Slides
Page 1
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 Second Quarter Fiscal 2027 U-Haul Investor Update
Page 2
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
Page 3
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 2,461 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
Page 4
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 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 September 30, 2026, we have returned $126.3 million to shareholders via share repurchase program Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 New class of common stock issued in Nov. 2022.* Liquidity (9x more) • 174,790,336 shares outstanding • 1,095,478 shares repurchased in 2Q27 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 43.6% of the outstanding shares. • Public float, excluding Shoen shares above and Employee Stock Ownership Plan, is approximately 90.7 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 • 19,209,493 shares outstanding • 149,927 shares repurchased in 2Q27 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 51.2% of the outstanding shares. • Public float, excluding known Shoen shares above and Employee Stock Ownership Plan, is approximately 8.7 million shares. UHALUHAL.B
Page 5
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 2026 Surpassed 25,000 rental locations
Page 6
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
Page 7
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 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
Page 8
$0 $450 $900 $1,350 $1,800 $2,250 $2,700 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 TTM Sep 2026EBITDA Gain on Sale Interest income * 8 Moving & Storage Adjusted EBITDA Trends Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 ($ in millions) * TTM Sep 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 Lockdown Impact
Page 9
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
Page 10
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 2,461 Company Locations (Owned & Operated) Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 92% of North American population in range of U- Box home delivery 58% of U.S. Population within 5 Miles of Company Location 2,144 Self-Storage (1,652 Owned)
Page 11
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 25,669 Total Locations (Incl. Independent Network) 3,493 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 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
Page 12
Self-storage revenues increased $15.8 million, or 6.4%, vs. second quarter of fiscal year 2026 Same store occupancy decreased 1.1% to 89.5%, revenue per foot increased 6.7% During the second quarter of fiscal 2027, we added 10 new storage locations plus expansion projects resulting in 1.0 million additional net rentable square feet (NRSF). For the last twelve months, we added 56 new locations and 4.6 million NRSF ~11.4 million NRSF in development or pending Real estate related capital expenditure spending was down $94.5 million for the six months compared to the same period last year 12 Second Quarter Highlights | FY 2027 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 $37.5 million, or 3.4%, vs. second quarter of fiscal year 2026 Total revenue, as well as revenue per transaction increased for both In-Town and One-Way markets and total In-Town transactions increased Opportunity for transaction and revenue growth in the future Total locations increased over 580 since September 2025 Truck fleet increased over 2,600 units since September 2025, and was down 2,000 compared to June 30, 2026 U-Move® Moving and Storage Other revenue increased $7.6 million or 4.3%, vs. the second 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 8% over the last twelve months Third party freight expense associated with U-Box, increased $23.0 million U-Box® Moving and Storage earnings from operations, before equity in the earnings of our insurance subsidiaries, increased $44.4 million compared to the second quarter of fiscal year 2026 