Interim report
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[REFERENCE TRANSLATION] Please note that this translation is to be used solely as reference and the financial statements in this material are unaudited. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail. Consolidated Financial Results for the Six Months Ended September 30, 2026[IFRS] November 2, 2026 Company name Japan Airlines Co., Ltd Stock Listing Tokyo Stock Exchange Code No. 9201 URL: https://www.jal.com Representative Mitsuko Tottori, President Contact Maki Takahashi, General Manager, Finance Phone: +81-3-5460-3121 Scheduled date for filing of Semi Annual Report: November 4, 2026 Scheduled date for dividend payment: December 10, 2026 Supplementary explanations of the financial results: Yes Presentation for the financial results: Yes (for institutional investors and analysts) (Amounts are rounded down to the nearest million yen unless otherwise indicated) (1) Consolidated Operating Results (Cumulative) (Percentage compared to prior year) Revenue Profit before financing and income tax Interim Profit before tax Interim Profit attributable to owners of parent Interim Comprehensive income Six months ended September 30, 2026 Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % 1,098,980 11.7 70,172 (36.0) 63,367 (38.4) 39,066 (42.2) 37,889 (52.1) Six months ended September 30, 2025 983,920 9.1 109,707 28.0 102,789 34.7 67,647 35.6 79,133 162.7 Interim earnings per share Diluted Interim earnings per share Yen Yen Six months ended September 30, 2026 79.91 - Six months ended September 30, 2025 150.11 - Total Assets Total Equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets (%) Equity per share attributable to owners of parent Millions of Yen Millions of Yen Millions of Yen % Yen As of September 30, 2026 3,317,613 1,543,196 1,496,137 45.1 2,609.12 As of March 31, 2026 3,198,757 1,334,765 1,289,639 40.3 2,586.99 1. Consolidated Financial Results for the Six Months Ended September 30, 2026 (April 1, 2026 to September 30, 2026) (Note) 1. Profit before financing and income tax represents an index to monitor, compare and evaluate the JAL Group’s performance continuously. Profit before financing and income tax is Profit from which Income tax expense, Interest, and Finance income and expense are deducted. 2. Dividend on bond-type class shares and amounts equivalent to interest on perpetual subordinated bonds are deducted in the calculation of earnings per share. (2) Consolidated Financial Position (Note) Equity attributable to owners of parent used in calculating ‘Equity per share attributable to owners of parent’ is calculated by deducting amounts not attributable to common shareholders of the Company from ‘Equity attributable to owners of parent’
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Dividends per Share 1st Quarter End 2nd Quarter End 3rd Quarter End Fiscal Year End Total Yen Yen Yen Yen Yen Year Ended March 31, 2026 - 46.00 - 50.00 96.00 Year Ending March 31, 2027 - 48.00 Year Ending March 31, 2027 (Forecast) - 48.00 96.00 (Percentage compared to prior year) Revenue Profit before financing and income tax Profit attributable to owners of parent Entire Fiscal Year Millions of Yen % Millions of Yen % Millions of Yen % 2,095,000 4.1 180,000 (17.4) 110,000 (20.1) 2. Dividends (Note) 1. Revisions to the most recently disclosed dividends forecast: None Please refer to “1. Summary of Business Results (4) The Dividends for the Current Term” in the Attachment. 2. “Dividends” shown above apply specifically to the Common Shares. For details regarding dividends on the Series 1 Bond-Type Class Shares, please refer to “Dividends of Bond-Type Class Share” below. 3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2027 (Note) Revisions to the most recently disclosed forecast: None Please refer to “1. Summary of Business Results (3) Explanations of Forecast of Consolidated Financial Results” in the Attachment. Notes (1) Changes in significant consolidated subsidiaries during this period : None (2) Changes in accounting policies/changes in accounting estimates 1) Changes in accounting policies due to revisions in accounting standards under IFRS: None 2) Changes in accounting policies other than 1): None 3) Changes in accounting estimates: None (3) Number of shares issued (common stock) (a) Total number of shares issued at the end of the period (including treasury shares) As of September 30, 2026 : 437,143,500 As of March 31, 2026 : 437,143,500 (b) Number of treasury shares at the end of the period As of September 30, 2026 : 7,191,588 As of March 31, 2026 : 7,315,776 (c) Average number of shares outstanding During the six months ended September 30, 2026 : 429,863,188 During the six months ended September 30, 2025 : 436,588,490 ※This document is unaudited by certificated public accountants or audit firms. ※Explanation for appropriate use of forecasts and other notes (Remarks on the description on future forecast) The forward-looking statements such as operational forecasts contained in this statement summary are based on information currently available to the Company and certain assumptions which are regarded as legitimate. However, it does not mean that we guarantee its achievement. ※The Company holds a presentation for institutional investors and analysts on November 2, 2026. Documents distributed at the presentation are scheduled to be posted on our website on the same day.
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Dividends per Share 1st Quarter End 2nd Quarter End 3rd Quarter End Fiscal Year End Total Yen Yen Yen Yen Yen Year Ending March 31,2027 - 131.50 Year Ending March 31,2027 (Forecast) - 200.00 331.50 Dividends of Bond-Type Class Shares The breakdown of dividends per share related to Bond-Type Class Shares, which have different rights and relationships compared to common shares, is as follows: Series 1 Bond-Type Class Shares Policy on acquisition of Series 1 Bond-Type Class Shares Based on the clause for acquisition by the Company (call option), the Company may acquire the Series 1 Bond-Type Class Shares in exchange for cash after the elapse of five years from the issuances, etc. We will determine whether to acquire (call) these Bond-Type Class Shares in exchange for cash, taking into consideration our business and financial strategy, market conditions and other factors at the time. We fully understand that, as is customary in the market for hybrid financing, many investors expect to be called when the dividend rate is stepped up.
