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©Japan Airlines, ALL rights reserved. ©Japan Airlines, ALL rights reserved. JAPAN AIRLINES Co.,Ltd. Financial Results 1st Half Mar/2026（FY2025） October 30, 2025 非航空事業は短信と揃えて non-aviation bussiness 国際旅客 Int'l pax 国内旅客 Domestic pax 低需要便 less-congested flights 喚起策 the stimulus measures
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©Japan Airlines, ALL rights reserved. Note (1) Regarding figures in tables of this material, amounts are rounded down to the nearest hundred million yen, and the second decimal point in ratios is rounded off to one decimal point. (2) The 2nd Quarter results (July to September) are calculated by deducting the results of 1st Quarter (April to June) from 1st Half (April to September). (3) LCC=Low Cost Carrier (4) We introduced ESG-related index selections to evaluate executive officer’s compensations. ※ indicates the applicable index. 2 THE INCLUSION OF JAPAN AIRLINES CO., L TD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF JAPAN AIRLINES CO., L TD. BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES. ※ ESG Indices Dow Jones Sustainability Asia Pacific Index for the third consecutive year Supplier Engagement (SEA) A ※ 1.PERFORMANCE OVERVIEW FOR FY25Q2 2.DETAILS OF FINANCIAL RESUL TS FOR FY25Q2 3.REFERENCES APEX WORLD CLASS Best Wi-Fi in Eastern Asia 2025 APEX" The 42nd IT Awards 2024 (Open Innovation Field) SKYTRAX Best Economy Class Airline Seats 2025 Best Premium Economy Class Airline in Asia 2025 メモ ・東京都スポーツロゴ英語版ないため削除 ・サプライヤーエンゲージメント英語版ある？ APEX WORLD CLASSロゴとCDPロゴ未 更新 （チャン） →女性活躍指数を除いては、 日文版に合わせて更新、位置調整済 み 10/27 SKYTRAX World Airline Star Rating 5-Star ※ ※
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©Japan Airlines, ALL rights reserved. Performance Overview for FY2025Q2 (1) EBIT = Profit before Financing and Income tax (Profit before Tax – Finance Income and Expenses) (2) Net Profit = Profit attributable to Owners of Parent (3) EBIT Margin = EBIT/Revenue Fuel/FX Markets フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.5 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） Revenue EBIT (1) / Net Profit (2) 3 Operational Preconditions/ASK (JPY Bn) スプレッドシート使用 以下の楕円内は手打ち To マテリアルチーム 作業時のお願い ・フォント、文字サイズの変更＆統一 （スプレッドシート内含む） ・FY21Q1の形式が反映されているか （特にグラフ内、文字や数字の漏れがないか） ・注釈の確認 Googleスライド利用時の注意 ・グラフ、一部表はスプレッドシートを反映 その後スライド内の「更新」 ・PDF化する際に軸ずれするため7割に留める +XXXX億円 (+XX%) +XXXX億円 (JPY Bn) ✔Strong Int'l pax demand and demand stimulus measures to capture Domestic pax resulted in record-high revenue since re-listing, with EBIT exceeded our plan and the previous year ✔No change in full-year consolidated earnings forecast and dividends forecast, with interim dividends of 46 yen per share resolved at today’s board meeting +82.1Bn (+9.1%) FY24Q2 FY25Q2 y/y Singapore Kerosene (USD/bbl) 98.0 83.4 ▼14.9% Dubai Crude Oil (USD/bbl) 83.6 68.9 ▼17.6% FX Rate (JPY/USD) 154.0 146.2 ▼5.1% FY25Q2 (Vs. FY24Q2) International Routes Domestic Routes Total Full Service Carrier +6.7% ▼0.1% +3.8% LCC +21.5% ▼62.5% +17.8% Total +9.4% ▼1.0% +5.5% 数値入力済み（10/20） →野田 箱の場所等も調整済み(10/22)
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©Japan Airlines, ALL rights reserved. Revenue EBIT ✔Achieved an increase in both revenue and profit in Q2 alone, following Q1 ✔Achieved record-high revenue in Q2 alone since re-listing Consolidated Revenue and EBIT Trends for Each Quarter (JPY Bn) (JPY Bn) 4 メモ：入力済み（10/21）
