Form 6-K

6-K 1 d128761d6k.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 August 2026

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 First Quarter Consolidated Financial Results (April 1, 2026 –June 30, 2026) filed with the Tokyo Stock Exchange on Thursday, August 6, 2026.

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: August 6, 2026	By	/s/ Masataka Yamada
		Masataka Yamada
		Member of the Board of Directors Senior Managing Executive Officer Chief Financial Officer and Chief Strategy Officer Responsible for Corporate Strategy and Management Unit ORIX Corporation

Consolidated Financial Results

April 1, 2026 – June 30, 2026

August 6, 2026

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 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: orix_corpcomm@orix.jp

Consolidated Financial Results from April 1, 2026 to June 30, 2026

(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 Three Months Ended June 30, 2026

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)


	Total *Revenues 2**		Year-on-Year Change			Operating *Income 2**		Year-on-Year Change			Income from Continuing Operations before Income Taxes *2		Year-on-Year Change			Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
June 30, 2026		876,628		17.4	%		133,919		11.7	%		406,150		178.8	%		280,832		161.8	%
June 30, 2025		746,973		7.7	%		119,918		49.6	%		145,666		27.8	%		107,288		23.7	%

*Note 1:

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥335,588 million for the three months ended June 30, 2026 (year-on-year change was a 132.3% increase) and ¥144,448 million for the three months ended June 30, 2025 (year-on-year change was a 30.3% decrease).

*Note 2:

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, total revenues, operating income and income before income taxes for the three months ended June 30, 2026 are presented on a continuing operations basis, excluding the results of the business of the Target, which has been separately presented as discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).


	Basic Earnings Per Share		Diluted Earnings Per Share
June 30, 2026		256.07		255.56
June 30, 2025		94.63		94.44

*Note 3:

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
June 30, 2026		18,256,420		4,790,217		4,710,425		25.8	%
March 31, 2026		18,002,776		4,573,068		4,482,500		24.9	%

*Note 4:

“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, 2026		—		93.76		—		62.34		156.10
March 31, 2027		—

March 31, 2027 (Est.)				107.27		—		—		187.36

*Note 5:

Revision from previously announced dividend forecast: Yes

*Note 6:

For the fiscal year ending March 31, 2027, after-tax gains or losses arising from the sale and valuation of shares of Kioxia Holdings Corporation (Head office: Minato-ku, Tokyo; President and CEO: Hiroo Ota; “Kioxia”), recognized through TB Investment Limited Partnership, an equity-method affiliate of ORIX Corporation, in connection with transactions by Toshiba Corporation (Head Office: Kawasaki City, Kanagawa Prefecture; President and CEO: Taro Shimada; “Toshiba”), will be recognized in ORIX Corporation’s consolidated earnings. Although a substantial amount of such gains or losses is expected to be recognized in net income attributable to ORIX Corporation Shareholders for the six months ending September 30, 2026, such gains or losses are expected to fluctuate with future changes in Kioxia’s share price and therefore remain uncertain. In addition, ORIX Corporation will not directly receive cash inflows corresponding to such gains or losses.

Accordingly, at the Board of Directors meeting held on August 6, 2026, ORIX Corporation resolved to revise its dividend policy for the fiscal year ending March 31, 2027, such that the annual dividend will be the higher of either an amount calculated by applying 39% to adjusted EPS calculated based on adjusted net income attributable to ORIX Corporation Shareholders excluding such gains or losses stated above, or ¥156.10 per share. The forecasted dividend for the second quarter-end shown below assumes adjusted net income attributable to ORIX Corporation Shareholders of ¥300,000 million for the six months ending September 30, 2026, as set forth in the Forecast below. Dividends per share are calculated based on the number of issued shares excluding treasury shares and may fluctuate due to changes in the number of treasury shares resulting from share repurchases.

