U-Haul Holding Company Reports Second 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 second quarter ended September 30, 2025, of $105.6 million, compared with net earnings of $186.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal 2026 compared to $0.96 for the same period in fiscal 2025. For the six-month period ended September 30, 2025, net earnings available to shareholders were $247.9 million compared with net earnings of $382.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.27 for the six-month period of fiscal 2026 compared to $1.96 for the same period in fiscal 2025. “As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter,” stated Joe Shoen, chairman of U-Haul Holding Company. “Revenues for our major product lines are up year-over-year however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future.” Highlights of Second Quarter Fiscal 2026 Results Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $83.3 million to $197.4 million compared to the second quarter of fiscal 2026.Increased losses from the disposal of retired rental equipment accounted for $56.1 million of the decrease for the second quarter, while fleet depreciation expense increased $50.6 million for the second quarter, all compared with the second quarter of fiscal 2025.Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $31.6 million to $542.6 million compared to the second quarter of fiscal 2025 and for the trailing twelve months for September 30, 2025 increased $115.5 million to $1,681.9 million compared to the trailing twelve months for September 30, 2024.Self-storage revenues increased $21.8 million, or 9.7% versus the second quarter of fiscal year 2025.Same store occupancy decreased 3.5% to 90.5%, revenue per foot increased 4.0%, and the number of locations qualifying for the pool increased by 10.During the second quarter of fiscal 2026, we added 23 new locations with storage and 1.6 million net rentable square feet (nrsf).We have approximately 14.2 million NRSF in development or pending.Self-moving equipment rental revenues increased $23.1 million, or 2.1% versus the second quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the second 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 $12.0 million or 7.4% versus the second 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 $10.4 million increase, compared with the second quarter of fiscal 2025.Cash and credit availability at the Moving and Storage segment was $1,376.0 million as of September 30, 2025 compared with $1,347.5 million at March 31, 2025.On August 21, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 15, 2025. The dividend was paid on September 26, 2025. Supplemental financial information as of September 30, 2025 is available at investors.uhaul.com under “Investor Kit.” U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, 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 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 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 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 September 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 second quarter of fiscal 2026 and 2025. Quarter Ended September 30, 2025 2024 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 1,110,477 $ 1,087,348 Self-storage revenues 246,299 224,519 Self-moving and self-storage product and service sales 89,829 87,763 Property management fees 9,621 9,586 Life insurance premiums 18,370 20,488 Property and casualty insurance premiums 28,272 25,767 Net investment and interest income 40,022 37,794 Other revenue 177,032 164,843 Consolidated revenue $ 1,719,922 $ 1,658,108 Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025. Quarter Ended September 30, 2025 2024 (Unaudited) (In thousands) Moving and storage Revenues $ 1,632,827 $ 1,573,643 Earnings from operations before equity in earnings of subsidiaries 197,440 280,695 Property and casualty insurance Revenues 35,891 31,461 Earnings from operations 17,154 13,823 Life insurance Revenues 54,113 56,157 Earnings from operations 3,028 7,690 Eliminations Revenues (2,909) (3,153) Earnings from operations before equity in earnings of subsidiaries (28) (252) Consolidated Results Revenues 1,719,922 1,658,108 Earnings from operations 217,594 301,956 Moving and Storage Debt Metrics (in thousands)(unaudited) September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Real estate secured debt $3,002,344 $2,727,545 $2,703,656 $2,436,840 $2,471,044 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 Fleet secured debt 2,965,804 2,792,015 2,758,821 2,724,349 2,554,194 Other secured debt 64,357 65,570 66,864 68,402 69,264 Total debt 7,732,505 7,285,130 7,229,341 6,929,591 6,794,502 Cash and cash equivalents $910,969 $726,069 $872,467 $883,108 $1,279,493 Total assets 18,460,371 17,858,535 17,522,952 17,291,214 17,164,316 Adjusted EBITDA (TTM) 1,681,900 1,650,277 1,619,714 1,614,146 1,566,396 Net debt to adjusted EBITDA 4.1 4.0 