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1. Summary of Business Results 2 (1) Summary of Business Results 2 (2) Summary of Financial Position 9 (3) Explanations of Forecast of Consolidated Financial Results 9 (4) The Dividends for the Current Term 9 2. Condensed Semi-Annual Consolidated Financial Statement and Primary Notes 10 (1) Condensed Semi-Annual Consolidated Statement of Financial Position 10 (2) Condensed Semi-Annual Consolidated Statement of Profit or Loss and Other Comprehensive Income 12 (3) Condensed Semi-Annual Consolidated Statement of Changes in Equity 14 (4) Condensed Semi-Annual Consolidated Statement of Cash flows 17 (5) Notes for Condensed Semi-Annual Consolidated Financial Statements 18 (Reporting Company) 18 (Basis of Preparation) 18 (Going Concern Assumptions) 18 (Revenue) 19 (Segment Information) 23 Attachment CONTENTS - 1 -
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(JPY Bn) Six months ended September 30, 2025 Six months ended September 30, 2026 % or points compared to prior period Revenue 983.9 1,098.9 111.7% Operating Expense 890.8 1,038.2 116.5% Fuel 193.8 285.6 147.4% Excluding Fuel 697.0 752.6 108.0% Profit or loss before financing and income tax (EBIT) 109.7 70.1 64.0% EBIT Margin (%) 11.2 6.4 (4.8) Interim Profit attributable to owners of parent 67.6 39.0 57.8% 1. Summary of Business Results The business environment of the second quarter (from April 1, 2026 to September 30, 2026) was that the sharp rise in fuel costs due to the escalating tension in the Middle East and the persistent depreciation of yen exerted a significant upward force on operating costs. Despite this business environment, International Passenger sales performed well and achieved a significant year-on-year increase in unit revenue. This was driven by the continuing strong inbound demand, outbound business demand from Japan, and AI and semiconductor-related demand, as well as successful revenue management that captured the robust demand while leveraging the increased fuel surcharge table. Domestic Passenger sales also progressed steadily, with unit revenue growing substantially year-on-year as a result of the early capture of passengers during high-demand period, in addition to flexible revenue management responding to the increased demand. As a result, our earnings before interest and taxes (hereinafter referred to as “EBIT”) was 70.1 billion yen. (1) Summary of Business Results The revenue for the six months ended September 30, 2026 (from April 1, 2026 to September 30, 2026 hereinafter referred to as the “Second Quarter Period”) increased by 11.7% year on year to 1,098.9 billion yen, the operating expense increased by 16.5% year on year to 1,038.2 billion yen, the EBIT decreased by 36.0% year on year to 70.1 billion yen, the profit attributable to owners of parent decreased by 42.2% year on year to 39.0 billion yen. Consolidated financial results are as follows. (Note) 1. Figures have been truncated and percentages are rounded off to the first decimal place. 2. Profit or loss before financing and income tax is defined as EBIT for the JAL Group. EBIT is calculated as Profit or Loss for the current fiscal year excluding Income tax expense, Interest, and Finance income and expense. 3. EBIT Margin=EBIT/Revenue. The JAL Group has been driving the business portfolio transformation after the company’s experience with the COVID pandemic. While pursuing growth, we are simultaneously establishing a structure capable of agilely responding to various risks probable in the future. To this end, we aim to create new business models particularly in non-aviation domains and expand the overall profitability of the Group. As we enhance the flexibility and resilience of our entire business, we will strategically execute growth investments and accelerate this transformation to steadily achieve not only our EBIT target of 180 billion yen in the current fiscal year - the first year of the “JAL Group Management Vision 2035” - but also 300 billion yen in FY2030 and 350 billion yen in FY2035. The main topics are the growth and expansion of profit in the International Passenger Business and the “Mileage/Finance and Commerce Business”, as well as the establishment of a sustainable Domestic Passenger Business. For the “Full Service Carrier Business”, we will expand the scale of our International Passenger Business by up-gauging aircraft size and introducing more medium to long-haul aircraft. For the Domestic Passenger Business, on the other hand, we will establish a sustainable domestic network that serves as vital social infrastructure, as we rapidly improve the profitability through the introduction of fuel surcharges, collaboration with other airlines, and cross-industry improvements in the supply-demand balance. For the Cargo business, we will expand our freighter network by introducing additional large freighters and expanding the transport of high-value- added cargo. For the “LCC Business”, we will scale up our international presence by expanding the network from Narita International Airport mainly with ZIPAIR - our medium to long-haul international LCC. Furthermore, we will accelerate the business diversification with the “Mileage/Finance and Commerce Business” through strategic investments and broadening cross-industry partnerships both - 2 -
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domestically and globally. The JAL Group has maintained a consolidated profit in the second quarter (from April 1, 2026 to September 30, 2026) led by both the power of foreign currency earnings in the International Passenger Business and the revenue diversification with non-aviation business, despite the extremely volatile external environment with demand shifts and soaring fuel costs driven by the escalating Middle East tensions. Notably, the stable revenues in the “Mileage/Finance and Commerce Business” forming the foundation of the profit, represents as a result of the steady progress in the business model reform and the business portfolio transformation that we have been promoting since the COVID pandemic. Furthermore, toward the realization of the “JAL Group Management Vision 2035”, we issued the Series 1 Bond-Type Class Shares on June 3, 2026, to implement large-scale growth investments while maintaining a strong financial foundation. The proceeds secured through this issuance will be used to fund a portion of the capital investment for the purchase of state-of-the-art aircraft, including the Airbus A350 and Boeing 737-8. Regarding human capital management, we will continue to foster an environment where diverse talents can thrive across a wide range of fields and realize the creation of new value. For the Green Transformation, we have been operating environmentally friendly flights with the introduction of the Airbus A350-1000. Going forward, we will continue to work alongside our customers and society to expand the use of SAF, aiming to take climate action while achieving business growth. - 3 -
