ORIX : Financial Results

Consolidated Financial Results April 1, 2025 - March 31, 2026

May 11, 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.

(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 Year Ended March 31, 2026

   1. Performance Highlights - Operating Results (Unaudited)

      Net Income

      (millions of yen)

      Total Revenues

      Year-on-Year Change

      Operating Income

      Year-on-Year Change

      Income before Income Taxes

      Year-on-Year Change

      Attributable to ORIX Corporation Shareholders

      Year-on-Year Change

      March 31, 2026	3,330,831		15.9%		456,248		37.5%		691,431		43.9%		447,265		27.2%
      March 31, 2025	2,874,821		2.1%		331,826		(8.0%)		480,463		2.2%		351,630		1.6%

      "Comprehensive Income Attributable to ORIX Corporation Shareholders" was ¥711,049 million for the fiscal year ended March 31, 2026 (year-on-year change was a 111.8% increase) and ¥335,644 million for the fiscal year ended March 31, 2025 (year-on-year change was a 38.7% decrease).

      	Basic		Diluted		Return on			Return on			Operating
      	Earnings Per Share		Earnings Per Share		Equity			Assets *2			Margin
      March 31, 2026	400.27		399.40			10.4%			4.0%			13.7%
      March 31, 2025	307.74		307.16			8.8%			2.9%			11.5%

      "Equity in Net Income of Equity method investments" was a net gain of ¥123,872 million for the fiscal year ended March 31, 2026 and a net gain of ¥57,182 million for the fiscal year ended March 31, 2025.

      *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.

      *Note 2: "Return on Assets" is calculated based on "Income before Income Taxes."

      (2) Performance Highlights - Financial Position (Unaudited)
      Total Assets			Total Equity			Shareholders' Equity		Shareholders' Equity Ratio			Shareholders' Equity Per Share
      March 31, 2026	18,002,776			4,573,068		4,482,500			24.9%		4,080.24
      March 31, 2025	16,866,251			4,171,783		4,089,782			24.2%		3,599.24

      *Note 3: "Shareholders' Equity" refers to "Total ORIX Corporation Shareholders' Equity."

      "Shareholders' Equity Ratio" is the ratio of "Total ORIX Corporation Shareholders' Equity" to "Total Assets." "Shareholders' Equity Per Share" is calculated using "Total ORIX Corporation Shareholders' Equity."

      (3) Performance Highlights - Cash Flows (Unaudited)

      Cash Flows

      Cash Flows

      Cash Flows

      Cash, Cash Equivalents and Restricted Cash

      from Operating Activities

      used in Investing Activities

      from (used in) Financing Activities

      at End of Year

      March 31, 2026 1,369,567 (1,114,671) (160,535) 1,451,099

      March 31, 2025 1,300,193 (1,309,695) 149,322 1,321,983

2. Dividends (Unaudited)

   First Quarter-end

   Second Quarter-end

   Third Year-end Total Quarter-end

   Total Dividends Paid

   Dividend Payout Ratio (Consolidated base)

   Dividends on Equity (Consolidated base)

   March 31, 2025	-		62.17		-		57.84		120.01	137,104	39.0%	3.4%
   March 31, 2026	-		93.76		-		62.34		156.10	173,558	39.0%	4.1%
   March 31, 2027 (Est.)	-		-		-		-		187.36		-

   *Note 4: Total dividends paid include dividends paid to the Board Incentive Plan Trust (¥417 million for the fiscal year ended March 31, 2025 and ¥506 million for the fiscal year ended March 31, 2026). Regarding the dividend forecast for the fiscal year ending March 31, 2027, the annual dividend is expected to be the higher of an amount equivalent to a dividend payout ratio of 39% and an annual dividend of ¥156.10 per share. The table above presents the forecast of annual dividends per share assuming that profit attributable to owners of the parent for the fiscal year ending March 31, 2027 is ¥530,000 million, as set forth in the consolidated financial forecast for the same fiscal year described below. Dividends per share is 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

   March 31, 2027 530,000 18.5%

   *Note 5: 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. We indirectly hold a partial equity interest in Toshiba Corporation (Head office: Kawasaki City, Kanagawa; President and CEO: Taro Shimada; "Toshiba") through TB Investment Limited Partnership (the "Partnership"), an equity-method affiliate of ours. Toshiba's profit and loss is reflected in our consolidated financial results through the Partnership with a one-quarter lag. According to publicly disclosed information, by the end of March 2026, Toshiba sold a portion of its shares held in Kioxia Holdings Corporation (Head office: Minato-ku, Tokyo; President and CEO: Hiroo Ota; "Kioxia"). However, as of the date hereof, we have not been able to confirm information regarding Toshiba's or the Partnership's profit and loss for the fourth quarter of the fiscal year ended March 31, 2026. Accordingly, the impact of the sale on our consolidated financial results for the first quarter of the fiscal year ending March 31, 2027 through the Partnership remains uncertain at this time and has therefore not been reflected in the current earnings forecast. Likewise, the impact on our consolidated full-year earnings forecast for the fiscal year ending March 31, 2027 may vary depending on the financial results of the Partnership and other factors, and accordingly, has not been reflected due to our inability to confirm information at this time.

