Japan Airlines (9201) Q1 2025 earnings summary

Executive summary

• Revenue rose 11.2% year-over-year to ¥424.1 billion for the quarter ended June 30, 2024, but EBIT fell 29.5% to ¥22.1 billion and net profit dropped 39.4% to ¥13.9 billion, reflecting higher operating expenses and fuel costs.

• JAL is advancing business model reforms, focusing on LCC, Mileage/Finance & Commerce, and other segments to drive future profitability.

• Segment reporting was restructured this fiscal year to better align with business model reforms.

Financial highlights

• Operating expenses increased 15.0% year-over-year to ¥406.1 billion, with fuel costs up 19.0%.

• EBIT margin declined to 5.2% from 8.2% a year ago.

• Basic EPS was ¥32.00, down from ¥52.77 in the prior year.

• Total assets grew to ¥2,781.6 billion, while equity decreased slightly to ¥944.3 billion due to dividend payments.

• Liquidity at hand was ¥819.3 billion, with an unused credit line of ¥150.0 billion.

Outlook and guidance

• Full-year revenue forecast remains at ¥1,930.0 billion (+16.8% YoY), EBIT at ¥170.0 billion (+17.1%), and net profit at ¥100.0 billion (+4.7%).

• No changes to previously announced full-year forecasts or dividend guidance.