ORIX Corporation

Record-style earnings so far; full-year net income forecast kept - Net income (9M ended Dec 31, 2025): JPY 389.7bn, +JPY 117.9bn YoY (highest third-quarter cumulative profit for ORIX). - Achieved ~89% of the revised FY (to Mar 2026) net income forecast of JPY 440bn (no change to this forecast mentioned). - Pretax profit: JPY 567.7bn, +JPY 184.3bn YoY, driven by profit growth in all three categories (Finance / Operations / Investments).

Profit engines: “Investments” surged (but partly due to gains); steady progress elsewhere - Finance segment profit: JPY 145.5bn (+8% YoY), 81% progress vs full-year forecast. - Operations segment profit: JPY 189.5bn (+17% YoY), 79% progress vs full-year forecast. - Highlights: strong Auto (robust used car market), Ships (asset efficiency + synergies), and improved Airport concessions/real estate in Q3. - Investments segment profit: JPY 261.4bn (+100% YoY), strongest growth. - Notable contributors include large gains from the sale of Greenko (2Q) and other divestitures (e.g., Ormat; plus property sales and PE/business performance).

Cash generation + capital recycling remain strong; no change to full-year outlook - Capital recycling (9M): - Divestment cash inflows: JPY 790bn - Capital gains: JPY 196.6bn - New investments (cash outflows): JPY 700bn - Management said cash inflows and new investments are progressing steadily, but no change to the FY forecast (i.e., faster-than-expected Q3 did not lead to an upgraded full-year target).