Japan Airlines (9201) Q2 2026 earnings summary

Executive summary

• Achieved record-high revenue since re-listing, with revenue for the six months ended September 30, 2025, rising 9.1% year-over-year to ¥983.9 billion, EBIT up 28.0% to ¥109.7 billion, and net profit up 35.6% to ¥67.6 billion, driven by strong international and domestic passenger demand.

• International and domestic passenger sales were robust, supported by inbound demand and flexible revenue management; cargo revenues also increased significantly.

• The group advanced business model reforms, focusing on LCC, Mileage/Finance & Commerce, and other businesses for growth.

• Notable recognitions include selection as "DX Featured Company 2025," international aviation security certification, and workplace diversity awards.

• No change in full-year consolidated earnings or dividend forecasts; interim dividend of 46 yen per share resolved.

Financial highlights

• Revenue for FY25Q2 rose to JPY 983.9 billion, up 9.1% year-over-year; EBIT increased 28.0% to JPY 109.7 billion; net profit up 35.6% to JPY 67.6 billion.

• EBIT margin improved to 11.2% from 9.5% year-over-year; EBITDA margin rose to 19.5%.

• Operating expenses increased 8.1% year-over-year to ¥890.8 billion, with fuel costs up 0.8% and personnel expenses up 9.6%.

• Interim EPS rose to ¥150.11 from ¥114.17 year-over-year.

• Total assets grew to ¥3,054.5 billion, and equity attributable to owners increased to ¥1,205.8 billion.

Outlook and guidance

• Full-year revenue forecast is ¥1,977.0 billion (+7.2% year-over-year), with EBIT projected at ¥200.0 billion (+16.0%) and profit attributable to owners at ¥115.0 billion.

• No changes to previously announced forecasts or dividend guidance; annual dividend forecast at 92 yen per share, with a share buyback of 20 billion yen planned.

• Total payout ratio targeted at around 50% through dividends and share buyback.

• Profit sensitivity to fuel and FX fluctuations outlined, with hedging strategies in place.