4. Other Information

   1. Significant Changes in Scope of Consolidation Yes ( ) No ( ｘ ) Addition - None ( ) Exclusion - None ( )

   2. Changes in Accounting Principles

      1. Changes due to adoptions of new accounting standards Yes ( ) No ( ｘ )

      2. Other than those above Yes ( ) No ( ｘ )

   3. Number of Issued Shares (Ordinary Shares)

      1. The number of issued shares, including treasury stock, was 1,124,106,624 as of March 31, 2026, and 1,162,962,244 as of March 31, 2025.

      2. The number of treasury stock was 22,484,702 as of March 31, 2026, and 23,259,695 as of March 31, 2025.

      3. The average number of outstanding shares was 1,117,160,283 for the fiscal year ended March 31, 2026, and 1,142,502,976 for the fiscal year ended March 31, 2025.

The Company's shares held through the Board Incentive Plan Trust (3,035,102 shares as of March 31, 2026 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 March 31, 2026 are not subject to certified public accountant's or audit firm's audits.

1. Summary of Consolidated Financial Results
   1. Summary of Financial Highlights Financial Results for the Fiscal Year Ended March 31, 2026

      		Fiscal Year ended March 31, 2025	Fiscal Year ended March 31, 2026	Change
      				Amount	Percent (%)
      Total Revenues	(millions of yen)	2,874,821	3,330,831	456,010	16
      Total Expenses	(millions of yen)	2,542,995	2,874,583	331,588	13
      Income before Income Taxes	(millions of yen)	480,463	691,431	210,968	44
      Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)	351,630	447,265	95,635	27
      Earnings Per Share (Basic)	(yen)	307.74	400.27	92.53	30
      (Diluted)	(yen)	307.16	399.40	92.24	30
      ROE *1	(%)	8.8	10.4	1.6	-
      ROA *2	(%)	2.12	2.57	0.45	-

      *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.

      Overview of Business Performance (April 1, 2025 to March 31, 2026)

      Total revenues for the consolidated fiscal year ended March 31, 2026 (hereinafter, "the fiscal year") increased 16% to ¥3,330,831 million compared to the previous fiscal year primarily due to increases in gains on investment securities and dividends, including the recognition of valuation gains on fund investments at our U.S. subsidiary and a gain related to the transfer of shares of Greenko Energy Holdings, as well as increases in life insurance premiums and related investment income, and service income.

      Total expenses increased 13% to ¥2,874,583 million compared to 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 for the fiscal year increased 117% to ¥123,872 million compared to the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net for the fiscal year increased 27% to ¥111,311 million compared to the previous fiscal year, primarily 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 fiscal year increased 44% to ¥691,431 million compared to the previous fiscal year and net income attributable to ORIX Corporation Shareholders increased 27% to ¥447,265 million compared to the previous fiscal year.

      Segment Information

      Total segment profits for the fiscal year increased 35% to ¥732,597 million compared to the previous fiscal year. Segment profits increased in each of Corporate Financial Services and Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, ORIX Europe, and Asia and Australia while segment profits in each of Banking and Credit, Aircraft and Ships, and ORIX USA decreased, in each case as compared to the previous fiscal year.

      Segment information for the fiscal year 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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	90,329	100,740	10,411	12

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,884,565	1,876,895	(7,670)	(0)

      Segment profits increased 12% to ¥100,740 million compared to the previous fiscal year primarily due to increases in operating leases revenues and equity in net income of equity method investments.

      Segment assets totaled ¥1,876,895 million, remaining relatively unchanged 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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	70,541	78,509	7,968	11

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,158,293	1,235,906	77,613	7

      Segment profits increased 11% to ¥78,509 million compared to the previous fiscal year primarily due to increases in services income and equity in net income of equity method investments, partially offset by a decrease in operating leases revenues.

      Segment assets increased 7% to ¥1,235,906 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases, inventories, and equity method investments, partially offset by decreases in property under facility operations.

      PE Investment and Concession: Private equity investment and concession

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	98,872	125,611	26,739	27

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,022,944	1,050,561	27,617	3

      Segment profits increased 27% to ¥125,611 million compared to the previous fiscal year primarily due to an increase in equity in net income of equity method investments, sales of goods and real estate, and services income, partially offset by a decrease in gains on sales of subsidiaries and equity method investments.

      Segment assets increased 3% to ¥1,050,561 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, goodwill, intangible assets acquired in business combinations, and property under facility operations, partially offset by a decrease in installment loans.

