Earnings release
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Contact: Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com U-HAUL HOLDING COMPANY REPORTS SECOND QUARTER FISCAL 2027 FINANCIAL RESULTS RENO, Nev. (November 4, 2026)-- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common stockholders for its second quarter ended September 30, 2026, of $136.7 million, compared with net earnings of $105.6 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the second quarter of fiscal 2027 compared to $0.54 for the same period in fiscal 2026. For the six-month period ended September 30, 2026, net earnings available to common stockholders were $259.6 million compared with net earnings of $247.9 million for the same period last year. Earnings per share for Non- Voting Common Stock (UHAL.B) were $1.34 for the six-month period of fiscal 2027 compared to $1.27 for the same period in fiscal 2026. “Many people worked hard to serve customers and create the quarterly results,” stated Joe Shoen, chairman of U- Haul Holding Company. “I am going to call our results a modest win. We continue to reinvest, but at an appropriately slower pace.” Highlights of Second Quarter Fiscal 2027 Results • Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, increased $44.5 million to $241.9 million compared to the second quarter of fiscal 2026. o Fleet depreciation expense decreased $4.5 million for the second quarter and net losses from the disposal of retired rental equipment decreased $34.1 million to $4.2 million for the second quarter, all compared with the second quarter of fiscal 2026. • Moving and Storage earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased $5.0 million to $547.6 million compared to the second quarter of fiscal 2026 and for the trailing twelve months for September 30, 2026 decreased $39.5 million to $1,642.4 million compared to the trailing twelve months for September 30, 2025. • Self-storage revenues increased $15.8 million, or 6.4% versus the second quarter of fiscal year 2026. o Same store occupancy decreased 1.1% to 89.5%, revenue per foot increased 6.7%, and the number of locations qualifying for the pool increased by 77. o During the second quarter of fiscal 2027, we added 10 new locations with storage and 1.0 million net rentable square feet (NRSF). o We have approximately 11.4 million NRSF in development or pending. • Self-moving equipment rental revenues increased $37.4 million, or 3.4% versus the second quarter of fiscal year 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One- Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
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• Other revenue for Moving and Storage increased $7.6 million or 4.3% versus the second quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment. • The largest contributors to our operating expense increases were, freight and shipping costs, which increased $24.4 million, personnel expense, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased $6.2 million, compared with the second quarter of fiscal 2026. • Cash and credit availability at the Moving and Storage segment was $1,335.1 million as of September 30, 2026 compared with $1,479.4 million at March 31, 2026. • During the second quarter of fiscal 2027, we repurchased 149,927 shares of our Voting Common Stock at a cost of $10.1 million and 1,095,478 shares of our Non-Voting Common Stock at a cost of $68.2 million. For the six months, we repurchased 398,295 shares of our Voting Common Stock at a cost of $25.7 million and 1,679,756 shares of our Non-Voting Common Stock at a cost of $100.7 million. • On August 20, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 14, 2026. The dividend was paid on September 25, 2026. • Our latest Supplemental financial information is available at investors.uhaul.com. U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2027 on Thursday, November 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To listen to the call live, or to listen to a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U- Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 205,600 trucks, 137,200 trailers and 44,400 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,156,200 rentable storage units and 101.4 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America. Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2026, which is on file with the SEC.
