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Third Quarter Fiscal 2026 U-Haul Investor Update Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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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. Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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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 Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 North America’s Leader in Do-It-Yourself Moving & Storage1 Real Estate: owns and operates over 2,421 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 Focus3Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 * 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 92.5 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 9.1 million shares. 4 Unique Dual Share Class Structure Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 UHAL.B UHAL Each class of shares is tailored to each investor’s preferences Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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5 U-Haul… A Story of Responsible Management Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 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 Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 67% 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** 17% 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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7 Rental Equipment + Self Storage + Moving Supplies Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 • 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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$0 $450 $900 $1,350 $1,800 $2,250 $2,700 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM Dec 2025 EBITDA Gain on Sale Interest income * 8 Moving & Storage Adjusted EBITDA Trends Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 ($ in millions) * TTM Dec 2025, FY2025 and FY2024 adjusted to include interest income for consistency with prior period presentation Consistent cash generated from operations; Adjusted EBITDA, gain on sale of equipment elevated post-lockdown Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 Lockdown Impact
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0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% $0 $450 $900 $1,350 $1,800 $2,250 $2,700 EBITDA ($) EBITDA Margin (%) U-Move Revenue Share (%) Storage Revenue Share (%) Linear (EBITDA Margin (%)) 9 Moving & Storage Trends Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 ($ in millions) Self-storage as a portion of total revenues increasing; Adjusted EBITDA trending positive over long-term Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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10 Broad Customer Reach Through Owned & Operated Locations Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 U-Haul has best-in-class coverage across all 50 States and 10 Canadian Provinces 2,421 Company Locations (Owned & Operated) 2,101 Self-Storage (1,612 Owned) 1,510 U-Box Co-Locations 58% of U.S. Population within 5 Miles of Company Location Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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11 Expanded Footprint Through Independent Dealer Network Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 The U-Haul independent dealer network and self-storage Affiliates increase the footprint of U-Haul by ~10x 24,731 Total Locations (Incl. Independent Network) 3,446 Affiliated Storage Locations 90% of U.S. Population within 5 Miles of U-Haul/Dealers 35% of U.S. Population within 1 Mile of U-Haul/Dealers Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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Self-storage revenues increased $17.9 million, or 7.9%, vs. third quarter of fiscal year 2025 Same store occupancy decreased 4.9% to 87.2% (~3.9% due to reduction of delinquent units), revenue per foot increased 5.2% During the third quarter of fiscal 2026, we added 16 new storage locations plus expansion projects resulting in 1.5 million additional net rentable square feet (NRSF). For the last twelve months, we added 74 new locations and 5,851,000 NRSF ~12.9 million NRSF in development or pending Real estate related capital expenditure spending was down $444.0 million for the nine months compared to the same period last year 12 Third Quarter Highlights | FY 2026 Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Self-Storage Self-moving equipment rental revenues increased $7.6 million, or 0.9%, vs. third quarter of fiscal year 2025 In-Town revenue improved Opportunity for transaction and revenue growth in the future Total locations have increased +400 since December 2024 Truck fleet count up