The JAL Group reports rising revenues, but profitability is down.
According to its press release, the first half of the 2026/2027 fiscal year (April 1 to September 30, 2026) revenue reached 1,098.9 billion yen (6.2 billion euros), up 11.7%. This marks the highest level since the group’s re-listing.
Operating costs rose by 16.5%, to 1,038.2 billion yen, driven by higher fuel prices and the persistent depreciation of the yen. EBIT fell by 36%, to 70.1 billion yen (396.6 million euros), and net income declined by 42.2%, to 39 billion yen (220.7 million euros).
After a first quarter below plan, the semiannual EBIT nevertheless exceeded the initial forecast, JAL said in its release.
According to its press release, the first half of the 2026/2027 fiscal year (April 1 to September 30, 2026) revenue reached 1,098.9 billion yen (6.2 billion euros), up 11.7%. This marks the highest level since the group’s re-listing.
Operating costs rose by 16.5%, to 1,038.2 billion yen, driven by higher fuel prices and the persistent depreciation of the yen. EBIT fell by 36%, to 70.1 billion yen (396.6 million euros), and net income declined by 42.2%, to 39 billion yen (220.7 million euros).
After a first quarter below plan, the semiannual EBIT nevertheless exceeded the initial forecast, JAL said in its release.
Revenues Rise Despite a Decline in Passenger Numbers
For traditional airline operations, revenue increases by 14.2%, to 884.9 billion yen (5.0 billion euros), while EBIT declines by 45.3%, to 41.6 billion (235.4 million euros). Internationally, the number of passengers fell by 3.1%, but passenger revenue rose by 16%, driven by fuel surcharges and revenue management. On the domestic side, unit revenue rose by 8.2% (passengers -2.2%, revenues +5.8%).
International freight revenue increased by 46.8%, driven by demand between Asia and North America, mainly in sectors related to artificial intelligence.
The low-cost subsidiaries ZIPAIR and SPRING JAPAN posted revenue of 65.8 billion yen (372.4 million euros), up 11.4%, with EBIT of 1.8 billion yen (10.1 million euros) (-73%). ZIPAIR opened the Narita-Kuala Lumpur route in October 2026.
The group maintains its full-year outlook: 2,095 billion yen (11.8 billion euros) in revenue, 180 billion yen (1 billion euros) EBIT, and 110 billion yen (622 million euros) net income.
International freight revenue increased by 46.8%, driven by demand between Asia and North America, mainly in sectors related to artificial intelligence.
The low-cost subsidiaries ZIPAIR and SPRING JAPAN posted revenue of 65.8 billion yen (372.4 million euros), up 11.4%, with EBIT of 1.8 billion yen (10.1 million euros) (-73%). ZIPAIR opened the Narita-Kuala Lumpur route in October 2026.
The group maintains its full-year outlook: 2,095 billion yen (11.8 billion euros) in revenue, 180 billion yen (1 billion euros) EBIT, and 110 billion yen (622 million euros) net income.