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Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2027 and 2026. Quarter Ended September 30, 2026 2025 (Unaudited) (In thousands) Self-moving equipment rentals $ 1,147,929 $ 1,110,477 Self-storage revenues 262,138 246,299 Self-moving and self-storage product and service sales 90,302 89,829 Property management fees 9,580 9,621 Life insurance premiums 7,925 18,370 Property and casualty insurance premiums 29,545 28,272 Net investment and interest income 39,857 40,022 Other revenue 185,399 177,032 Consolidated revenue 1,772,675 1,719,922 Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and 2026. Quarter Ended September 30, 2026 2025 (Unaudited) (In thousands) Moving and storage Revenues 1,694,151 1,632,827 Earnings from operations before equity in earnings of subsidiaries 241,886 197,440 Property and casualty insurance Revenues 37,008 35,891 Earnings from operations 16,978 17,154 Life insurance Revenues 44,900 54,113 Earnings from operations 6,210 3,028 Eliminations Revenues (3,384) (2,909) Earnings from operations before equity in earnings of subsidiaries (26) (28) Consolidated Results Revenues 1,772,675 1,719,922 Earnings from operations 265,048 217,594
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Moving and Storage Debt Metrics (Unaudited)(In thousands) 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 asset ratio* 4.19x 4.08x 3.98x 4.01x 3.96x The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2027 and 2026 are as follows: Quarter Ended September 30, 2026 2025 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 222,425 $ 226,909 Depreciation expense - non rental equipment 21,969 23,760 Depreciation expense - real estate 57,317 51,440 Total depreciation expense $ 301,711 $ 302,109 Net (gains) losses on disposals of rental equipment $ 4,248 $ 38,329 Net (gains) losses on disposals of non-rental equipment 42 170 Total net (gains) losses on disposals of equipment $ 4,290 $ 38,499 Depreciation, net of (gains) losses on disposals $ 306,001 $ 340,608 Net (gains) losses on disposals of real estate $ (253) $ 4,531
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The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows: Quarters Ended September 30, 2026 2025 (Unaudited) (In thousands, except occupancy rate) Unit count as of September 30 876 831 Square footage as of September 30 75,741 71,167 Average monthly number of units occupied 648 630 Average monthly occupancy rate based on unit count 74.2% 76.3% End of period occupancy rate based on unit count 73.6% 74.4% Average monthly square footage occupied 57,863 55,623 Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and 2026. Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands) Self-moving equipment rentals $ 2,235,507 $ 2,168,750 Self-storage revenues 512,310 480,536 Self-moving and self-storage product and service sales 189,542 188,017 Property management fees 19,145 19,203 Life insurance premiums 25,991 37,539 Property and casualty insurance premiums 53,796 50,010 Net investment and interest income 77,225 75,233 Other revenue 341,186 331,104 Consolidated revenue 3,454,702 3,350,392 Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and 2026. Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands) Moving and storage Revenues 3,296,100 3,186,686 Earnings from operations before equity in earnings of subsidiaries 476,700 440,318 Property and casualty insurance Revenues 68,231 65,612 Earnings from operations 29,194 29,042 Life insurance Revenues 96,376 104,207 Earnings from operations 9,803 5,704 Eliminations Revenues (6,005) (6,113) Earnings from operations before equity in earnings of subsidiaries (53) (56) Consolidated Results Revenues 3,454,702 3,350,392 Earnings from operations 515,644 475,008
