May 12, 2022
To all concerned Parties
Company name:
Japan Airport Terminal Co., Ltd.
Representative: Nobuaki Yokota, President and COO(Code: 9706, Prime Market, Tokyo Stock Exchange)
Inquiries: Kazuhito Tanaka, Senior Managing Director
General Manager of Planning and Management Department
Tel: 03-5757-8409
Medium Term Business Plan (FY22 - FY25)“To Be a World Best Airport 2025”

Japan Airport Terminal Co., Ltd. hereby announces that it has formulated its mediumterm business plan “To Be a World Best Airport 2025 – towards becoming one of the mostadvanced, human-and-eco-friendly airports by 2030”, as shown in the attached sheet.

Medium-Term Business Plan (FY22–FY25)“To Be a World Best Airport 2025
- towards becoming one of the most advanced,
human-and-eco-friendly airports by 2030 -”(May 12, 2022)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original,
the original shall prevail.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

Medium-Term Business Plan (FY22-FY25)“To Be a World Best Airport 2025
－towards becoming one of the most advanced,
human-and-eco-friendly airports by 2030－”
1

Review of the Previous Medium-Term Business Plan

P 2

2Changes in the Environment Surrounding Haneda Airport

P 4

3

The Goal of Our GroupP 5

4

Our Goals for 2030

P 6

5Positioning of the Medium-Term Business Plan (FY22–FY25)

P 7

6

Direction of Strategy

P 8

7

Sustainability

P 13

8

Strategy Road Map

P 16

9

Numerical Goals

P 17

10 Investment Plan

P 18

11 Estimated Number of Travelers

P 19Japan Airport Terminal Co., Ltd.

Introduction About Medium-Term Business Plan (FY22–FY25)

The Japan Airport Terminal Group (hereinafter “JAT Group”) has formulated its medium-term business plan “To Be a
World Best Airport 2025 – towards becoming one of the most advanced, human-and-eco-friendly airports by 2030”, forthe period from FY 2022 to 2025, in order to achieve its long-term vision “To Be a World Best Airport” which aims toprovide the maximum satisfaction to all its customers and stakeholders.
Under the previous medium-term business plan, which ended in FY2020, JAT Group promoted various measurements,
including the construction of its facilities to expand the international terminals, in preparation for the Tokyo Olympics
and Paralympics, as well as the enhancement of Haneda Airport’s functions (increasing international flights by
39,000). However, the global spread of COVID-19 has made an extensive impact on its business performances.
The new four-year plan describes the sustainable growth of both JAT Group and society. The plan is based on its
experience from COVID-19 pandemic (including drastic reviews of its business operations), considering a further
increase of air passengers as indicated in the government’s target of attracting an annual 60 million inbound travelers
by 2030.
In line with this plan, JAT Group will strive to become a leader of the airport companies to realize its long-term vision,
through taking on the challenges to develop the best operational model for Haneda Airport – working with all thebusiness partners including the government and airlines, and making sure all its employees recognize theirsignificant social roles.

Japan Airport Terminal Co., Ltd.

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1. Review of the Previous Medium-Term Business Plan
(1) Review of important measures“Create business and earnings opportunities in pursuit“To Be a World-Best Airport 2020”of our ‘Vision’ for Haneda Airport, and redevelop
earnings base by staking out a competitive position”

Three Strategic Pillars
Expanding business domainsthat leverage strengths anddiversifying earnings• Opening urban duty-freestores• Developing multiple Air BIC
business stores• Participating in otherairports’ businesses• Opening HI City• Developing a regional
revitalization business

Pursuing our ‘Vision’ for Haneda Airport• Expanding and developing the international terminal(T2, T3)• Making TIAT a consolidated subsidiary• Renovating the domestic terminal (T1)
• Developing facilities exclusively for business jets
• Earning SKYTRAX’s 5-Star Airports rating for a sixth
consecutive year
• Introducing advanced technologies, including Fast Travel
and robots• Responding to universal design and barrier-freeenvironment• Supporting the operation of Tokyo Olympics/Paralympics

Redeveloping the earnings
base and staking out acompetitive position• Opening THE HANEDA
HOUSE• Renovating stores• Renovating airport lounges• Constructing a new recyclingbuilding• Implementing the
procurement cost reduction
project

2021 (COVID-19 Pandemic)
Implement a capital increase

Lessons learned from the COVID-19 pandemic• Securing funds for the development of the terminals in
the future• Strengthening the financial foundation to prepare for a
prolonged COVID-19• Terminal management pursuing flexibility and efficiency• Strengthening and ensuring cost management• Promoting the diversification of earnings●Following the restart of the functional strengthening of Haneda Airport initiated in March 2020, the quality and efficiency of bothContinuing
issues for
FY22

hardware and software will be improved.
●Aim to shift away from an earnings structure that depends on airline demand to one that includes newly developed businesses
and strengthening “earning power.”●Secure personnel who can come up with new ideas and have ability to get things done in a changing business environment, as
well as the financial foundations that enable stable business continuity.