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(JPY Bn) Six months ended September 30, 2025 Six months ended September 30, 2026 % or points compared to prior period Full Service Carrier Business 775.1 884.9 114.2% INTERNATIONAL 442.9 534.4 120.6% Passenger operations 367.7 426.6 116.0% Cargo and mail-service operations 74.4 106.9 143.7% Luggage operations 0.8 0.8 107.0% DOMESTIC 318.9 337.4 105.8% Passenger operations 302.2 319.7 105.8% Cargo and mail-service operations 16.5 17.4 105.7% Luggage operations 0.2 0.2 108.6% OTHER 13.1 13.0 99.2% <Full Service Carrier Business> The revenue for the Semi Annual increased by 14.2% year on year to 884.9 billion yen, and EBIT decreased by 45.3% year on year to 41.6 billion yen (Revenue and segment profit are figures before intersegment eliminations.) Revenue Results (FSC) (Note) Figures have been truncated and percentages are rounded off to the first decimal place. - 4 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 % or points compared to prior period INTERNATIONAL Revenue passengers carried (number of passengers) 3,986,959 3,863,532 96.9% Revenue passenger km (1,000 passenger-km) 22,562,541 21,438,093 95.0% Available seat km (1,000 seat-km) 26,379,826 25,896,898 98.2% Revenue passenger-load factor (%) 85.5 82.8 (2.7) Revenue cargo ton-km (1,000 ton-km) 1,609,177 1,745,665 108.5% Mail ton-km (1,000 ton-km) 43,488 34,563 79.5% DOMESTIC Revenue passengers carried (number of passengers) 19,125,714 18,698,333 97.8% Revenue passenger km (1,000 passenger-km) 14,623,900 14,296,615 97.8% Available seat km (1,000 seat-km) 17,635,778 17,274,594 98.0% Revenue passenger-load factor (%) 82.9 82.8 (0.2) Revenue cargo ton-km (1,000 ton-km) 157,875 153,581 97.3% Mail ton-km (1,000 ton-km) 11,385 11,577 101.7% TOTAL Revenue passengers carried (number of passengers) 23,112,673 22,561,865 97.6% Revenue passenger km (1,000 passenger-km) 37,186,441 35,734,709 96.1% Available seat km (1,000 seat-km) 44,015,605 43,171,493 98.1% Revenue passenger-load factor (%) 84.5 82.8 (1.7) Revenue cargo ton-km (1,000 ton-km) 1,767,053 1,899,246 107.5% Mail ton-km (1,000 ton-km) 54,874 46,141 84.1% Traffic Results (Full Service Carrier) (Note) 1. Revenue Passenger Kilometers (RPK) is the number of fare-paying passengers multiplied by the distance flown (km). Available Seat Kilometers (ASK) is the number of available seats multiplied by the distance flown (km). Revenue Cargo Ton Kilometers (RCTK) is the amount of cargo (ton) transported multiplied by the distance flown (km). 2. The distance flown between two points, used for calculations of RPK, ASK and RCTK above, is based on the great-circle distance and according to statistical data from IATA (International Air Transport Association) and ICAO (International Civil Aviation Organization). 3. Full Service Carrier (International): Japan Airlines Co., Ltd., Japan Transocean Air Co., Ltd. Full Service Carrier (Domestic): Japan Airlines Co., Ltd., J-Air Co., Ltd., Japan Air Commuter Co., Ltd., Hokkaido Air System Co., Ltd., Japan Transocean Air Co., Ltd. and Ryukyu Air Commuter Co., Ltd., 4. Figures have been truncated and percentages are rounded off to the first decimal place. - 5 -
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The JAL Group has achieved an increase in revenue in the interim consolidated accounting period year-on-year. For International Passenger, the unit price increased significantly year-on-year, despite the extremely volatile external environment with demand shifts and soaring fuel costs driven by the escalating Middle East tensions. This growth was driven by the continuing strong inbound demand and outbound business demand from Japan, as well as successful revenue management that captured the robust demand while leveraging the revised fuel surcharge table. As a result, the revenue exceeded the previous year’s level. Regarding flight operations, we will increase flights on the Narita-San Diego and Bengaluru routes, upgrading them to daily operations from September 2026 onwards. Furthermore, to accommodate robust inbound demand, we have decided to increase flights and operate daily during certain periods on the Narita-Melbourne, Kansai-Los Angeles, and Haneda-Helsinki routes. Furthermore, by deploying the Airbus A350-1000, state-of-the-art aircraft returning from long-term maintenance, additionally on the Haneda-London route, we will temporarily expand our A350-1000 network to 14 flights across 5 routes. Through these initiatives, we will continue striving to further enhance customer convenience and expand profitability. Furthermore, in September 2026, we announced a joint declaration on a strategic partnership with Korean Air Lines Co., Ltd. Korean Air is scheduled to integrate with Asiana Airlines in December 2026. Along with this, we will expand and enhance our existing tie-ups, such as codeshare and mileage partnerships, to include flights operated by Asiana Airlines, thereby improving convenience on high-demand routes and providing diverse options. For Domestic Passenger, steadily capturing robust demand amid the severe business conditions, we maintained the passenger numbers on par with the previous year. Furthermore, the unit price significantly increased year-on-year as a result of executing flexible revenue management in response to the increased demand during the high-demand periods. Consequently, the revenue exceeded the previous year's levels. In addition, for J-AIR, which operates regional routes based at Osaka International Airport (Itami), we have decided to introduce the state-of-the-art Embraer E190-E2 aircraft as the successor to the current regional Embraer E170/E190 aircraft, in anticipation of future demand trends and environmental changes. We position the introduction of this aircraft, equipped with the latest engines and newly designed wings, as a vital strategic investment for the future. Through this investment, we will promote sustainability initiatives, such as reducing CO2 emissions through significant improvements in fuel efficiency. Concurrently, by reducing noise during takeoffs and landings, we will mitigate the environmental impact on local communities around the airports and provide our customers with a more comfortable air travel experience. Furthermore, the high quality unique to the aforementioned state-of-the-art aircraft will enable us to control maintenance costs over the medium to long term. By steadily advancing measures such as this fleet renewal, we will continue aiming to establish a sustainable Domestic Passenger Business as outlined in the "JAL Group Management Vision 2035" and further enhance our profitability. For International Cargo, in response to the soaring fuel market prices, we passed on costs through measures such as the implementation of fuel surcharges. Concurrently, by expanding our network utilizing large freighters of other airlines on North America routes in addition to our own freighters on Asia routes, we captured the robust AI-related demand from Asia to North America. As a result, the unit price significantly exceeded the previous year's level, resulting in achieving a substantial increase in revenue. In the second half, through a transport partnership with NIPPON EXPRESS HOLDINGS, INC., we will launch operations between Los Angeles and Asia utilizing large freighters of other airlines to further expand our network. For Domestic Cargo, although overall demand remained sluggish, we strived to capture new demand through new services such as acting as an agency for security screening operations. As a result, the revenue exceeded the previous year's levels. Regarding the dedicated freighter operations with Yamato Holdings Co., Ltd., we announced its termination in June 2027. We will facilitate a smooth transition to alternative transport means by utilizing the transport networks of both groups, including passenger flight belly space, and will continue to provide stable and sustainable transport services. - 6 -
