IX Orix Corporation

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.

Consolidated Financial Results

April 1, 2022 – September 30, 2022

November 7, 2022

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.

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our 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 annual report on Form 20-F filed with the United States 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 ADSs 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

1. Performance Highlights as of and for the Six Months Ended September 30, 2022

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥171,831 million for the six months ended September 30, 2022 (year-on-year change was a 0.2% increase) and ¥171,510 million for the six months ended September 30, 2021 (year-on-year change was a 94.7% increase).

(2) Performance Highlights - Financial Position (Unaudited)

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

3. Forecast for the Year Ending March 31, 2023 (Unaudited)

4. Other Information

(4) Number of Issued Shares (Ordinary Shares)

1. The number of issued shares, including treasury stock, was 1,258,277,087 as of September 30, 2022, and 1,258,277,087 as of March 31, 2022.

2. The number of treasury stock was 76,368,512 as of September 30, 2022, and 62,914,027 as of March 31, 2022.

3. The average number of outstanding shares was 1,187,884,502 for the six months ended September 30, 2022, and 1,211,057,955 for the six months ended September 30, 2021.

The Company’s shares held through the Board Incentive Plan Trust (2,849,782 shares as of September 30, 2022 and 1,963,282 shares as of March 31, 2022) 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, 2022 to September 30, 2022 are not subject to certified public accountant’s or audit firm’s quarterly review.

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1. Summary of Consolidated Financial Results

(1) Financial Highlights

Overview of Business Performance (April 1, 2022 to September 30, 2022)

Total revenues for the six months ended September 30, 2022 (hereinafter, “the second consolidated period”) increased 10% to ¥1,364,816 million compared to ¥1,241,534 million during the same period of the previous fiscal year due to increases in services income, sales of goods and real estate and life insurance premiums and related investment income despite a decrease in gains (losses) on investment securities and dividends.

Total expenses increased 18% to ¥1,215,683 million compared to ¥1,032,617 million during the same period of the previous fiscal year due to increases in life insurance costs, services expense and costs of goods and real estate sold.

Equity in net income (loss) of affiliates increased 23% to ¥6,624 million compared to ¥5,399 million and gains on sales of subsidiaries and affiliates and liquidation losses, net increased 33% to ¥8,589 million compared to ¥6,473 million during the same period of the previous fiscal year.

Due to the above results, income before income taxes for the second consolidated period decreased 26% to ¥164,346 million compared to ¥220,789 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders decreased 17% to ¥121,776 million compared to ¥146,682 million during the same period of the previous fiscal year.

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Segment Information

Total segment profits for the second consolidated period decreased 26% to ¥169,952 million compared to the same period of the previous fiscal year.

Since April 1, 2022, a portion of interest expenses and a portion of selling, general and administrative expenses, which were initially included in the difference between segment total profits and consolidated amounts, have been charged directly to their respective segments. As a result of these changes, segment data for the six months ended September 30, 2021 has been retrospectively restated.

Segment information for the second 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 decreased 23% to ¥35,482 million compared to the same period of the previous fiscal year due to the absence of gains on investment securities and dividends resulting from the listing of an investee recorded in the same period of the previous fiscal year, and a decrease in services income resulting from the sale of the business of Yayoi Co., Ltd. in the three months ended March 31, 2022.

Segment assets decreased 3% to ¥1,476,243 million compared to the end of the previous fiscal year due to decreases in net investment in leases and installment loans.

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

Segment profits decreased 18% to ¥18,949 million compared to the same period of the previous fiscal year. This decrease was due to a decrease in operating leases revenues resulting from sales of real estate under operating leases, and a decrease in sales of goods and real estate at DAIKYO INCORPORATED and its subsidiaries, partially offset by an increase in services income from operating facilities.

Segment assets totaled ¥907,859 million, remaining relatively unchanged compared to the end of the previous fiscal year due to a decrease in investment in operating leases, despite an increase in inventories.

PE Investment and Concession: Private equity investment; concession

Segment profits increased 142% to ¥3,905 million compared to the same period of the previous fiscal year due to a decrease in equity in net loss of affiliates at our three airports in Kansai in our concession business.

