Slides
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Fourth Quarter Fiscal 2025 U-Haul Investor Update
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2 Forward Looking Statement The following information and the statements made during this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in our filings with the Securities and Exchange Commission. Forward-looking statements include, but are not limited to, our ability to maximize long-term value; our ability to provide better products and services at lower costs; our opportunity to invest efficiently; our ability to continue to redeploy earnings; and the potential for self-storage growth across the United States and Canada. All forward-looking statements contained in this presentation speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. You are also reminded that during this presentation, certain non-GAAP financial measures, such as free cash flow, EBITDA, and net leverage, may be discussed. These measures should not be considered an alternative to any measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). These measures are not necessarily comparable to a similarly titled measure of another company. Please refer to our reconciliations of these discussed figures with the most comparable GAAP measures.
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Most diverse offering of products and services for the DIY customer Largest fleet of rental equipment Ubiquitous brand name recognition Unmatched network of moving locations across North America Synergistic product lines provide one-stop solution for Do-it-Yourself Moving & Storage customers Nearly 50% of all storage transactions at a U-Haul operated location included a U-Move® transaction 3 Company Highlights North America’s Leader in Do-It-Yourself Moving & Storage1 Real Estate: owns and operates over 2,376 locations Future Capital expenditures: ample opportunities to invest efficiently in growth opportunities Steady Cash: conservative balances available to fund future reinvestment Responsible Debt: manageable maturity schedule, additional leverage available Significant Financial Profile with Positive Free Cash Flow*2 Company is managed to maximize long-term value Our objective is to provide a better product and service to more people at a lower cost Significant Shoen family ownership (controlled company) Long-Term Focus3 * Free Cash Flow is a non-GAAP measure
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New class of common stock issued in Nov. 2022.* ✅ Liquidity (9x more) 176,470,092 shares outstanding ✅ Dividend Priority Holds dividend priority over UHAL. Current policy of $0.05/share each quarter ⭕️ Voting Voting rights limited to issues related to UHAL.B shares Joe Shoen (CEO), Mark Shoen and their controlled entities hold 43.2% of the outstanding shares. Public float, excluding Shoen shares above and Employee Stock Ownership Plan, is approximately 92.3 million shares *UHAL holders of record on Nov. 3, 2022 received a dividend of UHAL.B shares (9-for-1 basis) on Nov. 9, 2022. Original class of common stock listed in 1994. ⭕️ Less Liquidity 19,607,788 shares outstanding ⭕️ No Dividend No dividend currently declared for UHAL UHAL.B shares must receive dividends or distributions no less than what the Company may pay on UHAL ✅ Voting Includes voting rights Joe Shoen (CEO), Mark Shoen and their controlled entities hold 50.1% of the outstanding shares. Public float, excluding known Shoen shares above and Employee Stock Ownership Plan, is approximately 9.0 million shares. 4 Unique Dual Share Class Structure UHAL.B UHAL Each class of shares is tailored to each investor’s preferences
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5 U-Haul… A Story of Responsible Management 1955 1994 2017 1945 2024 2008 U-Haul founded by the Shoen Family Expanded to Canada U-Box® portable moving & storage is launched Publicly listed on NASDAQ (UHAL) Sale of portion of our Chelsea, NY location fuels self-storage expansion More than doubled self-storage presence since 2019 1974 U-Haul enters the self-storage business 1986 Joe Shoen elected Chairman of the Board
