ORIX CORP

6-K 1 d201688d6k.htm FORM 6-K Form 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-14856

ORIX Corporation

(Translation of Registrant’s Name into English)

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo, JAPAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

Table of Contents

Material Contained in this Report

ORIX’s Second Quarter Consolidated Financial Results (April 1, 2025 –September 30, 2025) filed with the Tokyo Stock Exchange on Wednesday, November 12, 2025.
Announcement Regarding Interim Dividend and Revisions to Consolidated Earnings Forecast and Year-end Dividend Forecast for the Fiscal Year Ending March 31, 2026.
Notice of Partial Amendments to the Repurchase of Own Shares (Expansion of Repurchase Limit).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

/s/ Yasuaki Mikami
Yasuaki Mikami
Member of the Board of Directors Senior Managing Executive Officer Responsible for Corporate Function Unit Responsible for Work Style Reform Project ORIX Corporation

Consolidated Financial Results

April 1, 2025 - September 30, 2025

November 12, 2025

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.

This document may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission.

The Company believes that it may have been a “passive foreign investment company” for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or American depositary shares of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

For further information please contact:

Investor Relations and Sustainability Department

ORIX Corporation

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: [email protected]

Consolidated Financial Results from April 1, 2025 to September 30, 2025

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

Corporate Name:	ORIX Corporation
Listed Exchanges:	Tokyo Stock Exchange (Securities No. 8591)
	New York Stock Exchange (Trading Symbol: IX)
Head Office:	Tokyo JAPAN
	Tel: +81-3-3435-3121
	(URL https://www.orix.co.jp/grp/en/ir/)

1. Performance Highlights as of and for the Six Months Ended September 30, 2025

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)

September 30, 2025	1,564,497	11.5 %	242,878	23.3 %	391,482	52.3 %	271,096	48.2 %
September 30, 2024	1,403,633	3.2 %	196,972	20.0 %	256,991	39.3 %	182,946	42.8 %

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥488,394 million for the six months ended September 30, 2025 (year-on-year change was a 715.4% increase) and ¥59,896 million for the six months ended September 30, 2024 (year-on-year change was a 80.0% decrease)

September 30, 2025	240.42	239.91
September 30, 2024	159.42	159.15

*Note 1: Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for per share and dividend amounts, which are in single yen.

(2) Performance Highlights - Financial Position (Unaudited)

September 30, 2025	17,604,283	4,521,858	4,441,677	25.2 %
March 31, 2025	16,866,251	4,171,783	4,089,782	24.2 %

*Note 2: “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity.”

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

2. Dividends (Unaudited)

March 31, 2025	—	62.17	—	57.84	120.01
March 31, 2026	—	93.76	—	—	—
March 31, 2026 (Est.)	—	—	—	—	120.01

*Note 3: Revision from the previously announced dividend forecast: Yes

Regarding the interim dividend for the fiscal year ending March 31, 2026, we have decided the dividend per share of ¥93.76 by applying the dividend payout ratio of 39% to earnings per share for the six months ended September 30, 2025.

For the fiscal year ending March 31, 2026, the annual dividend will be the higher of either a payout ratio of 39% or ¥120.01 per share. The minimum dividend amount is shown in the above table. If the net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2026 is ¥440 billion, as stated in the consolidated earnings forecast below, the annual dividend per share is expected to be ¥153.67.

3. Forecast for the Year Ending March 31, 2026 (Unaudited)

March 31, 2026	640,000	33.2 %	440,000	25.1 %

*Note 4: Although forward-looking statements in this document are based on information currently available to ORIX Corporation and are based on assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements.

Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

*Note 5: Revision from previously announced forecast for the year ending March 31, 2026: Yes

4. Other Information

(1) Significant Changes in Scope of Consolidation	Yes ( ) No ( x )
Addition - None ( )	Exclusion - None ( )
(2) Adoption of Simplified Accounting Method	Yes ( ) No ( x )
(3) Changes in Accounting Principles, Procedures and Disclosures
1. Changes due to adoptions of new accounting standards	Yes ( ) No ( x )
2. Other than those above	Yes ( ) No ( x )

(4) Number of Issued Shares (Ordinary Shares)

The number of issued shares, including treasury stock, was 1,162,962,244 as of September 30, 2025, and 1,162,962,244 as of March 31, 2025.
The number of treasury stock was 44,330,296 as of September 30, 2025, and 23,259,695 as of March 31, 2025.
The average number of outstanding shares was 1,127,416,302 for the six months ended September 30, 2025, and 1,147,474,112 for the six months ended September 30, 2024.

The Company’s shares held through the Board Incentive Plan Trust (3,386,167 shares as of September 30, 2025, and 3,413,000 shares as of March 31, 2025) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.

These consolidated financial results from April 1, 2025, to September 30, 2025, are not subject to certified public accountant’s or audit firm’s interim review.
1 -

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the Six Months Ended September 30, 2025


			Amount	Percent (%)
Total Revenues	(millions of yen)	1,403,633	1,564,497	160,864	11
Total Expenses	(millions of yen)	1,206,661	1,321,619	114,958	10
Income before Income Taxes	(millions of yen)	256,991	391,482	134,491	52
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)	182,946	271,096	88,150	48
Earnings Per Share (Basic)	(yen)	159.42	240.42	81.00	51
(Diluted)	(yen)	159.15	239.91	80.76	51
ROE (Annualized) *1	(%)	9.3	12.7	3.4	—
ROA (Annualized) *2	(%)	2.24	3.15	0.91	—

*Note 1: ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity.