Segment assets increased 5% to ¥370,091 million compared to the end of the previous fiscal year due to an increase in investment securities, goodwill and intangible assets acquired in business combinations resulting from the acquisition of a subsidiary, despite a decrease in property under facility operations at a certain investee.

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

Segment profits increased 11% to ¥10,582 million compared to the same period of the previous fiscal year due to a profit contribution from a renewable energy business subsidiary in Spain.

Segment assets increased 10% to ¥772,944 million compared to the end of the previous fiscal year due to increases in investment in affiliates, advances for property under facility operations, and property under facility operations, primarily resulting from foreign exchange effects.

Insurance: Life insurance

Segment profits decreased 60% to ¥13,007 million compared to the same period of the previous fiscal year due to an increase in life insurance costs as a result of increased payouts to policy holders, despite an increase in life insurance premiums and related investment income in line with an increase in insurance contracts.

Segment assets decreased 1% to ¥2,052,684 million compared to the end of the previous fiscal year due to decrease in investment in securities.

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Banking and Credit: Banking; consumer finance

Segment profits decreased 27% to ¥15,215 million compared to the same period of the previous fiscal year due to the absence of gains on investment securities and dividends at ORIX Bank Corporation recorded in the same period of the previous fiscal year, and an increase in advertising expenses at ORIX Credit Corporation recorded in the consolidated cumulative second quarter.

Segment assets totaled ¥2,677,388 million, remaining relatively unchanged compared to the end of the previous fiscal year.

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

Segment profits increased by ¥10,280 million to ¥10,649 million as compared to ¥369 million of segment profits in the same period of the previous fiscal year due to an increase in equity in net income (loss) of affiliates at Avolon Holdings Limited, and an increase in operating leases revenues in our ship-related businesses and aircraft-related business.

Segment assets increased 10% to ¥752,565 million compared to the end of the previous fiscal year due to an increase in investment in affiliates, primarily resulting from foreign exchange effects.

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

Segment profits decreased 54% to ¥21,596 million compared to the same period of the previous fiscal year, primarily due to the absence of gains on investment securities and dividends resulting from the sales of investees recorded in the same period of the previous fiscal year.

Segment assets increased 19% to ¥1,624,316 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 decreased 42% to ¥16,419 million compared to the same period of the previous fiscal year due to a decrease in services income due to a decrease in the average amount of assets under management ,and a decrease in gains on investment securities and dividends resulting from weaker market conditions.

Segment assets increased 2% to ¥409,463 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in investment in securities.

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

Segment profits increased 21% to ¥24,148 million compared to the same period of the previous fiscal year due to an increase in operating leases revenues in South Korea and Australia, partially offset by a decrease in gains on investment securities and dividends.

Segment assets increased 7% to ¥1,399,094 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in installment loans in Greater China.

Outlook and Forecast

It is difficult to predict the future business environment due to the prolonged spread of COVID-19, Russia-Ukraine crisis, global inflationary pressure, monetary tightening by the United States and Europe, and concerns about economic deterioration in various countries. Based on the results of the first half of the year, we have disclosed the full-year forecast based on the currently available information regarding the business activities of each segment in the second half of the year.

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

Factors that could cause results that differ materially from those described in the forward-looking statements include, but are not limited to, those described under “Risk Factors” in our Form 20-F submitted to the U.S. Securities and Exchange Commission.

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(2) Consolidated Financial Condition

Total assets increased 4% to ¥14,786,006 million compared to the end of the previous fiscal year due to increases in other assets, installment loans and investments in affiliates, partially offset by a decrease in cash and cash equivalents. In addition, segment assets increased 4% to ¥12,442,647 million compared to the end of the previous fiscal year.

Total liabilities increased 4% to ¥11,333,820 million compared to the end of the previous fiscal year due to increases in short- and long-term debt, policy liabilities and policy account balances despite decreases in trade notes, accounts and other payable and current and deferred income taxes.

Shareholders’ equity increased 3% to ¥3,344,812 million compared to the end of the previous fiscal year.

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2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

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(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)

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

(4) Assumptions for Going Concern

There is no corresponding item.

(5) Significant Changes in Shareholders’ Equity

There is no corresponding item.

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(6) Segment Information (Unaudited)

(7) Subsequent Events

There are no material subsequent events.

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