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©Japan Airlines, ALL rights reserved. Revenue by business segment 5 フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント ・その他表内 フォント11（入らなければ10） FY2025Q2 Performance by business segment Note.Revenue and EBIT in each business segment are before intersegment elimination. （JPY Bn） （JPY Bn） EBIT by business segment ✔FSC: Revenue/profit increased y/y through capturing Int’l Pax demand and utilizing freighters ✔LCC: Maintained y/y revenue growth despite a temporary slowdown of inbound demand for ZIPAIR ✔Mileage/Finance and Commerce: Both revenue/profit increased y/y through business model reforms ✔Other: Both revenue/profit increased y/y led by ground handling business 下段表 (passenger)、(Cargo)は表で追加し ているので表更新時は注意 メモ 日本語版未完 野田 数値入力済み(10/22) →箱の場所等も調整済み(10/22) →体裁＋EBIT Other更新（前川10/23） FY24Q2 FY25Q2 FY24Q2 FY25Q2 FY25Q2(Jul. to Sep.) Full Service Carrier LCC Mileage/Finance and Commerce Other (Ground Handling, Travel, etc.) Revenue 358.4（Pax) 47.3（Cargo） 28.6 58.1 68.0 Vs.y/y ＋22.3 ＋6.3 ▼0.1 +5.6 +2.4 EBIT 45.5 2.8 10.8 5.1 Vs.y/y ▼3.4 ▼2.7 +0.2 +6.5
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©Japan Airlines, ALL rights reserved. 1.PERFORMANCE OVERVIEW FOR FY25Q2 2.DETAILS OF FINANCIAL RESUL TS FOR FY25Q2 3.REFERENCES 6
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©Japan Airlines, ALL rights reserved. Consolidated Financial Results Details of financial results for FY2025Q2 The details of the consolidated financial results are presented by company consolidated accounts;Not showing the Revenue and EBIT by each reporting segments (1) Other (Ground Handling, Travel, etc.) = Travel Agency, Ground Handling, etc. (2) Others = Gain on Sales of Aircraft, Other Income, Share of Profit or Loss of Investment and Income/Expenses from Investment (3) EBITDA Margin = EBITDA/Revenue EBITDA = EBIT + Depreciation and Amortization フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 7 メモ：数値入力済み（10/21） マイル/その他分解 ver. 1st Half Q2（Jul. to Sep.） (JPY Bn) FY24Q2 FY25Q2 Vs. FY24 FY25Q2 Vs. FY24Q2 Diff. y/y Diff. y/y Revenue 901.8 983.9 +82.1 +9.1% 512.8 +35.0 +7.3% Full Service Carrier 710.1 770.2 +60.0 +8.5% 402.9 +26.5 +7.0% International PAX 340.5 367.7 +27.2 +8.0% 182.8 +8.2 +4.7% Domestic PAX 280.4 302.1 +21.6 +7.7% 167.9 +12.1 +7.8% Cargo / Mail 79.7 90.9 +11.2 +14.1% 47.3 +6.3 +15.6% Other Revenue 9.5 9.4 ▼0.0 ▼0.7% 4.9 ▼0.3 ▼6.5% LCC 45.3 50.6 +5.3 +11.8% 24.3 +0.0 +0.2% Mileage/Finance and Commerce 62.9 69.8 +6.9 +11.1% 36.0 +4.1 +12.9% Other (Ground Handling, Travel, etc.) (1) 83.3 93.0 +9.6 +11.6% 49.4 +4.4 +9.8% Operating Expense 824.3 890.8 +66.5 +8.1% 455.3 +37.2 +8.9% Fuel 192.3 193.8 +1.4 +0.8% 99.8 +1.9 +2.0% Excluding Fuel 631.9 697.0 +65.0 +10.3% 355.5 +35.2 +11.0% Others (2) 8.1 16.6 +8.4 +102.8% 6.7 +2.7 +70.9% EBIT 85.6 109.7 +24.0 +28.0% 64.2 +0.6 +1.0% EBIT Margin(%) 9.5% 11.2% +1.6pt - 12.5% ▼0.8pt - Net Profit 49.8 67.6 +17.7 +35.6% 40.5 +4.6 +13.0% RPK (MN passenger km) 38,144 42,300 +4,155 +10.9% 21,742 +1,750 +8.8% ASK (MN seat km) 48,087 50,733 +2,645 +5.5% 25,915 +1,473 +6.0% EBITDA Margin(%) (3) 18.0% 19.5% +1.5pt - 20.6% ▼0.8pt - 上段のJPY Bnに２行になりますので、 要修正（チャン） →修正済み 野田 10/27