nearly 10,000 units since December 2024 U-Move® Moving and Storage Other revenue decreased $0.7 million or 0.7%, vs. the third quarter of fiscal 2025 caused primarily by decreases in revenue per transaction from our U-Box product offering. Both the number of containers shipped and containers in storage increa sed Covered warehouse space for containers increased 15% over the last twelve months U-Box® Moving and Storage earnings from operations, before equity in the earnings of our insurance subsidiaries, decreased $120.2 million compared to the third quarter of fiscal 2025 Disposal of retired rental equipment accounted for $29.8 million of the decrease, fleet depreciation increased $44.8 million, liability costs increased $37.9 million and fleet maintenance and repair costs increased $13.1 million Moving and Storage Adjusted EBITDA, decreased $41.7 million compared to the third quarter of fiscal 2025 Liability costs increased $37.9 million. Since March 31, 2025 we have increased self-insurance reserves by $78.9 million Property & Casualty Insurance - $10.9 million of our operating profits (before investment income) were related to the M&S segment In December 2025, P&C distributed a $100 million dividend to U-Haul Holding Company (parent company) Consolidated Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 * Adjusted EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure
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203.8 53%137.4 35% 45.9 12% Trucks Trailers Towing Devices 13 Moving & Storage | Key Statistics Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Product Revenue ($mn) Asset Value (GAAP NBV - $bn) Footprint (Sq. Ft. – millions) 2,421 Owned & Operated Locations Rental Fleet As of December 2025 | (Units in Thousands) TTM ending 12/31 Fiscal Year Fiscal Year > 29% Moving & Storage TTM Adjusted EBITDA Margin Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $3,639 $3,701 $3,804 $814 $880 $956$339 $328 $330$495 $524 $570 2023 2024 2025 All Other Retail Sales Self-Storage U-Move $8.9 $10.2 $11.1 $4.3 $4.9 $5.2 1 2 .3 1 .2 31 2 .3 1 .2 4 1 2 .3 1 .2 5 Rental Fleet Real Estate 59.4 66.8 72.6 24.9 25.2 25.3 1 2 .3 1 .2 3 1 2 .3 1 .2 4 1 2 .3 1 .2 5 Managed Owned
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14 U-Move® | Self-Moving Revenue Growth Returned Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 - 50 100 150 200 250 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 TTM Dec 25 Annual Revenue (in millions) Truck Fleet Count (in thousands) Self-moving equipment rental revenues increased $7.6 million, or 0.9%, vs. third quarter of fiscal year 2025 In-Town revenue improved Opportunity for transaction and revenue growth in the future Total locations have increased +400 since December 2024 Truck fleet count up nearly 10,000 units since December 2024 U-Move® Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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15 Self-Storage Results Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 ($ in millions)(in thousands) Net Rentable Square Feet (NRSF) Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 Self-Storage Twelve months ended December 2025, we have added 5.9 million net rentable square feet Increased average monthly occupied square feet by 0.8 million in 3Q26 vs. 3Q25 Same Store average monthly occupancy rate was 87.2% in 3Q26 vs. 92.1% in 3Q25 (~3.9% related to reduction in delinquent rooms) Total Portfolio average monthly occupancy rate was 72.4% in 3Q26 vs. 78.7% in 3Q25 $0 $200 $400 $600 $800 $1,000 $1,200 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 3.31.15 3.31.16 3.31.17 3.31.18 3.31.19 3.31.20 3.31.21 3.31.22 3.31.23 3.31.24 3.31.25 12.31.25 TTM Owned net rentable square feet Annual revenue ($)
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$883 Beginning $2,662 $1,010 $1,010 Ending $1,432 Moving and Storage Operating Cash Flows $1,110 $704 $(1,357) Est Fleet Maint. Cap-Ex (gross) $(1,033) Growth Cap-Ex $(343) $(35) $(30) Est Maintenance Cap-Ex $(668) Growth Cap-Ex $0 $1,000 $2,000 $3,000 $4,000 $5,000 Available Cash & ST Invest Borrowings net of Repayments Asset Sales Fleet Investment Real Estate Investment Interest Paid Dividend Uninvested Cash & ST 16 Strategic Cash Deployment Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Earnings continue to be redeployed to grow self-storage, network reach and fleet Accumulated Cash Deployment by Bucket TTM December 2025 | ($ in millions) Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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$12.2 $5.0 $9.1 $3.7 $2.5 $1.0 $0.4 Cash Inflows Cash Outflows $16.8 17 A Decade of Self-Funded Growth Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends Real Estate Investments Fleet Rotation Fleet Growth Other Investments Dividends Cash from Operations Cash from Refinancing (Net of Repayments) 10-Year Cash Sources & Uses ($ in billions) Data through March 2025 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $17.2