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(JPY Bn) Six months ended September 30, 2025 Six months ended September 30, 2026 % or points compared to prior period Revenue 59.0 65.8 111.4% International 49.7 54.2 109.1% Domestic 0.9 1.9 208.7% Others 8.4 9.6 114.8% Six months ended September 30, 2025 Six months ended September 30, 2026 % or points compared to prior period ZIPAIR Revenue passengers carried (number of passengers) 674,507 710,451 105.3% Revenue passenger km (1,000 passenger-km) 4,157,430 4,475,147 107.6% Available seat km (1,000 seat-km) 5,644,754 5,095,898 90.3% Revenue passenger-load factor (%) 73.7 87.8 14.2 SPRING JAPAN Revenue passengers carried (number of passengers) 577,216 452,503 78.4% Revenue passenger km (1,000 passenger-km) 956,847 664,845 69.5% Available seat km (1,000 seat-km) 1,072,828 771,586 71.9% Revenue passenger-load factor (%) 89.2 86.2 (3.0) <LCC Business> The revenue for the Semi Annual increased by 11.4% year on year to 65.8 billion yen, and EBIT decreased by 73.0% year on year to 1.8 billion yen (Revenue and EBIT are figures before intersegment eliminations.) Revenue Results (LCC) (Note) Figures have been truncated and percentages are rounded off to the first decimal place. Traffic Results (LCC) (Note) 1. Revenue Passenger Kilometers (RPK) is the number of fare-paying passengers multiplied by the distance flown (km). Available Seat Kilometers (ASK) is the number of available seats multiplied by the distance flown (km). Revenue Cargo Ton Kilometers (RCTK) is the amount of cargo (ton) transported multiplied by the distance flown (km). 2. The distance flown between two points, used for calculations of RPK, ASK and RCTK above, is based on the great-circle distance and according to statistical data from IATA (International Air Transport Association) and ICAO (International Civil Aviation Organization). 3. Traffic Results for SPRING JAPAN includes both International and Domestic carriage. 4. Figures have been truncated and percentages are rounded off to the first decimal place. Flexibly responding to the rising demand in the LCC market, we achieved an increase in revenue year-on-year, while the number of aircraft remained flat from the previous year. ZIPAIR - an LCC for medium to long-haul international flights, has decided to temporarily increase flights on the Narita-Seoul, Houston, Vancouver, and Singapore routes to accommodate the robust travel demand. Furthermore, considering the recent revitalization of travel between Japan and Malaysia and the growing two-way travel demand, we launched the Narita-Kuala Lumpur route on October 20, 2026. Through this, we will accommodate the robust travel demand between the two countries and realize access to diverse destinations through the expansion of the route network between North America and Asia. Meanwhile, Spring Japan - an LCC mainly operating on China routes, drove precise and efficient revenue management against the backdrop of a tighter supply-demand balance resulting from flight reductions by the Chinese airlines. Consequently, unit price increased significantly year-on-year, and the revenue exceeded the previous year's level. Furthermore, we announced the phased - 7 -
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introduction of four Boeing 737-800 aircraft from FY2027 onwards, aiming to expand our business scale. Going forward, through building a network with three distinct LCCs including Jetstar Japan, we will keep on contributing to the growth of both inbound and outbound travel while aiming to create new flows of people. <Mileage/Finance and Commerce Business> <Others> The revenue for the Semi Annual increased by 12.7% year on year to 121.6 billion yen, and EBIT increased by 5.4% year on year to 22.2 billion yen. (Revenue and EBIT are figures before intersegment eliminations.) For Mileage/Finance, the revenue generated from mileage issuance and redemption maintained high profit margins, significantly contributing to securing overall JAL Group profitability by absorbing the temporary downward pressure on the aviation business caused by the escalating tensions in the Middle East. Regarding mileage issuance, the number of mileage issued in the non- aviation domain has steadily increased, driven by organic growth in payment volume alongside the expansion of the JAL Card business, as well as the broadening of global partnerships with overseas financial institutions such as Capital One and Bilt Rewards. Furthermore, to expand opportunities to earn mileage in daily life beyond aviation use, we launched a new lifeline service "JAL Gas powered by TEPCO" in July 2026, which allows customers to efficiently earn miles by paying gas bills, adding to well-received services such as "JAL Mobile powered by IIJmio". Furthermore, in July 2026, we entered into a strategic partnership with Marriott Bonvoy®. Through the status match under this partnership, we will offer an elevated travel experience utilizing mutual benefits for members registered in both Marriott's travel program "Marriott Bonvoy" and the JAL Mileage Bank. Through this partnership, by appealing the JAL brand to approximately 300 million Marriott Bonvoy members, we will drive the expansion of our mileage customer base and the non-aviation business domain, while aiming for the growth of the Full Service Carrier Business by attracting customers we previously could not reach. Going forward, we will continue to promote the expansion of opportunities to earn and use mileage, thereby expanding our customer base and achieving profit growth. For Commerce, led by the strong trading of aircraft engine parts at JALUX and supported by solid performance across various business domains, we recorded stable profits which, alongside Mileage and Finance, contributed to securing overall profitability for the Group as a whole. - 8 -