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©Japan Airlines, ALL rights reserved. Domestic Passenger +21.6 (JPY Bn) Fuel +8.4 Maintenance ▼11.6 Aircraft ▼12.0 ▼0.8%Int'l Passenger +27.2 ▼1.4 FY24Q2 EBIT FY25Q2 EBIT + stands for profit increase (revenue increase, cost decrease) ▼ stands for profit decrease (revenue decrease, cost increase) Expenses ▼66.5 Bn (▼8.1%) ▼24.5 +7.7% ▼19.9%▼16.5% ▼9.6% 109.7 85.6 Other Expenses Mileage/Finance and Commerce +102.8% Others(2) Full Service Carrier Other ▼16.8 Personnel+5.3 LCC +6.9 ▼0+11.2 Cargo and Mail Changes in EBIT (Revenues／Expenses) Details of financial results for FY2025Q2 FSC ＋0.9 FX ▼1.7 (TTL) ▼0.7 FSC ▼5.4 FX ▼2.9 (TTL) ▼8.4 FSC(3)・FX FSC - FX ▼1.7 (TTL) ▼1.7 (1) Other (Ground Handling, Travel, etc.) = Travel Agency, Ground Handling, etc. (2) Others = Gain on Sales of Aircraft, Other Income, Share of Profit or Loss of Investment and Income/Expenses from Investment (3) FSC = Fuel Surcharge FSC ▼4.4 FX ▼6.4 (TTL) ▼10.9 ＋14.1% ▼0.7% +11.8% +11.1% RPK y/y ： +10.9% ASK y/y ： +5.5% ▼7.5% +24.0Bn Revenue +82.1 Bn (+9.1%) Landing & Navigation fees ▼4.6 Sales Commissions ▼0.3 Services ▼3.6 Non-Aviation Variable Costs ▼4.4 Other Variable costs ▼3.5 Other than above ▼7.7 Total ▼24.5 +8.0% 8 フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） マイル/その他分解 ver. メモ：数値入力 →FSC・為替修正入るかも（10/21） →野田 数値入力済み(箱の場所も微調整済 み)(10/22) Other (Ground Handling, Travel, etc.)(1) +9.6 +11.6%
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©Japan Airlines, ALL rights reserved. Market impact +8.8 Bn Others +15.1 Bn FX (excl.Fuel) FX +8.7 Market +24.3 Total +32.9 (JPY Bn) ▼77.8 (Excl. Market Impact) Revenues ▼6.4 Cost excl. Fuel +8.3 Total +1.8 +93.0 ▼21.5▼4.4+32.9 ▲1,045 Fuel (excl.Hedging) Fuel Surcharge +1.8 Hedging etc. Revenue increase Cost increase FY24Q2 EBIT FY25Q2 EBIT +24.0Bn 109.7 Int’lPassenger ▼5.4 Int’l Cargo ＋0.9 Total ▼4.4 Impact from Currency Market +10.5 Bn Revenue ▼6.4 Bn Cost +17.0 Bn Fuel +8.7 Bn Excl. Fuel +8.3 Bn Details of financial results for FY2025Q2 Changes in EBIT (Market and other impact) フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） Fuel Volume ▼12.8 Maintenance ▼15.8 Landing & Navigation fees ▼5.1 Sales Commissions ▼0.6 Services ▼4.3 Non-Aviation Variable Costs ▼4.5 Other Variable costs ▼4.3 Aircraft ▼12.4 Personnel ▼17.2 Other than above ▼8.7 Others +8.4 Total ▼77.8 Int’l Passenger ＋35.6 Dom Passenger +21.6 Cargo/Mail ＋11.9 Full Service Carrier Others ▼0 LCC ＋6.7 Mileage/Finance and Commerce, Other (Ground Handling, Travel, etc.) +17.0 Total +93.0 85.6 日本語版と同じWF を使用する 9 メモ：入力済み（10/21） →野田 箱の場所等微調整済み(10/22) + stands for profit increase (revenue increase, cost decrease) ▼stands for profit decrease (revenue decrease, cost increase)
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©Japan Airlines, ALL rights reserved. フォントの統一にご協力をお願いいたします フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3（幅は24.54） ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） International Passenger Operations (Full Service Carrier) 10 International Passenger Change in Revenue (JPY Bn) (1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK Details of financial results for FY2025Q2 Market：▼5pt Net Unit Price etc.：+1pt ▼7.2 ＋34.4340.5 367.7 ＋27.2 Bn (＋8.0％) FY24Q2 Unit Price Passenger Number FY25Q2 FY24Q2 Result FY25Q2 Result Market：▼1pt Net Unit Price etc.