3. Forecast for the Year Ending March 31, 2027 (Unaudited)


	Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
Six Months Ending September 30, 2026		840,000		209.9	%
Fiscal Year Ending March 31, 2027		530,000		18.5	%

*Note 7:

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 8:

Revision from previously announced forecast for the year ending March 31, 2027: Yes

*Note 9:

Adjusted net income attributable to ORIX Corporation Shareholders for the six months ending September 30, 2026 is forecasted at ¥300,000 million, excluding the after-tax amount of gains on sales and valuation of Kioxia shares recognized through TB Investment Limited Partnership, an equity-method affiliate of ORIX Corporation, and recorded by Toshiba Corporation (the “Adjustment”).

The amount of the Adjustment for the fiscal year ending March 31, 2027 is expected to fluctuate due to future changes in Kioxia’s share price and other factors. As it is currently difficult to reasonably estimate such amount, adjusted net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2027 has not been disclosed.

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 1,124,106,624 as of June 30, 2026, and 1,124,106,624 as of March 31, 2026.

2. The number of treasury stock was 28,838,843 as of June 30, 2026, and 22,484,702 as of March 31, 2026.

3. The average number of outstanding shares was 1,096,391,135 for the three months ended June 30, 2026, and 1,133,591,927 for the three months ended June 30, 2025.

The Company’s shares held through the Board Incentive Plan Trust (3,035,102 shares as of June 30, 2026 and 3,035,102 shares as of March 31, 2026) 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, 2026 to June 30, 2026 are not subject to certified public accountant’s or audit firm’s quarterly review.

- 1 -

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the Three Months Ended June 30, 2026


		Three months ended June 30, 2025		Three months ended June 30, 2026		Change
		Three months ended June 30, 2025		Three months ended June 30, 2026		Amount		Percent (%)
Total Revenues *3	(millions of yen)		746,973		876,628		129,655		17
Total Expenses *3	(millions of yen)		627,055		742,709		115,654		18
Income from Continuing Operations before Income Taxes *3	(millions of yen)		145,666		406,150		260,484		179
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)		107,288		280,832		173,544		162
Earnings Per Share (Basic)	(yen)		94.63		256.07		161.44		171
(Diluted)	(yen)		94.44		255.56		161.12		171
ROE (Annualized) *1	(%)		10.4		24.4		14.0		—
ROA (Annualized) *2	(%)		2.53		6.20		3.67		—

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

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

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, Total Revenues, Total Expenses and Income from Continuing Operations before Income Taxes for the three months ended June 30, 2026 are presented on a continuing operations basis, excluding the results of the business of the Target, which has been separately presented as discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).

Overview of Business Performance (April 1, 2026 to June 30, 2026)

Total revenues for the three months ended June 30, 2026 (hereinafter, “the first consolidated period”) increased 17% to ¥876,628 million compared to ¥746,973 million during the same period of the previous fiscal year primarily due to increases in gains on investment securities and dividends, as well as life insurance premiums and related investment income.

Total expenses increased 18% to ¥742,709 million compared to ¥627,055 million during the same period of the previous fiscal year primarily due to increases in life insurance costs and selling, general and administrative expenses.

Equity in net income of equity method investments increased 970% to ¥207,918 million compared to the same period of the previous fiscal year, primarily due to increased equity in net income from a certain equity method investee, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased 920% to ¥64,313 million compared to the same period of the previous fiscal year.

Due to the above results, income from continuing operations before income taxes for the first consolidated period increased 179% to ¥406,150 million compared to ¥145,666 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation Shareholders, including net income from discontinued operations, increased 162% to ¥280,832 million compared to ¥107,288 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the first consolidated period increased 173% to ¥424,088 million compared to the same period of the previous fiscal year.

Beginning with the current consolidated fiscal year, the Company has reorganized its reportable segments into Japan & APAC, Infrastructure, USA & Europe, and Insurance, reflecting changes in the segments used by the CODM for resource allocation and performance evaluation purposes. In connection with this change, segment information as of March 31, 2026 and for the three months ended June 30, 2025 presented below has been recast to conform to the current presentation.

