Consolidated Financial Results
April 1, 2024 - June 30, 2024
August 5, 2024
In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its
subsidiaries have complied with generally accepted accounting principles in the United States ofAmerica.
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 reasonof 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 sharesor American depositary shares of the Company will be subject to special rules generally intended toeliminate any benefits from the deferral of U.S. federal income tax that a holder could derive frominvesting 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, 2024 to June 30, 2024
(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)
Corporate Name:
Listed Exchanges:

ORIX Corporation
Tokyo Stock Exchange (Securities No. 8591)

Head Office:

New York Stock Exchange (Trading Symbol : IX)
Tokyo JAPAN
Tel: +81-3-3435-3121(URL https://www.orix.co.jp/grp/en/ir/)

1. Performance Highlights as of and for the Three Months Ended June 30, 2024
(1) Performance Highlights - Operating Results (Unaudited)(millions of yen)
Total
Revenues
June 30, 2024
June 30, 2023

Year-on-Year
Change708,139
676,798

Operating
Income

4.6%
2.6%

Year-on-Year
Change86,26683,004

Income before
Income Taxes

3.9%(3.5%)

Year-on-Year
Change120,169
89,392Net Income
Attributable to
ORIX Corporation
Shareholders

34.4%
4.5%

Year-on-Year
Change86,73562,96637.7%
1.7%“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥207,115 million for the three months ended June 30, 2024 (year-on-year change was a 29.5% increase) and ¥159,913
million for the three months ended June 30, 2023 (year-on-year change was a 8.7% decrease).
*Note 1: The presentation of equity method investment has been changed since the fourth quarter of the fiscal year ended March 31, 2024(“fiscal 2024”). As a result, certain line items presented in ourconsolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.
Basic
Earnings Per Share
June 30, 2024

DilutedEarnings Per Share
75.40
53.87

June 30, 2023

75.28
53.80

*Note 2: 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
AssetsJune 30, 2024

Total
EquityShareholders’Equity16,502,363
16,322,100

March 31, 2024

4,156,294
4,021,965

Shareholders’Equity Ratio
4,073,643
3,941,466

24.7%
24.1%

*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.”
2. Dividends (Unaudited)First
Quarter-end
March 31, 2024

SecondQuarter-end

Third
Quarter-end

Year-end

Total

－
－

42.80
－

－
－

55.80

March 31, 2025

－

98.60
－

March 31, 2025 (Est.)

－

49.30

－

49.30

98.60

3. Forecast for the Year Ending March 31, 2025 (Unaudited)
Net Income
Attributable to
ORIX Corporation Shareholders
March 31, 2025

Year-on-Year
Change390,000

12.7%*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 andExchange Commission.
4. Other Information(1) Significant Changes in Scope of Consolidation
Addition - None ()

Exclusion - None (

Yes (

)

No ( ｘ )Yes ()

No ( ｘ )Yes ( ｘ )
Yes (
)

No (
)
No ( ｘ ))(2) Adoption of Simplified Accounting Method(3) Changes in Accounting Principles, Procedures and Disclosures
1. Changes due to adoptions of new accounting standards
2. Other than those above(4) Number of Issued Shares (Ordinary Shares)
1. The number of issued shares, including treasury stock, was 1,214,961,054 as of June 30, 2024, and 1,214,961,054 as of March 31, 2024.
2. The number of treasury stock was 63,886,866 as of June 30, 2024, and 60,748,162 as of March 31, 2024.
3. The average number of outstanding shares was 1,150,311,448 for the three months ended June 30, 2024, and 1,168,915,061 for the three months ended June 30, 2023.
The Company’s shares held through the Board Incentive Plan Trust (2,727,686 shares as of June 30, 2024 and 2,727,686 shares as of March 31, 2024) 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, 2024 to June 30, 2024 are not subject to certified public accountant’s or audit firm’s quarterly review.