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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	(4,923)	115,772	120,695	-

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,016,175	1,018,777	2,602	0

      Segment profits increased by ¥120,695 million to ¥115,772 million compared to 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, and a decrease in write-downs of long-lived assets.

      Segment assets totaled ¥1,018,777 million, remaining relatively unchanged compared to the end of the previous fiscal year primarily due to increases in investment in securities and advances for property under facility operations, partially offset by a decrease in equity method investments.

      Insurance: Life insurance

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	74,399	102,891	28,492	38

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	3,009,234	3,198,270	189,036	6

      Segment profits increased 38% to ¥102,891 million compared to the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.

      Segment assets increased 6% to ¥3,198,270 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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	29,291	27,212	(2,079)	(7)

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	3,144,571	3,236,799	92,228	3

      Segment profits decreased 7% to ¥27,212 million compared to the previous fiscal year primarily due to a decrease in gains on investment securities and dividends.

      Segment assets increased 3% to ¥3,236,799 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 in securities.

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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	67,420	66,608	(812)	(1)

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,231,973	1,211,335	(20,638)	(2)

      Segment profits decreased 1% to ¥66,608 million compared to the previous fiscal year primarily due to an increase in selling, general and administrative expenses, and a decrease in equity in net income of equity method investments, partially offset by an increase in services income.

      Segment assets decreased 2% to ¥1,211,335 million compared to the end of the previous fiscal year primarily due to decreases in investment in operating leases and installment loans, and cash and cash equivalents, partially offset by an increase in goodwill, intangible assets acquired in business combinations.

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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	39,915	954	(38,961)	(98)

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,593,939	1,940,471	346,532	22

      Segment profits decreased 98% to ¥954 million compared to the previous fiscal year primarily due to increases in impairment of goodwill and intangible assets and selling, general and administrative expenses, a decrease in gains on sales of subsidiaries and equity method investments, and an increase in provision for credit losses, partially offset by an increase in gains on investment securities and dividends.

      Segment assets increased 22% to ¥1,940,471 million compared to the end of the previous fiscal year due to an increase in goodwill, intangible assets acquired in business combinations as a result of a new acquisition of a subsidiary in the second quarter of fiscal 2026, and increases in installment loans and trade notes, accounts and other receivables.

      ORIX Europe: Asset management of global equity and fixed income

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	44,373	63,051	18,678	42

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	669,306	801,175	131,869	20

      Segment profits increased 42% to ¥63,051 million compared to the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments, and services income.

      Segment assets increased 20% to ¥801,175 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

      	Year ended March 31, 2025 (millions of yen)	Year ended March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Profits	34,451	51,249	16,798	49

      	As of March 31, 2025 (millions of yen)	As of March 31, 2026 (millions of yen)	Change
      			Amount (millions of yen)	Percent (%)
      Segment Assets	1,725,627	1,865,277	139,650	8

      Segment profits increased 49% to ¥51,249 million compared to the previous fiscal year primarily due to increases in equity in net income of equity method investments, and gains on sales of subsidiaries and equity method investments.

      Segment assets increased 8% to ¥1,865,277 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.

      Outlook and Forecast

      In addition to the continued growth of our established businesses, we expect profit growth driven by the ongoing optimization of our business portfolio, and we will continue to pursue sustainable profit growth.

      Effective April 1, 2026, we changed our operating segments used by our chief operating decision maker for allocating resources and assessing performance. Accordingly, segment information based on the new operating segment structure will be disclosed beginning in the first quarter of the fiscal year ending March 31, 2027.

      Factors that could cause results that differ materially from those described in the 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.

   2. Summary of Consolidated Financial Condition Summary of Assets, Liabilities, Shareholders' Equity

      		As of March 31, 2025	As of March 31, 2026	Change
      				Amount	Percent (%)
      Total Assets (millions of yen)		16,866,251	18,002,776	1,136,525	7
      	(Segment Assets)	16,456,627	17,435,466	978,839	6
      Total Liabilities (millions of yen)		12,691,036	13,378,965	687,929	5
      	(Short-term and Long-term Debt)	6,282,798	6,537,994	255,196	4
      	(Deposits)	2,449,812	2,625,556	175,744	7
      Shareholders' Equity *1 (millions of yen)		4,089,782	4,482,500	392,718	10
      Shareholders' Equity Per Share *2 (yen)		3,599.24	4,080.24	481.00	13

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

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

      Total assets increased 7% to ¥18,002,776 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases, cash and cash equivalents, installment loans and other assets (mainly reinsurance recoverables and goodwill). In addition, segment assets increased 6% to ¥17,435,466 million compared to the end of the previous fiscal year.

      Total liabilities increased 5% to ¥13,378,965 million compared to the end of the previous fiscal year primarily due to increases in longterm debt and deposits.

      Shareholders' equity increased 10% to ¥4,482,500 million compared to the end of the previous fiscal year.