Losses from disposal of retired rental equipment decreased $34.1 million to $4.2 million and fleet depreciation decreased $4.5 million Capital expenditures related to the rental fleet, net of fleet sales, decreased $253.7 million Moving and Storage Adjusted EBITDA increased $5.1 million compared to the second quarter of fiscal year 2026 For the trailing twelve months Adjusted EBITDA totaled $1,642.4 million, a decrease of $39.5 million compared to the prior period Property & Casualty Insurance - $11.1 million of our operating profits (before investment income) were related to the M&S segment Consolidated Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 * Adjusted EBITDA is a non-GAAP measure, see Appendix for a reconciliation of this non-GAAP measure
Page 13
205.6 53%137.2 35% 44.4 12% Trucks Trailers Towing Devices 13 Moving & Storage | Key Statistics Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Product Revenue ($mn) Asset Value (GAAP NBV - $bn) Footprint (Sq. Ft. – millions) 2,461 Owned & Operated Locations Rental Fleet As of September 2026 | (Units in Thousands) Quarter End Quarter End 28% Moving & Storage Adjusted EBITDA Margin Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $3,662 $3,796 $3,883 $863 $938 $1,004$328 $331 $331$515 $571 $578 2024 2025 2026 All Other Retail Sales Self-Storage U-Move $9.8 $10.9 $11.5 $4.8 $5.2 $5.4 9.30.24 9 .3 0 .2 5 9 .3 0 .2 6 Rental Fleet Real Estate 64.5 71.2 75.7 25.1 25.3 25.6 9 .3 0 .2 4 9 .3 0 .2 5 9 .3 0 .2 6 Managed Owned TTM ending 9/30
Page 14
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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 TTM Sept 26 Annual Revenue (in millions) Truck Fleet Count (in thousands) Self-moving equipment rental revenues increased $37.5 million, or 3.4%, vs. second quarter of fiscal year 2026 Total revenue, as well as revenue per transaction increased for both In-Town and One-Way markets and total In-Town transactions increased Opportunity for transaction and revenue growth in the future Total locations increased over 580 since September 2025 Truck fleet increased over 2,600 units since September 2025, and was down 2,000 compared to June 30, 2026 U-Move® Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
Page 15
15 Self-Storage Results Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 ($ 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 September 2026, we have added 4.6 million net rentable square feet Increased average monthly occupied square feet by 2.2 million in 2Q27 vs. 2Q26 Same Store average monthly occupancy rate was 89.5% in 2Q27 vs. 90.6% in 2Q26 Total Portfolio average monthly occupancy rate was 74.2 % in 2Q27 vs. 76.3% in 2Q26 $0 $200 $400 $600 $800 $1,000 $1,200 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 3.31.16 3.31.17 3.31.18 3.31.19 3.31.20 3.31.21 3.31.22 3.31.23 3.31.24 3.31.25 3.31.26 9.30.26 TTM Owned net rentable square feet Annual revenue ($)
Page 16
$911 Beginning $2,909 $870 Ending $1,614 Moving and Storage Operating Cash Flows $529 $673 $(1,403) Est Fleet Maint. Cap-Ex (gross) $(831) Growth Cap-Ex $(385) $(35) Dividend $(40) Est Maintenance Cap-Ex $(127) Share Repurchase $(420) Growth Cap-Ex $0 $1,000 $2,000 $3,000 $4,000 $5,000 Available Cash & ST Invest Borrowings net of Repayments Asset Sales Fleet Investment Real Estate Investment Interest Paid Cash Returned to SH Uninvested Cash & ST 16 Strategic Cash Deployment Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Earnings continue to be redeployed to grow self-storage, network reach, fleet and return cash to shareholders Accumulated Cash Deployment by Bucket TTM September 2026 | ($ in millions) Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172
Page 17
$12.9 $5.4 $9.4 $3.7 $3.5 $0.9 $0.4 Cash Inflows Cash Outflows $17.9 17 A Decade of Self-Funded Growth Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends Real Estate Investments Fleet Rotation Fleet Growth Other Investments Dividends Cash from Operations Cash from Refinancing (Net of Repayments) 10-Year Cash Sources & Uses ($ in billions) Data through March 2026 Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $18.3
