U-Haul Holding Company Reports Third Quarter Fiscal 2026 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 (losses) available to common shareholders for its third quarter ended December 31, 2025, of ($37.0) million compared with net earnings of $67.2 million for the same period last year. Earnings (losses) per share for Non-Voting Shares (UHAL.B) were ($0.18) for the third quarter of fiscal 2026 compared to $0.35 for the same period in fiscal 2025. For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the same period in fiscal 2025. “We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We have underutilized capacity in both fleet and self-storage. I anticipate improving market penetration in U-Move. Today, we are even with our self-storage peers and need to set ourselves apart to impact top line revenue. As always, the customer will determine the winners and losers.” Highlights of Third Quarter Fiscal 2026 Results Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $120.2 million to $7.1 million compared to the third quarter of fiscal 2025.Increased losses from the disposal of retired rental equipment combined with fleet depreciation expense accounted for $74.6 million of the decrease for the third quarter, while liability costs increased $37.9 million for the third quarter, all compared with the third quarter of fiscal 2025.Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA), decreased $41.7 million to $335.0 million compared to the third quarter of fiscal 2025 and for the trailing twelve months for December 31, 2025 increased $26.0 million to $1,640.2 compared to the trailing twelve months for December 31, 2024.Self-storage revenues increased $17.9 million, or 7.9%, versus the third quarter of fiscal year 2025.Same store occupancy decreased 4.9% to 87.2%, revenue per foot increased 5.2%, and the number of locations qualifying for the pool increased by 19.During the third quarter of fiscal 2026, we added 16 new locations with storage and 1.5 million net rentable square feet (NRSF).We have approximately 12.9 million NRSF in development or pending.Self-moving equipment rental revenues increased $7.6 million, or 0.9%, compared with the third quarter of fiscal year 2025, primarily from In-Town rentals.Fleet maintenance and repair costs experienced a $13.1 million increase, compared with the third quarter of fiscal 2025.During the quarter our Property and Casualty Insurance subsidiary paid a $100 million dividend to U-Haul Holding Company.Cash and credit availability at the Moving and Storage segment was $1,475.0 million as of December 31, 2025 compared with $1,347.5 million at March 31, 2025.On December 3, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 15, 2025. The dividend was paid on December 30, 2025. Supplemental financial information as of December 31, 2025 is available at investors.uhaul.com under “Investor Kit.” U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2026 on Thursday, February 5, 2026, at 8 a.m. Arizona Time (10 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 nearly 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 203,800 trucks, 137,400 trailers and 45,900 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,126,800 rentable storage units and 98.0 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 December 31, 2025, 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 third quarter of fiscal 2026 and 2025. Quarter Ended December 31, 2025 2024 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 886,170 $ 878,585 Self-storage revenues 245,060 227,125 Self-moving and self-storage product and service sales 68,929 70,407 Property management fees 8,817 8,869 Life insurance premiums 17,848 22,926 Property and casualty insurance premiums 30,355 28,364 Net investment and interest income 47,259 40,536 Other revenue 111,170 111,746 Consolidated revenue $ 1,415,608 $ 1,388,558 Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and 2025. Quarter Ended December 31, 2025 2024 (Unaudited) (In thousands) Moving and storage Revenues $ 1,319,890 $ 1,296,556 Earnings from operations before equity in earnings of subsidiaries 7,084 127,277 Property and casualty insurance Revenues 42,516 38,141 Earnings from operations 20,819 19,463 Life insurance Revenues 