ORIX reported net income attributable to shareholders of ¥856.2bn for the six months to September 30, 2026, against ¥271.1bn a year earlier. Annualised return on equity was 35.8%, up from 12.7%. A handful of identifiable items account for most of the jump.
Equity-method gains in APAC
Equity-method income reached ¥809.6bn, and the APAC segment's profit rose to ¥916.4bn from ¥125.7bn. The half-year report lists Toshiba-related equity-method gains, including Kioxia share valuation gains taken in with a three-month lag, plus a gain on the sale of SGK Holdings. An impairment on China Water Affairs partly offset them. The Infrastructure segment moved the other way: profit fell to ¥82.1bn from ¥201.0bn because the prior year's Greenko and Ormat gains did not repeat.
The bank sale sits apart
ORIX agreed on April 27 to sell ORIX Bank and completed the sale on August 3. The bank is reported as discontinued operations. Discontinued operations earned ¥125.4bn before tax, including a ¥124.3bn gain on the sale, and ¥89.5bn after tax. Continuing operations contributed ¥766.7bn of attributable net income, and pre-tax profit from continuing operations was ¥1.12tn, up from ¥379.0bn. The 35.8% return on equity is calculated on net income attributable to shareholders, which includes the bank gain.
A timing caveat
Some equity-method investees report on a three-month lag. The half-year report says the effect of share-price moves in the listed stocks those investees hold is expected to be reflected in the third quarter. The report gives no figure for that effect.