*Note 2: ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders.

Overview of Business Performance (April 1, 2025 to September 30, 2025)

Total revenues for the six months ended September 30, 2025 increased 11% to ¥1,564,497 million compared to ¥1,403,633 million during the same period of the previous fiscal year primarily due to gains on investment securities and dividends, including the recognition of a gain of ¥11,840 million related to the transfer of shares of Greenko Energy Holdings, as well as increases in life insurance premiums, related investment income, and service income.

Total expenses increased 10% to ¥1,321,619 million compared to ¥1,206,661 million during the same period of the previous fiscal year primarily due to increases in life insurance costs and selling, general and administrative expenses, offset by decreases in other (income) and expenses.

Equity in net income of equity method investments increased by ¥21,890 million to ¥50,406 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased by ¥66,695 million to ¥98,198 million compared to the same period of the previous fiscal year, mainly due to the recognition of a gain of ¥83,135 million from the transfer of shares of Greenko Energy Holdings.

Due to the above results, income before income taxes for the six months ended September 30, 2025 increased 52% to ¥391,482 million compared to ¥256,991 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 48% to ¥271,096 million compared to ¥182,946 million during the same period of the previous fiscal year.

Segment Information

Total segment profits for the six months ended September 30, 2025 increased 42% to ¥409,382 million compared to the same period of the previous fiscal year.

Segment information for the six months ended September 30, 2025 is as follows:

Corporate Financial Services and Maintenance Leasing : Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment


		Amount (millions of yen)		Percent (%)
Segment Profits	45,566	58,640	13,074		29
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)		Percent (%)
Segment Assets	1,884,565	1,855,316	(29,249	)	(2	)

Segment profits increased 29% to ¥58,640 million compared to the same period of the previous fiscal year primarily due to increases in operating leases revenues, finance revenues, equity in net income (loss) of equity method investment, and gains on sales of subsidiaries and equity method investments.

Segment assets decreased 2% to ¥1,855,316 million compared to the end of the previous fiscal year primarily due to decreases in installment loans and loans to ORIX and its subsidiaries, partially offset by an increase in investment in operating leases.

Real Estate : Real estate development, rental and management; facility operations; real estate asset management


		Amount (millions of yen)		Percent (%)
Segment Profits	50,357	49,094	(1,263	)	(3	)
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)		Percent (%)
Segment Assets	1,158,293	1,160,346	2,053		0

Segment profits decreased 3% to ¥49,094 million compared to the same period of the previous fiscal year primarily due to a decrease in operating leases revenues, and increases in selling, general and administrative expenses and costs of goods and real estate sold, partially offset by an increase in services income.

Segment assets totaled ¥1,160,346 million, remaining relatively unchanged compared to the end of the previous fiscal year primarily due to decreases in trade notes, accounts and other receivable and property under facility operations, partially offset by increases in equity method investments, inventories, and investment in operating leases.

PE Investment and Concession : Private equity investment and concession

		Amount (millions of yen)	Percent (%)
Segment Profits	46,997	56,657	9,660	21
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)	Percent (%)
Segment Assets	1,022,944	1,054,794	31,850	3

Segment profits increased 21% to ¥56,657 million compared to the same period of the previous fiscal year primarily due to increases in equity in net income (loss) of equity method investments and gains on sales of office facilities, partially offset by the absence of gains on sales of subsidiaries and equity method investments recorded in the first quarter of the previous fiscal year as a result of the sale of investees.

Segment assets increased 3% to ¥1,054,794 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, property under facility operations, restricted cash, and goodwill, intangible assets acquired in business combinations, partially offset by a decrease in cash and cash equivalents.

Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste management


		Amount (millions of yen)		Percent (%)
Segment Profits	2,346	119,685	117,339		—
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)		Percent (%)
Segment Assets	1,016,175	977,372	(38,803	)	(4	)

Segment profits increased by ¥117,339 million to ¥119,685 million compared to the same period of the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments and gains on investment securities and dividends.

Segment assets decreased 4% to ¥977,372 million compared to the end of the previous fiscal year primarily due to decreases in equity method investments and goodwill, intangible assets acquired in business combinations, partially offset by increases in investment in securities and loans to ORIX and its subsidiaries.

Insurance : Life insurance

		Amount (millions of yen)	Percent (%)
Segment Profits	40,857	50,856	9,999	24
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)	Percent (%)
Segment Assets	3,009,234	3,140,645	131,411	4

Segment profits increased 24% to ¥50,856 million compared to the same period of the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.

Segment assets increased 4% to ¥3,140,645 million compared to the end of the previous fiscal year primarily due to increases in reinsurance recoverables and investment in securities, partially offset by a decrease in cash and cash equivalents.