：+2pt 100 96 96 Factors of Changes in Unit Price for Q2 (Jul. to Sep.) FY24Q2=100 FY25Q2 Initial Forecast ✔Achieved y/y revenue growth with a steady number of pax and unit price by capturing strong inbound demand and recovering outbound business demand in the first Half of FY25 ✔In Q3, the number of pax is expected to grow further due to further increases in inbound demand 右側グラフ 日本語版と同じWF を使用する メモ： 入力済み（10/21） →野田 箱の場所等微調整済み(10/22) Julyに修正済み International Passenger Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Passenger Revenue (JPY Bn) 340.5 367.7 +8.0% 182.8 +4.7% Passengers (’000) 3,621 3,986 +10.1% 2,031 +8.6% RPK (MN passenger km) 20,282 22,562 +11.2% 11,516 +10.5% ASK (MN seat km) 24,729 26,379 +6.7% 13,552 +8.3% L/F (%) 82.0% 85.5% +3.5pt 85.0% +1.7pt Revenue per Passenger (JPY) (1) 94,030 92,241 ▼1.9% 90,005 ▼3.5% Yield (JPY) (2) 16.8 16.3 ▼2.9% 15.9 ▼5.2% Unit Revenue (JPY) (3) 13.8 13.9 +1.2% 13.5 ▼3.3%
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©Japan Airlines, ALL rights reserved. フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 11 Domestic Passenger Change in Revenue (JPY Bn) (1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK Domestic Passenger Operations (Full Service Carrier) Details of financial results for FY2025Q2 ▼8.1 +29.8280.4 302.1 FY24Q2 Unit Price Passenger Number FY25Q2 FY24Q2 Result FY25Q2 Result FY25Q2 Initial Forecast Net Unit Price etc.：+1pt Net Unit Price etc.：▼2pt 100 101 99 ＋21.6 Bn (＋7.7％) Factors of Changes in Unit Price for Q2 (Jul. to Sep.) FY24Q2=100 ✔Revenue increased y/y through the flexible revenue management in the first Half, and the number of pax is expected to grow steadily in Q3 as well 右側グラフ 日本語版と同じWF を使用する メモ： 入力済み（10/21） →野田 箱の場所等微調整済み(10/22) Julyに修正済み Domestic Passenger Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Passenger Revenue (JPY Bn) 280.4 302.1 +7.7% 167.9 +7.8% Passengers (’000) 17,286 19,125 +10.6% 10,044 +8.4% RPK (MN passenger km) 13,221 14,623 +10.6% 7,743 +8.2% ASK (MN seat km) 17,654 17,635 ▼0.1% 8,982 +0.2% L/F (%) 74.9% 82.9% +8.0pt 86.2% +6.4pt Revenue per Passenger (JPY) (1) 16,224 15,798 ▼2.6% 16,718 ▼0.5% Yield (JPY) (2) 21.2 20.7 ▼2.6% 21.7 ▼0.3% Unit Revenue (JPY) (3) 15.9 17.1 +7.8% 18.7 +7.6%
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©Japan Airlines, ALL rights reserved. 12 Details of financial results for FY2025Q2 Cargo フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 1 ✔Int’l Cargo: Revenue increased y/y through the expansion of our freighter network. Successfully captured strong demand between Asia and North America by launching a Hanoi-Tokyo route, increasing flights to Taipei, operating temporary flights to Bangkok, and chartering flights to Chicago. ✔Domestic Cargo: Revenue increased y/y through the steady growth in the number of operations of the joint-partner Yamato Group freighters メモ： 入力済み（10/21） Julyに修正済み International Cargo Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Cargo Revenue (JPY Bn) 60.5 70.7 +16.9% 37.1 +18.9% Available Ton Km (MN ton km) 2,633 2,986 +13.4% 1,528 +14.4% Revenue Ton Km (MN ton km) 1,381 1,609 +16.4% 834 +20.3% Carried Cargo Weight (Thousand ton) 255 293 +14.9% 151 +17.9% Revenue Ton (JPY/kg) 237 241 +1.7% 244 +0.9% Domestic Cargo Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Cargo Revenue (JPY Bn) 13.5 14.8 +9.7% 7.6 +8.8% Available Ton Km (MN ton km) 842 855 +1.5% 435 +0.8% Revenue Ton Km (MN ton km) 147 157 +7.0% 81 +3.2% Carried Cargo Weight (Thousand ton) 157 165 +5.2% 86 +1.1% Revenue Ton (JPY/kg) 86 90 +4.3% 88 +7.6% 単独: Jul. to Sep.