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18 Self-Storage Development Pipeline Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Estimated amount of capital needed to complete everything shown on this map is $2.2 billion Estimated amount of capital already invested in locations not yet fully operational is $1.4 billion Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 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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84% 69% 95% 95% 86% - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 (9 Months) Pipeline (owned) Under contract Existing Conversions/Ground-Up 229# 15# 78% 82% 2# Prior Year Pipeline 300# 71% 84% 19 Self-Storage Acquisitions and Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 306 New Storage Locations 27.7 million Net Rentable Sq. Ft. $6.0 billion Investments Over the Last 5 Years, U-Haul has Added…. Net rentable square feet (in millions)
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$0 $103 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 +$103 million $380 $663 T T M CU R R ENT S T A BILIZ ED Revenue 90% Occupancy Non-Same Store Locations (completed and active) 62% Occupancy +$283 million Projects Pending (real estate owned, but development not yet started) $0 $116 T T M CU R R ENTS T A BILIZ ED Revenue 90% Occupancy 0% Occupancy +$116 million 15 conversion and 108 ground-up projects pending • 7.1 million net rentable square feet • 93,900 rooms • 105,200 covered U-Box spaces 30 conversion and 76 ground-up projects in progress • 5.7 million net rentable square feet underway • 0.6 million net rentable square feet completed • 82,600 rooms • 83,400 covered U-Box spaces Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
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21 Well-Capitalized Balance Sheet Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ in millions) Net leverage is equal to net debt divided by twelve-month Adjusted EBITDA * Net Leverage is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure Net Leverage* 1.7x 2.3x 3.1x 3.9x 4.3x Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $6,023 $6,108 $6,271 $7,194 $8,017 $14,382 $15,212 $16,150 $17,522 $18,717 41.9% 40.2% 38.8% 41.1% 42.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 3.31.22 3.31.23 3.31.24 3.31.25 12.31.25 Total Debt Total Assets Debt/Assets
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22 Debt Maturity Schedule Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Final maturity schedule laddered to reduce refinance risk Fleet revolvers include three loans spread across unique lenders spaced one-year apart and managed as evergreen (roll each facility every three years) * Includes final debt payments; excludes routine amortization payments and U-Haul Investor Club Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 In Millions $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 Real Estate Equipment Private Placements Fleet Revolvers
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Appendix Selected Financials Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35
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24 Self-Storage Financials Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Annual Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool Held Constant for Prior Period Total Owned Portfolio 1,612 607,087 72,642,164 17.40$ 72.4% Same Store 3Q FY26 923 331,655 32,661,548 18.25$ 87.2% Same Store 3Q FY25 923 351,888 32,647,437 17.34$ 92.1% Same Store 3Q FY24 923 351,559 32,608,219 16.84$ 92.0% Non Same Store 3Q FY26 689 275,432 39,980,616 16.37$ 60.1% Non Same Store 3Q FY25 615 258,144 34,144,096 15.98$ 65.6% Non Same Store 3Q FY24 526 217,243 26,894,592 15.90$ 69.4% 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 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. Annual Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool, Prior Periods Unchanged Total Owned Portfolio 1,612 607,087 72,642,164 17.40$ 72.4% Same Store 3Q FY26 923 331,655 32,661,548 18.25$ 87.2% Same Store 3Q FY25 904 320,420 29,827,746 17.28$ 92.4% Same Store 3Q FY24 854 283,150 26,769,110 16.64$ 92.9% Non Same Store 3Q FY26 689 275,432 39,980,616 16.37$ 60.1% Non Same Store 3Q FY25 634 289,612 36,963,786 16.20$ 67.5% Non Same Store 3Q FY24 597 284,899 32,664,093 16.33$ 73.1%