Japan Airport Terminal Co., Ltd.

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1. Review of the Previous Medium-Term Business Plan
(2) Status of achievement of the target indicators← TIAT: Equity-method
affiliate
→

←

2016
(Results)

2017(Results)

2018(Results)

2019(Results)

2020(Results)

2021(Results)

2020(Targets)

Operating revenues

204.9

225.9

273.6

249.7

52.5

57.0

300.0

Operating income

9.4

13.4

22.4

9.8

-59.0

-41.2

25.0

Net income
attributable toowners of parent

6.8

11.7

33.0

5.0

-36.5

-25.2

13.0

Indicator type2016
(Results)

2017(Results)

2018(Results)

2019(Results)

2020(Results)

Target level

Comprehensive

9.7%

13.0%

7.5%

n/a

ROA (EBITDA): 12%

Profitability

4.6%

5.9%

8.2%

4.0%

n/a

Operating margin: 8%

Stability

57.7%

55.7%

33.7%

31.2%

34.3%

PL (Billions ofyen)

Growth potential
Shareholder return

TOP 4
38.9%

10.7%

TIAT: Consolidated subsidiary

TOP 2

TOP 3

TOP 2

TOP 2

30.4%

31.2%

51.9%

n/a

→

Equity ratio: Aim for stability as earlyas possible
SKYTRAX evaluation ranking: Top 3
Payout ratio: 30% or more
* The effect of extraordinary income and losses was taken into
account for FY18.

・Made TIAT a consolidated subsidiary in 2018 and reviewed the target indicators.
・The business environment changed drastically in 2020 due to the COVID-19
pandemic, and adaptation to the new normal became an issue.
Japan Airport Terminal Co., Ltd.

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2. Changes in the Environment Surrounding Haneda Airport
Government (Ministry of Land, Infrastructure, Transport and Tourism)
MLIT ”Circumstances Surrounding Aviation and Future Issues andInitiatives” (March 2022) [Excerpt](1) Appropriate responses to the COVID-19 pandemic (border control measuresthat reflect the infection situation)(2) Responses with a view to the recovery and expansion of demand after COVID19 (functional strengthening of each airport, including airports in the Tokyo
metropolitan area, 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)

Functional strengthening of airports in the Tokyo metropolitan area (asper MLIT’s website, and edited by Japan Airport Terminal)(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 numberof foreign travelers and expansion of travel consumption(3) Regional vitalization throughout Japan ⇒ Growth potential of foreigncountries affecting regions throughout Japan(4) Strengthening airport functions (development of artificial land, railroads
connecting to the airport, and aircraft parking apron)(5) Disaster prevention and reduction measures, etc. (strengthening theseismic capacity of runways, etc., development of bank protection, etc.,
and renovation of basic facilities, etc.)

Business Environment

Airline Industry• Decrease in the number ofpassengers due to the COVID-19
pandemic• Promotion of structural reforms
at airlines

New values and lifestyles
resulting from the COVID-19
pandemic

Excess of supply in the officemarket• The government’s target of 60
million non-Japanese visitors to
Japan
World population
growth/Emerging countries(decline in demand for offices due toteleworking, etc.)

Social Environment
・Changes in theworld situation

Japan Airport Terminal Co., Ltd.

• Return of thepandemic• Risks of disasters
and earthquakes• Decarbonized society• Measures to prevent
global warming

4• Heightened awareness ofsustainability, andrequirements from themarket• Fall in the domestic
population (declining
birth rate and aging
population)

3. The Goal of Our GroupTo realize the long-term vision “To Be a World-Best Airport,” our Group has established a goal
we are striving to achieve for 2030: become a “leading airport company.”

Long-term
visionOur goals for2030“To Be a World-Best Airport”

Capital spending- To be the world’s most respected airport, pursuing the satisfaction of all stakeholders -(Furtherinternationalization)

Leading airport company

Environmental
investment

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

Personnel
investment- human-and-eco-friendly advanced airport 2030 -World-leading
hospitality

A safe and secure
airportPleasant journeys:stress-free

Eco-airport(Response toinclusiveness anddiversity)

An airport terminal operator trusted by all stakeholders
Response tochanges[Basic philosophy] To foster harmony between the public and theGroupManagement
strategy

Achieve outcomesthrough fundamental
review during the COVID19 pandemic

Capture future airline
demandExpand the earnings baseby developing businesses
in new fields

Flexibility

Earningpower

Sustainability management

Objectivization

Put strategies firmly into action and achieve outcomes during theperiod of the Medium-Term Business Plan

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Ability to getthings doneGroup synergy

4. Our Goals for 2030
We will clarify the Group’s goals for 2030, define what we should do in the Medium-TermBusiness Plan (FY22–FY25), and realize a “human-and-eco-friendly advanced airport.”
The Group’s vision for what aleading airport company needs