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©Japan Airlines, ALL rights reserved. 1313 LCC (1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK Details of financial results for FY2025Q2 フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） ✔ ZIPAIR is expected to recover in Q3 after experiencing a temporary slowdown of inbound demand ✔ SPRING JAPAN is growing steadily by capturing strong demand in major cities in China メモ： 入力済み（10/21） Julyに修正済み ZIPAIR Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Passenger Revenue（JPY Bn） 35.1 38.2 +9.0% 17.2 ▼3.3% Passengers（’000） 680 674 ▼0.9% 325 ▼6.4% RPK（MN passenger km） 3,922 4,157 +6.0% 1,994 ▼1.3% ASK（MN seat km） 4,822 5,644 +17.0% 2,841 +14.6% L/F（%） 81.3% 73.7% ▼7.7pt 70.2% ▼11.3pt Revenue per Passenger (JPY) (1) 51,598 56,753 +10.0% 52,924 +3.3% Yield（JPY）(2) 9.0 9.2 +2.8% 8.6 ▼2.1% Unit Revenue（JPY）(3) 7.3 6.8 ▼6.9% 6.1 ▼15.6% SPRING JAPAN Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 y/y FY25Q2 y/y Passenger Revenue（JPY Bn） 10.1 12.4 +21.7% 7.1 +9.8% Passengers（’000） 537 577 +7.4% 297 +6.9% RPK（MN passenger km） 717 956 +33.3% 487 +23.4% ASK（MN seat km） 880 1,072 +21.8% 539 +11.8% L/F（%） 81.5% 89.2% +7.7pt 90.3% +8.5pt Revenue per Passenger (JPY) (1) 18,969 21,496 +13.3% 23,976 +2.8% Yield（JPY）(2) 14.2 13.0 ▼8.7% 14.6 ▼11.0% Unit Revenue（JPY）(3) 11.6 11.6 ▼0.2% 13.2 ▼1.8% 単独: Jul. to Sep.
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©Japan Airlines, ALL rights reserved. 14 Details of financial results for FY2025Q2 Mileage/Finance and Commerce, Other(Ground Handling, Travel, etc) フォントの統一にご協力をお願いいたします フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） ✔ Mileage/Finance and Commerce: the number of mileage issued continued to grow steadily ✔ Other: Ground Handling continues to perform well 件数は前期末？グラフ？ （%） （%）（EBIT/JPY Bn） Mileage points issued in non-aviation business （EBIT/JPY Bn） EBIT by Mileage/Finance and Commerce EBIT by Other(Ground Handling, Travel, etc) メモ：入力済み（10/21） →右の図の6.4を日本語版に合わ せて修正済み Number of flights contracted for ground handling
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©Japan Airlines, ALL rights reserved. Full Service Carrier Unit Profit Expenses Details of financial results for FY2025Q2 Major Operating Expense Items (1) Services = Expenses regarding inflight services, airport lounges, cargo equipment, etc. (2) Other variable cost = Travel agency, Mileage, Commerce, Ground handling, etc. (3) Unit Revenue = Passenger Revenue/ASK (4) Unit Cost = (Operating expenses - Non-Passenger Revenue)/ASK (5)Unit Profits = (Unit Revenue) - (Unit Cost) フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 15 メモ： 上記表入力済み（10/21） UP表は10/21完成予定 UP入力済み（前川 10/23） Julyに修正済み （JPY Bn） Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 Vs. FY24Q2 FY25Q2 Vs. FY24Q2 Diff. y/y Diff. y/y Fuel 192.3 193.8 +1.4 +0.8% 99.8 +1.9 +2.0% Landing and navigation fees 42.5 47.2 +4.6 +11.0% 24.0 +2.1 +9.7% Maintenance 70.3 81.9 +11.6 +16.5% 40.2 +6.2 +18.4% Sales commissions (Air Transport) 15.1 15.5 +0.3 +2.3% 8.0 +0.4 +6.5% Services(1) 27.4 31.1 +3.6 +13.4% 16.1 +1.7 +12.1% Other variable cost(2) 117.2 125.3 +8.0 +6.8% 65.1 +2.2 +3.7% Aircraft 60.6 72.7 +12.0 +19.9% 37.0 +6.2 +20.3% Personnel 175.2 192.0 +16.8 +9.6% 97.4 +9.0 +10.2% Other cost 123.2 130.9 +7.7 +6.3% 67.4 +7.0 +11.7% Total Operating Expenses 824.3 890.8 +66.5 +8.1% 455.3 +37.2 +8.9% （JPY） Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY24Q2 FY25Q2 Diff. FY25Q2 Diff. UR (Unit Revenue)(3) 14.7 15.2 +0.6 15.6 ＋0.2 UC (Unit Cost)(4) 13.6 13.9 +0.3 13.8 ＋0.4 UP (Unit Profits)(5) 1.1 1.4 +0.3 1.8 ▼0.2 単独: Jul. to Sep.
