6-K - IX - Equibles

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number: 001-14856

ORIX Corporation

(Translation of Registrant’s Name into English)

World TradeCenter Bldg., SOUTH TOWER, 2-4-1 Hamamatsu-cho, Minato-ku, Tokyo, JAPAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

Table of Contents

Material Contained in this Report

1.	ORIX’s Second Quarter Consolidated Financial Results (April 1, 2023 – September 30, 2023) filed with the Tokyo Stock Exchange on Wednesday, November 1, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ORIX Corporation
Date : November 1, 2023	By	/s/ Yasuaki Mikami
		Yasuaki Mikami
		Member of the Board of Directors<br><br><br>Senior Managing Executive Officer<br><br><br>Responsible for Corporate Function Unit<br><br><br>Responsible for Work Style Reform Project<br><br><br>ORIX Corporation

Consolidated Financial Results

April 1, 2023 – September 30, 2023

November 1, 2023

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries havecomplied with generally accepted accounting principles in the United States of America.

This document may contain forward-lookingstatements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results todiffer 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 most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission.

The Company believes thatit 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. Inaddition, 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 American depositary shares of the Company will be subject to special rules generally intended to eliminate anybenefits 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 tosuch 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: +81-3-3435-3121 Fax: +81-3-3435-3154

E-mail: orix_corpcomm@orix.jp

Consolidated Financial Results from April 1, 2023 toSeptember 30, 2023

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

Corporate Name:	ORIX Corporation
Listed Exchanges:	Tokyo Stock Exchange (Securities No. 8591)
	New York Stock Exchange (Trading Symbol : IX)
Head Office:	Tokyo JAPAN
	Tel: +81-3-3435-3121
	(URL https://www.orix.co.jp/grp/en/ir/)

1. Performance Highlights as of and for the Six Months Ended September 30, 2023

(1) Performance Highlights - Operating Results (Unaudited)

(millions of yen)

	Total<br>Revenues		Year-on-Year<br>Change			Operating<br>Income		Year-on-Year<br>Change			Income before<br>Income Taxes		Year-on-Year<br>Change			Net Income<br>Attributable to<br>ORIX Corporation<br>Shareholders		Year-on-Year<br>Change
September 30, 2023		1,359,735		(0.4	)%		164,035		8.7	%		184,467		11.0	%		128,100		4.7	%
September 30, 2022		1,364,816		—			150,911		—			166,124		—			122,310		—

“Comprehensive Income Attributable to ORIX Corporation Shareholders” was ¥298,830 million for the six months ended September 30, 2023 (year-on-year change was a 9.9% decrease) and ¥331,731 million for the six months ended September 30, 2022.

*Note 1:	Accounting Standards Update 2018-12 (“Targeted Improvements to the Accounting for Long-Duration<br>Contracts”—ASC 944 (“Financial Services—Insurance”)) (hereinafter, “LDTI”) has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition<br>approach. Although figures for the six months ended September 30, 2022 have been retrospectively restated, the year-on-year change rate has not been presented.
	Basic<br>Earnings Per Share		Diluted<br>Earnings Per Share
---	---	---	---	---
September 30, 2023		109.92		109.76
September 30, 2022		102.96		102.85
*Note 2:	Unless otherwise stated, all amounts shown herein are in millions of Japanese yen, except for per share and<br>dividend amounts, which are in single yen.
---	---

(2) Performance Highlights - Financial Position (Unaudited)

	Total<br>Assets
September 30, 2023		15,795,220	3,841,996	3,761,098	23.8	%
March 31, 2023		15,289,385	3,614,322	3,543,607	23.2	%
*Note 3:	“Shareholders’ Equity” refers to “Total ORIX Corporation Shareholders’<br>Equity.”
---	---

“Shareholders’ Equity Ratio” is the ratio of “Total ORIX Corporation Shareholders’ Equity” to “Total Assets.”

LDTI standard has been adopted since April 1, 2023, with the transition date of April 1,2021, using the modified retrospective transition approach.

