Form 6-K

6-K 1 d88653d6k.htm FORM 6-K Form 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-14856

ORIX Corporation

(Translation of Registrant’s Name into English)

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo, JAPAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

Table of Contents

Material Contained in this Report


1.		ORIX’s Third Quarter Consolidated Financial Results (April 1, 2025 –December 31, 2025) filed with the Tokyo Stock Exchange on Monday, February 9, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	ORIX Corporation

Date: February 9, 2026	By	/s/ Hidetake Takahashi
		Hidetake Takahashi
		Member of the Board of Directors Representative Executive Officer President and Chief Executive Officer Responsible for Digital Innovation Unit Responsible for Corporate Strategy and Management Unit ORIX Corporation

Consolidated Financial Results

April 1, 2025 – December 31, 2025

February 9, 2026

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States of America.

This document may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission.

The Company believes that it may have been a “passive foreign investment company” for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or American depositary shares of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

For further information please contact:

Investor Relations and Sustainability Department

ORIX Corporation

World Trade Center Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: orix_corpcomm@orix.jp

Consolidated Financial Results from April 1, 2025 to December 31, 2025

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)


Corporate Name:		ORIX Corporation
Listed Exchanges:		Tokyo Stock Exchange (Securities No. 8591)
		New York Stock Exchange (Trading Symbol: IX)
Head Office:		Tokyo JAPAN
		Tel: +81-3-3435-3121
		(URL https://www.orix.co.jp/grp/en/ir/)

1. Performance Highlights as of and for the Nine Months Ended December 31, 2025

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)


	Total Revenues		Year-on-Year Change			Operating Income		Year-on-Year Change			Income before Income Taxes		Year-on-Year Change			Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
December 31, 2025		2,408,910		11.8	%		366,284		26.0	%		567,719		48.1	%		389,675		43.4	%
December 31, 2024		2,154,484		5.4	%		290,724		9.3	%		383,377		23.7	%		271,777		24.0	%

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥771,788 million for the nine months ended December 31, 2025 (year-on-year change was a 131.9% increase) and ¥332,813 million for the nine months ended December 31, 2024 (year-on-year change was a 0.1% decrease)


	Basic Earnings Per Share		Diluted Earnings Per Share
December 31, 2025		347.14		346.39
December 31, 2024		237.46		237.03

*Note 1:

Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for per share and dividend amounts, which are in single yen.

(2) Performance Highlights - Financial Position (Unaudited)


	Total Assets		Total Equity		Shareholders’ Equity		Shareholders’ Equity Ratio
December 31, 2025		18,125,609		4,673,279		4,584,992		25.3	%
March 31, 2025		16,866,251		4,171,783		4,089,782		24.2	%

*Note 2:

“Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity.”

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

2. Dividends (Unaudited)


	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Total
March 31, 2025		—		62.17		—		57.84		120.01
March 31, 2026		—		93.76		—

March 31, 2026 (Est.)								—		120.01

*Note 3:

Revision from the previously announced dividend forecast: No

Regarding the interim dividend for the fiscal year ending March 31, 2026, we have decided the dividend per share of ¥93.76 by applying the dividend payout ratio of 39% to earnings per share for the six months ended September 30, 2025.

For the fiscal year ending March 31, 2026, the annual dividend will be the higher of either a payout ratio of 39% or ¥120.01 per share. The minimum dividend amount is shown in the above table. If the net income attributable to ORIX Corporation Shareholders for the fiscal year ending March 31, 2026 is ¥440 billion, as stated in the consolidated earnings forecast below, the annual dividend per share is expected to be ¥153.67.

3. Forecast for the Year Ending March 31, 2026 (Unaudited)


	Income before Income Taxes		Year-on-Year Change			Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
March 31, 2026		640,000		33.2	%		440,000		25.1	%

*Note 4:

Although forward-looking statements in this document are based on information currently available to ORIX Corporation and are based on assumptions deemed reasonable by ORIX Corporation, actual financial results may differ materially due to various factors. Readers are urged not to place undue reliance on such forward-looking statements.

