JR-WEST GROUP
Long-Term Vision 2032
Medium-Term Management Plan 2025

- Post-pandemic challenges -Connect more. Spring into the future.

West Japan Railway Company

Contents
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2
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3

Formulation of the Plan

Review of Revised Medium-Term
Management Plan 2022
Recognized Issues and Business Strategy
Aims・・・・ P４

Medium-Term Management Plan 2025

Key Strategies in Medium-Term Management Plan 2025
① Improve safety of railways② Revitalize and restructure core businesses(railway business, group businesses)③ Further evolve real estate and city development④ Develop diverse services via digital strategy⑤ Create new businesses

・・・・ P17



Realize Sustainability Management① Coexistence with local communities② Global environment③ Human capital management④ Governance, risk management, human rights

・・・・ P31



Targets and Indicators
Financial targets (financial KPIs)
Non-financial targets(key non-financial KPIs, excluding safety targets)・・・・ P35



Investment Plan
Financial Strategy, Shareholder Returns

・・・・ P37
・・・・ P38

・・・・ P５

Our Purpose and Long-Term Vision

JR-West Group’s Value Creation System
Our Purpose
Long-Term Vision 2032
The future we want to realize
Striving to Realize Our Long-Term Vision
Main Projects for Realizing Our Long-Term Vision
Realization of Our Long-Term Vision ThroughInnovation
Value Creation Model for Realizing Our LongTerm Vision

・・・・ P７
・・・・ P８
・・・・ P９・・・・ P10
・・・・ P11
・・・・ P12
・・・・ P14
・・・・ P15

2

１ Formulation of the PlanFormulation of the Plan

Review of Revised Medium-Term Management Plan 2022
In light of the impact from the COVID-19 pandemic, JR-West created four basic aims and four strategic axes
to guide reforms aimed at transformation and reconstruction.
Four
basic
aims

Protect mission as a social
infrastructure company

Protect safety of customers
and employees

Protect hiring of employees

Enhancing safety, with the Fukuchiyama Line derailment accident
as the starting point

Fourstrategicaxes

Enhancing coexistence with local communities
and taking on the challenge of creating new value

Sincere response to the victims of the Fukuchiyama Line train accidentAdvance initiatives based on essential perspectives in achieving safetyImplement safety measures at train platforms and crossingsStrengthening management

Protect supply chain

Advance city development with major station projects (near Osaka Station,
Hiroshima Station, etc.)
Discuss state of regional transportation systems (local lines) with communities
Incorporate coexistence with local communities into business models, create
new business pillars

Reforming the company to enhance our ability to address change

Advance cost structure reforms, such as productivity improvements in eachdepartment
Improve ability to address rapid changes in business environment and reinforce
financial foundation through capital increases

Accelerate Groupwide measures in digital strategies and new business domains, etc.

Create a framework for human resource training to support self-guided career formation

Missed numerical targets but made steady progress in transformation and reconstruction
FY21.3

FY22.3

Consolidated operating revenues¥920.0 billion

EBITDA¥(70.8) billion

FY23.3Results

Targets in revised medium-term
management plan*¥1031.1 billion¥1395.5 billion¥1450.0 billion¥42.9 billion¥243.6 billion¥330.0 billion*Figures are before the application of the “Accounting Standard for Revenue Recognition”

4Formulation of the Plan

Recognized Issues and Business Strategy Aims
Steadily advance ongoing initiatives and address management issues in light of rapid changes in businessenvironment

Rapid changes in business environment
Population decline, lower
birthrates, aging society

Change in social
behavior

Acceleration indigitalization

Yen depreciation andrising commodity prices

Problems hiring
enough personnel

Climate changeetc.

 Sincere response to the victims of the Fukuchiyama Line train accident
 Tireless safety efforts in railway business, build trust

Management issues toaddress

 Revitalize core railway business, grow core businesses through Group synergies

 Build an optimal business portfolio, ongoing structural reforms
 Solve social issues through business activities, create social and economic value Hire and train personnel, improve responsiveness to change and enhancecreativity through innovation••

JR-West created Our Purpose as a vision for its future self, revisiting the meaning of the JR West Group’s existence tobecome a corporate group able to constantly create value in future society.
JR-West drew up the medium-term management plan for 2025 as the first step toward its Long-Term Vision for 10
years from now.

5

2 Our Purpose and Long-Term VisionOur Purpose andLong-Term Vision

JR-West Group’s Value Creation System
JR-West aims to evolve into a corporate group that creates value in the future while striving to achieve
Our Aspirations in light of future society and issues.

Meaning of the JR West Group’s existence in the future society
Evolve connections among people, communities, and societies, stir the heart. Drive the future.

Our Purpose

Backcasting from the future we want to realize in 10 years
Safe, worry-free transportation that is kind to people and the planet

Long-Term Vision
2032

Four visions

Vibrant communities where people move about freely
Convenient and abundant lifestyles for all people
Sustainable society

Medium-Term
Management Plan
2025
Business plans foreach fiscal year

First steps for growth into corporate group that constantly creates value
Improve safety of railways

Five keystrategies

Revitalize and restructure core businesses(railway business, group businesses)
Further evolve real estate and city development
Develop diverse services via digital strategy
Create new businesses

7Our Purpose andLong-Term Vision

Our Purpose

Evolve connections among people,
communities, and societies,
stir the heart. Drive the future.
We continuously work to enhance safety and security.
While connecting people to people, people to communities and people tosociety in the real and digital worlds, we strive to solve regional issues,
starting in western Japan.
With the aim of creating a sustainable and vibrant future, we cooperatewith our various partners to realize the lifestyles desired by all people.
Customers

Value provided
to stakeholders

Convenient and abundant
lifestyles with ideal
services that all people
can trust and rely upon
for safety

Communities and society

Partners

Shareholders

A sustainable and vibrantCo-creation of new value Sustained improvement in
future with attractive city
through relationships andcorporate value anddevelopment and solutions
trust with various partners
shareholder value
for local issues

Coworkers
Workplaces where all
employees are motivated andcan utilize their skills to theutmost, work environments
where employees pull
together and create synergies

8Our Purpose andLong-Term Vision

Long-Term Vision 2032
Realizing Our Purpose and Long-Term Vision for 2032

Our Purpose
Evolve connections
among people,
communities andsocieties

Stir hearts

Drive the futureLong-Term Vision 2032
Four visions

The future we want to realize

Safe, worry-free transportation that is
kind to people and the planet

A future where transportation is established andrecognized as a seamless service

Vibrant communities where people
move about freely

A future where the allure of communities
improves, leading to an increase in permanent
residents, exchange, and related populations