Sustainable growth of society
and our GroupTo realize continual strengtheningof functions and internationalizationof Haneda Airport

Evolution as a smart airport(Integration of technology
innovation in the operation andmanagement)
Stable earnings and secure financial
foundations
Team of highly competentpersonnel
Maximization of organizational
strength

Airport terminal company trusted by all stakeholders

human-and-eco-friendly
advanced airport

Permeate sustainability through management and businessdecisions••

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

Continue to build operational excellence•

Operational excellence(Simultaneous pursuit of highquality and high efficiency)

Our Goals for 2030

Create a modelrecognized as the best
for airports•••

Continuously improve quality and efficiency, including lessons learned from the
COVID-19 pandemic
Establish new ways to utilize terminals in cooperation with airlines
Use digital marketing to help create new services and improve traveler
satisfaction
Improve productivity, such as controlling operations through DX andsystemization

Establish airport functions with a view to a future rise inairline demandComplete the expansion of T1 and T2 terminals (scheduled to be completed in2025) by developing satellites and promoting operations•
Connect East Japan Railway Company – Haneda Airport Access Line (scheduled tobe completed in 2029) to T2 terminal•
Research and review the development of terminals in cooperation with the review
of artificial land development by the government* Review of connection between terminal T1 and T2 (improvement of a newinternational flight area)•

Establish stable revenue streams and financial foundations•••

Incorporate an increase in airline demand into a rise in revenues from merchandise
sales, food and beverage, and service 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

Further lift organizational strength and governance•••Japan Airport Terminal Co., Ltd.

Cultivate a corporate culture where people think by themselves and take calculatedrisks, and where members of the diverse workforce motivate each other
Development of a Group management system that adapts to the business environment
Establish governance that realizes higher transparency and equitability of management,
and improve corporate value

6

Worldleading
hospitality

A safe andsecure airport

Pleasant
journeys:stress-free

Eco-airport

5. Positioning of the Medium-Term Business Plan (FY22–FY25)
We have established a new Medium-Term Business Plan as a backcast by 2025 that reflects our goals for 2030, setting
the years of 2025 and 2030 as milestones (*). These are important points from the business environment perspective.

(*) ■2030: The target year for 60 million overseas visitors to Japan and the government’s target of 15 trillion yen in
consumption, the SDGs’ target year, and the decarbonization (CO2 reduction of 46%) target year
■2025: The year when the number of passengers is expected to return to the pre-COVID-19 level (as per IATA)

Medium-Term Business Plan (FY22–FY25)

Medium-Term Business
Plan 2020

To Be a World-Best Airport 2025
- towards becoming one of the most advanced,

To Be a World-Best Airport 2020

human-and-eco-friendly airports by 2030 World-leading
hospitality

A safe andsecure airport

Pleasant journeys:stress-free

Eco-airport

Increase capital••

Execute an investment
for internationalization

Secure funds to develop theterminals in the future
Strengthen the financial
foundations in preparation for
prolonged COVID-19

associated with the
expansion of flight slots at
HanedaLessons learned fromthe COVID-19 pandemic
Upgrade the operation ofboth domestic andinternational flights

Making TIAT aconsolidated subsidiary

2016-2020
2016–2020• Terminal management pursuing
flexibility and efficiency• Strengthen and ensure cost
controls• Promote earnings diversification

Target in FY25

Goal for FY30

Grow profit higher than that before
COVID-19, assuming recovery ofpassenger numbers (compared tothe plan before COVID-19)

Airport terminal company
trusted by all stakeholders

Sustainable growth ofsociety and our Group

Further strengthenfunctions andinternationalization ofHaneda Airport

Operational excellence

Evolution as a smart
airportEnsure stability ofearnings and secure
financial foundations

Recruit a team of highly
competent personnel
Maximize organizational
strength

2021
2021

2022–2025
Recovery ofpassenger numbers

COVID-19 pandemic
Japan Airport Terminal Co., Ltd.

7

–2030
60 million overseas visitors to Japan
SDGs’ target year

6. Direction of Strategy
The strategy of the Medium-Term Business Plan (FY22–FY25) is to promote “capturing future airline
demand,” which is the driver of growth, as well as “establishment of a foundation for regrowth” and“expansion of the earnings base” to realize it. Also, to maximize the strategy’s efficiency, we will enhance
the management base for “DX,” “organization, personnel, and governance,” and “financial strategy.” In
addition, the Group will pursue sustainability by positioning it as a core of strategy promotion.