Factors causing a result that differs from forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

*Note 5:

Revision from previously announced forecast for the year ending March 31, 2026: No

4. Other Information


(1) Significant Changes in Scope of Consolidation			Yes ( ) No ( x )

Addition - None ( )			Exclusion - None ( )

(2) Adoption of Simplified Accounting Method			Yes ( ) No ( x )

(3) Changes in Accounting Principles, Procedures and Disclosures

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

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

(4) Number of Issued Shares (Ordinary Shares)

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

2. The number of treasury stock was 52,746,882 as of December 31, 2025, and 23,259,695 as of March 31, 2025.

3. The average number of outstanding shares was 1,122,324,067 for the nine months ended December 31, 2025, and 1,144,429,487 for the nine months ended December 31, 2024.

The Company’s shares held through the Board Incentive Plan Trust (3,386,167 shares as of December 31, 2025, and 3,413,000 shares as of March 31, 2025) are not included in the number of treasury stock as of the end of the periods, but are included in the average number of shares outstanding as treasury stock that are deducted from the basis of the calculation of per share data.

* These consolidated financial results from April 1, 2025 to December 31, 2025 are not subject to certified public accountant’s or audit firm’s quarterly review.

- 1 -

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the Nine Months Ended December 31, 2025


		Nine months ended December 31, 2024		Nine months ended December 31, 2025		Change
		Nine months ended December 31, 2024		Nine months ended December 31, 2025		Amount		Percent (%)
Total Revenues	(millions of yen)		2,154,484		2,408,910		254,426		12
Total Expenses	(millions of yen)		1,863,760		2,042,626		178,866		10
Income before Income Taxes	(millions of yen)		383,377		567,719		184,342		48
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)		271,777		389,675		117,898		43
Earnings Per Share (Basic)	(yen)		237.46		347.14		109.68		46
(Diluted)	(yen)		237.03		346.39		109.36		46
ROE (Annualized) *1	(%)		9.0		12.0		3.0		—
ROA (Annualized) *2	(%)		2.18		2.97		0.79		—

*Note 1:

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

*Note 2:

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

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

Total revenues for the nine months ended December 31, 2025 increased 12% to ¥2,408,910 million compared to ¥2,154,484 million during the same period of the previous fiscal year primarily due to gains on investment securities and dividends, including the recognition of a gain of ¥11,840 million related to the transfer of shares of Greenko Energy Holdings, as well as increases in life insurance premiums and related investment income, and service income.

Total expenses increased 10% to ¥2,042,626 million compared to ¥1,863,760 million during the same period of the previous fiscal year primarily due to increases in life insurance costs and selling, general and administrative expenses.

Equity in net income of equity method investments increased 81% to ¥87,720 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased 157% to ¥113,715 million compared to the same period of the previous fiscal year, mainly due to the recognition of a gain of ¥83,135 million from the transfer of shares of Greenko Energy Holdings.

Due to the above results, income before income taxes for the nine months ended December 31, 2025 increased 48% to ¥567,719 million compared to ¥383,377 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 43% to ¥389,675 million compared to ¥271,777 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the nine months ended December 31, 2025 increased 40% to ¥596,444 million compared to the same period of the previous fiscal year.

Segment information for the nine months ended December 31, 2025 is as follows:

Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment


	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		66,214		80,181		13,967			21

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,884,565		1,874,478		(10,087	)		(1	)

Segment profits increased 21% to ¥80,181 million compared to the same period of the previous fiscal year primarily due to increases in operating leases revenues, equity in net income of equity method investments, gains on sales of subsidiaries and equity method investments, and finance revenues. Segment assets decreased 1% to ¥1,874,478 million compared to the end of the previous fiscal year primarily due to decreases in installment loans, loans to ORIX and its subsidiaries, equity method investments, and advances for finance lease and operating lease, partially offset by increases in investment in operating leases, and net investment in leases. Real Estate: Real estate development, rental and management; facility operations; real estate asset management
	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		59,656		56,875		(2,781)			(5	)

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,158,293		1,202,543		44,250			4

Segment profits decreased 5% to ¥56,875 million compared to the same period of the previous fiscal year primarily due to a decrease in operating leases revenues and increases in costs of goods and real estate sold and selling, general and administrative expenses, partially offset by an increase in services income.

