Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

13. Goodwill and Other Intangible Assets

Changes in goodwill by reportable segment for fiscal 2024, 2025 and 2026 are as follows:


	Millions of yen
	Corporate Financial Services and Maintenance Leasing			Real Estate			PE Investment and Concession			Environment and Energy			Insurance			Banking and Credit
Balance at March 31, 2023
Goodwill	¥	15,954		¥	16,359		¥	206,751		¥	58,207		¥	5,015		¥	10,971
Accumulated impairment losses		(849	)		(191	)		0			(39	)		(371	)		0
		15,105			16,168			206,751			58,168			4,644			10,971
Acquired		0			0			4,241			0			0			0
Impairment		0			0			0			0			0			0
Other (net) *		(54	)		0			(35,556	)		6,840			(192	)		(10,971	)

Balance at March 31, 2024
Goodwill		15,900			16,359			175,436			65,047			4,823			0
Accumulated impairment losses		(849	)		(191	)		0			(39	)		(371	)		0
		15,051			16,168			175,436			65,008			4,452			0
Acquired		31			0			7,849			0			0			0
Impairment		0			0			(5,520	)		0			0			0
Other (net) *		(1,699	)		0			(10,623	)		3,220			0			0

Balance at March 31, 2025
Goodwill		13,682			16,359			172,662			68,267			4,452			0
Accumulated impairment losses		(299	)		(191	)		(5,520	)		(39	)		0			0
		13,383			16,168			167,142			68,228			4,452			0
Acquired		0			0			15,487			185			0			0
Impairment		0			0			0			0			0			0
Other (net) *		(168	)		0			313			8,014			0			0

Balance at March 31, 2026
Goodwill		13,502			16,359			188,462			76,466			4,452			0
Accumulated impairment losses		(287	)		(191	)		(5,520	)		(39	)		0			0

	¥	13,215		¥	16,168		¥	182,942		¥	76,427		¥	4,452		¥	0


	Millions of yen
	Aircraft and Ships			ORIX USA			ORIX Europe			Asia and Australia			Corporate			Total
Balance at March 31, 2023
Goodwill	¥	587		¥	153,076		¥	158,588		¥	8,213		¥	278		¥	633,999
Accumulated impairment losses		(587	)		(1,494	)		0			(2,785	)		0			(6,316	)
		0			151,582			158,588			5,428			278			627,683
Acquired		0			0			0			0			0			4,241
Impairment		0			0			0			0			0			0
Other (net) *		0			20,298			18,927			554			0			(154	)

Balance at March 31, 2024
Goodwill		587			173,374			177,515			8,767			278			638,086
Accumulated impairment losses		(587	)		(1,494	)		0			(2,785	)		0			(6,316	)
		0			171,880			177,515			5,982			278			631,770
Acquired		1,201			0			0			0			0			9,081
Impairment		0			(1,175	)		0			0			0			(6,695	)
Other (net) *		0			(2,146	)		(907	)		(143	)		0			(12,298	)

Balance at March 31, 2025
Goodwill		1,788			169,734			176,608			8,624			278			632,454
Accumulated impairment losses		(587	)		(1,175	)		0			(2,785	)		0			(10,596	)
		1,201			168,559			176,608			5,839			278			621,858
Acquired		0			135,302			0			0			0			150,974
Impairment		0			(52,738	)		0			0			(278	)		(53,016	)
Other (net) *		326			22,517			22,499			275			0			53,776

Balance at March 31, 2026
Goodwill		1,527			326,378			199,107			8,899			278			835,430
Accumulated impairment losses		0			(52,738	)		0			(2,785	)		(278	)		(61,838	)

	¥	1,527		¥	273,640		¥	199,107		¥	6,114		¥	0		¥	773,592

*	Other (net) includes foreign currency translation adjustments, decreases due to sale of ownership interest in subsidiaries and certain other reclassifications.

As a result of the impairment test, the Company and its subsidiaries recognized no impairment losses on goodwill during fiscal 2024. The Company and its subsidiaries recognized impairment losses on goodwill of ¥5,520 million in PE Investment and Concession segment, and ¥1,175 million in ORIX USA segment during fiscal 2025. The Company and its subsidiaries recognized impairment losses on goodwill of \52,738 million in ORIX USA segment, and \278 million in Corporate segment during fiscal 2026. These impairment losses are accounted in other (income) and expense. The fair values of these reporting units were measured using mainly discounted cash flow methodologies and business enterprise value multiples methodologies.

Other intangible assets at March 31, 2025 and 2026 consist of the following:


	Millions of yen
	2025			2026
Indefinite-lived intangible assets:
Trademarks and trade names	¥	124,924		¥	127,921
Asset management contracts		55,740			62,909
Others		11,657			19,582

		192,321			210,412

Intangible assets subject to amortization:
Software		150,479			169,220
Customer relationships		186,862			219,299
Asset management contracts		119,157			134,543
Others		152,925			157,533

		609,423			680,595
Accumulated amortization		(276,333	)		(314,941	)

Net		333,090			365,654

	¥	525,411		¥	576,066

The aggregate amortization expenses for intangible assets are ¥39,213 million, ¥41,402 million and ¥

41,402

million in fiscal 2024, 2025 and 2026, respectively.

The estimated amortization expenses for each of five succeeding fiscal years are ¥45,089 million in fiscal 2027, ¥42,282 million in fiscal 2028, ¥39,024 million in fiscal 2029, ¥34,053 million in fiscal 2030 and ¥29,820 million in fiscal 2031, respectively.

Intangible assets subject to amortization increased during fiscal 2026 are ¥

104,248

million. They mainly consist of ¥

22,397

million of software, ¥

24,031

million of customer relationships and ¥

45,738

million of maintenance intangible assets for acquired aircraft recognized in acquisitions included in others. The weighted average amortization periods for the software, customer relationships and maintenance intangible assets for acquired aircraft recognized in acquisitions are 5 years, 10 years and 6 years, respectively.

As a result of the impairment test, the Company and its subsidiaries recognized impairment losses of ¥24 million on intangible assets included in PE Investment and Concession segment, ¥87 million on intangible assets included in Environment and Energy segment, and ¥37 million on intangible assets included in Asia and Australia segment during fiscal 2024, and these impairment losses were included in selling, general and administrative expenses in the consolidated statements of income. The Company and its subsidiaries recognized impairment losses of ¥5,629 million on intangible assets included in PE Investment and Concession segment, ¥1,971 million on intangible assets included in ORIX Europe segment during fiscal 2025, and these impairment losses were included in other (income) and expenses in the consolidated statements of income, and recognized impairment losses of ¥148 million on intangible assets included in PE Investment and Concession segment, and ¥84 million on intangible assets included in Banking and Credit segment during fiscal 2025, and these impairment losses were included in

selling, general and administrative expenses

in the consolidated statements of income. The Company and its subsidiaries recognized impairment losses of ¥

1,092

million on intangible assets included in PE Investment and Concession segment, ¥

3,614

million on intangible assets included in Environment and Energy segment during fiscal 2026, and these impairment losses were included in other (income) and expenses in the

consolidated statements of income. These impairment losses are recognized due to the reduction in the estimated future cash flow, which brought the fair values of the intangible assets below their carrying amount. The fair values of these intangible assets were measured using mainly excess multi-period earnings methodologies.