Slide 1: ORIX Corporation Consolidated Financial Results FY ended March 31, 2025
ORIX Corporation Consolidated Financial Results For the Consolidated Fiscal Year Ended March 31, 2025 Hidetake Takahashi Member of the Board of Directors, Representative Executive Officer, President and Chief Operating Officer May 12, 2025 1 Copyright © ORIX Corporation All rights reserved.
Slide 2: FY25.3 Results Overview / FY26.3 Earnings Forecast
FY25.3 Results Overview FY26.3 Earnings Forecast 2 Copyright © ORIX Corporation All rights reserved.
Slide 3: Net income & ROE
Net income & ROE ✓ Achieved record high net income*1 of 351.6 Bln JPY (up 2% YoY), but missed full-year net target of 390 Bln JPY ✓ Profits up on strong earnings in most segments (incl. investees) for second year in a row. Proactively booked impairments in face of increasingly uncertain outlook *1 N
Slide 4: FY25.3 Results: Three Categories, Segment Profits, Pre-tax Profits
FY25.3 Results: Three Categories, Segment Profits, Pre-tax Profits ✓ Pre-tax profits came in at 480.5 Bln JPY (up 2% YoY), thanks to substantial increase in Investments category profits which offset absence of FY24.3’s large gain on sales and impairments ✓ Finance: Insurance, ORIX USA saw higher pro
Slide 5: Breakdown of Segment Profits: Base Profits and Investment Gains
Breakdown of Segment Profits: Base Profits and Investment Gains Base 457.1 Bln JPY up 5％ YoY (up +22.1 Bln JPY) FY25.3 Profits Base profits remained at high levels, steadily booking 100 Bln JPY or more each quarter. Domestic PE Segment profits investees, Aircraft and Ships, ORIX Europe all contribut
Slide 6: Capital Gains: New Investments
Capital Gains: New Investments ✓ FY25.3: Realized multiple exits, mainly in domestic PE, Real Estate. Booked total capital gains of 140.7 Bln JPY*1 ✓ FY26.3: Accelerate capital recycling to drive ROE ≧ 11%, while raising level of recurring capital gains FY25.3 Results FY26.3 Forecast*２ Private equit
Slide 7: 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 8: FY25.3 Results, FY26.3 Forecast
FY25.3 Results, FY26.3 Forecast ✓ FY25.3 results: Posted YoY growth in net income (up 2%), dividends (up 22%) ✓ FY26.3 forecast: Forecast net income of 380 Bln JPY, aim to achieve third consecutive year of record profits through growth in Operation, Investments categories FY24.3 Results FY25.3 Resul
Slide 9: Macroeconomic Environment (Trump Tariffs): Impact on ORIX
Macroeconomic Environment (Trump Tariffs): Impact on ORIX ✓ Essentially no direct impact from Trump tariffs, but economic outlook is unclear ✓ Aim to achieve record profits in FY26.3, but focus is on improving enterprise value/ROE over medium to long term (in light of business climate requiring care
Slide 10: FY26.3 Forecasts: Three Categories
FY26.3 Forecasts: Three Categories ✓ FY26.3: Forecast double-digit growth in Operation, Investments; expect to maintain steady growth in Finance ✓ In Operation category, tourism-related businesses (airport concession, aircraft leasing, others) continue to drive growth FY25.3 Results vs. FY26.3 Forec
Slide 11: Shareholder Returns
Shareholder Returns ✓ FY25.3 full-year DPS hit 120.01 JPY, a new record high. Dividends have grown at 21％ CAGR since FY11.3 ✓ FY26.3 shareholder return policy: Pay out either 39% of net income or FY25.3 DPS, whichever is higher. Set buyback program with authorization of up to 100.0 Bln JPY, flexibly
Slide 12: Long-term Vision / New Three-Year Plan
Long-term Vision New Three-Year Plan 12 Copyright © ORIX Corporation All rights reserved.
