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Segment Information (Tables)

6 Months Ended

Sep. 30, 2025

Segment information for the six months ended September 30, 2024 and six months ended September 30, 2025 is as follows:


	Millions of yen
	Six months ended September 30, 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	¥	30,890		¥	2,467		¥	5,978		¥	616		¥	159		¥	28,818	¥	3,333
Gains on investment securities and dividends		1,460			845			586			(8	)		0			65		139
Operating leases		139,859			37,842			20,605			39			0			0		41,900
Life insurance premiums and related investment income		0			0			0			0			235,014			0		0
Sales of goods and real estate		1,812			61,793			122,384			1,481			0			0		196
Services income		54,783			157,232			31,473			86,834			(1	)		1,567		5,734

Total Segment Revenues		228,804			260,179			181,026			88,962			235,172			30,450		51,302

Interest expense		3,278			1,172			1,655			6,211			81			2,745		8,563
Costs of operating leases		98,878			11,941			13,072			9			0			0		17,581
Life insurance costs		0			0			0			0			166,834			0		0
Costs of goods and real estate sold		1,489			49,789			84,951			836			0			0		199
Services expense		29,522			125,059			21,928			65,705			0			4,433		2,151
Other (income) and expense*		8,757			703			(449	)		562			(140	)		106		(2,543	)
Selling, general and administrative expenses		45,051			20,873			43,194			10,828			27,539			10,635		5,004
Provision for credit losses, and write-downs of long-lived assets and securities		1,060			60			93			238			1			308		(0	)

Total Segment Expenses		188,035			209,597			164,444			84,389			194,315			18,227		30,955

Equity in Net income (Loss) of equity method investments and others		4,797			(225	)		30,415			(2,227	)		(0	)		884		11,664

Segment Profits		45,566			50,357			46,997			2,346			40,857			13,107		32,011

Significant non-cash items:
Depreciation and amortization		77,763			9,494			12,910			16,713			14,842			326		13,728
Increase in policy liabilities and policy account balances		0			0			0			0			41,053			0		0
Expenditures for long-lived assets		100,876			40,706			7,941			21,293			77			0		174,188

	Millions of yen
	Six months ended September 30, 2024
	ORIX USA			ORIX Europe			Asia and Australia			Total
Finance revenues	¥	53,163		¥	1,990		¥	37,885		¥	165,299
Gains on investment securities and dividends		(280	)		3,821			(47	)		6,581
Operating leases		292			0			67,510			308,047
Life insurance premiums and related investment income		0			0			0			235,014
Sales of goods and real estate		235			0			246			188,147
Services income		22,255			120,866			12,016			492,759

Total Segment Revenues		75,665			126,677			117,610			1,395,847

Interest expense		22,225			373			20,972			67,275
Costs of operating leases		649			0			48,902			191,032
Life insurance costs		0			0			0			166,834
Costs of goods and real estate sold		151			0			229			137,644
Services expense		854			32,629			7,599			289,880
Other (income) and expense*		(2,284	)		4,609			(621	)		8,700
Selling, general and administrative expenses		45,360			69,026			21,782			299,292
Provision for credit losses, and write-downs of long-lived assets and securities		1,617			115			4,555			8,047

Total Segment Expenses		68,572			106,752			103,418			1,168,704

Equity in Net income (Loss) of equity method investments and others		9,514			872			4,932			60,626

Segment Profits		16,607			20,797			19,124			287,769

Significant non-cash items:
Depreciation and amortization		1,736			3,202			47,103			197,817
Increase in policy liabilities and policy account balances		0			0			0			41,053
Expenditures for long-lived assets		878			480			86,152			432,591

*	“Other (income) and expense” includes items such as expenses of taxes and insurance premiums related to finance leases, impairment losses on goodwill and other intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.


	Millions of yen
	Six months ended September 30, 2025
	Corporate Financial Services and Maintenance Leasing			Real Estate			PE Investment and Concession			Environment and Energy			Insurance			Banking and Credit			Aircraft and Ships
Finance revenues	¥	35,585		¥	2,439		¥	6,433		¥	3,772		¥	72		¥	39,642		¥	2,020
Gains on investment securities and dividends		2,398			1,103			475			20,092			0			(3,976	)		251
Operating leases		150,390			25,700			17,492			48			0			0			44,048
Life insurance premiums and related investment income		0			0			0			0			300,947			0			0
Sales of goods and real estate		2,020			64,965			134,971			1,534			0			0			553
Services income		54,211			179,647			38,124			89,295			0			1,237			9,064

Total Segment Revenues		244,604			273,854			197,495			114,741			301,019			36,903			55,936

