Medium-term Business Plan

As a corporate group responsible for the construction, management, and operation of highly public passenger terminals, Japan
Airport Terminal Group aims to build a system that enables flexible and stable business operations even in a businessenvironment in which society as a whole as well as the airline industry as a whole undergo major changes. Therefore, in
formulating our medium-term business plan for the period from FY2022 to FY2025, to address environmental factors that are
expected to affect the management of our Group, we compiled trends in the government (Ministry of Land, Infrastructure,
Transport and Tourism) and the airline industry, and also took into account changes in the business environment and social
environment.
Regarding risks and opportunities derived from the external environment, we will evaluate the impacts on our Company bothin terms of preventing losses and developing opportunities, and study initiatives and countermeasures as essential issues for ourmanagement strategies. By so doing, we aim to form a strong and resilient organization.

Despite the ever-changing business environment, by 2030 we need to become
one of the most advanced, people- and eco-friendly airports. Otherwise, wecannot realize our long-term vision of becoming a World Best Airport, and be
seen around the world a leading airport company, Japan’s premier airport, thegateway to Japan, and an airport terminal company trusted by all stakeholders.

Long-term vision(2) Responses with a view to the recovery and expansion of demand after COVID-19(functional strengthening of each airport, including airports in the Tokyo metropolitanarea, and disaster prevention and reduction measures at the airport)(3) Response to decarbonization in the aviation industry (promotion of decarbonization
at the airport)(4) Ensuring the safety and security of new aviation mobility (introduction of flying cars,
and safe and smooth flights of drones, flying cars and piloted aircraft)(5) Providing safe and secure aviation services (promotion of aviation innovations)(as per MLIT’s website, and edited by Japan Airport Terminal)

As the airport representing Japan and thepremier gateway to the country, we are creating
a model recognized as the best in the world.

(1) Strengthening the international competitiveness of the Tokyo metropolitan
area ⇒ Revitalizing the Japanese economy(2) Acceptance of non-Japanese visitors to Japan ⇒ Increase in the number offoreign travelers and expansion of travel consumption(3) Regional vitalization throughout Japan ⇒ Growth potential of foreign countries
affecting regions throughout Japan(4) Strengthening airport functions (development of artificial land, railroads
connecting to the airport, and aircraft parking apron)- human-and-eco-friendly advanced airport 2030 -(5) Disaster prevention and reduction measures, etc. (strengthening the seismic
capacity of runways, etc., development of bank protection, etc., and renovationof basic facilities, etc.)

World-leading
hospitality

Innovation

Pleasant
journeys:stress-free

A safe andsecure airport

Eco-airport

Lifestyle changes

Growth in Asia

Business Environment

Airline Industry• New values and lifestyles resulting
from the COVID-19 pandemic• Excess of supply in the office market(decline in demand for offices due toteleworking, etc.)

Natural disasters/
pandemics

Climate change• Decrease in the number of passengers dueto the COVID-19 pandemic• Promotion of structural reforms at airlines• The government’s target of 60 million
non-Japanese visitors to Japan

Social Environment• Changes in the world situation• Return of the pandemic• Risks of disasters and earthquakes• Decarbonized society• Measures to prevent global warming• Heightened awareness of sustainability, andrequirements from the market• Fall in the domestic population• Declining birth rate and aging population

Promote businesses in accordance with the Sustainability
Basic Policy and the established management system● Achieve the CO2 reduction target of 46%●

Continue to build operational excellenceContinuously improve quality and efficiency, including
lessons learned from the COVID-19 pandemic● Establish new ways to utilize terminals in cooperation withairlines● Use digital marketing to help create new services andimprove traveler satisfaction● Improve productivity, such as controlling operations throughDX and systemization

Establish stable revenue streams and financial foundations
Incorporate an increase in airline demand into a rise inrevenues from merchandise sales, food and beverage, andservice businesses● Grow newly developed businesses to the extent that they
contribute to the earnings base
● Recover the equity ratio to 40% and maintain the rating●●

Establish airport functions with a view to a future rise inairline demand

Further lift organizational strength and governance
Cultivate a corporate culture where human resources who
can think and take on challenges on their own and where
members of the diverse workforce motivate each other● Development of a Group management system that adapts tothe business environment● Establish governance that realizes higher transparency andequitability of management, and improve corporate value●