［Growth and Evolution］
Grow［Reform and Innovation］
ChangeGrowth of airport business

Establishing a foundation forregrowth

Capture future airline demand

Achieve outcomes through afundamental review during the
COVID-19 pandemic

Growth drive［Facing Challenges］
ExpandExpansion of earnings base
Expand earnings base by developing
businesses in new fields

Enhance the earnings
base

Optimize

Promote sustainability
Pursue sustainability

Create value

・Sustained growth of our Group・Realization of a sustainable
societyEnhance themanagement base
Improve and innovate by harnessing DX
and new technologies
Japan Airport Terminal Co., Ltd.

Organization, personnel, andgovernance8

Financial strategy

6. Direction of Strategy: Business Segment (1)Facilities management

Our goals for2025

To achieve both high quality and profitability, we are reviewing terminal operations andpromoting the functional strength of airport infrastructure toward increasing thenumber of non-Japanese visitors to Japan in 2030, while striving to reduce maintenanceand management costs and increase revenues such as rents.

Directionofstrategy

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

Grow

With a view to 60 million overseas visitors to Japan in 2030, we plan to strengthen functions while contributing tosociety.

ExpandWe are aiming to improve performance at domestic airports as a whole by acquiring new technologies that arenecessary for environmental measures and combating infectious diseases.

Operations and management
perspective

Concretemeasures

Sustainability■Operational excellence┗Improve services and labor-saving for
guidance operations, etc. by leveraging
technologies such as robots■Fundamental review and lessons learned in
the COVID-19 pandemic┗Suppress rebound from operational
cost reductions (restructuring of serviceprovision processes)┗Review border control measures incooperation with relevant ministries
and agencies as well as airlines inregard to new infectious diseases■Review terminal operations with a viewto changes in airport usage, including
off-airport check-in

Improved revenue perspective

Facility infrastructure perspective■Commercial renovations and measuresagainst vacant space┗Vitalize by providing new content┗Review relocations associated withexpansion of facilities■Connection between T2 satellite andthe main building, which helps to
optimize flows of passengers and improve
on-time performance■New construction of T1 satellite on thesidelines of the government’s apron
upgrade■Review with a view to an increase in
future airline demand┗Connection between the East Japan
Railway Company Airport New AccessLine and T2┗Connection between T1 and T2(improvement of the international flightarea)■Acquire new alliance partners forlounges and increase the number of users■Develop advertising media byleveraging flexible and efficient digital
signage■Planning and execution of the long-term repair program for terminal buildings, including environmental measures┗Decarbonization (further promoting a change of lighting to LED and replacement of air conditioners)┗Disaster response (completion of renovating specific ceilings and provision of timely information when a disaster strikes by introducing
digital signage)■Enhance universal design, such as installing additional emergency flashbulbs for hearing-impaired persons■Reduce waste by promoting secondary use, etc. of materials for terminal operations (PBB, decorative accessories in buildings, etc.)

Japan Airport Terminal Co., Ltd.

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6. Direction of Strategy: Business Segment (2)Merchandise sales/Food and beverage

Our goals for
2025

While reviewing the product mix, services, operations, cost rates, etc., we will uncovercustomer needs where consumption trends have changed by taking advantage of digitalmarketing, and aim for operating revenues from merchandise sales of 156 billion yen
and operating revenues from food and beverage sales of 18 billion yen.
Directionofstrategy

Concretemeasures

Change

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

Grow

Review merchandise, services, etc. through digital marketing.

ExpandExpand sales channels by EC business, etc. to earn revenues that are not passenger-dependent.

Revenue structure perspective

Sales expansion perspective

New earnings base perspective■Improve efficiency and diversificationof store operations┗Introduce self-checkout at storeswith centralized cash registers┗Develop stores with showrooms
that do not have inventory┗Research non-contact services■Refurbish stores in the T1 marketplace┗Expand the direct-from-the-farm business incollaboration with local regions (Complex stores■Expand sales channels and merchandise
by leveraging EC┗Develop Click&Collect by utilizing the
airport site
┗Develop new channels of cross-border EC┗Improve use of duty-free reservation sitein collaboration with operators related tointernational flight passengers(Strengthen “customer transfer” byutilizing QR codes)■Develop “retail-tainment” that provides
experience value(automated accounting [RFID], etc.)■Reduce cost rates by developing
Haneda-original products andexpanding sales shareconsisting of merchandise sales, food and beverage,
and services)■Introduce top-brand merchandise in the T3
duty-free shop
┗Differentiate by developing original products┗Develop T2 duty-free stores by leveraging
virtual technology■Develop ethical products due to growing demand■Strengthen one-to-one marketing to airport
users■Develop and improve ethical products (develop upcycling products, fair-trade products, and locally produced products, etc.)■Changes in materials of shopping bags and charging fees
■Reduce merchandise waste disposal (outlet sales, measures against food loss, etc.)

Sustainability

Operating revenue target:
Merchandise sales

188.0

193.0

(Billions of yen)Previous Medium. Plan target
Term Business(FY2020)

Japan Airport Terminal Co., Ltd.

FY2025
.