Convenient and abundant lifestyles for
all people

A future where the combination of good aspectsof the real world and the digital world greatly
enhances individual experiences

Sustainable society

A future where a sustainable social system isbuilt through collaboration with various partners

9Our Purpose andLong-Term Vision

The future we want to realize
Mobility services
that foster
encounters andfun between
peopleRailway
services thatare safe andreassuring foreveryone to use

A community where
people of all
generations want tolive and can live
comfortably

An ever-evolving
railway network

A walkablecommunity
centered on people,
offering various
encountersand real
experiences

Mobility services
that are seamless,environmentallyfriendly, andcomfortable forall people

Safe, worry-free transportationthat is kind to people and the planet

A lifestyle connectedby railways, fromrailways and mobility
services tocommunities along
railway lines and indigital spaces

Vibrant communities where people move about freely
Regions andsocieties thatdevelop byenhancing theenvironment

A lifestyle withwork andentertainment
not bound bytime andlocation

A society where
cities and regions
connect in realand digital ways,
co-creating
experiences andvalue

A convenient way oflife connected throughthe point programin tune with eachindividual’s lifestyle

Convenient and abundant lifestyles for all people

Variousinfrastructure
management
services that
support thedevelopment andrevitalization ofcommunities

Rediscovering theuniqueness of eachregion and the newexperiential value
born fromconnections

Sustainable society

10Our Purpose andLong-Term Vision

Striving to Realize Our Long-Term Vision
Making the enhancement of railway safety the foundation of our efforts, we challenge ourselves to revitalize
railways and expand in the field of life design.

2023

2025

2027

2032

Medium-Term Management Plan 2025
Accelerate growth by making the most of ourmeasures and opportunities
Return to pre-pandemic levels* by revitalizing
railways

Consolidated operating Income¥185.0 billion

Transportation revenues
At least ¥870.0 billion*Excluding the rising cost of energy

Expand in the life design field and build an optimal business portfolio

Realize ourLong-Term
VisionLife design field
40% of total(Consolidated
operating income)

Improve safety of railways
Mobility service field

Railways/ transportation, retail (sales of goods and food services, etc.),
hotels, travel

Life design field

Life design
field

Mobility service
field
Breakdownofconsolidated
operatingincomeLife design field
Under 20%2018 (pre-pandemic)

About
25%

2025

Real estate, shopping centers, community/city development,
digital strategy, new domains

About
35%

2027

40％

2032

11

Our Purpose andLong-Term Vision

Establish Projects
Kansai metropolitan
brand Build seamless
transportation focused on railways, develop walkable and attractive cities
Main
for area
Realizing
Ourpublic
Long-Term
VisionEstablish Kansai metropolitan area brand

Build seamless public transportation focused on railways, develop walkable and attractive cities

Create value that maximizes measures and opportunities, develop areas along train lines in tune with local needs
Osaka/Kansai Expo an opportunity
to create value
Create foundations for further development of Kansai
area and economy
Expand access transportation
for Osaka/Kansai Expo 2025,
stimulate prosperity in Kansai
and western Japan regions bypromoting “plus one trips”

Osaka International Airport

Kyoto

Shin-Kobe

Sannomiya

Shin-Osaka

Amagasaki

Osaka

Kobe Airport

Sakurajima
Osaka Metro Chuo Line

Development of Osaka
Station’s western district

Osaka Station City

Naniwasuji
LineMorinomiya

Bentencho

Yumeshima

Evolve area around
Osaka Station into
an even moreenjoyable andbustling town

Kyobashi

Nishikujo

Hub of innovation
JR WEST LABO
(Osaka Station’s Umekita Area)

Develop vibrant hubs that people want to visit, foster thecreation of lifestyle-centric areas along train lines that caterto diverse lifestyles

Kansai Urban Network

Bentencho Station remodelingContribute to creation of compelling international
cities through upgrades to railway networks
centered on cities
Tap into foreign tourist demand
Set up complete reception system in tune with diverse needs,
disseminate information and lure visitors to Kansai andwestern Japan regions

Shorten time required to reach
Osaka/Kyoto by improving access to
Kansai International Airport
More comfortable excursions fromJapan's gateway to various parts ofwestern Japan

JR-Namba

Kansai Airport

Tennoji

Improve convenience of accessto eastern Osaka and Nara

Nara

Kansai International
AirportCreate systems for connecting withcustomers 24/365
Haruka limited express train
to Kansai International Airport

Umekita area new station building

Convenient and affordable service using
data and digital technology
Joint MaaS atseven railway
companies
in Kansai

Kansai International Airport
accessAfter opening of Naniwasuji
Line
Expo access route(carbon neutral on some parts)
Improve access to Osaka’s
east side and Nara

Develop new
station buildingthat further
enhances valueof Sannomiya
Station area

New Osaka Station building

Develop hubs thatoffer more valuable
experiences asgateway to Kyoto

New Sannomiya
Station building

Improve access by making
Nara Line into double-track
railway

Open-air deck area in front of station

Kyoto Station building

12

Further revitalization of areas in western Japan Develop regions to that foster well-being life in the future
Bring visitors from all over to western Japan, which is rich in tourism resources
Promote wide-area tourism for people in Japan and foreign visitors, who are likely to come in greater numbers, by spurring tourism demand in collaboration with regions

Hokuriku Area

San-in Area

Setouchi/Chugoku Areas
Discover and disseminate more compelling content,
promote wide-area tourism in areas withconvenient access for touring

Convenient access to San-in area, where oldand new Japan can be found, on new rollingstock for Limited Express Yakumo train

Extension of Hokuriku Shinkansen to Tsuruga andeventually to Shin-Osaka will increase appeal of Hokuriku
area; more convenient access from a wider area
Joetsu-Myoko