      Summary of Cash Flows

      Cash, cash equivalents and restricted cash increased by ¥129,116 million to ¥1,451,099 million compared to the end of the previous fiscal year.

      Cash flows provided by operating activities were ¥1,369,567 million during the fiscal year, up from ¥1,300,193 million during the previous fiscal year. This change resulted primarily from an increase in net income and an increase in policy liabilities and policy account balances, excluding the impact of changes in policy liability discount rate.

      Cash flows used in investing activities were ¥1,114,671 million during the fiscal year, down from ¥1,309,695 million during the previous fiscal year. This change resulted primarily from an increase in principal collected on installment loans and a decrease in purchases of available-for-sale debt securities.

      Cash flows used in financing activities were ¥160,535 million during the fiscal year compared to the inflow of ¥149,322 million during the previous fiscal year. This change was primarily due to repayments of debt with maturities longer than three months exceeding the amounts of proceeds and a change from an increase to a decrease in call money, partially offset by a change from a decrease to an increase in debt with maturities of three months or less.

   3. Profit Distribution Policy and Dividends for the Fiscal Year Ended March 31, 2026 and the Fiscal Year Ending March 31, 2027

      We aim to increase shareholder value by utilizing profits earned from business activities, to strengthen our business foundation and make investments for future growth. At the same time, we strive to make stable and sustainable distribution of dividends at a level in line with our business performance. In addition, with regards to the decision of whether to buy back our shares, we aim to act with flexibility and swiftness while considering various factors such as the business environment, share price trends, the soundness of our financial condition, and target performance indicators.

      Based on this fundamental policy, the annual dividend for the fiscal year ended March 31, 2026 has been decided at 156.10 yen per share (the interim dividend paid was 93.76 yen per share and the year-end dividend has been decided at 62.34 yen per share). The payout ratio for the fiscal year ended March 31, 2026 was 39.0%. For the next fiscal year ending March 31, 2027, the annual dividend is forecasted at the higher of either payout ratio of 39.0% or 156.10 yen per share.

   4. Risk Factors

   With the announcement of our results for the fiscal year ended March 31, 2026, we believe no significant changes have arisen concerning "Risk Factors" as stated in our latest Form 20-F submitted to the U.S. Securities and Exchange Commission on June 24, 2025.

2. Consideration in the Selection of Accounting Standard

   We have been preparing our financial statements in accordance with U.S. GAAP. We believe that U.S. GAAP is the accounting standard that most appropriately reflects our business activities in our financial reporting.

   Reporting in U.S. GAAP enables us to maintain consistency and comparability with past financial results and we believe that is beneficial to our stakeholders.

3. Financial Information

1. Condensed Consolidated Balance Sheets (Unaudited) (millions of yen)

   	As of March		As of March
   Assets	31, 2025		31, 2026
   Cash and Cash Equivalents	1,206,573		1,334,945
   Restricted Cash	115,410		116,154
   Net Investment in Leases	1,167,380		1,247,491
   Installment Loans	4,081,019		4,173,582
   The amounts which are measured at fair value by electing the fair value option are as follows:
   March 31, 2025	¥97,694 million
   March 31, 2026	¥78,020 million
   Allowance for Credit Losses		(56,769)	(80,194)
   Investment in Operating Leases		1,967,178	2,152,820
   Investment in Securities		3,234,547	3,308,829

   The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2025 ¥41,018 million

   March 31, 2026 ¥39,796 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 March 31, 2026

   Amortized Cost ¥3,403,138 million Allowance for Credit Losses ¥(3,505)million

   Property under Facility Operations	771,851		779,075
   Equity method investments	1,320,015		1,306,312
   Trade Notes, Accounts and Other Receivable	411,012		495,905
   Inventories	229,229		269,187
   Office Facilities	191,957		203,169
   Other Assets	2,226,849		2,695,501
   The amounts which are measured at fair value by electing the fair value option are as follows:
   March 31, 2025 March 31, 2026	¥2,586 million ¥1,163 million
   Total Assets		16,866,251	18,002,776
   Liabilities and Equity
   Short-term Debt		549,680	572,235
   Deposits		2,449,812	2,625,556
   Trade Notes, Accounts and Other Payable		339,787	356,008
   Policy Liabilities and Policy Account Balances		1,948,047	1,943,710

   The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2025 ¥136,257 million

   March 31, 2026 ¥138,027 million

   Current and Deferred Income Taxes	578,781	687,784
   Long-term Debt	5,733,118	5,965,759
   Other Liabilities	1,091,811	1,227,913
   Total Liabilities	12,691,036	13,378,965
   Redeemable Noncontrolling Interests	3,432	50,743
   Commitments and Contingent Liabilities
   Common Stock	221,111	221,111
   Additional Paid-in Capital	234,193	235,239
   Retained Earnings	3,354,911	3,502,509
   Accumulated Other Comprehensive Income	341,298	605,110
   Treasury Stock, at Cost	(61,731)	(81,469)
   Total ORIX Corporation Shareholders' Equity	4,089,782	4,482,500
   Noncontrolling Interests	82,001	90,568
   Total Equity	4,171,783	4,573,068
   Total Liabilities and Equity	16,866,251	18,002,776

