U-Haul Holding Company Reports First 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 available to common shareholders for its first quarter ended June 30, 2025, of $142.3 million, compared with net earnings of $195.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.73 for the first quarter of fiscal 2026 compared to $1.00 for the same period in fiscal 2025. “Revenues for self-move and self-storage are up over the same quarter last year,” stated Joe Shoen, chairman of U-Haul Holding Company. “We are working through increased depreciation expense and losses on the sale of retired rental equipment. The race to zero emissions on work trucks has proven to be ephemeral. The increased costs to our customers and shareholders will persist for a while. U-Haul and truck OEMs need additional help from the EPA to have economical and effective product available.” Highlights of First Quarter Fiscal 2026 Results Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $52.2 million to $242.9 million compared to the first quarter of fiscal 2025.Increased losses from the disposal of retired rental equipment accounted for $29.7 million of the decrease for the first quarter, while fleet depreciation expense increased $50.7 million for the first quarter and real estate related depreciation expense increased $7.1 million for the quarter, all compared with the first quarter of fiscal 2025.Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $30.6 million to $545.3 million compared to the first quarter of fiscal 2025 and for the trailing twelve months for June 30, 2025 increased $65.8 million to $1,650.3 million compared to the trailing twelve months for June 30, 2024.Self-storage revenues increased $18.5 million, or 8.6% versus the first quarter of fiscal year 2025.Same store occupancy decreased 1.0% to 92.8%, revenue per foot increased 0.6%, and the number of locations qualifying for the pool increased by 23.During the first quarter of fiscal 2026, we added 15 new locations with storage and 1.2 million net rentable square feet (nrsf).We have approximately 14.8 million nrsf in development or pending.Self-moving equipment rental revenues increased $43.9 million, or 4.3% versus first quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2025. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet.Other revenue for Moving and Storage increased $20.6 million or 15.6% versus the first quarter of fiscal 2025 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 $5.2 million increase, compared with the first quarter of fiscal 2025.Cash and credit availability at the Moving and Storage segment was $1,191.1 million as of June 30, 2025 compared with $1,347.5 million as of March 31, 2025.On June 4, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 16, 2025. The dividend was paid on June 27, 2025.We are holding our 19 th Annual Virtual Analyst and Investor meeting on Thursday, August 21, 2025 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 as of June 30, 2025, is available at investors.uhaul.com under “Investor Kit”. U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2026 on Thursday, August 7, 2025, 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 23,000 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 197,500 trucks, 137,200 trailers and 41,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,093,000 rentable storage units and 94.9 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, 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 first quarter of fiscal 2026 and 2025. Quarter Ended June 30, 2025 2024 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 1,058,273 $ 1,014,332 Self-storage revenues 234,237 215,737 Self-moving and self-storage products and service sales 98,188 96,591 Property management fees 9,582 9,495 Life insurance premiums 19,169 20,740 Property and casualty insurance premiums 21,738 21,229 Net investment and interest income 