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(2) Summary of Financial Position (Assets, liabilities and net asset) Assets in the Semi Annual increased by 118.8 billion yen from the end of the previous consolidated fiscal year to 3,317.6 billion yen, mainly due to capital investments and equity investments. Liabilities decreased by 89.5 billion yen from the end of the previous consolidated fiscal year to 1,774.4 billion yen mainly due to a decrease in interest-bearing liabilities despite an increase mainly in trade and other payables. Equity increased by 208.4 billion yen from the end of the previous consolidated fiscal year to 1,543.1 billion yen, mainly due to an increase in capital surplus through the issuance of bond-type class shares and the recognition of interim profit attributable to owners of parent. Liquidity at hand was maintained at a sufficient amount of 1,034.1 billion yen at the end of Semi Annual, as well as the unused credit line of 150.0 billion yen. (Outline of Cash Flows) Cash and cash equivalents at the end of Semi Annual increased by 23.9 billion yen from the end of the previous consolidated fiscal year to 1,034.1 billion yen. 1 Cash Flows from Operating Activities Reflecting an interim profit before tax of 63.3 billion yen, with non-cash expenses such as depreciation, and trade and other payables and receivables, cash flow from operating activities (inflow) was 160.0 billion yen (cash inflow of 158.3 billion yen in the same period of the previous year). 2 Cash Flows from Investing Activities Cash flow from investing activities (outflow) was 151.9 billion yen mainly due to acquisition of fixed assets (cash outflow of 81.3 billion yen in the same period of the previous year). 3 Cash Flows from Financing Activities Cash flow from financing activities (inflow) was 16.6 billion yen mainly due to proceeds from the issuance of Series 1 Bond-Type Class Shares and the prepayment of subordinated term loans (cash inflow of 123.5 billion yen in the same period of the previous year). (3) Explanations of Forecast of Consolidated Financial Results There are no changes to the full-year consolidated financial results forecast and dividend forecast announced in “Consolidated Financial Results for the year Ended March 31, 2026" released on April 30, 2026. (4) The Dividends for the Current Term The JAL Group regards shareholder returns as one of its most important management matters. Our fundamental policy is to actively implement shareholder returns through continuous and stable dividends and flexible acquisition of treasury shares, while securing internal reserves for making investments for corporate growth and adapting to changes in the business environment, to build a strong financial structure. Based on our policy, the interim dividend, with a record date of September 30, 2026, has been determined as 48 Japanese yen per Common Share and 131.5 Japanese yen per Series 1 Bond-Type Class Share at the Board of Directors Meeting on November 2, 2026. - 9 -
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As of March 31, 2026 As of September 30, 2026 Millions of Yen Millions of Yen Assets Current assets Cash and cash equivalents 1,010,185 1,034,135 Trade and other receivables 254,576 238,248 Other financial assets 31,216 30,291 Inventories 60,606 80,949 Other current assets 88,961 125,286 Total current assets 1,445,545 1,508,910 Non-current assets Tangible fixed assets Flight equipment 1,041,696 1,003,981 Advances on flight equipment 115,612 172,902 Other tangible fixed assets 102,221 109,715 Total tangible fixed assets 1,259,530 1,286,599 Goodwill and intangible assets 111,731 121,000 Investment property 2,902 1,746 Investments accounted for using equity method 33,532 63,370 Other financial assets 182,127 181,948 Deferred tax assets 109,866 100,250 Retirement benefit asset 36,393 37,400 Other non-current assets 17,128 16,385 Total non-current assets 1,753,211 1,808,702 Total assets 3,198,757 3,317,613 2. Condensed Semi-Annual Consolidated Financial Statement and Primary Notes (1) Condensed Semi-Annual Consolidated Statement of Financial Position - 10 -
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As of March 31, 2026 As of September 30, 2026 Millions of Yen Millions of Yen Liabilities and equity Liabilities Current liabilities Trade and other payables 208,687 250,619 Interest-bearing liabilities 149,883 122,541 Other financial liabilities 73,523 72,354 Income taxes payable 7,445 6,334 Contract liabilities 484,519 521,575 Provisions 5,045 2,625 Other current liabilities 73,589 53,246 Total current liabilities 1,002,693 1,029,297 Non-current liabilities Interest-bearing liabilities 726,034 615,324 Other financial liabilities 13,443 9,806 Deferred tax liabilities 3,961 2,588 Provisions 28,568 28,700 Retirement benefit liability 82,321 82,172 Other non-current liabilities 6,967 6,527 Total non-current liabilities 861,297 745,119 Total liabilities 1,863,991 1,774,417 Equity Share capital 273,200 273,200 Capital surplus 270,540 464,610 Other equity instruments 177,679 177,679 Retained earnings 508,279 524,539 Treasury shares (21,213) (20,919) Accumulated other comprehensive income Financial assets measured at fair value through other comprehensive income 47,713 46,497 Effective portion of cash flow hedges 31,747 28,810 Exchange differences on translation of foreign operations 1,692 1,976 Insurance finance expense reserve - (258) Total accumulated other comprehensive income 81,153 77,026 Total equity attributable to owners of parent 1,289,639 1,496,137 Non-controlling interests 45,126 47,058 Total equity 1,334,765 1,543,196 Total liabilities and equity 3,198,757 3,317,613 - 11 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Millions of Yen Millions of Yen Revenue International passenger revenue 417,522 480,898 Domestic passenger revenue 303,079 321,643 Other revenue 263,318 296,437 Total revenue 983,920 1,098,980 Other income 13,312 6,471 Operating expenses Personnel expenses (192,078) (202,296) Aircraft fuel (193,816) (285,622) Depreciation, amortization and impairment losses (82,247) (86,257) Other operating expenses (422,679) (464,062) Total operating expenses (890,821) (1,038,238) Operating profit 106,411 67,212 Share of profit of investments accounted for using equity method 446 1,534 Profit before investing, financing and income tax 106,857 68,747 Income/expenses from investments Investing income 2,965 1,817 Investing expenses (114) (392) Profit before financing and income tax 109,707 70,172 Finance income/expenses Finance income 1,883 3,688 Finance expenses (8,801) (10,493) Interim Profit before tax 102,789 63,367 Income tax expense (31,079) (20,023) Interim Profit 71,709 43,343 Interim Profit attributable to Owners of parent 67,647 39,066 Non-controlling interests 4,062 4,277 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income 9,903 (2,370) Share of other comprehensive income of investments accounted for using equity method 101 (170) Total of items that will not be reclassified to profit or loss 10,005 (2,541) Items that may be reclassified to profit or loss Effective portion of cash flow hedges (2,130) (2,669) Exchange differences on translation of foreign operations (532) 252 Share of other comprehensive income of investments accounted for using equity method 82 (495) Total of items that may be reclassified to profit or loss (2,581) (2,912) Other comprehensive income, net of tax 7,423 (5,453) Interim Comprehensive income 79,133 37,889 (2) Condensed Semi-Annual Consolidated Statement of Profit or Loss and Other Comprehensive Income - 12 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Millions of Yen Millions of Yen Interim Comprehensive income attributable to Owners of parent 75,107 34,876 Non-controlling interests 4,026 3,013 Interim Earnings per share Interim Basic earnings per share (Yen) 150.11 79.91 Interim Diluted earnings per share (Yen) - - - 13 -