2. Dividends (Unaudited)


March 31, 2023	—	42.80	—	42.80	85.60
March 31, 2024	—	42.80	—	—	—
March 31, 2024 (Est.)	—	—	—	51.20	94.00

3. Forecast for the Year Ending March 31, 2024 (Unaudited)

	Net Income<br>Attributable to<br>ORIX Corporation Shareholders
March 31, 2024		330,000	20.8	%
*Note 4:	Although forward-looking statements in this document are based on information currently available to ORIX<br>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.<br>
---	---

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 )

(4) Number of Issued Shares (Ordinary Shares)

The number of issued shares, including treasury stock, was 1,234,849,342 as of September 30, 2023, and 1,234,849,342 as of March 31, 2023.
The number of treasury stock was 73,850,720 as of September 30, 2023, and 61,742,607 as of March 31,
The average number of outstanding shares was 1,165,399,765 for the six months ended September 30, 2023, and 1,187,884,502 for the six months ended September 30, 2022.

The Company’s shares held through the Board Incentive Plan Trust (2,800,866 shares as of September 30, 2023, and 2,800,866 shares as of March 31, 2023) 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.

* These consolidated financial results from April 1, 2023 to September 30, 2023 are not subject to certified public accountant’s or audit firm’s quarterly review.

1. Summary of Consolidated Financial Results

(1) Financial Highlights

Financial Results for the SixMonths Ended September 30, 2023


			Amount		Percent
Total Revenues	(millions of yen)	1,364,816	1,359,735	(5,081	)	(0	)%
Total Expenses	(millions of yen)	1,213,905	1,195,700	(18,205	)	(1	)%
Income before Income Taxes	(millions of yen)	166,124	184,467	18,343		11	%
Net Income Attributable to ORIX Corporation Shareholders	(millions of yen)	122,310	128,100	5,790		5	%
Earnings Per Share (Basic)	(yen)	102.96	109.92	6.96		7	%
<br> (Diluted)	(yen)	102.85	109.76	6.91		7	%
ROE (Annualized) *1	(%)	7.1	7.0	(0.1	)	—
ROA (Annualized) *2	(%)	1.68	1.65	(0.03	)	—
*Note 1:	ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX<br>Corporation Shareholders’ Equity.
---	---
*Note 2:	ROA is calculated based on Net Income Attributable to ORIX Corporation Shareholders.
---	---
*Note 3:	Accounting Standards Update 2018-12 (“Targeted Improvements to the Accounting for Long-Duration<br>Contracts”—ASC 944 (“Financial Services—Insurance”)) (hereinafter, “LDTI”) has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition<br>approach.
---	---

Overview of Business Performance (April 1, 2023 to September 30, 2023)

Total revenues for the six months ended September 30, 2023 (hereinafter, “the second consolidated period”) remained relatively flat at ¥1,359,735 million compared to ¥1,364,816 million during the same period of the previous fiscal year due to a decrease in sales of goods and real estate offset by increases in finance revenues, life insurance premiums and related investment income and services income.

Total expenses decreased 1% to ¥1,195,700 million compared to ¥1,213,905 million during the same period of the previous fiscal year due to a decrease in costs of goods and real estate sold offset by increases in interest expense and selling, general and administrative expenses.

Equity in net income of affiliates increased by ¥10,180 million to ¥16,804 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 ¥4,961 million to ¥3,628 million compared to the same period of the previous fiscal year.

Due to the above results, income before income taxes for the second consolidated period increased 11% to ¥184,467 million compared to ¥166,124 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 5% to ¥128,100 million compared to ¥122,310 million during the same period of the previous fiscal year.

Segment Information

Total segment profits for the second consolidated period increased 11% to ¥191,010 million compared to the same period of the previous fiscal year.

Since April 1, 2023, segment profits have been calculated with a broadened scope of profit sharing for inter-segment collaboration. As a result, segment data for the six months ended September 30, 2022 has been retrospectively restated.

LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. As a result of the adoption of LDTI, Insurance segment data for the previous fiscal year has been retrospectively restated. For further information, see “2. Financial Information (6) Changes in Accounting Policies - (Adoption of New Accounting Standards)”.

Segment information for the second 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

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		36,917		40,266		3,349		9
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		1,514,070		1,523,394		9,324		1

Segment profits increased 9% to ¥40,266 million compared to the same period of the previous fiscal year due to an increase in gains on investment securities and dividends.

Segment assets increased 1% to ¥1,523,394 million compared to the end of the previous fiscal year due to an increase in net investment in leases and an increase in investment in operating leases, despite a decrease in installment loans.

Real Estate : Real estate development, rental and management; facility operations; real estate asset management

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		18,949		26,867		7,918		42
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		935,027		1,004,443		69,416		7

Segment profits increased 42% to ¥26,867 million compared to the same period of the previous fiscal year due to an increase in services income and an increase in sales of goods and real estate.