20.0

21.0

Previous Medium. Plan target
Term Business(FY2020)

FY2025

Food and beverage

156.0(Billions of yen)

New revenue.
recognition
accounting standard

10

.

18.0

New revenue.
recognition
accounting standard

6. Direction of Strategy: New Initiatives
New business/Expertise businessOur goals for
2025

These businesses are expected to part of the earnings base in 2030. By utilizing
Haneda’s value and networks, and airport operational expertise, and through acquiring
management resources we currently do not have, we aim to generate operating
revenues of 10 billion yen in 2025.
Directionofstrategy

Concretemeasures

Sustainability

Grow

Aim to increase revenues by developing new businesses that take advantage of Haneda’s value
and focusing on existing expertise in airport operations.

ExpandAim to acquire new technologies and expertise, leading to the creation of new businesses.

Perspective of utilizing Haneda’s value

Perspective of utilizing know-how■Further strengthen EC business (Referto the previous page for details)■Create customer-attracting businesses byleveraging Haneda’s site and networks,
including art auctions in a bonded area andrevitalizing local regions■Strengthen cooperation withsurrounding areas such as HICity andacquire earnings opportunities■Develop and improve services forbusiness jet users, including duty-freemerchandise sales■Develop business by taking advantage ofHaneda’s uniqueness and actual
performance┗Agency business for Radi-Cool robots┗External sales of in-flight meals, cleaning
technologies, etc.
(Further operationalizing the Group’s
expertise)┗Airport operation consulting┗Development of duty-free business, etc.
by participating business operators at the
airport

Perspective of creating new
management resources■Conduct aggressive R&D and introduce
new technologies that increase
passenger convenience, and expand
these outside the airport■Research on next-generation mobility■Research and development of new
business seeds■Contribute to developing the surrounding areas and the Tokyo metropolitan area, as well as revitalizing local regions by taking
advantage of Haneda’s site and networks■Solve social issues such as securing a labor force through developing new technologies including robots(Provided by Kyushu Kumamoto International Airport Co., Ltd.)

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6. Direction of Strategy: Management BaseManagement BaseDX Strategy

Organization, Personnel, andGovernance

Financial Strategy

Leverage technologies with a focus
on digital and AI
Digitally link information and data
Evolve into a smart airport

Appoint external personnel andstrengthen external relationships
Expertise and diversity of personnel
Corporate culture of “Think by
oneself and take on challenges”

Make financial position healthier as
early as possible
Establish an advanced businessevaluation and management system
Adequate investment in new
business opportunities■Clarification of DX strategy┗Conduct digital marketing┗Develop sales channels┗Improve the quality of security, services, etc.
┗Promote improvement in operational
efficiency in the administration department(Increase the degree of accuracy in realestate management and merchandiseorders)■Promote aviation innovation■Research new forms of aviation mobility■[Organization]
Group structure according to strategy■[Personnel]
Secure a diverse range of personnel┗Business-business and/or businessacademia collaboration, and secondment tooutside organizations┗Promote the empowerment of women┗Promote employment of people withdisabilities■[Governance]
Ensure the board of directors fulfills its
functions■Establish a robust financial base with a view
to investment for growth┗Develop a financial base, considering ratings┗Refinance hybrid loans, etc.
■Review the diversification of funding with aview to environmental measures┗Invest in green bonds, etc. for CO2 reduction■Engage with investors in the prime market┗Review business evaluation and adequate
resource allocation based on capital cost

We will strengthen marketing endeavors, aiming for customer-centered terminal operations,and apply them to the strategy to provide top-quality hospitality.
■Promote business based on the Sustainability Basic Policy

Sustainability■Install a sustainability promotion organization (committee, full-time body and working group [WG] by subject)■Proactively disclose information to stakeholders┗Respond to the revised CGC and the TCFD recommendations, and review toward issuing an integrated reportJapan Airport Terminal Co., Ltd.

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7. Sustainability(1) Sustainability Basic Policy
Under the basic philosophy “To foster harmony between the public and the Group,” we will help to realize asustainable society through our business activities.
Based on the newly developed Sustainability Basic Policy, the entire Group will promote sustainability in cooperation
with our stakeholders.
Basic philosophy

The Japan Airport Terminal Group, as a purely private company assuming construction, management andoperation of highly public passenger terminals, is fully aware of its social role and management goals in order to“Foster harmony between the public and the Group.”

Sustainability Basic Policy
The Japan Airport Terminal Group, as a purely private company assuming construction, management and operation ofhighly public passenger terminals, has adopted a basic philosophy of “To foster harmony between the public and theGroup.” To realize “To Be a World-Best Airport - To be the world’s most respected airport, pursuing the satisfaction of all
stakeholders -,” we will promote sustainable business activities while contributing to the development of thesocioeconomy under the Sustainability Basic Policy.