- 1 -1. Summary of Consolidated Financial Results(1) Financial Highlights
Financial Results for the Three Months Ended June 30, 2024
Three months
ended
June 30, 2023

Three months
ended
June 30, 2024

ChangeAmountPercent

Total Revenues(millions of yen)

676,798

708,139

31,341

5%

Total Expenses(millions of yen)593,794

621,873

28,079

5%

Income before Income Taxes(millions of yen)

89,392

120,169

30,77734 %Net Income Attributable to
ORIX Corporation Shareholders(millions of yen)

62,96686,73523,769

38 %

(yen)

53.87

75.40

21.53

40 %

(yen)

53.80

75.28

21.48

40 %

ROE (Annualized) *1

(%)

7.0

8.7

1.7

－

ROA (Annualized) *2

(%)

1.63

2.11

0.48

－

Earnings Per Share (Basic)(Diluted)*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.”*Note 3: The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in ourconsolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.

Overview of Business Performance (April 1, 2024 to June 30, 2024)
Total revenues for the three months ended June 30, 2024 (hereinafter, “the first consolidated period”) increased 5% to ¥708,139
million compared to ¥676,798 million during the same period of the previous fiscal year due to increases in operating leases, services
income and sales of goods and real estate despite decreases in life insurance premiums and related investment income and gains on
investment securities and dividends.
Total expenses increased 5% to ¥621,873 million compared to ¥593,794 million during the same period of the previous fiscal year due
to increases in costs of operating leases, services expense, costs of goods and real estate sold and selling, general and administrative
expenses despite a decrease in life insurance costs.
Equity in net income of equity method investments increased by ¥2,323 million to ¥7,756 million compared to the same period of theprevious fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased by ¥25,192
million to ¥26,147 million compared to the same period of the previous fiscal year.
Due to the above results, income before income taxes for the first consolidated period increased 34% to ¥120,169 million compared to¥89,392 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders
increased 38% to ¥86,735 million compared to ¥62,966 million during the same period of the previous fiscal year.

- 2 -Segment Information
Total segment profits for the first consolidated period increased 28% to ¥137,274 million compared to the same period of the previous
fiscal year.
The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data for
the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses inreconciliation of segment profits to consolidated financial statement (corporate profits (losses)). As a result, segment data for the firstquarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and otherreceivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.
Segment information for the first consolidated period 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

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

20,425

19,797

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

(628)

(3)

ChangeSegment Assets

1,777,320

1,778,938

AmountPercent(millions of yen)

(%)

1,618

0

Segment profits decreased 3% to ¥19,797 million compared to the same period of the previous fiscal year due to a decrease in financerevenues and a decrease in equity in net income (loss) of equity method investments, despite an increase in operating leases.
Segment assets totaled ¥1,778,938 million, remaining relatively unchanged compared to the end of the previous fiscal year.

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

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

10,276

13,954As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

3,678

36

ChangeSegment Assets

1,110,087

AmountPercent(millions of yen)(%)

1,098,352(11,735)(1)

Segment profits increased 36% to ¥13,954 million compared to the same period of the previous fiscal year due to an increase inoperating leases and an increase in services income, despite an increase in costs of goods and real estate sold.
Segment assets decreased 1% to ¥1,098,352 million compared to the end of the previous fiscal year due to a decrease in advances forfinance lease and operating lease and a decrease in loans to ORIX and its subsidiaries, despite an increase in investment in operatingleases.

PE Investment and Concession: Private equity investment; concession

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

5,772

32,027

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)(%)

26,255455

ChangeSegment Assets

1,066,647

967,177

AmountPercent(millions of yen)(%)

(99,470)(9)Segment profits increased 455% to ¥32,027 million compared to the same period of the previous fiscal year due to an increase in gains
on sales of subsidiaries and equity method investments resulting from the sale of certain investees.
Segment assets decreased 9% to ¥967,177 million compared to the end of the previous fiscal year due to a decrease in cash and cash
equivalents and a decrease in investment in securities.

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

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

4,982

(482)

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)(%)

(5,464)0ChangeSegment Assets

976,434

1,015,383

AmountPercent(millions of yen)(%)

38,9494

Segment profits decreased by ¥5,464 million to losses of ¥482 million compared to the same period of the previous fiscal year due toan increase in services expense and a decrease in equity in net income (loss) of equity method investments.
Segment assets increased 4% to ¥1,015,383 million compared to the end of the previous fiscal year, primarily due to foreign exchange
effects.