Page 18
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 $1.8 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
Page 19
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 210# 18# 78% 82% 4# Prior Year Pipeline 247# 71% 87% 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 35 334 New Storage Locations 27.8 million Net Rentable Sq. Ft. $6.2 billion Investments Over the Last 5 Years, U-Haul has Added…. Net rentable square feet (in millions)
Page 20
$0 $101 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 +$101 million $368 $662 T T M CU R R ENT STABILIZED Revenue 90% Occupancy Non-Same Store Locations (completed and active) 63% Occupancy +$294 million Projects Pending (real estate owned, but development not yet started) +$91 million 13 conversion and 87 ground-up projects pending • 5.5 million net rentable square feet • 72,800 rooms • 78,300 covered U-Box spaces 26 conversion and 84 ground-up projects in progress • 5.8 million net rentable square feet underway • 0.3 million net rentable square feet completed • 79,500 rooms • 85,100 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 $0 $91 T T M CU R R ENT S T A BILIZ ED Revenue 90% Occupancy
Page 21
21 Well-Capitalized Balance Sheet Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ 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* 3.1x 3.9x 4.5x Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 $6,108 $6,271 $7,194 $8,083 $8,230 $15,212 $16,150 $17,522 $18,688 $19,082 40.2% 38.8% 41.1% 43.3% 43.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 3.31.23 3.31.24 3.31.25 3.31.26 9.30.26 Total Debt Total Assets Debt/Assets 2.3x 4.3x
Page 22
22 Debt Maturity Schedule Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Final maturity schedule laddered to reduce refinance risk Fleet revolvers include three loans spread across unique lenders spaced one-year apart and managed as evergreen (roll each facility every three years). * Includes final debt payments; excludes routine amortization payments and U-Haul Investor Club Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 ($ in millions) $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 Real Estate Equipment Private Placements Fleet Revolvers
Page 23
Appendix Selected Financials Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35
Page 24
24 Self-Storage Financials Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Annual Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool Held Constant for Prior Period Total Owned Portfolio 1,652 645,023 75,741,417 18.10$ 74.2% Same Store 2Q FY27 980 371,502 36,150,943 18.99$ 89.5% Same Store 2Q FY26 980 374,981 36,137,644 17.80$ 90.6% Same Store 2Q FY25 980 392,117 36,124,264 17.15$ 93.5% Non Same Store 2Q FY27 672 273,521 39,590,474 16.86$ 60.0% Non Same Store 2Q FY26 616 243,156 35,029,114 16.05$ 61.4% Non Same Store 2Q FY25 524 214,047 28,374,728 15.99$ 64.8% Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 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 Total Owned Portfolio 1,652 645,023 75,741,417 18.10$ 74.2% Same Store 2Q FY27 980 371,502 36,150,943 18.99$ 89.5% Same Store 2Q FY26 903 320,815 30,897,753 17.88$ 90.5% Same Store 2Q FY25 893 319,259 29,403,609 17.20$ 94.1% Non Same Store 2Q FY27 672 273,521 39,590,474 16.86$ 60.0% Non Same Store 2Q FY26 693 297,322 40,269,004 16.28$ 65.2% Non Same Store 2Q FY25 611 286,905 35,095,383 16.22$ 69.9%
Page 25