Segment assets increased 4% to ¥1,202,543 million compared to the end of the previous fiscal year primarily due to increases in investment in operating leases, equity method investments, and inventories, partially offset by decreases in property under facility operations, and trade notes, accounts and other receivable.

- 3 -

PE Investment and Concession: Private equity investment and concession

Nine months ended
December 31, 2024
(millions of yen)

Nine months ended
December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

66,181

93,956

27,775

As of March 31, 2025
(millions of yen)

As of December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

1,022,944

1,150,598

127,654

Segment profits increased 42% to ¥93,956 million compared to the same period of the previous fiscal year primarily due to increases in equity in net income of equity method investments, sales of goods and real estate, and services income, partially offset by the absence of gains on sales of subsidiaries and equity method investments recorded in the first quarter of the previous fiscal year.

Segment assets increased 12% to ¥1,150,598 million compared to the end of the previous fiscal year primarily due to increases in equity method investments, property under facility operations, goodwill, intangible assets acquired in business combinations, partially offset by a decrease in cash and cash equivalents.

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


	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		13,165		122,217		109,052			828

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Amount (millions of yen)			Percent (%)
Segment Assets		1,016,175		1,005,058		(11,117	)		(1	)

Segment profits increased 828% to ¥122,217 million compared to the same period of the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments and gains on investment securities and dividends.

Segment assets decreased 1% to ¥1,005,058 million compared to the end of the previous fiscal year primarily due to a decrease in equity method investments, partially offset by increases in investment in securities and advances for property under facility operations.

- 4 -

Insurance: Life insurance

Nine months ended
December 31, 2024
(millions of yen)

Nine months ended
December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

61,735

74,141

12,406

As of March 31, 2025
(millions of yen)

As of December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

3,009,234

3,202,971

193,737

Segment profits increased 20% to ¥74,141 million compared to the same period of the previous fiscal year primarily due to an increase in life insurance premiums and related investment income.

Segment assets increased 6% to ¥3,202,971 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


	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		22,085		19,907		(2,178	)		(10	)

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Amount (millions of yen)			Percent (%)
Segment Assets		3,144,571		3,259,870		115,299			4

Segment profits decreased 10% to ¥19,907 million compared to the same period of the previous fiscal year primarily due to a decrease in gains on investment securities and dividends.

Segment assets increased 4% to ¥3,259,870 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents and installment loans, partially offset by a decrease in investment in securities.

- 5 -

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


	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		44,598		48,619		4,021			9

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,231,973		1,278,510		46,537			4

Segment profits increased 9% to ¥48,619 million compared to the same period of the previous fiscal year primarily due to increases in services income, equity in net income of equity method investment, and operating leases revenues, partially offset by a decrease in finance revenues. Segment assets increased 4% to ¥1,278,510 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects. ORIX USA: Finance, investment and asset management in the Americas
	Nine months ended December 31, 2024 (millions of yen)		Nine months ended December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		27,836		13,982		(13,854	)		(50	)

	As of March 31, 2025 (millions of yen)		As of December 31, 2025 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,593,939		2,085,567		491,628			31

Segment profits decreased 50% to ¥13,982 million compared to the same period of the previous fiscal year primarily due to an increase in selling, general and administrative expenses, and a decrease in gains on sales of subsidiaries and equity method investments, partially offset by an increase in gains on investment securities and dividends.

Segment assets increased 31% to ¥2,085,567 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, and investment in securities.