3.9 3.7 3.5 Net debt to total assets 37.0% 36.7% 36.3% 35.0% 32.1% Percent of debt floating 7.1% 6.1% 6.1% 6.2% 5.9% Percent of debt fixed 92.9% 93.9% 93.9% 93.8% 94.1% Percent of debt unsecured 22.0% 23.3% 23.5% 24.5% 25.0% Unencumbered asset ratio* 3.96x 3.86x 3.91x 3.81x 3.78x * 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 second quarter of fiscal 2026 and 2025 are as follows: Quarter Ended September 30, 2025 2024 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 226,909 $ 176,340 Depreciation expense - non rental equipment 23,760 23,750 Depreciation expense - real estate 51,440 44,735 Total depreciation expense $ 302,109 $ 244,825 Net (gains) losses on disposals of rental equipment 38,329 $ (17,892) Net (gains) losses on disposals of non-rental equipment 170 337 Total net (gains) losses on disposals equipment $ 38,499 $ (17,555) Depreciation, net of (gains) losses on disposals $ 340,608 $ 227,270 Net (gains) losses on disposals of real estate $ 4,531 $ 2,991 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 September 30, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of September 30 831 758 Square footage as of September 30 71,167 64,499 Average monthly number of units occupied 630 610 Average monthly occupancy rate based on unit count 76.3% 80.9% End of September occupancy rate based on unit count 74.4% 80.0% Average monthly square footage occupied 55,623 53,108 Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and 2025. Six Months Ended September 30, 2025 2024 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 2,168,750 $ 2,101,680 Self-storage revenues 480,536 440,256 Self-moving and self-storage product and service sales 188,017 184,354 Property management fees 19,203 19,081 Life insurance premiums 37,539 41,228 Property and casualty insurance premiums 50,010 46,996 Net investment and interest income 75,233 74,919 Other revenue 331,104 298,084 Consolidated revenue $ 3,350,392 $ 3,206,598 Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025. Six Months Ended September 30, 2025 2024 (Unaudited) (In thousands) Moving and storage Revenues $ 3,186,686 $ 3,042,804 Earnings from operations before equity in earnings of subsidiaries 440,318 575,753 Property and casualty insurance Revenues 65,612 59,639 Earnings from operations 29,042 25,306 Life insurance Revenues 104,207 109,906 Earnings from operations 5,704 7,643 Eliminations Revenues (6,113) (5,751) Earnings from operations before equity in earnings of subsidiaries (56) (504) Consolidated Results Revenues 3,350,392 3,206,598 Earnings from operations 475,008 608,198 The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows: Six Months Ended September 30, 2025 2024 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 435,121 $ 333,868 Depreciation expense - non rental equipment 47,779 47,711 Depreciation expense - real estate 101,285 87,559 Total depreciation expense $ 584,185 $ 469,138 Net (gains) losses on disposals of rental equipment $ 60,454 $ (25,840) Net (gains) losses on disposals of non-rental equipment (22) 517 Total net (gains) losses on disposals equipment $ 60,432 $ (25,323) Depreciation, net of (gains) losses on disposals $ 644,617 $ 443,815 Net (gains) losses on disposals of real estate $ 2,914 $ 6,095 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: Six Months Ended September 30, 2025 2024 (Unaudited) (In thousands, except occupancy rate) Unit count as of September 30 831 758 Square footage as of September 30 71,167 64,499 Average monthly number of units occupied 631 602 Average monthly occupancy rate based on unit count 77.2% 80.5% End of September occupancy rate based on unit count 74.4% 80.0% Average monthly square footage occupied 55,511 52,412 Self-Storage Portfolio Summary As of September 30, 2025 (unaudited) U-Haul Owned Store Data by State Annual State/ Province Stores Units Occupied Rentable Square Feet Revenue Per Foot Occupancy During Qtr Texas 99 36,733 4,706,618 $15.08 73.3% California 90 33,921 3,351,341 $21.60 78.7% Florida 89 34,655 3,944,412 $18.74 76.4% Illinois 84 38,382 4,281,927 $16.44 77.8% Pennsylvania 73 28,330 3,143,110 $18.16 72.5% Ohio 67 26,072 3,052,921 $15.00 74.8% New York 67 28,166 2,721,082 $23.66 79.7% Michigan 60 19,832 2,330,008 $16.09 78.0% Georgia 55 21,768 2,739,492 $16.38 75.5% Arizona 49 23,789 3,006,228 $15.96 73.8% Wisconsin 44 17,071 2,048,296 $14.08 74.9% North Carolina 42 17,384 2,070,876 $15.53 74.1% Washington 38 13,912 1,590,030 $17.03 73.5% Missouri 38 14,022 1,815,644 $14.31 71.0% Tennessee 37 15,073 1,628,491 $15.09 83.6% Ontario 33 12,518 1,410,384 $23.33 70.2% New Jersey 33 16,165 1,517,032 $20.87 84.5% Indiana 33 10,576 1,183,758 $14.28 82.3% Minnesota 33 13,725 1,694,678 $13.58 76.1% Massachusetts 32 11,231 1,150,060 $20.85 79.6% Top 20 Totals 1,096 433,325 49,386,390 $17.29 76.2% All Others 500 184,812 21,780,368 $16.74 76.6% 2Q 2026 Totals 1,596 618,137 71,166,758 $17.12 76.3% Same Store 2Q26 903 320,815 30,897,753 $17.88 90.5% Same Store 2Q25 903 337,446 30,894,328 $17.20 94.0% Same Store 2Q24 903 339,342 30,836,508 $16.58 94.3% Non-Same Store 2Q26 693 297,322 40,269,004 $16.28 65.2% Non-Same Store 2Q25 601 268,718 33,604,664 $16.16 68.8% Non-Same Store 2Q24 538 237,766 27,634,059 $15.95 73.0% Same Store Pool Held Constant for Prior Periods Same Store 2Q26 903 320,815 30,897,753 $17.88 90.5% Same Store 2Q25 893 319,259 29,403,609 $17.20 94.1% Same Store 2Q24 841 280,943 25,979,561 $16.55 95.0% Non-Same Store 2Q26 693 297,322 40,269,004 $16.28 65.2% Non-Same Store 2Q25 611 286,905 35,095,383 $16.22 69.9% Non-Same Store 2Q24 602 295,463 32,422,073 $16.10 75.8% 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 September 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 September 30, March 31, 2025 2025 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,082,820 $ 988,828 Trade receivables and reinsurance recoverables, net 175,634 230,716 Inventories and parts 176,138 163,132 Prepaid expenses 316,220 282,406 Fixed maturity securities available-for-sale, net, at fair value 2,494,429 2,479,498 Equity securities, at fair value 62,972 65,549 Investments, other 679,472 678,254 Deferred policy acquisition costs, net 119,117 121,729 Other assets 139,617 126,732 Right of use assets - financing, net 62,636 138,698 Right of use assets - operating, net 41,812 46,025 Related party assets 46,612 45,003 Property, plant and equipment, at cost: Land 1,846,211 1,812,820 Buildings and improvements 10,095,592 9,628,271 Furniture and equipment 1,061,416 1,047,414 Rental trailers and other rental equipment 1,132,107 1,046,135 Rental trucks 8,272,598 7,470,039 22,407,924 21,004,679 Less: Accumulated depreciation (6,376,984) (5,892,079) Total property, plant and equipment, net 16,030,940 15,112,600 Total assets $ 21,428,419 $ 20,479,170 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 869,740 $ 820,900 Notes, loans and finance leases payable, net 7,694,640 7,193,857 Operating lease liabilities 42,613 46,973 Policy benefits and losses, claims and loss expenses payable 900,302 857,521 Liabilities from investment contracts 2,518,603 2,511,422 Other policyholders' funds and liabilities 5,923 7,539 Deferred income 55,847 52,895 Deferred income taxes, net 1,572,864 1,489,920 Total liabilities 13,660,532 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 (189,804) (229,314) Retained earnings 8,162,120 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 7,767,887 7,498,143 Total liabilities and stockholders' equity $ 21,428,419 $ 20,479,170 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended September 30, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 1,110,477 $ 1,087,348 Self-storage revenues 246,299 224,519 Self-moving and self-storage products and service sales 89,829 87,763 Property management fees 9,621 9,586 Life insurance premiums 18,370 20,488 Property and casualty insurance premiums 28,272 25,767 Net investment and interest income 40,022 37,794 Other revenue 177,032 164,843 Total revenues 1,719,922 1,658,108 Costs and expenses: Operating expenses 909,542 891,073 Commission expenses 121,811 119,008 Cost of product sales 67,625 62,250 Benefits and losses 48,178 44,392 Amortization of deferred policy acquisition costs 4,962 4,439 Lease expense 5,071 4,729 Depreciation, net of (gains) losses on disposals 340,608 227,270 Net (gains) losses on disposal of real estate 4,531 2,991 Total costs and expenses 1,502,328 1,356,152 Earnings from operations 217,594 301,956 Other components of net periodic benefit costs (345) (372) Other interest income 10,015 16,131 Interest expense (90,305) (71,498) Pretax earnings 136,959 246,217 Income tax expense (31,409) (59,419) Earnings available to common stockholders $ 105,550 $ 186,798 Basic and diluted earnings per share of Common Stock $ 0.49 $ 0.91 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 $ 0.54 $ 0.96 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 ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended September 30, 2025 2024 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 2,168,750 $ 2,101,680 Self-storage revenues 480,536 440,256 Self-moving and self-storage products and service sales 188,017 184,354 Property management fees 19,203 19,081 Life insurance premiums 37,539 41,228 Property and casualty insurance premiums 50,010 46,996 Net investment and interest income 75,233 74,919 Other revenue 331,104 298,084 Total revenues 3,350,392 3,206,598 Costs and expenses: Operating expenses 1,736,291 1,680,830 Commission expenses 238,548 231,579 Cost of product sales 139,830 128,264 Benefits and losses 93,360 88,398 Amortization of deferred policy acquisition costs 9,879 9,085 Lease expense 9,945 10,334 Depreciation, net of (gains) losses on disposals 644,617 443,815 Net (gains) losses on disposal of real estate 2,914 6,095 Total costs and expenses 2,875,384 2,598,400 Earnings from operations 475,008 608,198 Other components of net