ORIX : Consolidated Financial Results April 1, 2021 - December 31, 2021

Consolidated Financial Results

April 1, 2021 - December 31, 2021

February 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, 2-4-1Hamamatsu-cho,Minato-Ku, Tokyo, 105-5135

JAPAN

Tel: [phone] Fax: [phone]

E-mail: [e-mail]

Year-on-Year

Change

December 31, 2021175.17174.98

December 31, 2020114.27114.17

*Note 1: 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)

Basic

Earnings Per Share

Diluted

Earnings Per Share

48.8%

(41.9%)

Total

Revenues

Operating

Income

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Year-on-Year

Change

Income before Income Taxes

Net Income

Attributable to

ORIX Corporation

Shareholders

December 31, 20211,868,11312.2%282,11945.6%316,68951.1%211,341

December 31, 20201,665,694(3.0%)193,703(18.2%)209,581(40.2%)142,015 "Comprehensive Income Attributable to ORIX Corporation Shareholders" was ¥268,097 million for the nine months ended December 31, 2021 (year-on-yearchange was a 107.0% increase) and ¥129,493 million for the nine months ended December 31, 2020 (year-on-yearchange was a 43.1% decrease).

(millions of yen)*1

1. Performance Highlights as of and for the Nine Months Ended December 31, 2021

(1) Performance Highlights - Operating Results (Unaudited)

Head Office:

ORIX Corporation

Tokyo Stock Exchange (Securities No. 8591) New York Stock Exchange (Trading Symbol: IX) Tokyo JAPAN

Tel: [phone]

(URL https://www.orix.co.jp/grp/en/ir/)

Corporate Name: Listed Exchanges:

Consolidated Financial Results from April 1, 2021 to December 31, 2021

(U.S. GAAP Financial Information for ORIX Corporation and its Subsidiaries)

Total

Total

Shareholders'

Shareholders'

Assets

Equity

Equity

Equity Ratio

December 31, 2021

14,091,160

3,244,765

3,147,960

22.3%

March 31, 2021

13,563,082

3,103,144

3,028,456

22.3%

*Note 2: "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

Second

Third

Year-end

Total

Quarter-end

Quarter-end

Quarter-end

March 31, 2021

－

35.00

－

43.00

78.00

March 31, 2022

－

39.00

－

－

－

March 31, 2022 (Est.)

－

－

－

39.00

78.00

*Note 3: The annual dividend per share is planned to be an amount that a dividend payout ratio is computed at 33%, or the amount of 78 yen, whichever is higher. In the above, the minimum dividend has been stated. For details of dividend forecast for the fiscal year ending March 31, 2022, please refer to "Notice Regarding Revision of Consolidated Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 31, 2022" announced on December 17, 2021.

3. Forecast for the Year Ending March 31, 2022 (Unaudited)

Net Income

Attributable to

ORIX Corporation Shareholders

March 31, 2022310,00061.1%

*Note 4: 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)	Changes in Significant Consolidated Subsidiaries	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 adoption of new accounting standards	Yes	(	ｘ )	No	(		)
2.	Other than those above			Yes	(	)	No	(	ｘ	)

*Note 5: For details, please refer to "2. Financial Information (6) Changes in Accounting Policies" on page 14.

1. Number of Issued Shares (Ordinary Shares)

1. The number of issued shares, including treasury stock, was 1,285,724,480 as of December 31, 2021, and 1,285,724,480 as of March 31, 2021.
2. The number of treasury stock was 90,361,337 as of December 31, 2021, and 66,231,916 as of March 31, 2021.
3. The average number of outstanding shares was 1,206,467,458 for the nine months ended December 31, 2021, and 1,242,764,847 for the nine months ended December 31, 2020.
   The Company's shares held through the Board Incentive Plan Trust (2,142,248 shares as of December 31, 2021 and 2,154,248 shares as of March 31, 2021) 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.
4. • 1 -

1. Summary of Consolidated Financial Results

1. Financial Highlights

Financial Results for the Nine Months Ended December 31, 2021

		Nine months	Nine months	Change
		ended	ended
		December 31, 2020	December 31, 2021	Amount		Percent
Total Revenues	(millions of yen)	1,665,694	1,868,113	202,419		12 %
Total Expenses	(millions of yen)	1,471,991	1,585,994	114,003		8 %
Income before Income Taxes	(millions of yen)	209,581	316,689	107,108		51 %
Net Income Attributable to	(millions of yen)	142,015	211,341	69,326		49 %
ORIX Corporation Shareholders
Earnings Per Share (Basic)	(yen)	114.27	175.17	60.90		53 %
(Diluted)	(yen)	114.17	174.98	60.81		53 %
ROE (Annualized) *1	(%)	6.4	9.1	2.7		－
ROA (Annualized) *2	(%)	1.43	2.04	0.61		－

*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.