- 6 -

ORIX Europe: Asset management of global equity and fixed income

Nine months ended
December 31, 2024
(millions of yen)

Nine months ended
December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

38,141

47,305

9,164

As of March 31, 2025
(millions of yen)

As of December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

669,306

796,913

127,607

Segment profits increased 24% to ¥47,305 million compared to the same period of the previous fiscal year primarily due to increases in gains on sales of subsidiaries and equity method investments, and services income, partially offset by an increase in equity in net loss of equity method investments.

Segment assets increased 19% to ¥796,913 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

Nine months ended
December 31, 2024
(millions of yen)

Nine months ended
December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

27,904

39,261

11,357

As of March 31, 2025
(millions of yen)

As of December 31, 2025
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

1,725,627

1,851,494

125,867

Segment profits increased 41% to ¥39,261 million compared to the same period of the previous fiscal year primarily due to increases in gains on investment securities and dividends, gains on sales of subsidiaries and equity method investments, and operating leases revenues and a decrease in provision for credit losses.

Segment assets increased 7% to ¥1,851,494 million compared to the end of the previous fiscal year primarily due to a general increase as a result of foreign exchange effects.

- 7 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity


		As of March 31, 2025		As of December 31, 2025		Change
		As of March 31, 2025		As of December 31, 2025		Amount		Percent (%)
Total Assets	(millions of yen)		16,866,251		18,125,609		1,259,358		7
(Segment Assets)			16,456,627		17,708,002		1,251,375		8
Total Liabilities	(millions of yen)		12,691,036		13,401,785		710,749		6
(Short-term and Long-term Debt)			6,282,798		6,713,384		430,586		7
(Deposits)			2,449,812		2,652,659		202,847		8
Shareholders’ Equity *1	(millions of yen)		4,089,782		4,584,992		495,210		12
Shareholders’ Equity Per Share *2	(yen)		3,599.24		4,142.46		543.22		15

*Note 1:

“Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity” based on U.S. GAAP.

*Note 2:

“Shareholders’ Equity Per Share” is calculated using “Total ORIX Corporation Shareholders’ Equity”.

Total assets increased 7% to ¥18,125,609 million compared to the end of the previous fiscal year primarily due to increases in installment loans, investment in operating leases, investment in securities and other assets (mainly goodwill, intangible assets acquired in business combinations and reinsurance recoverable), primarily offset by a decrease in equity method investments. In addition, segment assets increased 8% to ¥17,708,002 million compared to the end of the previous fiscal year.

Total liabilities increased 6% to ¥13,401,785 million compared to the end of the previous fiscal year primarily due to increases in short-term and long-term debt and deposits, primarily offset by a decrease in policy liabilities and policy account balances.

Shareholders’ equity increased 12% to ¥4,584,992 million compared to the end of the previous fiscal year.

- 8 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)



Assets		As of March 31, 2025			As of December 31, 2025
Cash and Cash Equivalents			1,206,573			1,307,029
Restricted Cash			115,410			113,246
Net Investment in Leases			1,167,380			1,255,896
Installment Loans			4,081,019			4,315,671
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2025	¥97,694 million
December 31, 2025	¥143,605 million
Allowance for Credit Losses			(56,769	)		(73,626	)
Investment in Operating Leases			1,967,178			2,135,764
Investment in Securities			3,234,547			3,382,123
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2025	¥41,018 million
December 31, 2025	¥43,712 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
December 31, 2025
Amortized Cost	¥3,361,024 million
Allowance for Credit Losses	¥(646) million
Property under Facility Operations			771,851			783,123
Equity method investments			1,320,015			1,303,002
Trade Notes, Accounts and Other Receivable			411,012			473,939
Inventories			229,229			260,147
Office Facilities			191,957			196,857
Other Assets			2,226,849			2,672,438
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2025	¥2,586 million
December 31, 2025	¥1,125 million

