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UHAUL U ماه UHAUL သင်း Than Thare 24/7 U - HAUL Gentle Ride Van U - HAUL HOLDING COMPANY First Quarter Fiscal 2027 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 2,454 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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4 Unique Dual Share Class Structure Each class of shares is tailored to each investor’s preferences Board of Directors authorized a $350 million share repurchase on May 22, 2026 Through June 30, 2026 we have returned $48.0 million to shareholders via share repurchase program New class of common stock issued in Nov. 2022.* Liquidity (9x more) • 175,885,814 shares outstanding • 584,278 shares repurchased in 1Q27 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 43.4% of the outstanding shares. • Public float, excluding Shoen shares above and Employee Stock Ownership Plan, is approximately 91.7 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 • 19,359,420 shares outstanding • 248,368 shares repurchased in 1Q27 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 50.8% of the outstanding shares. • Public float, excluding known Shoen shares above and Employee Stock Ownership Plan, is approximately 8.9 million shares. UHALUHAL.B
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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 2026 Surpassed 25,000 rental locations
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6 We Uniquely Provide an All-In-One Customer Solution 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
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7 Rental Equipment + Self Storage + Moving Supplies Convenience Revenue Synergy • 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 • 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 $2,700 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 TTM Jun 2026 EBITDA Gain on Sale Interest income * 8 Moving & Storage Adjusted EBITDA Trends ($ in millions) * TTM Jun 2026, FY2026, 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 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 ($ in millions) Self-storage as a portion of total revenues increasing; Adjusted EBITDA trending positive over long-term
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10 Broad Customer Reach Through Owned & Operated Locations U-Haul has best-in-class coverage across all 50 States and 10 Canadian Provinces 2,454 Company Locations (Owned & Operated) 2,134 Self-Storage (1,642 Owned) 1,397 U-Box Co-Locations 58% of U.S. Population within 5 Miles of Company Location
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11 Expanded Footprint Through Independent Dealer Network The U-Haul independent dealer network and self-storage Affiliates increase the footprint of U-Haul by ~10x 25,740 Total Locations (Incl. Independent Network) 3,488 Affiliated Storage Locations 90% of U.S. Population within 5 Miles of U-Haul/Dealer 36% of U.S. Population within 1 Mile of U-Haul/Dealer
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Self-storage revenues increased $15.9 million, or 6.8%, vs. first quarter of fiscal year 2026 Same store occupancy decreased 4.5% to 88.3% (~4.4% due to reduction of delinquent units), revenue per foot increased 7.6% During the first quarter of fiscal 2027, we added 18 new storage locations plus expansion projects resulting in 1.1 million additional net rentable square feet (NRSF). For the last twelve months, we added 69 new locations and 5.2 million NRSF ~12 million NRSF in development or pending Real estate related capital expenditure spending was down $100.0 million for the three months compared to the same period last year 12 First Quarter Highlights | FY 2027 Self-Storage Self-moving equipment rental revenues increased $29.3 million, or 2.8%, vs. first quarter of fiscal year 2026 Both One-Way and In-Town transactions and revenue improved Opportunity for transaction and revenue growth in the future Total locations have increased 1,220 since June 2025 Truck fleet count increased over 10,100 units since June 2025 U-Move® Moving and Storage Other revenue increased $1.8 million or 1.2%, vs. the first quarter of fiscal 2026 