY26.3 FY28.3FY24.3 FY25.3 FY23.3 FY26.3 FY28.3FY24.3 FY25.3 FY23.3 FY26.3 FY28.3FY24.3 FY25.3Including secondees received Excluding secondees received Including secondees received Excluding secondees received 50 CO2 emissions (Group consolidated total, compared with FY14.3) CO2排出量 （グループ連結・2013年度比） FY14.3 FY26.3 FY31.3 2050FY36.3 FY41.3 1.39 million t-CO2 1.07 million t-CO2 Net zero580,000 t-CO2860,000 t-CO2 35% reduction 50% reduction Achieve carbon neutrality 73% reduction 60% reduction 2.15 million t-CO2
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This document is available on our website. JR West website Investor Relations section: https://www.westjr.co.jp/global/en/ir/ Cautionary Statement regarding Forward-Looking Statements ◼ 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: ⚫ expenses, 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 February 3, 2026 based on information available to JR-West as of February 3, 2026 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. 51