   Note: Breakdown of Accumulated Other Comprehensive Income (Loss)

   Accumulated Other Comprehensive Income (Loss)

   As of March 31, 2025

   As of March 31, 2026

   Net unrealized gains (losses) on investment in securities	(403,914)	(618,351)
   Impact of changes in policy liability discount rate	416,124	715,382
   Debt valuation adjustments	49	242
   Defined benefit pension plans	14,791	31,953
   Foreign currency translation adjustments	304,657	469,262
   Net unrealized gains on derivative instruments	9,591	6,622
   Total	341,298	605,110

2. Condensed Consolidated Statements of Income (Unaudited) (millions of yen)

   	Year ended	Year ended
   	March 31, 2025	March 31, 2026
   Revenues :
   Finance revenues	328,356	365,570
   Gains on investment securities and dividends	14,324	128,948
   Operating leases	624,444	641,185
   Life insurance premiums and related investment income	515,259	640,159
   Sales of goods and real estate	373,155	442,586
   Services income	1,019,283	1,112,383
   Total Revenues	2,874,821	3,330,831
   Expenses :
   Interest expense	169,051	193,889
   Costs of operating leases	394,821	411,939
   Life insurance costs	384,753	479,937
   Costs of goods and real estate sold	271,833	331,988
   Services expense	604,145	634,329
   Other (income) and expense	27,128	58,803
   Selling, general and administrative expenses	646,054	711,775
   Provision for credit losses	18,723	34,017
   Write-downs of long-lived assets	25,933	16,242
   Write-downs of securities	554	1,664
   Total Expenses	2,542,995	2,874,583
   Operating Income	331,826	456,248
   Equity in Net Income of Equity method investments	57,182	123,872
   Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net	87,705	111,311
   Bargain Purchase Gain	3,750	0
   Income before Income Taxes	480,463	691,431
   Provision for Income Taxes	128,828	233,103
   Net Income	351,635	458,328
   Net Income (Loss) Attributable to the Noncontrolling Interests	(389)	11,821
   Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests	394	(758)
   Net Income Attributable to ORIX Corporation Shareholders	351,630	447,265

3. Condensed Consolidated Statements of Comprehensive Income (Unaudited) (millions of yen)

   Year Ended March 31, 2025

   Year Ended March 31, 2026

   Net Income : 351,635 458,328

   Other comprehensive income (loss), net of tax:

   Net change of unrealized gains (losses) on investment in securities	(153,108)		(214,449)
   Impact of changes in policy liability discount rate	158,339		299,258
   Net change of debt valuation adjustments	(35)		193
   Net change of defined benefit pension plans	5,128		17,167
   Net change of foreign currency translation adjustments	(20,060)		171,936
   Net change of unrealized gains (losses) on derivative instruments	(6,403)		(2,840)
   Total other comprehensive income (loss)	(16,139)		271,265
   Comprehensive Income	335,496		729,593
   Comprehensive Income (Loss) Attributable to the Noncontrolling Interests	(492)		15,771
   Comprehensive Income Attributable to the Redeemable Noncontrolling Interests	344		2,773
   Comprehensive Income Attributable to ORIX Corporation Shareholders	335,644		711,049

4. Condensed Consolidated Statements of Changes in Equity (Unaudited)

(millions of yen)

ORIX Corporation Shareholders' Equity

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Total ORIX Corporation Shareholders' Equity

Noncontrolling Interests

Total Equity

on investment in securities

Impact of changes in policy liability discount rate

Net change of debt valuation adjustments

Net change of defined benefit pension plans

Net change of foreign currency translation adjustments

Net change of unrealized gains (losses) on derivative instruments

Total other comprehensive income (loss)

Note: Changes in the redeemable noncontrolling interests are not included in the table.

1. Assumptions for Going Concern

   There is no corresponding item.

2. 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.

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

   Corporate Financial Services and ： Finance and fee business; leasing and rental of automobiles, electronic measuring Maintenance Leasing 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.