Total Assets			16,866,251			18,125,609


Liabilities and Equity
Short-term Debt			549,680			691,245
Deposits			2,449,812			2,652,659
Trade Notes, Accounts and Other Payable			339,787			333,720
Policy Liabilities and Policy Account Balances			1,948,047			1,713,850
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2025	¥136,257 million
December 31, 2025	¥145,034 million
Current and Deferred Income Taxes			578,781			720,086
Long-term Debt			5,733,118			6,022,139
Other Liabilities			1,091,811			1,268,086

Total Liabilities			12,691,036			13,401,785

Redeemable Noncontrolling Interests			3,432			50,545


Commitments and Contingent Liabilities

Common Stock			221,111			221,111
Additional Paid-in Capital			234,193			235,187
Retained Earnings			3,354,911			3,573,783
Accumulated Other Comprehensive Income			341,298			723,439
Treasury Stock, at Cost			(61,731	)		(168,528	)

Total ORIX Corporation Shareholders’ Equity			4,089,782			4,584,992
Noncontrolling Interests			82,001			88,287

Total Equity			4,171,783			4,673,279


Total Liabilities and Equity			16,866,251			18,125,609

- 9 -

Note:

Breakdown of Accumulated Other Comprehensive Income (Loss)


	As of March 31, 2025			As of December 31, 2025
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities		(403,914	)		(548,095	)
Impact of changes in policy liability discount rate		416,124			825,206
Debt valuation adjustments		49			216
Defined benefit pension plans		14,791			20,661
Foreign currency translation adjustments		304,657			419,255
Net unrealized gains on derivative instruments		9,591			6,196

Total		341,298			723,439

- 10 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)



	Nine months ended December 31, 2024			Nine months ended December 31, 2025
Revenues :
Finance revenues		245,873			272,624
Gains on investment securities and dividends		13,186			63,660
Operating leases		465,668			473,088
Life insurance premiums and related investment income		403,991			470,436
Sales of goods and real estate		272,143			311,310
Services income		753,623			817,792

Total Revenues		2,154,484			2,408,910

Expenses :
Interest expense		124,257			144,519
Costs of operating leases		293,495			305,822
Life insurance costs		302,178			353,788
Costs of goods and real estate sold		198,276			233,725
Services expense		442,808			467,345
Other (income) and expense		17,959			288
Selling, general and administrative expenses		470,198			516,667
Provision for credit losses		13,364			17,140
Write-downs of long-lived assets		678			2,390
Write-downs of securities		547			942

Total Expenses		1,863,760			2,042,626

Operating Income		290,724			366,284
Equity in Net Income of Equity method investments		48,367			87,720
Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net		44,286			113,715

Income before Income Taxes		383,377			567,719
Provision for Income Taxes		111,678			172,303

Net Income		271,699			395,416

Net Income (Loss) Attributable to the Noncontrolling Interests		(265	)		5,377

Net Income Attributable to the Redeemable Noncontrolling Interests		187			364

Net Income Attributable to ORIX Corporation Shareholders		271,777			389,675

- 11 -

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


				(millions of yen)

	Nine months ended December 31, 2024			Nine months ended December 31, 2025
Net Income :		271,699			395,416

Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities		(108,151	)		(144,190	)
Impact of changes in policy liability discount rate		123,504			409,082
Net change of debt valuation adjustments		(4	)		167
Net change of defined benefit pension plans		(592	)		5,868
Net change of foreign currency translation adjustments		55,331			119,664
Net change of unrealized gains (losses) on derivative instruments		(6,441	)		(3,380	)
Total other comprehensive income		63,647			387,211

Comprehensive Income		335,346			782,627

Comprehensive Income Attributable to the Noncontrolling Interests		2,244			8,091

Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		289			2,748

Comprehensive Income Attributable to ORIX Corporation Shareholders		332,813			771,788

(4) Assumptions for Going Concern

There is no corresponding item.

(5) Significant Changes in Shareholders’ Equity

There is no corresponding item.

(6) Changes in Accounting Policies

There are no changes in accounting policies.