On April 27, 2026, the Company decided to sell all shares in ORIX Bank Corporation (hereinafter, the “Target”), a consolidated subsidiary, to Daiwa Next Bank, Ltd. As a result of this decision, the operations of the Target, which had previously been reported as continuing operations, have been classified as discontinued operations in the current fiscal year in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations. Segment information presents amounts relating only to continuing operations and excludes the discontinued operations. Comparative segment information for the previous fiscal year has also been revised to reflect this change. For further details regarding discontinued operations, please refer to Note (8), “Discontinued Operations,” under “2. Quarterly Consolidated Financial Statements and Notes.”

Segment information for the fiscal year is as follows:

Japan & APAC: Financial services, fee-based businesses, and corporate investment

Three months ended
June 30, 2025
(millions of yen)

Three months ended
June 30, 2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

52,201

289,811

237,610

455

As of March 31, 2026
(millions of yen)

As of June 30,
2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

4,720,861

4,742,729

21,868

Segment profits increased 455% to ¥289,811 million compared to the same period of the previous fiscal year primarily due to an increase in equity in net income of equity method investments. This increase mainly reflected the recognition, through TB Investment Limited Partnership, an equity-method affiliate of the Company, of gains on the sale and valuation gains relating to shares of Kioxia Holdings Corporation recorded by Toshiba Corporation in the fourth quarter of the fiscal year ended March 31, 2026, as well as a gain on the sale of shares of SUGIKO GROUP HOLDINGS CO., LTD. (“SUGIKO”), a consolidated subsidiary, recognized in the first quarter of the current fiscal year.

Segment assets totaled ¥4,742,729 million, remaining relatively unchanged compared to the end of the previous fiscal year, as the decrease in various assets associated with the sale of SUGIKO was offset by an increase in equity method investments resulting from the recognition of equity in net income of equity method investments through TB Investment Limited Partnership.

- 3 -

Infrastructure: Investment, development, operation, and asset management of real estate, aircraft, ships, and environmental & energy-related assets


	Three months ended June 30, 2025 (millions of yen)		Three months ended June 30, 2026 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		68,407		43,317		(25,090	)		(37	)

	As of March 31, 2026 (millions of yen)		As of June 30, 2026 (millions of yen)		Change
	As of March 31, 2026 (millions of yen)		As of June 30, 2026 (millions of yen)		Amount (millions of yen)			Percent (%)
Segment Assets		3,575,072		3,567,338		(7,734	)		(0	)

Segment profits decreased 37% to ¥43,317 million compared to the same period of the previous fiscal year primarily due to the absence of a gain on the sale of Hotel Universal Port Vita that was recognized in the first quarter of the previous fiscal year.

Segment assets totaled ¥3,567,338 million, remaining relatively unchanged compared to the end of the previous fiscal year.

USA & Europe: Financial services, investments, asset management, and advisory services

Three months ended
June 30, 2025
(millions of yen)

Three months ended
June 30, 2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

10,594

63,000

52,406

495

As of March 31,
2026
(millions of yen)

As of June 30, 2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

2,741,031

2,856,699

115,668

Segment profits increased 495% to ¥63,000 million compared to the previous fiscal year primarily due to valuation gains recognized in ORIX USA’s private equity investment business.

Segment assets increased 4% to ¥2,856,699 million compared to the end of the previous fiscal year primarily due to an increase in installment loans at ORIX USA and the favorable impact of foreign exchange movements.

- 4 -

Insurance: Life insurance

Three months ended
June 30, 2025
(millions of yen)

Three months ended
June 30, 2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

24,063

27,960

3,897

As of March 31,
2026
(millions of yen)

As of June 30, 2026
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

3,198,270

3,259,346

61,076

Segment profits increased 16% to ¥27,960 million compared to the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.

