ORIX (8591) Q3 2026 earnings summary

Executive summary

• Net income for the nine months ended December 31, 2025, reached ¥389,675 million, up ¥117,900 million year-over-year, achieving 89% of the full-year forecast and marking a record high for the third quarter cumulative profit.

• Pre-tax profits rose to ¥567,719 million, an increase of ¥184,300 million year-over-year, with all finance, operation, and investment segments contributing to growth.

• Share buyback program expanded to ¥150,000 million, with 85% completed by end of January 2026.

• Total revenues for the nine months rose 12% year-over-year to ¥2,408,910 million, driven by investment securities gains, dividends, and higher life insurance premiums and service income.

• Comprehensive income increased 132% year-over-year to ¥771,788 million.

Financial highlights

• Segment profits for the nine-month period increased 40% year-over-year to ¥596,444 million, with 7 of 10 segments showing profit growth.

• ROE for Q1–Q3 was 12.0%, up 3.2 percentage points from the previous year.

• Capital gains from divestments totaled ¥196,600 million, including a ¥95,000 million gain from the Greenko sale.

• Total assets increased to ¥18,125,609 million as of December 31, 2025, up ¥1,259,400 million from March 31, 2025.

• Shareholders' equity rose by ¥495,200 million to ¥4,584,992 million, with a ratio of 25.3%.

Outlook and guidance

• No change to the full-year net income forecast of ¥440,000 million, with income before income taxes forecast at ¥640,000 million.

• Annual dividend per share expected to be the higher of a 39% payout ratio or ¥120.01, with a potential increase to ¥153.67 if net income reaches ¥440 billion.

• Management targets ROE of 11% by FY28.3 and 15% by FY35.3, with net income of ¥1 trillion as a long-term goal.

• Continued focus on sustainable growth, capital efficiency, and disciplined portfolio management.

• Management remains cautious on certain segments, especially Elawan and real estate, and will take early action if needed.