Complete the expansion of T1 and T2 terminals bydeveloping satellites and promoting operations● Connect East Japan Railway Company – Haneda Airport
Access Line (scheduled to be completed in 2031) to T2
terminal● Research and review the development of terminals incooperation with the review of artificial land development by
the government

Corporate governanceWorld population growth/Emerging
countries

Permeate sustainability through management and business decisions

Materiality Initiatives

An airport terminal operator
trusted by all stakeholders

Special Feature

Japan’s population
decline, lowbirthrate and an
aging population

Our goals for 2030

Functional strengthening of airports in the Tokyo metropolitan area

Medium-term Business Plan

(1) Appropriate responses to the COVID-19 pandemic (border control measures thatreflect the infection situation)- To be the world’s most respected airport,
pursuing the satisfaction of all stakeholders -Leading airport company

Government (Ministry of Land, Infrastructure, Transport and Tourism)
MLIT ”Circumstances Surrounding Aviation and Future Issues
and Initiatives” (March 2022) [Excerpt]

To Be a WorldBest Airport

Value Creation Story

Goals to be attained by 2030

The future we seek

External environment awareness

●

Data

* Review of connection between terminal T1 and T2 (improvement of a newinternational flight area)

21

Japan Airport Terminal Report 2023

22

Medium-term Business Plan

Medium-Term Business Plan
(FY2022–FY2025)

Long-term vision

To be considered one of the world’s most advanced,
human- and eco-friendly airports
Medium-Term Business Plan 2020

Growth and Evolution

Facing Challenges

Expand- To be the world’s most respected airport,
pursuing the satisfaction of all stakeholders -Establishing a foundation
for regrowth

Growth of airport business

Expansion of earnings baseLeading airport company

Optimize

Growth drive

Create value

ChangeExecute an
investment forinternationalization
associated with the
expansion of flight slots at
HanedaMaking TIAT aconsolidated
subsidiary
Upgrade the operation ofboth domestic andinternational flights

Grow

Enhance the earnings base

P.25

Our goals for 2030

• Terminal management pursuing
flexibility and efficiency• Strengthen and ensure cost
controls

Increase capital• Promote earnings
diversification

Promote sustainability
Pursue sustainability P.29

･ Sustained growth of our Group･ Realization of a sustainable
society• Secure funds to develop theterminals in the future

Enhance the management base
Improve and innovate by harnessing DX andnew technologies

Organization, personnel, and governance

COVID-19 pandemic

Previous and current medium-term business plans
During our previous medium-term business plan (FY2016–FY2020), international flight slots at Haneda Airport were increased
approximately 1.4 times to strengthen the facility’s functioning. At the time, our Group made Tokyo International Air Terminal Corporation
However, with the pandemic, aviation demand declined sharply, causing significant change in the business environment on which theplan was based. Thus, we had to diversify revenue sources and cut costs to improve profits, as well as finance operations through a public
offering and other means, to secure funds for terminal development and to shore up our financial base. And this was in addition to having to
implement rigorous infection prevention measures and expand non-face-to-face and non-contact services to ensure safety and security
during travel.

Eco-airport

P.27

Financial strategy

An airport terminal operator
trusted by all stakeholders

2022- 2025
Recovery of passenger numbers

-

2030

60 million overseas visitors to Japan
SDGs’ target year

In light of this, our current medium-term business plan (FY2022–FY2025) is a backcast plan, based on our vision for 2030. It sets theyears 2025 and 2030 as milestones.
The reduction of CO2 emissions and the government’s objective to raise the number of foreign visitors to Japan to 60 million are national
goals for 2030. They presuppose that, by 2025, airline passenger traffic will return to its pre-COVID level.
Our goals for FY2025 are to boost profits beyond the planned pre-COVID levels, as well as to reinforce management in terms of DX,
organization, personnel, governance, and financial strategies. This should provide a foundation for regrowth, allowing us to expand ourearnings base and achieve airport business growth. Sustainability will be at the core of our strategies.