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Equity attributable to owners of parent Share capital Capital surplus Other equity instruments Retained earnings Treasury shares Accumulated other comprehensive income Financial assets measured at fair value through other comprehensive income Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Balance as of April 1, 2025 273,200 274,242 - 395,719 (1,473) 35,745 Interim Profit (Loss in brackets) - - - 67,647 - - Other comprehensive income - - - - - 9,887 Interim Comprehensive income - - - 67,647 - 9,887 Issuance of other equity instruments - - 177,679 - - - Dividends - - - (20,081) - - Distribution to owners of other equity instruments - - - (2,111) - - Share-based payments transactions - (69) - - 260 - Transfer to hedged non-financial assets - - - - - - Purchase of treasury shares - - - - (0) - Changes in ownership interest in subsidiaries - (0) - - - - Transfer to retained earnings - - - 24 - (24) Total transactions with owners - (70) 177,679 (22,168) 260 (24) Balance as of September 30, 2025 273,200 274,172 177,679 441,198 (1,213) 45,609 Equity attributable to owners of parent Non- controlling interests Total equity Accumulated other comprehensive income Total Equity attributable to owners of parent Effective portion of cash flow hedges Exchange differences on translation of foreign operations Total accumulated other comprehensive income Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Balance as of April 1, 2025 (3,860) 1,484 33,369 975,057 41,615 1,016,673 Interim Profit (Loss in brackets) - - - 67,647 4,062 71,709 Other comprehensive income (2,219) (208) 7,460 7,460 (36) 7,423 Interim Comprehensive income (2,219) (208) 7,460 75,107 4,026 79,133 Issuance of other equity instruments - - - 177,679 - 177,679 Dividends - - - (20,081) (2,292) (22,374) Distribution to owners of other equity instruments - - - (2,111) - (2,111) Share-based payments transactions - - - 191 - 191 Transfer to hedged non-financial assets (33) - (33) (33) 36 3 Purchase of treasury shares - - - (0) - (0) Changes in ownership interest in subsidiaries - - - (0) 0 - Transfer to retained earnings - - (24) - - - Total transactions with owners (33) - (57) 155,643 (2,254) 153,388 Balance as of September 30, 2025 (6,113) 1,275 40,771 1,205,808 43,387 1,249,195 (3) Condensed Semi-Annual Consolidated Statement of Changes in Equity Consolidated Financial Results for Semi-Annual of FY2025 (April 1, 2025 to September 30, 2025) - 14 -
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Share capital Capital surplus Other equity instruments Retained earnings Treasury shares Accumulated other comprehensive income Financial assets measured at fair value through other comprehensiv e income Effective portion of cash flow hedges Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Balance as of April 1, 2026 273,200 270,540 177,679 508,279 (21,213) 47,713 31,747 Profit - - - 39,066 - - - Other comprehensive income - - - - - (1,219) (2,798) Comprehensive income - - - 39,066 - (1,219) (2,798) Issuance of new shares 97,500 96,534 - - - - - Transfer from share capital to capital surplus (97,500) 97,500 - - - - - Dividends - - - (21,491) - - - Distribution to owners of other equity instruments - - - (2,084) - - - Share-based payments transactions - 37 - - 294 - - Transfer to hedged non-financial assets - - - - - - (138) Purchase of treasury shares - - - - (0) - - Changes in ownership interest in subsidiaries - (0) - - - - - Change in scope of consolidation - - - 773 - - - Transfer to retained earnings - - - (3) - 3 - Total transactions with owners - 194,070 - (22,805) 293 3 (138) Balance as of September 30, 2026 273,200 464,610 177,679 524,539 (20,919) 46,497 28,810 Consolidated Financial Results for the Semi-Annual of FY2026 (April 1, 2026 to September 30, 2026) - 15 -
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Equity attributable to owners of parent Non- controlling interests Total equityAccumulated other comprehensive income Total Equity attributable to owners of parent Exchange differences on translation of foreign operations Insurance finance expense reserve Total accumulated other comprehensiv e income Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Balance as of April 1, 2026 1,692 - 81,153 1,289,639 45,126 1,334,765 Profit - - - 39,066 4,277 43,343 Other comprehensive income 85 (258) (4,190) (4,190) (1,263) (5,453) Comprehensive income 85 (258) (4,190) 34,876 3,013 37,889 Issuance of new shares - - - 194,034 - 194,034 Transfer from share capital to capital surplus - - - - - - Dividends - - - (21,491) (2,354) (23,845) Distribution to owners of other equity instruments - - - (2,084) - (2,084) Share-based payments transactions - - - 331 - 331 Transfer to hedged non-financial assets - - (138) (138) (163) (301) Purchase of treasury shares - - - (0) - (0) Changes in ownership interest in subsidiaries - - - (0) 0 - Change in scope of consolidation 198 - 198 971 1,435 2,406 Transfer to retained earnings - - 3 - - - Total transactions with owners 198 - 63 171,622 (1,081) 170,540 Balance as of September 30, 2026 1,976 (258) 77,026 1,496,137 47,058 1,543,196 - 16 -
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Six months ended September 30, 2025 Six months ended September 30, 2026 Millions of Yen Millions of Yen Cash flows from operating activities Interim Profit before tax 102,789 63,367 Depreciation, amortization and impairment losses 82,247 86,257 Loss (gain) on sale and retirement of fixed assets (6,729) (34) Increase (decrease) in retirement benefit liability (1,115) (146) Interest and dividend income (4,485) (5,269) Interest expenses 7,571 8,212 Foreign exchange loss (gain) (197) 1,153 Share of loss (profit) of investments accounted for using equity method (446) (1,534) Decrease (increase) in trade and other receivables (20,203) 13,011 Decrease (increase) in inventories (3,928) (13,591) Increase (decrease) in trade and other payables 4,901 35,550 Increase (decrease) in contract liabilities 15,757 37,045 Other, net (12,650) (56,332) Subtotal 163,511 167,688 Income taxes paid (5,121) (7,631) Net cash provided by (used in) operating activities 158,389 160,057 Cash flows from investing activities Purchase of non-current assets (89,535) (124,627) Proceeds from sales of non-current assets 9,327 1,164 Purchase of investments accounted for using equity method (5,000) (29,452) Purchase of other financial assets (1,888) (8,694) Payments for loans receivable (494) (597) Collection of loans receivable 476 422 Interest received 1,842 3,763 Dividends received 3,746 5,793 Other, net 172 238 Net cash provided by (used in) investing activities (81,302) (151,990) Cash flows from financing activities Net increase (decrease) in short-term borrowings 19,661 9,343 Proceeds from long-term borrowings - 72,728 Repayments of long-term borrowings (32,922) (183,055) Redemption of bonds - (30,000) Proceeds from issuance of other equity instruments 177,160 - Proceeds from issuance of shares - 193,640 Interest paid (6,170) (7,331) Dividends paid (20,048) (21,501) Dividends paid to non-controlling interests (2,292) (2,354) Distributions to owners of other equity instruments - (3,009) Repayments of lease liabilities (11,337) (11,533) Other, net (528) (246) Net cash provided by (used in) financing activities 123,523 16,681 Effect of exchange rate changes on cash and cash equivalents 54 (1,124) Net increase (decrease) in cash and cash equivalents 200,664 23,624 Cash and cash equivalents at beginning of period 749,030 1,010,185 Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation - 325 Cash and cash equivalents at end of period 949,694 1,034,135 (4) Condensed Semi-Annual Consolidated Statement of Cash Flows - 17 -