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25 Moving & Storage P&L Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Other interest income has been moved below Earnings from operations for prior quarters. Equity in earnings from insurance subsidiaries are excluded. * Adjusted EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure Quarters Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, 2025 2025 2025 2025 2024 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 887,365 1,111,622 1,059,031 746,126 879,695 Self-storage revenues 245,060 246,299 234,237 230,532 227,125 Self-moving and self-storage products and service sales 68,929 89,829 98,188 72,729 70,407 Property management fees 8,817 9,621 9,582 8,861 8,869 Other revenue 109,719 175,456 152,821 95,166 110,460 Total revenues 1,319,890 1,632,827 1,553,859 1,153,414 1,296,556 Costs and expenses: Operating expenses 833,046 895,225 814,182 796,569 766,460 Commission expenses 96,101 121,811 116,737 80,758 95,031 Cost of product sales 50,871 67,625 72,205 53,114 52,767 Lease expense 4,873 5,587 5,465 5,648 5,572 Depreciation, rental equipment 222,717 226,909 208,212 180,836 177,956 Depreciation, non-rental equipment 23,564 23,760 24,019 23,934 24,064 Depreciation, real estate 52,638 51,440 49,845 48,408 47,597 Net (gains) losses on disposal of rental equipment 26,210 38,329 22,125 14,600 (3,774) Net (gains) losses on disposal of real estate, other 2,786 4,701 (1,809) 6,805 3,606 Total costs and expenses 1,312,806 1,435,387 1,310,981 1,210,672 1,169,279 Earnings (losses) from operations 7,084 197,440 242,878 (57,528) 127,277 Other components of net periodic benefit costs (346) (345) (346) (372) (372) Other interest income 10,856 10,111 10,765 9,149 15,734 Interest expense, early extinguishment/defeasance fees (95,718) (90,333) (82,384) (80,668) (76,833) Pretax earnings (losses) $ (78,124) 116,873 170,913 (129,149) 65,806 Earnings before interest, taxes, depreciation and amortization (EBITDA)* $ 334,999 542,579 545,270 217,325 376,726
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26 Moving & Storage Balance Sheet Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Dec 31, Sept 30, Sept 30, Jun 30, Mar 31, Dec 31, 2025 2025 2025 2025 2025 2024 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 1,010,011 910,969 726,069 872,467 883,108 1,279,493 Trade receivables and reinsurance recoverables, net 107,126 95,119 163,244 158,471 103,074 137,436 Inventories and parts 175,023 176,138 173,299 163,132 155,140 157,592 Prepaid expenses 353,201 316,220 285,540 282,406 265,891 279,539 Fixed maturity securities available-for-sale, net, at fair value - - - - - - Investments, other - - - - 1,000 1,000 Other assets 83,845 90,294 81,483 77,473 73,467 77,709 Right of use assets – financing, net 30,561 62,636 85,661 138,698 168,817 208,804 Right of use assets – operating, net 40,269 41,318 43,671 45,611 47,997 50,716 Related party assets 71,851 59,861 60,841 62,241 76,233 78,104 1,871,887 1,752,555 1,619,808 1,800,499 1,774,727 2,270,393 Investment in insurance subsidiaries 618,082 676,876 648,651 609,853 641,270 568,609 Property, plant and equipment, at cost: Land 1,854,024 1,846,211 1,835,090 1,812,820 1,822,497 1,739,422 Buildings and improvements 10,329,648 10,095,592 9,885,198 9,628,271 9,305,846 8,915,534 Furniture and equipment 1,068,623 1,061,416 1,055,983 1,047,414 1,036,203 1,022,945 Rental trailers and other rental equipment 1,175,723 1,132,107 1,081,063 1,046,135 1,032,132 989,672 Rental trucks 8,416,008 8,272,598 7,910,809 7,470,039 7,347,053 7,123,968 22,844,026 22,407,924 21,768,143 21,004,679 20,543,731 19,791,541 Less: Accumulated depreciation (6,616,653) (6,376,984) (6,178,067) (5,892,079) (5,668,514) (5,466,227) Total property, plant and equipment, net 16,227,373 16,030,940 15,590,076 15,112,600 14,875,217 14,325,314 Total assets $ 18,717,342 18,460,371 17,858,535 17,522,952 17,291,214 17,164,316 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 747,963 849,248 879,301 800,084 781,104 873,873 Notes, loans and finance leases payable, net 8,017,296 7,694,640 7,249,877 7,193,857 6,896,987 6,760,781 Operating lease liabilities 41,024 42,102 44,521 46,546 49,025 51,863 Policy benefits and losses, claims and loss expenses payable 440,597 404,844 376,877 361,755 313,439 318,669 Deferred income 54,227 55,847 65,179 52,895 47,419 54,026 Deferred income taxes, net 1,651,129 1,623,725 1,558,480 1,547,921 1,550,207 1,563,711 Related party liabilities 24,671 25,614 27,090 25,369 24,702 25,594 Total liabilities 10,976,907 10,696,020 10,201,325 10,028,427 9,662,883 9,648,517 Total stockholders' equity 7,740,435 7,764,351 7,657,210 7,494,525 7,628,331 7,515,799 Total liabilities and stockholders' equity $ 18,717,342 18,460,371 17,858,535 17,522,952 17,291,214 17,164,316