Segment assets increased 2% to ¥3,259,346 million compared to the end of the previous fiscal year primarily due to increases in investment in securities and reinsurance recoverables.

- 5 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity


		As of March 31, 2026		As of June 30, 2026		Change
		As of March 31, 2026		As of June 30, 2026		Amount			Percent (%)
Total Assets	(millions of yen)		18,002,776		18,256,420		253,644			1
(Segment Assets) *3			14,235,234		14,426,112		190,878			1
Total Liabilities	(millions of yen)		13,378,965		13,413,847		34,882			0
(Short-term and Long-term Debt) *3			6,343,295		6,308,802		(34,493	)		(1	)
(Deposits) *3			2,330		2,448		118			5
Shareholders’ Equity *1	(millions of yen)		4,482,500		4,710,425		227,925			5
Shareholders’ Equity Per Share *2	(yen)		4,080.24		4,312.66		232.42			6

*1	Shareholders’ Equity refers to total ORIX Corporation Shareholders’ Equity based on U.S. GAAP.

*2	Shareholders’ Equity Per Share is calculated using total ORIX Corporation Shareholders’ Equity.

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, as a result of presenting the assets and liabilities related to the business of the Target separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of Discontinued Operations Held for Sale,” respectively, Segment Assets, Short-term and Long-term Debt and Deposits as of June 30, 2026 are presented on a continuing operations basis, excluding the balances of the discontinued operations. The corresponding balances as of March 31, 2026 have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).

Total assets increased 1% to ¥18,256,420 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, assets of discontinued operations held for sale (mainly installment loans), and installment loans, partially offset by decreases in cash and cash equivalents and property under facility operations. In addition, segment assets increased 1% to ¥14,426,112 million compared to the end of the previous fiscal year.

Total liabilities were ¥13,413,847 million, relatively unchanged from the end of the previous fiscal year primarily due to increases in liabilities of discontinued operations held for sale (mainly deposits) and current and deferred income taxes, partially offset by decreases in long-term debt and other liabilities.

Shareholders’ equity increased 5% to ¥4,710,425 million compared to the end of the previous fiscal year.

- 6 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)



Assets		As of March 31, 2026			As of June 30, 2026
Cash and Cash Equivalents			1,015,359			968,923
Restricted Cash			114,129			122,693
Net Investment in Leases			1,247,491			1,234,360
Installment Loans			1,488,263			1,534,403
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2026	¥78,020 million
June 30, 2026	¥92,664 million
Allowance for Credit Losses			(76,342	)		(67,284	)
Investment in Operating Leases			2,152,820			2,161,945
Investment in Securities			3,142,498			3,181,187
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2026	¥39,796 million
June 30, 2026	¥39,175 million
The amounts which are associated to available-for-sale debt securities are as follows:
March 31, 2026
Amortized Cost	¥3,230,567 million
Allowance for Credit Losses	¥(3,505) million
June 30, 2026
Amortized Cost	¥3,297,405 million
Allowance for Credit Losses	¥(3,358) million
Property under Facility Operations			779,075			746,746
Equity method investments			1,304,073			1,497,252
Trade Notes, Accounts and Other Receivable			495,080			466,570
Inventories			269,187			271,570
Office Facilities			189,279			176,686
Other Assets			2,686,462			2,699,340
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2026	¥1,163 million
June 30, 2026	¥578 million
Assets of Discontinued Operations Held for Sale			3,195,402			3,262,029

Total Assets			18,002,776			18,256,420


Liabilities and Equity
Short-term Debt			544,135			582,680
Deposits			2,330			2,448
Trade Notes, Accounts and Other Payable			354,995			325,684
Policy Liabilities and Policy Account Balances			1,943,710			1,984,095
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2026	¥138,027 million
June 30, 2026	¥155,186 million
Current and Deferred Income Taxes			684,072			730,499
Long-term Debt			5,799,160			5,726,122
Other Liabilities			1,107,475			1,055,648
Liabilities of Discontinued Operations Held for Sale			2,943,088			3,006,671