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(5) Notes for Condensed Semi-Annual Consolidated Financial Statements (Reporting Company) Japan Airlines Co., Ltd. (hereinafter the “Company”) is a stock company located in Japan. The registered address of its Head Office is 4-11, 2-chome Higashi-shinagawa, Shinagawa-ku, Tokyo. The Company’s condensed Semi-Annual consolidated financial statements for the six months ended September 30, 2026 consist of the Company and its subsidiaries (the “JAL Group”) and interests in affiliates and jointly controlled entities. The JAL Group’s main businesses are “Full Service Carrier (hereinafter “FSC”) Business”, “LCC Business”, and Mileage/Finance and Commerce Business”. Details of each business are described in Note “Revenue.” (Basis of Preparation) 1) Matters concerning compliance with IFRS As the condensed Semi-Annual consolidated financial statements of the JAL Group fulfills requirements of Specified Companies Complying with Designated International Accounting Standards set forth in Article 1-2 of Regulation on the Terminology, Forms, and Preparation Methods of Consolidated Financial Statements, it was prepared in compliance with International Accounting Standards (“IAS”) 34 “Interim Financial Reporting” in accordance with Article 312 of the Regulations. 2) Functional currency and presentation currency The JAL Group’s condensed Semi-Annual consolidated financial statements are stated in Japanese yen, the Company’s functional currency, rounded down to the nearest million yen. (Going Concern Assumptions) None - 18 -
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Reportable Segment FSC LCC Mileage/ Finance and Commerce Others Sub-total Internal transaction adjustment Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen International Passenger operations 367,782 49,760 - - 417,542 - - Cargo and mail- service operations 74,403 - - - 74,403 - - Luggage operations 806 - - - 806 - - Sub-total 442,992 49,760 - - 492,753 - - Domestic Passenger operations 302,223 927 - - 303,150 - - Cargo and mail- service operations 16,535 - - - 16,535 - - Luggage operations 221 - - - 221 - - Sub-total 318,980 927 - - 319,908 - - Total revenues from international and domestic operations 761,973 50,687 - - 812,661 - - Mileage/Finance Commerce - - 107,910 - 107,910 - - Travel agency Revenue - - - 56,572 56,572 - - Others 13,165 8,408 - 71,436 93,010 - - Total revenues 775,138 59,096 107,910 128,009 1,070,154 (86,234) 983,920 (Revenue) (1) Breakdown of Revenue Revenue and Segment Revenue Consolidated Financial Results for the Semi-Annual of FY2025 (April 1, 2025 to September 30, 2025) (Note) Figures of Segment revenue are before elimination of intra-segment transactions. - 19 -
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Reportable Segment FSC Business LCC Business Mileage/ Finance and Commerce Business Others Sub-total Internal transaction adjustment Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen International Passenger 426,641 54,270 - - 480,912 - - Cargo and mail 106,933 - - - 106,933 - - Baggage 862 - - - 862 - - Sub-total 534,437 54,270 - - 588,708 - - Domestic Passenger 319,754 1,935 - - 321,689 - - Cargo and mail 17,481 - - - 17,481 - - Baggage 240 - - - 240 - - Sub-total 337,476 1,935 - - 339,411 - - Total revenues from international and domestic operations 871,914 56,205 - - 928,120 - - Mileage/Finance Commerce - - 121,640 - 121,640 - - Travel agency - - - 48,232 48,232 - - Others 13,055 9,656 - 70,630 93,342 - - Total revenues 884,970 65,862 121,640 118,862 1,191,335 (92,355) 1,098,980 Consolidated Financial Results for the Semi-Annual of FY2026 (April 1, 2026 to September 30, 2026) (Note) Segment revenue is stated before elimination of intersegment transactions. - 20 -
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The JAL Group operates “FSC Business”, “LCC Business”, mainly in passenger and baggage carriage or mail and cargo handling in both international and domestic routes, “Mileage/Finance and Commerce Business”, mainly in mileage award services provided to its member customers, and “Other” businesses. Revenues arising out of these businesses are recognized in accordance with contracts with customers, and there is no significant financing component in the contracts. All considerations in contracts with customers are reflected in transaction prices.. The JAL Group operates a customer loyalty program called “JAL Mileage Bank”. Members of the JAL Mileage Bank can collect miles through flights with the airlines in JAL Group or other services and can redeem them for flights with JAL group or other partners' services. Miles granted are deemed as performance obligations and contract liabilities are recognized. The transaction price is allocated to each performance obligation based on the ratio of the stand-alone selling price, considering the utilization rate of the service and the expected expiration. A transaction price allocated as performance obligations of miles is deferred as contract liabilities in the condensed quarterly consolidated statement of financial position, and revenue is recognized as miles are redeemed. FSC Business・LCC Business In the FSC Business and LCC Business, the JAL Group provides services related to the international and domestic transportation of passengers, cargo and mail and baggage on aircraft. The main revenues are recognized when the performance obligations are satisfied, as follows. Passenger Passenger revenue is mainly revenue earned from passenger transportation services using aircraft. The JAL Group has the obligation to provide customers with international and domestic air transportation services according to the Conditions of Carriage. The performance obligation is satisfied upon completion of the passenger's air transportation service. The consideration for transactions may vary because the JAL Group may offer discounts when selling tickets or pay incentives based on the amount of sales. In addition, consideration for a transaction is generally received in advance at a point in time before the performance obligation is satisfied. Cargo and mail Cargo and mail revenues are mainly revenues earned from air cargo and air mail handling operations. The JAL Group has the obligation to provide international and domestic cargo and mail transportation services. The performance obligation is satisfied upon completion of cargo and mail air transportation service. The amount of variable consideration included in revenue is not material. Consideration for a transaction is generally received within two months after the completion of cargo and mail air transportation. Baggage Baggage revenue is mainly revenue earned from baggage transportation services that accompany passenger transportation on aircraft. The JAL Group has the obligation to provide customers with international and domestic baggage transportation services. The performance obligation is satisfied upon completion of baggage air transportation service. The amount of variable consideration included in revenue is not material. Consideration for a transaction is generally received on the day of baggage transportation.. - 21 -