SEA SPICA

Sightseeing train etSETOra

New Limited Express
Yakumo train

Sightseeing train Ametsuchi

Yonago Tottori
MatsueSanyo
Shinkansen
N700S

Nanki Area
Limited Express
Kuroshio Rocket
KAIROS

2023

HakataPlanned for summer 2023

New Yakumo rolling stock
Planned for spring 2024

Tsuruga

ShirahamaUmekita area new station building
Opening in spring 2025

Opened on March 18, 2023

Osaka Station Umekita
Underground Entrance
Opened on March 18, 2023

Expand Nozomi transportation
capacity
Implemented in FY24.3

Mobile ICOCA and WESTER
pointsService launched in March 2023

Hokuriku Shinkansen
extension to Tsuruga
Scheduled openingin spring 2024

Hokuriku Shinkansen W7 Series

Fukui▼Hyogo destination campaign (DC)
▼Umekita 2nd Project opening▼Hokuriku DC

Kansai MaaS app

Completion of double-track
Nara Line

Obama

NagoyaKyoto
OkayamaShin-Osaka
Sannomiya
Hiroshima
Osaka

Shimonoseki

Optimal “plus one trip” with
abundant tourism resources

New sightseeing train

Kanazawa

Kyushu Area
Key area connecting the bustle
of western Japan and Kyushu

ToyamaDevelopment of new Osaka Stationbuilding
Scheduled opening in summer 2024
Development of Osaka Station’s
western district
Scheduled opening in summer 2024

Create sustainable and livable regions
Promote development of more livable regions by creating
unique town spaces around train stations, solving regional
issues and promoting sustainable transportation systems

2025
Osaka/Kansai Expo

2032

▼IR Osaka development plan
▼60 million foreign tourists

Newly constructed Naniwasuji
Development of under elevatedLine
tracks at Osaka Station
Scheduled opening in spring 2031
Plan to open in autumn 2024 to spring
2027
Development of new Hiroshima
Development of new Sannomiya
Station building
Station building
Opening in spring 2025
Plan to open in FY30.3

Contribute to revitalization of community and society while creating new value through innovation

Hokuriku
Shinkansen
extension to
Shin-Osaka
Timingnot yetdetermined

13

Our Purpose andLong-Term Vision

Realization of Our Long-Term Vision Through Innovation

Full-height platform doors

ImprovesafetyFace recognition ticket
gates

Stir the heart bycreating new value
through innovation.
Drive the future.

Multi-function railway
heavy equipment

Improveconvenience

Automated driving and convoy
driving BRT

Improveproductivity
Createnew valueComprehensive inspection car

AI-driven image analysis anddetection

Automated ticket gate malfunction prediction AI

Create environments that facilitate
innovation from organizations
and employees

Collaborate together withexternal partners

Adapt to change and enhance creativity
14

Our Purpose andLong-Term Vision

Value Creation Model for Realizing Our Long-Term Vision
Our Purpose

Evolve connections among people, communities, and societies, stir the heart. Drive the future.

Input
Distinctive typesof capitalGroup efforts to achieve
Medium-Term
Management Plan 2025

Financial capital
Cash generating capability
Financial foundation soundness

Manufacturing capitalContinuing to earn thetrust of customers/society and to work
toward the realizationof peace of mind

Optimally enhancing
communities andsociety

Know-how regarding the preparationof social/commercial content

HotelsTravelHuman capital
Human diversity

Identifying andenhancing regional value

Human resources development/nurturing(including data analysis capabilities)

Initiatives to realize
sustainability management

Social capital
Connections with customers/regions

Natural capital
Nature/scenery/culture
within our service area

Key strategies

RealestateRailway/transportation

New areasSC

Creating traffic flows ofpeople, things, andinformation

Technologies/systems for the safe,
stable construction andoperation of diverse infrastructurePartnerships for the co-creationof innovation

Improve safety of railways

Digital strategy
Community/
City development

Intellectual capital

１

RetailTransportation network,city development bases, real estate

Diverse range of customer contact points,
including ordinary and extraordinary

OutputBusiness activity
Distinctive
capabilities

OutcomeFinancial
targets

2 Revitalize and restructure
core businesses

Vibrant
communities where
people move about
freely3 Further evolve real estateand city development

4 Develop diverse services
via digital strategy

5Non-financial
targets

Convenient andabundant lifestyles
for all people(regions/communities)

P36

Sustainable societyEnhancing vitality of people,
communities, society
Enhancing appeal of areas,
including western Japan
Contributing to sustainable
society

Economic value(Customers, shareholders,
employees, etc.)

Create new businesses+
Initiatives to realize
sustainability management

Enhancing networks and data that provides
insight
through increases in service touch points/traffic






Providing solutions
from abundant data

Enhancing peace of mind andreliability, as well as connections,by creating social value
through businessSocial value

Safe, worry-freetransportation thatis kind to people
and the planet


P35(railway business, group businesses)

Realize Long-Term
Vision throughbusiness activities

Expanding innovation and enhancing employee
motivation through the realization ofsocial value and economic value

Enhancing customer
satisfaction
Enhancing shareholder value
Enhancing employee
satisfaction
Co-creation of value withdiverse partners

15Medium-Term
３ Management Plan 2025
－ Post-pandemic challenges －Medium-Term
Management Plan 2025①-1 Improve safety of railways
With the Fukuchiyama Line derailment accident as our starting point, we sincerely pursue safety andremain steadfast in our efforts
Sincere response to the victims of the train accident
We must never forget the derailment accident on the Fukuchiyama Line. We are sincerely
pursuing safety to those who were affected by this accident and make every effort to prevent its
fading from memory.

Promotion of JR-West Group Railway Safety Think-and-Act Plan 2027
The JR-West Group has a duty, an unwavering duty, to never let an accident like the Fukuchiyama Linetrain accident happen again. With this commitment, under our newly formulated JR-West Group Railway
Safety Think-and-Act Plan 2027, we will
improve safety by focusing on “puttingSociety
JR-West Groupcustomers first and meeting theirCompany-wide frameworks for securing safety
expectations.” By taking stronger measures
Appropriate allocation of management
Perspective 2
to ensure safety, we will build “safe andresources
Perspective 3
reliable railways that offer peace of mind.”
Cooperation to ensure safety
Perspective 8

Perspective 4

Prevention, minimization of damage,prevention of recurrence

Connecting

Perspective 5

Scientific and technical safety measures,emphasis on technology

with and

Perspective 6¥&

learning

Perspective 7

Memorial Grove (Inori no Mori) at the accident site

Implementing decision making and actions
that prioritize safety above all else

Aim to solve issues throughgrassroots thoughts
and actions

Create psychologicalsafety teams

Safety think-and-act
by each individual
Putting customers first andmeeting their expectations(Basis of safety management)
Thinkingof ourcustomers.