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©Japan Airlines, ALL rights reserved. Fuel Costs 16 Changes in fuel costs Hedge Ratio (As of End of Sep./2025) Details of financial results for FY2025Q2 Fuel Hedging FX Hedging Foreign currency expenses ❏ Hedging for consumption volume in Domestic Operations to deal with fuel price changes ❏ Consumption volume in Int’l Operations covered by fuel surcharge revenues ❏ Hedging conducted for domestic fuel costs to deal with effect of fx changes to fuel costs ❏ Current foreign currency revenues exceeded foreign currency expenses (excluding fuel costs) due to rising demand from overseas. 燃油・為替 ヘッジ実施 一時的に外貨 収入が多い FY25 FY26 FY27 Int’l routes Domestic routes FSC (1) revenue received Hedged Fuel Use Fuel costs Non-fuel costs Int’l routes Domestic routes Foreign currency revenues FSC (1) revenue received Hedged (1) FSC = Fuel Surcharge FY24Q2 FY25Q2 （JPY Bn） フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 16 左グラフ 日本語版と同じWF を使用する▼24.2 +21.5 193.8 Market FX192.3 +12.8 Volume Hedging and others ▼8.7 +1.4Bn (+0.8%) メモ：入力済み（10/21）
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©Japan Airlines, ALL rights reserved. Cash Flow FY24Q2 FY25Q2 Diff. Cash Flow from Operating Activities 183.9 158.3 ▼25.5 Depreciation and Amortization 76.8 82.2 +5.3 Cash Flow from Investing Activities ▼154.3 ▼81.3 +73.0 Capital Investment ▼166.5 ▼96.4 +70.1 Free Cash Flow (6) 29.6 77.0 +47.4 Cash Flow from Financing Activities 10.3 123.5 +113.1 Total Cash Flow (7) 39.9 200.6 +160.6 EBITDA (8) 162.5 191.9 +29.4 (1) Equity Attributable to Owners of the Parent (2) Ratio of Equity Attributable to Owners of the Parent to Total Assets (3) Interest-Bearing Debt/Shareholders’ Equity (4) (Interest-Bearing Debt - Cash and Deposits) /Shareholders’ Equity (5) Figures in () represent figures based on credit rating evaluation considering Hybrid Finance and Perpetual Subordinated Bonds (6) Cash Flow from Operating Activities + Cash Flow From Investment Activities (7) Cash Flow from Operating Activities + Cash Flow from Investment Activities + Cash Flow from Financial Activities (8) EBITDA = EBIT + Depreciation and Amortization Balance Sheet and Cash Flow （JPY Bn） Details of financial results for FY2025Q2 ✔ Equity ratio stands at 39.5%, and the Net D/E ratio is ▼0.1×, recording net cash, both of which are maintained at a healthy levelBS CF ✔ Positive free cash flow is maintained despite the increasing aircraft investment フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） メモ：入力済み（10/21） →下表についても数値入力済み (10/22) →投資・出資額も入力済み (10/23) BS数字修正済み(田中) (10/28) 17 Balance Sheet End of FY24 End of FY25Q2 Diff. Total Assets 2,794.9 3,054.5 +259.5 Cash and Deposits 749.0 949.6 +200.6 Balance of Interest-bearing Debt 896.0 886.7 ▼9.2 Repayment within one year 94.5 142.6 +48.0 Shareholders’ Equity (1) 975.0 1,205.8 +230.7 Shareholders’ Equity Ratio(%) (2)(5) 34.9% (41.1%) 39.5% (39.4%) +4.6pt (▼1.8pt) D/E Ratio (x) (3) 0.9x 0.7x ▼0.2x Net D/E Ratio (x) (4)(5) 0.2x (▼0.0x) ▼0.1x (▼0.1x) ▼0.2x (▼0.0x)
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©Japan Airlines, ALL rights reserved. Shareholder return 18 FY2025 Q2 Consolidated Financial Result フォントの統一にご協力をお願いいたします フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 入力：齋藤 CHK①：野田 CHK②：前川 マテリアルチーム INTENTIONALL Y LEFT BLANK ✔In addition to annual dividends forecast of 92 yen / share, including the interim dividends of 46 yen, we will conduct share buyback of 20 billion yen ✔We will achieve the total payout ratio of around 50% in accordance with our original shareholder return policy through this share buyback Shareholder return policy and measure Share buyback of 20 billion yen (From 31st October 2025 to31st March 2026) Annual dividends forecast of 92 yen / share(Interim dividends of 46 yen / share) ● 10月30日に自己株式取得200億円を決議 ● 取得期間は25年10月31日から26年3月31日 ● これにより「総還元性向50％」を実現 ● 年間配当92円/株は据え置き ● 中間配当46円を決議 ● 配当性向は35％を継続 FY25 Shareholder return measure Shareholder return policy Dividend payout ratio of around 35% Total payout ratio of around 35~50 % Dividend Other Achieve total payout ratio of around 50%