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Mileage/Finance and Commerce Business In the Mileage/Finance and Commerce, the JAL Group provides benefit services to JAL Mileage Bank member customers through its group and partner companies, offer credit card related services, and sell products through wholesale and retail channels. The main revenues are recognized when the performance obligations are satisfied, as follows. Mileage/Finance and Commerce Mileage/Finance and Commerce Revenue includes income from providing benefit services related to miles, income from providing credit card related services, and income from product sales. In terms of income from providing benefit services related to miles, the JAL Group is obligated to provide benefit services in exchange for miles granted to its member customers by its group or partner companies. This performance obligation is satisfied upon the completion of providing the benefit services. The timing of receiving monetary compensation varies depending on the service that grants the miles. The timing of receiving compensation for miles granted in accordance with the use of the JAL Group's air transportation services is mainly before the use of the air transportation services, while the timing of receiving compensation for miles granted in accordance with the use of services by partner companies is mainly after the use of those services. In terms of income from providing credit card related services, the JAL group is primarily obligated to provide membership services to the card members who are mainly its customers. This performance obligation is satisfied according to the membership period based on the contract with the card members, and the transaction compensation is usually received in advance before the performance obligation is satisfied. Additionally, in terms of income from product sales, the JAL Group sells mainly clothing, miscellaneous goods, food, etc., through stores and e-commerce, and is obligated to deliver these products to customers. This performance obligation is satisfied upon the completion of product delivery or customer inspection, and the transaction compensation is usually received after the performance obligation is satisfied. The amount of variable consideration included in these revenues is not material. Others In “Others”, the JAL Group is mainly engaged in planning and sales of air travel package tour, undertaking ground handling services for foreign airline flights. Revenue related to planning and sales of air travel package tours is mainly recognized over a certain period of time as the service is provided, and consideration for a transaction is generally received in advance at a point in time before the performance obligation is satisfied. Additionally, revenue from ground handling services for foreign airline flights is mainly recognized upon the completion of providing the service, and consideration for a transaction is generally received at a point in time after the performance obligation is satisfied. - 22 -
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Reportable segment Others (Note)1 Total Adjustment (Note) 2 Consolidated Statement (Note) 3FSC LCC Mileage/ Finance and Commerce Sub-total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue Sales to external customers 748,204 51,993 70,176 870,374 113,545 983,920 - 983,920 Intersegment 26,933 7,102 37,733 71,770 14,463 86,234 (86,234) - Total 775,138 59,096 107,910 942,145 128,009 1,070,154 (86,234) 983,920 Profit or loss before financing and income tax 76,218 7,038 21,089 104,346 6,484 110,830 (1,122) 109,707 Finance income - - - - - - - 1,883 Finance expenses - - - - - - - (8,801) Profit before tax - - - - - - - 102,789 (Segment Information) (1) Overview of segment reporting The reportable segments of the JAL Group are components of the Company about which separate financial information is available and evaluated regularly by the Board of Directors in deciding how to allocate resources and evaluating business performance. Based on similar economic characteristics, the reportable segments of the JAL Group are aggregated into the “FSC Business,” “LCC Business,” and “Mileage/Finance and Commerce Business.” Both “FSC Business” and “LCC Business” primarily include passenger, baggage carriage, mail and cargo handling in both international and domestic routes, while “Mileage/Finance and Commerce Business” primarily includes mileage award services provided to its member customers. (2) Information on reportable segment Revenue and business performance by JAL Group’s reportable segment are as follows. Intersegment sales are based on the current market price. Consolidated financial results for the Semi-Annual of FY2025 (April 1, 2025 to September 30, 2025) (Note) 1. “Others” generally comprise travel business. 2. Adjustment includes intersegment elimination. 3. Segment profit has been adjusted with profit before financing and income tax on the condensed Semi-Annual consolidated statement of profit or loss and other comprehensive income. - 23 -
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Reportable segment Others (Note)1 Total Adjustment (Note) 2 Consolidated Statement (Note) 3FSC Business LCC Business Mileage/ Finance and Commerce Business Sub-total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue Sales to external customers 861,749 57,625 78,697 998,072 100,907 1,098,980 - 1,098,980 Intersegment 23,220 8,237 42,942 74,399 17,955 92,355 (92,355) - Total 884,970 65,862 121,640 1,072,472 118,862 1,191,335 (92,355) 1,098,980 Profit or loss before financing and income tax 41,666 1,899 22,218 65,783 5,598 71,382 (1,210) 70,172 Finance income - - - - - - - 3,688 Finance expenses - - - - - - - (10,493) Profit before tax - - - - - - - 63,367 Consolidated financial results for the Semi-Annual of FY2026 (April 1, 2026 to September 30, 2026) (Note) 1. “Others” generally comprise travel business. 2. Adjustment includes intersegment elimination. 3. Segment profit has been adjusted with profit before financing and income tax on the condensed Semi-Annual consolidated statement of profit or loss and other comprehensive income. - 24 -