ORIX 6K Current report | IX 10 Feb 25

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 2025

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, 2024 –December 31, 2024) filed with the Tokyo Stock Exchange on Monday, February 10, 2025.

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 10, 2025	By	/s/ Yasuaki Mikami
		Yasuaki Mikami
		Member of the Board of Directors Senior Managing Executive Officer Responsible for Corporate Function Unit Responsible for Work Style Reform Project ORIX Corporation

Consolidated Financial Results

April 1, 2024 – December 31, 2024

February 10, 2025

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, 2024 to December 31, 2024

(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, 2024

(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, 2024		2,154,484		5.4	%		290,724		9.3	%		383,377		23.7	%		271,777		24.0	%
December 31, 2023		2,043,756		2.6	%		266,007		12.0	%		310,007		8.4	%		219,205		3.4	%

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥332,813 million for the nine months ended December 31, 2024 (year-on-year change was a 0.1% decrease) and ¥333,131 million for the nine months ended December 31, 2023 (year-on-year change was a 3.6% increase)

*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 our consolidated statements of income for the nine months ended December 31, 2023 have been retrospectively reclassified for this change.


	Basic Earnings Per Share		Diluted Earnings Per Share
December 31, 2024		237.46		237.03
December 31, 2023		188.68		188.39

*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 Assets		Total Equity		Shareholders’ Equity		Shareholders’ Equity Ratio
December 31, 2024		16,917,024		4,170,686		4,086,346		24.2	%
March 31, 2024		16,322,100		4,021,965		3,941,466		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		Second Quarter-end		Third Quarter-end		Year-end		Total
March 31, 2024		—		42.80		—		55.80		98.60
March 31, 2025		—		62.17		—		—		—

March 31, 2025 (Est.)		—		—		—		—		98.60

*Note 4:

Revision from the previously announced dividend forecast: No

Regarding the interim dividend for the fiscal year ending March 31, 2025, we have decided the dividend per share of ¥62.17 by applying the dividend payout ratio of 39% to earnings per share for the six months ended September 30, 2024.

For the fiscal year ending March 31, 2025, the annual dividend is at the higher of either payout ratio of 39% or ¥98.60 per share and the minimum dividend has been stated in the above table.

The annual dividend will be determined in accordance with the progress to the consolidated earnings forecast which is net income attributable to ORIX Corporation Shareholders of ¥390 billion. We will promptly announce the forecast for the annual dividend as soon as it is updated.

3. Forecast for the Year Ending March 31, 2025 (Unaudited)


	Net Income Attributable to ORIX Corporation Shareholders		Year-on-Year Change
March 31, 2025		390,000		12.7	%

*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.

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 ( x ) No ( )

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 1,214,961,054 as of December 31, 2024, and 1,214,961,054 as of March 31, 2024.

2. The number of treasury stock was 75,258,068 as of December 31, 2024, and 60,748,162 as of March 31, 2024.

3. The average number of outstanding shares was 1,144,429,487 for the nine months ended December 31, 2024, and 1,161,753,483 for the nine months ended December 31, 2023.

The Company’s shares held through the Board Incentive Plan Trust (3,535,096 shares as of December 31, 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 December 31, 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 Nine Months Ended December 31, 2024


		Nine months ended December 31, 2023		Nine months ended December 31, 2024		Change
		Nine months ended December 31, 2023		Nine months ended December 31, 2024		Amount		Percent
Total Revenues	(millions of yen)		2,043,756		2,154,484		110,728		5	%
Total Expenses	(millions of yen)		1,777,749		1,863,760		86,011		5	%
Income before Income Taxes	(millions of yen)		310,007		383,377		73,370		24	%
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)		219,205		271,777		52,572		24	%
Earnings Per Share (Basic)	(yen)		188.68		237.46		48.78		26	%
(Diluted)	(yen)		188.39		237.03		48.64		26	%
ROE (Annualized) *1	(%)		8.0		9.0		1.0		—
ROA (Annualized) *2	(%)		1.88		2.18		0.30		—

*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 our consolidated statements of income for the nine months ended December 31, 2023 have been retrospectively reclassified for this change.

Overview of Business Performance (April 1, 2024 to December 31, 2024)

Total revenues for the nine months ended December 31, 2024 increased 5% to ¥2,154,484 million compared to ¥2,043,756 million during the same period of the previous fiscal year primarily due to increases in operating leases revenues and services income, partially offset by decreases in finance revenues.