Segment assets increased 7% to ¥1,004,443 million compared to the end of the previous fiscal year due to an increase in inventories.

PE Investment and Concession : Private equity investment; concession

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		4,011		9,674		5,663		141
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		605,471		808,757		203,286		34

Segment profits increased 141% to ¥9,674 million compared to the same period of the previous fiscal year due to an increase in equity in net income(loss) of affiliates at our three airports in Kansai in our concession business.

Segment assets increased 34% to ¥808,757 million compared to the end of the previous fiscal year due to an increase in investment in securities and an increase in installment loans.

Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and battery energy storage system; recycling and waste management

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		8,718		8,138		(580	)	(7	)
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		773,617		833,262		59,645		8

Segment profits decreased 7% to ¥8,138 million compared to the same period of the previous fiscal year due an increase in interest expense on investments in Elawan Energy S.L., despite a decrease in the loss in the electric power retailing business.

Segment assets increased 8% to ¥833,262 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

Insurance : Life insurance

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		14,785		37,038		22,253		151
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		2,050,412		2,105,725		55,313		3

Segment profits increased 151% to ¥37,038 million compared to the same period of the previous fiscal year due to a decrease in life insurance costs as a result of reduced payouts to policy holders compared to the same period of the previous fiscal year.

Segment assets increased 3% to ¥2,105,725 million compared to the end of the previous fiscal year due to an increase in investment in securities.

Banking and Credit : Banking; consumer finance

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		15,215		16,471		1,256		8
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		2,698,747		2,705,802		7,055		0

Segment profits increased 8% to ¥16,471 million compared to the same period of the previous fiscal year due to an increase in gains on investment securities and dividends and an increase in finance revenues, despite an increase in the provision for credit losses.

Segment assets totaled ¥2,705,802 million, remaining relatively unchanged compared to the end of the previous fiscal year.

Aircraft and Ships : Aircraft investment and management; ship-related finance and investment

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		10,649		10,415		(234	)	(2	)
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		742,890		907,147		164,257		22

Segment profits decreased 2% to ¥10,415 million compared to the same period of the previous fiscal year due to a decrease in operating leases revenues in our ship-related business resulting from the sale of owned vessels.

Segment assets increased 22% to ¥907,147 million compared to the end of the previous fiscal year due to an increase in investment in operating leases and an increase in investment in affiliates resulting from foreign exchange effects.

ORIX USA : Finance, investment and asset management in the Americas

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		21,596		16,332		(5,264	)	(24	)
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		1,462,067		1,525,455		63,388		4

Segment profits decreased 24% to ¥16,332 million compared to the same period of the previous fiscal year due to a decrease in gains on investment securities and dividends, and the absence of gains on the sales of subsidiaries and affiliates due to the sale of certain investees recorded in the same period of the previous fiscal year, despite an increase in services income.

Segment assets increased 4% to ¥1,525,455 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects, despite a decrease in installment loans.

ORIX Europe : Asset management of global equity and fixed income

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		16,419		13,362		(3,057	)	(19	)
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		417,941		453,037		35,096		8

Segment profits decreased 19% to ¥13,362 million compared to the same period of the previous fiscal year due to an increase in interest expense on the investment in ORIX Corporation Europe N.V.

Segment assets increased 8% to ¥453,037 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

Asia and Australia : Finance and investment businesses in Asia and Australia

	Six months ended<br>September 30, 2022<br>(millions of yen)		Six months ended<br>September 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Profits		24,470		12,447		(12,023)		(49)
	As ofMarch 31, 2023<br>(millions of yen)		As ofSeptember 30, 2023<br>(millions of yen)		Change
				Amount<br>(millions of yen)			Percent<br>(%)
Segment Assets		1,395,096		1,569,913		174,817		13

Segment profits decreased 49% to ¥12,447 million compared to the same period of the previous fiscal year due to the absence of gains on the sales of subsidiaries and affiliates through the sale of certain investees recorded in the same period of the previous fiscal year and a decrease in equity in net income(loss) of affiliates.