Insurance: Life insurance

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

19,423

21,944As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

2,521

13

ChangeSegment Assets

2,921,927

2,884,353

AmountPercent(millions of yen)(%)

(37,574)(1)

Segment profits increased 13% to ¥21,944 million compared to the same period of the previous fiscal year due to a decrease in life
insurance costs.
Segment assets decreased 1% to ¥2,884,353 million compared to the end of the previous fiscal year due to a decrease in trade notes,
accounts and other receivable and a decrease in cash and cash equivalents.

- 5 -Banking and Credit: Banking; consumer finance

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

8,356

6,398

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)(%)

(1,958)(23)

ChangeSegment Assets

2,934,217

2,876,149

AmountPercent(millions of yen)(%)

(58,068)(2)

Segment profits decreased 23% to ¥6,398 million compared to the same period of the previous fiscal year due to a decrease in financerevenues as a result of the partial sale of shares of ORIX Credit Corporation to an equity method investee in the three months ended
March 31, 2024.
Segment assets decreased 2% to ¥2,876,149 million compared to the end of the previous fiscal year due to a decrease in installment
loans.

Aircraft and Ships: Aircraft investment and management; ship-related finance and investment

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

7,617

11,764As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

4,147

54

ChangeSegment Assets

1,169,641

1,304,929

AmountPercent(millions of yen)(%)

135,288

12

Segment profits increased 54% to ¥11,764 million compared to the same period of the previous fiscal year due to an increase inoperating leases.
Segment assets increased 12% to ¥1,304,929 million compared to the end of the previous fiscal year due to an increase in investment in
operating leases and foreign exchange effects.

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

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

12,212

11,835

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

(377)

(3)

ChangeSegment Assets

1,694,484

1,767,645

AmountPercent(millions of yen)(%)

73,161

4

Segment profits decreased 3% to ¥11,835 million compared to the same period of the previous fiscal year due to an increase in selling,
general and administrative expenses and a decrease in gains on investment securities and dividends and a decrease in equity in net
income (loss) of equity method investments, despite an increase in gains on sales of subsidiaries and equity method investments.
Segment assets increased 4% to ¥1,767,645 million compared to the end of the previous fiscal year, primarily due to foreign exchange
effects.

ORIX Europe: Asset management of global equity and fixed income

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

7,134

11,154As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)

(%)

4,020

56

ChangeSegment Assets

662,139702,894

AmountPercent(millions of yen)(%)

40,755

6

Segment profits increased 56% to ¥11,154 million compared to the same period of the previous fiscal year due to an increase inservices income.
Segment assets increased 6% to ¥702,894 million compared to the end of the previous fiscal year, primarily due to foreign exchange
effects.

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

Segment Profits

Three months ended
June 30, 2023
(millions of yen)Three months ended
June 30, 2024
(millions of yen)

10,9188,883

As of March 31, 2024
(millions of yen)

As of June 30, 2024
(millions of yen)

ChangeAmountPercent(millions of yen)(%)

(2,035)(19)

ChangeSegment Assets

1,709,233

1,802,887

AmountPercent(millions of yen)(%)

93,654

5

Segment profits decreased 19% to ¥8,883 million compared to the same period of the previous fiscal year due to an increase in selling,
general and administrative expenses and a decrease in equity in net income (loss) of equity method investments, despite an increase inoperating leases.
Segment assets increased 5% to ¥1,802,887 million compared to the end of the previous fiscal year, primarily due to foreign exchange
effects.

- 8 -(2) Consolidated Financial Condition
Summary of Assets, Liabilities, Shareholders’ Equity
As of March 31,2024
Total Assets

As of June 30,
2024

ChangeAmountPercent

16,322,100

16,502,363

180,2631%

16,022,129

16,198,707

176,578

1%

12,297,490

12,343,084

45,5940%(Short-term and Long-term Debt)

6,200,471

6,385,583

185,1123%(Deposits)

2,245,835

2,192,251(53,584)(2)%(millions of yen)

3,941,466

4,073,643

132,1773%(yen)3,422.94

3,547.40

124.46

4%(millions of yen)

(Segment Assets) *1
Total Liabilities

Shareholders' Equity *2
Shareholders' Equity Per Share *3(millions of yen)

*Note 1: Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts andother receivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.
*Note 2: “Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’ Equity” based on U.S. GAAP.
*Note 3: “Shareholders’ Equity” Per Share is calculated using total ORIX Corporation “Shareholders’ Equity.”

