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Japan Airlines (9201) investor relations material
Japan Airlines Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 revenue reached ¥1,098.9bn, up 11.7% YoY, while EBIT was ¥70.1bn; strong passenger unit revenue and non-aviation earnings partly offset higher fuel costs and a weaker yen.
Q2 EBIT of ¥57.4bn offset the Q1 shortfall, bringing H1 EBIT above plan; full-year forecasts remained unchanged.
Financial highlights
H1 operating expenses rose 16.5% to ¥1,038.2bn, including fuel expense up 47.4% to ¥285.6bn; expenses excluding fuel increased 8.0% to ¥752.6bn.
H1 EBITDA was ¥156.4bn, down 18.5% YoY; profit attributable to owners of the parent was ¥39.1bn, down 42.2%.
Q2 revenue rose 12.2% YoY to ¥575.2bn; EBIT was ¥57.4bn, down 10.5%, with a 10.0% margin.
H1 operating profit was ¥67.2bn versus ¥106.4bn; interim profit was ¥43.3bn versus ¥71.7bn, and basic EPS was ¥79.91 versus ¥150.11.
Outlook and guidance
FY2027 forecast unchanged: revenue ¥2,095bn, EBIT ¥180bn, EBITDA ¥360bn and profit attributable to owners of the parent ¥110bn; forecast EBIT margin 8.6%.
FY2027 common-share dividend forecast remained ¥96 per share, including the ¥48 interim dividend.
H1 EBIT exceeded plan despite higher fuel and FX costs, supported by passenger and cargo growth, fuel subsidies and fuel-surcharge pass-through.
Long-term EBIT targets are ¥300bn in FY2030 and ¥350bn in FY2035; FY2027 is the first year of the JAL Group Management Vision 2035.
- Revenue up 11.2% but profit down sharply as fuel costs surge; diversification aids stability.9201
Q1 2027 - Record EBIT and revenue growth, but profit is forecast to decline amid rising costs and risks.9201
Q4 2026 - Bond-type class shares boost equity, offer fixed/floating dividends, and reward long-term holders.9201
Investor presentation - Record Q3 profit and revenue, with strong demand and robust financial position.9201
Q3 2026 - Record-high revenue and profit, with strong demand and a 20 billion yen share buyback planned.9201
Q2 2026 - Record EBIT and strong revenue growth driven by international and LCC demand.9201
Q1 2026 - Revenue up 9.9%, profit down 19.1%, LCC and cargo strong, guidance unchanged.9201
Q2 2025 - Revenue up 11.2% but profit down as costs rise; LCC and international segments outperform.9201
Q1 2025 - JAL aims for JPY 200 Bn EBIT in FY2025, prioritizing ESG and diversified growth.9201
Status Update
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