Segment assets increased 13% to ¥1,569,913 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

(2) Consolidated Financial Condition

Summary of Assets, Liabilities, Shareholders’ Equity


			Amount		Percent
Total Assets	(millions of yen)	15,289,385	15,795,220	505,835		3	%
(Segment Assets)		12,595,338	13,436,935	841,597		7	%
Total Liabilities	(millions of yen)	11,674,118	11,951,381	277,263		2	%
(Short-term and Long-term Debt)		5,718,519	6,034,623	316,104		6	%
(Deposits)		2,246,345	2,223,592	(22,753	)	(1	)%
Shareholders’ Equity *1	(millions of yen)	3,543,607	3,761,098	217,491		6	%
Shareholders’ Equity Per Share *2	(yen)	3,027.93	3,247.37	219.44		7	%
*Note 1:	Shareholders’ Equity refers to ORIX Corporation Shareholders’ Equity based on U.S. GAAP.<br>
---	---
*Note 2:	Shareholders’ Equity Per Share is calculated using total ORIX Corporation Shareholders’ Equity.<br>
---	---
*Note 3:	LDTI has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the<br>modified retrospective transition approach.
---	---

Total assets increased 3% to ¥15,795,220 million compared to the end of the previous fiscal year due to increases in net investment in leases, investment in operating leases, investment in securities and investments in affiliates despite a decrease in cash and cash equivalents. In addition, segment assets increased 7% to ¥13,436,935 million compared to the end of the previous fiscal year.

Total liabilities increased 2% to ¥11,951,381 million compared to the end of the previous fiscal year due to increases in short- and long-term debt despite decreases in trade notes, accounts and other payable and policy liabilities and policy account balances.

Shareholders’ equity increased 6% to ¥3,761,098 million compared to the end of the previous fiscal year.

2. Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

(millions of yen)

Assets
Cash and Cash Equivalents		1,231,860		915,107
Restricted Cash		135,048		139,123
Net Investment in Leases		1,087,563		1,165,789
Installment Loans		3,877,602		3,946,693
The amounts which are measured at fair value by electing the fair value option are as<br>follows:
March 31, 2023	197,041 million
September 30, 2023	149,390 million
Allowance for Credit Losses		(64,723	)	(69,046	)
Investment in Operating Leases		1,537,178		1,723,328
Investment in Securities		2,940,858		3,187,963
The amounts which are measured at fair value by electing the fair value option are as<br>follows:
March 31, 2023	22,874 million
September 30, 2023	26,848 million
The amounts which are associated to available-for-sale debt securities are as follows:
March 31, 2023
Amortized Cost	2,488,858 million
Allowance for Credit Losses	(144) million
September 30, 2023
Amortized Cost	2,709,258 million
Allowance for Credit Losses	(468) million
Property under Facility Operations		620,994		635,070
Investment in Affiliates		1,000,704		1,109,253
The amounts which are measured at fair value by electing the fair value option are as<br>follows:
March 31, 2023	2,511 million
September 30, 2023	5,003 million
Trade Notes, Accounts and Other Receivable		441,803		373,780
Inventories		169,021		222,906
Office Facilities		253,649		252,669
Other Assets		2,057,828		2,192,585
The amounts which are measured at fair value by electing the fair value option are as<br>follows:
March 31, 2023	4,676 million
September 30, 2023	3,670 million
Total Assets		15,289,385		15,795,220
Liabilities and Equity
Short-term Debt		508,796		586,379
Deposits		2,246,345		2,223,592
Trade Notes, Accounts and Other Payable		366,851		329,843
Policy Liabilities and Policy Account Balances		1,832,057		1,783,074
The amounts which are measured at fair value by electing the fair value option are as<br>follows:
March 31, 2023	163,734 million
September 30, 2023	160,177 million
Current and Deferred Income Taxes		454,262		487,945
Long-term Debt		5,209,723		5,448,244
Other Liabilities		1,056,084		1,092,304
Total Liabilities		11,674,118		11,951,381
Redeemable Noncontrolling Interests		945		1,843
Commitments and Contingent Liabilities
Common Stock		221,111		221,111
Additional Paid-in Capital		233,169		233,679
Retained Earnings		3,054,448		3,132,339
Accumulated Other Comprehensive Income		156,135		326,700
Treasury Stock, at Cost		(121,256	)	(152,731	)
Total ORIX Corporation Shareholders’ Equity		3,543,607		3,761,098
Noncontrolling Interests		70,715		80,898
Total Equity		3,614,322		3,841,996
Total Liabilities and Equity		15,289,385		15,795,220

All values are in Japanese Yen.