Interest expense		5,666			2,566			2,436			6,946			259			8,790			10,189
Costs of operating leases		103,609			12,224			11,359			9			0			0			23,031
Life insurance costs		0			0			0			0			221,076			0			0
Costs of goods and real estate sold		1,631			54,982			94,912			1,022			0			0			420
Services expense		29,578			133,414			25,863			65,685			0			4,289			3,857
Other (income) and expense*		10,190			(3,014	)		(4,027	)		(5,249	)		(3	)		13			1,282
Selling, general and administrative expenses		44,986			22,995			44,318			12,875			28,857			11,961			6,657
Provision for credit losses, and write-downs of long-lived assets and securities		609			138			936			335			(26	)		207			(1	)

Total Segment Expenses		196,269			223,305			175,797			81,623			250,163			25,260			45,435

Equity in Net income (Loss) of equity method investments and others		10,305			(1,455	)		34,959			86,567			(0	)		886			11,451

Segment Profits		58,640			49,094			56,657			119,685			50,856			12,529			21,952

Significant non-cash items:
Depreciation and amortization		82,359			9,409			10,476			15,972			12,195			(100	)		16,487
Increase in policy liabilities and policy account balances		0			0			0			0			196,700			0			0
Expenditures for long-lived assets		121,442			25,671			8,878			21,758			102			65			121,490

	Millions of yen
	Six months ended September 30, 2025
	ORIX USA			ORIX Europe			Asia and Australia			Total
Finance revenues	¥	51,219		¥	1,518		¥	35,309		¥	178,009
Gains on investment securities and dividends		7,801			9,437			167			37,748
Operating leases		1,038			0			67,820			306,536
Life insurance premiums and related investment income		0			0			0			300,947
Sales of goods and real estate		575			0			219			204,837
Services income		24,039			122,930			11,168			529,715

Total Segment Revenues		84,672			133,885			114,683			1,557,792

Interest expense		24,980			265			18,916			81,013
Costs of operating leases		1,297			0			48,393			199,922
Life insurance costs		0			0			0			221,076
Costs of goods and real estate sold		267			0			198			153,432
Services expense		867			33,764			7,235			304,552
Other (income) and expense*		(395	)		3,429			(325	)		1,901
Selling, general and administrative expenses		49,684			74,172			22,405			318,910
Provision for credit losses, and write-downs of long-lived assets and securities		6,911			148			2,877			12,134

Total Segment Expenses		83,611			111,778			99,699			1,292,940

Equity in Net income (Loss) of equity method investments and others		(2,864	)		(28	)		4,709			144,530

Segment Profits		(1,803	)		22,079			19,693			409,382

Significant non-cash items:
Depreciation and amortization		717			3,365			46,718			197,598
Increase in policy liabilities and policy account balances		0			0			0			196,700
Expenditures for long-lived assets		1,796			303			89,653			391,158

*	“Other (income) and expense” includes items such as expenses of taxes and insurance premiums related to finance leases, impairment losses on goodwill and other intangible assets, gains and losses on derivatives, and foreign exchange gains and losses.

Segment information as of March 31, 2025 and September 30, 2025 is as follows:


	Millions of yen
	As of March 31, 2025
	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	¥	569,380	¥	45,810	¥	1,640	¥	2,092	¥	0	¥	0	¥	0
Installment loans		424,370		30		124,411		3,609		12,805		2,511,736		36,119
Investment in operating leases		557,625		311,377		46,796		237		26,167		0		599,813
Investment in securities		29,690		6,209		6,117		32,032		2,234,453		305,441		9,387
Property under facility operations and servicing assets		43,857		175,153		53,832		487,241		0		0		28
Inventories		433		182,652		41,021		2,551		0		0		1,588
Advances for finance lease and operating lease		6,177		78,044		3		0		0		0		27,816
Equity method investments		16,375		177,956		148,274		170,946		35,865		43,934		402,567
Advances for property under facility operations		143		7,401		728		70,081		0		0		0
Goodwill, intangible assets acquired in business combinations*1		25,268		50,801		331,003		120,743		4,452		0		43,024
Other assets*2		211,247		122,860		269,119		126,643		695,492		283,460		111,631

Segment Assets		1,884,565		1,158,293		1,022,944		1,016,175		3,009,234		3,144,571		1,231,973


	Millions of yen
	As of March 31, 2025
	ORIX USA		ORIX Europe		Asia and Australia		Total
Net investment in leases	¥	451	¥	0	¥	547,966	¥	1,167,339
Installment loans		652,805		0		315,128		4,081,013
Investment in operating leases		21,260		0		394,764		1,958,039
Investment in securities		487,022		86,008		37,768		3,234,127
Property under facility operations and servicing assets		76,469		0		1,844		838,424
Inventories		137		0		615		228,997
Advances for finance lease and operating lease		0		0		4,833		116,873
Equity method investments		54,817		8,578		260,395		1,319,707
Advances for property under facility operations		0		0		51		78,404
Goodwill, intangible assets acquired in business combinations*1		171,884		354,801		6,986		1,108,962
Other assets*2		129,094		219,919		155,277		2,324,742

Segment Assets		1,593,939		669,306		1,725,627		16,456,627

*1.	In ORIX USA segment, there are no goodwill or intangible assets acquired in business combinations related to noncontrolling interests or redeemable noncontrolling interests.