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©Japan Airlines, ALL rights reserved. 1.PERFORMANCE OVERVIEW FOR FY25Q2 2.DETAILS OF FINANCIAL RESUL TS FOR FY25Q2 3.REFERENCES 19
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©Japan Airlines, ALL rights reserved. Operation Performance by Geographic Segment [Reference] フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.5 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 20 表中の文字・数字は 中央揃えで統一 メモ：入力済み（10/21） Julyに修正済み Passenger Revenue (%） Q2 (Apr. to Sep.) Q2 (Apr. to Sep.) FY25Q2 Component Ratio Vs. FY24Q2 FY25Q2 Component Ratio Vs. FY24Q2 America 42% +15.5% 41% +10.9% Europe 18% +3.5% 18% +0.4% Asia/Oceania 26% +0.7% 26% ▼2.3% China 6% ▼2.2% 6% ▼5.6% Hawaii/Guam 8% +14.9% 9% +17.0% Total 100% +8.0% 100% +4.7% ASK (MN seat km) Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY25Q2 Vs. FY24Q2 FY25Q2 Vs. FY24Q2 America 10,165 +11.2% 5,299 +14.6% Europe 4,105 +0.7% 2,073 +1.1% Asia/Oceania 8,262 +3.9% 4,117 +2.8% China 1,135 ▼1.8% 571 ▼2.5% Hawaii/Guam 2,709 +12.9% 1,490 +19.8% Total 26,379 +6.7% 13,552 +8.3% RPK (MN passenger km) Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY25Q2 Vs. FY24Q2 FY25Q2 Vs. FY24Q2 America 8,722 +11.9% 4,423 +13.0% Europe 3,607 +6.0% 1,866 +5.0% Asia/Oceania 6,993 +11.1% 3,462 +7.8% China 957 +7.0% 499 +3.5% Hawaii/Guam 2,282 +20.2% 1,265 +22.5% Total 22,562 +11.2% 11,516 +10.5% Revenue Passengers Carried ('000) Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY25Q2 Vs. FY24Q2 FY25Q2 Vs. FY24Q2 America 931 +12.0% 471 +12.6% Europe 394 +6.4% 204 +5.4% Asia/Oceania 1,757 +7.9% 871 +4.8% China 506 +9.1% 264 +5.8% Hawaii/Guam 396 +22.2% 219 +24.1% Total 3,986 +10.1% 2,031 +8.6% Load Factor (%） Q2 (Apr. to Sep.) Q2 (Jul. to Sep.) FY25Q2 FY24Q2 FY25Q2 FY24Q2 America 85.8% 85.2% 83.5% 84.7% Europe 87.9% 83.5% 90.0% 86.7% Asia/Oceania 84.6% 79.2% 84.1% 80.2% China 84.3% 77.3% 87.3% 82.3% Hawaii/Guam 84.2% 79.1% 84.9% 83.0% Total 85.5% 82.0% 85.0% 83.3% 単独: Jul. to Sep.
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©Japan Airlines, ALL rights reserved. End of FY24 (March 31, 2025) End of FY25Q2 (Sep. 30, 2025) Diff.Owned Leased Total Owned Leased Total Large Airbus A350-1000 7 1 8 9 1 10 +2 Airbus A350-900 11 4 15 12 4 16 +1 Boeing 777-300ER 12 0 12 11 0 11 ▼1 Large-sized Total 30 5 35 32 5 37 +2 Middle Boeing 787-9 19 3 22 19 3 22 0 Boeing 787-8 23 0 23 23 0 23 0 Boeing 767-300ER 24 0 24 24 0 24 0 Middle-sized Total 66 3 69 66 3 69 0 Small Boeing 737-800 49 7 56 49 7 56 0 Small-sized Total 49 7 56 49 7 56 0 Regional Embraer 170 / Embraer 190 32 0 32 32 0 32 0 De Havilland DHC-8-400CC 5 0 5 5 0 5 0 ATR42-600 / ATR72-600 14 1 15 14 1 15 0 Regional Total 51 1 52 51 1 52 0 Cargo Airbus A321-200 0 3 3 0 3 3 0 Boeing 767-300ER 3 0 3 3 0 3 0 Cargo Fleet Total 3 3 6 3 3 6 0 Full Service Carrier Total 199 19 218 201 19 220 +2 LCC Boeing 787-8 8 0 8 8 0 8 0 Boeing 737-800 0 6 6 0 6 6 0 LCC Total 8 6 14 8 6 14 0 Full Service Carrier + LCC Total 207 25 232 209 25 234 +2 退役済み機材除く Fleet Information Full Service Carrier [Reference] 表を更新すると線が表示 されるので要注意 21 メモ：入力済み（10/21） Sep 30, 2025