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6 We Uniquely Provide an All-In-One Customer Solution 68% of Trailing Twelve Month (TTM) Revenue Largest Rental Fleet in North America* Currently less than 10% of TTM Revenue #2 Player in Portable Moving and Storage** 16% of TTM Revenue #3 Self-storage Company in U.S. (Sq. Ft. owned)* U-Move U-Box® Self- Storage Self-Storage U-Move U-Box * Based on public filings of CAR, PAG, PSA, EXR, CUBE ** Management estimate U-Haul’s product offerings operate together to drive incremental sales and profitability to service a variety of customer needs
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7 Rental Equipment + Self Storage + Moving Supplies Nearly 50% of U-Haul self-storage transactions had an associated U-Move transaction Close to 30% of all self-storage customers expect the availability of truck rentals* Offering trucks, trailers and moving supplies reduces the need to shop around for these products and services elsewhere Rental trucks and trailers serve as a constant reinforcement of the brand and our services Convenience Revenue Synergy U-Haul is the only company that offers a one-stop solution: Trucks, trailers, towing devices Self-storage Portable moving & storage Moving supplies Hitch installation and sales Related customer insurance and protection packages Moving Helper® College Boxes student moving International moves (w/U-Box®) Utilizing rental equipment to facilitate a move is often a key part of a self-storage customer’s journey *2023 SSA Self Storage Demand Study
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$0 $450 $900 $1,350 $1,800 $2,250 $2,700 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EBITDA Gain on Sale Interest income * 8 Moving & Storage EBITDA Trends ($ in millions) * FY2025 and FY2024 adjusted to include interest income for consistency with prior period presentation COVID Impact Consistent cash generated from operations; EBITDA and gain on sale of equipment elevated post-lockdown Lockdown Impact
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9 Broad Customer Reach Through Owned & Operated Locations U-Haul has best-in-class coverage across all 50 States and 10 Canadian Provinces 2,376 Company Locations (Owned & Operated) 2,046 Self-Storage (1,558 Owned) 1,518 U-Box Co-Locations 58% of U.S. Population within 5 Miles of Company Location
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10 Expanded Footprint Through Independent Dealer Network The U-Haul independent dealer network and self-storage Affiliates increase the footprint of U-Haul by ~10x 24,028 Total Locations (Incl. Independent Network) 3,361 Affiliated Storage Locations 90% of U.S. Population within 5 Miles of a U-Haul Dealer 35% of U.S. Population within 1 Mile of U-Haul/Dealers
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Self-storage revenues increased $17.8 million, or 8.4%, vs. fourth quarter of fiscal year 2024 Same store occupancy decreased 0.5% to 91.9%, revenue per foot increased 3.0% Total portfolio occupied rooms increased 39,197 or 6.8% vs. fourth fiscal quarter of fiscal 2024 During the quarter we added 20 new storage locations plus expansion projects resulting in 1,584,000 additional net rentable square feet (NRSF). For the fiscal year, we added 82 new locations resulting in 6,519,000 NRSF ~15.0 million NRSF in development or pending 11 Fourth Quarter Highlights | FY 2025 Self-Storage Self-moving equipment rental revenues increased $29.0 million, or 4.0%, vs. fourth quarter of fiscal year 2024 marking our fourth consecutive quarter of steadily improving year-over-year results In-town and one-way transactions and revenue per transaction both improved. The fourth quarter of fiscal 2024 included an extra leap day; excluding this our fourth quarter results