   Segment information for fiscal 2025 and 2026 is as follows:

   Millions of yen Fiscal Year ended March 31, 2025

   Corporate PE Financial Investment Environment Banking and Aircraft and Services and Real Estate and and Energy Insurance Credit Ships Maintenance Concession Leasing
   Finance revenues	63,271	4,860	12,140	1,402	280	60,290	5,769
   Gains on investment securities and dividends	2,647	1,282	851	3,128	0	100	(24)
   Operating leases	282,433	61,321	42,698	79	0	0	96,856
   Life insurance premiums and related investment income	0	0	0	0	518,084	0	0
   Sales of goods and real estate	4,202	107,859	252,969	3,307	0	0	852
   Services income	108,146	322,458	69,273	178,105	(1)	2,914	16,139
   Total Segment Revenues	460,699	497,780	377,931	186,021	518,363	63,304	119,592
   Interest expense	7,306	2,616	3,833	13,170	256	7,184	20,159
   Costs of operating leases	201,286	24,167	26,389	18	0	0	40,986
   Life insurance costs	0	0	0	0	384,910	0	0
   Costs of goods and real estate sold	3,335	89,593	173,652	1,786	0	0	864
   Services expense	57,372	264,952	48,890	136,118	0	7,590	6,724
   Other (income) and expense *	18,305	1,664	10,622	446	(110)	40	68
   Selling, general and administrative expenses	89,599	43,405	88,370	22,582	58,904	20,822	11,967
   Provision for credit losses, and write-downs of long-lived assets and securities	2,199	3,098	1,743	20,573	4	(176)	3
   Total Segment Expenses	379,402	429,495	353,499	194,693	443,964	35,460	80,771
   Equity in Net income (Loss) of equity method investments and others	9,032	2,256	74,440	3,749	(0)	1,447	28,599
   Segment Profits	90,329	70,541	98,872	(4,923)	74,399	29,291	67,420
   Significant non-cash items:
   Depreciation and amortization	158,166	18,992	25,053	33,457	24,219	571	30,808
   Increase in policy liabilities and policy account balances	0	0	0	0	268,258	0	0
   Bargain purchase gain	0	0	0	0	0	0	0
   Impairment of goodwill and intangible assets	0	0	11,149	0	0	0	0
   Expenditures for long-lived assets	211,006	78,824	14,594	50,720	116	20	300,251
   	Fisc	Millions of yen al Year ended March 31, 2025
   ORIX USA ORIX Europe Asia and Total Australia
   Finance revenues	102,627	4,077	74,961	329,677
   Gains on investment securities and dividends	119	4,408	1,933	14,444
   Operating leases	861	0	135,169	619,417
   Life insurance premiums and related investment income	0	0	0	518,084
   Sales of goods and real estate	543	0	751	370,483
   Services income	50,078	248,782	23,406	1,019,300
   Total Segment Revenues	154,228	257,267	236,220	2,871,405
   Interest expense	40,016	665	41,761	136,966
   Costs of operating leases	1,496	0	97,249	391,591
   Life insurance costs	0	0	0	384,910
   Costs of goods and real estate sold	307	0	684	270,221
   Services expense	2,823	66,446	14,710	605,625
   Other (income) and expense *	(3,382)	4,231	(5,654)	26,230
   Selling, general and administrative expenses	95,406	138,859	44,342	614,256
   Provision for credit losses, and write-downs of long-lived assets and securities	7,669	115	9,983	45,211
   Total Segment Expenses	144,335	210,316	203,075	2,475,010
   Equity in Net income (Loss) of equity	30,022	(2,578)	1,306	148,273
   method investments and others
   Segment Profits	39,915	44,373	34,451	544,668
   Significant non-cash items:
   Depreciation and amortization	2,687	6,234	93,705	393,892
   Increase in policy liabilities and policy account balances	0	0	0	268,258
   Bargain purchase gain	0	0	3,750	3,750
   Impairment of goodwill and intangible assets	1,175	1,971	0	14,295
   Expenditures for long-lived assets	2,326	1,143	177,320	836,320

   * 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 Fiscal Year ended March 31, 2026