Data(TIAT) a consolidated subsidiary, working closely with it to develop facilities able to accommodate the flight slot expansion.

Pleasant
journeys:stress-free

Corporate governance2021

A safe andsecure airport

Materiality Initiatives

World-leading
hospitality• Strengthen the financial
foundations in preparation for
prolonged COVID-19

2016- 2020- human-and-eco-friendly advanced airport 2030 -Special Feature

As the airport representing Japan and thepremier gateway to the country, we are creating
a model recognized as the best in the world.

Lessons learned
from the COVID-19
pandemic

Medium-term Business Plan

Reform and Innovation

Value Creation Story

To Be a WorldBest Airport

Seek profit higher than that prior to COVID-19, assuming recovery of passenger
numbers to pre-pandemic levels

The future we seek

Medium-term business planas part of our overall strategy

With international flight demand rapidly recovering since fall 2022, we have been investing in human capital while controlling
post-COVID cost rebounds.
The full text of the Japan Airport Terminal Group Medium-Term Business Plan can be found athttps://www.tokyo-airport-bldg.co.jp/files/en/ir/000012141.pdf.

23Japan Airport Terminal Report 2023

24

Medium-term Business Plan

The future we seek

Earnings based strategy
In response to the changing business environment, we will base our regrowth on three strategic pillars: change,
growth, and expansion. At the same time, we will build a solid revenue base by steadily capturing future aviation
demand and broadening our revenue base by expanding our business into new areas.

GrowthGrowth and Evolution

Attracting more airport businessNew business

Expertise business

Expansion
Facilities management

Expanding our earnings baseMerchandise sales

Expanding our earnings base

Drive growth

Attracting more airport business
Capture future airline demandWith the Japanese government planning to attract 60 million overseas visitors toJapan by 2030, we will invest in capturing the resultant airport businessdemand—our biggest growth driver—and continue to improve terminal
functions and airport infrastructure for greater user convenience.

Food and beverage

JAT Group’s business segments

Business foundation

Operation● T1 internationalization/T1–T2 connection,satellite site development/access measures

Facilities● Expansion of product sales, food and service
business

Sales

Special Feature

Change● Achievement of operational excellence

Medium-term Business Plan

Expansion

GrowthValue Creation Story

The concept of change, growth, and expansion

Creating a foundation for regrowth

Optimize

Based on the lessons learned from the pandemic, we will expand
non-face-to-face and non-contact services, reduce costs, respond to changed
behavior patterns, and use new technologies, such as DX and robotics, to ensure
operational efficiency.

Expansion
Create value

Broaden earnings base by developing business in new fields
Having experienced the sharp decline in the demand for air travel during the
pandemic, we aim to ensure that our business will not rely solely on airline
passengers. We will pursue new value and possibilities for Haneda Airport basedon our long experience, implement initiatives in new and expertise-based
business, and strengthen our earnings base.

● Align terminal operations with the recovery ofpassenger traffic

Efficiency● Utilize the value of Haneda

Locational value● Suppress rebound from cost reductions

Efficiency● Respond to target customers seeking highadded value

Customer assets● Stabilize real estate income

Sophistication● Monetize the airport consulting business

Expertise● Respond to changes in lifestyle and patternsof behavior

Sophistication● Generate revenue that is not dependent on
passengers

New businessJapan Airport Terminal Report 2023

Data

25

Achieve desired outcomes through the fundamental
improvements made during the COVID-19 pandemic

Expanding our earnings base

Corporate governance

ChangeFacing Challenges

Materiality Initiatives

Reform and Innovation

Establishing a foundation forregrowth26

Medium-term Business PlanPatch to our medium-term business plan
to maximize tangible and intangible airport terminal value.

domestic flight-related satellite maintenance work;

At the same time, as we enhance our corporate value, wemanagement resources for store renovation; facility

will continue providing you with intuitive explanations ofdevelopment; environment-related investment; EC

our Group’s growth strategies and business plans thatbusiness; and DX. The Group realizes the benefits ofreflect your expectations and opinions.

pursuing broad-based sustainability policies, such asenvironment-related stewardship, and the need to invest insuch intangible assets as DX and human capital.
As such, I believe that my focus should be on

Value Creation Story

By FY2025, we plan to invest ¥105 billion in areas including

The future we seek

Management
strategy

implementing finance-based management strategies so as(billion yen)2025 PL

Executive Vice President
Executive Officer and CFO

The previous revenue recognition accounting
standards were applied to these figures.