- 12 -

(7) Segment Information (Unaudited)

The Group CEO, as the Chief Operating Decision Maker (“CODM”), regularly assesses segment performance and allocates management resources by using the amount equivalent to income before income taxes attributable to ORIX Corporation Shareholders of each business segment.

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


Corporate Financial Services and Maintenance Leasing	:	Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment

Real Estate	:	Real estate development, rental and management; facility operations; real estate asset management

PE Investment and Concession	:	Private equity investment and concession

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

Insurance	:	Life insurance

Banking and Credit	:	Banking and consumer finance

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

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

ORIX Europe	:	Asset management of global equity and fixed income

Asia and Australia	:	Finance and investment businesses in Asia and Australia

The accounting policies of the segments are almost the same as accounting policies for condensed consolidated financial statements except for the treatment of income tax expenses, net income attributable to noncontrolling interests, and net income attributable to redeemable noncontrolling interests. The chief operating decision maker evaluates segment performance based on the amount equivalent to income before income taxes attributable to ORIX Corporation shareholders. Therefore, net income attributable to noncontrolling interests, net income attributable to redeemable noncontrolling interests, and income tax expenses are not included in segment profit or loss. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment and excluding the expenses that should be borne by ORIX Group as a whole, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and certain foreign exchange gains or losses (included in other (income) and expense) are excluded from the segment profits or losses, and are regarded as corporate items.

Assets attributed to each segment are total assets except for certain cash and head office assets.

- 13 -

Segment information for the nine months ended December 31, 2024 and nine months ended December 31, 2025 is as follows:


	Millions of yen
	Nine months ended December 31, 2024
	Corporate Financial Services and Maintenance Leasing			Real Estate			PE Investment and Concession			Environment and Energy		Insurance			Banking and Credit			Aircraft and Ships
Finance revenues		46,552			3,608			9,092			895		229			44,241			4,670
Gains on investment securities and dividends		2,533			954			723			3,463		0			248			15
Operating leases		211,512			48,791			31,434			59		0			0			67,709
Life insurance premiums and related investment income		0			0			0			0		405,993			0			0
Sales of goods and real estate		2,850			78,491			183,946			2,332		0			0			520
Services income		80,853			238,393			47,485			129,836		(1	)		2,202			11,038

Total Segment Revenues		344,300			370,237			272,680			136,585		406,221			46,691			83,952

Interest expense		5,168			1,822			2,613			9,135		153			4,455			13,930
Costs of operating leases		149,591			17,987			19,843			14		0			0			29,525
Life insurance costs		0			0			0			0		302,317			0			0
Costs of goods and real estate sold		2,272			64,362			127,365			1,294		0			0			491
Services expense		44,276			193,154			33,049			100,096		0			5,142			4,048
Other (income) and expense		13,147			1,282			(301	)		1,503		(112	)		(54	)		1,595
Selling, general and administrative expenses		66,910			31,503			63,444			16,519		42,121			15,740			8,123
Provision for credit losses, and write-downs of long-lived assets and securities		1,724			61			109			258		7			586			(1	)

Total Segment Expenses		283,088			310,171			246,122			128,819		344,486			25,869			57,711

Equity in Net income (Loss) of equity method investments and others		5,002			(410	)		39,623			5,399		(0	)		1,263			18,357

Segment Profits		66,214			59,656			66,181			13,165		61,735			22,085			44,598

Significant non-cash items:
Depreciation and amortization		117,513			14,223			19,084			24,732		14,955			441			22,582
Increase in policy liabilities and policy account balances		0			0			0			0		163,838			0			0
Expenditures for long-lived assets		153,997			64,839			12,845			30,768		90			14			227,595

	Millions of yen
	Nine months ended December 31, 2024
	ORIX USA			ORIX Europe			Asia and Australia			Total
Finance revenues		77,857			3,181			56,457			246,782
Gains on investment securities and dividends		3,034			2,107			200			13,277
Operating leases		524			0			101,381			461,410
Life insurance premiums and related investment income		0			0			0			405,993
Sales of goods and real estate		410			0			596			269,145
Services income		35,095			188,136			17,642			750,679