periodic benefit costs (691) (744) Other interest income 20,684 34,366 Interest expense (172,635) (138,716) Fees on early extinguishment of debt (26) (495) Pretax earnings 322,340 502,609 Income tax expense (74,459) (120,394) Earnings available to common stockholders $ 247,881 $ 382,215 Basic and diluted earnings per share of Common Stock $ 1.17 $ 1.86 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 $ 1.27 $ 1.96 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 ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended September 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 $ 105,550 $ 186,798 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823) (8,823) Undistributed earnings available to common stockholders $ 96,727 $ 177,975 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,673 $ 17,798 Undistributed earnings per share of Voting Common Stock $ 0.49 $ 0.91 Dividends declared per share of Voting Common Stock $ - $ - Basic and diluted earnings per share of Voting Common Stock $ 0.49 $ 0.91 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 $ 105,550 $ 186,798 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (8,823) (8,823) Undistributed earnings available to common stockholders $ 96,727 $ 177,975 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 87,054 $ 160,178 Undistributed earnings per share of Non-Voting Common Stock $ 0.49 $ 0.91 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.05 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.54 $ 0.96 The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Six Months Ended September 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 $ 247,881 $ 382,215 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (17,647) (17,647) Undistributed earnings available to common stockholders $ 230,234 $ 364,568 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 23,023 $ 36,457 Undistributed earnings per share of Voting Common Stock $ 1.17 $ 1.86 Dividends declared per share of Voting Common Stock $ - $ - Basic and diluted earnings per share of Voting Common Stock $ 1.17 $ 1.86 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 $ 247,881 $ 382,215 Voting Common Stock dividends declared - - Non-Voting Common Stock dividends declared (17,647) (17,647) Undistributed earnings available to common stockholders $ 230,234 $ 364,568 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 207,211 $ 328,111 Undistributed earnings per share of Non-Voting Common Stock $ 1.17 $ 1.86 Dividends declared per share of Non-Voting Common Stock $ 0.10 $ 0.10 Basic and diluted earnings per share of Non-Voting Common Stock $ 1.27 $ 1.96 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 September 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. September 30, March 31, 2025 2025 September 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 $ 1,846,211 $ - $ 1,846,211 $ 1,812,820 Buildings and improvements 10,095,592 - 10,095,592 9,628,271 Furniture and equipment 1,061,416 61 1,061,477 1,047,475 Rental trailers and other rental equipment 1,132,107 24,343 1,156,450 1,104,206 Rental trucks 8,272,598 149,219 8,421,817 7,779,514 Subtotal 22,407,924 173,623 22,581,547 21,372,286 Less: Accumulated depreciation (6,376,984) (110,987) (6,487,971) (6,120,988) Total property, plant and equipment, net $ 16,030,940 $ 62,636 $ 16,093,576 $ 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 September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Net earnings available to common stockholders $ 232,756 $ 314,004 $ 367,090 $ 448,518 $ 480,576 Income tax expense 48,448 76,156 94,747 137,940 148,743 Fees on early extinguishment of debt and costs of defeasance 26 26 495 495 495 Interest expense 330,192 311,609 296,721 280,487 271,359 Other interest income (45,759) (51,899) (59,489) (87,303) (99,292) Other components of net periodic benefit costs 1,435 1,462 1,488 1,480 1,473 Net (gains) losses on disposal of real estate 12,577 11,037 15,758 12,047 11,273 Depreciation, net of (gains) losses on disposals 1,158,986 1,045,648 958,184 888,253 815,810 Elimination of net earnings from insurance subsidiaries (56,761) (57,766) (55,280) (67,771) (64,041) Adjusted EBITDA $ 1,681,900 $ 1,650,277 $ 1,619,714 $ 1,614,146 $ 1,566,396 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 September 30, September 30, 2025 2024 Net earnings available to common stockholders $ 105,550 $ 186,798 Income tax expense 27,324 55,032 Fees on early extinguishment of debt and costs of defeasance - - Interest expense 90,333 71,750 Other interest income (10,111) (16,251) Other components of net periodic benefit costs 345 372 Net (gains) losses on disposal of real estate 4,531 2,991 Depreciation, net of (gains) losses on disposals 340,608 227,270 Elimination of net earnings from insurance subsidiaries (16,001) (17,006) Adjusted EBITDA $ 542,579 $ 510,956 Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 [email protected] Source: U-Haul Holding Company