In ORIX Europe segment, goodwill and intangible assets acquired in business combinations related to noncontrolling interests amount to ¥6,660 million, and there are no goodwill or intangible assets related to redeemable noncontrolling interests.

*2.	Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables.


	Millions of yen
	As of September 30, 2025
	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	¥	569,392	¥	42,489	¥	1,375	¥	1,838	¥	0	¥	0	¥	11,768
Installment loans		397,929		21		129,094		4,884		13,849		2,631,885		25,993
Investment in operating leases		583,204		329,729		46,504		229		26,050		0		626,577
Investment in securities		32,341		10,042		6,371		148,462		2,296,469		255,716		4,506
Property under facility operations and servicing assets		43,219		158,463		66,860		487,081		0		0		26
Inventories		643		192,716		41,897		2,330		0		0		1,842
Advances for finance lease and operating lease		5,242		66,865		39		0		0		0		34,820
Equity method investments		8,338		206,442		190,703		10,365		40,348		43,840		402,807
Advances for property under facility operations		19		7,578		3,383		74,608		0		0		0
Goodwill, intangible assets acquired in business combinations*1		24,774		49,752		337,643		112,496		4,452		0		50,960
Other assets*2		190,215		96,249		230,925		135,079		759,477		322,176		96,755

Segment Assets		1,855,316		1,160,346		1,054,794		977,372		3,140,645		3,253,617		1,256,054


	Millions of yen
	As of September 30, 2025
	ORIX USA		ORIX Europe		Asia and Australia		Total
Net investment in leases	¥	428	¥	0	¥	573,261	¥	1,200,551
Installment loans		721,213		0		283,373		4,208,241
Investment in operating leases		27,312		0		438,307		2,077,912
Investment in securities		508,690		95,095		35,054		3,392,746
Property under facility operations and servicing assets		75,660		0		2,033		833,342
Inventories		518		0		206		240,152
Advances for finance lease and operating lease		0		0		3,217		110,183
Equity method investments		79,389		8,517		249,690		1,240,439
Advances for property under facility operations		0		0		0		85,588
Goodwill, intangible assets acquired in business combinations*1		329,036		377,703		6,840		1,293,656
Other assets*2		174,922		238,474		149,136		2,393,408

Segment Assets		1,917,168		719,789		1,741,117		17,076,218

*1.	In ORIX USA segment, there are no goodwill or intangible assets acquired in business combinations related to noncontrolling interests. Goodwill and intangible assets acquired in business combinations related to redeemable noncontrolling interests amount to ¥45,355 million.

In ORIX Europe segment, goodwill and intangible assets acquired in business combinations related to noncontrolling interests amount to ¥6,841 million, and there are no goodwill or intangible assets related to redeemable noncontrolling interests.

*2.	Other assets include cash and cash equivalents, restricted cash, allowance for credit losses, trade notes, accounts and other receivables, office facilities, loans to ORIX and its subsidiaries, and reinsurance recoverables.

Reconciliation of Segment Totals to Consolidated Financial Statement Amounts

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


	Millions of yen
	Six months ended September 30, 2024			Six months ended September 30, 2025
Segment revenues:
Total revenues for segments	¥	1,395,847		¥	1,557,792
Revenues related to corporate assets		34,620			43,292
Revenues from inter-segment transactions		(26,834	)		(36,587	)

Total consolidated revenues	¥	1,403,633		¥	1,564,497

Segment profits:
Total profits for segments	¥	287,769		¥	409,382
Corporate profits (losses)		(30,109	)		(21,949	)
Net income (loss) attributable to the noncontrolling interests and net income (loss) attributable to the redeemable noncontrolling interests		(669	)		4,049

Total consolidated income before income taxes	¥	256,991		¥	391,482

Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location

The following information represents disaggregation of revenues for revenues from contracts with customers, by goods or services category for the six months ended September 30, 2024 and 2025.

