ORIX : First Quarter Results Presentation Material 2021/6

ORIX Corporation

First Quarter Consolidated Financial Results

For the Three-Month Period Ended June 30, 2021

Hitomaro Yano Executive Officer

Head of Treasury and Accounting Headquarters

August 3, 2021

(TSE: 8591; NYSE: IX)

Executive Summary

1. Net income & ROE
   Net income of 65.2 JPY Bn（+30.3% YoY, +29.5% QoQ), annualized ROE 8.6%

Achieved 26.1% of FY22.3 net income forecast (250.0 JPY Bn)

(2) Segment profit growth

ORIX Europe, ORIX USA, Real Estate, and Corporate Financial Services & Maintenance Leasing segments all posted sharp profit growth, realized investment gains

Healthy profit gains offset decline in earnings at three businesses with major COVID-19 impact: Real Estate (Facilities Operations), Aircraft leasing, Concession

(3) Investment pipeline & New execution

Rich pipeline includes renewable energy projects and MICE IR project

Steady progress in execution of previously-announced projects

1. Shareholder returns
   No change to plan for full-year dividend of 78 JPY per share (39 JPY for H1)

FY22.3 share repurchase program of 50.0 JPY Bn planned (10.2 JPY Bn in buybacks already executed as of June 30, 2021)

Copyright © 2021 ORIX Corporation All rights reserved.

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1. Net Income & ROE

• 65.2 JPY Bn in net income (+30.3% YoY, +29.5% QoQ, 26.1% of FY22.3 forecast of 250.0 JPY Bn) Annualized ROE at 8.6%
• Achieved steady recovery in net income since FY21.3 Q2, results exceeded FY20.3 Q4 levels

Net Income* and ROE

Quarterly Net Income and ROE Trends

(JPY Bn)

400.0	12.1%	11.6%		10.3%
350.0							6.4%
300.0								FY22.3 Forecast
250.0								250.0
200.0
150.0	313.1	323.7		302.7
100.0							192.4
50.0								65.2
0.0
18.3	19.3		20.3	21.3	22.3
				Net Income	ROE（annualized）

*Net Income refers to Net Income Attributable to ORIX Corporation Shareholders

	(JPY Bn)
100
	12.3%	11.4%
90
	9.6%				8.6%
80		7.8%
70		6.8%	5.9%	6.5%	6.8%
60

50

4089.9 85.2

69.2							58.4											65.2
30
											50.0			48.2	50.4
20														43.8
10
0
					20.3										21.3			22.3
		Q1		Q2			Q3			Q4	Q1		Q2			Q3		Q4	Q1
									Net Income			ROE (annualized)

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(1) Breakdown of Segment Profits

FY 22.3 Q1				77.2 JPY Bn, up by 23.3% YoY (+14.6 JPY Bn)
			Robust performance in multiple segments (incl. ORIX Europe, ORIX USA, Corporate Financial Services &
Segment profits		Base Profits
		Maintenance Leasing) offset decline in three businesses most impacted by COVID-19 (Real Estate <>
106.9 JPY Bn
			Operations>, Aircraft leasing, Concession)
up by 35.8% YoY
	Investment		29.7 JPY Bn, up by 85.6% YoY (+13.7 JPY Bn)
(+28.2 JPY Bn)
	Gains*		Exited several US private equity investments (incl. RoadSafe), sold Hirakata II Logistics Center
	Full-Fiscal Year Segment Profits	Quarterly Segment Profits

（JPY Bn）

.0	470.1		451.4
	433.7
.0	143.1	107.2	140.1
				332.3
.0						87.4
.0
	327.0	326.5	311.3	244.9
.0
.0
18.3	19.3	20.3	21.3
			Base profits	Investment gains

（JPY Bn）

				106.9
		85.7	89.9	29.7
78.7	78.1
15.2
16.0		34.6
21.6
62.6		70.4		77.2
56.5	55.3
		21.3		22.3
Q1	Q2	Q3	Q4	Q1

*Primary sources of investment gains: gains on sales of rental property, subsidiaries and affiliates, investment securities, etc. Please see P40 for breakdown of Investment Gains

Base profits

Investment gains

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1. Segment Profit Growth Healthy Earnings Offset COVID Impact

• ORIX Europe, ORIX USA, Real Estate, Corporate Financial Services & Maintenance Leasing posted sharp profit growth, realized investment gains
• Healthy profit gains offset decline in earnings at three businesses*1 with major COVID impact

*1: See p. 39 for details of COVID-impacted segment profit trends

(Segment Profits)

(JPY Bn)Profit Growth Offsets COVID Impact

150

125

100 16.8

75	1.5
50	118.0
91.5
	77.2
25
0
-11.1

(25)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

20.3

21.3

22.3

Segments with minor COVID impact

Three businesses with major COVID impact*2

*2: Real estate (facilities operation) segment profits calculated by subtracting investment gains from real estate investment & operations business unit's segment profit

ORIX Europe

• Record AUM at ORIX Europe with focus on ESG investment

ORIX USA

• Private equity investment exits, solid performance in asset management businesses incl. Lument*3

Real Estate

• Sales of logistics center, earnings growth at DAIKYO

Corporate Financial Services & Maintenance Leasing

• Auto business supported by brisk used car sales, recovery in rental car operations
• Rentec earnings continue on uptrend since FY21.3 Q2

*3: Lument is an asset management firm focusing primarily on real-estate loan origination

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