Total assets increased 1% to ¥16,502,363 million compared to the end of the previous fiscal year due to increases in investment in
operating leases, equity method investments and net investment in leases despite decreases in installment loans and cash and cash
equivalents. In addition, segment assets increased 1% to ¥16,198,707 million compared to the end of the previous fiscal year.
Total liabilities remained relatively flat at ¥12,343,084 million compared to the end of the previous fiscal year due to increases inshort- and long-term debt despite decreases in deposits, policy liabilities and policy account balances and trade notes, accounts andother payable.
Shareholders’ equity increased 3% to ¥4,073,643 million compared to the end of the previous fiscal year.

- 9 -2. Financial Information(1) Condensed Consolidated Balance Sheets (Unaudited)(millions of yen)
As of March
31, 2024

AssetsCash and Cash Equivalents
Restricted CashNet Investment in Leases
Installment Loans
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024
¥129,959 million
June 30, 2024
¥127,444 million
Allowance for Credit Losses
Investment in Operating Leases
Investment in Securities
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024
¥35,696 million
June 30, 2024
¥41,976 million
The amounts which are associated to available-for-sale debt securities are as follows:
March 31, 2024
Amortized Cost
¥3,015,940 million
Allowance for Credit Losses¥(634)million
June 30, 2024
Amortized Cost
¥3,087,710 million
Allowance for Credit Losses¥(535)million
Property under Facility Operations
Equity method investments
Trade Notes, Accounts and Other Receivable
Inventories
Office Facilities
Other Assets
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024
¥2,786 million
June 30, 2024
¥2,495 million
Total Assets

As of June30, 2024

1,032,810
152,497
1,155,023
3,958,814

992,751
163,934
1,187,951
3,893,468(58,110)
1,868,574
3,263,079(57,890)
2,032,699
3,248,011

689,573
1,313,887
401,368
227,359
248,458
2,068,768

692,416
1,385,876
382,039
217,408
258,345
2,105,355

16,322,100

16,502,363

574,095
2,245,835
362,504
1,892,510

642,066
2,192,251
323,106
1,840,773

570,724
5,626,376
1,025,446

544,005
5,743,517
1,057,366

12,297,490

12,343,084

2,645

2,985

Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock, at Cost
Total ORIX Corporation Shareholders’ Equity
Noncontrolling Interests
Total Equity

221,111
233,457
3,259,730
357,148(129,980)

221,111
233,753
3,281,903
477,528(140,652)

3,941,466
80,4994,021,965

4,073,643
82,651
4,156,294

Total Liabilities and Equity

16,322,100

16,502,363

Liabilities and Equity
Short-term Debt
Deposits
Trade Notes, Accounts and Other Payable
Policy Liabilities and Policy Account Balances
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024
¥167,207 million
June 30, 2024
¥163,067 million
Current and Deferred Income Taxes
Long-term Debt
Other Liabilities
Total Liabilities
Redeemable Noncontrolling Interests
Commitments and Contingent Liabilities- 10 -

Note: Breakdown of Accumulated Other Comprehensive Income
As of March
31, 2024
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities
Impact of changes in policy liability discount rate
Debt valuation adjustments
Defined benefit pension plans
Foreign currency translation adjustments
Net unrealized gains on derivative instruments
Total(250,806)
257,785
84
9,670
324,208
16,207357,148- 11 -

As of June30, 2024(330,896)
334,424526
9,716
447,415
16,343
477,528

(2) Condensed Consolidated Statements of Income (Unaudited)(millions of yen)Three months
ended June30, 2023

Three months
ended June30, 2024

Revenues :Finance revenues
Gains on investment securities and dividends
Operating leases