Goals (visions) we are aiming
for in 2030

human-and-eco-friendly
advanced airport 2030

Customers

World-leading hospitality(1) Serving as an air gateway to Japan, we strive to operate customer-centered passenger terminals (convenience,
comfortableness and functionality), continuously work at improving services and operations while actively utilizing
digital technologies, and provide the best hospitality.

A safe and secure airport

Partners(2) Together with partners such as airline companies, tenants and subcontractors, and the national government, we
promote development of safe and secure airports and open innovation toward mutual growth.

Pleasant journey: stress-free(3) We give consideration to physical and mental health and security of officers and employees, and strive to develop
personnel and improve work environments so that they can work with a motivation while exercising a wide range ofabilities they have in various fields associated with the airport.

Eco-airport(4) In partnership with surrounding communities, we not only contribute to the growth of the Tokyo metropolitan area,
but also enable domestic air mobility in cooperation with airports throughout the country as the hub of the aviation
network, and aim to co-exist and co-prosper with local communities throughout Japan.

Social image when the goals
are achieved(5) We endeavor to be transparent in disclosing information on a timely basis and increase corporate value from a longterm perspective, based on engagement with shareholders and investors.

Japan where travelers want tovisit

Employees

Local Communities

Shareholders/Investors

Global Environment(6) In moving toward a decarbonized society and/or a resource-circulation society, we aim to reduce the environmental
burden associated with business activities through, for example, promoting measures against global warming and 3R,
and realize sustainable airports in harmony with the global environment in cooperation with stakeholders.

Common(7) Having ensured absolute safety, we properly manage risks that may pose a threat to business activities. Also, weroutinely promote disaster prevention measures, etc. and business continuity management so that, even in
emergencies, we can ensure safety and continue operating the passenger terminal, which is public infrastructure,
without delays.
(8) We comply with domestic and overseas laws, regulations and rules, and carry out business honestly and fairly while
taking human rights into consideration.

Japan Airport Terminal Co., Ltd.

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Sustainable growth of resilient
aviation network
Society where people can movesafely in a comfortable way
Carbon neutral
Decarbonized society

7. Sustainability(2) System for promoting sustainability management
We will establish a Sustainability Committee in July 2022, which will be chaired by the President andRepresentative Director. In addition, we are planning to establish a Sustainability Promotion Office as a
dedicated body under direct control of the President.
Under the umbrella of the Sustainability Committee, we will create theme-based working groups and implement
initiatives on sustainability on company-wide.

Sustainability Promotion System

Outline of the Sustainability Committee

Board of Directors
Board of Auditors/Advisory Committee on
Remunerations/Nominating Advisory Committee

Executive Committee
Sustainability Committee

Compliance Promotion
Committee

Information sharing
Secretariat
and cooperation
Japan Airport Terminal
Sustainability Promotion OfficeGroup Customer Satisfaction(scheduled to be established)
Promotion Council

Corporatewide
development

Theme-based working groups

Committee
members

Chairperson: President and Rep. Director
Members: Vice-president and all other officers(including executive officers)

Secretariat

Sustainability Promotion OfficeFrequencyof meetings

Twice a year or more

Matters fordeliberation■Policy on sustainability■Capturing critical sustainability issues■Response to risks and opportunities■Establishment of plans and targets relating tosustainability and progress management (PDCA)■Stakeholder communication, etc.

OthersScheduled to establish theme-based working groups(energy saving/creation WG, etc.)(energy saving/creation WG, new energy WG,
resource circulation WG, etc.)

Each business division/Group company

Beyond FY22, we intend to aggressively implement initiatives that strengthen the foundation forsustainability management, such as creating a medium-term sustainability plan based on a materiality
analysis and promoting information disclosure in accordance with the TCFD recommendations.
Japan Airport Terminal Co., Ltd.

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7. Sustainability(3) Sustainability initiatives<Current initiatives>
World-leading hospitality

A safe and secure airport

CS (Initiatives to improve customer satisfaction)

Initiatives for disaster and crime prevention• Create a CS Philosophy and CS Services Basic Policy• Establish the Japan Airport Terminal Group Customer Satisfaction Promotion Council, and target
management where the compliment/complaint rate and/or the customer satisfaction level are
set as KPIs
• Implement various CS measures (install additional charging stations, improve the Wi-Fi
environment, introduce hand dryers with air-cleaning functions, etc.)• Win the world’s best 5-Star Airport from SKYTRAX• Install a 24-hour disaster prevention center• Develop a disaster response manual (including a manual for response to A2-BCP)• Periodically carry out joint training that includes each Group company and tenant• Stockpile equipment for disaster and crime prevention, promote participation in a basic criticalcare course, introduce an emergency earthquake announcement system, establish voluntarystandards for quality control and hygiene management for stores, etc.