For the six months ended September 30, 2024


	Millions of yen
	Six months ended September 30, 2024
	Reportable segments
	Corporate Financial Services and Maintenance Leasing		Real Estate		PE Investment and Concession		Environment and Energy		Insurance			Banking and Credit		Aircraft and Ships
Goods or services category
Sales of goods	¥	1,812	¥	1,972	¥	122,384	¥	1,481	¥	0		¥	0	¥	196
Real estate sales		0		59,821		0		0		0			0		0
Asset management and servicing		170		3,549		0		63		0			0		22
Automobile related services		32,327		0		0		106		0			0		0
Facilities operation		0		40,003		0		0		0			0		0
Environment and energy services		1,747		23		36		86,340		0			0		0
Real estate management and brokerage		0		51,132		0		0		0			0		0
Real estate contract work		0		51,013		22,973		0		0			0		0
Other		20,539		1,002		8,464		310		(1	)		1,567		5,712

Total revenues from contracts with customers		56,595		208,515		153,857		88,300		(1	)		1,567		5,930

Other revenues *		172,209		51,664		27,169		662		235,173			28,883		45,372

Segment revenues/Total revenues	¥	228,804	¥	260,179	¥	181,026	¥	88,962	¥	235,172		¥	30,450	¥	51,302


	Millions of yen
	Six months ended September 30, 2024
	Reportable segments								Corporate revenue and intersegment transactions			Total revenues
	ORIX USA		ORIX Europe		Asia and Australia		Total		Corporate revenue and intersegment transactions			Total revenues
Goods or services category
Sales of goods	¥	235	¥	0	¥	246	¥	128,326	¥	2,727		¥	131,053
Real estate sales		0		0		0		59,821		0			59,821
Asset management and servicing		6,845		120,784		37		131,470		(116	)		131,354
Automobile related services		0		0		11,239		43,672		0			43,672
Facilities operation		0		0		0		40,003		675			40,678
Environment and energy services		0		0		0		88,146		(681	)		87,465
Real estate management and brokerage		0		0		0		51,132		(713	)		50,419
Real estate contract work		0		0		0		73,986		(896	)		73,090
Other		1,376		82		647		39,698		5,790			45,488

Total revenues from contracts with customers		8,456		120,866		12,169		656,254		6,786			663,040

Other revenues *		67,209		5,811		105,441		739,593		1,000			740,593

Segment revenues/Total revenues	¥	75,665	¥	126,677	¥	117,610	¥	1,395,847	¥	7,786		¥	1,403,633

*	Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.

For the six months ended September 30, 2025


	Millions of yen
	Six months ended September 30, 2025
	Reportable segments
	Corporate Financial Services and Maintenance Leasing		Real Estate		PE Investment and Concession		Environment and Energy		Insurance			Banking and Credit		Aircraft and Ships
Goods or services category
Sales of goods	¥	2,020	¥	2,155	¥	134,971	¥	1,534	¥	0		¥	0	¥	553
Real estate sales		0		62,810		0		0		0			0		0
Asset management and servicing		101		3,815		0		68		0			0		16
Automobile related services		34,607		0		0		93		0			0		0
Facilities operation		0		50,019		790		0		0			0		0
Environment and energy services		1,826		24		0		87,618		0			0		0
Real estate management and brokerage		0		53,886		0		0		0			0		0
Real estate contract work		396		49,015		26,653		0		0			0		0
Other		17,229		787		10,681		867		0			1,237		9,048

Total revenues from contracts with customers		56,179		222,511		173,095		90,180		0			1,237		9,617

Other revenues *		188,425		51,343		24,400		24,561		301,019			35,666		46,319

Segment revenues/Total revenues	¥	244,604	¥	273,854	¥	197,495	¥	114,741	¥	301,019		¥	36,903	¥	55,936


	Millions of yen
	Six months ended September 30, 2025
	Reportable segments								Corporate revenue and intersegment transactions			Total revenues
	ORIX USA		ORIX Europe		Asia and Australia		Total		Corporate revenue and intersegment transactions			Total revenues
Goods or services category
Sales of goods	¥	575	¥	0	¥	219	¥	142,027	¥	2,127		¥	144,154
Real estate sales		0		0		0		62,810		0			62,810
Asset management and servicing		6,265		122,908		251		133,424		(163	)		133,261
Automobile related services		0		0		9,990		44,690		(78	)		44,612
Facilities operation		0		0		0		50,809		869			51,678
Environment and energy services		0		0		0		89,468		(650	)		88,818
Real estate management and brokerage		0		0		0		53,886		(695	)		53,191
Real estate contract work		0		0		0		76,064		(827	)		75,237
Other		6,151		22		815		46,837		4,985			51,822

Total revenues from contracts with customers		12,991		122,930		11,275		700,015		5,568			705,583

Other revenues *		71,681		10,955		103,408		857,777		1,137			858,914

Segment revenues/Total revenues	¥	84,672	¥	133,885	¥	114,683	¥	1,557,792	¥	6,705		¥	1,564,497

*	Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.