85,405
7,778
122,000

83,007
3,287
141,786

Life insurance premiums and related investment income
Sales of goods and real estate
Services income

152,518
91,660217,437

144,409
100,917
234,733

676,798

708,139

Interest expense
Costs of operating leases

43,081
85,62545,006
93,381

Life insurance costs
Costs of goods and real estate sold119,720
64,827110,11272,768Services expense
Other (income) and expense

127,127
3,534

136,860
4,876

Selling, general and administrative expenses
Provision for credit losses
Write-downs of long-lived assets

146,786
2,992
86

156,284
2,498
88

Total Revenues
Expenses :16

0

Total Expenses

Write-downs of securities

593,794

621,873

Operating Income

83,004
5,433

86,266
7,756

955

26,147

Provision for Income Taxes

89,392
25,235120,169
35,005Net Income

64,157

85,164Net Income (Loss) Attributable to the Noncontrolling Interests

1,177(1,652)

14

81

62,96686,735Equity in Net Income of Equity method investments
Gains on Sales of Subsidiaries and Equity method investments and Liquidation
Losses, net
Income before Income Taxes

Net Income Attributable to the Redeemable Noncontrolling Interests
Net Income Attributable to ORIX Corporation Shareholders

Note: The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in ourconsolidated statements of income for the first quarter of fiscal 2024 have been retrospectively reclassified for this change.

- 12 -

(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)(millions of yen)Three months
ended June30, 2023

Three months
ended June30, 2024

64,157

85,164

Net change of unrealized gains (losses) on investment in securities(1,150)(80,105)

Impact of changes in policy liability discount rate

4,519

76,639

(44)
147

442
46

99,318(1,986)

126,833
270

100,804

124,125

164,961

209,289

4,936

1,935

112

239

159,913207,115Net Income :Other comprehensive income (loss), net of tax:

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
Comprehensive Income
Comprehensive Income Attributable to the Noncontrolling Interests
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests
Comprehensive Income Attributable to ORIX Corporation Shareholders(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(Adoption of New Accounting Standards)
In March 2023, Accounting Standards Update 2023-02 (“Accounting for Investments in Tax Credit Structures Using the
Proportional Amortization Method”) was issued as the amendments to ASC 323 (“Investments—Equity Method and Joint
Ventures”). This update expands the investments eligible to elect to apply the proportional amortization method to tax equity
investments in similar tax credit programs other than the low-income housing tax credit (LIHTC). This update is effective for fiscal
years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The
Company and its subsidiaries adopted this update on April 1, 2024 on a modified retrospective transition method, resulting in acumulative-effect adjustment to retained earnings as of the fiscal year of adoption. The effects of adopting this update on the
Company and its subsidiaries’ financial position at the adoption date were a decrease of ¥157 million in other assets and a decreaseof ¥157 million in retained earnings in the consolidated balance sheets.

- 13 -

(7) Segment Information (Unaudited)
The financial information about the operating segments reported below is that which is available for each segment and evaluatedregularly by the chief operating decision maker in charge of resource allocation and performance assessment.
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
Insurance： Domestic and overseas renewable energy; electric power retailing; ESCO services; salesof solar panels; recycling and waste management： Life insuranceBanking and Credit： Banking and consumer financeAircraft and Ships： Aircraft investment and management; ship-related finance and investment

ORIX USA： Finance, investment and asset management in the Americas： Asset management of global equity and fixed income： Finance and investment businesses in Asia and Australia

ORIX Europe
Asia and Australia

The accounting policies of the segments are almost the same as accounting policies for quarterly 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 the performance of the segments
based on the amount equivalent to income before income taxes, net income attributable to noncontrolling interests and net income
attributable to redeemable noncontrolling interests before the applicable tax effects. Income taxes are not included in segment profits
or losses because management evaluates segments’ performance on a pre-tax basis. 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 andlosses that management does not consider for evaluating the performance of the segments, such as certain interest expenses andwrite-downs of certain long-lived assets and certain foreign exchange gains or losses (included in other (income) and expense) areexcluded 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.
The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data
for the first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses inreconciliation of segment profits to consolidated financial statement (corporate profits (losses)). As a result, segment data for the
first quarter of fiscal 2024 have been retrospectively reclassified.
Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and otherreceivable. As a result, segment data for the previous fiscal year have been retrospectively reclassified.