Banking and Credit : Banking and consumer finance


		Amount (millions of yen)		Percent (%)
Segment Profits	13,107	12,529	(578	)	(4	)
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)		Percent (%)
Segment Assets	3,144,571	3,253,617	109,046		3

Segment profits decreased 4% to ¥12,529 million compared to the same period of the previous fiscal year primarily due to a decrease in gains on investment securities and dividends and an increase in selling, general and administrative expense, partially offset by an increase in finance revenues.

Segment assets increased 3% to ¥3,253,617 million compared to the end of the previous fiscal year primarily due to increases in installment loans and cash and cash equivalents, partially offset by a decrease in investment securities.

Aircraft and Ships : Aircraft investment and management; ship-related finance and investment, maritime asset management and ship brokerage


		Amount (millions of yen)		Percent (%)
Segment Profits	32,011	21,952	(10,059	)	(31	)
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)		Percent (%)
Segment Assets	1,231,973	1,256,054	24,081		2

Segment profits decreased 31% to ¥21,952 million compared to the same period of the previous fiscal year primarily due to an increase in costs of operating leases and a decrease in foreign exchange (gains) losses in the ship-related business, partially offset by an increase in operating leases revenues in the same business.

Segment assets increased 2% to ¥1,256,054 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases and net investment in leases in the aircraft business, partially offset by decreases in investment in operating leases and installment loans in the ship-related business.

ORIX USA : Finance, investment and asset management in the Americas


			Amount (millions of yen)		Percent (%)
Segment Profits	16,607	(1,803	)	(18,410	)	—
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)		Change
			Amount (millions of yen)		Percent (%)
Segment Assets	1,593,939	1,917,168		323,229		20

Segment profits decreased by ¥18,410 million to losses of ¥1,803 million compared to the same period of the previous fiscal year primarily due to a decrease in gains on sales of subsidiaries and equity method investments, and increases in provision for credit losses and selling, general and administrative expenses, partially offset by an increase in gains on investment securities and dividends.

Segment assets increased 20% to ¥1,917,168 million compared to the end of the previous fiscal year due to an increase in goodwill, intangible assets acquired in business combinations as a result of a new acquisition of a subsidiary in the second quarter of fiscal 2026, and increases in installment loans and trade notes, accounts and other receivables.

ORIX Europe : Asset management of global equity and fixed income

		Amount (millions of yen)	Percent (%)
Segment Profits	20,797	22,079	1,282	6
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)	Percent (%)
Segment Assets	669,306	719,789	50,483	8

Segment profits increased 6% to ¥22,079 million compared to the same period of the previous fiscal year primarily due to an increase in services income.

Segment assets increased 8% to ¥719,789 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.

Asia and Australia : Finance and investment businesses in Asia and Australia

		Amount (millions of yen)	Percent (%)
Segment Profits	19,124	19,693	569	3
As of March 31, 2025 (millions of yen)	As of September 30, 2025 (millions of yen)	Change
		Amount (millions of yen)	Percent (%)
Segment Assets	1,725,627	1,741,117	15,490	1

Segment profits increased 3% to ¥19,693 million compared to the same period of the previous fiscal year primarily due to decreases in equity in net income (loss) of equity method investments and finance revenues in Greater China, partially offset by a decrease in credit loss expenses in Greater China, as well as increases in finance revenues and equity in net income (loss) of equity method investments in Asia-Pacific.

Segment assets increased 1% to ¥1,741,117 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases and net investment in leases as a result of foreign exchange effects in Asia-Pacific, partially offset by decreases in net investment in leases and installment loans in Greater China.

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity


			Amount	Percent
Total Assets	(millions of yen)	16,866,251	17,604,283	738,032	4
(Segment Assets)		16,456,627	17,076,218	619,591	4
Total Liabilities	(millions of yen)	12,691,036	13,034,239	343,203	3
(Short-term and Long-term Debt)		6,282,798	6,521,348	238,550	4
(Deposits)		2,449,812	2,628,153	178,341	7
Shareholders’ Equity *1	(millions of yen)	4,089,782	4,441,677	351,895	9
Shareholders’ Equity Per Share *2	(yen)	3,599.24	3,982.69	383.45	11

*Note 1: “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity” based on U.S. GAAP.

*Note 2: “Shareholders’ Equity Per Share” is calculated using “Total ORIX Corporation Shareholders’ Equity”.

Total assets increased 4% to ¥17,604,283 million compared to the end of the previous fiscal year primarily due to increases in investment in securities, installment loans, investment in operating leases and other assets (mainly goodwill, intangible assets acquired in business combinations and reinsurance recoverable), primarily offset by decreases in equity method investments. In addition, segment assets increased 4% to ¥17,076,218 million compared to the end of the previous fiscal year.

Total liabilities increased 3% to ¥13,034,239 million compared to the end of the previous fiscal year primarily due to increases in long-term debt and deposits, primarily offset by decreases in policy liabilities and policy account balances and trade notes, accounts and other payable.

Shareholders’ equity increased 9% to ¥4,441,677 million compared to the end of the previous fiscal year.