increased approximately $40.0 million or 5.6% U-Move® Moving and Storage Other revenue increased $13.9 million or 17.1%, vs. the fourth quarter of fiscal 2024 due largely to the growth of our U-Box product offering. Both the number of containers shipped and containers in storage increased Covered warehouse space for containers increased 24.9% in fiscal 2025 U-Box® Moving and Storage earnings from operations, adjusted to remove interest income, decreased $68.1 million compared to the fourth quarter of fiscal 2024 Disposal of retired rental equipment accounted for $30.4 million of the decrease, fleet depreciation increased $35.6 million and liability costs increased $27.8 million. Fleet maintenance and repair costs declined $6.7 million Moving and Storage EBITDA, adjusted to remove interest income, increased $5.6 million compared to the fourth quarter of fiscal 2024 Consolidated * EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure
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192.1 52%137.5 37% 39.7 11% Trucks Trailers Towing Devices 12 Moving & Storage | Key Statistics Product Revenue ($mn) Asset Value (GAAP NBV - $bn) Footprint (Sq. Ft. – millions) 2,376 Owned & Operated Locations Rental Fleet As of March 2025 | (Units in Thousands) TTM ending 3/31 Fiscal Year Fiscal Year > 29% Moving & Storage EBITDA Margin $3,882 $3,629 $3,729 $744 $831 $898 $357 $336 $327 $585 $499 $539 2023 2024 2025 All Other Retail Sales Self-Storage U-Move $8.0 $9.2 $10.5 $3.9 $4.3 $4.8 3 .3 1 .2 3 3 .3 1 .2 4 3 .3 1 .2 5 Rental Fleet Real Estate 56.4 61.9 68.4 24.8 24.9 25.3 3 .3 1 .2 3 3 .3 1 .2 4 3 .3 1 .2 5 Managed Owned
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13 U-Move® | Self-Moving Revenue Growth Returned - 50 100 150 200 250 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Annual Revenue (in millions) Truck Fleet Count (in thousands) Self-moving equipment rental revenues increased $29.0 million, or 4.0%, vs. fourth quarter of fiscal year 2024, marking the fourth consecutive quarter of steadily improving year-over-year results. Fiscal year 2025 increased $100.8 or 2.8% In-town and one-way transactions and revenue per transaction both improved. The fourth quarter of fiscal 2024 included an extra leap day; excluding this our fourth quarter results increased approximately $40.0 million or 5.6% U-Move®
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$- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 $110 million decrease COVID 12 mos $100 mil increase 14 U-Move| Revenue Growth $1.3 billion increase 10 years pre-pandemic 24 months post-lockdown $1.4 bil increase 21 months $389 mil decrease Cumulative U-Move Revenue Changes ($ in millions) U-Move revenue has held a portion of the gains earned post-lockdown and returned to growth
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15 Self-Storage Results ($ in millions)(in thousands) Net Rentable Square Feet (NRSF) Self-Storage Twelve months ended March 2025, we have added 6.5 million net rentable square feet Increased average monthly occupied square feet by 3.8 million in 4Q25 vs. 4Q24 Same Store average monthly occupancy rate was 91.9% in 4Q25 vs. 92.4% in 4Q24 Total Portfolio average monthly occupancy rate was 77.3% in 4Q25 vs. 79.8% in 4Q24 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 3.31.15 3.31.16 3.31.17 3.31.18 3.31.19 3.31.20 3.31.21 3.31.22 3.31.23 3.31.24 3.31.25 Owned net rentable square feet Annual revenue ($)
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$1,380 Beginning $2,991 $872 $872 Ending $1,327 Moving and Storage Operating Cash Flows $921 $662 $(1,250) Est Fleet Maint. Cap-Ex (gross) $(1,477) Growth Cap-Ex $(297) $(35) $(303) Add’l Fleet Rotation $(30) Est Maintenance Cap-Ex $(310) Growth Cap-Ex $0 $1,000 $2,000 $3,000 $4,000 $5,000 Available Cash & ST Invest Borrowings net of Repayments Asset Sales Fleet Investment Real Estate Investment Interest Paid Dividend Uninvested Cash & ST 16 Strategic Cash Deployment Earnings continue to be redeployed to grow self-storage, network reach and fleet Accumulated Cash Deployment by Bucket TTM March 2025 | ($ in millions)