- 14 -

Financial information of the segments for the three months ended June 30, 2023 and three months ended June 30, 2024 is asfollows:
Millions of yen
Three months ended June 30, 2023
Corporate
Financial
Services andMaintenance
Leasing

Real Estate

Finance revenues

16,437

Gains on investment securities and dividends
Operating leases
Life insurance premiums and related

1,319
64,860PE
Investment
andConcession

Environment
and Energy

Insurance

1,636

315

365

74

19,482

1,971

393
8,583

114
9,926

(8)
20

0
0

214
0

(47)
9,341

0

0

0

0

153,044

0

0

Sales of goods and real estate

1,200

32,76955,413

805

0

0

35

Services income

25,83063,00020,67935,934

663

1,502

1,487

109,646

106,381

86,447

37,116

153,781

21,19812,787

1,334
46,995

686
6,321

843
6,666

2,086
5

0
0

1,265
0

2,041
3,918

investment income

Total Segment Revenues
Interest expense
Costs of operating leases
Life insurance costs

Banking and Aircraft andCredit
Ships

0

0

0

0

119,71800964

23,25739,261

457

0

0

36

Services expense
Other (income) and expense
Selling, general and administrative expenses

14,353
4,113
22,32955,529270
10,23914,614(307)
18,43323,439
217
4,495

0
(2)
14,641

1,853
(172)
7,763

133
(610)
2,506

Provision for credit losses, and write-downsof long-lived assets and securities

29

74

13

(1)

0

2,078

(0)

90,117

96,376

79,52330,698134,357

12,787

8,024

896

271

(1,152)(1,436)

(1)

(55)

2,854

20,425

10,276

5,772

4,982

19,423

8,356

7,617

37,654

4,550

6,689

6,656

1,988

341

4,026

0

0

0

0

55,6350042,775

14,356

5,312

16,5350058,056

Costs of goods and real estate soldTotal Segment Expenses
Equity in Net income (Loss) of equity
method investments and others

Segment Profits
Depreciation and amortization
Increase (Decrease) in policy liabilities andpolicy account balances
Expenditures for long-lived assets

Millions of yen
Three months ended June 30, 2023

Finance revenues
Gains on investment securities and dividends
Operating leases
Life insurance premiums and related
investment income
Sales of goods and real estate

Asia andAustralia

ORIX USA

ORIX Europe

Total

28,715
2,596

457
2,259

16,501
565

85,953
7,405

94

0

28,193

121,0170

0

0

153,044

34

0

143

90,39911,523

48,996

5,694

215,308

42,962

51,71251,096673,126

12,131

70

7,475

27,931

Costs of operating leases

47

0

20,84084,792

Life insurance costs
Costs of goods and real estate sold

0
47

0
0

0
136

119,718
64,158Services income

Total Segment Revenues
Interest expense

Services expense
Other (income) and expense
Selling, general and administrative expenses
Provision for credit losses, and write-downsof long-lived assets and securities

Total Segment Expenses
Equity in Net income (Loss) of equity
method investments and others

Segment Profits
Depreciation and amortization
Increase (Decrease) in policy liabilities andpolicy account balances
Expenditures for long-lived assets

626

12,573

3,473

126,593(711)
20,624778
30,916

(423)
9,529

3,153
141,475

(316)

0

1,216

3,093

32,44844,33742,246570,913

1,698

(241)

2,068

4,902

12,212

7,134

10,918107,115

895

1,646

20,13384,57800055,6350043,558

180,592- 15 -

Millions of yen
Three months ended June 30, 2024
Corporate
Financial
Services andMaintenance
Leasing

Real EstatePE
Investment
andConcession

Environment
and Energy

Insurance

15,2191,277
68,382

1,263
143
13,551

2,966
331
10,343

294
(10)
20

84
0
0

14,129
131
0

1,807
8
14,6950000144,946

0

0

Sales of goods and real estate
Services income

881
26,69833,275
69,11164,185
16,121

701
37,593

0
(1)

