Slide 1: Consolidated Financial Results for the Six-Month Period Ended September 30, 2025
ORIX Corporation Consolidated Financial Results For the Six-Month Period Ended September 30, 2025 Hidetake Takahashi Member of the Board of Directors, Representative Executive Officer, President and Chief Operating Officer Kazuki Yamamoto Operating Officer, Corporate Function Unit Responsible for Co
Slide 2: Key Messages
Key Messages Group COO Hidetake Takahashi 2 Copyright © ORIX Corporation All rights reserved.
Slide 3: Key Messages
Key Messages 1 FY26.3 Net Income Forecast Revised Upward ✓ Revised FY26.3 net income forecast upward from 380 Bln JPY to 440 Bln JPY, full-year DPS from 132.13 JPY to 153.67 JPY ✓ Share buyback program increased from 100 Bln JPY to 150 Bln JPY 2 Established PE Fund with Qatar Investment Authority Al
Slide 4: Results Overview
Results Overview 4 Copyright © ORIX Corporation All rights reserved.
Slide 5: Results Summary
Results Summary ✓ FY26.3 H1 Results / Upward Revision to FY26.3 Full-Year Forecast ➢ Record H1 net income of 271.1 Bln JPY (up 88.2 Bln JPY), achieving 71% / 62%1 of full-year forecast; annualized ROE of 12.7% *1 Achieved 71% of original target, 62% of revised forecast ➢ Realized large exit, revised
Slide 6: Earnings Forecast Revision & Changes to Shareholder Returns
Earnings Forecast Revision & Changes to Shareholder Returns ✓ H1 results overshot expectations with Greenko sale, strong performance in PE, Insurance, other businesses. Revised full-FY26.3 net income forecast upward to 440.0 Bln JPY ✓ Enhanced shareholder returns including share buybacks, DPS; expec
Slide 7: Three Categories: Pre-tax Profits
Three Categories: Pre-tax Profits ✓ Pre-tax profit of 391.5 Bln JPY (+134.5 Bln JPY YoY) (Achieved YoY growth in all three categories) ✓ Booked large sale in Investments, progress in capital recycling in Finance and Operation H1 Results Revised FY26.3 Forecast** Segment profits* YoY Major Factors %
Slide 8: Three Categories: ROE and Shareholders' Equity
Three Categories: ROE and Shareholders’ Equity ✓ H1 ROE hit 12.7%, up 3.9 pp vs. end-FY25.3 (revised full-FY26.3 ROE forecast of 10.3%, up 1.5 pp) ✓ Optimizing capital structure to boost ROE: Finance category remains stable, we are accelerating capital recycling within the Investment category while
Slide 9: Three Categories: Assets and ROA
Three Categories: Assets and ROA ✓ End-FY26.3 H1 ROA on total assets was 3.15%, 1.03 pp improvement vs. end-FY25.3 ✓ ROA up across all categories; significant improvement in Investments category stemming from Greenko exit, strong performance in domestic PE, real estate investments Finance Operation
Slide 10: Capital Recycling
Capital Recycling ✓ Posted FY26.3 H1 capital gains of 157.1 Bln JPY, expect to realize sizeable gains in H2 as well ✓ Will flexibly recycle capital to optimize portfolio while balancing new investments, exits in all three categories FY25.3 Results FY25.3 H1 Results FY26.3 Full-year Forecast (Incl. G
Slide 11: Financial Strategy
Financial Strategy ✓ Maintained A-equivalent rating via ongoing capital recycling with a focus on capital efficiency ✓ Secured competitive funding costs by maintaining strong financial health Consolidated Balance Sheet and Financial Indicators (Bln JPY） Shareholders’ Equity / (Tln JPY） Credit Rating
Slide 12: Segment Profits
Segment Profits: 10 Segments ✓ Segment profits up a robust 42% YoY to 409.4 Bln JPY ✓ Large gain on sale booked in Environment and Energy, higher investment income in Insurance, and strong earnings at PE investees all contributed (Bln JPY) FY25.3 FY26.3 Highlights YoY H1 H1 Corporate Financial Servi
Slide 13: Segment Assets
Segment Assets: 10 Segments ✓ Segment assets were 17.1 Tln JPY (up 619.6 Bln JP vs end-FY25.3, +90.3 Bln JPY due to changes in forex) ✓ Assets higher on Hilco Global acquisition, growth in Insurance investment assets, aircraft investments, and new loan originations at ORIX Bank (Bln JPY) End-FY25.3
Slide 14: Shareholder Returns and Enhancing Corporate Value
Shareholder Returns and Enhancing Corporate Value ✓ Increased total share buyback program to 150.0 Bln JPY, 78.0 Bln JPY completed as of end-Oct 2025 (78% of previous total, 52% of new total) ✓ Promote enhancement of corporate value with focus on capital costs, aiming for sustained growth in ROE and
Slide 15: Segment Information
Segment Information 15 Copyright © ORIX Corporation All rights reserved.