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$12.2 $5.0 $9.1 $3.7 $2.5 $1.0 $0.4 Cash Inflows Cash Outflows $16.8 17 A Decade of Self-Funded Growth Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends Real Estate Investments Fleet Rotation Fleet Growth Other Investments Dividends Cash from Operations Cash from Refinancing (Net of Repayments) 10-Year Cash Sources & Uses ($ in billions) Data through March 2025 $17.2
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18 Self-Storage Development Pipeline Potential for self-storage growth across U.S. and Canada Ground Up and Conversion (Active) – property owned and development underway Ground Up and Conversion (Pending) – property owned and active development not underway In Escrow – ground up/conversion/existing storage locations under contract and may or may not eventually close
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78% 84% 69% 95% 95% 86% - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Pipeline (owned) Under contract Existing Conversions/Ground-Up 282# 78% 82% 3# Prior Year Pipeline 327# 71% 19 Self-Storage Acquisitions and Development 302 New Storage Locations 26.3 million Net Rentable Sq. Ft. $5.6 billion Investments Over the Last 5 Years, U-Haul has Added…. Net rentable square feet (in millions)
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$0 $124 T T M CU R R ENT S T A BILIZ ED Revenue 90% Occupancy 20 Self-Storage Revenue Potential Future revenue growth embedded in our balance sheet. Not including an assumption for future rate increases Projects in Development (not yet active) 0% Occupancy +$124 million $383 $621 T T M CU R R ENT S T A BILIZ ED Revenue 90% Occupancy Non-Same Store Locations (completed and active) 69% Occupancy +$238 million Projects Pending (real estate owned, but development not yet started) $0 $129 T T M CU R R ENT S T A BILIZ ED Revenue 90% Occupancy 0% Occupancy +$129 million 14 conversion and 122 ground-up projects pending • 8.1 million net rentable square feet • 107,400 rooms • 121,400 covered U-Box spaces 48 conversion and 93 ground-up projects pending • 6.9 million net rentable square feet underway • 1.1 million net rentable square feet completed • 105,200 rooms underway • 13,800 covered U-Box spaces
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21 Well-Capitalized Balance Sheet The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ in millions) Net leverage is equal to net debt divided by twelve-month EBITDA * Net Leverage is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure Net Leverage* 2.4x 1.6x 2.2x 3.1x 3.9x $4,658 $6,023 $6,108 $6,271 $7,194 $11,865 $14,382 $15,212 $16,150 $17,522 39.3% 41.9% 40.2% 38.8% 41.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 3.31.21 3.31.22 3.31.23 3.31.24 3.31.25 Total Debt Total Asset Debt/Assets
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Appendix Selected Financials
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23 Self-Storage Financials Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Total Owned Portfolio 1,558 615,634 68,376,000 16.85$ 77.3% Same Store 4Q25 893 317,736 29,661,083 17.32$ 91.9% Same Store 4Q24 893 320,411 29,639,638 16.82$ 92.4% Same Store 4Q23 893 321,055 29,615,402 15.93$ 92.4% Non Same Store 4Q25 665 297,898 38,714,917 16.32$ 66.0% Non Same Store 4Q24 583 256,992 32,217,390 16.29$ 68.2% Non Same Store 4Q23 527 225,931 26,834,710 15.89$ 69.2% 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 March 2025. Same store includes locations with rentable storage inventory for more than three years and have had 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 physical 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. Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Total Owned Portfolio 1,558 615,634 68,376,000 16.85$ 77.3% Same Store 4Q25 893 317,736 29,661,083 17.32$ 91.9% Same Store 4Q24 862 291,587 27,376,696 16.87$ 92.3% Same Store 4Q23 804 256,861 23,942,574 16.00$ 94.2% Non Same Store 4Q25 665 297,898 38,714,917 16.32$ 66.0% Non Same Store 4Q24 614 285,816 34,480,331 16.28$ 70.1% Non Same Store 4Q23 618 289,536 32,439,826 15.84$ 72.3%