   	Corporate Financial Services and Maintenance Leasing	PE Real Estate Investment Environment Insurance Banking and Aircraft and and and Energy Credit Ships Concession
   Finance revenues	68,600	5,052	15,243	11,938	141	78,903	3,853
   Gains on investment securities and dividends	1,639	953	1,861	20,553	0	(5,348)	272
   Operating leases	301,626	52,300	36,441	89	0	0	102,827
   Life insurance premiums and related investment income	0	0	0	0	642,904	0	0
   Sales of goods and real estate	4,689	126,074	301,345	3,311	0	0	1,093
   Services income	111,288	346,522	87,063	173,340	0	2,884	21,971
   Total Segment Revenues	487,842	530,901	441,953	209,231	643,045	76,439	130,016
   Interest expense	12,025	5,721	5,321	15,499	545	19,809	19,386
   Costs of operating leases	211,610	24,962	23,331	20	0	0	46,309
   Life insurance costs	0	0	0	0	480,603	0	0
   Costs of goods and real estate sold	3,778	108,329	212,658	2,050	0	0	1,120
   Services expense	61,398	275,837	59,934	131,543	0	7,399	8,268
   Other (income) and expense *	18,505	(2,512)	(3,460)	(5,158)	(3)	(89)	(1,527)
   Selling, general and administrative expenses	88,127	46,996	92,620	26,037	58,979	23,854	15,328
   Provision for credit losses, and write-downs of long-lived assets and securities	3,348	878	8,044	6,772	30	188	4
   Total Segment Expenses	398,791	460,211	398,448	176,763	540,154	51,161	88,888
   Equity in Net income (Loss) of equity method investments and others	11,689	7,819	82,106	83,304	(0)	1,934	25,480
   Segment Profits	100,740	78,509	125,611	115,772	102,891	27,212	66,608
   Significant non-cash items:
   Depreciation and amortization	168,128	19,797	20,049	32,268	20,121	(766)	32,231
   Increase in policy liabilities and policy account balances	0	0	0	0	395,623	0	0
   Bargain purchase gain	0	0	0	0	0	0	0
   Impairment of goodwill and intangible assets	0	0	1,092	3,614	0	0	0
   Expenditures for long-lived assets	237,759	65,955	16,874	59,772	513	155	230,164
   	Fisc	Millions of yen al Year ended March 31, 2026
   ORIX USA ORIX Europe Asia and Total Australia
   Finance revenues	106,559	3,360	73,492	367,141
   Gains on investment securities and dividends	89,425	13,869	5,830	129,054
   Operating leases	2,670	0	139,189	635,142
   Life insurance premiums and related investment income	0	0	0	642,904
   Sales of goods and real estate	2,535	0	482	439,529
   Services income	71,030	273,857	24,421	1,112,376
   Total Segment Revenues	272,219	291,086	243,414	3,326,146
   Interest expense	52,997	687	38,177	170,167
   Costs of operating leases	2,851	0	99,936	409,019
   Life insurance costs	0	0	0	480,603
   Costs of goods and real estate sold	1,659	0	407	330,001
   Services expense	1,947	72,084	15,898	634,308
   Other (income) and expense *	51,322	4,586	(1,050)	60,614
   Selling, general and administrative expenses	123,875	157,595	46,707	680,118
   Provision for credit losses, and write-downs of long-lived assets and securities	25,342	148	7,169	51,923
   Total Segment Expenses	259,993	235,100	207,244	2,816,753
   Equity in Net income (Loss) of equity	(11,272)	7,065	15,079	223,204
   method investments and others
   Segment Profits	954	63,051	51,249	732,597
   Significant non-cash items:
   Depreciation and amortization	2,779	7,039	97,337	398,983
   Increase in policy liabilities and policy account balances	0	0	0	395,623
   Bargain purchase gain	0	0	0	0
   Impairment of goodwill and intangible assets	52,738	0	0	57,444
   Expenditures for long-lived assets	4,328	655	187,015	803,190

   * 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.

   Segment information as of March 31, 2025 and 2026 is as follows:

   Corporate Millions of yen As of March 31, 2025 PE Financial Services and Maintenance Leasing Real Estate Investment and Concession Environment Insurance and Energy Banking and Credit Aircraft and Ships

   Net investment in leases	569,380	45,810	1,640	2,092	0	0	0
   Installment loans	424,370	30	124,411	3,609	12,805	2,511,736	36,119
   Investment in operating leases	557,625	311,377	46,796	237	26,167	0	599,813
   Investment in securities	29,690	6,209	6,117	32,032	2,234,453	305,441	9,387
   Property under facility operations and servicing assets	43,857	175,153	53,832	487,241	0	0	28
   Inventories	433	182,652	41,021	2,551	0	0	1,588
   Advances for finance lease and operating lease	6,177	78,044	3	0	0	0	27,816
   Equity method investments	16,375	177,956	148,274	170,946	35,865	43,934	402,567
   Advances for property under facility operations	143	7,401	728	70,081	0	0	0
   Goodwill, intangible assets acquired in business combinations	25,268	50,801	331,003	120,743	4,452	0	43,024
   Other assets *	211,247	122,860	269,119	126,643	695,492	283,460	111,631
   Segment Assets	1,884,565	1,158,293	1,022,944	1,016,175	3,009,234	3,144,571	1,231,973

   Millions of yen As of March 31, 2025 ORIX USA ORIX Europe Asia and Australia Total

   Net investment in leases	451	0	547,966	1,167,339
   Installment loans	652,805	0	315,128	4,081,013
   Investment in operating leases	21,260	0	394,764	1,958,039
   Investment in securities	487,022	86,008	37,768	3,234,127
   Property under facility operations and servicing assets	76,469	0	1,844	838,424
   Inventories	137	0	615	228,997
   Advances for finance lease and operating lease	0	0	4,833	116,873
   Equity method investments	54,817	8,578	260,395	1,319,707
   Advances for property under facility operations	0	0	51	78,404
   Goodwill, intangible assets acquired in business combinations	171,884	354,801	6,986	1,108,962
   Other assets *	129,094	219,919	155,277	2,324,742
   Segment Assets	1,593,939	669,306	1,725,627	16,456,627