Total expenses increased 5% to ¥1,863,760 million compared to ¥1,777,749 million during the same period of the previous fiscal year primarily due to increases in costs of operating leases, services expense, other expense and selling, general and administrative expenses, partially offset by decreases in interest expense.

Equity in net income of equity method investments increased by ¥15,945 million to ¥48,367 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 by ¥32,708 million to ¥44,286 million compared to the same period of the previous fiscal year.

Due to the above results, income before income taxes for the nine months ended December 31, 2024 increased 24% to ¥383,377 million compared to ¥310,007 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 24% to ¥271,777 million compared to ¥219,205 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the nine months ended December 31, 2024 increased 16% to ¥427,515 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 nine months ended December 31, 2023 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 in corporate profits (losses) in the reconciliation of segment profits to the condensed consolidated financial statement amounts. As a result, segment data for the nine months ended December 31, 2023 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 other receivable, and others. As a result, segment data as of the end of fiscal 2024 have been retrospectively reclassified.

Segment information for the nine months ended December 31, 2024 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, 2023
(millions of yen)

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

Change

Amount
(millions of yen)

Percent
(%)

Segment Profits

60,664

66,214

5,550

As of March 31, 2024
(millions of yen)

As of December 31, 2024
(millions of yen)

Change

Amount
(millions of yen)

Percent
(%)

Segment Assets

1,777,320

1,840,241

62,921

Segment profits increased 9% to ¥66,214 million compared to the same period of the previous fiscal year due to primarily increases in operating leases revenues and gains on sales of subsidiaries and equity method investments.

Segment assets increased 4% to ¥1,840,241 million compared to the end of the previous fiscal year primarily due to increases in installment loans and investment in operating leases.

- 3 -

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


	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		52,304		59,656		7,352			14

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,110,087		1,152,116		42,029			4

Segment profits increased 14% to ¥59,656 million compared to the same period of the previous fiscal year primarily due to an increase in operating leases revenues, partially offset by a decrease in profits due to the absence of equity in net income (loss) of equity method investments recorded in the previous fiscal year. Segment assets increased 4% to ¥1,152,116 million compared to the end of the previous fiscal year primarily due to an increase in equity method investments. PE Investment and Concession: Private equity investment; concession
	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		23,334		66,181		42,847			184

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,066,647		981,845		(84,802	)		(8	)

Segment profits increased 184% to ¥66,181 million compared to the same period of the previous fiscal year primarily due to increases in equity in net income (loss) of equity method investments and gains on sales of subsidiaries and equity method investments resulting from the sale of investees.

Segment assets decreased 8% to ¥981,845 million compared to the end of the previous fiscal year primarily due to decreases in cash and cash equivalents and 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


	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		25,887		13,165		(12,722	)		(49	)

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		976,434		955,021		(21,413	)		(2	)

Segment profits decreased 49% to ¥13,165 million compared to the same period of the previous fiscal year primarily due to an increase in service expense and a decrease in equity in net income (loss) of equity method investments, partially offset by an increase in gains on sales of subsidiaries and equity method investments. Segment assets decreased 2% to ¥955,021 million compared to the end of the previous fiscal year primarily due to a decrease in equity method investments. Insurance: Life insurance
	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		54,007		61,735		7,728			14

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		2,921,927		3,005,315		83,388			3

Segment profits increased 14% to ¥61,735 million compared to the same period of the previous fiscal year primarily due to an increase in life insurance premiums and related investment income, partially offset by an increase in life insurance costs.

Segment assets increased 3% to ¥3,005,315 million compared to the end of the previous fiscal year primarily due to an increase in investment in securities.

- 5 -

Banking and Credit: Banking; consumer finance


	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		27,356		22,085		(5,271	)		(19	)

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		2,934,217		3,060,801		126,584			4

Segment profits decreased 19% to ¥22,085 million compared to the same period of the previous fiscal year primarily due to a decrease in finance revenues as a result of ORIX Credit Corporation becoming an equity method investee due to the partial sale of its shares in the fourth quarter of fiscal 2024. Segment assets increased 4% to ¥3,060,801 million compared to the end of the previous fiscal year primarily due to an increase in installment loans. Aircraft and Ships: Aircraft investment and management; ship-related finance and investment
	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		28,988		44,598		15,610			54

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,169,641		1,325,638		155,997			13

Segment profits increased 54% to ¥44,598 million compared to the same period of the previous fiscal year primarily due to an increase in operating leases revenues as a result of a new acquisition of a subsidiary in the fourth quarter of fiscal 2024.

