SEC Form 6-K filed by ORIX Corporation

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

 

1.	ORIX’s Second Quarter Consolidated Financial Results (April 1, 2025 –September 30, 2025) filed with the Tokyo Stock Exchange on Wednesday, November 12, 2025.

 

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

 

3.	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.

 

 

		ORIX Corporation
Date: November 12, 2025		By		/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)

 

		Total Revenues				Year-on-Year Change				Operating Income				Year-on-Year Change				Income before Income Taxes				Year-on-Year Change				Net Income Attributable to ORIX Corporation Shareholders				Year-on-Year Change
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)

 

		Basic Earnings Per Share				Diluted Earnings Per Share
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)

 

		Total Assets				Total Equity				Shareholders’ Equity				Shareholders’ Equity Ratio
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)

 

		First Quarter-end				Second Quarter-end				Third Quarter-end				Year-end				Total
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)

 

		Income before Income Taxes				Year-on-Year Change				Net Income Attributable to ORIX Corporation Shareholders				Year-on-Year Change
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)

1. 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.

2. The number of treasury stock was 44,330,296 as of September 30, 2025, and 23,259,695 as of March 31, 2025.

3. 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

 

				Six months ended September 30, 2024				Six months ended September 30, 2025				Change
												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.

 

- 2 -

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

 

		Six months ended  September 30, 2024 (millions of yen)				Six months ended  September 30, 2025 (millions of yen)				Change
										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

 

		Six months ended  September 30, 2024 (millions of yen)				Six months ended  September 30, 2025 (millions of yen)				Change
										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.

 

- 3 -

PE Investment and Concession: Private equity investment and concession

 

		Six months ended  September 30, 2024 (millions of yen)				Six months ended  September 30, 2025 (millions of yen)				Change
										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

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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.

 

- 4 -

Insurance: Life insurance

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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.

 

- 5 -

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

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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.

 

- 6 -

ORIX Europe: Asset management of global equity and fixed income

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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

 

		Six months ended  September 30, 2024  (millions of yen)				Six months ended  September 30, 2025  (millions of yen)				Change
										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.

 

- 7 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity

 

				As of March 31, 2025				As of September 30, 2025				Change
												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.

 

- 8 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)

Assets				As of March 31, 2025				As of September 30, 2025
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

 

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Note: Breakdown of Accumulated Other Comprehensive Income (Loss)

 

		As of March 31, 2025				As of September 30, 2025
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

 

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(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)

		Six months ended September 30, 2024				Six months ended September 30, 2025
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

 

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

 

						(millions of yen)
		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.

 

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(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.

 

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

 

		Millions of yen
		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 -

		Millions of yen
		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 -