Prioritizing
safetyabove all,

System ofvalues tocherishActive learning
Take ownership
Share ingenuity
Proactively
movingforward,Management that prioritizes
on-site decision-making
Think about specific risks
Stop without hesitation
Reflectingonperspective,

Togetherwith ourcolleagues,

Verify andimprove initiatives

Mutual understanding
Respect and sympathy
Everyone’s responsibility
Collaboration and cooperation

Development of judgmental skills
and actions that prioritize safety
Putting customers first and meeting their expectationsin thoughts and actions

Proactive compliance with rules,
active learning, and thinking and actions

A culture that prioritizes safety
Perspective 1

Improvement of qualityof risk assessment

Establishment of a PDCA cycle intended toenhance safety management

Safety think-and-act by each individualfrom society

Company-wide framework
for ensuring safety

Culture thatprioritizes safety

Back-office
departments
Localmanagement

Management

Employeeson thefront lines

Essential perspectives in achieving safety17Medium-Term
Management Plan 2025①-2

Improve safety of railways

Key Initiatives in JR-West Group Railway Safety Think-and-Act Plan 2027
＜Platform Safety＞＜Create a Culture that Puts Safety First＞•• Maintain platform gates and safety
screens to prevent train-involved
accidents caused by customers falling
off the platform•

Establish management that prioritizes on-site
decisions
Promote a mindset of putting customers firstand meeting their expectations
Training to stop trains without hesitation

Moveable platform gates＜Railway Crossing Safety＞＜Strength Framework to Ensure Safety Throughout Organization＞•••• To prevent collisions between trains andlarge vehicles at railroad crossings,
install devices that verbally notify train
drivers when a large vehicle is stuck on
the crossing
Install radio alarms＜Earthquake Countermeasures＞

Derailment prevention guards＜Improve Functions of Hardware and Software＞••＜Safety Think-and-Act Initiatives by Each
Individual＞•• Promote earthquake safety measures
such as seismic reinforcement andprevention of derailment to improvesafety during earthquakes

Improve both hardware and software to enhance safety
Provide safe and reliable transportation (improve transportation quality)

Improve quality of risk assessment
Create a psychological safety team
Aim to solve issues through on-site thinking andactions

Share and actively practice five values wewant to cherish＜Connect with Society and Learn from Outside
the Company＞••

Collaboration across systems and organizations

Inspect wheels

Engage in dialogue with relevant organizations regarding responses tonatural disasters and other incidents
Promote efforts to learn from and implement safety measures used byother railway companies and related organizations

18

Medium-Term
Management Plan 2025②-1 Revitalization and Structural Reform ofRailway Services

Enhance the railway network with the Shinkansen lines at the core, and increase population of peopleinteracting and connecting with each other Further enhance wide-area network and take steps to expand demand
Areas Along Sanyo Shinkansen

Hokuriku Area

・ Promote use by increasing convenience- New rolling stock (N700S)- Expand EX service functions(reservations one year in the future, EX-MaaS (povision name))・ Upgrade and promote tourist spots with local communities- Update arrival content centered on Shin-Yamaguchi(Nagato Yumoto - Hagi)- Strengthen special materials with Hyogo DC
Propose fun ideas for Setouchi

Collaborate
with local events••
Hold campaigns in each area

Improve tourism resources and develop tour routes in conjunction with
opening of Kanazawa to Tsuruga extension (spring 2024) and Hokuriku
DC (autumn 2024):- Through the Fukui Prefecture Tourism Development Project,create and strengthen travel offerings to Fukui Prefecture incollaboration with prefectural government and travel companies
Improve tour convenience of secondary access- Increase visitation to Wakura Onsen with Waku Liner train
Propose ways to enjoy railway travel(operation of new tourism trains)

Summer 2023

etSETOra

SEA SPICA

Mori Art Festival,
Sunny Country Okayama

Hyogo DC

Maintaincompelling content

Upgradesecondary access

Autumn 2024
50th anniversary of
Sanyo Shinkansen opening

First step: Start operation of trains between Tsuruga Station andWakasa, and between northern Kyoto and Kinosaki Onsen Station

Use of digital technology

San-in Area / Nanki Area
【San-in area】【Nanki area】••

・Enhance appeal of travel with new
train cars

・Propose new travel experiences throughregional collaboration and special trains•

Marketing with WESTER Myguru
Improve convenience in tourist destinations byexpanding functions of tabiwa
Implement projects with high affinity to digital content

Fukui Prefecture Tourism
Development Project

Operate Fukui FUN Bus

Conveniently connect to yourtrip in western Japan areawith tabiwa, a travel guide

Sales measures in tune with diverse needs•
Spring 2024
New Yakumo rolling stock

Seating forgroups oftravelersRocket KAIROS train

Kinokuni Line Bicycle Train••

Work style not bound by time or place (+PLACE,S Work P seat, etc.)
Initiatives tailored to hobbies and preferences, such as
for railway fans
Deepen approach to targeted Z generation and seniors

19Medium-Term
Management Plan 2025②-2 Revitalization and Structural Reform ofRailway Services

Aim for an attractive Kansai Urban Area where various customers from Japan and abroad come and go, through initiatives
to improve access from Kansai International Airport and in conjunction with the 2025 Osaka/Kansai Expo Further evolve Kansai urban network
Enhance overall attractivenessof Kansai Urban Area
•
•
⁻
⁻
⁻
⁻

Maximize impact from double-track Nara Line
operations
City development centered on stations,creation of vibrancy
New Osaka Station building(Summer 2024)
Osaka Station West District［JP Tower Osaka］(Summer 2024)
Under elevated tracks at Osaka Station (autumn 2024-spring2027)
New Sannomiya Station building (FY2030.3)

Upgrade access to
Kansai International Airport•••

Improve venue access and remodel stations
Build Kansai MaaS
(release app in summer 2023)
Promote new value creation initiatives withvarious partners at JR WEST LABO

Depiction of JR WEST LABO

Sannomiya

Update welcome systems
for foreign tourists•••
Courtesy of Japan Association
for the 2025 World Exposition

Promote NaniwasujiLine project (scheduled
to open in 2031) withan eye on the future•

Osaka International
AirportPromote wide-area tourism in western Japanthrough inter-regional cooperation with DMOs,
etc.
Provide Groupwide services
Improve convenience with QR-based
ticket boarding, online seat reservations,
tourism experience reservations, etc.
Open new brand hotels for affluent
customers
Develop welcome system at Kansai
Airport station, etc.
Strengthen approach to markets in Europe,
U.S., Australia, etc.