caused primarily by increases in U-Box revenue. Both the number of containers shipped and containers in storage increased Covered warehouse space for containers increased 4% over the last twelve months For the trailing twelve months Other revenue, including U-Box, increased $11.7 million or 2.3% U-Box® Moving and Storage earnings from operations, before equity in the earnings of our insurance subsidiaries, decreased $8.1 million compared to the first quarter of fiscal year 2026 Losses from disposal of retired rental equipment decreased $24.0 million, resulting in a gain of $1.9 million and fleet depreciation increased $13.5 million Freight and shipping costs increased $22.4 million Moving and Storage Adjusted EBITDA decreased $8.5 million compared to the first quarter of fiscal year 2026 For the trailing twelve months Adjusted EBITDA totaled $1,637.3 million, a decrease of $13.0 million compared to the prior period Property & Casualty Insurance - $6.7 million of our operating profits (before investment income) were related to the M&S segment Consolidated * Adjusted EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure
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207.6 54%136.5 35% 43.2 11% Trucks Trailers Towing Devices 13 Moving & Storage | Key Statistics Product Revenue ($mn) Asset Value (GAAP NBV - $bn) Footprint (Sq. Ft. – millions) 2,454 Owned & Operated Locations Rental Fleet As of June 2026 | (Units in Thousands) Quarter End Quarter End 29% Moving & Storage Adjusted EBITDA Margin $3,644 $3,773 $3,845 $848 $916 $988$332 $329 $331$508 $559 $570 2024 2025 2026 All Other Retail Sales Self-Storage U-Move $9.5 $10.7 $11.4 $4.5 $5.0 $5.4 6.30.24 6.30.25 6.30.26 Rental Fleet Real Estate 63.6 69.6 74.7 24.9 25.3 25.6 6.30.24 6.30.25 6.30.26 Managed Owned TTM ending 6/30
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14 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 TTM Jun 26 Annual Revenue (in millions) Truck Fleet Count (in thousands) Self-moving equipment rental revenues increased $29.3 million, or 2.8%, vs. first quarter of fiscal year 2026 Both One-Way and In-Town transactions and revenue improved Opportunity for transaction and revenue growth in the future Total locations have increased 1,220 since June 2025 Truck fleet count up over 10,100 units since June 2025 U-Move®
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15 Self-Storage Results ($ in millions)(in thousands) Net Rentable Square Feet (NRSF) Self-Storage Twelve months ended June 2026, we have added 5.2 million net rentable square feet Increased average monthly occupied square feet by 0.5 million in 1Q27 vs. 1Q26 Same Store average monthly occupancy rate was 88.3% in 1Q27 vs. 92.8% in 1Q26 (~4.4% related to reduction in delinquent rooms) Total Portfolio average monthly occupancy rate was 72.9% in 1Q27 vs. 78.1% in 1Q26 $0 $200 $400 $600 $800 $1,000 $1,200 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 3.31.16 3.31.17 3.31.18 3.31.19 3.31.20 3.31.21 3.31.22 3.31.23 3.31.24 3.31.25 3.31.26 6.30.26 TTM Owned net rentable square feet Annual revenue ($)
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$726 Beginning $2,760 $884 $884 Ending $1,664 Moving and Storage Operating Cash Flows $851 $692 $(1,338) Est Fleet Maint. Cap-Ex (gross) $(826) Growth Cap-Ex $(372) $(35) Dividend $(40) Est Maintenance Cap-Ex $(48) Share Repurchase $(760) Growth Cap-Ex $0 $1,000 $2,000 $3,000 $4,000 $5,000 Available Cash & ST Invest Borrowings net of Repayments Asset Sales Fleet Investment Real Estate Investment Interest Paid Cash Returned to SH Uninvested Cash & ST 16 Strategic Cash Deployment Earnings continue to be redeployed to grow self-storage, network reach, fleet and return cash to shareholders Accumulated Cash Deployment by Bucket TTM June 2026 | ($ in millions)
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$12.9 $5.4 $9.4 $3.7 $3.5 $0.9 $0.4 Cash Inflows Cash Outflows $17.9 17 A Decade of Self-Funded Growth Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends Real Estate Investments Fleet Rotation Fleet Growth Other Investments Dividends Cash from Operations Cash from Refinancing (Net of Repayments) 10-Year Cash Sources & Uses ($ in billions) Data through March 2026 $18.3