Total Liabilities			13,378,965			13,413,847

Redeemable Noncontrolling Interests			50,743			52,356


Commitments and Contingent Liabilities

Common Stock			221,111			221,111
Additional Paid-in Capital			235,239			235,898
Retained Earnings			3,502,509			3,714,666
Accumulated Other Comprehensive Income			605,110			659,866
Treasury Stock, at Cost			(81,469	)		(121,116	)

Total ORIX Corporation Shareholders’ Equity			4,482,500			4,710,425
Noncontrolling Interests			90,568			79,792

Total Equity			4,573,068			4,790,217


Total Liabilities and Equity			18,002,776			18,256,420

- 7 -

Note 1:

Breakdown of Accumulated Other Comprehensive Income (Loss)


	As of March 31, 2026			As of June 30, 2026
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities		(618,351	)		(647,246	)
Impact of changes in policy liability discount rate		715,382			752,261
Debt valuation adjustments		242			235
Defined benefit pension plans		31,953			41,398
Foreign currency translation adjustments		469,262			498,988
Net unrealized gains on derivative instruments		6,622			14,230

Total		605,110			659,866

Note 2:

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, the assets and liabilities related to the business of the Target are presented separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of Discontinued Operations Held for Sale,” respectively. In addition, the prior-period balances of the assets and liabilities related to the business of the Target have been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).

- 8 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)



	Three months ended June 30, 2025			Three months ended June 30, 2026
Revenues :
Finance revenues		66,221			72,591
Gains on investment securities and dividends		16,486			58,203
Operating leases		152,076			163,427
Life insurance premiums and related investment income		132,543			172,541
Sales of goods and real estate		110,952			126,917
Services income		268,695			282,949

Total Revenues		746,973			876,628

Expenses :
Interest expense		41,507			44,898
Costs of operating leases		99,784			105,466
Life insurance costs		94,237			130,618
Costs of goods and real estate sold		83,302			95,174
Services expense		146,730			155,706
Other (income) and expense		(1,068	)		3,745
Selling, general and administrative expenses		158,188			197,821
Provision for credit losses		3,244			(538	)
Write-downs of long-lived assets		1,004			9,819
Write-downs of securities		127			0

Total Expenses		627,055			742,709

Operating Income		119,918			133,919
Equity in Net Income of Equity method investments		19,440			207,918
Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net		6,308			64,313

Income from Continuing Operations before Income Taxes		145,666			406,150
Provision for Income Taxes		43,220			125,582

Net Income from Continuing Operations		102,446			280,568

Discontinued Operations
Income (Loss) from Discontinued Operations before Income Taxes		9,815			(334	)
Provision for Income Taxes		2,990			(4,742	)

Net Income from Discontinued Operations		6,825			4,408

Net Income		109,271			284,976

Net Income Attributable to the Noncontrolling Interests		1,933			5,065

Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests		50			(921	)

Net Income Attributable to ORIX Corporation Shareholders		107,288			280,832

Note :

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, the results of operations of the Target are presented separately from continuing operations. The prior-period results of operations related to the business of the Target have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).

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

(millions of yen)



	Three months ended June 30, 2025			Three months ended June 30, 2026
Net Income :		109,271			284,976

Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities		(61,363	)		(28,895	)
Impact of changes in policy liability discount rate		143,120			36,879
Net change of debt valuation adjustments		62			(7	)
Net change of defined benefit pension plans		5,465			9,433
Net change of foreign currency translation adjustments		(44,298	)		32,193
Net change of unrealized gains (losses) on derivative instruments		(7,172	)		7,619
Total other comprehensive income		35,814			57,222

Comprehensive Income		145,085			342,198

Comprehensive Income Attributable to the Noncontrolling Interests		701			6,731

Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests		(64	)		(121	)

Comprehensive Income Attributable to ORIX Corporation Shareholders		144,448			335,588

(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 allocates management resources and assesses segment performance by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.