Facilities
Management

Merchandise
Sales

Food andBeverage

Operating
IncomeOrdinary
IncomeNet income

280

106

156

18

30

27

280

320

106

193

21

Passenger traffic (Haneda Airport)

During fiscal 2022, society gradually regained composure andairline industry demand continued to recover steadily, thanks toWith COVID-19 recategorized as a Class 5 infectious disease
under Japan’s Infectious Diseases Law, passenger demand is

the removal of restrictions on domestic movement and the gradualexpected to recover in the near future and lead to increased

relaxation of border measures.

in-inbound passenger traffic. Our consolidated results forecast

As a result, sales in all segments increased from the previous
fiscal year, and operating revenue amounted to ¥113,050 million

thus anticipates a return to profitability for the first time in four
years.

Numerical goals
The JAT Group recognizes it has a crucial role to play as aviation

implemented during the pandemic—is maintained; rebounds indemand increases. Hence, under our medium-term business plan

cost reductions are suppressed; and business evaluations areannounced in May 2022, we aim to recover quickly from theconducted based on capital costs.

pandemic. We will adopt financial strategies that include theBased on the above strategies, under the medium-termbusiness plan, which ends in fiscal 2025, we have set the following
metrics as quantitative targets. These include ROA* of 12% orappropriately investing in new business opportunities.

more, as a measure of efficiency with respect to invested capital; aThe Group recognizes the importance of rigorous

FY2022(result)(forecast)(forecast)(forecast)

Number ofpassengers

53,06061,31069,00069,000Vs. target

77％

89％

100％

100％

International flights

FY2022our financial base during the current uncertain business

we plan to invest in such ways as will help our airport businessenvironment; and a dividend payout ratio of 30% or more, as agrow, and to expand our earnings base. At the same time, we willmeasure of shareholder returns.

ensure that: the efficiency of terminal operations—including those* EBITDA / average of total assets at the beginning and end of the period

FY2023

FY2024FY2025(forecast)(forecast)(forecast)

Number ofpassengers

6,800

19,37023,80025,600Comparison with
post-expansion plan

27％

75％

93％

100％

Vs. FY2019

37％

104％

129％

139％

Metrics usedGoal

FY2022 results

Efficiency

ROA*

12% or higher

4.0％

Stability

Equity ratio

Return to 40% level

33.6％

Shareholder return

Payout ratio

30% or more

-

40％

20％

0％

Medium-term plan:domestic flights

Medium-term plan:International flights

Latest:domestic flights

Latest:International flights

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

FY2022

FY2023

FY2024(forecast)(forecast)

1Q 2Q 3Q 4Q

FY2025(forecast)

FY2023

FY2024FY2025(plan)

Total

15

29

34

27

105

(result)

Investment plan

Facilities management(plan)¥ 93 billion

T1/T2 satellite site maintenance investment, equipment renewal
work, etc.

New business/expertise business ¥5 billion
3 billion

HANEDA INNOVATION CITY, e-commerce business, robot business,
etc.

Management base and others
DX investment, etc.

(billion yen)

FY2022¥ 4 billion(plan)

Investment in improvement of the T1/T2 satellite site (billion yen)
FY2022

FY2023

FY2024FY2025(plan)

Total

6

19

18

10

53

(result)(plan)(plan)

Construction of facilities related to CO2 reduction(total construction costs from FY22 to FY25)

Construction to convert to LED lighting:¥ 3 billion

Construction to replace air conditioners:

DataType of metric60％

Estimated investment amount during the plan periodStore renewal construction, system updates, etc.

2025 numerical goal guidelines and results * Partial excerpt

80％(result)

Merchandise sales food and beverage ¥27

FY2025(result)

return to an equity ratio of 40%, as a measure of the stability ofmanagement and the need to enhance shareholder value. Thus,

FY2024

Corporate governancerestoration of the Group’s sound financial structure, setting up an
advanced business evaluation and management system, andDomestic flights

100％

Materiality Initiatives(up 98.1% year on year).