Extra trains for direct
service between ShinOsaka and Sakurajima

Run shuttle buses
between Sakurajima
and Yumeshima

Kyoto
Shin-Osaka

Osaka

Nishikujo
Sakurajima
Osaka Metro Chuo Line

Yumeshima

Bentencho

Osaka/Kansai Expo
(2025)

Naniwasuji Line••

Direct connection to Osaka Station, shorten
travel times (start using new ticket gates at
Osaka Station’s West Exit, Umekita)

Umekita area new station building

Initiatives in conjunction
with the Osaka/Kansai Expo

Promote tourism in western Japanby creating content to promote “Expo Plus One Trip”

Morinomiya

Bentencho Station remodelingKansai International
AirportTennojiNara

Kansai Airport
Kansai International Airport
accessAfter opening of Naniwasuji
Line
Expo access route(carbon neutral on some parts)

Improve access to Osaka’s
east side and Nara
Improve access by making
Nara Line into double-track
railway20

Medium-Term
Management Plan 2025②-3 Revitalization and Structural Reform ofRailway Services

In addition to responding to constantly changing needs, we are creating services that make travel more convenient and life
more enriching.

 Enhance railway services that enrich travel and life
TopicsMake shopping
and business more
affordable andpleasant

Make it easier toaccess fulfilling
travel and tourism
information
March in 2023

Make seamlesstravel more
comfortable

More comfortableand enriching
travel experiences
and lifestyles

Launch ofservices

Early reservations(bookable one year in advancefrom autumn 2023)

Can be conveniently
changed at
the last minute• ICOCA services can be used with smartphones• Greatly improves convenience, such as being able
to recharge and purchase commuter passes

anywhere• Provide functions that allow customers to enjoy
various services linked to WESTER app

Make ticketingeasier without
lining up atcounters

More affordable
and better
planned products* iPhone and Apple Watch compatibility coming this 2023

21

Medium-Term
Management Plan 2025②-4 Revitalization and Structural Reform ofRailway Services

Transform daily business processes, achieve productivity improvements and sustainable systemconstruction that support revitalization of railway business

Improve value of customer
experiences while enhancing
service quality

Change customer service•••

Increase productivity
by transforming
daily business processes

Customer services

Green ticket vending machine plus

Change train operations•••

Operation management

Promote digitalization of station services by improving
functions of green ticket vending machines
Provide customer guidance using tablet devices
Offer products in tune with needs (S Work P seat, ticketless
service, etc.)•

Planned rolling stock updates in each area of western Japan
Switch to one-person operations
Reduce environmental load by improving rolling stock
performance
Create flexible timetables, including extra trains based on
demand projections
New rolling stock introducedin Okayama and Bingo areas

Change preventive maintenance procedures

Maintenance・Outline of CBM for railway•
Realize CBM*
⁻ Install sensors, etc. for monitoring the condition of groundfacilities
⁻ Vehicle-based inspection by introducing comprehensive
inspection cars⁻ IoT infrastructure network using existing communication networks*CBM (Condition Based Maintenance): A preventive maintenance concept that monitors andunderstands the condition of equipment at all times, and performs maintenance only whennecessary to achieve both quality and efficiency

・ On-board inspections

・ IoT infrastructure network
・ Monitoring the status ofground equipment

Outline of CBM transition
for railway

22Medium-Term
Management Plan 2025②-5 Revitalization and Structural Reform ofSales of Goods and Food Services

Polish up ability to respond in detail to daily needs of customers and help everyone attain a kind, convenientand abundant life

Basic Strategy
Create the future oflifestyles and travel forcustomers by generating
new added value throughcollaboration and challenge

Key Measures
Improvecompetitivenessthrough external
collaboration

Key Initiatives

Refineexisting stores

Rebuild
Via Inn brand







Further expansion of alliance stores (7-Eleven, Starbucks,
Uniqlo, etc.)
Improve store operation capabilities for maximizing allianceeffects
Discover and commercialize local products, strengthen souvenir
business through external collaboration, using the
Osaka/Kansai Expo as an opportunity
Increase efficiency of store operations with digital technology
MD optimization through renewal at each area train station

Improve quality of service through the launch of “Via Inn
Prime” and promote strategic branding of entire chain
Improve profitability by strengthening proper pricemanagement

23

Medium-Term
Management Plan 2025②-6 Revitalization and Structural Reform of

HotelsCreate connections with people and promote the charms of travel, provide hospitality with bright smiles
and teamwork, and help improve the value of cities

Basic Strategy
Offer high-value-added
services through “branding”
and “Cuisine of Granvia”
initiatives

Key Measures
JP Tower Osaka New brand hotels

Key InitiativesRebuild valueof existing
store brands
New Hiroshima
Station building

Opening of newhotelsPropose a unique and timeless travel experience with
Marriott’s alliance brand Osaka Station Hotel, AutographCollection
Enhance status of entire brand as a symbolic hotel
Rebuild brand in conjunction with Osaka Station Hotel,
Autograph Collection
Differentiate and improve level of service with “Cuisine ofGranvia” as a key, and engage in proper pricemanagement
Offer extraordinary experiences that give customers afeel of the charm of travel and regions
Provide refined facilities as a base for quality travel
Respond to a wide range of needs in collaboration withsurrounding group hotels

24Medium-Term
Management Plan 2025②-7 Revitalization and Structural Reform of

Shopping Centers

Capitalizing on our real-world strengths, connect customers and tenants at every point of contact, whether
digital or otherwise, to realize the best area platform in the region

Basic Strategy
Leveraging the power of ourchain of stores, create
shopping centers tailored to
local characteristics, andpropose a high-quality
lifestyle suitablefor each customer

Key Measures
Real content thataligns with changing
consumption trends

Key InitiativesExpand andstrengthen customer
touchpoints throughreal and digital
mediums

Create shopping
centers that reflect
local characteristics









Pursue valuable store lineups that meet the needs of local
residents
Encourage visits and stays through real experiences, create“small occasions”
Build communities and fan bases where customers participate
Promote conversions to loyal customers throughmembership unification
Expand customer touchpoints through the WESPO app
Create individual customer experiences through OMO, thefusion of real and digital worlds
Develop large retail facilities that generate buzz aroundterminal stations(Osaka, Hiroshima, Sannomiya, etc.)
Develop life-support type shopping centers that reflect
everyday needs closely tied to communities
Expand business scope through consulting business