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24 Moving & Storage P&L Other interest income has been moved below Earnings from operations for prior quarters. Equity in earnings from insurance subsidiaries are excluded. * EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2025 2024 2024 2024 2024 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 746,126 879,695 1,088,334 1,015,163 717,312 Self-storage revenues 230,532 227,125 224,519 215,737 212,701 Self-moving and self-storage products and service sales 72,729 70,407 87,763 96,591 73,018 Property management fees 8,861 8,869 9,586 9,495 8,422 Other revenue 95,166 110,460 163,441 132,175 81,245 Total revenues 1,153,414 1,296,556 1,573,643 1,469,161 1,092,698 Costs and expenses: Operating expenses 796,569 766,460 875,815 769,796 742,933 Commission expenses 80,758 95,031 119,008 112,571 77,236 Cost of product sales 53,114 52,767 62,250 66,014 52,732 Lease expense 5,648 5,572 5,614 6,073 8,040 Depreciation, rental equipment 180,836 177,956 176,339 157,528 145,256 Depreciation, non-rental equipment 23,934 24,064 23,750 23,961 24,388 Depreciation, real estate 48,408 47,597 44,735 42,824 44,008 Net (gains) losses on disposal of rental equipment 14,600 (3,774) (17,891) (7,948) (15,813) Net losses on disposal of real estate, other 6,805 3,606 3,328 3,284 3,102 Total costs and expenses 1,210,672 1,169,279 1,292,948 1,174,103 1,081,882 Earnings (losses) from operations (57,528) 127,277 280,695 295,058 10,816 Other components of net periodic benefit costs (372) (372) (372) (372) (364) Other interest income 9,149 15,734 16,251 18,355 36,963 Interest expense, early extinguishment/defeasance fees (80,668) (76,833) (71,750) (67,965) (64,434) Pretax earnings (losses) $ (129,149) 65,806 224,824 245,076 (17,019) Earnings before interest, taxes, depreciation and amortization (EBITDA)* $ 217,325 376,726 510,956 514,707 211,757
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25 Moving & Storage Balance Sheet Mar 31, Dec 31, Sept 30, June 30, Mar 31, Dec 31, 2025 2024 2024 2024 2024 2023 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 872,467 883,108 1,279,493 1,071,779 1,380,165 1,736,295 Trade receivables and reinsurance recoverables, net 158,471 103,074 137,436 175,702 136,484 118,805 Inventories and parts 163,132 155,140 157,592 157,625 150,940 155,161 Prepaid expenses 282,406 265,891 279,539 248,147 246,082 240,525 Fixed maturity securities available-for-sale, net, at fair value - - - - 74,814 173,601 Investments, other - 1,000 1,000 1,000 1,000 22,058 Other assets 77,473 73,467 77,709 71,983 60,221 46,132 Right of use assets – financing, net 138,698 168,817 208,804 265,744 289,305 326,244 Right of use assets – operating, net 45,611 47,997 50,716 52,576 52,945 64,508 Related party assets 62,241 76,233 78,104 92,346 74,935 71,920 1,800,499 1,774,727 2,270,393 2,136,902 2,466,891 2,955,249 Investment in insurance subsidiaries 609,853 641,270 568,609 555,751 548,205 442,243 Property, plant and equipment, at cost: Land 1,812,820 1,822,497 1,739,422 1,727,668 1,670,033 1,649,346 Buildings and improvements 9,628,271 9,305,846 8,915,534 8,591,016 8,237,354 7,943,232 Furniture and equipment 1,047,414 1,036,203 1,022,945 1,014,086 1,003,770 983,683 Rental trailers and other rental equipment 1,046,135 1,032,132 989,672 960,853 936,303 927,038 Rental trucks 7,470,039 7,347,053 7,123,968 6,670,443 6,338,324 6,183,293 21,004,679 20,543,731 19,791,541 18,964,066 18,185,784 17,686,592 Less: Accumulated depreciation (5,892,079) (5,668,514) (5,466,227) (5,209,526) (5,051,132) (4,890,172) Total property, plant and equipment, net 15,112,600 14,875,217 