Segment assets increased 13% to ¥1,325,638 million compared to the end of the previous fiscal year primarily due to an increase in investment in operating leases and a general increase in resulting from foreign exchange effects.

- 6 -

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


	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		35,586		27,836		(7,750	)		(22	)

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		1,694,484		1,694,017		(467	)		(0	)

Segment profits decreased 22% to ¥27,836 million compared to the same period of the previous fiscal year primarily due to decreases in finance revenues and gains on investment securities and dividends, partially offset by an increase in gains on sales of subsidiaries and equity method investments. Segment assets totaled ¥1,694,017 million, remaining relatively unchanged compared to the end of the previous fiscal year. ORIX Europe: Asset management of global equity and fixed income
	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		30,422		38,141		7,719			25

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Assets		662,139		715,603		53,464			8

Segment profits increased 25% to ¥38,141 million compared to the same period of the previous fiscal year primarily due to an increase in services income, partially offset by an increase in selling, general and administrative expenses.

Segment assets increased 8% to ¥715,603 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents and investment in securities.

- 7 -

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


	Nine months ended December 31, 2023 (millions of yen)		Nine months ended December 31, 2024 (millions of yen)		Change
					Amount (millions of yen)			Percent (%)
Segment Profits		30,043		27,904		(2,139	)		(7	)

	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Change
	As of March 31, 2024 (millions of yen)		As of December 31, 2024 (millions of yen)		Amount (millions of yen)			Percent (%)
Segment Assets		1,709,233		1,747,909		38,676			2

Segment profits decreased 7% to ¥27,904 million compared to the same period of the previous fiscal year primarily due to decreases in finance revenues and equity in net income (loss) of equity method investments and an increase in provision for credit losses in Greater China.

Segment assets increased 2% to ¥1,747,909 million compared to the end of the previous fiscal year primarily due to an increase in net investment in leases and a general increase in resulting from foreign exchange effects, partially offset by a decrease in installment loans.

- 8 -

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity


		As of March 31, 2024		As of December 31, 2024		Change
		As of March 31, 2024		As of December 31, 2024		Amount		Percent
Total Assets	(millions of yen)		16,322,100		16,917,024		594,924		4	%
(Segment Assets) *1			16,022,129		16,478,506		456,377		3	%
Total Liabilities	(millions of yen)		12,297,490		12,743,540		446,050		4	%
(Short-term and Long-term Debt)			6,200,471		6,505,592		305,121		5	%
(Deposits)			2,245,835		2,374,983		129,148		6	%
Shareholders’ Equity *2	(millions of yen)		3,941,466		4,086,346		144,880		4	%
Shareholders’ Equity Per Share *3	(yen)		3,422.94		3,596.60		173.66		5	%

*Note 1:

*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 4% to ¥16,917,024 million compared to the end of the previous fiscal year primarily due to increases in cash and cash equivalents, installment loans, investment in operating leases and investment in securities. In addition, segment assets increased 3% to ¥16,478,506 million compared to the end of the previous fiscal year.

Total liabilities increased 4% to ¥12,743,540 million compared to the end of the previous fiscal year primarily due to increases in short-term debt, deposits and long-term debt, partially offset by a decrease in trade notes, accounts and other payable.

Shareholders’ equity increased 4% to ¥4,086,346 million compared to the end of the previous fiscal year.

- 9 -

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)



Assets		As of March 31, 2024			As of December 31, 2024
Cash and Cash Equivalents			1,032,810			1,117,631
Restricted Cash			152,497			132,420
Net Investment in Leases			1,155,023			1,195,851
Installment Loans			3,958,814			4,042,632
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024	¥129,959 million
December 31, 2024	¥128,612 million
Allowance for Credit Losses			(58,110	)		(58,227	)
Investment in Operating Leases			1,868,574			2,064,031
Investment in Securities			3,263,079			3,357,514
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024	¥35,696 million
December 31, 2024	¥46,003 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
December 31, 2024
Amortized Cost	¥3,196,156 million
Allowance for Credit Losses	¥(710) million
Property under Facility Operations			689,573			676,231
Equity method investments			1,313,887			1,347,976
Trade Notes, Accounts and Other Receivable			401,368			399,146
Inventories			227,359			227,645
Office Facilities			248,458			253,420
Other Assets			2,068,768			2,160,754
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024	¥2,786 million
December 31, 2024	¥2,463 million