Beginning with the current consolidated fiscal year, the Company has reorganized its reportable segments into Japan & APAC, Infrastructure, USA & Europe, and Insurance, reflecting changes in the segments used by the CODM for resource allocation and performance evaluation purposes. In connection with this change, segment information for the previous fiscal year has been recast to conform to the current presentation.

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


Japan & APAC	:	Financial services, fee-based businesses, and corporate investment

Infrastructure	:	Investment, development, operation, and asset management of real estate, aircraft, ships, and environmental & energy-related assets

USA & Europe	:	Financial services, investment, asset management, and advisory services

Insurance	:	Life insurance

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 CODM 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.

Effective from the current fiscal year, the Company has revised the method of allocating interest expense for certain transactions. Accordingly, segment figures for the previous fiscal year have been recast to conform to the current presentation.

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Segment information for the three months ended June 30, 2025 and three months ended June 30, 2026 is as follows:


	Millions of yen
	Three months ended June 30, 2025
	Japan & APAC		Infrastructure			USA & Europe			Insurance			Total
Finance revenues		38,426		2,558			25,511			38			66,533
Gains on investment securities and dividends		2,069		5,428			9,014			0			16,511
Operating leases		115,365		37,684			436			0			153,485
Life insurance premiums and related investment income		0		0			0			133,086			133,086
Sales of goods and real estate		65,224		44,468			187			0			109,879
Services income		51,408		147,761			68,440			0			267,609

Total Segment Revenues		272,492		237,899			103,588			133,124			747,103

Interest expense		13,325		10,458			11,878			127			35,788
Costs of operating leases		80,436		19,740			550			0			100,726
Life insurance costs		0		0			0			94,395			94,395
Costs of goods and real estate sold		45,773		36,862			87			0			82,722
Services expense		31,165		99,012			16,812			0			146,989
Other (income) and expense *		1,786		(5,268	)		2,259			(4	)		(1,227	)
Selling, general and administrative expenses		56,927		22,110			57,496			14,563			151,096
Provision for credit losses, and write-downs of long-lived assets and securities		2,818		30			1,547			(20	)		4,375

Total Segment Expenses		232,230		182,944			90,629			109,061			614,864

Equity in Net income (Loss) of equity method investments and others		11,939		13,452			(2,365	)		(0	)		23,026

Segment Profits		52,201		68,407			10,594			24,063			155,265

Significant non-cash items:
Depreciation and amortization		68,637		21,363			2,305			7,812			100,117
Increase in policy liabilities and policy account balances		0		0			0			83,836			83,836
Expenditures for long-lived assets		108,758		106,104			902			11			215,775

*	Other (income) and expense includes items such as expenses of taxes and insurance premiums related to finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.


	Millions of yen
	Three months ended June 30, 2026
	Japan & APAC			Infrastructure			USA & Europe			Insurance			Total
Finance revenues		39,462			7,660			26,196			36			73,354
Gains on investment securities and dividends		(1,571	)		249			59,637			0			58,315
Operating leases		122,625			41,068			1,138			0			164,831
Life insurance premiums and related investment income		0			0			0			173,086			173,086
Sales of goods and real estate		84,642			40,562			835			0			126,039
Services income		65,228			113,346			102,115			0			280,689

Total Segment Revenues		310,386			202,885			189,921			173,122			876,314

Interest expense		15,705			10,225			14,338			112			40,380
Costs of operating leases		85,855			19,466			1,193			0			106,514
Life insurance costs		0			0			0			130,686			130,686
Costs of goods and real estate sold		62,414			31,876			407			0			94,697
Services expense		43,162			89,922			21,940			0			155,024
Other (income) and expense *		5,839			(4,010	)		2,454			0			4,283
Selling, general and administrative expenses		63,381			24,155			86,377			14,390			188,303
Provision for credit losses, and write-downs of long-lived assets and securities		777			56			(1,143	)		(26	)		(336	)

