ORIX Corporation

Strong profitability so far (record third-quarter cumulative net income) + progress vs full-year forecast - Net income (9M ended Dec 31, 2025): JPY 389.7bn, +JPY 117.9bn YoY; highest third-quarter cumulative level. - Achieved 89% of the revised FY net income forecast of JPY 440bn (no change to forecast mentioned). - Pretax profit (9M): JPY 567.7bn, +JPY 184.3bn YoY; profit growth across Finance, Operations, Investments.

Drivers: broad-based operating strength, with “Investments” especially strong (good/surprising) - Finance segment profit: JPY 145.5bn (+8% YoY); 81% progress vs FY forecast. - Operations segment profit: JPY 189.5bn (+17% YoY); 79% progress vs FY forecast. - Investments segment profit: JPY 261.4bn (+100% YoY)—major jump; attributed to large gains from Greenko share sale plus other divestment/valuation gains (e.g., geothermal, property sales, PE/real estate investees). - Management emphasized capital efficiency/capital recycling and that profit growth remains even excluding the large Greenko gain and valuation gains (though exact reconciliation details are not quantified in the transcript).

Capital recycling remains active; new investments continue (opportunity) - Capital gains from divestments (9M): JPY 196.6bn. - Cash inflows from divestments: JPY 790bn vs cash outflows for new investments: JPY 700bn. - Notable new investments described: - Operations: acquisition of Hilco Global (asset valuation/advisory and related capabilities) + expanded aircraft investment. - Investments: PE investment in LULUARQ; TOB for I-NET (made it subsidiary); logistics facilities and AM Green convertible bonds; formation of PE fund with Qatar Investment Authority (QIA) (fund launch timing noted as after some deals).