Japan Airlines (9201) Q2 2027 earnings summary

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.