JAL GROUP NEWS
Financial / Traffic DataFebruary 02, 2024

JAL Group Announces Consolidated Financial Results for
Third Quarter of Fiscal Year 2023
The JAL Group today announced the consolidated financial results for the third quarter of FY2023 ending March2024 (April 1, 2023 to December 31, 2023).

-Revenue increased by 243.7 billion yen year on year, while operating expenses were suppressed to a 139.5
billion yen increase, resulting in a significant growth in EBIT and net profit.
There are no changes to the forecast for the consolidated full-year performance, as announced in the second
quarter results.

1. JAL Group Consolidated Results for the Period April 1, 2023, to December 31, 2023
International passenger numbers have increased by approximately 1.8 times year on year, driven by strong
inbound demand and the active capture of transit passengers, including those traveling between the US andChina. For domestic passengers, the proactive capture of recovering passenger demand, backed by the highcompetitiveness, through initiatives such as limited time offer sales has resulted in an approximately 1.2 times
increase year on year. Overall, the number of passengers has been steadily recovering.
On the other hand, as a result of flight resumptions, the supply volume has increased by approximately 20% year
on year, while the increase in cost was successfully suppressed to approximately 14%.
In this environment, in the third quarter, both revenue, EBIT, and net profit increased year on year, as well as thesame period of FY2019.

JAL GROUP NEWS2. Summary of the JAL Group’s operating results for the third quarter by business domain
Full Service Carrier Business Domain■International Passenger Business:
Passenger numbers have recovered steadily to approximately 68%, with passenger revenue reaching toapproximately 118% compared to FY2019.

■Domestic Passenger Business:
Passenger numbers reached approximately 91% and passenger revenue returned to a similar level compared toFY2019.

■ Cargo and Mail Business:
In the international cargo business, the volume was maximized by focusing on high value-added cargo. As aresult, the transportation volume increased to approximately 105%, the unit price increased to approximately
162%, and the revenue increased to approximately 171% compared to FY2019.

LCC Business Domain
ZIPAIR expanded the number of destinations to eight, mainly in North America and Asia, and has achieved asteady accumulation of profits. New service on the Vancouver route will begin in March 2024, as announced.
Spring Japan resumed operations on the Narita-Shanghai (Pudong) route in December 2023 after 3 years and 8months, amid the gradual recovery of demand on Chinese routes.

JAL GROUP NEWS

Mileage, Infrastructure and Others Business Domain
Revenues reached approximately 114% year on year due to an increase in JALUX business revenues and anincrease in volume for which ground handling services were provided.

3. Summary of Consolidated Statement of Financial Position and Cash Flow

JAL GROUP NEWS4. Recent initiativesSustainability
In December 2023, the JAL Group was selected for the second consecutive year as a component of the DJSI
Asia Pacific Index (Dow Jones Sustainability Asia Pacific Index), a leading ESG investment index, in recognitionof its sustainability and safety initiatives at the world's highest level, among other factors. This achievement also
marked the top score in the global airline industry.
Air Transport Related Business Domain- International passenger: Starting from January 24, 2024, the Airbus A350-1000 was introduced as the main
aircraft for international routes on the Haneda-New York route, marking the first time in about 20 years. FromFY2024, the aircraft will also be introduced on routes such as Haneda-Dallas Fort Worth and Haneda-London.
The aim is to promote decarbonization, offer customers a serene and luxurious space, and enhance our productand service by providing the latest in comfort.
In addition, starting in the summer schedule of FY2024, the Haneda-Doha route will be launched as a newgateway to Europe, Africa, and South America.
- Cargo business: The operation of the Boeing 767-300ER cargo aircraft will begin from February 2024.
Through strong partnership with DHL Express, a global logistics company, a network will be built in East Asia tocapture strong e-commerce demand, while achieving sustainable growth in the air cargo business andcontributing to the society and our customers.
Mileage, Infrastructure and Others Business Domain- In November 2023, the JAL Mileage Bank app (JMB app) was released, combining various functions such as"earning" and "using" miles, including the “JAL Pay” payment function, which has been enhanced for greateruser-friendliness.
- The JAL Global Club was renewed in January 2024, and the “JAL Life Status Program” was launched. This
program enables customers to accumulate status points continuously throughout their lifetime by boarding JAL
flights and in various aspects of their daily lives, rather than solely based on annual boarding records.
- In the retail sector, the "JAL brand" has been strengthened through the expansion of the online store "JAL Mall"and the completion of the design change of JAL PLAZA stores at airports nationwide.
Sustainable Airport Management- In order to train and secure future aviation maintenance engineers, a collaborative effort has been made withANA Holdings to establish the “Aviation Maintenance Engineer Training Support Program”, offering an interestfree loan. The recruitment started from December targeting students entering in FY2024.
- To realize sustainable airport ground handling, the Airport Ground Handling Association has been established

JAL GROUP NEWSand initiatives to foster cooperation across company boundaries have also been launched. Additionally, incollaboration with All Nippon Airways Co., Ltd., a system will be implemented from April 2024 where thequalifications required for ramp handling work for each company, will be mutually recognized.

5. Forecast of Consolidated Financial Results for the Fiscal Year ending March 2024
Although there will be an operating expense of approximately 15 billion yen due to the total loss of the aircraft inconnection with the collision between JL516 and a Japan Coast Guard aircraft on January 2, 2024, there are nochanges to the previously announced consolidated financial results forecast (Revenue 1,684 billion yen, EBIT
130 billion yen Net profit 80 billion yen) and dividend forecast (60 yen per share) for the full fiscal year as outlinedin the “Consolidated Financial Results for the Six Months Ended September 30, 2023” dated October 31, 2023.
The impact of the closure of Runway C at Haneda Airport is expected to reduce revenues by approximately 2billion yen, but the impact on the business performance will be limited. Moreover, the Noto Peninsula earthquake
on January 1, 2024 is expected to have a limited impact on the business performance.

About JAL
Japan Airlines (JAL), Japan’s first private aviation company, was established in 1951 and is a member of theoneworld® Alliance. The airline operates a fleet of 225 aircraft and began renewing its international long-haulaircraft with the Airbus A350-1000 starting 2023 Winter Schedule. Together with other JAL Group and partner
airlines, JAL offers an extensive domestic and international network that serves 376 airports across 64
countries/regions. The airline has received numerous accolades for its exceptional service, including being
recognized as a certified 5-Star Airline by Skytrax and being awarded the prestigious "World Class" Airline titleby APEX, the Airline Passenger Experience Association. JAL takes great pride in its on-time performance and isregarded as one of the most punctual airlines globally. The airline is dedicated to ensuring the highest standardsof flight safety and overall service quality, striving to be the most preferred airline by customers worldwide. The
JAL Group recognizes that action to address climate change is a particularly important issue for the sustainabilityof society, and in June 2020, the group announced its commitment to achieve net zero carbon emissions by 2050.
For details and to learn more, visit JAL's official website at https://www.jal.com/en/.
For media queries, please contact mediarelations.hdq@jal.com