14,325,314 13,754,540 13,134,652 12,796,420 Total assets $ 17,522,952 17,291,214 17,164,316 16,447,193 16,149,748 16,193,912 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 800,084 781,104 873,873 822,204 756,497 715,532 Notes, loans and finance leases payable, net 7,193,857 6,896,987 6,760,781 6,280,305 6,271,362 6,437,309 Operating lease liabilities 46,546 49,025 51,863 53,788 54,249 63,673 Policy benefits and losses, claims and loss expenses payable 361,755 313,439 318,669 327,497 319,716 317,409 Deferred income 52,895 47,419 54,026 62,587 51,175 45,711 Deferred income taxes, net 1,547,921 1,550,207 1,563,711 1,527,361 1,505,202 1,508,199 Related party liabilities 25,369 24,702 25,594 26,493 25,145 24,555 Total liabilities 10,028,427 9,662,883 9,648,517 9,100,235 8,983,346 9,112,388 Total stockholders' equity 7,494,525 7,628,331 7,515,799 7,346,958 7,166,402 7,081,524 Total liabilities and stockholders' equity $ 17,522,952 17,291,214 17,164,316 16,447,193 16,149,748 16,193,912
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26 Financial Summary | Depreciation Summary Quarterly (in thousands) March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Depreciation expense - rental equipment $ 180,836 $ 177,956 $ 176,340 $ 157,528 $ 145,256 Depreciation expense - non rental equipment 23,934 24,064 23,750 23,961 24,388 Depreciation expense - real estate 48,408 47,597 44,735 42,824 44,008 Total depreciation expense $ 253,178 $ 249,617 $ 244,825 $ 224,313 $ 213,652 Net (gains) losses on disposals of rental equipment $ 14,600 $ (3,774) $ (17,892) $ (7,948) $ (15,813) Net losses on disposals of non-rental equipment 500 248 337 180 508 Total net (gains) losses on disposals, equipment $ 15,100 $ (3,526) $ (17,555) $ (7,768) $ (15,305) Depreciation, net of (gains) losses on disposals $ 246,091 $ 246,091 $ 227,270 $ 216,545 $ 198,347 Losses on disposals of real estate $ 6,305 $ 3,358 $ 2,991 $ 3,104 $ 2,594 Accumulated depreciation - rental equipment $ (3,857,283) $ (3,691,540) $ (3,552,388) $ (3,359,397) $ (3,261,546) Accumulated depreciation - non rental equipment (698,996) (687,736) (668,933) (649,116) (630,222) Accumulated depreciation - real estate/improvements (1,335,800) (1,289,239) (1,244,906) (1,201,014) (1,159,365) Fleet capital expenditures $ 276,271 $ 430,742 $ 617,079 $ 539,036 $ 269,342 Real estate capital expenditures 292,571 479,664 332,584 401,692 289,431 All other capital expenditures 24,786 26,088 14,176 22,435 33,176 * Although the use of a straight-line method of depreciation is not reflective of the economic use of our equipment, rental equipment depreciation for the full year fiscal 2025 on the box truck portion of our fleet would have been $104.6 million less than what was reported under our existing 2.4x declining balance method and $30.1 million less for the fourth quarter of fiscal 2025. *
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27 Financial Summary | Debt Summary * EBITDA, net debt to EBITDA, net debt to total assets and unencumbered asset ratio are non -GAAP measures, see Appendix for a reconciliation of these non-GAAP measures ** 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 Quarterly (in thousands) March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 Real estate secured debt $ 2,703,656 $ 2,436,840 $ 2,471,044 $ 2,497,239 $ 2,562,620 Unsecured debt 1,700,000 1,700,000 1,700,000 1,200,000 1,200,000 Fleet secured debt 2,758,821 2,724,349 2,554,194 2,544,235 2,470,603 Other secured debt 66,864 68,402 69,264 70,202 70,815 Total debt $ 7,229,341 $ 6,929,591 $ 6,794,502 $ 6,311,676 $ 6,304,038 Moving and Storage cash $ 872,467 $ 883,108 $ 1,279,493 $ 1,071,779 $ 1,380,165 Moving and Storage assets 17,522,952 17,291,214 17,164,316 16,447,193 16,149,748 Moving and Storage EBITDA (TTM)* 1,619,714 1,614,146 1,566,396 1,584,461 1,567,985 Net debt to EBITDA* 3.9 3.7 3.5 3.3 3.1 Net debt to total assets* 36.3% 35.0% 32.1% 31.9% 30.5% Percent of debt floating 6.1% 6.2% 5.9% 7.7% 7.2% Percent of debt fixed 93.9% 93.8% 94.1% 92.3% 92.8% Percent of debt unsecured 23.5% 24.5% 25.0% 19.0% 19.0% Unencumbered assets ratio** 3.91x 3.81x 3.78x 4.72x 4.43x