56,207 56,762 Earnings from operations 5,797 4,244 Eliminations Revenues (3,005) (2,901) Earnings from operations before equity in earnings of subsidiaries (28) (252) Consolidated Results Revenues 1,415,608 1,388,558 Earnings from operations 33,672 150,732 Moving and Storage Debt Metrics (in thousands)(unaudited) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Real estate secured debt $3,096,564 $3,002,344 $2,727,545 $2,703,656 $2,436,840 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 Fleet secured debt 3,196,817 2,965,804 2,792,015 2,758,821 2,724,349 Other secured debt 64,798 64,357 65,570 66,864 68,402 Total debt 8,058,179 7,732,505 7,285,130 7,229,341 6,929,591 Cash and cash equivalents $1,010,011 $910,969 $726,069 $872,467 $883,108 Total assets 18,717,342 18,460,371 17,858,535 17,522,952 17,291,214 Adjusted EBITDA (TTM) 1,640,173 1,681,900 1,650,277 1,619,714 1,614,146 Net debt to adjusted EBITDA 4.3 4.1 4.0 3.9 3.7 Net debt to total assets 37.7% 37.0% 36.7% 36.3% 35.0% Percent of debt floating 6.8% 7.1% 6.1% 6.1% 6.2% Percent of debt fixed 93.2% 92.9% 93.9% 93.9% 93.8% Percent of debt unsecured 21.1% 22.0% 23.3% 23.5% 24.5% Unencumbered asset ratio* 4.01x 3.96x 3.86x 3.91x 3.81x * 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) losses on disposals for the third quarter of fiscal 2026 and 2025 are as follows: Quarter Ended December 31, 2025 2024 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 222,717 $ 177,956 Depreciation expense - non rental equipment 23,564 24,064 Depreciation expense - real estate 52,638 47,597 Total depreciation expense $ 298,919 $ 249,617 Net (gains) losses on disposals of rental equipment $ 26,210 $ (3,774) Net (gains) losses on disposals of non-rental equipment 90 248 Total net (gains) losses on disposals equipment $ 26,300 $ (3,526) Depreciation, net of (gains) losses on disposals $ 325,219 $ 246,091 Net (gains) losses on disposals of real estate $ 2,696 $ 3,358 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 December 31, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 847 781 Square footage as of December 31 72,642 66,792 Average monthly number of units occupied 610 610 Average monthly occupancy rate based on unit count 72.4% 78.7% End of December occupancy rate based on unit count 71.7% 78.1% Average monthly square footage occupied 54,286 53,444 Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and 2025. Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 3,054,920 $ 2,980,265 Self-storage revenues 725,596 667,381 Self-moving and self-storage product and service sales 256,946 254,761 Property management fees 28,020 27,950 Life insurance premiums 55,387 64,154 Property and casualty insurance premiums 80,365 75,360 Net investment and interest income 122,492 115,455 Other revenue 442,274 409,830 Consolidated revenue $ 4,766,000 $ 4,595,156 Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and 2025. Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands) Moving and storage Revenues $ 4,506,576 $ 4,339,360 Earnings from operations before equity in earnings of subsidiaries 447,402 703,030 Property and casualty insurance Revenues 108,128 97,780 Earnings from operations 49,861 44,769 Life insurance Revenues 160,414 166,668 Earnings from operations 11,501 11,887 Eliminations Revenues (9,118) (8,652) Earnings from operations before equity in earnings of subsidiaries (84) (756) Consolidated Results Revenues 4,766,000 4,595,156 Earnings from operations 508,680 758,930 The components of depreciation, net of (gains) losses on disposals for the first nine months of fiscal 2026 and 2025 are as follows: Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 657,838 $ 511,824 Depreciation expense - non rental equipment 71,343 71,775 Depreciation expense - real estate 153,923 135,156 Total depreciation expense $ 883,104 $ 718,755 Net (gains) losses on disposals of rental equipment $ 86,664 $ (29,614) Net (gains) losses on disposals of non-rental equipment 68 765 Total net (gains) losses on disposals equipment $ 86,732 $ (28,849) Depreciation, net of (gains) losses on disposals $ 969,836 $ 689,906 Net (gains) losses on disposals of real estate $ 5,610 $ 9,453 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: Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 