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    Kiyoaki Suzuki • Nomura Securities Co., Ltd.

    Kiyoaki Suzuki's questions to ORIX Corp (IX) leadership

    Kiyoaki Suzuki's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Kiyoaki Suzuki from Nomura Securities Co., Ltd. questioned the change in language regarding the full-year capital gains forecast, from 'targeting' to 'expecting' it to surpass the prior year, asking if this signaled increased confidence. He also inquired how market volatility and yen appreciation might influence new investment decisions.

    Answer

    Kazuki Yamamoto, Operating Officer, clarified that the change in wording was merely a reflection of a solid Q1 performance and not a fundamental shift in outlook. Regarding new investments, he acknowledged that the recent yen appreciation could create a tailwind for overseas deals, potentially allowing ORIX to pursue more growth abroad after a period of focusing on the domestic market.

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    Kiyoaki Suzuki's questions to ORIX Corp (IX) leadership • Q1 2025

    Question

    Kiyoaki Suzuki of Nomura Securities Co., Ltd. focused on capital recycling, asking if the company's increased confidence in exceeding prior-year capital gains was significant and how market volatility, such as valuation declines and yen appreciation, might influence new investment decisions.

    Answer

    Kazuki Yamamoto, Operating Officer, clarified that the change in wording from 'targeting' to 'expecting' to surpass prior-year capital gains was simply a reflection of the solid Q1 results, not a fundamental change in outlook. He added that while yen depreciation has favored domestic investment, a recent appreciation could create a tailwind for overseas investments, potentially enabling a stronger growth focus abroad.

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