10 -

Note 1:	Breakdown of Accumulated Other Comprehensive Income
	As ofMarch 31, 2023			As ofSeptember 30, 2023
---	---	---	---	---	---	---
Accumulated Other Comprehensive Income (Loss)
Net unrealized gains (losses) on investment in securities		(183,034	)		(283,445	)
Impact of changes in policy liability discount rate		164,516			275,092
Debt valuation adjustments		275			152
Defined benefit pension plans		(3,617	)		(3,706	)
Foreign currency translation adjustments		155,912			314,152
Net unrealized gains on derivative instruments		22,083			24,455
Total		156,135			326,700
Note 2:	LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021,<br>using the modified retrospective transition approach.
---	---

11 -

(2) Condensed Consolidated Statements of Income (Unaudited)

(millions of yen)

	Six months endedSeptember 30, 2022
Revenues :
Finance revenues		153,151		170,937
Gains (Losses) on investment securities and dividends		(746	)	11,334
Operating leases		249,144		259,949
Life insurance premiums and related investment income		263,211		285,738
Sales of goods and real estate		265,020		173,800
Services income		435,036		457,977
Total Revenues		1,364,816		1,359,735
Expenses :
Interest expense		51,473		90,891
Costs of operating leases		164,841		176,894
Life insurance costs		220,715		222,097
Costs of goods and real estate sold		232,209		124,795
Services expense		267,774		267,177
Other (income) and expense		6,941		2,503
Selling, general and administrative expenses		267,954		302,265
Provision for credit losses		1,674		8,524
Write-downs of long-lived assets		253		538
Write-downs of securities		71		16
Total Expenses		1,213,905		1,195,700
Operating Income		150,911		164,035
Equity in Net Income (Loss) of Affiliates		6,624		16,804
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net		8,589		3,628
Income before Income Taxes		166,124		184,467
Provision for Income Taxes		39,981		53,827
Net Income		126,143		130,640
Net Income Attributable to the Noncontrolling Interests		3,821		2,502
Net Income Attributable to the Redeemable Noncontrolling Interests		12		38
Net Income Attributable to ORIX Corporation Shareholders		122,310		128,100
Note:	LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the<br>modified retrospective transition approach.
---	---

12 -

(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	(millions of yen)
	Six months endedSeptember 30, 2022			Six months endedSeptember 30, 2023
Net Income :		126,143			130,640
Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities		(143,867	)		(100,412	)
Impact of changes in policy liability discount rate		159,366			110,576
Net change of debt valuation adjustments		60			(123	)
Net change of defined benefit pension plans		(316	)		(89	)
Net change of foreign currency translation adjustments		185,095			163,583
Net change of unrealized gains (losses) on derivative instruments		18,531			2,408
Total other comprehensive income		218,869			175,943
Comprehensive Income		345,012			306,583
Comprehensive Income Attributable to the Noncontrolling Interests		13,181			7,553
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		100			200
Comprehensive Income Attributable to ORIX Corporation Shareholders		331,731			298,830
Note:	LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using<br>the modified retrospective transition approach.
---	---

(4) Assumptions for Going Concern

There is no corresponding item.

(5)Significant Changes in Shareholders’ Equity

There is no corresponding item.

13 -

(6) Changes in Accounting Policies

(Adoption of New Accounting Standards)