Slide 13: Long-Term Vision: Goal and Mgmt KPI
Long-Term Vision: Goal and Mgmt KPI 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 alternative investments & operations and business solutions ◼
Slide 14: Long-term Vision: Focus Areas & Business Models
Long-term Vision: Focus Areas & Business Models ✓ 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 evolution • AI infrastructure, digital transformation, B
Slide 15: Long-term Vision: Initiatives for Realizing Vision
Long-term Vision: Initiatives for Realizing Vision ✓ Key initiatives for achieving long-term vision: disciplined portfolio management, sophisticated risk management, new business creation ✓ Move forward with portfolio optimization to achieve most important goal: ROE target Disciplined portfolio mana
Slide 16: New Three-Year Plan: ROE Improvement
New Three-Year Plan: ROE Improvement ✓ Finance： Grow assets in areas where economy is expanding, increase non-financial income through shift to asset manager model (off B/S) ✓ Operation： Enhance broadly-defined asset management functions, service enhancement to further strengthen ROE ✓ Investments：
Slide 17: New Three-Year Plan: Shareholders' Equity and Capital Allocation
New Three-Year Plan: Shareholders’ Equity and Capital Allocation ✓ In 3 years ending FY28.3, ORIX will accelerate EPS growth while using flexible share buybacks to control equity levels (assume maintaining A credit rating) ✓ Will utilize capacity freed up through sale of inefficient businesses/asset
Slide 18: Long-term Vision and New Three-Year Plan: Summary
Long-term Vision and New Three-Year Plan: Summary ✓ 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 target of ROE ≧11% through profit growth, portfolio optimiz
Slide 19: ROE & EPS Growth and Enhancing Corporate Value
ROE & EPS Growth and Enhancing Corporate Value ✓ Emphasize EPS growth in addition to ROE improvement ✓ Enhance mid- to long-term corporate value through stronger ROE, EPS ROE, EPS, PBR Trends 1,100円 14% 1,000円 1.2x ROE (left) 900円 12% 1.0x 0.86x 800円 10% 10.5% PBR (right) 700円 0.8x 600円 8% 8.8% 500円
Slide 20: Segment Information
Segment Information 20 Copyright © ORIX Corporation All rights reserved.
Slide 21: Corporate Financial Services & Maintenance Leasing
Corporate Financial Services & Maintenance Leasing Segment profits: 90.3 (Bln JPY) YoY +7.1(Bln JP)（+9％） Segment assets: 1,884.6 (Bln JPY) YTD +107.2(Bln JPY)（+6％） ✓ Corporate Financial Services: Profits up sharply on growth in new loan ✓ Corporate Financial Services: Assets higher on increase in no
Slide 22: 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 23: Real Estate
Real Estate Segment profits : 70.5 (Bln JPY) YoY+3.5 (Bln JPY)（+5％） Segment assets: 1,158.3 (Bln JPY) YTD +48.2 (Bln JPY)（+4％） ✓ RE Investment and Facilities Operation: Profits up on sale of large multi- ✓ Assets up slightly on start to large projects such as MICE-IR and addition purpose building (H
Slide 24: Real Estate – About the Business
Real Estate – About the Business ✓ Carries out real estate development, rental and management; facilities operation; real estate asset management ✓ AUM has grown to 1.7 Tln JPY. Generate stable earnings by increasing recurring income, such as through the launch of ORIA Japan Real Estate Value Add Fu
Slide 25: PE and Concession
PE and Concession Segment profits : 98.9 (Bln JPY) YoY +54.9 (Bln JPY)（+125％) Segment assets: 1,022.9 (Bln JPY) YTD -43.7(Bln JPY)（-4％） ✓ PE Investment: Profits up sharply YoY thanks to strong earnings at investees ✓ Assets lower, primarily due to sale of Sasaeah Holdings including DHC, Toshiba. Rea
Slide 26: PE Investment and Concession – About the Business
PE Investment and Concession – About the Business ✓ Currently invested in 17 companies (as of end-March 2025). Investment gains from sales are steadily increasing, along with the size of investments. Investment Track Record Investee Companies Initial Leveraging our broad network and Management IT Se