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)

Assets — Cash and Cash Equivalents	1,206,573		1,275,912
Restricted Cash	115,410		119,811
Net Investment in Leases	1,167,380		1,200,669
Installment Loans	4,081,019		4,208,241
The amounts which are measured at fair value by electing the fair value option are as
follows:
March 31, 2025	¥97,694 million
September 30, 2025	¥85,724 million
Allowance for Credit Losses	(56,769	)	(58,990	)
Investment in Operating Leases	1,967,178		2,086,405
Investment in Securities	3,234,547		3,393,331
The amounts which are measured at fair value by electing the fair value option are as
follows:
March 31, 2025	¥41,018 million
September 30, 2025	¥41,499 million
The amounts which are associated to available-for-sale debt securities are as follows:
March 31, 2025
Amortized Cost	¥3,174,036 million
Allowance for Credit Losses	¥(670) million
September 30, 2025
Amortized Cost	¥3,394,683 million
Allowance for Credit Losses	¥(771) million
Property under Facility Operations	771,851		767,159
Equity method investments	1,320,015		1,240,679
Trade Notes, Accounts and Other Receivable	411,012		413,144
Inventories	229,229		240,377
Office Facilities	191,957		192,910
Other Assets	2,226,849		2,524,635
The amounts which are measured at fair value by electing the fair value option are as
follows:
March 31, 2025	¥2,586 million
September 30, 2025	¥1,515 million
Total Assets	16,866,251		17,604,283
Liabilities and Equity
Short-term Debt	549,680		609,876
Deposits	2,449,812		2,628,153
Trade Notes, Accounts and Other Payable	339,787		317,205
Policy Liabilities and Policy Account Balances	1,948,047		1,724,828
The amounts which are measured at fair value by electing the fair value option are as
follows:
March 31, 2025	¥136,257 million
September 30, 2025	¥142,700 million
Current and Deferred Income Taxes	578,781		675,172
Long-term Debt	5,733,118		5,911,472
Other Liabilities	1,091,811		1,167,533
Total Liabilities	12,691,036		13,034,239
Redeemable Noncontrolling Interests	3,432		48,186
Commitments and Contingent Liabilities
Common Stock	221,111		221,111
Additional Paid-in Capital	234,193		235,206
Retained Earnings	3,354,911		3,560,087
Accumulated Other Comprehensive Income	341,298		558,624
Treasury Stock, at Cost	(61,731	)	(133,351	)
Total ORIX Corporation Shareholders’ Equity	4,089,782		4,441,677
Noncontrolling Interests	82,001		80,181
Total Equity	4,171,783		4,521,858
Total Liabilities and Equity	16,866,251		17,604,283

Note : Breakdown of Accumulated Other Comprehensive Income (Loss)


Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities	(403,914	)	(491,973	)
Impact of changes in policy liability discount rate	416,124		727,583
Debt valuation adjustments	49		237
Defined benefit pension plans	14,791		20,339
Foreign currency translation adjustments	304,657		299,909
Net unrealized gains on derivative instruments	9,591		2,529
Total	341,298		558,624

10 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)


Revenues :
Finance revenues	164,734		177,350
Gains on investment securities and dividends	6,550		37,697
Operating leases	310,848		309,624
Life insurance premiums and related investment income	233,808		299,708
Sales of goods and real estate	190,874		206,964
Services income	496,819		533,154
Total Revenues	1,403,633		1,564,497
Expenses :
Interest expense	83,717		93,811
Costs of operating leases	192,799		201,850
Life insurance costs	166,863		220,628
Costs of goods and real estate sold	139,155		154,612
Services expense	290,952		305,228
Other (income) and expense	10,902		401
Selling, general and administrative expenses	314,225		332,954
Provision for credit losses	7,319		9,989
Write-downs of long-lived assets	506		1,397
Write-downs of securities	223		749
Total Expenses	1,206,661		1,321,619
Operating Income	196,972		242,878
Equity in Net Income of Equity method investments	28,516		50,406
Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net	31,503		98,198
Income before Income Taxes	256,991		391,482
Provision for Income Taxes	74,862		116,622
Net Income	182,129		274,860
Net Income (Loss) Attributable to the Noncontrolling Interests	(973	)	3,691
Net Income Attributable to the Redeemable Noncontrolling Interests	156		73
Net Income Attributable to ORIX Corporation Shareholders	182,946		271,096

11 -

(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Six months ended September 30, 2024		Six months ended September 30, 2025
Net Income :	182,129		274,860
Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities	(54,756	)	(88,065	)
Impact of changes in policy liability discount rate	2,741		311,459
Net change of debt valuation adjustments	(75	)	188
Net change of defined benefit pension plans	(526	)	5,545
Net change of foreign currency translation adjustments	(63,533	)	(4,988	)
Net change of unrealized gains (losses) on derivative instruments	(8,229	)	(7,093	)
Total other comprehensive income (loss)	(124,378	)	217,046
Comprehensive Income	57,751		491,906
Comprehensive Income (Loss) Attributable to the Noncontrolling Interests	(2,132	)	3,043
Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling
Interests	(13	)	469
Comprehensive Income Attributable to ORIX Corporation Shareholders	59,896		488,394

(4) Assumptions for Going Concern

There is no corresponding item.