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27 Financial Summary | Debt Summary Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 * Adjusted EBITDA, net debt to Adjusted 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 value d at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x Moving & Storage Quarterly (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 assets ratio** 4.01x 3.96x 3.86x 3.91x 3.81x
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Appendix New U-Haul Locations Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35
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29 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 New Windsor, NY St. George, UT Manor, TX Shawnee, KS
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30 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Rossford, OH Cottondale, AL Visalia, CA Madison, AL
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31 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Dalton, GA Yuma, AZ Atlantic Mine, MI Newport, NC
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32 Recent U-Box Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Salt Lake City, UT Monterey, CA Recent U-Box Development Largo, FL
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33 Recent Expansion/Conversion Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Lawrence, MA Recent Expansion/Conversion Development Forest Park, IL
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34 Recent Acquisitions of Existing Locations Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Savannah, GA Leesburg, FL Granby, QC Recent Acquisitions of Existing Locations Gilford, NH
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35 Moving & Storage Adjusted EBITDA reconciliation Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Trailing Twelve Months Dec 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2025 2024 2023 2022 2021 (Unaudited) (In thousands) Net earnings $ 128,622 367,090 628,707 924,472 1,123,286 610,856 Income tax expense (benefit) 11,714 94,747 194,398 285,627 338,119 174,869 Fees on early extinguishment of debt and cost of defeasance 189 495 - 1,009 956 - Interest expense 348,914 296,721 257,187 224,999 168,491 164,592 Other interest income (40,881) (59,489) (120,501) (70,992) (3,135) (2,259) Other components of net periodic benefit costs 1,409 1,488 1,458 1,216 1,120 987 Net (gains) losses on disposal of real estate 11,915 15,758 7,914 5,596 (4,120) 3,281 Depreciation, net of gains on disposals 1,238,114 958,184 663,931 486,795 482,752 609,930 Elimination of net earnings from insurance subsidiaries (59,823) (55,280) (65,109) (41,201) (54,746) (44,441) Adjusted EBITDA 1,640,173 1,619,714 1,567,985 1,817,521 2,052,723 1,517,815 Quarters Ended Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, 2025 2025 2025 2025 2024 (unaudited) (In thousands) Net earnings (losses) $ (36,968) 105,550 142,331 (82,291) 67,166 Income tax expense (benefit) (20,138) 27,324 40,086 (35,558) 16,596 Fees on early extinguishment of debt and cost of defeasance 163 - 26 - - Interest expense 95,555 90,333 82,358 80,668 76,833 Other interest income (10,856) (10,111) (10,765) (9,149) (15,734) Other components of net periodic benefit costs 346 345 346 372 372 Net (gains) losses on disposal of real estate 2,696 4,531 (1,617) 6,305 3,358 Depreciation, net of gains on disposals 325,219 340,608 304,009 268,278 246,091 Elimination of net earnings from insurance subsidiaries (21,018) (16,001) (11,504) (11,300) (17,956) Adjusted EBITDA 334,999 542,579 545,270 217,325 376,726
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36 Moving & Storage Net Leverage reconciliation Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Trailing Twelve Months Dec 31, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2025 2024 2023 2022 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 8,058,179 7,229,341 6,304,038 6,143,350 6,059,713 Cash and cash equivalents 1,010,011 872,467 1,380,165 2,034,242 2,643,213 Net debt 7,048,168 6,356,874 4,923,873 4,109,108 3,416,500 Adjusted EBITDA 1,640,173 1,619,714 1,567,985 1,817,521 2,052,723 Net debt to Adjusted EBITDA 4.3 3.9 3.1 2.3 1.7
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37 Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 U-Haul Holding Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding U-Haul Holding Company's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of U-Haul Holding Company or its management. U-Haul Holding Company does not by its reference herein or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Equity Analyst Coverage Thank you to our analysts for their continued coverage Steven Ralston Zacks Investments sralston@zacks.com Steven Ramsey Thompson Research Group sramsey@trg.co Andy Liu Wolfe Research aliu@wolferesearch.com Jeff Kauffman Vertical Research Partners jak@verticalresearchpartners.com