Japan Airlines (9201) investor relations material

Executive summary

• Achieved record-high EBIT and revenue for Q3 FY2025, with revenue for the nine months ended December 31, 2025, rising 9.2% year-over-year to ¥1,513.7 billion, EBIT up 24.2% to ¥179.1 billion, and profit attributable to owners up 24.9% to ¥113.7 billion, driven by strong international and domestic passenger demand and effective demand stimulus measures.

• International and domestic passenger sales grew strongly, supported by robust inbound demand and flexible revenue management.

• The company maintained sufficient liquidity, with cash and cash equivalents at ¥900.2 billion and an unused credit line of ¥150.0 billion.

• Safety incidents occurred, including two turbulence-related injuries and one engine shutdown, prompting enhanced safety measures.

Financial highlights

• Revenue increased by ¥127.8 billion (+9.2%) year-over-year to ¥1,513.7 billion for Q3, with EBIT rising by ¥34.8 billion (+24.2%) to ¥179.1 billion and net profit up by ¥22.6 billion (+24.9%) to ¥113.7 billion.

• Operating expenses increased by ¥105.1 billion (+8.4%), with fuel costs up 4.6% and personnel costs up 9.5%.

• EBITDA margin improved to 20.0% from 18.8% year-over-year; EBIT margin improved from 10.4% to 13.1%.

• Basic earnings per share rose to ¥254.08 from ¥208.45 year-over-year.

• Total assets increased to ¥3,038.8 billion, and total equity rose to ¥1,267.5 billion as of December 31, 2025.

Outlook and guidance

• FY2025 full-year revenue forecast at ¥1,977.0 billion and EBIT at ¥200.0 billion, with profit attributable to owners at ¥115.0 billion.

• Dividend forecast for FY2025 is ¥92.00 per share, with no revisions to previous guidance.

• Sensitivity to fuel and FX rates highlighted, with profit impact scenarios provided.