847 781 Square footage as of December 31 72,642 66,792 Average monthly number of units occupied 624 605 Average monthly occupancy rate based on unit count 75.6% 79.9% End of December occupancy rate based on unit count 71.7% 78.1% Average monthly square footage occupied 55,103 52,756 Self-Storage Portfolio Summary As of December 31, 2025 (unaudited) U-Haul Owned Store Data by State State/ Province Stores Units Occupied Rentable Square Feet Annual Revenue Per Foot Occupancy During Qtr Texas 100 35,939 4,789,881 $15.47 69.1% Florida 92 34,004 4,126,552 $19.05 71.8% California 89 33,664 3,351,525 $22.01 77.6% Illinois 85 37,637 4,402,195 $16.72 73.3% Pennsylvania 73 27,780 3,148,555 $18.37 69.6% Ohio 68 25,563 3,134,940 $15.24 70.3% New York 67 27,588 2,722,796 $23.65 76.5% Michigan 60 19,724 2,337,644 $16.31 76.3% Georgia 56 21,138 2,787,198 $16.60 70.8% Arizona 50 23,617 3,152,769 $16.37 67.5% Wisconsin 44 16,614 2,092,746 $14.33 70.2% North Carolina 42 16,937 2,125,751 $15.77 68.1% Washington 39 13,694 1,672,876 $17.48 67.8% Missouri 38 13,775 1,820,979 $14.51 68.9% Tennessee 37 14,809 1,630,083 $15.33 80.9% New Jersey 34 15,843 1,594,332 $21.10 81.3% Minnesota 34 13,295 1,699,941 $13.96 73.2% Ontario 33 12,308 1,415,964 $23.61 68.9% Indiana 33 10,450 1,189,232 $14.54 78.6% Alabama 32 8,011 1,313,068 $13.59 54.7% Top 20 Totals 1,106 422,390 50,509,027 $17.40 71.9% All Others 506 184,697 22,133,137 $17.38 73.6% 3Q 2026 Totals 1,612 607,087 72,642,164 $17.40 72.4% Same Store Pool Held Constant for Prior Periods Same Store 3Q26 923 331,655 32,661,548 $18.25 87.2% Same Store 3Q25 923 351,888 32,647,437 $17.34 92.1% Same Store 3Q24 923 351,559 32,608,219 $16.84 92.0% Non-Same Store 3Q26 689 275,432 39,980,616 $16.37 60.1% Non-Same Store 3Q25 615 258,144 34,144,096 $15.98 65.6% Non-Same Store 3Q24 526 217,243 26,894,592 $15.90 69.4% Same Store Pool, Prior Periods Unchanged Same Store 3Q26 923 331,655 32,661,548 $18.25 87.2% Same Store 3Q25 904 320,420 29,827,746 $17.28 92.4% Same Store 3Q24 854 283,150 26,769,110 $16.64 92.9% Non Same Store 3Q26 689 275,432 39,980,616 $16.37 60.1% Non Same Store 3Q25 634 289,612 36,963,786 $16.20 67.5% Non Same Store 3Q24 597 284,899 32,664,093 $16.33 73.1% 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 December 2025. 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 December 31, March 31, 2025 2025 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,032,257 $ 988,828 Trade receivables and reinsurance recoverables, net 172,649 230,716 Inventories and parts 175,023 163,132 Prepaid expenses 353,201 282,406 Fixed maturity securities available-for-sale, net, at fair value 2,501,436 2,479,498 Equity securities, at fair value 57,418 65,549 Investments, other 720,713 678,254 Deferred policy acquisition costs, net 116,178 121,729 Other assets 129,516 126,732 Right of use assets - financing, net 30,561 138,698 Right of use assets - operating, net 40,689 46,025 Related party assets 60,630 45,003 Property, plant and equipment, at cost: Land 1,854,024 1,812,820 Buildings and improvements 10,329,648 9,628,271 Furniture and equipment 1,068,623 1,047,414 Rental trailers and other rental equipment 1,175,723 1,046,135 Rental trucks 8,416,008 7,470,039 22,844,026 21,004,679 Less: Accumulated depreciation (6,616,653) (5,892,079) Total property, plant and equipment, net 16,227,373 15,112,600 Total assets $ 21,617,644 $ 20,479,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 765,426 $ 820,900 Notes, loans and finance leases payable, net 8,017,296 7,193,857 Operating lease liabilities 41,464 46,973 Policy benefits and losses, claims and loss expenses payable 930,764 857,521 Liabilities from investment contracts 2,453,325 2,511,422 Other policyholders' funds and liabilities 5,786 7,539 Deferred income 54,227 52,895 Deferred income taxes, net 1,605,547 1,489,920 Total liabilities 13,873,835 12,981,027 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 462,548 Accumulated other comprehensive loss (168,090) (229,314) Retained earnings 8,116,328 7,931,886 Cost of common stock in treasury, net (525,653) (525,653) Cost of preferred stock in treasury, net (151,997) (151,997) Total stockholders' equity 7,743,809 7,498,143 Total liabilities and