0
638

59
2,383

Total Segment Revenues

Finance revenues
Gains on investment securities and dividends
Operating leases
Life insurance premiums and related
investment income

Banking and Aircraft andCreditShips

112,457

117,343

93,946

38,598145,029

14,89818,952

Interest expense

1,572

575

817

3,113

28

1,310

3,345

Costs of operating leases
Life insurance costs
Costs of goods and real estate sold48,810
0
725

6,087
0
25,9396,544
044,65850389

0109,328
0

0
0
0

6,180
0
59

Services expense
Other (income) and expense

14,733
4,294

59,750266

11,169(114)

27,155
175

0
(33)

2,385
(86)

480
(102)

Selling, general and administrative expenses

22,79010,85321,015

5,205

13,761

5,355

2,516

176

(28)

39

22

1

119

(0)

93,100103,442

84,12836,064

123,085

9,083

12,478440

5322,209(3,016)

(0)

583

5,290

19,797

13,95432,027(482)

21,944

6,398

11,76438,793

4,741

6,574

8,018

2,339

193

5,385

0

0

0

0

(51,737)0047,087

24,905

4,406

8,834

0

0

82,218Provision for credit losses, and write-downsof long-lived assets and securities

Total Segment Expenses
Equity in Net income (Loss) of equity
method investments and others

Segment Profits
Depreciation and amortization
Increase (Decrease) in policy liabilities andpolicy account balances
Expenditures for long-lived assets

Millions of yen
Three months ended June 30, 2024
Asia andAustralia

ORIX USA

ORIX Europe

27,504
153
139

801
1,164
0

19,212
116
33,373

83,2793,313
140,503000144,946

Sales of goods and real estate
Services income

172
11,619062,137217
6,682

99,490232,981

Total Segment Revenues

39,587

64,10259,600704,512

11,684273

193
010,74624,54433,38392,443

0
92

0
0

0
197

109,328
72,059541(889)

16,255
2,954

4,138
(379)

136,606
6,086

23,471

34,23910,974150,179

306

0

1,950

2,585

35,47853,641

52,170602,669

7,726

693

1,453

35,431

11,835

11,154

8,883

137,274

908

1,690

23,91592,556000(51,737)225

041,939209,614

Finance revenues
Gains on investment securities and dividends
Operating leases
Life insurance premiums and related
investment income

Interest expense
Costs of operating leases
Life insurance costs
Costs of goods and real estate sold
Services expense
Other (income) and expense
Selling, general and administrative expenses
Provision for credit losses, and write-downsof long-lived assets and securities

Total Segment Expenses
Equity in Net income (Loss) of equity
method investments and others

Segment Profits
Depreciation and amortization
Increase (Decrease) in policy liabilities andpolicy account balances
Expenditures for long-lived assets- 16 -

Total

Segment assets information as of March 31, 2024 and June 30, 2024 is as follows:
Millions of yen
As of March 31, 2024
Corporate
Financial
Services andMaintenance
Leasing

Real EstatePE
Investment
andConcession

Environment
and Energy

Net investment in leases

567,735

51,978

1,238

3,104

0

0

Banking and Aircraft andCreditShips

Insurance0Installment loans

346,840

52

115,629

2,255

11,792

2,378,183

60,468Investment in operating leases

535,655

278,191

56,286250

26,876

0557,867

Investment in securities

36,683

4,036

36,729571

2,236,495

311,237

11,96017,404

165,387

41,416453,252000Property under facility operations andservicing assets
Inventories

928

174,990

47,553

2,463

0

0

733

Advances for finance lease and operating lease

3,400

114,649

5

0

0

0

9,232

Equity method investments

14,984

143,751

118,310

219,018

29,74243,601

399,061

0

8,183

4,466

44,96200028,69352,898351,202

121,1744,452

019,114

Advances for property under facility
operations
Goodwill, intangible assets acquired inbusiness combinations
Other assets