Total Assets			16,322,100			16,917,024


Liabilities and Equity
Short-term Debt			574,095			737,905
Deposits			2,245,835			2,374,983
Trade Notes, Accounts and Other Payable			362,504			298,393
Policy Liabilities and Policy Account Balances			1,892,510			1,889,930
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024	¥167,207 million
December 31, 2024	¥150,881 million
Current and Deferred Income Taxes			570,724			575,005
Long-term Debt			5,626,376			5,767,687
Other Liabilities			1,025,446			1,099,637

Total Liabilities			12,297,490			12,743,540

Redeemable Noncontrolling Interests			2,645			2,798


Commitments and Contingent Liabilities

Common Stock			221,111			221,111
Additional Paid-in Capital			233,457			234,054
Retained Earnings			3,259,730			3,395,761
Accumulated Other Comprehensive Income			357,148			418,276
Treasury Stock, at Cost			(129,980	)		(182,856	)

Total ORIX Corporation Shareholders’ Equity			3,941,466			4,086,346
Noncontrolling Interests			80,499			84,340

Total Equity			4,021,965			4,170,686


Total Liabilities and Equity			16,322,100			16,917,024

- 10 -

Note:

Breakdown of Accumulated Other Comprehensive Income (Loss)


	As of March 31, 2024			As of December 31, 2024
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities		(250,806	)		(358,944	)
Impact of changes in policy liability discount rate		257,785			381,289
Debt valuation adjustments		84			80
Defined benefit pension plans		9,670			9,085
Foreign currency translation adjustments		324,208			377,526
Net unrealized gains on derivative instruments		16,207			9,240

Total		357,148			418,276

- 11 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)



	Nine months ended December 31, 2023			Nine months ended December 31, 2024
Revenues :
Finance revenues		260,096			245,873
Gains on investment securities and dividends		21,256			13,186
Operating leases		391,436			465,668
Life insurance premiums and related investment income		394,012			403,991
Sales of goods and real estate		261,439			272,143
Services income		715,517			753,623

Total Revenues		2,043,756			2,154,484

Expenses :
Interest expense		138,594			124,257
Costs of operating leases		266,402			293,495
Life insurance costs		300,798			302,178
Costs of goods and real estate sold		187,249			198,276
Services expense		410,379			442,808
Other (income) and expense		187			17,959
Selling, general and administrative expenses		458,936			470,198
Provision for credit losses		14,299			13,364
Write-downs of long-lived assets		643			678
Write-downs of securities		262			547

Total Expenses		1,777,749			1,863,760

Operating Income		266,007			290,724
Equity in Net Income of Equity method investments		32,422			48,367
Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net		11,578			44,286

Income before Income Taxes		310,007			383,377
Provision for Income Taxes		92,382			111,678

Net Income		217,625			271,699

Net Income (Loss) Attributable to the Noncontrolling Interests		(1,645	)		(265	)

Net Income Attributable to the Redeemable Noncontrolling Interests		65			187

Net Income Attributable to ORIX Corporation Shareholders		219,205			271,777

Note:

- 12 -

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


				(millions of yen)

	Nine months ended December 31, 2023			Nine months ended December 31, 2024
Net Income :		217,625			271,699

Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities		(53,066	)		(108,151	)
Impact of changes in policy liability discount rate		64,666			123,504
Net change of debt valuation adjustments		(149	)		(4	)
Net change of defined benefit pension plans		(84	)		(592	)
Net change of foreign currency translation adjustments		106,651			55,331
Net change of unrealized gains (losses) on derivative instruments		(3,012	)		(6,441	)
Total other comprehensive income		115,006			63,647

Comprehensive Income		332,631			335,346

Comprehensive Income (Loss) Attributable to the Noncontrolling Interests		(639	)		2,244

Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		139			289

Comprehensive Income Attributable to ORIX Corporation Shareholders		333,131			332,813

(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 a cumulative-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 decrease of ¥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 evaluated regularly 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 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

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 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 and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and write-downs of certain long-lived assets 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.