stockholders' equity $ 21,617,644 $ 20,479,170 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended December 31, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 886,170 $ 878,585 Self-storage revenues 245,060 227,125 Self-moving and self-storage products and service sales 68,929 70,407 Property management fees 8,817 8,869 Life insurance premiums 17,848 22,926 Property and casualty insurance premiums 30,355 28,364 Net investment and interest income 47,259 40,536 Other revenue 111,170 111,746 Total revenues 1,415,608 1,388,558 Costs and expenses: Operating expenses 848,614 782,351 Commission expenses 96,101 95,031 Cost of product sales 50,871 52,767 Benefits and losses 49,232 48,683 Amortization of deferred policy acquisition costs 4,922 4,493 Lease expense 4,281 5,052 Depreciation, net of (gains) losses on disposals 325,219 246,091 Net (gains) losses on disposal of real estate 2,696 3,358 Total costs and expenses 1,381,936 1,237,826 Earnings from operations 33,672 150,732 Other components of net periodic benefit costs (346) (372) Other interest income 10,784 15,638 Interest expense (95,527) (76,581) Fees on early extinguishment of debt (163) — Pretax earnings (losses) (51,580) 89,417 Income tax (expense) benefit 14,612 (22,251) Earnings (losses) available to common stockholders $ (36,968) $ 67,166 Basic and diluted earnings (losses) per share of Common Stock $ (0.23) $ 0.30 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock $ (0.18) $ 0.35 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 3,054,920 $ 2,980,265 Self-storage revenues 725,596 667,381 Self-moving and self-storage products and service sales 256,946 254,761 Property management fees 28,020 27,950 Life insurance premiums 55,387 64,154 Property and casualty insurance premiums 80,365 75,360 Net investment and interest income 122,492 115,455 Other revenue 442,274 409,830 Total revenues 4,766,000 4,595,156 Costs and expenses: Operating expenses 2,584,905 2,463,181 Commission expenses 334,649 326,610 Cost of product sales 190,701 181,031 Benefits and losses 142,592 137,081 Amortization of deferred policy acquisition costs 14,801 13,578 Lease expense 14,226 15,386 Depreciation, net of (gains) losses on disposals 969,836 689,906 Net (gains) losses on disposal of real estate 5,610 9,453 Total costs and expenses 4,257,320 3,836,226 Earnings from operations 508,680 758,930 Other components of net periodic benefit costs (1,037) (1,116) Other interest income 31,468 50,004 Interest expense (268,162) (215,297) Fees on early extinguishment of debt (189) (495) Pretax earnings 270,760 592,026 Income tax expense (59,847) (142,645) Earnings available to common stockholders $ 210,913 $ 449,381 Basic and diluted earnings per share of Common Stock $ 0.94 $ 2.16 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Series N Non-Voting Common Stock $ 1.09 $ 2.31 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 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 than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended December 31, 2025 2024 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10% 10% Net earnings (losses) available to common stockholders $ (36,968) $ 67,166 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,824) (8,824) Undistributed earnings (losses) available to common stockholders $ (45,792) $ 58,342 Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock $ (4,579) $ 5,834 Undistributed earnings (losses) per share of Voting Common Stock $ (0.23) $ 0.30 Dividends declared per share of Voting Common Stock — — Basic and diluted earnings (losses) per share of Voting Common Stock $ (0.23) $ 0.30 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90% 90% Net earnings (losses) available to common stockholders $ (36,968) $ 67,166 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,824) (8,824) Undistributed earnings (losses) available to common stockholders $ (45,792) $ 58,342 Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock $ (41,213) $ 52,508 Undistributed earnings (losses) per share of Non-Voting Common Stock $ (0.23) $ 0.30 Dividends declared per share of Non-Voting Common Stock 0.05 0.05 Basic and diluted earnings (losses) per share of Non-Voting Common Stock $ (0.18) $ 0.35 For the Nine Months Ended December 