(5) Significant Changes in Shareholders’ Equity

There is no corresponding item.

(6) Changes in Accounting Policies

There are no changes in accounting policies.

12 -

(7) Segment Information (Unaudited)

The Group CEO, as the Chief Operating Decision Maker (“CODM”), regularly assesses segment performance and allocates management resources by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.

An overview of the operations for each of the ten operating segments follows below.

Corporate Financial Services and Maintenance Leasing	:	Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment
Real Estate	:	Real estate development, rental and management; facility operations; real estate asset management
PE Investment and Concession	:	Private equity investment and concession
Environment and Energy	:	Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste
management
Insurance	:	Life insurance
Banking and Credit	:	Banking and consumer finance
Aircraft and Ships	:	Aircraft investment and management; ship-related finance and investment, maritime asset management and ship
brokerage
ORIX USA	:	Finance, investment and asset management in the Americas
ORIX Europe	:	Asset management of global equity and fixed income
Asia and Australia	:	Finance and investment businesses in Asia and Australia

The accounting policies of the segments are almost the same as accounting policies for condensed consolidated financial statements except for the treatment of income tax expenses, net income attributable to noncontrolling interests, and net income attributable to redeemable noncontrolling interests. The chief operating decision maker evaluates segment performance based on the amount equivalent to income before income taxes attributable to ORIX Corporation shareholders. Therefore, net income attributable to noncontrolling interests, net income attributable to redeemable noncontrolling interests, and income tax expenses are not included in segment profit or loss. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment and excluding the expenses that should be borne by ORIX Group as a whole, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and certain foreign exchange gains or losses (included in other (income) and expense) are excluded from the segment profits or losses, and are regarded as corporate items.

Assets attributed to each segment are total assets except for certain cash and head office assets.

13 -

Segment information for the six months ended September 30, 2024 and six months ended September 30, 2025 is as follows:


Six months ended September 30, 2024
Corporate Financial Services and Maintenance Leasing		Real Estate		PE Investment and Concession		Environment and Energy		Insurance		Banking and Credit	Aircraft and Ships
Finance revenues	30,890		2,467		5,978		616		159		28,818	3,333
Gains on investment securities and dividends	1,460		845		586		(8	)	0		65	139
Operating leases	139,859		37,842		20,605		39		0		0	41,900
Life insurance premiums and related investment income	0		0		0		0		235,014		0	0
Sales of goods and real estate	1,812		61,793		122,384		1,481		0		0	196
Services income	54,783		157,232		31,473		86,834		(1	)	1,567	5,734
Total Segment Revenues	228,804		260,179		181,026		88,962		235,172		30,450	51,302
Interest expense	3,278		1,172		1,655		6,211		81		2,745	8,563
Costs of operating leases	98,878		11,941		13,072		9		0		0	17,581
Life insurance costs	0		0		0		0		166,834		0	0
Costs of goods and real estate sold	1,489		49,789		84,951		836		0		0	199
Services expense	29,522		125,059		21,928		65,705		0		4,433	2,151
Other (income) and expense	8,757		703		(449	)	562		(140	)	106	(2,543	)
Selling, general and administrative expenses	45,051		20,873		43,194		10,828		27,539		10,635	5,004
Provision for credit losses, and write-downs of long-lived assets and securities	1,060		60		93		238		1		308	(0	)
Total Segment Expenses	188,035		209,597		164,444		84,389		194,315		18,227	30,955
Equity in Net income (Loss) of equity method investments and others	4,797		(225	)	30,415		(2,227	)	(0	)	884	11,664
Segment Profits	45,566		50,357		46,997		2,346		40,857		13,107	32,011
Significant non-cash items:
Depreciation and amortization	77,763		9,494		12,910		16,713		14,842		326	13,728
Increase in policy liabilities and policy account balances	0		0		0		0		41,053		0	0
Expenditures for long-lived assets	100,876		40,706		7,941		21,293		77		0	174,188
Millions of yen
Six months ended September 30, 2024
ORIX USA		ORIX Europe		Asia and Australia		Total
Finance revenues	53,163		1,990		37,885		165,299
Gains on investment securities and dividends	(280	)	3,821		(47	)	6,581
Operating leases	292		0		67,510		308,047
Life insurance premiums and related investment income	0		0		0		235,014
Sales of goods and real estate	235		0		246		188,147
Services income	22,255		120,866		12,016		492,759
Total Segment Revenues	75,665		126,677		117,610		1,395,847
Interest expense	22,225		373		20,972		67,275
Costs of operating leases	649		0		48,902		191,032
Life insurance costs	0		0		0		166,834
Costs of goods and real estate sold	151		0		229		137,644
Services expense	854		32,629		7,599		289,880
Other (income) and expense	(2,284	)	4,609		(621	)	8,700
Selling, general and administrative expenses	45,360		69,026		21,782		299,292
Provision for credit losses, and write-downs of long-lived assets and securities	1,617		115		4,555		8,047
Total Segment Expenses	68,572		106,752		103,418		1,168,704
Equity in Net income (Loss) of equity method investments and others	9,514		872		4,932		60,626
Segment Profits	16,607		20,797		19,124		287,769
Significant non-cash items:
Depreciation and amortization	1,736		3,202		47,103		197,817
Increase in policy liabilities and policy account balances	0		0		0		41,053
Expenditures for long-lived assets	878		480		86,152		432,591