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Appendix New U-Haul Locations
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29 Recent Ground Up Development Lancaster, PA Iowa City, IADenton, TX Loveland, CO Clearfield, UT
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30 Recent Ground Up Development Carrollton, GAMyrtle Beach, SC Findlay, OH Jacksonville, NC
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31 Recent Ground Up Development Zanesville, OHPrince George, BC Anchorage, AK Columbus, MO
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32 Queen Creek, AZ Wilkes Barre, PA Morrow, GA North Las Vegas, NV Recent U-Box Warehouse Development
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33 Enterprise, AL Conversion + Ground Up Tukwila, WA Expansion Akron, OH Recent Conversion Development
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34 Recent Acquisitions of Existing Storage Marietta, GA Sedalia, MO Huffman, TX Existing U-Haul location next door
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31% 34% 31% 49% CUBE PSA EXR + LSI UHAL ∆: +18% ∆: +15% 35 Change in Rentable Square Feet Source: Public filings • Reflects the percentage change between (i) total owned, rentable square feet as of 3/31/25 and (ii) total owned, rentable square feet as of 3/31/25. EXR and LSI combined. Self-Storage Growth at U-Haul is Self-Funding (unlike Storage REITS) ∆: +18%
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36 Moving & Storage EBITDA reconciliation Years Ended Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2024 2023 2022 2021 2020 (unaudited) (In thousands) Net earnings $ 367,090 628,707 924,472 1,123,286 610,856 442,048 Income tax expense (benefit) 94,747 194,398 285,627 338,119 174,869 (77,413) Fees on early extinguishment of debt and cost of defeasance 495 - 1,009 956 - - Interest expense 296,721 257,187 224,999 168,491 164,592 162,062 Other interest income (59,489) (120,501) (70,992) (3,135) (2,259) (10,593) Other components of net periodic benefit costs 1,488 1,458 1,216 1,120 987 1,054 Net (gains) losses on disposal of real estate 15,758 7,914 5,596 (4,120) 3,281 (758) Depreciation, net of gains on disposals 958,184 663,931 486,795 482,752 609,930 637,063 Earnings from subsidiaries (55,280) (65,109) (41,201) (54,746) (44,441) (55,789) EBITDA 1,619,714 1,567,985 1,817,521 2,052,723 1,517,815 1,097,674 Quarters Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2025 2024 2024 2024 2024 (unaudited) (In thousands) Net earnings (losses) $ (82,291) 67,166 186,798 195,417 (863) Income tax expense (benefit) (35,558) 16,596 55,032 58,677 7,635 Fees on early extinguishment of debt and cost of defeasance - - - 495 - Interest expense 80,668 76,833 71,750 67,470 64,434 Other interest income (9,149) (15,734) (16,251) (18,355) (36,963) Other components of net periodic benefit costs 372 372 372 372 364 Net (gains) losses on disposal of real estate 6,305 3,358 2,991 3,104 2,594 Depreciation, net of gains on disposals 268,278 246,091 227,270 216,545 198,347 Earnings from subsidiaries (11,300) (17,956) (17,006) (9,018) (23,791) EBITDA 217,325 376,726 510,956 514,707 211,757
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37 Moving & Storage Net Leverage reconciliation Years Ended Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2024 2023 2022 2021 (unaudited) (In thousands) Moving and Storage total debt $ 7,229,341 6,304,038 6,143,350 6,059,713 4,698,615 Moving and Storage cash 872,467 1,380,165 2,034,242 2,643,213 1,010,275 Moving and Storage net debt 6,356,874 4,923,873 4,109,108 3,416,500 3,688,340 Moving and Storage EBITDA 1,619,714 1,567,985 1,817,521 2,052,723 1,517,815 Moving and Storage net debt to EBITDA 3.9 3.1 2.3 1.7 2.4
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