FY2023(1,000 people)

Special Feature

Review of Fiscal 2022

Operating
Revenue

Medium-term Business Plan

Kazuhito Tanaka

Profit targets¥ 5 billion* Planned investment: ¥3.5 billion

Japan Airport Terminal Report 2023

28

Medium-term Business Plan

Right from the start, we have focused on sustaining business growth, developing the Group, benefiting society by ensuring there isa balance between business and society, and helping to realize a sustainable society.
To ensure deeper embedding of sustainable management in our organization, we have formulated a Medium-term

Materiality
Categories

Materiality

Initiatives

management strategy and enhance the effectiveness of our sustainability management initiatives.
and representative director. Discussions of priority themes will be undertaken by subcommittees.

Sustainability Promotion System

Outline of Meeting Body and Working Group

Overview of the sustainability promotion system

Sustainability Committee

Executive Committee
Information sharing and cooperation

Committee
Members

Chairperson: President and COO
Members: Vice President and all other officers(including executive officers)

Secretariat

Sustainability Management Office

Meeting
frequency

Twice a year or more (five times in FY2022)

Risk Management Committee
Sustainability Committee
Secretariat: Sustainability
Managemnet OfficeCompliance Promotion Committee
JAT Group CS Promotion Committee

Human Rights Subcommittee
Supply Chain Subcommittee

Others● Establishment of plans and targets relating tosustainability and progress management (PDCA)● Stakeholder communication, etc.

S・Decarbonization Core Conference (WGs on energy saving,energy generation, new energies, resource recycling, etc.)

Promotion ofdiversity andinclusion andrespect for humanrightsEach business division/Group company

1

Step

Step

Step

5

29

Customers
Partners
Employees
Local Communities
CommonWorld-leading
hospitality
Safe and secure airport
Pleasant journey:stress-free

Promotion of universal design

G

Promotion of fairbusiness activities

Strengthening ofrisk management

Creation of interaction with local
communities

Customers
Partners
Local
Communities

Safe and secure airport
Pleasant journey:stress-free

Benefit-sharing with local
communities
Transformation of workforce intoa group of real professionals
Improved employee
engagement

Customers
Employees

World-leading
hospitality

Promotion of diversity andinclusion

Customers
Partners
Employees
Local Communities
CommonWorld-leading
hospitality
Safe and secure airport

Implementation of human rights
due diligence
Ensuring of thoroughcompliance

Customers
Partners
Employees
shareholders,and investors
CommonWorld-leading
hospitality
Safe and secure airport
Pleasant journey:stress-free
Eco airport

Strengthening of sustainability
governance
Strengthening of risk
management systems

Customers
Employees
shareholders,and investors
CommonWorld-leading
hospitality
Safe and secure airport
Pleasant journey:stress-free
Eco airport

Cybersecurity

Materiality Evaluation
We evaluated and narrowed down the potential materiality includedin the list from both aspects of the importance for the Company’sbusiness (corporate interests) and the importance for society (public
interests). Furthermore, as part of the evaluation, we conducted aquestionnaire survey at the Company’s respective departments andinterviews with them.

Dialogue with Experts

Materiality and Corresponding Strategies Set Forth in Medium-Term Business Plan
Medium-term Sustainability Plan/Materiality (Key Issues)

After discussions at the Sustainability Committee, we identified eightmateriality topics. We will continue to review the materiality in light ofchanges in the social environment.

Initiatives and KPIs
We are developing initiatives that contribute to the solution of thedefined materiality as well as KPIs to evaluate progress in theinitiatives. In the development process, we consulted and confirmedwith relevant departments and companies, bearing in mind
information disclosure and dissemination to external parties.