- 14 -

Segment information for the nine months ended December 31, 2023 and nine months ended December 31, 2024 is as follows:


	Millions of yen
	Nine months ended December 31, 2023
	Corporate Financial Services and Maintenance Leasing			Real Estate		PE Investment and Concession			Environment and Energy			Insurance			Banking and Credit			Aircraft and Ships
Finance revenues		46,582			4,647		3,773			1,103			212			59,814			5,981
Gains on investment securities and dividends		2,808			475		826			1,179			0			399			(24	)
Operating leases		199,331			34,427		30,432			59			0			0			32,883
Life insurance premiums and related investment income		0			0		0			0			395,835			0			0
Sales of goods and real estate		2,767			70,985		179,965			2,787			0			0			97
Services income		80,300			226,831		58,405			119,015			1,828			5,051			5,890

Total Segment Revenues		331,788			337,365		273,401			124,143			397,875			65,264			44,827

Interest expense		4,059			2,217		2,550			7,772			1			3,857			8,390
Costs of operating leases		143,646			18,637		19,935			14			0			0			14,865
Life insurance costs		0			0		0			0			300,756			0			0
Costs of goods and real estate sold		2,291			56,749		123,538			1,617			0			0			96
Services expense		43,859			182,380		41,176			82,431			0			3,905			841
Other (income) and expense		12,582			191		(753	)		(565	)		(1	)		(212	)		(3,458	)
Selling, general and administrative expenses		66,072			30,601		65,759			13,706			43,318			23,929			7,778
Provision for credit losses, and write-downs of long-lived assets and securities		365			452		201			48			(2	)		6,224			(0	)

Total Segment Expenses		272,874			291,227		252,406			105,023			344,072			37,703			28,512

Equity in Net income (Loss) of equity method investments and others		1,750			6,166		2,339			6,767			204			(205	)		12,673

Segment Profits		60,664			52,304		23,334			25,887			54,007			27,356			28,988

Significant non-cash items:
Depreciation and amortization		113,834			13,698		20,473			18,511			14,652			1,254			15,969
Increase in policy liabilities and policy account balances		0			0		0			0			112,418			0			0
Expenditures for long-lived assets		135,471			43,239		14,767			38,708			241			9			160,229

	Millions of yen
	Nine months ended December 31, 2023
	ORIX USA			ORIX Europe		Asia and Australia			Total
Finance revenues		85,535			1,740		52,334			261,721
Gains on investment securities and dividends		8,235			6,499		279			20,676
Operating leases		983			0		89,624			387,739
Life insurance premiums and related investment income		0			0		0			395,835
Sales of goods and real estate		442			0		361			257,404
Services income		39,024			156,341		18,378			711,063

Total Segment Revenues		134,219			164,580		160,976			2,034,438

Interest expense		36,020			212		25,595			90,673
Costs of operating leases		362			0		66,702			264,161
Life insurance costs		0			0		0			300,756
Costs of goods and real estate sold		229			0		342			184,862
Services expense		2,485			39,713		11,243			408,033
Other (income) and expense		(995	)		1,960		(1,266	)		7,483
Selling, general and administrative expenses		63,086			94,831		30,648			439,728
Provision for credit losses, and write-downs of long-lived assets and securities		2,673			217		5,027			15,205

Total Segment Expenses		103,860			136,933		138,291			1,710,901

Equity in Net income (Loss) of equity method investments and others		5,227			2,775		7,358			45,054

Segment Profits		35,586			30,422		30,043			368,591

Significant non-cash items:
Depreciation and amortization		3,088			4,829		64,488			270,796
Increase in policy liabilities and policy account balances		0			0		0			112,418
Expenditures for long-lived assets		86			292		133,473			526,515

- 15 -


	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

- 16 -

Segment information as of March 31, 2024 and December 31, 2024 is as follows:


	Millions of yen
	As of March 31, 2024
	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		567,735		51,978		1,238		3,104		0		0		0
Installment loans		346,840		52		115,629		2,255		11,792		2,378,183		60,468
Investment in operating leases		535,655		278,191		56,286		250		26,876		0		557,867
Investment in securities		36,683		4,036		36,729		571		2,236,495		311,237		11,960
Property under facility operations and servicing assets		17,404		165,387		41,416		453,252		0		0		0
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		29,742		43,601		399,061
Advances for property under facility operations		0		8,183		4,466		44,962		0		0		0
Goodwill, intangible assets acquired in business combinations		28,693		52,898		351,202		121,174		4,452		0		19,114
Other assets		224,998		115,972		293,813		129,385		612,570		201,196		111,206