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 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 Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 2026 2026 2026 2025 2025 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 1,149,068 1,088,398 757,891 887,365 1,111,622 Self-storage revenues 262,138 250,172 246,831 245,060 246,299 Self-moving and self-storage products and service sales 90,302 99,240 72,668 68,929 89,829 Property management fees 9,580 9,565 8,855 8,817 9,621 Other revenue 183,063 154,574 93,869 109,719 175,456 Total revenues 1,694,151 1,601,949 1,180,114 1,319,890 1,632,827 Costs and expenses: Operating expenses 948,839 869,116 813,740 833,046 895,225 Commission expenses 126,644 120,272 81,582 96,101 121,811 Cost of product sales 66,967 71,754 56,159 50,871 67,625 Lease expense 4,067 4,085 5,622 4,873 5,587 Depreciation, rental equipment 222,425 221,704 221,435 222,717 226,909 Depreciation, non-rental equipment 21,969 22,555 22,863 23,564 23,760 Depreciation, real estate 57,317 56,377 55,731 52,638 51,440 Net (gains) losses on disposal of rental equipment 4,248 (1,893) 17,832 26,210 38,329 Net (gains) losses on disposal of real estate, other (211) 3,165 2,325 2,786 4,701 Total costs and expenses 1,452,265 1,367,135 1,277,289 1,312,806 1,435,387 Earnings (losses) from operations 241,886 234,814 (97,175) 7,084 197,440 Other components of net periodic benefit costs (357) (357) (346) (346) (345) Other interest income 8,431 9,463 15,865 10,856 10,111 Interest expense, early extinguishment/defeasance fees (99,089) (97,970) (97,541) (95,718) (90,333) Pretax earnings (losses) $ 150,871 145,950 (179,197) (78,124) 116,873 Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)* $ 547,634 536,722 223,011 334,999 542,579
Page 26
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 Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 2026 2026 2026 2025 2025 2025 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 870,096 883,630 1,014,382 1,010,011 910,969 726,069 Trade receivables and reinsurance recoverables, net 111,207 124,965 95,683 107,126 95,119 163,244 Inventories and parts 182,905 180,325 178,155 175,023 176,138 173,299 Prepaid expenses 142,898 137,688 191,671 353,201 316,220 285,540 Fixed maturity securities available-for-sale, net, at fair value - - - - - - Investments, other - - - - - - Other assets 115,240 102,086 82,380 83,845 90,294 81,483 Right of use assets – financing, net - - - 30,561 62,636 85,661 Right of use assets – operating, net 35,935 37,789 39,842 40,269 41,318 43,671 Related party assets 57,772 59,425 66,408 71,851 59,861 60,841 1,516,053 1,525,908 1,668,521 1,871,887 1,752,555 1,619,808 Investment in insurance subsidiaries 655,825 635,133 638,625 618,082 676,876 648,651 Property, plant and equipment, at cost: Land 1,897,373 1,866,794 1,865,369 1,854,024 1,846,211 1,835,090 Buildings and improvements 10,928,024 10,727,955 10,542,945 10,329,648 10,095,592 9,885,198 Furniture and equipment 1,097,361 1,087,938 1,074,032 1,068,623 1,061,416 1,055,983 Rental trailers and other rental equipment 1,275,531 1,239,808 1,206,253 1,175,723 1,132,107 1,081,063 Rental trucks 8,985,854 8,876,256 8,554,508 8,416,008 8,272,598 7,910,809 24,184,143 23,798,751 23,243,107 22,844,026 22,407,924 21,768,143 Less: Accumulated depreciation (7,273,917) (7,074,624) (6,862,662) (6,616,653) (6,376,984) (6,178,067) Total property, plant and equipment, net 16,910,226 16,724,127 16,380,445 16,227,373 16,030,940 15,590,076 Total assets $ 19,082,104 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 829,834 873,384 813,115 747,963 849,248 879,301 Notes, loans and finance leases payable, net 8,230,090 8,105,429 8,083,374 8,017,296 7,694,640 7,249,877 Operating lease liabilities 36,645 38,515 40,593 41,024 42,102 44,521 Policy benefits and losses, claims and loss expenses payable 497,055 472,397 454,171 440,597 404,844 376,877 Deferred income 69,270 69,269 56,614 54,227 55,847 65,179 Deferred income taxes, net 1,678,665 1,641,524 1,605,618 1,651,129 1,623,725 1,558,480 Related party liabilities 25,763 27,836 25,684 24,671 25,614 27,090 Total liabilities 11,367,322 11,228,354 11,079,169 10,976,907 10,696,020 10,201,325 Total stockholders' equity 7,714,782 7,656,814 7,608,422 7,740,435 7,764,351 7,657,210 Total liabilities and stockholders' equity $ 19,082,104 18,885,168 18,687,591 18,717,342 18,460,371 17,858,535
Page 27