224,998

115,972

293,813

129,385

612,570

201,196111,206

Segment Assets

1,777,320

1,110,087

1,066,647

976,434

2,921,927

2,934,217

1,169,641

Long-lived assets

516,852

565,868

95,769498,461

26,5900565,846

Millions of yen
As of March 31, 2024

Net investment in leases
Installment loans
Investment in operating leases
Investment in securities
Property under facility operations andservicing assets
Inventories
Advances for finance lease and operating lease
Equity method investments
Advances for property under facility
operations
Goodwill, intangible assets acquired inbusiness combinations
Other assets

Asia andAustralia

ORIX USA

ORIX Europe

Total

505

0

530,426

1,154,986

699,384

0343,936

3,958,539

9,858

0

395,573

1,860,556

509,172

82,56833,5203,262,971

79,74701,849

759,055

159

0

224

227,050

0

0

3,017

130,303

61,415

11,907

271,682

1,313,471

00057,611

176,785364,773

7,313

1,126,404

157,459

202,891

121,693

2,171,183

Segment Assets

1,694,484

662,139

1,709,233

16,022,129

Long-lived assets

9,841

0

384,477

2,663,704- 17 -

Millions of yen
As of June 30, 2024
Corporate
Financial
Services andMaintenance
Leasing
Net investment in leases

563,901

Real EstatePE
Investment
andConcession

Environment
and Energy

50,558

1,186

2,835

0

0

Banking and Aircraft andCreditShips

Insurance0Installment loans

347,392

47

117,472

2,407

11,9542,306,184

55,491

Investment in operating leases

537,315

317,51057,483245

26,8650652,979

Investment in securities

30,044

1,750

6,982

590

2,231,121

312,328

12,41817,485

163,274

32,820466,742000Inventories

1,066

171,235

39,147

4,154

0

0

862

Advances for finance lease and operating lease

3,347

80,78490

0

0

11,982Equity method investments

14,740147,873

122,029

229,649

31,67644,360428,566

0

9,810

71

44,17900028,49752,374

339,591

124,1834,452

022,339Property under facility operations andservicing assets

Advances for property under facility
operations
Goodwill, intangible assets acquired inbusiness combinations
Other assets

235,151

103,137

250,387

140,399578,285

213,277

120,292

Segment Assets

1,778,938

1,098,352

967,177

1,015,383

2,884,353

2,876,149

1,304,929

Long-lived assets

518,912570,566

84,178511,164

26,445

0662,530

Millions of yen
As of June 30, 2024

Net investment in leases

ORIX USA

ORIX Europe

Asia andAustralia

Total

525

0

568,904

1,187,909

Installment loans

699,8120352,699

3,893,458

Investment in operating leases

10,6570420,833

2,023,887

Investment in securities

524,939

92,17235,564

3,247,908

83,9720

1,940

766,233

206

0

306

216,976

Property under facility operations andservicing assets
Inventories
Advances for finance lease and operating lease

0

0

3,512

99,634

66,47012,940287,156

1,385,459

00054,060187,495

381,708

7,749

1,148,388

193,569

216,074

124,224

2,174,795

Segment Assets

1,767,645

702,894

1,802,887

16,198,707

Long-lived assets

10,666

0408,508

2,792,969

Equity method investments
Advances for property under facility
operations
Goodwill, intangible assets acquired inbusiness combinations
Other assets- 18 -

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

Millions of yen
Three months ended June30, 2023

Three months ended June30, 2024

673,126

704,512

Revenues related to corporate assets
Revenues from inter-segment transactions

16,895(13,223)

17,455(13,828)

Total consolidated revenues

676,798

708,139

107,115(19,196)

137,274(15,557)

1,473(1,548)89,392

120,169

Segment revenues:
Total revenues for segments

Segment profits:
Total profits for segments
Corporate profits (losses)
Net income attributable to the noncontrolling interests and net
income attributable to the redeemable noncontrolling interests
Total consolidated income before income taxes(8) Cash flow information (Unaudited)
ORIX Group does not prepare the consolidated statements of cash flows for the three months ended June 30, 2024. Depreciation
and amortization for the three months ended June 30, 2023 and 2024 were ¥85,396 million and ¥93,907 million, respectively.

(9) Subsequent Events
There are no material subsequent events.

- 19 -