Effective useof limited
resources

Developmentof a safe,
comfortable
and advanced
airportContribution
to local andregional
communities

Human
resource
development

Promotion of
D&I and
Respect for
Human Rights

Promotion offair businessactivities

Strengtheningof riskmanagement

●

●

●

●

●

●

●

●

Growth of airport business

●

●

●

●

●

●

●

●

Expansion of earnings base

●

●

●

●

●

●

●

●

Improve and innovate byharnessing DX and newtechnologies

●

●

●

●

●

●

●

●

Organization, personnel, andgovernance

●

●

●

●

●

●

●

●

Financial strategy

●

●

●

●

●

●

●

●

Direction of strategies set forth in MTMP
Establishing a foundation forregrowth

Through dialogue with external experts, we confirmed expectations anddemands from external parties, and verified the completeness andappropriateness of materiality topics.

Identification of materiality

Measures tocombatclimatechangeReform and Innovation (Change)

Important

Corporate interests

Most
importantReinforcementof earnings base

Impact on our business

Growth and Evolution (Grow)

Facing Challenges (Expand)

The full text of the Japan Airport Terminal Group Medium-term
Sustainability Plan can be found at Medium-Term Sustainability Plan
Medium-Term Sustainability Plan

https://www.tokyo-airport-bldg.co.jp/en/
sustainability/medium_term_plan/

Enhance themanagement
base

Japan Airport Terminal Report 2023

Data

4

Assurance of safety and security

Corporate governance3

Most
important

Impact on society

Step

In order to identify social issues and business environment that may
affect JAT’s business operations, we listed up potential materiality taking
into account material items covered by guidelines issued by the industry
association (ACI) and international organizations (e.g., GRI and SASB) in
addition to our business strategy (medium term management plan).

Public interests2

Mapping along the two axes of corporate
interests and public interests to identify themost important issues for JAT

Drawing up of a list of potential materiality

Safe and secure airport
Eco airport

Materiality Initiatives

Step

Materiality matrix
governanceMedium-term Sustainability Plan Development Process

Contribution to
local and regional
communities

Human resource
development

・Human Rights Subcommittee
・Supply Chain Subcommittee…etc.

Partners
GlobalEnvironment

Special Feature

Corporate-wide
development

Development of asafe, comfortable
and advanced
airportEstablish the Risk Management Committee and theme based
working groups

Decarbonization Core Council

Waste reduction/
resource recycling

Safe and secure airport
Eco airport

Use of digital technology● Measures to identify critical sustainability issues

Matters fordeliberation

Introduction of eco-friendly
materials and merchandise

Partners
GlobalEnvironment

Medium-term Business Plan

Audit and Supervisory Committee/Renumeration Advisory
Committee/Nomination Advisory Committee

Effective use oflimited resources

Reduction of CO2 emissions

SDGs to be contributed

Enhanced terminal functionality

socialBoard of Directors

E

Measures tocombat climatechangeVision for 2030

Value Creation Story

The plan requires that progress be monitored once every six months by the Sustainability Committee, chaired by the president

environment

Sustainability Plan in May 2023. This will clearly define key issues and key performance indicators, enabling us to promote our

Relevant
Stakeholders

The future we seek

Sustainability strategy

30Medium-term Business Plan

Our goals for 2025

Fiscal 2022 progress and challenges

million for the previous fiscal year).
Beginning fiscal 2023, passenger traffic is expected to recover andreach close to pre-COVID numbers. The challenge thus is how to pursue
efficient operations while maintaining business and service levels by, forWith a view to 60
million overseas
visitors to Japan in
2030, we plan tostrengthen functions
while contributing tosociety.

ExpandGrow

technology.

Based on the expense structure
reviewed during the COVID-19
pandemic, we are operating theterminals efficiently.
We are enhancing real estate
management by reviewing leasing
and rent structures to increase
revenues.

We are aiming to improve
performance at domestic
airports as a whole byacquiring new technologies
that are necessary forenvironmental measuresand combating infectious
diseases.

In addition, with the government’s goal of attracting 60 million
foreign visitors to Japan by 2030, aviation demand is set to increase. Thismeans we will have to expand areas of the airport ahead of the future
growth in demand, and improve the value of Haneda Airport byrevitalizing commercial areas and attracting office tenants.