Pleasant journeys: stress-free

Eco-airport

Promote universal design

Initiatives for CO2 reduction• Install facilities expecting a variety of customers (wide moving sidewalk, multi-function toilets,
toilets for assistance dogs, “calm down, cool down space,” etc.)• Promote acquisition of qualifications such as that for service care-fitters and sign language
interpreters• Post on the website the names of stores that offer halal vegetarian foods and those that offer
vegan products• Respond to energy-saving measures for electricity use and air conditioning (change lighting
to LEDs, install geothermal heat pumps, etc.)• Install a large-scale solar power generation system, adopt “Radi-Cool,” which is a radiantcooling material that leverages advanced technologies, install plug-in stations for electricvehicles, etc.

Waste reduction and recycling

Leveraging new technologies• Create a mechanism to realize innovation (establish HANEDA ROBOTICS LAB, etc.)• Adopt advanced technologies (cleaning robots, electric wheelchairs, AI concierges, multilingual
video interpretation service, smart translation masks, etc.)• Provide shopping bags that use renewable materials, eliminate plastic straws at directly
managed stores, and recycle milk cartons disposed of at the lounge into toilet paper• Launch of “TABETE Rescue Deli” to reduce food loss
• Reduce general waste by utilizing fully automated vanishing-type food waste disposers

Foundation supporting value creation (Initiatives common to all perspectives)
Occupational safety and health, and health-focused management

Development of personnel and engagement• Implement rank-specific training, including languages and sign languages across the entireGroup• Conduct interviews and follow-up for junior staff• Establish a new Work-Style Reforms Promotion Team Leader Council• Promote preventive measures against infectious diseases, and obtain certification for the AHA
program from Airports Council International (ACI)• Collaborate with an occupational health physician, set up a mental health counseling desk, etc.

<Key initiatives in the future>
Eco-airport

Hospitality

Pleasant
journeys:stress-free・Initiatives to achieve the 46% CO2 reduction target by 2030
┗Promote a change of lighting to LEDs and responses todecarbonization such as replacing air conditioners
・Obtain T1 satellite ZEB Oriented
・Reduce food loss and reduce waste disposal by reusing materials, etc.
・Change materials used in shopping bags and charge fees for the bags

・Further initiatives to improve customer satisfaction (CS)
┗Enable smooth guiding by installing additional digital signage and
FIS┗Upgrade Wi-Fi equipment┗Install additional emergency flashbulbs for hearing-impaired persons

Japan Airport Terminal Co., Ltd.

Safety andsecurity・Respond fast to earthquake damage, such as repairing specific ceilings
・Eliminate blind spots by increasing the number of ITV cameras (T2)
・Introduce non-contact customer service (self-checkouts, automated payment, etc.)
・Develop and expand the range of ethical products

Create┗Upcycling products, fair-trade products, locally produced products, etc.
・Contribute to the development of surrounding areas and the Tokyo metropolitan
business
opportunities area as well as to the revitalization of local regions by taking advantage of Haneda’ssite and networks

Solve social
issues15

・Diversity of personnel┗Business-business or business-academia collaboration, promote the empowerment of
women and promote the employment of people with disabilities
・Solve social issues such as securing the labor force through developing new technologies
such as robots

8. Strategy Road Map
2022

2023

2024

2025

Establish the Sustainability Promotion OfficeSustainability(Strengthen the foundations of sustainability management)

Promote business based on the Sustainability Basic Policy

Terminal 1

Facilities
management

Terminal 2

Construct a new satellite

2026

2027

2028

2029

Reduce CO2: Implement measures to achieve quantitative
indicators

CO2 reduction-46%(compared to2013)

Response to development, renovation, etc. of the apron(in conjunction with the government’s apron upgrade)

Respond to the Haneda Access Line

Connect the satellite to the mainbuilding(expected to start in 2029)

Promote operational excellence
Operational Excellence (Simultaneously pursue high efficiency and highSuppress rebound from operational cost reductions

quality)＋
Further strengthen the functions of airport infrastructure andthe internationalization to prepare for an increase in overseas
visitors to Japan(Review with a view to an increase in future airline demand)

Take measures against vacant space
Renovate commercial zones

Improve efficiency of and diversify store operations

Merchandise
sales/Food andbeverage

Develop Haneda-original products and expand sales share
Develop “retail-tainment” that provides experience value
Expand sales
channels andmerchandise byleveraging EC

New business/
ExpertisebusinessStrengthen one-to-one marketing to airport users

Utilize Haneda’s value + utilize its expertise: Strengthenbusiness development

Contribute to profits as one of the earnings bases

Research and develop new business seeds

DX promotion

Leverage technologies, with a focus on digital and AI
Digitally link information and data
Evolve into a smart airport

Improve operational efficiency in the administration
department
Promote innovation in the aviation industry
Group structure according to strategy

Maximize organizational strength
Form a team of highly competent personnel

Ensure expertise and diversity of personnel
Cultivate a corporate culture of “Think by oneself and take onchallenges”

Japan Airport Terminal Co., Ltd.

