U-Haul Holding Company Reports First Quarter Fiscal 2027 Financial Results

U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its first quarter ended June 30, 2026, of $122.9 million, compared with net earnings of $142.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.63 for the first quarter of fiscal 2027 compared to $0.73 for the same period in fiscal 2026. “The pickup and van resale market is tepid, yet we produced a gain on sale this quarter after several quarters of losses. Our U-Haul truck resale team is thoughtfully gaining ground,” stated Joe Shoen, Chairman of U-Haul Holding Company. “The pace of storage unit rent up is increasing and rates are holding. More improvement is needed as we are still completing new storage units faster than we are filling them. We are successfully expanding our U-Haul independent dealer teams. This is a bright spot which will help drive U-Move transactions and fleet utilization.” Highlights of First Quarter Fiscal 2027 Results Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $8.1 million to $234.8 million compared to the first quarter of fiscal 2026.Fleet depreciation expense increased $13.5 million for the first quarter and real estate related depreciation expense increased $5.1 million for the quarter, all compared with the first quarter of fiscal 2026, while net losses from the disposal of retired rental equipment decreased $24.0 million to a net gain of $1.9 million for the first quarter, all compared with the first quarter of fiscal 2026.Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) decreased $8.5 million to $536.7 million compared to the first quarter of fiscal 2026 and for the trailing twelve months for June 30, 2026 decreased $13.0 million to $1,637.3 million compared to the trailing twelve months for June 30, 2025.Self-storage revenues increased $15.9 million, or 6.8% versus the first quarter of fiscal year 2026.Same store occupancy decreased 4.5% to 88.3%, revenue per foot increased 7.6%, and the number of locations qualifying for the pool increased by 71.During the first quarter of fiscal 2027, we added 18 new locations with storage and 1.1 million net rentable square feet (NRSF).We have approximately 12 million NRSF in development or pending.Self-moving equipment rental revenues increased $29.3 million, or 2.8% versus first quarter of fiscal year 2026. Transactions and revenue increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations and independent dealers, along with the number of box trucks in the rental fleet.Other revenue for Moving and Storage increased $1.8 million or 1.2% versus the first quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.Fleet maintenance and repair costs experienced a $4.1 million increase, compared with the first quarter of fiscal 2026.Cash and credit availability at the Moving and Storage segment was $1,348.6 million as of June 30, 2026 compared with $1,479.4 million as of March 31, 2026.During the first quarter of fiscal 2027, we repurchased 248,368 shares of our Voting common stock at a cost of $15.6 million and 584,278 shares of our Non-Voting common stock at a cost of $32.4 million.On June 3, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 15, 2026. The dividend was paid on June 26, 2026.We are holding our 20 th Annual Virtual Analyst and Investor meeting on Thursday, August 20, 2026 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.Our latest Supplemental financial information is available at investors.uhaul.com. U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2027 on Thursday, August 6, 2026, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 207,600 trucks, 136,500 trailers and 43,200 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,147,300 rentable storage units and 100.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America. Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended June 30, 2026, which is on file with the SEC. Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2027 and 2026. Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 1,087,578 $ 1,058,273 Self-storage revenues 250,172 234,237 Self-moving and self-storage products and service sales 99,240 98,188 Property management fees 9,565 9,582 Life insurance premiums 18,066 19,169 Property and casualty insurance premiums 24,251 21,738 Net investment and interest income 37,368 35,211 Other revenue 155,787 154,072 Consolidated revenue $ 1,682,027 $ 1,630,470 Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2027 and 2026. Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands) Moving and storage Revenues $ 1,601,949 $ 1,553,859 Earnings from operations before equity in earnings of subsidiaries 234,814 242,878 Property and casualty insurance Revenues 31,223 29,721 Earnings from operations 12,216 11,888 Life insurance Revenues 51,476 50,094 Earnings (losses) from operations 3,593 2,676 Eliminations Revenues (2,621 ) (3,204 ) Earnings from operations before equity in earnings of subsidiaries (27 ) (28 ) Consolidated Results Revenues 1,682,027 1,630,470 Earnings from operations 250,596 257,414 Moving and Storage Debt Metrics (In thousands, unaudited) June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Real estate secured debt $3,196,940 $3,204,208 $3,096,564 $3,002,344 $2,727,545 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 Fleet secured debt 3,187,699 3,157,364 3,196,817 2,965,804 2,792,015 Other secured debt 62,245 63,377 64,798 64,357 65,570 Total debt 8,146,884 8,124,949 8,058,179 7,732,505 7,285,130 Cash and cash equivalents $883,630 $1,014,382 $1,010,011 $910,969 $726,069 Total assets 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535 Adjusted EBITDA (TTM) 1,637,311 1,645,859 1,640,173 1,681,900 1,650,277 Net debt to adjusted EBITDA 4.4 4.3 4.3 4.1 4.0 Net debt to total assets 38.5% 38.0% 37.7% 37.0% 36.7% Percent of debt floating 8.4% 6.7% 6.8% 7.1% 6.1% Percent of debt fixed 91.6% 93.3% 93.2% 92.9% 93.9% Percent of debt unsecured 20.9% 20.9% 21.1% 22.0% 23.3% Unencumbered asset ratio* 4.08x 3.98x 4.01x 3.96x 3.86x * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x The components of depreciation, net of gains on disposals are as follows: Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 221,704 $ 208,212 Depreciation expense - non rental equipment 22,555 24,019 Depreciation expense - real estate 56,377 49,845 Total depreciation expense $ 300,636 $ 282,076 Net (gains) losses on disposals of rental equipment (1,893 ) 22,125 Net (gains) losses on disposals of non-rental equipment 97 (192 ) Total net (gains) losses on disposals equipment $ (1,796 ) $ 21,933 Depreciation, net of (gains) losses on disposals $ 298,840 $ 304,009 Net (gains) losses on disposals of real estate $ 3,068 $ (1,617 ) The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows: Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands, except occupancy rate) Unit count as of June 30 867 813 Square footage as of June 30 74,742 69,560 Average monthly number of units occupied 628 632 Average monthly occupancy rate based on unit count 72.9% 78.1% End of June occupancy rate based on unit count 73.9% 78.8% Average monthly square footage occupied 55,937 55,399 Self-Storage Portfolio Summary As of June 30, 2026 (unaudited) U-Haul Owned Store Data by State State/ Province Stores Units Occupied Rentable Square Feet Annual Revenue Per Foot Occupancy During Qtr Texas 102 37,612 4,937,884 $16.22 68.1% Florida 93 34,775 4,282,690 $19.53 69.0% California 90 35,348 3,385,898 $22.90 80.3% Illinois 86 41,257 4,517,046 $17.35 76.3% Pennsylvania 76 29,717 3,255,737 $18.81 71.4% Ohio 68 26,866 3,152,368 $15.74 72.8% New York 67 29,656 2,744,132 $24.34 80.4% Michigan 61 20,872 2,399,534 $16.82 77.0% Georgia 57 21,849 2,869,994 $17.07 71.1% Arizona 53 24,281 3,258,082 $17.13 66.5% Wisconsin 44 17,232 2,079,153 $14.73 72.0% Missouri 43 15,343 2,043,099 $14.90 65.8% North Carolina 42 17,893 2,270,695 $16.26 65.5% Washington 39 14,483 1,672,602 $18.40 71.0% Tennessee 38 15,302 1,708,974 $15.83 79.7% Minnesota 35 14,130 1,773,948 $14.52 71.8% New Jersey 34 16,290 1,593,010 $21.75 79.6% Indiana 34 