Total Segment Expenses		277,133			171,690			125,566			145,162			719,551

Equity in Net income (Loss) of equity method investments and others		256,558			12,122			(1,355	)		(0	)		267,325

Segment Profits		289,811			43,317			63,000			27,960			424,088

Significant non-cash items:
Depreciation and amortization		75,599			21,231			3,220			5,339			105,389
Increase in policy liabilities and policy account balances		0			0			0			89,110			89,110
Expenditures for long-lived assets		119,241			58,269			4,821			70			182,401

*	Other (income) and expense includes items such as expenses of taxes and insurance premiums related to finance leases, impairment of goodwill and intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.

- 12 -

Segment information as of March 31, 2026 and June 30, 2026 is as follows:


	Millions of yen
	As of March 31, 2026
	Japan & APAC		Infrastructure		USA & Europe		Insurance		Total
Net investment in leases		1,194,048		52,913		433		0		1,247,394
Installment loans		680,872		35,097		757,103		15,191		1,488,263
Investment in operating leases		1,118,843		976,673		39,605		25,457		2,160,578
Investment in securities		80,956		154,105		618,885		2,288,116		3,142,062
Property under facility operations and servicing assets		119,002		656,847		82,749		0		858,598
Inventories		45,020		223,164		699		0		268,883
Advances for finance lease and operating lease		11,317		78,924		0		0		90,241
Equity method investments		457,931		685,773		71,582		46,002		1,261,288
Advances for property under facility operations		4,001		123,899		0		0		127,900
Goodwill, intangible assets acquired in business combinations		384,231		221,750		690,949		4,452		1,301,382
Other assets *		624,640		365,927		479,026		819,052		2,288,645

Segment Assets		4,720,861		3,575,072		2,741,031		3,198,270		14,235,234

*	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.


	Millions of yen
	As of June 30, 2026
	Japan & APAC		Infrastructure		USA & Europe		Insurance		Total
Net investment in leases		1,195,852		38,066		427		0		1,234,345
Installment loans		666,718		36,032		815,710		15,942		1,534,402
Investment in operating leases		1,094,947		1,001,215		47,888		25,465		2,169,515
Investment in securities		74,888		157,938		613,298		2,334,336		3,180,460
Property under facility operations and servicing assets		88,449		652,466		86,126		0		827,041
Inventories		44,893		225,494		833		0		271,220
Advances for finance lease and operating lease		16,310		62,440		475		0		79,225
Equity method investments		613,377		716,723		78,689		46,648		1,455,437
Advances for property under facility operations		915		127,002		0		0		127,917
Goodwill, intangible assets acquired in business combinations		367,787		210,618		697,318		4,452		1,280,175
Other assets *		578,593		339,344		515,935		832,503		2,266,375

Segment Assets		4,742,729		3,567,338		2,856,699		3,259,346		14,426,112

*	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.

- 13 -

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


	Millions of yen
	Three months ended June 30, 2025			Three months ended June 30, 2026
Segment revenues:
Total revenues for segments		747,103			876,314
Revenues related to corporate assets		18,376			21,540
Revenues from inter-segment transactions		(18,506	)		(21,226	)

Total consolidated revenues		746,973			876,628

Segment profits:
Total profits for segments		155,265			424,088
Corporate profits (losses)		(11,843	)		(22,575	)
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests		2,244			4,637

Total consolidated income from continuing operations before income taxes		145,666			406,150

- 14 -

(8) Discontinued Operations Information (Unaudited)

On April 27, 2026, the Company entered into a share transfer agreement with Daiwa Next Bank, Ltd. to sell all shares in ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”). Pursuant to this agreement, the sale of the shares was completed on August 3, 2026. As a result, starting from the second quarter of the current fiscal year, the Target will be excluded from the Company’s scope of consolidation.