14 -


Six months ended September 30, 2025
Corporate Financial Services and Maintenance Leasing		Real Estate		PE Investment and Concession		Environment and Energy		Insurance		Banking and Credit		Aircraft and Ships
Finance revenues	35,585		2,439		6,433		3,772		72		39,642		2,020
Gains on investment securities and dividends	2,398		1,103		475		20,092		0		(3,976	)	251
Operating leases	150,390		25,700		17,492		48		0		0		44,048
Life insurance premiums and related investment income	0		0		0		0		300,947		0		0
Sales of goods and real estate	2,020		64,965		134,971		1,534		0		0		553
Services income	54,211		179,647		38,124		89,295		0		1,237		9,064
Total Segment Revenues	244,604		273,854		197,495		114,741		301,019		36,903		55,936
Interest expense	5,666		2,566		2,436		6,946		259		8,790		10,189
Costs of operating leases	103,609		12,224		11,359		9		0		0		23,031
Life insurance costs	0		0		0		0		221,076		0		0
Costs of goods and real estate sold	1,631		54,982		94,912		1,022		0		0		420
Services expense	29,578		133,414		25,863		65,685		0		4,289		3,857
Other (income) and expense	10,190		(3,014	)	(4,027	)	(5,249	)	(3	)	13		1,282
Selling, general and administrative expenses	44,986		22,995		44,318		12,875		28,857		11,961		6,657
Provision for credit losses, and write-downs of long-lived assets and securities	609		138		936		335		(26	)	207		(1	)
Total Segment Expenses	196,269		223,305		175,797		81,623		250,163		25,260		45,435
Equity in Net income (Loss) of equity method investments and others	10,305		(1,455	)	34,959		86,567		(0	)	886		11,451
Segment Profits	58,640		49,094		56,657		119,685		50,856		12,529		21,952
Significant non-cash items:
Depreciation and amortization	82,359		9,409		10,476		15,972		12,195		(100	)	16,487
Increase in policy liabilities and policy account balances	0		0		0		0		196,700		0		0
Expenditures for long-lived assets	121,442		25,671		8,878		21,758		102		65		121,490
Millions of yen
Six months ended September 30, 2025
ORIX USA		ORIX Europe		Asia and Australia		Total
Finance revenues	51,219		1,518		35,309		178,009
Gains on investment securities and dividends	7,801		9,437		167		37,748
Operating leases	1,038		0		67,820		306,536
Life insurance premiums and related investment income	0		0		0		300,947
Sales of goods and real estate	575		0		219		204,837
Services income	24,039		122,930		11,168		529,715
Total Segment Revenues	84,672		133,885		114,683		1,557,792
Interest expense	24,980		265		18,916		81,013
Costs of operating leases	1,297		0		48,393		199,922
Life insurance costs	0		0		0		221,076
Costs of goods and real estate sold	267		0		198		153,432
Services expense	867		33,764		7,235		304,552
Other (income) and expense	(395	)	3,429		(325	)	1,901
Selling, general and administrative expenses	49,684		74,172		22,405		318,910
Provision for credit losses, and write-downs of long-lived assets and securities	6,911		148		2,877		12,134
Total Segment Expenses	83,611		111,778		99,699		1,292,940
Equity in Net income (Loss) of equity method investments and others	(2,864	)	(28	)	4,709		144,530
Segment Profits	(1,803	)	22,079		19,693		409,382
Significant non-cash items:
Depreciation and amortization	717		3,365		46,718		197,598
Increase in policy liabilities and policy account balances	0		0		0		196,700
Expenditures for long-lived assets	1,796		303		89,653		391,158

15 -

Segment information as of March 31, 2025 and September 30, 2025 is as follows:


As of March 31, 2025
Corporate Financial Services and Maintenance Leasing	Real Estate	PE Investment and Concession	Environment and Energy	Insurance	Banking and Credit	Aircraft and Ships
Net investment in leases	569,380	45,810	1,640	2,092	0	0	0
Installment loans	424,370	30	124,411	3,609	12,805	2,511,736	36,119
Investment in operating leases	557,625	311,377	46,796	237	26,167	0	599,813
Investment in securities	29,690	6,209	6,117	32,032	2,234,453	305,441	9,387
Property under facility operations and servicing assets	43,857	175,153	53,832	487,241	0	0	28
Inventories	433	182,652	41,021	2,551	0	0	1,588
Advances for finance lease and operating lease	6,177	78,044	3	0	0	0	27,816
Equity method investments	16,375	177,956	148,274	170,946	35,865	43,934	402,567
Advances for property under facility operations	143	7,401	728	70,081	0	0	0
Goodwill, intangible assets acquired in business combinations	25,268	50,801	331,003	120,743	4,452	0	43,024
Other assets *	211,247	122,860	269,119	126,643	695,492	283,460	111,631
Segment Assets	1,884,565	1,158,293	1,022,944	1,016,175	3,009,234	3,144,571	1,231,973
Millions of yen
As of March 31, 2025
ORIX USA	ORIX Europe	Asia and Australia	Total
Net investment in leases	451	0	547,966	1,167,339
Installment loans	652,805	0	315,128	4,081,013
Investment in operating leases	21,260	0	394,764	1,958,039
Investment in securities	487,022	86,008	37,768	3,234,127
Property under facility operations and servicing assets	76,469	0	1,844	838,424
Inventories	137	0	615	228,997
Advances for finance lease and operating lease	0	0	4,833	116,873
Equity method investments	54,817	8,578	260,395	1,319,707
Advances for property under facility operations	0	0	51	78,404
Goodwill, intangible assets acquired in business combinations	171,884	354,801	6,986	1,108,962
Other assets *	129,094	219,919	155,277	2,324,742
Segment Assets	1,593,939	669,306	1,725,627	16,456,627

Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables.
16 -


As of September 30, 2025
Corporate Financial Services and Maintenance Leasing	Real Estate	PE Investment and Concession	Environment and Energy	Insurance	Banking and Credit	Aircraft and Ships
Net investment in leases	569,392	42,489	1,375	1,838	0	0	11,768
Installment loans	397,929	21	129,094	4,884	13,849	2,631,885	25,993
Investment in operating leases	583,204	329,729	46,504	229	26,050	0	626,577
Investment in securities	32,341	10,042	6,371	148,462	2,296,469	255,716	4,506
Property under facility operations and servicing assets	43,219	158,463	66,860	487,081	0	0	26
Inventories	643	192,716	41,897	2,330	0	0	1,842
Advances for finance lease and operating lease	5,242	66,865	39	0	0	0	34,820
Equity method investments	8,338	206,442	190,703	10,365	40,348	43,840	402,807
Advances for property under facility operations	19	7,578	3,383	74,608	0	0	0
Goodwill, intangible assets acquired in business combinations	24,774	49,752	337,643	112,496	4,452	0	50,960
Other assets *	190,215	96,249	230,925	135,079	759,477	322,176	96,755
Segment Assets	1,855,316	1,160,346	1,054,794	977,372	3,140,645	3,253,617	1,256,054
Millions of yen
As of September 30, 2025
ORIX USA	ORIX Europe	Asia and Australia	Total
Net investment in leases	428	0	573,261	1,200,551
Installment loans	721,213	0	283,373	4,208,241
Investment in operating leases	27,312	0	438,307	2,077,912
Investment in securities	508,690	95,095	35,054	3,392,746
Property under facility operations and servicing assets	75,660	0	2,033	833,342
Inventories	518	0	206	240,152
Advances for finance lease and operating lease	0	0	3,217	110,183
Equity method investments	79,389	8,517	249,690	1,240,439
Advances for property under facility operations	0	0	0	85,588
Goodwill, intangible assets acquired in business combinations	329,036	377,703	6,840	1,293,656
Other assets *	174,922	238,474	149,136	2,393,408
Segment Assets	1,917,168	719,789	1,741,117	17,076,218

Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables.
17 -

The reconciliation of segment totals to the condensed consolidated financial statement amounts is as follows:

Six months ended September 30, 2024		Six months ended September 30, 2025
Segment revenues:
Total revenues for segments	1,395,847		1,557,792
Revenues related to corporate assets	34,620		43,292
Revenues from inter-segment transactions	(26,834	)	(36,587	)
Total consolidated revenues	1,403,633		1,564,497
Segment profits:
Total profits for segments	287,769		409,382
Corporate profits (losses)	(30,109	)	(21,949	)
Net income (loss) attributable to the noncontrolling interests and net income (loss) attributable
to the redeemable noncontrolling interests	(669	)	4,049
Total consolidated income before income taxes	256,991		391,482

(8) Subsequent Events

There are no material subsequent events.

18 -

Announcement Regarding Interim Dividend and Revisions to Consolidated Earnings Forecast and Year-end Dividend Forecast for the Fiscal Year Ending March 31, 2026

TOKYO, Japan – November 12, 2025 – ORIX Corporation (“ORIX”) announced today that its Board of Directors passed a resolution approving the interim dividend, the record date of which is September 30, 2025.In addition, ORIX has revised its consolidated earnings forecast and year-end dividend forecast for the fiscal year ending March 31, 2026, which were previously announced on May 12, 2025, as below.

1. Interim Dividend Detail for the Fiscal Year Ending March 31, 2026

Regarding the interim dividend for the fiscal year ending March 31, 2026, we have decided a dividend per share of 93.76 yen based on the dividend policy announced on May 12, 2025.

	Determined Items	Previously Announced Dividend Forecast	Interim Dividend Paid for the Fiscal Year Ended March 31, 2025
Record Date	September 30, 2025	September 30, 2025	September 30, 2024
Dividend Per Share	93.76 yen *1	60.00 yen *2	62.17 yen
Total Dividend Amount	104,883million yen	—	71,185million yen
Effective Date	December 9, 2025	—	December 9, 2024
Source of Dividend	Retained earnings	—	Retained earnings

*1 The dividend payout ratio of 39% is applied to earnings per share for the six months ended September 30, 2025.