25

Medium-Term
Management Plan 2025③-1 Further Develop Real Estate and Cities
Collaborate with everyone in regions to form a community where people can live and spend time with peaceof mind, and help solve regional and societal issues

Basic Strategy
Enhance our marketing andmanagement skills, andpromote city developmentthat increases theattractiveness of stations
and towns, focusing on
terminal stations andareas along train lines

 City Development Starting from Stations  Further Expansion of Development Districts
Realize city development by collaborating withlocal businesses and leveraging the strengthsof our transportation network＜Nishi-Akashi Station South District＞•

Create towns desirable to live in, utilizing“Make PLACE”* and our wide-area network

Strengthen our organizational capabilities andachieve sustainable growth through the accumulationof high-value-added real estate assets••* “Make PLACE” represents our commitment to helping solve social
issues by adding mechanisms and devices that encouragecommunity formation to the properties and services we provide.

Accumulate know-how in logistics, healthcare, andother areas
Asset expansion in Tokyo metropolitan area andelsewhere

Cold storage logistics
facilities (Tsuzuki Ward,
Yokohama City)＜Mukomachi Station East District＞•

Create towns where people want to work,with a concentration of startups and cuttingedge companies

Healthcare facilities(Shinjuku Ward,
Tokyo)

Rental residences(Shibuya Ward, Tokyo)

 Strengthen Management Fields and Improve
Asset Efficiency•

Renewal of property management system••

Establish and expand scale of private REITs
Collaborate with local areas in private funds(Become a management company able to solve issues faced by tenants and building
owners)26

Medium-Term
Management Plan 2025

Promote large-scale development of train stations, conduct area management, advance neighboring city development,
create bustling towns that people want to visit③-2 Further Develop Real Estate and Cities

Promote large-scale development of train stations, conduct area management, advance neighboring city
development, create bustling cities that people want to visit
 Enhance experiential value ofcity center Development of major stations＜Development of new Osaka
Station building＞

Scheduled opening
in summer 2024

Develop station buildingsthat are tremendously
convenient by directly
connecting to Osaka station,
while accommodating
diverse workstyles.

＜Development of Osaka
Station’s western district＞（JP Tower Osaka）

Scheduled opening
in summer 2024
By setting up one of thelargest offices in westernJapan, accompanied by retailfacilities, a theater, and ourgroup’s symbolic hotel, we aim
to enhance the experiential
value of the city center.
* Joint venture with Japan Post Co., Ltd. and JTB
Corporation＜Development of new
Hiroshima Station building＞

Scheduled openingin spring 2024

In conjunction with thecreation of a vibrantenvironment with new stationbuildings, enhance the charmof towns through a moreconvenient transportation
network, such as streetcar
access to JR station ticket
gates.

・ Enhance the overall attractiveness of town
centers through area management incollaboration with surrounding businesses,
etc.

・ Improve experiential value and customer
draw by continually updating content(JR Kyoto Isetan, shopping centers, station buildings, etc.)＜Development of new
Sannomiya Station building＞

Scheduled opening
in FY2030.3

Develop a new station building toshowcase the charm of Kobe, andimprove the hub functionality of
the area through the constructionof a network of pedestrian
walkways and city development incollaboration with local
governments and nearby
businesses.

・ Update spaces in front of stations toaugment flow of people and improve
circulation with the town

27Medium-Term
Management Plan 2025

④ Deploy Diverse Services Through Digital Strategy
Utilizing data and digital technology, stir hearts by connecting all customers to a variety of services offered by the Group
Provide a “WESTER experience” that makes people think they want to continue living here or return to visit again

A “WESTER experience” that stirs hearts and drives the future

Initiate diverse services based on data and individual customers, forge connections with customers 24 hours a day,365 days a year
Our Initiatives — Three Evolutions —Advance our connections with customers• Improve functions of our apps (WESTER, tabiwa by
WESTER, WESPO), expand areas covered, including
digital tourism and inbound response• Expand services in digital space through Group’s ecommerce services• Advance and expand payment tools that meet customer
needs, such as improving the functionality of mobile
ICOCA

Advance towards easy to accumulate,want to use points• Expand unique WESTER point products and collaborate
with external parties

Offer unprecedented convenience, value and fun
Digital Tourism
Business

TargetNo. of WESTER members (IDs):

8 million people
by FY2026.3

Through WESTER xtabiwa, construct digital
customer touchpoints forboth daily life andextraordinary occasions.
Provide new experiential
value suited to eachcustomer, fromeveryday life to pretravel / post-travel, spurdemand for travel andmovement within andoutside western Japan•

Forge alliances andlaunch projects aimed
at realizing digital
tourism

Payment tools tailoredto customer needs

Expandpoint products

Advance Group’s marketing capabilities• Provide timely, convenient, affordable and fun
experiences to every customer through data-driven
marketing based on customer journeys•

Easy toaccumulate,
Want to use,

Collaboration withexternal partners

One ID

Real x digital service
groupsProvide value to each customer
through Group data marketing

Apps that connect witheach customer

28

Medium-Term
Management Plan 2025⑤‐1 Create New Businesses
Create connections with western Japan as a stage, aim at city development for a future where new
payments, points and data are interconnected Introduce new payment services that support the“WESTER experience”••

In addition to mobile ICOCA and J-WEST cards, introduce new
payment services to add “more” to convenient, affordable and fun“WESTER experiences,” and connect with everyone through WESTER
pointsEnter the funds transfer business, promote cashless transactions inwestern Japan for inter-corporate transactions, employee salaries*,and subsidy payments from municipalities. Take on challenge of city
development in a future where people from around the world would
want to live and visit*We plan to apply for designation by the Minister of Health, Labor and Welfare.

Futuristic city development that connects new payment
methods, points, and data
Money transfers
Presents
Want to live here,
stay here,“WESTER experience”～Offer unprecedented convenience, value and fun～Connecting with municipalities andcompanies,

Connecting with lifestyle services,

New payment services
via entry into funds
transfer business.