Overview of Business Performance (April 1, 2021 to December 31, 2021)

Total revenues for the nine months ended December 31, 2021 (hereinafter, "the third consolidated period") increased 12% to ¥1,868,113 million compared to ¥1,665,694 million during the same period of the previous fiscal year due to increases in services income, operating leases revenues, sales of goods and real estate, and gains on investment securities and dividends.

Total expenses increased 8% to ¥1,585,994 million compared to ¥1,471,991 million during the same period of the previous fiscal year due to increases in services expense, costs of operating leases, costs of goods and real estate sold, and selling, general and administrative expenses.

Equity in net income (loss) of affiliates increased 308% to ¥8,465 million compared to ¥2,077 million and gains on sales of subsidiaries and affiliates and liquidation losses, net increased 177% to ¥26,105 million compared to ¥9,436 million during the same period of the previous fiscal year.

Due to the above results, income before income taxes for the third consolidated period increased 51% to ¥316,689 million compared to ¥209,581 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 49% to ¥211,341 million compared to ¥142,015 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the third consolidated period increased 45% to ¥350,781 million compared to the same period of the previous fiscal year.

Since April 1, 2021, a portion of interest expenses, which were initially included in the difference between segment total profits and consolidated amounts, have been charged directly to its respective segments. In addition, a portion of selling, general and administrative expenses, which were initially recorded in each respective segment, have been included in the difference between segment total profits and consolidated amounts. Furthermore, a portion of the leasing business in the Environment and Energy segment was transferred to the Corporate Financial Services and Maintenance Leasing segment. As a result of these changes, segment assets information as of March 31, 2021 and segment profits information for the nine months ended December 31, 2020 have been retrospectively restated.

Segment information for the third 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; Yayoi

	Nine months ended	Nine months ended	Change
	December 31, 2020	December 31, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Profits	50,442	71,068	20,626	41
	As of March 31, 2021	As of December 31,	Change
	(millions of yen)	2021	Amount	Percent
	(millions of yen)
		(millions of yen)	(%)
Segment Assets	1,676,063	1,637,034	(39,029)	(2)

Segment profits increased 41% to ¥71,068 million compared to the same period of the previous fiscal year. This increase was due to an increase in gains on investment securities and dividends resulting from the IPO of an investee, and an increase in operating leases revenues resulting from an increase in gains on sales of used cars in our automobile-related businesses and an increase in lending of electronic measuring instruments and ICT-related equipment in our rental business.

Segment assets decreased 2% to ¥1,637,034 million compared to the end of the previous fiscal year. This decrease was due to decreases in net investment in leases, 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	Nine months ended	Change
	December 31, 2020	December 31, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Profits	16,575	27,861	11,286	68
	As of March 31, 2021	As of December 31,	Change
	(millions of yen)	2021	Amount	Percent
	(millions of yen)
		(millions of yen)	(%)
Segment Assets	872,095	888,077	15,982	2

Segment profits increased 68% to ¥27,861 million compared to the same period of the previous fiscal year. This increase was due to an increase in sales of real estate by DAIKYO INCORPORATED and its subsidiaries, and an increase in operating leases revenues resulting from sales of real estate under operating leases.

Segment assets increased 2% to ¥888,077 million compared to the end of the previous fiscal year. This increase was due to an increase in advances for finance lease and operating lease.

PE Investment and Concession: Private equity investment; concession

	Nine months ended	Nine months ended	Change
	December 31, 2020	December 31, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Profits	4,580	(10,243)	(14,823)	－
	As of March 31, 2021	As of December 31,	Change
	(millions of yen)	2021	Amount	Percent
	(millions of yen)
		(millions of yen)	(%)
Segment Assets	378,698	356,907	(21,791)	(6)

Segment profits decreased by ¥14,823 million to losses of ¥10,243 million compared to the same period of the previous fiscal year. This decrease was due to the write-down of assets to be transferred in connection with the conclusion of asset transfer agreements scheduled to be executed during the three months ending March 31, 2022 at a certain investee, as well as the write-down of inventories at a certain investee. In addition, there was a decrease in equity in net income (loss) of affiliates at our three airports in Kansai in our concession business.

Segment assets decreased 6% to ¥356,907 million compared to the end of the previous fiscal year. This decrease was due to a decrease in inventories and property under facility operations at a certain investee.

- 4 -