Number ofoverseas
visitors toJapan:
60 million

Expand sales channels and merchandise, including EC, cross-border EC and duty-free reservation sites

Promote digital marketing

Organizationand personnel

2030

16

Consumption:

15 trillion
yen

Government
target9. Numerical Goals
Idea of numerical goals▶An entity creating a “model recognized as the best in the world”⇒

Airport evaluation▶Strengthening “earning power” with a focus on sustainability management ⇒Profitability

Efficiency▶Flexible response to changes in a business environment of great uncertainty ⇒Stability

Shareholder return▶A business entity that invests by taking advantage of opportunities forcontinuous growth⇒

Investment plan

■ FY25 Guidelines and the target profit and loss
<Guidelines><Target profit and loss>

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

Indicator type

Indicators used

Target level

Profitability(Comprehensive)

Consolidated net
income16 billion yen or more

Profitability

Cost reduction
amountEfficiency

ROA (EBITDA)

Stability

Equity ratio

2.5 billion yen(Equivalent to 10% of the operating income target of 25
billion yen in the previous Medium-Term Business Plan)

12% or higher

P&L for FY25
Operatingrevenues

280.0 billion
yen

320.0 billion
yen

Facilities
management

106.0 billion
yen

106.0 billion
yenMerchandise
sales

156.0 billion
yen

193.0 billion
yen

Food andbeverage

18.0 billion
yen

21.0 billion yen

Operating income

30.0 billion
yen

Ordinary income

27.0 billion
yen

Net income

16.0 billion
yen

Aim to recover to the level of 40%

Shareholder
returnPayout ratio

30% or more

Airportevaluation

SKYTRAXevaluation ranking

World’s Best Airports TOP 3* Number of passengers in FY25: Assuming that the number of passengers will recover to the level of that in FY20 (after the expansion ofinternational flight facilities), when the number of passengers was not affected by COVID-19([Estimated number of passengers at Haneda Airport] Domestic flights: 69 million passengers, International flights: 25.6 million passengers)
Japan Airport Terminal Co., Ltd.

17

Reference: Previous
standards*

10. Investment Plan
■ Estimated investment amount during the plan period

Investment plan

(Billions of yen)

FY22

FY23

FY24

FY25

Plan period total

15.0

29.0

34.0

27.0

105.0

Facilities management

93.0 billion yen

・T1/T2 satellite improvement construction, facility replacement construction, etc.

Merchandise sales/Food and beverage

5.0 billion yen

・Store renovation construction, system renewal, etc.

New business/Expertise business3.0 billion yen

・HANEDA INNOVATION CITY, EC business, robot business, etc.

Management base and others

4.0 billion yen

・DX investment, etc.

➤ Investment in improvement of the T1/T2 satellite
Investment plan forsatellite upgrade(Billions of yen)

FY22

FY23

FY24

FY25

Plan period total

6.0

19.0

18.0

10.0

53.0

Construction of facilities related to CO2 reduction (Total construction costs from FY22 to FY25)
・ Construction to convert lighting to LEDs: 3.0 billion yen
・ Construction to replace air conditioners: 5.0 billion yen* Planned investment amount: 3.5 billion yen
Japan Airport Terminal Co., Ltd.

18

11. Estimated Number of Travelers■ Estimated number of travelers using Haneda Airport during the plan period
Domestic flights

International flights

Will recover to the level before the impact of
COVID-19 (*) at the beginning of FY23

Will recover to the level planned for after the expansionof flight slots within FY24

* Before the impact of COVID-19:
FY19 results (Apr.–Jan.) + Our forecasts (Feb.–Mar.)(10 thousands)(10 thousands)

FY21

FY22

FY21

FY23

FY22

FY23

FY24

FY25

Number of passengers

2,838

5,852

6,900

Number of passengers

83

466

1,210

2,310

2,560

Comparison with before
impact of COVID-19

41%

85%

100%

Comparison with plan

3%

18%

47%

90%

100%

About 69 million passengers are estimated annually after FY23 as wellComparison with before impact of COVID-19

Comparison with plan after the expansion

100%

100%
100%

80%

80%

60%

60%

40%

40%

20%

20%

0%

100%

0%
1Q

2Q

3Q

4Q

FY2021
Japan Airport Terminal Co., Ltd.

1Q

2Q

3Q

4Q

1Q

2Q 3Q
FY20234Q

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QFY2023
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2024FY2022

FY202119

FY2022

FY2025

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts,
future figures and monetary amounts in this presentation that is not historical
data are projections of the future. These are based on management’s
projections, assumptions, evaluations, judgments, and conditions on
information obtainable at the present time. Realizing these items entail
uncertainty and various risks.

This presentation material is not intended to solicit investments. We request
you to make own decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Investor Relations Division

TEL: 03 (5757) 8409
FAX: 03 (5757) 8029
Email: ir@jat-co.com