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 September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Real estate secured debt $ 3,364,734 $ 3,196,940 $ 3,204,208 $ 3,096,564 $ 3,002,344 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000 Fleet secured debt 3,146,686 3,187,699 3,157,364 3,196,817 2,965,804 Other secured debt 61,857 62,245 63,377 64,798 64,357 Total debt $ 8,273,277 $ 8,146,884 $ 8,124,949 $ 8,058,179 $ 7,732,505 Cash and cash equivalents $ 870,096 $ 883,630 $ 1,014,382 $ 1,010,011 $ 910,969 Total assets 19,082,104 18,885,168 18,687,591 18,717,342 18,460,371 Adjusted EBITDA (TTM)* 1,642,366 1,637,311 1,645,859 1,640,173 1,681,900 Net debt to Adjusted EBITDA* 4.5 4.4 4.3 4.3 4.1 Net debt to total assets* 38.8% 38.5% 38.0% 37.7% 37.0% Percent of debt floating 10.3% 8.4% 6.7% 6.8% 7.1% Percent of debt fixed 89.7% 91.6% 93.3% 93.2% 92.9% Percent of debt unsecured 20.5% 20.9% 20.9% 21.1% 22.0% Unencumbered assets ratio** 4.19x 4.08x 3.98x 4.01x 3.96x
Page 28
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
Page 29
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 Joliet, IL
Page 30
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 Rapid City, SD
Page 31
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 Marana, AZ
Page 32
32 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Meridian, ID Griffin, GA
Page 33
33 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Junction City, KS North Little Rock, AR
Page 34
34 Recent Ground Up Development Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 Ooltewah, TN Ooltewah, TN
Page 35
35 Recent Acquisition Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 State College, PA
Page 36
36 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 Sept 30, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 2022 (Unaudited) (In thousands) Net earnings $ 94,851 $ 83,128 $ 367,090 $ 628,707 $ 924,472 $ 1,123,286 Income tax expense (benefit) 10,858 10,341 94,747 194,398 285,627 338,119 Fees on early extinguishment of debt and cost of defeasance 1,157 1,108 495 - 1,009 956 Interest expense 389,161 364,868 296,721 257,187 224,999 168,491 Other interest income (44,615) (47,597) (59,489) (120,501) (70,992) (3,135) Other components of net periodic benefit costs 1,406 1,383 1,488 1,458 1,216 1,120 Net (gains) losses on disposal of real estate 8,512 8,611 15,758 7,914 5,596 (4,120) Depreciation, net of (gains) losses on disposals 1,247,245 1,287,021 958,184 663,931 486,795 482,752 Elimination of net earnings from insurance subsidiaries (66,209) (63,004) (55,280) (65,109) (41,201) (54,746) Adjusted EBITDA $ 1,642,366 $ 1,645,859 $ 1,619,714 $ 1,567,985 $ 1,817,521 $ 2,052,723 Quarters Ended Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 2026 2026 2026 2025 2025 (unaudited) (In thousands) Net earnings (losses) $ 136,675 $ 122,929 $ (127,785) $ (36,968) $ 105,550 Income tax expense (benefit) 32,521 35,406 (36,931) (20,138) 27,324 Fees on early extinguishment of debt and cost of defeasance 44 31 919 163 - Interest expense 99,045 97,939 96,622 95,555 90,333 Other interest income (8,431) (9,463) (15,865) (10,856) (10,111) Other components of net periodic benefit costs 357 357 346 346 345 Net (gains) losses on disposal of real estate (253) 3,068 3,001 2,696 4,531 Depreciation, net of (gains) losses on disposals 306,001 298,840 317,185 325,219 340,608 Elimination of net earnings from insurance subsidiaries (18,325) (12,385) (14,481) (21,018) (16,001) Adjusted EBITDA $ 547,634 $ 536,722 $ 223,011 $ 334,999 $ 542,579
Page 37
37 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 Sept 30, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 8,273,277 $ 8,124,949 $ 7,229,341 $ 6,304,038 $ 6,143,350 Cash and cash equivalents 870,096 1,014,382 872,467 1,380,165 2,034,242 Net debt $ 7,403,181 $ 7,110,567 $ 6,356,874 $ 4,923,873 $ 4,109,108 Adjusted EBITDA $ 1,642,366 $ 1,645,859 $ 1,619,714 $ 1,567,985 $ 1,817,521 Net debt to Adjusted EBITDA 4.5 4.3 3.9 3.1 2.3
Page 38
38 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