As a result of the decision to sell the shares, in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation.

Accordingly, in the condensed consolidated balance sheets, the assets and liabilities related to the business of the Target are presented separately as “Assets of Discontinued Operations Held for Sale” and “Liabilities of Discontinued Operations Held for Sale,” respectively. In addition, the prior-period balances of the assets and liabilities related to the business of the Target have been retrospectively reclassified to conform to the current-period presentation. Furthermore, in the condensed consolidated statements of income, the results of operations of the Target are presented separately from continuing operations. The prior-period results of operations related to the business of the Target have also been retrospectively reclassified to conform to the current-period presentation.

No loss was recognized upon classification as held for sale for the three months ended June 30, 2026.

The following table presents the classes of assets and liabilities of discontinued operations classified as held for sale as of March 31, 2026 and June 30, 2026.

(millions of yen)



	As of March 31, 2026			As of June 30, 2026
Assets
Cash and Cash Equivalents		319,586			318,612
Restricted Cash		2,025			1,991
Installment Loans		2,685,320			2,763,403
Allowance for Credit Losses		(3,852	)		(3,965	)
Investment in Operating Leases		0			0
Investment in Securities		166,331			155,952
Equity method investments		2,239			2,180
Trade Notes, Accounts and Other Receivable		826			879
Office Facilities		13,890			6,970
Other Assets		9,037			16,007

Total Assets of Discontinued Operations Held for Sale		3,195,402			3,262,029

Liabilities
Short-term Debt		28,100			56,100
Deposits		2,623,225			2,666,451
Trade Notes, Accounts and Other Payable		1,013			1,430
Current and Deferred Income Taxes		3,712			2,796
Long-term Debt		166,600			156,451
Other Liabilities		120,438			123,443

Total Liabilities of Discontinued Operations Held for Sale		2,943,088			3,006,671

- 15 -

The following table presents the classes of net income from discontinued operations for the three months ended June 30, 2025 and 2026.

(millions of yen)



	Three months ended June 30, 2025			Three months ended June 30, 2026
Revenues :
Finance revenues		21,017			20,174
Gains (Losses) on investment securities and dividends		30			(18	)
Services income		621			620

Total Revenues		21,668			20,776

Expenses :
Interest expense		3,855			6,014
Services expense		1,940			2,002
Other (income) and expense		57			(3	)
Selling, general and administrative expenses		5,865			6,087
Provision for credit losses		119			107
Write-downs of long-lived assets		0			6,827

Total Expenses		11,836			21,034

Operating Income (Loss)		9,832			(258	)
Equity in Net Income (Loss) of Equity method investments		(17	)		(76	)

Income (Loss) from Discontinued Operations before Income Taxes		9,815			(334	)
Provision for Income Taxes		2,990			(4,742	)

Net Income from Discontinued Operations		6,825			4,408

(9) Cash flow information (Unaudited)

ORIX Group does not prepare the consolidated statements of cash flows for the three months ended June 30, 2026. Depreciation and amortization for the three months ended June 30, 2025 and 2026 were ¥101,250 million and ¥106,400 million, respectively.

Note:

As a result of the decision to sell the shares of ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the “Target”), in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations, the business of the Target has been classified as held for sale and a discontinued operation. Accordingly, as a result of presenting the results of the business of the Target separately from continuing operations, depreciation and amortization for the three months ended June 30, 2026 are presented on a continuing operations basis, excluding the results of the discontinued operations. The corresponding amounts for the three months ended June 30, 2025 have also been retrospectively reclassified to conform to the current-period presentation. For further information on the discontinued operations, see 2. Financial Information (8) Discontinued Operations Information (Unaudited).

(10) Subsequent Events

- 16 -