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The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2027 and 2026 are as follows: Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 444,129 $ 435,121 Depreciation expense - non rental equipment 44,524 47,779 Depreciation expense - real estate 113,694 101,285 Total depreciation expense $ 602,347 $ 584,185 Net (gains) losses on disposals of rental equipment $ 2,355 $ 60,454 Net (gains) losses on disposals of non-rental equipment 139 (22) Total net (gains) losses on disposals of equipment $ 2,494 $ 60,432 Depreciation, net of (gains) losses on disposals $ 604,841 $ 644,617 Net (gains) losses on disposals of real estate $ 2,815 $ 2,914 The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows: Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands, except occupancy rate) Unit count as of September 30 876 831 Square footage as of September 30 75,741 71,167 Average monthly number of units occupied 638 631 Average monthly occupancy rate based on unit count 73.5% 77.2% End of period occupancy rate based on unit count 73.6% 74.4% Average monthly square footage occupied 56,900 55,511
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Self-Storage Portfolio Summary As of September 30, 2026 (Unaudited) U-Haul Owned Store Data by State Annual Occupancy Units Rentable Revenue During State/Province Stores Occupied Square Feet Per Occ SF Quarter Texas 102 38,070 4,937,938 $ 16.29 70.6% Florida 94 35,014 4,405,260 $ 19.61 69.7% California 90 35,995 3,487,817 $ 23.06 80.1% Illinois 86 41,516 4,517,620 $ 17.56 78.8% Pennsylvania 75 29,317 3,258,772 $ 18.92 72.4% Ohio 68 27,120 3,151,078 $ 15.93 75.3% New York 67 29,510 2,855,052 $ 24.46 79.4% Michigan 61 21,005 2,405,685 $ 16.84 79.4% Georgia 58 21,844 2,972,036 $ 17.21 69.0% Arizona 55 24,552 3,349,523 $ 17.28 66.5% Wisconsin 44 17,199 2,079,133 $ 14.91 74.1% Missouri 43 15,580 2,052,343 $ 15.00 69.6% North Carolina 42 17,973 2,278,070 $ 16.39 67.8% Washington 40 15,074 1,694,730 $ 18.59 73.5% Tennessee 38 15,325 1,709,374 $ 16.03 80.2% New Jersey 35 17,029 1,656,661 $ 21.90 82.1% Minnesota 35 14,147 1,774,058 $ 14.68 74.3% Ontario 34 13,017 1,494,534 $ 24.17 70.5% Massachusetts 34 11,399 1,183,104 $ 21.77 77.2% Indiana 34 11,103 1,191,364 $ 15.07 85.4% Top 20 Totals 1,135 451,789 52,454,154 $ 18.30 74.3% All Others 517 193,234 23,287,263 $ 17.64 73.9% 2Q Fiscal 2027 Totals 1,652 645,023 75,741,417 $ 18.10 74.2% Same Store Pool Held Constant for Prior Periods Same Store 2Q27 980 371,502 36,150,943 $ 18.99 89.5% Same Store 2Q26 980 374,981 36,137,644 $ 17.80 90.6% Same Store 2Q25 980 392,117 36,124,264 $ 17.15 93.5% Non Same Store 2Q27 672 273,521 39,590,474 $ 16.86 60.0% Non Same Store 2Q26 616 243,156 35,029,114 $ 16.05 61.4% Non Same Store 2Q25 524 214,047 28,374,728 $ 15.99 64.8% Same Store Pool, Prior Periods Unchanged Same Store 2Q27 980 371,502 36,150,943 $ 18.99 89.5% Same Store 2Q26 903 320,815 30,897,753 $ 17.88 90.5% Same Store 2Q25 893 319,259 29,403,609 $ 17.20 94.1% Non Same Store 2Q27 672 273,521 39,590,474 $ 16.86 60.0% Non Same Store 2Q26 693 297,322 40,269,004 $ 16.28 65.2% Non Same Store 2Q25 611 286,905 35,095,383 $ 16.22 69.9% 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 storage locations with rental storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month. The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.
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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, March 31, 2026 2026 (Unaudited) (In thousands, except share data) ASSETS Cash and cash equivalents $ 999,862 $ 1,120,147 Trade receivables and reinsurance recoverables, net 370,738 159,768 Inventories and parts, net 182,905 178,155 Prepaid expenses 142,898 191,671 Fixed maturity securities available-for-sale, net 2,255,298 2,417,912 Equity securities 15,650 14,976 Investments, other 693,355 706,314 Deferred policy acquisition costs, net 59,497 112,852 Other assets 159,226 127,202 Right of use assets - operating 36,907 40,188 Related party assets 48,260 53,159 Property, plant and equipment, at cost: Land 1,897,373 1,865,369 Buildings and improvements 10,928,024 10,542,945 Furniture and equipment 1,097,361 1,074,032 Rental trailers and other rental equipment 1,275,531 1,206,253 Rental trucks 8,985,854 8,554,508 24,184,143 23,243,107 Less: Accumulated depreciation (7,273,917) (6,862,662) Total property, plant and equipment 16,910,226 16,380,445 Total assets $ 21,874,822 $ 21,502,789 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 872,725 $ 850,294 Notes, loans and finance liabilities payable, net 8,230,090 8,083,374 Operating lease liabilities 37,637 40,957 Policy benefits and losses, claims and loss expenses payable 