Slide 27: Energy and Environment
Energy and Environment Segment profits : -4.9 (Bln JPY) YoY -43.0 (Bln JPY) （-113％） Segment assets: 1,016.2 (Bln JPY) YTD +39.7 (Bln JPY) （＋41.2 Bln JPY from forex） ✓ Domestic: Profits down on impairments for biomass/coal co-fired plants, higher costs ✓ Assets lower after excluding impact from forex
Slide 28: Energy & Environment: About the Business
Energy & Environment: About the Business ✓ Total net owned operating capacity of 4.7 GW*1 worldwide *Overview of Energy and Environment Business and Services can be found here. ✓ Since FY21.3, have expanded capacity in solar, onshore wind, and hydropower generation – primarily overseas Segment Asset
Slide 29: Insurance
Insurance Segment profits : 74.4 (Bln JPY) YoY +3.6 (Bln JPY) （+5％） Segment assets: 3,009.2 (Bln JPY) YTD +87.3 (Bln JPY) （-10.4 Bln JPY from forex） ✓ Profits up YoY thanks to steady growth in investment income, offsetting losses ✓ Assets higher on increase in investment assets due to ongoing replac
Slide 30: 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 31: Banking and Credit
Banking and Credit Segment profits : 29.3 (Bln JPY) YoY-68.1(Bln JPY) （-70％） Segment assets: 3,144.6(Bln JPY) YTD +210.4 (Bln JPY) （+7％） ✓ Banking: Financial revenues up on increase in interest rates. Interest rate risk, ✓ New loan originations in merchant banking up, aim to improve deposit funding
Slide 32: 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 33: Aircraft and Ships
Aircraft and Ships Segment profits : 67.4( Bln JPY) YoY+23.1(Bln JPY) （+52%） Segment assets: 1,232.0 (Bln JPY) YTD +62.3 (Bln JPY)（-11.7 Bln JPY from forex) ✓ Aircraft: Profits up on gains from aircraft sales, improved lease ✓ Aircraft: Owned aircraft portfolios increased at both ORIX, Avolon yields
Slide 34: Aircraft and Ships – About the Business
Aircraft and Ships – About the Business (as of end-March 2025) ORIX Aviation (Business since 1978) Owned, Managed, and Committed Fleet APAC Wide body 16% 19% 113 Average age Managed Fleet EMEA 37% 139 151 152 6.6 years 154 GLOBALLY Boeing OEM BREAKDOWN 141 144 NARROWBODY DIVERSE 48% Airbus WEIGHTING
Slide 35: ORIX USA
ORIX USA Segment profits : 39.9 (Bln JPY) YoY +12.0 (Bln JPY) （+43%） Segment assets: 1,593.9 (Bln JPY) YTD -100.5 ( BlnJPY)（-20.1Bln JPY from forex） ✓ Private Credit: Earnings strong amid asset optimization efforts, profits ✓ Assets shrank owing to new CLO issuance, other factors higher thanks to de
Slide 36: 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 $76.7 Bln) ✓ Operates a hybrid strategy, investing own principal capital while providing capital market and asset m
Slide 37: ORIX Europe
ORIX Europe Segment profits : 44.4 (Bln JPY) YoY +2.7(Bln JPY)（+7%） Segment assets: 669.3 (Bln JPY) YTD+7.2(Bln JPY)（-4.8 Bln JPY from forex) ✓ AUM reached 376 Bln EUR, new full-FY high. Profits rose YoY, on ✓ Assets flat YoY higher management fees and performance fees, despite taking impairments re
Slide 38: 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 39: Asia and Australia
Asia and Australia Segment profits : 34.5 (Bln JPY) YoY -12.6 (Bln JPY) （-27%） Segment assets: 1,725.6 (Bln JPY) YTD+16.4(Bln JPY)（-45.3 (BlnJPY from forex) ✓ Lease revenue rose, mainly in Australia, India, South Korea ✓ Leasing balances up, mainly in Australia, India, Malaysia ✓ Segment profits low
Slide 40: 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 41: Appendix
Appendix 41 Copyright © ORIX Corporation All rights reserved.
Slide 42: 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 Net income CAGR provider in Japan Net income ROE (FY13.3-FY25.3) Renewable energy generating Capacity (worldwide) *2 351.6 Bln JPY 8.8% 10％ 4.7GW
Slide 43: About ORIX: Expertise in Business and Collective Capabilities of the Group
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 43 Copyright © ORIX Corporation All rights reserved.