Slide 16: Corporate Financial Services and Maintenance Leasing
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details Corporate Financial Services & Growth Strategy (View Integrated Report)） ➢ Corporate Financial Corporate Financial Services and Maintenance Leasing Services ➢ Auto ➢ Rentec Earnings Trends Key Topics ✓
Slide 17: Corporate Financial Services and Maintenance Leasing - About the Business
Corporate Financial Services and Maintenance Leasing - About the Business ✓ Corporate Financial Services is ORIX’s core group relationship management (RM) platform, backed by strong regional presence and solid customer base ✓ Segment includes Auto, world leader in vehicles under management; Rentec,
Slide 18: Real Estate
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） ➢ RE Investment and Real Estate Facility Operations ➢ Daikyo Earnings Trends Key Topics ✓ RE Investment and Facility Operations: Profits down slightly vs. H1
Slide 19: Real Estate – About the Business
Real Estate – About the Business ✓ Carries out real estate development, rental and management; Facility operations; real estate asset management ✓ Maintain a certain level of balance sheet investments while driving higher profitability through selective operations and AUM growth Segment Asset and Ra
Slide 20: PE Investment and Concession
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） PE Investment and Concession ➢ PE Investment ➢ Concession Earnings Trends Key Topics ✓ PE Investment: Earnings at investees such as Toshiba strong and contin
Slide 21: PE Investment and Concession – About the Business
PE Investment and Concession – About the Business ✓ Currently invested in 18 companies*1 (as of end-Sept 2025). Investment gains from exits have steadily grown, along with the size of investments. Investment Track Record Investee Companies Initial Leveraging our broad network and Management IT Servi
Slide 22: Environment and Energy
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） Environment and Energy ➢ Environment and Energy Earnings Trends Key Topics ✓ Domestic energy: Profits steady YoY excluding impact of end-FY25.3 impairments,
Slide 23: Environment and Energy – About the Business
Environment and Energy – About the Business *Overview of Energy and Environment Business and Services can be found here. ✓ Total net owned operating capacity of 3.4 GW*1 worldwide (Greenko sale reduced capacity by 1.2 GW vs. end-Q1 FY26.3) ✓ Since FY21.3, have expanded capacity in solar, onshore win
Slide 24: Insurance
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） Insurance ➢ Insurance Earnings Trends Key Topics ✓ Expanded investment assets while rotating portfolio investment securities. Achieved stable ✓ Nov 2024: Lau
Slide 25: Insurance – About the Business
Insurance – About the Business ✓ Business model shifted from one dominated by sales of third-sector products (such as medical insurance) to a more well- balanced portfolio with introduction of first-sector products, which have higher contract values. Achieved growth in annualized premiums of new con
Slide 26: Banking and Credit
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） Banking and Credit ➢ Banking Earnings Trends Key Topics ✓ Finance revenues higher on growth in lending balance, primarily in strategic areas. ✓ July 2025: Pa
Slide 27: Banking – About the Business
Banking – About the Business ✓ In addition to its mainstay real-estate investment loan business, ORIX Bank is strengthening its business financing industries which support a sustainable society ✓ Aims to achieve sustainable growth and improve ROA while controlling quality, size of asset base, by uti
Slide 28: Aircraft and Ships
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） Aircraft and Ships ➢ Aircraft and Ships Earnings Trends Key Topics ✓ Aircraft leasing: Lease yields improving on robust aircraft demand. Avolon aims to ✓ Avo
Slide 29: Aircraft and Ships – About the Business
Aircraft and Ships – About the Business （as of end-Sept 2025) Aircraft (ORIX) Aircraft (Avolon) Ship (Business since 1978) (Acquired 30% stake in 2018) （Business since 1971） 【S&P： BBB- / Moody’s: Baa2 / Fitch: BBB】 Owned, Managed, and Committed Fleet Fleet breakdown （by Type of Vessel） Reefer Vessel
Slide 30: ORIX USA
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） ORIX USA ➢ ORIX USA Earnings Trends Topics ✓ H1 FY26.3 segment losses reached -1.8 Bln JPY, primarily due to lower capital gains, higher credit Hilco Global
Slide 31: ORIX USA – About the Business
ORIX USA – About the Business ✓ A provider of capital and financing solutions to middle market companies in USA, targets growth in asset management for three verticals (total AUM / AUA $82.3 Bln) ✓ Operates a hybrid strategy, investing own principal capital while providing capital market and asset m