35,211 37,125 Other revenue 154,072 133,241 Consolidated revenue $ 1,630,470 $ 1,548,490 Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2026 and 2025. Quarter Ended June 30, 2025 2024 (Unaudited) (In thousands) Moving and storage Revenues $ 1,553,859 $ 1,469,161 Earnings from operations before equity in earnings of subsidiaries 242,878 295,058 Property and casualty insurance Revenues 29,721 28,178 Earnings from operations 11,888 11,483 Life insurance Revenues 50,094 53,749 Earnings (losses) from operations 2,676 (47) Eliminations Revenues (3,204) (2,598) Earnings from operations before equity in earnings of subsidiaries (28) (252) Consolidated Results Revenues 1,630,470 1,548,490 Earnings from operations 257,414 306,242 Debt Metrics Moving and Storage (In thousands, unaudited) June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Real estate secured debt $ 2,727,545 $ 2,703,656 $ 2,436,840 $ 2,471,044 $ 2,497,239 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,200,000 Fleet secured debt 2,792,015 2,758,821 2,724,349 2,554,194 2,544,235 Other secured debt 65,570 66,864 68,402 69,264 70,202 Total debt 7,285,130 7,229,341 6,929,591 6,794,502 6,311,676 Cash and cash equivalents $ 726,069 $ 872,467 $ 883,108 $ 1,279,493 $ 1,071,779 Total assets 17,858,535 17,522,952 17,291,214 17,164,316 16,447,193 Adjusted EBITDA (TTM) 1,650,277 1,619,714 1,614,146 1,566,396 1,584,461 Net debt to adjusted EBITDA 4.0 3.9 3.7 3.5 3.3 Net debt to total assets 36.7 % 36.3 % 35.0 % 32.1 % 31.9 % Percent of debt floating 6.1 % 6.1 % 6.2 % 5.9 % 7.7 % Percent of debt fixed 93.9 % 93.9 % 93.8 % 94.1 % 92.3 % Percent of debt unsecured 23.3 % 23.5 % 24.5 % 25.0 % 19.0 % Unencumbered asset ratio* 3.86x 3.91x 3.81x 3.78x 4.72x * 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, 2025 2024 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 208,212 $ 157,528 Depreciation expense - non rental equipment 24,019 23,961 Depreciation expense - real estate 49,845 42,824 Total depreciation expense $ 282,076 $ 224,313 Net (gains) losses on disposals of rental equipment 22,125 (7,948) Net (gains) losses on disposals of non-rental equipment (192) 180 Total net (gains) losses on disposals equipment $ 21,933 $ (7,768) Depreciation, net of (gains) losses on disposals $ 304,009 $ 216,545 Net (gains) losses on disposals of real estate $ (1,617) $ 3,104 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, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of June 30 813 748 Square footage as of June 30 69,560 63,586 Average monthly number of units occupied 632 594 Average monthly occupancy rate based on unit count 78.1 % 80.0 % End of June occupancy rate based on unit count 78.8 % 81.0 % Average monthly square footage occupied 55,399 51,717 Self-Storage Portfolio Summary As of June 30, 2025 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 98 39,874 4,640,397 $ 14.79 77.7 % California 90 35,486 3,334,972 $ 21.24 82.8 % Florida 88 35,662 3,941,751 $ 18.52 77.0 % Illinois 83 39,790 4,175,787 $ 16.16 79.0 % Pennsylvania 73 29,540 3,140,190 $ 17.96 72.5 % Ohio 66 26,571 2,999,238 $ 14.92 74.7 % New York 66 28,867 2,653,223 $ 23.41 80.7 % Michigan 60 20,923 2,311,073 $ 15.77 82.0 % Georgia 53 22,717 2,608,640 $ 16.26 80.4 % Arizona 47 25,685 2,925,300 $ 15.58 78.5 % Wisconsin 44 17,426 2,025,211 $ 13.89 74.5 % North Carolina 41 17,981 2,046,133 $ 15.33 73.0 % Washington 38 14,706 1,590,390 $ 16.69 75.9 % Missouri 38 14,389 1,812,883 $ 14.23 69.4 % Tennessee 37 15,651 1,611,024 $ 14.91 85.2 % Ontario 33 12,611 1,410,804 $ 23.07 70.0 % New Jersey 33 16,365 1,517,120 $ 20.71 84.6 % Indiana 33 11,129 1,181,366 $ 14.05 81.3 % Minnesota 33 14,135 1,687,479 $ 13.68 76.3 % Massachusetts 31 11,466 1,030,178 $ 20.65 86.8 % Top 20 Totals 1,085 450,974 48,643,160 $ 17.07 77.9 % All Others 488 189,879 20,916,713 $ 16.53 78.6 % 1Q 2026 Totals 1,573 640,853 69,559,933 $ 16.91 78.1 % Same