ORIX : Consolidated Financial Results April 1, 2021 - June 30, 2021

Consolidated Financial Results

April 1, 2021 - June 30, 2021

August 3, 2021

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]

March 31, 2022

Year-on-Year

Change

June 30, 202153.6553.61

June 30, 202040.0840.05

*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

June 30, 2021

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

608,81313.2%101,979124.1%100,05647.9%65,21630.3%

June 30, 2020537,641(2.0%)45,516(39.8%)67,631(31.6%)50,048(27.7%) "Comprehensive Income Attributable to ORIX Corporation Shareholders" was ¥81,293 million for the three months ended June 30, 2021 (year-on-yearchange was a 77.2% increase) and ¥45,876 million for the three months ended June 30, 2020 (year-on-yearchange was a 5.7% decrease).

(millions of yen)*1

1. Performance Highlights as of and for the Three Months Ended June 30, 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 June 30, 2021

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

Total

Total

Shareholders'

Shareholders'

Assets

Equity

Equity

Equity Ratio

June 30, 2021

13,581,966

3,115,251

3,047,532

22.4%

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

－

－

－

－

－

March 31, 2022 (Est.)

－

39.00

－

39.00

78.00

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

Net Income

Attributable to

ORIX Corporation Shareholders

250,00029.9%

*Note 3: Although forward-looking statements in this document are based on information currently available to, and 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 adoptions of new accounting standards	Yes	(	ｘ )	No	(		)
2.	Other than those above			Yes	(	)	No	(	ｘ	)

*Note 4: 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 June 30, 2021, and 1,285,724,480 as of March 31, 2021.
2. The number of treasury stock was 71,528,557 as of June 30, 2021, and 66,231,916 as of March 31, 2021.
3. The average number of outstanding shares was 1,215,578,051 for the three months ended June 30, 2021, and 1,248,752,101 for the three months ended June 30, 2020.
   The Company's shares held through the Board Incentive Plan Trust (2,154,248 shares as of June 30, 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 Three Months Ended June 30, 2021

		Three months	Three months	Change
		ended	ended
		June 30, 2020	June 30, 2021	Amount	Percent
Total Revenues	(millions of yen)	537,641	608,813	71,172		13 %
Total Expenses	(millions of yen)	492,125	506,834	14,709		3 %
Income before Income Taxes	(millions of yen)	67,631	100,056	32,425		48 %
Net Income Attributable to	(millions of yen)	50,048	65,216	15,168		30 %
ORIX Corporation Shareholders
Earnings Per Share (Basic)	(yen)	40.08	53.65	13.57		34 %
(Diluted)	(yen)	40.05	53.61	13.56		34 %
ROE (Annualized) *1	(%)	6.8	8.6	1.8			－
ROA (Annualized) *2	(%)	1.53	1.92	0.39			－

*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 June 30, 2021)

Total revenues for the three months ended June 30, 2021 (hereinafter, "the first consolidated period") increased 13% to ¥608,813 million compared to ¥537,641 million during the same period of the previous fiscal year due to increases in services income, gains on investment securities and dividends, and operating leases revenues despite a decrease in life insurance premiums and related investment income.

Total expenses increased 3% to ¥506,834 million compared to ¥492,125 million during the same period of the previous fiscal year due to increases in selling, general and administrative expenses, services expense and costs of operating leases despite decreases in provision for credit losses and life insurance costs.

On the other hand, equity in net income (loss) of affiliates decreased by ¥17,350 million to losses of ¥4,920 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and affiliates and liquidation losses, net decreased by ¥2,323 million to ¥2,997 million compared to the same period of the previous fiscal year.

Due to the above results, income before income taxes for the first consolidated period increased 48% to ¥100,056 million compared to ¥67,631 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 30% to ¥65,216 million compared to ¥50,048 million during the same period of the previous fiscal year.

- 2 -

Segment Information

Total segment profits for the first consolidated period increased 36% to ¥106,881 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 its respective segments, 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 data for the three months ended June 30, 2020 has been retrospectively restated.

Segment information for the first consolidated period is as follows:

Corporate Financial Services and Maintenance Leasing: Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and IT-related equipment; Yayoi

	Three months ended	Three months ended	Change
	June 30, 2020	June 30, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Profits	13,292	20,279	6,987		53
			Change
	As of March 31, 2021	As of June 30, 2021
	Amount	Percent
	(millions of yen)	(millions of yen)
			(millions of yen)	(%)
Segment Assets	1,676,063	1,635,925	(40,138)		(2)

Segment profits increased 53% to ¥20,279 million compared to the same period of the previous fiscal year. This increase was due to 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 IT-related equipment in the rental business.

Segment assets decreased 2% to ¥1,635,925 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

	Three months ended	Three months ended	Change
	June 30, 2020	June 30, 2021	Amount	Percent
	(millions of yen)	(millions of yen)
	(millions of yen)	(%)
Segment Profits	1,850	11,013	9,163		495
			Change
	As of March 31, 2021	As of June 30, 2021
	Amount	Percent
	(millions of yen)	(millions of yen)
			(millions of yen)	(%)
Segment Assets	872,095	864,348	(7,747)		(1)

Segment profits increased 495% to ¥11,013 million compared to the same period of the previous fiscal year. This increase was due to an increase in operating leases revenues resulting from sales of real estate under operating leases.

Segment assets decreased 1% to ¥864,348 million compared to the end of the previous fiscal year. This decrease was due to a decrease

in investment in operating leases, despite an increase in advances for finance lease and operating lease.

PE Investment and Concession: Private equity investment; concession
		Three months ended	Three months ended
		June 30, 2020	June 30, 2021
		(millions of yen)	(millions of yen)
Segment Profits	4,601	268
		As of March 31, 2021	As of June 30, 2021
		(millions of yen)	(millions of yen)
Segment Assets	378,698	382,004

Change

Amount	Percent
(millions of yen)	(%)

(4,333) (94)

Change

Amount	Percent
(millions of yen)	(%)

3,306 1

Segment profits decreased 94% to ¥268 million compared to the same period of the previous fiscal year. This decrease was due to a decrease in equity in net income (loss) of affiliates at our three airports in Kansai in our concession business.

Segment assets increased 1% to ¥382,004 million compared to the end of the previous fiscal year. This increase was due to the allocation of acquisition costs of a subsidiary acquired during the nine months ended December 31, 2020.

- 4 -