Slide 44: 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 IT bubble bursts 200 Asian currency crisis 15
Slide 45: 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 Panasonic Projector & Acquisition Display Corporation /new Wako Pallet business Houlihan ORIX Living Yayoi ORIX Credit (partial stake) S
Slide 46: Three Categories: Assets and ROA
Three Categories: Assets and ROA Finance Operation Investments ➢ Maintains a stable earnings base, expect ➢ In FY25.3, airport concessions, hotels and inns, ➢ Booked investment gains every quarter in profitability to improve thanks to higher yen aircraft leasing, ships, and other businesses FY25.3,
Slide 47: Three Categories: Finance, Operation, Investments
Three Categories: Finance, Operation, Investments Three Categories Three Category/Segment Matrix Finance (Recurring earnings, interest rate spread is Operation Investments source of income) (All aspects of operation, including onsite) (Main area for capital recycling) Corporate Financial Services an
Slide 48: Portfolio Management & ROE Growth
Portfolio Management & ROE Growth ✓ In order to achieve ROE≧11% in FY28.3, ORIX will need to steadily grow net income but also control pace of expansion in shareholders’ equity through shareholder returns ✓ Operation, Investments to drive ROE growth among three categories ROE Analysis (Numerator/Den
Slide 49: Segment Profits: Segments
Segment Profits: 10 Segments ✓ Posted full-FY segment profits of 544.7 Bln JP (down 3% YoY) ✓ Profits up in PE and Concession, Aircraft and Ships segments, offset negatives from absence of last FY’s gain from sale of ORIX Credit stake and impairments （Bln JPY） Segment Profits Breakdown FY25.3 *3 Hig
Slide 50: Segment Assets: Segments
Segment Assets: 10 Segments ✓ Segment assets were 16.5 Tln JPY (up 434.5 Bln JPY vs. end-FY24.3, -51.1 Bln JPY due to changes in forex) ✓ New loan executions in ORIX Bank, Corporate Financial Services, increased; number of owned aircraft increased in aircraft leasing business （Bln JPY） Segment Asset
Slide 51: Investment Gains and Major Breakdown
Investment Gains and Major Breakdown (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 facilities ORIX Living, etc. Logistics centers ops., logistics centers Multi-use bldg. 32.0 Bln PE Investment 17
Slide 52: Segment profits trends
Inbound Tourism Kansai Airports (three airports) Aircraft lease rates (000 USD） Segment profits trends 120% passenger numbers (vs. 2019) 101% 405 (Aircraft and Ships, Facilities operations, Concession) 400 Airbus A320 neo Domestic 319 273 (3 airport total) 405 97% 80% 300 310 Boeing 737 Max8 28.4 52
Slide 53: Roadmap for Asset Management
Roadmap for Asset Management ✓ 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) (Tln JPY) 200 Asset management Real Assets fee income (rig
Slide 54: 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 55: Roadmap for ROE & Profits
Roadmap for ROE & Profits ✓ 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% １兆円 1,250bln 15.0% 14.0% １ Tln JPY 1,000bln 1Tln ROE (left) 11.0%
Slide 56: Financials: D/E Ratio, ROE, Employed Capital Ratio, Credit Ratings
Financials: D/E Ratio, ROE, Employed Capital Ratio, Credit Ratings ✓ Maintained appropriate employed capital ratio through progress in capital recycling Shareholders’ Equity / D/E Ratio, ROE Credit ratings Employed Capital Ratio*1 4.6X D/E ratio (excl. deposits) As of end-Mar 2025 93% 91% Employed 4
Slide 57: Financials: Funding Structure and Interest Rate/Forex Sensitivity
Financials: Funding Structure and Interest Rate/Forex Sensitivity ✓ Diversified funding structure ✓ Controlled funding costs while maintaining a high long-term debt ratio Funding Structure Trends in Funding Costs Interest Rate/Forex Sensitivity based on ALM Borrowings from Interest rates financial i
Slide 58: Looking Back at Medium-term Direction through FY25.3
Looking Back at Medium-term Direction through FY25.3 ✓ In Medium-term Direction through FY25.3, achieved ongoing profit growth, but undershot profit and ROE targets ✓ Compared to FY22.3, growth in ROE has clearly stagnated owing to growth in assets, equity FY22.3 FY25.3 Results Target Results Vs. FY
Slide 59: Human Capital and Business Growth
Human Capital and Business Growth ✓ 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 can play an active role. ✓ Strengthening this approach al
Slide 60: ESG
ESG ✓ ORIX’s Board of Directors now has a majority of outside directors, making progress towards achievement of other key goals, including GHG emissions reductions ✓ Enhanced human capital management-related disclosure in 2024 Integrated Report * 2024 Integrated Report is here Scores by ESG Rating A
Slide 61: 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 62: 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