Store 1Q26 902 330,969 30,412,656 $ 17.44 92.8 % Same Store 1Q25 902 336,770 30,393,006 $ 17.34 93.8 % Same Store 1Q24 902 338,048 30,356,491 $ 16.98 94.2 % Non-Same Store 1Q26 671 309,884 39,147,277 $ 16.31 66.7 % Non-Same Store 1Q25 591 268,531 33,192,915 $ 18.74 67.3 % Non-Same Store 1Q24 529 235,664 27,240,887 $ 18.66 70.5 % Same Store Pool Held Constant for Prior Periods Same Store 1Q26 902 330,969 30,412,656 $ 17.44 92.8 % Same Store 1Q25 879 310,825 28,263,627 $ 17.32 93.9 % Same Store 1Q24 820 266,832 24,503,591 $ 16.72 95.1 % Non-Same Store 1Q26 671 309,884 39,147,277 $ 16.31 66.7 % Non-Same Store 1Q25 614 294,476 35,322,294 $ 18.65 69.0 % Non-Same Store 1Q24 613 306,221 33,026,074 $ 18.57 74.3 % 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 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 June 30, March 31, 2025 2025 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 877,188 $ 988,828 Trade receivables and reinsurance recoverables, net 231,002 230,716 Inventories and parts 173,299 163,132 Prepaid expenses 285,540 282,406 Fixed maturity securities available-for-sale, net, at fair value 2,521,166 2,479,498 Equity securities, at fair value 65,609 65,549 Investments, other 681,692 678,254 Deferred policy acquisition costs, net 121,621 121,729 Other assets 130,993 126,732 Right of use assets - financing, net 85,661 138,698 Right of use assets - operating, net 44,048 46,025 Related party assets 40,473 45,003 Property, plant and equipment, at cost: Land 1,835,090 1,812,820 Buildings and improvements 9,885,198 9,628,271 Furniture and equipment 1,055,983 1,047,414 Rental trailers and other rental equipment 1,081,063 1,046,135 Rental trucks 7,910,809 7,470,039 21,768,143 21,004,679 Less: Accumulated depreciation (6,178,067 ) (5,892,079 ) Total property, plant and equipment, net 15,590,076 15,112,600 Total assets $ 20,848,368 $ 20,479,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 901,083 $ 820,900 Notes, loans and finance leases payable, net 7,249,877 7,193,857 Operating lease liabilities 44,918 46,973 Policy benefits and losses, claims and loss expenses payable 871,530 857,521 Liabilities from investment contracts 2,537,848 2,511,422 Other policyholders' funds and liabilities 12,618 7,539 Deferred income 65,179 52,895 Deferred income taxes, net 1,504,547 1,489,920 Total liabilities 13,187,600 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 (200,196 ) (229,314 ) Retained earnings 8,065,393 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 7,660,768 7,498,143 Total liabilities and stockholders' equity $ 20,848,368 $ 20,479,170 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended June 30, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 1,058,273 $ 1,014,332 Self-storage revenues 234,237 215,737 Self-moving and self-storage products and service sales 98,188 96,591 Property management fees 9,582 9,495 Life insurance premiums 19,169 20,740 Property and casualty insurance premiums 21,738 21,229 Net investment and interest income 35,211 37,125 Other revenue 154,072 133,241 Total revenues 1,630,470 1,548,490 Costs and expenses: Operating expenses 826,749 789,757 Commission expenses 116,737 112,571 Cost of product sales 72,205 66,014 Benefits and losses 45,182 44,006 Amortization of deferred policy acquisition costs 4,917 4,646 Lease expense 4,874 5,605 Depreciation, net of (gains) losses on disposals 304,009 216,545 Net (gains) losses on disposal of real estate (1,617 ) 3,104 Total costs and expenses 1,373,056 1,242,248 Earnings from operations 257,414 306,242 Other components of net periodic benefit costs (346 ) (372 ) Other interest income 10,669 18,235 Interest expense (82,330 ) (67,218 ) Fees on early extinguishment of debt and costs of defeasance (26 ) (495 ) Pretax earnings 185,381 256,392 Income tax expense (43,050 ) (60,975 ) Earnings available to common stockholders $ 142,331 $ 195,417 Basic and diluted