Total Segment Revenues		116,920			193,424			176,276			2,147,286

Interest expense		31,186			539			31,735			100,736
Costs of operating leases		1,007			0			73,276			291,243
Life insurance costs		0			0			0			302,317
Costs of goods and real estate sold		236			0			534			196,554
Services expense		1,653			49,670			11,171			442,259
Other (income) and expense		(2,695	)		4,024			(1,324	)		17,065
Selling, general and administrative expenses		67,624			102,149			33,295			447,428
Provision for credit losses, and write-downs of long-lived assets and securities		4,307			115			7,423			14,589

Total Segment Expenses		103,318			156,497			156,110			1,812,191

Equity in Net income (Loss) of equity method investments and others		14,234			1,214			7,738			92,420

Segment Profits		27,836			38,141			27,904			427,515

Significant non-cash items:
Depreciation and amortization		1,889			4,783			70,559			290,761
Increase in policy liabilities and policy account balances		0			0			0			163,838
Expenditures for long-lived assets		1,325			694			132,503			624,670

- 14 -


	Millions of yen
	Nine months ended December 31, 2025
	Corporate Financial Services and Maintenance Leasing			Real Estate			PE Investment and Concession			Environment and Energy			Insurance			Banking and Credit			Aircraft and Ships
Finance revenues		52,245			3,695			9,822			7,880			106			59,112			3,031
Gains on investment securities and dividends		1,995			1,832			1,119			20,555			0			(5,379	)		378
Operating leases		226,740			35,104			26,812			68			0			0			73,908
Life insurance premiums and related investment income		0			0			0			0			472,355			0			0
Sales of goods and real estate		3,485			86,824			213,985			2,246			0			0			785
Services income		81,469			265,185			59,279			128,297			0			1,868			16,947

Total Segment Revenues		365,934			392,640			311,017			159,046			472,461			55,601			95,049

Interest expense		8,737			4,033			3,888			11,222			401			14,088			14,943
Costs of operating leases		156,830			18,339			17,012			14			0			0			34,793
Life insurance costs		0			0			0			0			354,291			0			0
Costs of goods and real estate sold		2,808			75,283			150,998			1,399			0			0			811
Services expense		45,915			205,195			40,288			98,405			0			4,854			6,210
Other (income) and expense		14,390			(2,489	)		(4,065	)		(7,274	)		(3	)		(60	)		(947	)
Selling, general and administrative expenses		66,550			34,014			66,879			19,056			43,644			17,736			10,643
Provision for credit losses, and write-downs of long-lived assets and securities		875			796			952			602			(13	)		300			(1	)

Total Segment Expenses		296,105			335,171			275,952			123,424			398,320			36,918			66,452

Equity in Net income (Loss) of equity method investments and others		10,352			(594	)		58,891			86,595			(0	)		1,224			20,022

Segment Profits		80,181			56,875			93,956			122,217			74,141			19,907			48,619

Significant non-cash items:
Depreciation and amortization		124,818			14,547			15,960			23,931			15,246			(476	)		24,254
Increase in policy liabilities and policy account balances		0			0			0			0			310,601			0			0
Expenditures for long-lived assets		174,700			42,063			13,622			35,064			118			153			197,329

	Millions of yen
	Nine months ended December 31, 2025
	ORIX USA			ORIX Europe			Asia and Australia			Total
Finance revenues		80,950			2,467			54,392			273,700
Gains on investment securities and dividends		25,775			11,838			5,626			63,739
Operating leases		1,893			0			103,928			468,453
Life insurance premiums and related investment income		0			0			0			472,355
Sales of goods and real estate		1,354			0			332			309,011
Services income		45,829			199,744			16,857			815,475