In August 2018, Accounting Standards Update 2018-12 (“Targeted Improvements to the Accounting for Long-Duration Contracts”—ASC 944 (“Financial Services—Insurance”)) was issued, and the original effective date was deferred by two years by related amendments which were issued thereafter. These updates change the recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. These updates require an insurance entity to review and, if there is a change, update cash flow assumptions at least annually and to update the discount rate used for the liability for future policy benefits at each reporting date for nonparticipating traditional long-duration and limited-payment contracts. The effect of updating the discount rate is recognized in other comprehensive income (loss). These updates also require market risk benefits to be measured at fair value, and simplify amortization of deferred policy acquisition costs. Furthermore, these updates require additional disclosures for long-duration contracts. These updates are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early application is permitted. For the liability for future policy benefits and deferred policy acquisition costs, these updates are applied to contracts in force as of the beginning of the earliest period presented (hereinafter, “the transition date” of these updates) on a modified retrospective basis, and an insurance entity may elect to apply retrospectively. For the market risk benefits, these updates are applied retrospectively at the transition date, and the difference between fair value and carrying value requires an adjustment to retained earnings at the transition date. The cumulative effect of changes in the discount rates between contract inception date and the transition date should be recognized in accumulated other comprehensive income at the transition date. The Company and its subsidiaries adopted these updates on April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. Upon adoption of these updates, the measurement method of the liability for future policy benefits, etc. have been changed. In addition, as of the transition date, the effect of the adoption on the Company and its subsidiaries’ financial position was an increase of ¥28,937 million in policy liabilities and policy account balances and a decrease of ¥24,641 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)) on the consolidated balance sheet. These were due to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly a decline in Japanese yen interest rates). The balance of deferred policy acquisition costs (included in other assets) immediately before the transition date were carried forward upon transition. As of and for the fiscal year ended March 31, 2022, the effect of the adoption of LDTI on the Company and its subsidiaries’ results of operations and financial position was an increase of ¥10,012 million in deferred policy acquisition costs (included in other assets), a decrease of ¥50,925 million in policy liabilities and policy account balances, an increase of ¥37,535 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of ¥5,241 million in retained earnings in the consolidated balance sheet, and a decrease of ¥4,571 million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), and a change in the amortization period of deferred policy acquisition costs. Furthermore, as of and for the fiscal year ended March 31, 2023, the effect of the adoption of these updates on the Company and its subsidiaries’ results of operations and financial position was an increase of ¥23,194 million in deferred policy acquisition costs (included in other assets), a decrease of ¥233,309 million in policy liabilities and policy account balances, an increase of ¥164,516 million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of ¥22,506 million in retained earnings in the consolidated balance sheet, and a decrease of ¥25,010 million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), reversals of policy liabilities and policy account balances due to update net insurance premium rates (resulting from variances between actual and expected benefits paid), and changes in the amortization period of deferred policy acquisition costs.

14 -

(7) Segment Information (Unaudited)

Segment Information by Sector

											(millions of yen)
	Six Months ended<br>September 30, 2022					Six Months ended<br>September 30, 2023					March 31, 2023		September 30, 2023
	Segment<br>Revenues		Segment<br>Profits			Segment<br>Revenues		Segment<br>Profits			Segment<br>Assets		Segment<br>Assets
Corporate Financial Services and Maintenance Leasing		211,427		36,917			220,247		40,266			1,514,070		1,523,394
Real Estate		190,487		18,949			219,293		26,867			935,027		1,004,443
PE Investment and Concession		250,873		4,011			172,980		9,674			605,471		808,757
Environment and Energy		110,914		8,718			81,972		8,138			773,617		833,262
Insurance		265,870		14,785			288,586		37,038			2,050,412		2,105,725
Banking and Credit		40,944		15,215			42,727		16,471			2,698,747		2,705,802
Aircraft and Ships		28,496		10,649			29,229		10,415			742,890		907,147
ORIX USA		79,932		21,596			88,089		16,332			1,462,067		1,525,455
ORIX Europe		89,836		16,419			104,059		13,362			417,941		453,037
Asia and Australia		92,434		24,470			105,238		12,447			1,395,096		1,569,913
Segment Total		1,361,213		171,729			1,352,420		191,010			12,595,338		13,436,935
Difference between Segment Total and Consolidated Amounts		3,603		(5,605	)		7,315		(6,543	)		2,694,047		2,358,285
Consolidated Amounts		1,364,816		166,124			1,359,735		184,467			15,289,385		15,795,220
Note 1:	The Company evaluates the performance of segments based on income before income taxes, adjusted for net<br>income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests before applicable tax effect. Tax expenses are not included in segment profits.
---	---
Note 2:	Since April 1, 2023,segment profits have been calculated with a broadened scope of profit sharing for<br>inter-segment collaboration. As a result, segment data for the six months ended September 30, 2022 has been retrospectively restated.
---	---
Note 3:	LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the<br>modified retrospective transition approach. As a result of the adoption of LDTI, Insurance segment data for the previous fiscal year has been retrospectively restated. For further information, see “2. Financial Information (6) Changes in<br>Accounting Policies - (Adoption of New Accounting Standards)”.
---	---
Note 4:	Inter-segment transactions are included in segment revenues, and eliminations of inter-segment transactions<br>are included in the difference between segment total and consolidated amounts.
---	---

(8) Subsequent Events

There are no material subsequent events.

15 -