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©Japan Airlines, ALL rights reserved. フォントMplus1p 見出し位置 ・タイトル フォント24 横1.54 縦0.87 ・サブタイトル フォント20 横1.59 縦1.83 ・バナー フォント16 横0.96 縦3 ・注釈 フォント9 ・その他表内 フォント11（入らなければ10） 22 [Reference] FY2025 Outlook | Details メモ： 感応度入力済み（10/21） 左表/日本語版待ち →数値入力済み(10/23) (JPY Bn) FY25 Q1Result Q2Result FY2025H1 Forecast Revenue 471.0 512.8 983.9 1,977.0 Full Service Carrier 369.3 405.7 775.1 1,525.0 International PAX 184.9 182.8 367.7 715.0 Domestic PAX 134.2 167.9 302.2 583.0 Cargo and Mail 43.6 47.3 90.9 189.0 Other Revenue 6.4 7.7 14.1 38.0 LCC 30.4 28.6 59.0 125.0 Mileage/Finance and Commerce 49.7 58.1 107.9 226.0 Other (Ground Handling, Travel, etc.) 59.9 68.0 128.0 290.0 Adjustment ▼38.3 ▼47.8 ▼86.2 ▼189.0 Operating Expense 435.4 455.3 890.8 1,808.0 Fuel 94.0 99.8 193.8 405.0 Excluding Fuel 341.4 355.5 697.0 1,403.0 Others 9.8 6.7 16.6 31.0 EBIT 45.5 64.2 109.7 200.0 Full Service Carrier 30.7 45.5 76.2 117.0 LCC 4.2 2.8 7.0 19.0 Mileage/Finance and Commerce 10.2 10.8 21.0 51.0 Other (Ground Handling, Travel, etc.) 1.3 5.1 6.4 15.0 Adjustment ▼1.0 ▼0.0 ▼1.1 ▼2.0 Net Profit 27.0 40.5 67.6 115.0 (JPY Bn) Fuel Prices (USD/bbl) Dubai Crude 65USD 70USD 75USD 80USD Singapore Kerosene 80USD 85USD 90USD 95USD FX (JPY/USD) 135JPY ＋4.0 ＋2.0 ＋2.5 ▼3.0 140JPY ＋4.0 ▼2.0 ▼1.5 ▼2.5 145JPY ＋0.5 ▼1.0 ±0.0 ▼6.0 150JPY ＋1.5 ▼4.5 ▼4.0 ▼6.0 155JPY ▼1.5 ▼3.0 ▼7.5 ▼9.5 Impact on profit after FY25Q2 by Fuel and FX* (Incl. hedging and Fuel surcharges) Base ※The chart shows how profit will change during the period of FY2025, as fuel surcharge revenue and fuel expenses increase or decrease due to fluctuations in the fuel market (Singapore kerosene) and foreign exchange rates. The fuel surcharge until January has been already determined, which was reflected in the above table.
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©Japan Airlines, ALL rights reserved. Fly into tomorrow. Finance & Investor Relations Japan Airlines 23
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©Japan Airlines, ALL rights reserved. Disclaimer This content contains descriptions of the future expectations, outlooks, objectives and plans etc. of Japan Airlines Co., Ltd. (hereafter "the company") and related Group companies (hereafter "the Group"). These are based on information available at the time when these materials were created by the company (or as otherwise specified), and are created based on the forecasts at such time. These statements were created based on certain assumptions. These statements and assumptions include the subjective projections and judgments of our management, and due to various risks and uncertainties, these may be found to be inaccurate or unrealized in the future. Therefore, the actual results, earnings and financial conditions, etc. of the Group may differ from the projections of the company. These risks and uncertainties include, but are not limited to, the economic and social conditions of Japan and other countries and regions, soaring fuel costs, changes in the exchange rates between the yen and the dollar or other currencies, terrorist attacks or wars, infectious disease outbreaks, and various other risks related to the aviation business. Statements on this content regarding future information are, as mentioned above, valid at the time of creation (or as otherwise specified), and our company has no obligation to ensure that this information is updated with the latest available information. The information contained in this content is for informational purposes only, and is not intended as a recommendation, solicitation or request for the purchase of or trade in any securities or financial products. Although every effort has been made to ensure that the information posted on this content regarding the Group is correct, it includes unaudited financial information for which we provide no guarantee of its accuracy, completeness, fairness or reliability. The Company does not have any responsibility for any damages resulting from the use of this content. It should be noted that all rights with this content and other copyright of this material belongs to Japan Airlines Co., Ltd. 24