11,215 1,190,289 $14.95 82.0% Ontario 33 12,779 1,448,676 $24.11 69.2% Alabama 32 8,672 1,312,958 $14.15 56.6% Top 20 Totals 1,127 445,572 51,896,768 $18.00 72.4% All Others 515 195,004 22,845,007 $17.87 73.9% 1Q 2027 Totals 1,642 640,576 74,741,775 $17.96 72.9% Same Store 1Q27 973 370,663 35,677,662 $18.82 88.3% Same Store 1Q26 973 390,032 35,651,823 $17.49 92.8% Same Store 1Q25 973 393,297 35,632,735 $17.04 92.9% Non-Same Store 1Q27 669 269,913 39,064,113 $16.78 58.6% Non-Same Store 1Q26 600 250,821 33,908,110 $15.97 62.5% Non-Same Store 1Q25 520 212,004 27,953,187 $16.03 63.4% Same Store Pool Held Constant for Prior Periods Same Store 1Q27 973 370,663 35,677,662 $18.82 88.3% Same Store 1Q26 902 390,032 30,412,656 $17.44 92.8% Same Store 1Q25 879 393,297 28,263,627 $17.05 93.9% Non-Same Store 1Q27 669 269,913 39,064,113 $16.78 58.6% Non-Same Store 1Q26 671 309,884 39,147,277 $16.31 66.7% Non-Same Store 1Q25 614 294,476 35,322,294 $16.28 69.0% Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2026. Same store includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month. The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, March 31, 2026 2026 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,097,336 $ 1,120,147 Trade receivables and reinsurance recoverables, net 190,912 159,768 Inventories and parts 180,325 178,155 Prepaid expenses 137,688 191,671 Fixed maturity securities available-for-sale, net, at fair value 2,321,038 2,417,912 Equity securities, at fair value 14,724 14,976 Investments, other 655,316 706,314 Deferred policy acquisition costs, net 110,550 112,852 Other assets 146,498 127,202 Right of use assets - operating, net 38,833 40,188 Related party assets 44,141 53,159 Property, plant and equipment, at cost: Land 1,866,794 1,865,369 Buildings and improvements 10,727,955 10,542,945 Furniture and equipment 1,087,938 1,074,032 Rental trailers and other rental equipment 1,239,808 1,206,253 Rental trucks 8,876,256 8,554,508 23,798,751 23,243,107 Less: Accumulated depreciation (7,074,624 ) (6,862,662 ) Total property, plant and equipment, net 16,724,127 16,380,445 Total assets $ 21,661,488 $ 21,502,789 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 909,147 $ 850,294 Notes, loans and finance liabilities payable, net 8,105,429 8,083,374 Operating lease liabilities 39,577 40,957 Policy benefits and losses, claims and loss expenses payable 947,870 939,874 Liabilities from investment contracts 2,335,870 2,357,545 Other policyholders' funds and liabilities 2,451 2,899 Deferred income 69,269 56,614 Deferred income taxes, net 1,592,072 1,559,581 Total liabilities 14,001,685 13,891,138 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 462,548 Accumulated other comprehensive loss (181,094 ) (163,640 ) Retained earnings 8,093,836 7,979,720 Cost of common stock in treasury, net (541,383 ) (525,653 ) Cost of Series N non-voting common stock in treasury, net (32,780 ) - Cost of preferred stock in treasury, net (151,997 ) (151,997 ) Total stockholders' equity 7,659,803 7,611,651 Total liabilities and stockholders' equity $ 21,661,488 $ 21,502,789 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 1,087,578 $ 1,058,273 Self-storage revenues 250,172 234,237 Self-moving and self-storage products and service sales 99,240 98,188 Property management fees 9,565 9,582 Life insurance premiums 18,066 19,169 Property and casualty insurance premiums 24,251 21,738 Net investment and interest income 37,368 35,211 Other revenue 155,787 154,072 Total revenues 1,682,027 1,630,470 Costs and expenses: Operating expenses 886,990 826,749 Commission expenses 120,272 116,737 Cost of product sales 71,754 72,205 Benefits and losses 42,137 45,182 Amortization of deferred policy acquisition costs 4,874 4,917 Lease expense 3,496 4,874 Depreciation, net of (gains) losses on disposals 298,840 304,009 Net (gains) losses on disposal of real estate 3,068 (1,617 ) Total costs and expenses 1,431,431 1,373,056 Earnings from operations 250,596 257,414 Other components of net periodic benefit costs (357 ) (346 ) Other