earnings per share of Common Stock $ 0.68 $ 0.95 Weighted average shares outstanding of Common Stock: Basic and diluted 19,607,788 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.73 $ 1.00 Weighted average shares outstanding of 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 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, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended June 30, 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 $ 142,331 $ 195,417 Voting Common Stock dividends declared – – Non-Voting Common Stock dividends declared (8,824 ) (8,824 ) Undistributed earnings available to common stockholders $ 133,507 $ 186,593 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 13,351 $ 18,659 Undistributed earnings per share of Voting Common Stock $ 0.68 $ 0.95 Dividends declared per share of Voting Common Stock $ – $ – Basic and diluted earnings per share of Voting Common Stock $ 0.68 $ 0.95 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 $ 142,331 $ 195,417 Voting Common Stock dividends declared – – Non-Voting Common Stock dividends declared (8,824 ) (8,824 ) Undistributed earnings available to common stockholders $ 133,507 $ 186,593 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 120,156 $ 167,934 Undistributed earnings per share of Non-Voting Common Stock $ 0.68 $ 0.95 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.05 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.73 $ 1.00 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 June 30, 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. June 30, March 31, 2025 2025 June 30, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2025 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,835,090 $ - $ 1,835,090 $ 1,812,820 Buildings and improvements 9,885,198 - 9,885,198 9,628,271 Furniture and equipment 1,055,983 61 1,056,044 1,047,475 Rental trailers and other rental equipment 1,081,063 48,468 1,129,531 1,104,206 Rental trucks 7,910,809 164,273 8,075,082 7,779,514 Subtotal 21,768,143 212,802 21,980,945 21,372,286 Less: Accumulated depreciation (6,178,067 ) (127,141 ) (6,305,208 ) (6,120,988 ) Total property, plant and equipment, net $ 15,590,076 $ 85,661 $ 15,675,737 $ 15,251,298 March 31, 2025 March 31, ROU Assets Property, Plant and Equipment 2025 Financing 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 June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Net earnings available to common stockholders $ 314,004 $ 367,090 $ 448,518 $ 480,576 $ 567,286 Income tax expense 76,156 94,747 137,940 148,743 174,206 Fees on early extinguishment of debt and costs of defeasance 26 495 495 495 495 Interest expense 311,609 296,721 280,487 271,359 263,808 Other interest income (51,899 ) (59,489 ) (87,303 ) (99,292 ) (111,561 ) Other components of net periodic benefit costs 1,462 1,488 1,480 1,473 1,465 Net losses on disposal of real estate 11,037 15,758 12,047 11,273 9,997 Depreciation, net of gains on disposals 1,045,648 958,184 888,253 815,810 742,662 Elimination of net earnings from insurance subsidiaries (57,766 ) (55,280 ) (67,771 ) (64,041 ) (63,897 ) Adjusted EBITDA $ 1,650,277 $ 1,619,714 $ 1,614,146 $ 1,566,396 $ 1,584,461 Moving and Storage EBITDA Calculations (In thousands, unaudited) Quarters Ended June 30, June 30, 2025 2024 Net earnings available to common stockholders $ 142,331 $ 195,417 Income tax expense 40,086 58,677 Fees on early extinguishment of debt and costs of defeasance 26 495 Interest expense 82,358 67,470 Other interest income (10,765 ) (18,355 ) Other components of net periodic benefit costs 346 372 Net losses on disposal of real estate (1,617 ) 3,104 Depreciation, net of gains on disposals 304,009 216,545 Elimination of net earnings from insurance subsidiaries (11,504 ) (9,018 ) Adjusted EBITDA $ 545,270 $ 514,707 Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 [email protected] Source: U-Haul Holding Company