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18 Self-Storage Development Pipeline Estimated amount of capital needed to complete everything shown on this map is $2.0 billion Estimated amount of capital already invested in locations not yet fully operational is $1.3 billion 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 Pipeline (owned) Under contract Existing Conversions/Ground-Up 215# 16# 78% 82% 6# Pri or Year Pipeline 263# 71% 87% 19 Self-Storage Acquisitions and Development 328 New Storage Locations 27.9 million Net Rentable Sq. Ft. $6.1 billion Investments Over the Last 5 Years, U-Haul has Added…. Net rentable square feet (in millions)
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$0 $99 TTM CURRENT STABILIZED 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 +$99 million $362 $650 TTM CURRENT STABILIZED Revenue 90% Occupancy Non-Same Store Locations (completed and active) 62% Occupancy +$288 million Projects Pending (real estate owned, but development not yet started) $0 $103 TTM CURRENT STABILIZED Revenue 90% Occupancy 0% Occupancy +$103 million 15 conversion and 94 ground-up projects pending • 6.3 million net rentable square feet • 82,700 rooms • 93,500 covered U-Box spaces 26 conversion and 80 ground-up projects in progress • 5.7 million net rentable square feet underway • 0.4 million net rentable square feet completed • 79,000 rooms • 76,400 covered U-Box spaces
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21 Well-Capitalized Balance Sheet The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ in millions) Net leverage is equal to net debt divided by twelve-month Adjusted EBITDA * Net Leverage is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure Net Leverage* 3.1x 3.9x 4.4x $6,108 $6,271 $7,194 $8,083 $8,105 $15,212 $16,150 $17,522 $18,688 $18,885 40.2% 38.8% 41.1% 43.3% 42.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 3.31.23 3.31.24 3.31.25 3.31.26 6.30.26 Total Debt Total Assets Debt/Assets 2.3x 4.3x
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22 Debt Maturity Schedule Final maturity schedule laddered to reduce refinance risk Fleet revolvers include three loans spread across unique lenders spaced one-year apart and managed as evergreen (roll each facility every three years). * Includes final debt payments; excludes routine amortization payments and U-Haul Investor Club ($ in millions) $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 Real Estate Equipment Private Placements Fleet Revolvers
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Appendix Selected Financials
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24 Self-Storage Financials Annual Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool Held Constant for Prior Period Total Owned Portfolio 1,642 640,576 74,741,775 17.96$ 72.9% Same Store 1Q FY27 973 370,663 35,677,662 18.82$ 88.3% Same Store 1Q FY26 973 390,032 35,651,823 17.49$ 92.8% Same Store 1Q FY25 973 393,297 35,632,735 17.04$ 92.9% Non Same Store 1Q FY27 669 269,913 39,064,113 16.78$ 58.6% Non Same Store 1Q FY26 600 250,821 33,908,110 15.97$ 62.5% Non Same Store 1Q FY25 520 212,004 27,953,187 16.03$ 63.4% 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 June 2026. 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. Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool, Prior Periods Unchanged 1,642 640,576 74,741,775 17.96$ 72.9% Total Owned Portfolio Same Store 1Q FY27 973 370,663 35,677,662 18.82$ 88.3% Same Store 1Q FY26 902 330,969 30,412,656 17.44$ 92.8% Same Store 1Q FY25 879 310,825 28,263,627 17.05$ 93.9% Non Same Store 1Q FY27 669 269,913 39,064,113 16.78$ 58.6% Non Same Store 1Q FY26 671 309,884 39,147,277 16.31$ 66.7% Non Same Store 1Q FY25 614 294,476 35,322,294 16.28$ 69.0%