31, 2025 2024 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10% 10% Net earnings available to common stockholders $ 210,913 $ 449,381 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (26,471) (26,471) Undistributed earnings available to common stockholders $ 184,442 $ 422,910 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 18,444 $ 42,291 Undistributed earnings per share of Voting Common Stock $ 0.94 $ 2.16 Dividends declared per share of Voting Common Stock — — Basic and diluted earnings per share of Voting Common Stock $ 0.94 $ 2.16 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90% 90% Net earnings available to common stockholders $ 210,913 $ 449,381 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (26,471) (26,471) Undistributed earnings available to common stockholders $ 184,442 $ 422,910 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 165,998 $ 380,619 Undistributed earnings per share of Non-Voting Common Stock $ 0.94 $ 2.16 Dividends declared per share of Non-Voting Common Stock 0.15 0.15 Basic and diluted earnings per share of Non-Voting Common Stock $ 1.09 $ 2.31 NON-GAAP FINANCIAL RECONCILIATION SCHEDULE As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP. December 31, March 31, 2025 2025 December 31, 2025 ROU Assets Financing Property, Plant and Equipment Adjusted Property, Plant and Equipment Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,854,024 $ - $ 1,854,024 $ 1,812,820 Buildings and improvements 10,329,648 - 10,329,648 9,628,271 Furniture and equipment 1,068,623 61 1,068,684 1,047,475 Rental trailers and other rental equipment 1,175,723 9,192 1,184,915 1,104,206 Rental trucks 8,416,008 80,722 8,496,730 7,779,514 Subtotal 22,844,026 89,975 22,934,001 21,372,286 Less: Accumulated depreciation (6,616,653) (59,414) (6,676,067) (6,120,988) Total property, plant and equipment, net $ 16,227,373 $ 30,561 $ 16,257,934 $ 15,251,298 March 31, 2025 March 31, 2025 ROU Assets Financing Property, Plant and Equipment Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,812,820 $ - $ 1,812,820 Buildings and improvements 9,628,271 - 9,628,271 Furniture and equipment 1,047,414 61 1,047,475 Rental trailers and other rental equipment 1,046,135 58,071 1,104,206 Rental trucks 7,470,039 309,475 7,779,514 Subtotal 21,004,679 367,607 21,372,286 Less: Accumulated depreciation (5,892,079) (228,909) (6,120,988) Total property, plant and equipment, net $ 15,112,600 $ 138,698 $ 15,251,298 Non-GAAP Financial Measures Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. 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 December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net earnings available to common stockholders $ 128,622 $ 232,756 $ 314,004 $ 367,090 $ 448,518 Income tax expense 11,714 48,448 76,156 94,747 137,940 Fees on early extinguishment of debt and costs of defeasance 189 26 26 495 495 Interest expense 348,914 330,192 311,609 296,721 280,487 Other interest income (40,881) (45,759) (51,899) (59,489) (87,303) Other components of net periodic benefit costs 1,409 1,435 1,462 1,488 1,480 Net (gains) losses on disposal of real estate 11,915 12,577 11,037 15,758 12,047 Depreciation, net of (gains) losses on disposals 1,238,114 1,158,986 1,045,648 958,184 888,253 Elimination of net earnings from insurance subsidiaries (59,823) (56,761) (57,766) (55,280) (67,771) Adjusted EBITDA $ 1,640,173 $ 1,681,900 $ 1,650,277 $ 1,619,714 $ 1,614,146 The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures. Moving and Storage EBITDA Calculations (In thousands, unaudited) Quarters Ended December 31, December 31, 2025 2024 Net earnings (losses) available to common stockholders $ (36,968) $ 67,166 Income tax expense (benefit) (20,138) 16,596 Fees on early extinguishment of debt and costs of defeasance 163 - Interest expense 95,555 76,833 Other interest income (10,856) (15,734) Other components of net periodic benefit costs 346 372 Net (gains) losses on disposal of real estate 2,696 3,358 Depreciation, net of (gains) losses on disposals 325,219 246,091 Elimination of net earnings from insurance subsidiaries (21,018) (17,956) Adjusted EBITDA $ 334,999 $ 376,726 Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 [email protected] Source: U-Haul Holding Company