interest income 9,391 10,669 Interest expense (97,912 ) (82,330 ) Fees on early extinguishment of debt and costs of defeasance (31 ) (26 ) Pretax earnings 161,687 185,381 Income tax expense (38,758 ) (43,050 ) Earnings available to common stockholders $ 122,929 $ 142,331 Basic and diluted earnings per share of Common Stock $ 0.58 $ 0.68 Weighted average shares outstanding of Common Stock: Basic and diluted 19,545,696 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.63 $ 0.73 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 176,324,023 176,470,092 EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters ended June 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended June 30, 2026 2025 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,545,696 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 195,869,719 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings available to common stockholders $ 122,929 $ 142,331 Voting Common Stock dividends declared – – Non-Voting Common Stock dividends declared (8,813 ) (8,824 ) Undistributed earnings available to common stockholders $ 114,116 $ 133,507 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 11,412 $ 13,351 Undistributed earnings per share of Voting Common Stock $ 0.58 $ 0.68 Dividends declared per share of Voting Common Stock $ – $ – Basic and diluted earnings per share of Voting Common Stock $ 0.58 $ 0.68 Weighted average shares outstanding of Non-Voting Common Stock 176,324,023 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 195,869,719 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90 % 90 % Net earnings available to common stockholders $ 122,929 $ 142,331 Voting Common Stock dividends declared – – Non-Voting Common Stock dividends declared (8,813 ) (8,824 ) Undistributed earnings available to common stockholders $ 114,116 $ 133,507 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 102,704 $ 120,156 Undistributed earnings per share of Non-Voting Common Stock $ 0.58 $ 0.68 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.05 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.63 $ 0.73 Non-GAAP Financial Measures Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that these widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to ongoing core business operations, and improve the period-to-period comparability of those results. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures. Moving and Storage EBITDA Calculations (In thousands, unaudited) Trailing Twelve Months June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Net earnings available to common stockholders $ 63,726 $ 83,128 $ 128,622 $ 232,756 $ 314,004 Income tax expense 5,661 10,341 11,714 48,448 76,156 Fees on early extinguishment of debt and costs of defeasance 1,113 1,108 189 26 26 Interest expense 380,449 364,868 348,914 330,192 311,609 Other interest income (46,295) (47,597) (40,881) (45,759) (51,899) Other components of net periodic benefit costs 1,394 1,383 1,409 1,435 1,462 Net losses on disposal of real estate 13,296 8,611 11,915 12,577 11,037 Depreciation, net of gains on disposals 1,281,852 1,287,021 1,238,114 1,158,986 1,045,648 Elimination of net earnings from insurance subsidiaries (63,885) (63,004) (59,823) (56,761) (57,766) Adjusted EBITDA $ 1,637,311 $ 1,645,859 $ 1,640,173 $ 1,681,900 $ 1,650,277 Moving and Storage EBITDA Calculations (In thousands, unaudited) Quarters Ended June 30, June 30, 2026 2025 Net earnings available to common stockholders $ 122,929 $ 142,331 Income tax expense 35,406 40,086 Fees on early extinguishment of debt and costs of defeasance 31 26 Interest expense 97,939 82,358 Other interest income (9,463 ) (10,765 ) Other components of net periodic benefit costs 357 346 Net losses on disposal of real estate 3,068 (1,617 ) Depreciation, net of gains on disposals 298,840 304,009 Elimination of net earnings from insurance subsidiaries (12,385 ) (11,504 ) Adjusted EBITDA $ 536,722 $ 545,270 Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 [email protected] Source: U-Haul Holding Company