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25 Moving & Storage P&L 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 Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 2026 2026 2025 2025 2025 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 1,088,398 757,891 887,365 1,111,622 1,059,031 Self-storage revenues 250,172 246,831 245,060 246,299 234,237 Self-moving and self-storage products and service sales 99,240 72,668 68,929 89,829 98,188 Property management fees 9,565 8,855 8,817 9,621 9,582 Other revenue 154,574 93,869 109,719 175,456 152,821 Total revenues 1,601,949 1,180,114 1,319,890 1,632,827 1,553,859 Costs and expenses: Operating expenses 869,116 813,740 833,046 895,225 814,182 Commission expenses 120,272 81,582 96,101 121,811 116,737 Cost of product sales 71,754 56,159 50,871 67,625 72,205 Lease expense 4,085 5,622 4,873 5,587 5,465 Depreciation, rental equipment 221,704 221,435 222,717 226,909 208,212 Depreciation, non-rental equipment 22,555 22,863 23,564 23,760 24,019 Depreciation, real estate 56,377 55,731 52,638 51,440 49,845 Net (gains) losses on disposal of rental equipment (1,893) 17,832 26,210 38,329 22,125 Net (gains) losses on disposal of real estate, other 3,165 2,325 2,786 4,701 (1,809) Total costs and expenses 1,367,135 1,277,289 1,312,806 1,435,387 1,310,981 Earnings (losses) from operations 234,814 (97,175) 7,084 197,440 242,878 Other components of net periodic benefit costs (357) (346) (346) (345) (346) Other interest income 9,463 15,865 10,856 10,111 10,765 Interest expense, early extinguishment/defeasance fees (97,970) (97,541) (95,718) (90,333) (82,384) Pretax earnings (losses) $ 145,950 (179,197) (78,124) 116,873 170,913 Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)* $ 536,722 223,011 334,999 542,579 545,270
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26 Moving & Storage Balance Sheet Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2026 2026 2025 2025 2025 2025 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 883,630 1,014,382 1,010,011 910,969 726,069 872,467 Trade receivables and reinsurance recoverables, net 124,965 95,683 107,126 95,119 163,244 158,471 Inventories and parts 180,325 178,155 175,023 176,138 173,299 163,132 Prepaid expenses 137,688 191,671 353,201 316,220 285,540 282,406 Fixed maturity securities available-for-sale, net, at fair value - - - - - - Investments, other - - - - - - Other assets 102,086 82,380 83,845 90,294 81,483 77,473 Right of use assets – financing, net - - 30,561 62,636 85,661 138,698 Right of use assets – operating, net 37,789 39,842 40,269 41,318 43,671 45,611 Related party assets 59,425 66,408 71,851 59,861 60,841 62,241 1,525,908 1,668,521 1,871,887 1,752,555 1,619,808 1,800,499 Investment in insurance subsidiaries 635,133 638,625 618,082 676,876 648,651 609,853 Property, plant and equipment, at cost: Land 1,866,794 1,865,369 1,854,024 1,846,211 1,835,090 1,812,820 Buildings and improvements 10,727,955 10,542,945 10,329,648 10,095,592 9,885,198 9,628,271 Furniture and equipment 1,087,938 1,074,032 1,068,623 1,061,416 1,055,983 1,047,414 Rental trailers and other rental equipment 1,239,808 1,206,253 1,175,723 1,132,107 1,081,063 1,046,135 Rental trucks 8,876,256 8,554,508 8,416,008 8,272,598 7,910,809 7,470,039 23,798,751 23,243,107 22,844,026 22,407,924 21,768,143 21,004,679 Less: Accumulated depreciation (7,074,624) (6,862,662) (6,616,653) (6,376,984) (6,178,067) (5,892,079) Total property, plant and equipment, net 16,724,127 16,380,445 16,227,373 16,030,940 15,590,076 15,112,600 Total assets $ 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535 17,522,952 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 873,384 813,115 747,963 849,248 879,301 800,084 Notes, loans and finance leases payable, net 8,105,429 8,083,374 8,017,296 7,694,640 7,249,877 7,193,857 Operating lease liabilities 38,515 40,593 41,024 42,102 44,521 46,546 Policy benefits and losses, claims and loss expenses payable 472,397 454,171 440,597 404,844 376,877 361,755 Deferred income 69,269 56,614 54,227 55,847 65,179 52,895 Deferred income taxes, net 1,641,524 1,605,618 1,651,129 1,623,725 1,558,480 1,547,921 Related party liabilities 27,836 25,684 24,671 25,614 27,090 25,369 Total liabilities 11,228,354 11,079,169 10,976,907 10,696,020 10,201,325 10,028,427 Total stockholders' equity 7,656,814 7,608,422 7,740,435 7,764,351 7,657,210 7,494,525 Total liabilities and stockholders' equity $ 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535 17,522,952