Segment Assets		1,777,320		1,110,087		1,066,647		976,434		2,921,927		2,934,217		1,169,641


	Millions of yen
	As of March 31, 2024
	ORIX USA		ORIX Europe		Asia and Australia		Total
Net investment in leases		505		0		530,426		1,154,986
Installment loans		699,384		0		343,936		3,958,539
Investment in operating leases		9,858		0		395,573		1,860,556
Investment in securities		509,172		82,568		33,520		3,262,971
Property under facility operations and servicing assets		79,747		0		1,849		759,055
Inventories		159		0		224		227,050
Advances for finance lease and operating lease		0		0		3,017		130,303
Equity method investments		61,415		11,907		271,682		1,313,471
Advances for property under facility operations		0		0		0		57,611
Goodwill, intangible assets acquired in business combinations		176,785		364,773		7,313		1,126,404
Other assets		157,459		202,891		121,693		2,171,183

Segment Assets		1,694,484		662,139		1,709,233		16,022,129

- 17 -


	Millions of yen
	As of 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
Net investment in leases		576,094		46,400		1,247		2,556		0		0		(1	)
Installment loans		371,044		35		121,886		2,607		12,441		2,493,988		43,144
Investment in operating leases		560,999		307,094		57,864		238		26,658		0		682,322
Investment in securities		29,361		6,018		6,041		32,514		2,299,615		309,557		11,584
Property under facility operations and servicing assets		16,947		173,430		29,673		444,427		0		0		28
Inventories		504		179,616		42,013		3,385		0		0		1,425
Advances for finance lease and operating lease		3,710		82,438		11		0		0		0		20,665
Equity method investments		15,829		179,820		138,788		156,847		38,625		45,000		423,887
Advances for property under facility operations		0		7,829		146		57,397		0		0		0
Goodwill, intangible assets acquired in business combinations		25,825		51,325		346,065		118,551		4,452		0		45,663
Other assets		239,928		118,111		238,111		136,499		623,524		212,256		96,921

Segment Assets		1,840,241		1,152,116		981,845		955,021		3,005,315		3,060,801		1,325,638


	Millions of yen
	As of December 31, 2024
	ORIX USA		ORIX Europe		Asia and Australia		Total
Net investment in leases		492		0		569,015		1,195,803
Installment loans		680,003		0		317,473		4,042,621
Investment in operating leases		12,776		0		407,059		2,055,010
Investment in securities		527,664		97,272		37,584		3,357,210
Property under facility operations and servicing assets		80,918		0		1,859		747,282
Inventories		139		0		243		227,325
Advances for finance lease and operating lease		0		0		5,890		112,714
Equity method investments		58,761		12,911		277,091		1,347,559
Advances for property under facility operations		0		0		26		65,398
Goodwill, intangible assets acquired in business combinations		183,358		362,746		7,400		1,145,385
Other assets		149,906		242,674		124,269		2,182,199

Segment Assets		1,694,017		715,603		1,747,909		16,478,506

- 18 -

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


	Millions of yen
	Nine months ended December 31, 2023			Nine months ended December 31, 2024
Segment revenues:
Total revenues for segments		2,034,438			2,147,286
Revenues related to corporate assets		49,429			50,076
Revenues from inter-segment transactions		(40,111	)		(42,878	)

Total consolidated revenues		2,043,756			2,154,484

Segment profits:
Total profits for segments		368,591			427,515
Corporate profits (losses)		(57,520	)		(44,274	)
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests		(1,064	)		136

Total consolidated income before income taxes		310,007			383,377

(8) Cash flow information (Unaudited)

ORIX Group does not prepare the consolidated statements of cash flows for the nine months ended December 31, 2024. Depreciation and amortization for the nine months ended December 31, 2023 and 2024 were ¥273,535 million and ¥295,149 million, respectively.

(9) Subsequent Events

Cancellation of Own Shares

The Company cancelled its own shares pursuant to the share cancellation policy approved at the Board of Directors meeting held on October 28, 2019. The details of the cancellation of the Company’s own shares subsequent to the balance sheet date are as follows:


• Class of shares cancelled		Common shares
• Number of shares cancelled		51,998,810 shares
• Cancellation date		January 20, 2025.

- 19 -

ORIX (IX) 6-KCurrent report (foreign)