Moneytransfers

Payments

Small/mediumsize businesses

Salaries Expand data solution business with “Yokoten”
Expand the data-informed consulting business, which horizontallydeploys (Yokoten) data solutions developed for internal use with data
analysis and AI, to other railway companies and industries that sharestrong similarities

Partners

Local stores

Subsidies and assistance

Local governments•

Want to visit, come again,

Connecting with people,

Partners

Group’s large
tenants
Companies

More

More
Mobility

Connecting with mobility

29

Medium-Term
Management Plan 2025⑤-2 Create New Businesses
By advancing businesses that enhance sustainability together with the region and society, move people,
communities and society into the futureIntegrated Infrastructure Management Business helps realize
sustainable living• Leverage know-how and experience that
supports railway infrastructure to tackle
issues, such as aging infrastructure andfacilities* and securing engineers, facedby society amid ongoing population
decline• Evolve connections with municipalities
and regional business partners, promotewide-area infrastructure management
and more comprehensive business
operations to drive industrialization of
the region* Roads, bridges, water supply and sewage systems,
public facilities, etc.

Continue to foster
a prosperous lifeBusiness Challenges that Create the Future

Amid rapid societal changes, continue to create new businesses
that drive the future with various partners[Example] XR* Business:
Promote various developments, such as constructing a metaverse of“stations” with diverse functions and social attributes, and augment thismetaverse with new fields for co-creating value* XR (cross reality) is a
general term fortechnologies that allow
people to perceive things
that do not exist in reality,
by merging the real world
with the virtual world

Asset management
Supply chain
Connection with regions
Capital strength
Crisis management capabilities etc.

TopicsPromote Solutions Business for Regional Issues

Leverage diverse strengths of the Group, including thenationwide branch network of Nippon Travel Agency
Co., Ltd., to contribute to solving various regional
issues, such as industrial revitalization and education

Innovation Creation Program• As a foundation for value creation activities of the Group, theInnovation Creation Program was launched in April 2023
• Widely solicit ideas from inside and outside the Group,
promote commercialization while verifying hypotheses,
continue to create new value
Commercialization

Open call for ideas
Hold educational programs for students
with aim to realize a sustainable society

Demonstrations

Innovation training
Proposals

30Medium-Term
Management Plan 2025
Realize Sustainability Management①

Coexistence with Local Communities

Achieve well-being in lifestyles, contribute to solving regional issues and creating sustainable andprosperous communities● Promote the development of sustainable and abundantcommunities
Evolve connections between people and communities in both real anddigital worlds, contribute to the creation of a vibrant future through the
expansion of exchanges, relationships and related activities● Promote easy-to-use and sustainable transport services with thecommunity• Taking into account local needs, foster dialogue with local residents to ensure
regional passenger transport services, including the vertical separation ofrailway lines•

Focus on people’s tastes andpreferences, support fulfilling
leisure activities

Advance the development and realization of solutions, such as autonomous
driving / caravan BRT (Bus Rapid Transit) services, demand-driven
transportation reservation systems, and simplified onboard ICOCA systems

Provide lifestyle services utilizing
digital technologies such as MaaS
and region point program

Topics•

Initiatives for societal adoption of autonomous
driving / caravan BRT

Collaborate with industry, academia, and government entities in research
to strengthen the functions and enhance the appeal of public transportationin urban hubs, contribute to the realization of livable cities throughimproved mobility functions

Realize easy-to-use andsustainable regional passenger
transport services

Together with local residents, refine
and broadcast appeal of regions andits local products
Contribute to an
environmentally-consciousand sustainable lifestyle* In November 2022, JR-West entered into a collaborative agreement with Hiroshima University and Higashi-Hiroshima
City, and conducted verification experiments.

31Medium-Term
Management Plan 2025
Realize Sustainability Management②

Global Environment

As a corporate group responsible for social infrastructure, JR-West aims to improve the overallsustainability of society through efforts to protect the global environment.
Main initiatives
Prevent global warming andaddress climate changePromote the introduction of energy-saving
vehiclesUtilize renewable energy
Promote modal shift in passenger
transportation

Contribute to creation of a circular society Recycle waste, such as railway materials
 Move away from plastic use Advance horizontal recycling of PET bottles

Coexist with nature
Replace materials, such as paint, with low environmental
impact versions
Construction work that considers ecosystems of rivers andnative species
Reduce water usage

Instill eco-consciousness in every Group employee, steady hand in environmental management, as the foundation for efforts
Environment-related
Investment Plan

About ¥85 billion in FY24.3-FY26.3
About ¥110.0 billion in FY24.3-FY28.3* Eligible green projects are shown in JR-West’s sustainability bond framework

Long-term environmental targets in JR-West Group Zero Carbon 2050
CO2 emissions for entire JR-West Group* Scope 1+2 (consolidated)

Topics2025

2030

35% reduction
compared with FY14.3

Challenges for carbon neutrality

50% reduction
compared with FY14.3

Achieve carbon neutrality(Upward revision from previous 46% reduction target)(Depiction of comprehensivehydrogen station installation)

Fuel cell train• Establish comprehensive hydrogen stations utilizing railway assets such as stations• Develop with eye on introduction of hydrogen fuel cell trains• Participate in society’s efforts to decarbonize, such as CO2 capture and storage(CCS) projects

2050

H2
Rolling stockbases

Railroad track
pipeline

H2

Fuel cell forklift

Fuel cell bus

Fuel cell truck

H2

H2

Comprehensivehydrogen station

H2
Cargo railway
transportation

Energy-saving
electricity
Water electrolyzer

H2

To eachregionMedium-Term
Management Plan 2025
Realize Sustainability Management③

Human Capital Management

People that can transform and grow by themselves are the driving force behind our Long-Term Vision.
We support their growth while enhancing diversity and motivation, with the aim of developing creative human resources
who can adapt to change.

