Press Release

Tokyo, JAPAN - The JAL Group today announced the consolidated financial results for the first quarter of the fiscal year ending March 2025 (April 1, 2024, to June 30, 2024).

1. JAL Group Consolidated Results for the Period April 1, 2024, to June 30, 2024

For the consolidated results for the period April 1, 2024, to June 30, 2024, revenue from each aviation business (FSC, LCC), Mileage/Finance and Commerce and other non-aviation businesses exceeded the previous year, resulting in total revenue of JPY 424.0 billion, 11.2% higher year-on-year. International passenger demand was strong, with the number of visitors to Japan in June reaching a record high for a single month, resulting in passenger numbers increasing by 11.4% for FSC and 35.7% for ZIPAIR year-on-year. Domestic passenger numbers saw a decline of 6.6% year-on-year due to sluggish performance in some segments, such as group passengers, but revenue increased due to a 9.5% rise in unit prices. International cargo weight increased by 19.7% year-on-year due to the introduction of freighter service starting in February. Mileage/Finance and Commerce also saw a 4.8% increase in revenue year-on-year due to an increase in mileage points issued. For other businesses, including travel and contracted services, revenue increased by 7.1% year-on-year.

Expenses, including higher fuel costs due to further yen depreciation, increased labor costs from investments in human capital to secure a stable workforce, and other various expenses, increased by 15.0%. As a result, EBIT was JPY 22.1 billion (decrease of 29.5% year-on-year), and net profit was JPY 13.9 billion (decrease of 39.4% year-on-year).

2. Performance by business segment

Revenue Performance by Segment

Full Service Carrier Business

■ International Passenger
Passenger numbers increased by 11.4% year-on-year, and passenger revenue increased by 12.5% year-onyear.
The unit price remained at a high level, similar to the previous year, increasing by 1.0% year-on-year. It is
expected to continue capturing the recovering business demand from Japan.

■ Domestic Passenger
Passenger numbers decreased by 6.6% year-on-year due to a decline in group passengers, but revenue
increased by 2.2% year-on-year due to a 9.5% rise in unit prices.

■ Cargo
International cargo operations introduced freighter services in February, capturing strong e-commerce demand
and focusing on maximizing high value-added cargo. Transportation volume increased by 19.7% year-on-year,
and revenue increased by 11.1% year-on-year.

LCC Business
The LCC business captured strong Japan bound demand, resulting in revenue increasing by 64.6% year-on-year, and for the first time, EBIT turned positive in the first quarter.
ZIPAIR expanded to 9 routes mainly in North America and Asia by the end of FY2023. This fiscal year, ZIPAIR continued to capture strong inbound demand, significantly increasing its profitability.
SPRING JAPAN captured recovering demand from China, resulting in international revenue passenger numbers increasing by approximately six times. As a result, total revenue passenger numbers increased by 76.6% year-on-year, and the revenue passenger- load factor increased by 17.2 points year-on-year.

Mileage/Finance and Commerce Business
Revenue increased by 4.8% year-on-year to JPY 46.0 billion due to an increase in mileage points issued, higher revenue from JALUX airport stores, and the "JAL Mall" e-commerce site.

Others
The number of ground handling contracts for foreign airlines increased significantly compared to the previous year. As a result, revenue increased by 7.1% year-on-year to JPY 54.7 billion.

3. JAL Group Consolidated Financial Position and Cash Flow

4. Recent Initiatives

Full Service Carrier Business
- The new Airbus A350-1000 aircraft was introduced on the Haneda-Dallas Fort Worth route from April 17, 2024, and on the second Haneda-New York flight from July 1, 2024. Additionally, from June 28, 2024, American Airlines, a Joint Business partner, launched the Haneda-New York route, making it a codeshare flight, increasing the convenience of the North American routes.
- In the cargo business, the Boeing 767-300BCF freighter services, which began international operations from February 19, 2024, started operations on the Narita-Dalian route from June 18, 2024. Additionally, the Airbus A321-P2F aircraft, which began domestic operations with Yamato Holdings from April 11, 2024, will launch operations at Haneda Airport from August 1, 2024, to meet customer needs.
- To strengthen brand recognition overseas, an official airline partner agreement was signed with Liverpool Football Club, one of the most famous football clubs in the world, belonging to the English Premier League.
- A "Customer Harassment Policy" was formulated jointly with the ANA Group to protect employees and ensure they can work in a safe environment, while continuing to provide the best service to customers.

LCC Business
- SPRING JAPAN will capture recovering demand from China by launching a new Narita-Beijing route from August and increasing flights on the Narita-Shanghai (Pudong) route, aiming for profitability throughout the year.

Mileage/Finance and Commerce Business, and Others
- "JAL Pay" has improved convenience by supporting credit card charges. Additionally, medical insurance and cancer insurance were added to "JAL Insurance," and a home internet service "JAL Hikari" was launched, expanding opportunities to accumulate mileage points in daily life.
- In the retail business, the e-commerce site "JAL Mall," which opened in May 2023, celebrated its first anniversary, expanding the number of stores from 29 at the time of opening to over 100 by the end of July.

5. Future Outlook

The consolidated financial forecast for the fiscal year ending March 2025 remains unchanged from the forecast announced on May 2, 2024, in the "Consolidated Financial Results for the year Ended March 31, 2024," with consolidated revenue of JPY 1 trillion 930.0 billion, EBIT of JPY 170.0 billion, and net profit of JPY 100.0 billion.