8,758

8,864

8000

6,567

6000

3,753

4000
2000

1,433

4,201

693

0

-313

-2000

-2,486

-4000
-6000

-3,628

2018

2019

2020

2021

2022

(FY)

recover. In the meantime, we carried out store renewals, attracted new brands, and repositioned existing brands.
As a result, merchandising sales entered positive territory. The two segments combined recorded an operating revenue of¥51,616 million (up 77.6% year on year) and an operating income of ¥275
million (down from the operating loss of ¥9,226 million for the previous
fiscal year).
raw material and labor costs. We therefore recognize that the challenge is

Direction of strategy

adopting labor-saving store structures.
Expand sales channels by
EC business, etc. to earnrevenues that are notpassenger-dependent.

In addition, to increase profits further, we plan to offer distinctive
stores and provide highly satisfactory services by strengthening ourcollaboration with business partners, using marketing, carrying out store
renewals, and revising our merchandising methods.

Operating income/loss

Operating revenues(million yen)

25,00020,00019,56017,08315,00010,000
5000

5,161
1,664

1,127 1,852

0
-5000

-1,547

2018

2019

2020

1,859

27

-922

2021

2022

(FY)

These businesses are expected to part of the earnings base in 2030. By
utilizing Haneda’s value and networks, and airport operational expertise, andthrough acquiring management resources we currently do not have, we aim togenerate operating revenues of 10 billion yen in 2025.
* New and Expertise Business plan target figure is included in the total of the figures of three business segments’ plan targets above.

We have a history of running airport concessions and providing consulting services for domestic and international airports. This is based on theexpertise we have accumulated through the management and operation of public passenger terminals.
But, in fiscal 2022, we found ourselves also providing expertise and technologies outside the purview of airport operations. These activities
include the introduction of the robots used at Haneda Airport, and the external sale of Radi-Cool, a product that works by using the natural
phenomenon of radiative cooling to dissipate indoor heat.

Corporate governanceFiscal 2022 progress and challenges

Materiality Initiatives

Review merchandise,services, etc. throughdigital marketing.

Expandto achieve low-cost operations by developing original products andGrow

10,000

Sales increased in Merchandise Sales and Food and Beverage segments as domestic and international passenger traffic began toCurrently, purchasing costs are expected to increase, due to soaring

ChangeOperating income/loss

Special Feature

While reviewing the product mix, services, operations, cost rates, etc., we will
uncover customer needs where consumption trends have changed by taking
advantage of digital marketing, and aim for operating revenues frommerchandise sales of 156 billion yen and operating revenues from food andbeverage sales of 18 billion yen.

Review operations and cost
rates through research into
new technologies andcultivating new business
partners.

Operating revenues(million yen)

Fiscal 2022 progress and challenges

Our goals for 2025

From now on, our revenue will be come from twosources: one source other than airline passengers, and theother source that results from growth in the airport business.

Direction of strategy

ExpandAim to increase revenues bydeveloping new businesses
that take advantage ofHaneda’s value andfocusing on existing
expertise in airport
operations.

In January 2024, we are scheduled to open terminal.0
HANEDA, an inter-industry collaborative research andAim to acquire newtechnologies and expertise,leading to the creation of
new businesses.

development center at which we will promote innovation,

Data

Grow

New andExpertise Business

Our facilities management business recorded an operating revenue of ¥65,672 million (up 56.3% year on year), and an
operating loss of ¥3,133 million (down from the operating loss of ¥24,863

example, optimizing operations and using labor-saving robotics

Our goals for 2025

Merchandise Sales andFood and Beverageadministration costs in the area of facilities management, and reviewed our outsourcing policy.

Medium-term Business Plan

ChangeDirection of strategy

Since passenger traffic had yet to fully recover in fiscal 2022, we sought to reduce costs by prioritizing maintenance andValue Creation Story

To achieve both high quality and profitability, we are reviewing terminal
operations and promoting the functional strength of airport infrastructure
toward increasing the number of non-Japanese visitors to Japan in 2030, while
striving to reduce maintenance and management costs and increase revenues
such as rents. We aim for operating revenues from Facilities management of
106 billion yen.

Facilities Management

The future we seek

Progress attained by business divisions

upgrade our e-commerce sites, and develop new services toincrease the value of customer experience.
By these and other efforts, we will diversify our earnings,
as well as accumulate new knowledge and expertise thatshould lead to further growth in our core business.

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Japan Airport Terminal Report 2023

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