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27 Financial Summary | Debt Summary * 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 June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Real estate secured debt $ 3,196,940 $ 3,204,208 $ 3,096,564 $ 3,002,344 $ 2,727,545 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 Fleet secured debt 3,187,699 3,157,364 3,196,817 2,965,804 2,792,015 Other secured debt 62,245 63,377 64,798 64,357 65,570 Total debt $ 8,146,884 $ 8,124,949 $ 8,058,179 $ 7,732,505 $ 7,285,130 Cash and cash equivalents $ 883,630 $ 1,014,382 $ 1,010,011 $ 910,969 $ 726,069 Total assets 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535 Adjusted EBITDA (TTM)* 1,637,311 1,645,859 1,640,173 1,681,900 1,650,277 Net debt to Adjusted EBITDA* 4.4 4.3 4.3 4.1 4.0 Net debt to total assets* 38.5% 38.0% 37.7% 37.0% 36.7% Percent of debt floating 8.4% 6.7% 6.8% 7.1% 6.1% Percent of debt fixed 91.6% 93.3% 93.2% 92.9% 93.9% Percent of debt unsecured 20.9% 20.9% 21.1% 22.0% 23.3% Unencumbered assets ratio** 4.08x 3.98x 4.01x 3.96x 3.86x
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Appendix New U-Haul Locations
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29 Recent Ground Up Development Saddlebrook, NJ Hot Springs, AR
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30 Recent Ground Up Development Ramsey, MN Laredo, TX Eugene, OR Homestead, FL
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31 Recent U-Box Development East Stroudsburg, PA Bend, OR Escondido, CA
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32 Recent Conversion and Existing Development Kingman, AZ West Allis, WI Waterloo, IA
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33 Moving & Storage Adjusted EBITDA reconciliation Trailing Twelve Months Jun 30, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 2022 (Unaudited) (In thousands) Net earnings $ 63,726 $ 83,128 $ 367,090 $ 628,707 $ 924,472 $ 1,123,286 Income tax expense (benefit) 5,661 10,341 94,747 194,398 285,627 338,119 Fees on early extinguishment of debt and cost of defeasance 1,113 1,108 495 - 1,009 956 Interest expense 380,449 364,868 296,721 257,187 224,999 168,491 Other interest income (46,295) (47,597) (59,489) (120,501) (70,992) (3,135) Other components of net periodic benefit costs 1,394 1,383 1,488 1,458 1,216 1,120 Net (gains) losses on disposal of real estate 13,296 8,611 15,758 7,914 5,596 (4,120) Depreciation, net of (gains) losses on disposals 1,281,852 1,287,021 958,184 663,931 486,795 482,752 Elimination of net earnings from insurance subsidiaries (63,885) (63,004) (55,280) (65,109) (41,201) (54,746) Adjusted EBITDA $ 1,637,311 $ 1,645,859 $ 1,619,714 $ 1,567,985 $ 1,817,521 $ 2,052,723 Quarters Ended Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 2026 2026 2025 2025 2025 (unaudited) (In thousands) Net earnings (losses) $ 122,929 $ (127,785) $ (36,968) $ 105,550 $ 142,331 Income tax expense (benefit) 35,406 (36,931) (20,138) 27,324 40,086 Fees on early extinguishment of debt and cost of defeasance 31 919 163 - 26 Interest expense 97,939 96,622 95,555 90,333 82,358 Other interest income (9,463) (15,865) (10,856) (10,111) (10,765) Other components of net periodic benefit costs 357 346 346 345 346 Net (gains) losses on disposal of real estate 3,068 3,001 2,696 4,531 (1,617) Depreciation, net of (gains) losses on disposals 298,840 317,185 325,219 340,608 304,009 Elimination of net earnings from insurance subsidiaries (12,385) (14,481) (21,018) (16,001) (11,504) Adjusted EBITDA $ 536,722 $ 223,011 $ 334,999 $ 542,579 $ 545,270
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34 Moving & Storage Net Leverage reconciliation Trailing Twelve Months Jun 30, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 8,146,884 $ 8,124,949 $ 7,229,341 $ 6,304,038 $ 6,143,350 Cash and cash equivalents 883,630 1,014,382 872,467 1,380,165 2,034,242 Net debt $ 7,263,254 $ 7,110,567 $ 6,356,874 $ 4,923,873 $ 4,109,108 Adjusted EBITDA $ 1,637,311 $ 1,645,859 $ 1,619,714 $ 1,567,985 $ 1,817,521 Net debt to Adjusted EBITDA 4.4 4.3 3.9 3.1 2.3
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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.com Andy Liu Wolfe Research aliu@wolferesearch.com Jeff Kauffman Citizens Bank Jeffrey.Kauffman@citizensbank.com