Japan Airlines (9201) Status Update summary

Review and outlook of the medium-term management plan FY2021-2025

• Achieved business recovery post-COVID-19, targeting EBIT of JPY 170 Bn in FY2024 and JPY 200 Bn in FY2025.

• ESG strategy elevated as core management focus, driving value creation and sustainable growth.

• Business restructuring emphasized, with LCC and Mileage/Lifestyle businesses as growth drivers.

• Steady progress in rebuilding financial foundation and solving social issues through business.

• Profitability improvements despite FX, wage, and inflation pressures.

Key initiatives and business segment strategies

• Full Service Carrier: Expanded fuel-efficient fleet, increased international routes, and enhanced customer experience.

• LCC/Cargo: Aggressive international expansion, new routes, and increased cargo capacity with new freighters.

• Mileage/Lifestyle: Expanded daily mile accumulation, new commerce/finance products, and ground handling growth.

• Air Mobility: Air taxi and drone logistics initiatives, with demonstrations at Expo 2025 and commercial prep post-Expo.

Management targets and ESG focus

• Safety: Zero aircraft accidents/serious incidents, enhanced safety management, and digital CX improvements.

• Sustainability: CO2 emissions below 9.21 million tons, 1% SAF usage, and 30% female manager ratio by FY2025.

• Finance: EBIT margin ≥10%, ROIC 9%, EPS ~¥290, and equity ratio ~50%.