Slide 32: ORIX USA: Pre-tax Profits Supplementary Information
ORIX USA: Pre-tax Profits Supplementary Information ✓ “Higher for longer" interest rates, inflation resulted in fewer opportunities to realize capital gains (including valuation gains), recording of credit costs/impairments stemming from legacy assets Profits ✓ Reviewing US business portfolio follow
Slide 33: ORIX Europe
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） ORIX Europe ➢ ORIX Europe Earnings Trends Key Topics ✓ AUM hits new record of 425.0 Bln EUR, achieved five consecutive quarters of net inflows. ✓ Oct 2025: C
Slide 34: ORIX Europe – About the Business
ORIX Europe – About the Business ✓ Asset management business including traditional equities, fixed income, commodities, renewable energy and other fund management ✓ Focus on maximizing growth in asset management business by capitalizing on global network (e.g. ROBECO’s Asia strategy) Major Group Com
Slide 35: Asia and Australia
Click HERE to access Supplementary Financial Materials Click below to read more on Segment Details & Growth Strategy (View Integrated Report)） Asia and Australia ➢ Asia and Australia Earnings Trends Key Topics ✓ Profits rose on higher financial income, driven by expansion in leasing assets and lendi
Slide 36: Asia and Australia – About the Business
Asia and Australia – About the Business ✓ Leasing primarily for industrial equipment and automobiles, as well as PE investment business mainly in Greater China (Bln JPY) Segment Assets by Business Segment Asset Trends by Major Country and Region 1 South Korea 2 China 3 Australia Leases, Loans*1 Inve
Slide 37: Appendix
Appendix 37 Copyright © ORIX Corporation All rights reserved.
Slide 38: About ORIX
About ORIX Expertise in Business and Collective Capabilities of the Group ✓ ORIX will continue to enhance our expertise in finance and tangible assets as we synergistically expand our businesses 38 Copyright © ORIX Corporation All rights reserved.
Slide 39: Three Categories: Finance, Operation, Investments
Three Categories: Finance, Operation, Investments Three Categories Three Category/Segment Matrix Finance Operation Investments (Recurring earnings, interest rate spread is source of income) (All aspects of operation, including onsite) (Main area for capital recycling) Corporate Financial Services an
Slide 40: About ORIX Proven Track Record of Profitability
About ORIX Proven Track Record of Profitability ✓ ORIX has been profitable for 60 straight years Net Income Attributable to ORIX Corporation Shareholders FY25.3 (Bln JPY) Record profits 400 FY21.3 COVID pandemic 350 300 FY09.3 Global financial crisis 250 FY02.3 IT bubble bursts 200 FY98.3 Asian curr
Slide 41: Breakdown of Segment Profits: Base Profits and Investment Gains
Breakdown of Segment Profits: Base Profits and Investment Gains Base 256.2 Bln JPY YoY+34.7 Bln JPY （+16％） FY26.3 H1 profits Base profits up on higher profit contributions from PE investees, growth in investment income in Segment profits Insurance 409.4 Bln JPY YoY +42% Investment 153.2 Bln JPY YoY+
Slide 42: Capital Recycling Profit Growth
Capital Recycling Profit Growth ✓ Accelerating capital recycling model led to company-wide net income growth of 3.1X, CAGR of 10% (FY25.3 vs FY13.3) Yayoi RoadSafe Acquisition /new Wako Pallet business （Signed contract to acquire stake) Houlihan ORIX Living Yayoi ORIX Credit (partial stake) Ormat (p
Slide 43: Breakdown of Investment Gains
Breakdown of Investment Gains (JPY) Segment FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3 39.9 Bln 53.6 Bln 16.9 Bln 21.4 Bln 29.5 Bln 34.1 Bln (43.2 Bln*） Real Estate ) Property under Facility ORIX Living, etc. Logistics centers ops., logistics centers Multi-use complex 32.0 Bln PE Investment 17.5 Bln
Slide 44: Investment Pipeline: Investment Amount and Time Frame to Earnings Contribution
Investment Pipeline: Investment Amount and Time Frame to Earnings Contribution ✓ Investment pipeline is 2 Tln JPY*1 ✓ Will pursue deals (mainly in Operation and Investments) that are either (1) immediately accretive to earnings or (2) longer term but highly profitable *1 2 Tln JPY total includes dea
Slide 45: Inbound Tourism
Inbound Tourism ✓ Concession: Profits up sharply on surge in overseas visitors on international flights, as Expo 2025 Osaka, Kansai boosts global visibility of Osaka ✓ Real estate operations: Maintains strong earnings on RevPAR gains fueled by inbound tourism centered on Kansai area Segment profits
Slide 46: Roadmap for Asset Management