*2 For the fiscal year ending March 31, 2026, the annual dividend is at the higher of either payout ratio of 39% or 120.01 yen per share. The above table shows the interim dividend of 60.00 yen per share, which is 50% of the minimum annual dividend per share of 120.01 yen.

2. Revision of Consolidated Earnings Forecast

(1) Details of Revision

Revision of Consolidated Earnings Forecast for the fiscal year ending March 31, 2026 (April 1, 2025 - March 31, 2026)

(Unit: Millions of yen)

Previous Forecast (A)		Income before Income Taxes — —	380,000
Revised Forecast (B)		640,000	440,000
Difference (B-A)		—	60,000
Difference (%)		—	16 %
(For Reference)	Results for the previous fiscal year (ended March 31, 2025)	480,463	351,630
	Year-on-Year Change	33%	25 %

(2) Reasons for the Revision

This revision reflects the strong performance of the consolidated financial results for the six months ended September 30, 2025, as well as the expectation that each business segment will continue to perform steadily in and after the third quarter.

3. Revision of Year-end Dividend Forecast

The year-end dividend for the fiscal year ending March 31, 2026 is forecasted as “—”.

	Dividend Per Share — Interim (restated)	Fiscal Year-End	Total
Previously Announced Dividend Forecast	60.00 yen	60.01 yen	120.01 yen
Dividend (Actual and Forecast) for the Fiscal Year Ending March 31, 2026	93.76 yen	—	120.01 yen *3

*3 For the fiscal year ending March 31, 2026, the annual dividend will be the higher of either a payout ratio of 39% or ¥120.01 per share. The minimum dividend amount is shown in the above table. If the net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2026 is ¥ 440 billion, as stated in the section “2. Revision of Consolidated Earnings Forecast”, the annual dividend per share is expected to be ¥153.67.

Contact Information:

Investor Relations and Sustainability Department

ORIX Corporation

Tel: +81-3-3435-3121

About ORIX Group:

ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX) was established in 1964 and has grown from its roots in leasing in Japan to become a global, diverse, and unique corporate group. Today, it is active around the world in financing and investment, life insurance, banking, asset management, real estate, concession, environment and energy, automobile-related services, industrial/ICT equipment, ships and aircraft. Since expanding outside of Japan in 1971, ORIX Group has grown its business globally and now operates in around 30 countries and regions across the world with approximately 36,000 people. ORIX Group unites globally around its Purpose: “Finding Paths. Making Impact.” combining diverse expertise and innovative thinking to help our world develop in a sustainable way.

For more details, please visit our website: https://www.orix.co.jp/grp/en/

(As of September 30, 2025)

Caution Concerning Forward Looking Statements:

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2024 – March 31, 2025” furnished on Form 6-K.

Notice of Partial Amendments to the Repurchase of Own Shares (Expansion of Repurchase Limit)

TOKYO, Japan – November 12, 2025 – ORIX Corporation (“ORIX”) announced today that its Board of Directors resolved, for the purpose of enhancing capital efficiency and shareholder returns, to partially amend certain matters concerning the repurchase of its own shares under Article 156, Paragraph 1 of the Companies Act, which were authorized at the meeting of the Board of Directors held on May 12, 2025, pursuant to Article 34 of its Articles of Incorporation under Article 459, Paragraph 1 of the Companies Act.

1. Reason for Changes

To enhance capital efficiency and further expand shareholder returns through the agile capital policy execution.

2. Details of Amendments Relating to the Repurchase

(Changes are Underlined)

	Before Change (Board of Directors resolution on May 12, 2025)	After Change (Board of Directors resolution on November 12, 2025)
(1) Class of shares to be repurchased	Common shares	Common shares
(2) Total number of shares to be repurchased	Up to 40 million shares (approx. 3.5% of the total outstanding shares (excluding treasury shares))	Up to 60 million shares (approx. 5.4% of the total outstanding shares (excluding treasury shares))
(3) Total purchase price of shares to be repurchased	Up to 100 billion yen	Up to 150 billion yen ( Additional 50 billion yen )
(4) Repurchase Period	From May 19, 2025 to March 31, 2026	From May 19, 2025 to March 31, 2026
(5) Method of share repurchase	Market purchases based on the discretionary dealing contract regarding repurchase of own shares	Market purchases based on the discretionary dealing contract regarding repurchase of own shares

(Reference)

Cumulative number of shares repurchased based on the above resolution at the Board of Directors Meeting (as of October 31, 2025)

(1) Total number of shares repurchased 22,739,700 shares

(2) Total purchase price of shares repurchased JPY 78,031,748,500

Status of Treasury Shares as of October 31, 2025

Total outstanding shares (excluding treasury shares): 1,116,950,988 shares

Treasury shares: 46,011,256 shares*

The Company’s shares held through the Board Incentive Plan Trust (3,386,167 shares) are not included in the number of treasury shares.

Contact Information:

Investor Relations and Sustainability Department

ORIX Corporation

Tel: +81-3-3435-3121

About ORIX Group:

For more details, please visit our website: https://www.orix.co.jp/grp/en/

(As of September 30, 2025)

Caution Concerning Forward-Looking Statements:

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