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

   Corporate Millions of yen As of March 31, 2026 PE Financial Services and Maintenance Leasing Real Estate Investment and Concession Environment Insurance and Energy Banking and Credit Aircraft and Ships

   Net investment in leases	577,187	38,903	1,510	1,638	0	0	12,372
   Installment loans	393,442	14	13,102	6,004	15,191	2,685,320	17,078
   Investment in operating leases	609,965	369,596	45,398	241	25,457	0	590,639
   Investment in securities	31,876	9,363	10,905	142,410	2,288,116	166,331	2,217
   Property under facility operations and servicing assets	42,088	153,861	74,886	496,063	0	0	24
   Inventories	384	218,937	44,370	3,401	0	0	826
   Advances for finance lease and operating lease	7,106	50,332	1	0	0	0	28,431
   Equity method investments	8,481	214,196	239,127	10,291	46,002	44,544	410,193
   Advances for property under facility operations	5	8,136	3,996	115,763	0	0	0
   Goodwill, intangible assets acquired in business combinations	24,450	48,750	352,682	117,197	4,452	0	55,804
   Other assets *	181,911	123,818	264,584	125,769	819,052	340,604	93,751
   Segment Assets	1,876,895	1,235,906	1,050,561	1,018,777	3,198,270	3,236,799	1,211,335

   Millions of yen As of March 31, 2026 ORIX USA ORIX Europe Asia and Australia Total

   Net investment in leases	433	0	615,351	1,247,394
   Installment loans	757,103	0	286,330	4,173,584
   Investment in operating leases	39,605	0	463,491	2,144,392
   Investment in securities	503,966	114,919	38,289	3,308,392
   Property under facility operations and servicing assets	82,749	0	2,028	851,699
   Inventories	699	0	267	268,884
   Advances for finance lease and operating lease	0	0	4,210	90,080
   Equity method investments	65,577	6,005	261,415	1,305,831
   Advances for property under facility operations	0	0	0	127,900
   Goodwill, intangible assets acquired in business combinations	297,167	393,782	7,098	1,301,382
   Other assets *	193,172	286,469	186,798	2,615,928
   Segment Assets	1,940,471	801,175	1,865,277	17,435,466

   * 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.

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

   Millions of yen

   	Fiscal Year ended March		Fiscal Year ended March
   	31, 2025		31, 2026
   Segment revenues: Total revenues for segments	2,871,405		3,326,146
   Revenues related to corporate assets	64,628		84,865
   Revenues from inter-segment transactions	(61,212)		(80,180)
   Total consolidated revenues	2,874,821		3,330,831
   Segment profits: Total profits for segments	544,668		732,597
   Corporate profits (losses)	(64,475)		(52,821)

   Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests

   270 11,655

   Total consolidated income before income taxes 480,463 691,431

3. Per Share Data (Unaudited)

   Year ended March 31, 2025

   Year ended March 31, 2026

   (millions of yen)

   Net Income Attributable to ORIX Corporation Shareholders 351,630 447,265 Adjustment to Net Income (35) (96)

   Net income used to calculate basic earnings per share 351,595 447,169 Adjustment to Net Income 35 96

   Net income used to calculate diluted earnings per share 351,630 447,265

   (thousands of shares)

   Weighted-average shares 1,142,503 1,117,160

   Effect of Dilutive Securities -

   Stock compensation 2,275 2,692

   Weighted-average shares for diluted EPS computation 1,144,778 1,119,852

   Earnings per share for net income attributable to ORIX Corporation Shareholders (yen)

   Basic 307.74 400.27

   Diluted 307.16 399.40

   (yen)

   Shareholders' equity per share 3,599.24 4,080.24

   Note : In the fiscal years ended March 31, 2025 and 2026, there was no stock compensation which was antidilutive.

4. Changes in Significant Basis of Preparation of Consolidated Financial Statements Significant Accounting Policies (Adoption of New Accounting Standards)

   There are no significant changes from the description in our latest Form 20-F submitted to the U.S. Securities and Exchange Commission on June 24, 2025.

5. Notes to Consolidated Financial Statements (Subsequent Events)

On April 27, 2026, the Company entered into a share transfer agreement with Daiwa Next Bank, Ltd. to transfer all shares in ORIX Bank Corporation, a consolidated subsidiary of the Company (hereinafter, the "Target"). Pursuant to this agreement, the share transfer is scheduled to be completed by October 2026, and upon the completion of the transfer, the Target will be excluded from the Company's scope of consolidation. The Target is included in the Banking and Credit segment, and as the transfer is expected to be completed during the fiscal year ending March 31, 2027, the Company expects to record a net gain of approximately ¥124.2 billion on a pre-tax basis in connection with the transfer in the consolidated financial statements for that fiscal year.