Total Segment Revenues		155,801			214,049			181,135			2,402,733

Interest expense		39,995			454			28,695			126,456
Costs of operating leases		2,127			0			74,320			303,435
Life insurance costs		0			0			0			354,291
Costs of goods and real estate sold		829			0			278			232,406
Services expense		1,372			52,853			11,002			466,094
Other (income) and expense		(842	)		4,323			(459	)		2,574
Selling, general and administrative expenses		86,483			115,868			34,879			495,752
Provision for credit losses, and write-downs of long-lived assets and securities		11,348			148			5,464			20,471

Total Segment Expenses		141,312			173,646			154,179			2,001,479

Equity in Net income (Loss) of equity method investments and others		(507	)		6,902			12,305			195,190

Segment Profits		13,982			47,305			39,261			596,444

Significant non-cash items:
Depreciation and amortization		1,646			5,178			71,666			296,770
Increase in policy liabilities and policy account balances		0			0			0			310,601
Expenditures for long-lived assets		3,001			540			140,711			607,301

- 15 -

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


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

- 16 -


	Millions of yen
	As of December 31, 2025
	Corporate Financial Services and Maintenance Leasing		Real Estate		PE Investment and Concession		Environment and Energy		Insurance		Banking and Credit		Aircraft and Ships
Net investment in leases		589,008		40,667		1,222		1,889		0		0		12,254
Installment loans		391,093		17		131,176		5,410		14,370		2,642,515		21,703
Investment in operating leases		599,100		345,162		46,821		228		25,907		0		611,853
Investment in securities		31,715		10,488		10,149		152,459		2,306,121		160,041		4,838
Property under facility operations and servicing assets		42,289		155,954		82,387		490,696		0		0		25
Inventories		552		210,063		43,401		3,966		0		0		1,203
Advances for finance lease and operating lease		1,874		61,979		18		0		0		0		24,855
Equity method investments		8,478		210,638		216,766		9,664		44,095		44,270		433,424
Advances for property under facility operations		5		7,726		4,912		89,042		0		0		0
Goodwill, intangible assets acquired in business combinations		24,612		49,228		352,623		114,513		4,452		0		59,083
Other assets *		185,752		110,621		261,123		137,191		808,026		413,044		109,272

Segment Assets		1,874,478		1,202,543		1,150,598		1,005,058		3,202,971		3,259,870		1,278,510


	Millions of yen
	As of December 31, 2025
	ORIX USA		ORIX Europe		Asia and Australia		Total
Net investment in leases		437		0		610,397		1,255,874
Installment loans		819,477		0		289,885		4,315,646
Investment in operating leases		31,000		0		466,696		2,126,767
Investment in securities		548,950		103,314		53,462		3,381,537
Property under facility operations and servicing assets		81,236		0		2,098		854,685
Inventories		466		0		315		259,966
Advances for finance lease and operating lease		0		0		5,876		94,602
Equity method investments		77,924		5,799		251,703		1,302,761
Advances for property under facility operations		0		0		3		101,688
Goodwill, intangible assets acquired in business combinations		344,193		397,381		7,179		1,353,264
Other assets *		181,884		290,419		163,880		2,661,212

Segment Assets		2,085,567		796,913		1,851,494		17,708,002

*	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.

- 17 -

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


	Millions of yen
	Nine months ended December 31, 2024			Nine months ended December 31, 2025
Segment revenues:
Total revenues for segments		2,147,286			2,402,733
Revenues related to corporate assets		50,076			63,948
Revenues from inter-segment transactions		(42,878	)		(57,771	)

Total consolidated revenues		2,154,484			2,408,910

Segment profits:
Total profits for segments		427,515			596,444
Corporate profits (losses)		(44,274	)		(34,914	)
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests		136			6,189

Total consolidated income before income taxes		383,377			567,719

(8) Cash flow information (Unaudited)

ORIX Group does not prepare the consolidated statements of cash flows for the nine months ended December 31, 2025. Depreciation and amortization for the nine months ended December 31, 2024 and 2025 were ¥295,149 million and ¥301,100 million, respectively.

(9) Subsequent Events

There are no material subsequent events.

- 18 -

SEC Form 6-K filed by ORIX Corporation