Roadmap for Asset Management (From FY25.3 results presentation announced in May 2025) ✓ Grow asset management fee income by capitalizing on origination capabilities, value enhancement model ✓ Expand AUM by proactively using third-party capital, primarily in private assets and real assets (Bln JPY) (
Slide 47: ORIX Group - Asset Management Business
ORIX Group - Asset Management Business ✓ Expansion in asset management business centered on Europe, US supports base profit growth ✓ Focus on management of diversified asset base, in addition to equities, fixed income, and alternative assets (Top domestic manager of renewable energy, aircraft, condo
Slide 48: Making Impact through Alternative Investments & Operations and Business Solutions
(From FY25.3 results presentation Long-Term Vision: Goal and Mgmt KPI announced in May 2025) Goal for FY2035.3 Making Impact through “Alternative Investments & Operations” and “Business Solutions” ◼ Realize sustainable cycle of growth utilizing our two core strengths: ORIX’s business models of alter
Slide 49: Long-term Vision: Focus Areas & Business Models
(From FY25.3 results presentation Long-term Vision: Focus Areas & Business Models announced in May 2025) ✓ Realize growth cycle through combination of two business models in three focus areas Focus Areas PATHWAYS Aim to achieve new areas of impact for the future economy with a focus on technological
Slide 50: Long-term Vision: Initiatives for Realizing Vision
(From FY25.3 results presentation Long-term Vision: Initiatives for Realizing Vision announced in May 2025) ✓ Key initiatives for achieving long-term vision: disciplined portfolio management, sophisticated risk management, new business creation ✓ Move forward with portfolio optimization to achieve m
Slide 51: New Three-Year Plan: ROE Improvement
(From FY25.3 results presentation announced New Three-Year Plan: ROE Improvement in May 2025 with some updates) ✓ Finance： Grow assets in areas where economy is expanding, increase non-financial income through shift to asset manager model (off B/S) ✓ Operation： Expand broadly defined asset managemen
Slide 52: New Three-Year Plan: Shareholders' Equity and Capital Allocation
(From FY25.3 results presentation New Three-Year Plan: Shareholders’ Equity and Capital Allocation announced in May 2025) ✓ In the three years ending FY28.3, ORIX will accelerate EPS growth while using flexible share buybacks to control equity levels (assume maintaining A credit rating) ✓ Will utili
Slide 53: Long-term Vision and New Three-Year Plan: Summary
(From FY25.3 results presentation Long-term Vision and New Three-Year Plan: Summary announced in May 2025) ✓ Long-term vision is achieving ROE of 15%, net income of 1 Tln JPY, and “Making Impact through Alternative Investments & Operations and Business Solutions” ✓ Aim to achieve FY28.3 milestone ta
Slide 54: Roadmap for ROE & Profits
(From FY25.3 results presentation Roadmap for ROE & Profits announced in May 2025) ✓ FY35.3 targets: ROE 15%, Net income of 1 Tln JPY ✓ Focus on sustainable growth in base profit (primarily in Operation), aim to maximize capital gains with individual deals in Investments, other areas 16.0% １Tln JPY
Slide 55: Human Capital and Business Growth
(From FY25.3 results presentation Human Capital and Business Growth announced in May 2025) ✓ ORIX’s approach to human capital management, a source of our competitive strength, has three components: instilling our core values, enhancing our core capabilities and providing a workplace in which people
Slide 56: ESG
ESG * 2025 Integrated Report is here Scores by ESG Rating Agencies ESG-related Key Goals (announced Nov 2021) 1. Outside directors to account for over half of the composition of the ORIX ESG Rating Agency Rating/Scores (as of October 1, 2025) Group Board of Directors by the General Meeting of Shareh
Slide 57: ORIX by the Numbers
ORIX by the Numbers *All figures based on FY25.3 or end-FY25.3 data unless otherwise indicated. Strong profitability High growth Leading renewable energy FY25.3 FY26.3 H1 Net income CAGR provider in Japan Net Income 351.6Bln JPY 271.1 Bln JPY (FY13.3-FY25.3) Renewable energy generating capacity (wor
Slide 58: Disclaimer
Disclaimer ◼ These materials have been prepared by ORIX Corporation (“ORIX” or the “Company”) solely for your information and are subject to change without notice. The information contained in these materials has not been independently verified and its accuracy is not guaranteed. No representations,
Slide 59: ORIX Corporation
For the current IR materials and archives of past financial data, please access our website. IR Section https://www.orix.co.jp/grp/en/ir/ IR Library https://www.orix.co.jp/grp/en/ir/library/ ORIX Corporation Investor Relations and Sustainability Department Tel: +81-3-3435-3121