Realization of Long-Term Vision
Grow each employee, demonstrate and integrate their individual strengths

Promote Groupwide human resource strategy- Build a portfolio of creative human resources who can adapt to change Human resources cultivation•••

Establish an environment with options
for autonomous career development
Secure employees with specializedskills in each business throughmedium- and long-term training plans
Implement career programs*1 thatallow employees to acquire diverse
expertise and experiences

Diversity and inclusion•••

Evolve into a corporate group thatturns each individual’s diverse
characteristics into strengths
Position empowerment of women as
highest priority and accelerate related
efforts
Expand recruitment of mid-career
professionals and promote
employment of people with disabilities

Work engagement•••

Cultivate a corporate culture where
employees are highly engaged and sense
their growth (improve the “motivatedworkplace ratio”*2)
Timely grasp of situations and shorten
the PDCA cycle
Help employees maintain and improvetheir physical and mental health throughthe Medium-Term Health Management
Plan 2027 *3*1 A systematic program that includes job rotations, training, and self-development courses that help improve adaptability and facilitate autonomous career development*2 Ratio of “low-stress and high work engagement workplaces” in all workplaces, as measured by employee awareness surveys*3 A five-year action plan to support health activities in workplaces and each employee. Targets are set for 11 indicators, including ratio of medical checkup participation and percentage of smoker

Medium-Term
Management Plan 2025
Realize Sustainability Management④

Governance, Risk Management, Human Rights

Further enhance corporate governance to increase corporate value through appropriate risk-taking
activities and the realization of the Long-Term Vision

Reinforce Corporate
Governance

Enhance Risk
Management
Initiatives incorporate ethics andrespect for humanrights•Continuously achieve a proper Board of Directors composition based on a skill matrix
linked to strategy•

Launch of the internal Railway Company (in April 2023) with aim of improving safety
and autonomy across the entire railway value chain, and corporate-led creation ofsynergies among internal companies and group companies•

Implement a mechanism to promote key strategies and allocate resources, such asbalancing revenue and resource allocation, and synergy creation for the entire portfolio•

Establish a risk management system that identifies significant risks in Groupwide
management, ensure continuous and appropriate responses and operations (todemographics, climate change, information security, etc.)•

Initiatives to prevent organizational misconduct•

Commitment to respecting human rights for all stakeholders in business activities

34

Medium-Term
Management Plan 2025

Financial Targets (Financial KPIs)

Management
efficiency

Financial
discipline

Reference)

Ability togenerate
profits

Consolidated
operating income
EBITDA（
Transportation
revenues
Cost Structure
Reform

FY23.3

FY26.3(Results)(Objectives in this plan)*２(Targeted pre-pandemic level)*３¥83.9 billion¥150.0 billion¥185.0 billion¥243.6 billion¥694.5 billion

Recovery in
profitgeneration
ability¥(26.0) billion¥340.0 billion¥860.0 billion

FY28.3Generate
more
profits¥380.0 billion¥870.0 billion¥(40.0) billion¥(50.0) billion

Approximately
4%

Approximately
5%(vs. FY2020.3)

Consolidated ROA

2.3％

Consolidated ROE

8.8％

Net interest-bearing
debt /EBITDA*１（4.4％）

5.6×

Improve
capital andasset
efficiency

Recoveryin ability togenerate
cash flow

Breakdown of operating income in life design field

Approximately
8%

Further
improvement

Approximately
9%

Under 5xCreate morecash flow
and reduce
debt

Under 4x

Approximately 25%

Furtheradvances

Approximately 35%*1 Figures do not reflect tax effects*2 This plan excludes impact from higher revenues related to Osaka/Kansai Expo, track usage fees and higher revenues associated with opening of Tsuruga extension on Hokuriku Shinkansen*3 Targeted pre-pandemic levels exclude impact from higher energy costs

35Medium-Term
Management Plan 2025

Non-Financial Targets (Key Non-Financial KPIs, excluding Safety Targets)
Motivated workplace ratio*

CO2 emissions

Percentage of responses stating “low stress and high work engagement workplace
to all workplaces” in employee awareness survey(Group consolidated total, compared with FY14.3)

2.15 million
t-CO2

FY14.335%
reduction50%
reduction Achieve carbon
neutrality
CO2排出量1.39（グループ連結・2013年度比）
million1.07 million
t-CO2
t-CO2

FY26.3

FY31.388%

CO2排出量64%

Net zero

FY23.3

2050

77%（グループ連結・2013年度比）

FY26.3

FY28.3

Preparation ratio of personnel to be

Ratio of women in management positions*

Ratio of women in leadership positions*next-generation officers*
Preparation ratio of candidates able to take on key posts

10.0%

CO2排出量5.5%
FY23.32.6%

FY26.3

FY28.38.0%（グループ連結・2013年度比）
5.9%

FY23.3

FY26.3

400%

10.0%

FY28.3

CO2排出量330%（グループ連結・2013年度比）
167%

FY23.3

FY26.3

FY28.3*JR-West non-consolidated indicators

Explore appropriate non-financial KPIs as indicators of growth in residents, exchanges and related populations along train lines

Medium-Term
Management Plan 2025

Investment Plan
Steadily invest in safety, concentrate resources in growth fields(Reference)
Five-year comparison¥1,400.0 billion

Investments in Medium-Term
Management Plan 2025（+¥222.5 billion)¥900.0 billion¥1,177.5 billion

Breakdown of growthinvestments
Transportation operations¥70.0 billion
Growth investment¥540.0 billion
Growth investment(+ ¥58.0 billion)¥482.0 billion

Growth investment¥360.0 billion¥210.0 billion

Maintenance and upgrades
investments
Maintenance and upgrades
investments¥860.0 billion(+ ¥ 164.5 billion)¥695.5 billion

Real estate andcity development

Maintenance and upgrades
investments¥540.0 billion

Digital strategy
New domain¥65.0 billion
Safetyinvestments¥502.6 billion

FY19.3-FY23.3

Safetyinvestments¥530.0 billion(+27.4 billion)

FY24.3-FY28.3

Safetyinvestments

Others¥15.0 billion¥340.0 billion

FY24.3-FY26.3() indicate change from theperiod shown on the left
*Includes investment amount37

Medium-Term
Management Plan 2025

Financial Strategy/Shareholder Returns
Establish ability to generate cash flow in a post-pandemic world and maintain proper financial discipline
while building an optimal business portfolio
Promote sustainable improvements in corporate and shareholder value with steady long-term shareholder
returns

Financial
discipline

Shareholder
returns• Net interest-bearing debt / EBITDA

Under 5x (FY26.3)• Pay a stable dividend targeting a dividend payout ratioof at least 35%• Implement a capital policy that takes into account
opportunities while aiming for sustained
improvements in corporate value
38

- Forward-looking statements Forward-looking statements in this presentation, such as JR-West Group plans and targets, are based on projections as of the creation of thisdocument, and are subject to change in the event of major variances in actual earnings caused by fluctuations in the business environment andother factors.