965,895 939,874 Liabilities from investment contracts 2,343,240 2,357,545 Other policyholders' funds and liabilities 9,325 2,899 Deferred income 69,270 56,614 Deferred income taxes 1,628,807 1,559,581 Total liabilities 14,156,989 13,891,138 Stockholders' equity: Common stock 10,497 10,497 Common stock - Non-Voting 176 176 Additional paid-in capital 462,548 462,548 Accumulated other comprehensive loss (171,869) (163,640) Retained earnings 8,221,772 7,979,720 Cost of common shares in treasury, net (551,578) (525,653) Cost of Series N non-voting common shares in treasury, net (101,716) - Cost of preferred shares in treasury, net (151,997) (151,997) Total stockholders' equity 7,717,833 7,611,651 Total liabilities and stockholders' equity $ 21,874,822 $ 21,502,789
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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended September 30, 2026 2025 (Unaudited) (In thousands, except share and per share amounts) Revenues: Self-moving equipment rentals $ 1,147,929 $ 1,110,477 Self-storage revenues 262,138 246,299 Self-moving and self-storage products and service sales 90,302 89,829 Property management fees 9,580 9,621 Life insurance premiums 7,925 18,370 Property and casualty insurance premiums 29,545 28,272 Net investment and interest income 39,857 40,022 Other revenue 185,399 177,032 Total revenues 1,772,675 1,719,922 Costs and expenses: Operating expenses 965,051 909,542 Commission expenses 126,644 121,811 Cost of product sales 66,967 67,625 Benefits and losses 20,750 48,178 Amortization of deferred policy acquisition costs 18,604 4,962 Lease expense 3,863 5,071 Depreciation, net of (gains) losses on disposals 306,001 340,608 Net (gains) losses on disposal of real estate (253) 4,531 Total costs and expenses 1,507,627 1,502,328 Earnings from operations 265,048 217,594 Other components of net periodic benefit costs (357) (345) Other interest income 8,359 10,015 Interest expense (99,019) (90,305) Fees and amortization on extinguishment of debt (44) - Pretax earnings 173,987 136,959 Income tax expense (37,312) (31,409) Earnings available to common stockholders $ 136,675 $ 105,550 Basic and diluted earnings per share of Common Stock $ 0.66 $ 0.49 Weighted average shares outstanding of Common Stock: Basic and diluted 19,246,975 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock 0.71 0.54 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 175,158,177 176,470,092
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U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands, except share and per share amounts) Revenues: Self-moving equipment rentals $ 2,235,507 $ 2,168,750 Self-storage revenues 512,310 480,536 Self-moving and self-storage products and service sales 189,542 188,017 Property management fees 19,145 19,203 Life insurance premiums 25,991 37,539 Property and casualty insurance premiums 53,796 50,010 Net investment and interest income 77,225 75,233 Other revenue 341,186 331,104 Total revenues 3,454,702 3,350,392 Costs and expenses: Operating expenses 1,852,041 1,736,291 Commission expenses 246,916 238,548 Cost of product sales 138,721 139,830 Benefits and losses 62,887 93,360 Amortization of deferred policy acquisition costs 23,478 9,879 Lease expense 7,359 9,945 Depreciation, net of (gains) losses on disposals 604,841 644,617 Net (gains) losses on disposal of real estate 2,815 2,914 Total costs and expenses 2,939,058 2,875,384 Earnings from operations 515,644 475,008 Other components of net periodic benefit costs (714) (691) Other interest income 17,750 20,684 Interest expense (196,931) (172,635) Fees and amortization on extinguishment of debt (75) (26) Pretax earnings 335,674 322,340 Income tax expense (76,070) (74,459) Earnings available to common stockholders $ 259,604 $ 247,881 Basic and diluted earnings per share of Common Stock $ 1.24 $ 1.17 Weighted average shares outstanding of Common Stock: Basic and diluted 19,401,609 19,607,788 Basic and diluted earnings per share of Non-Voting Common Stock 1.34 1.27 Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted 175,720,426 176,470,092
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EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non- Voting Common Stock are allocated approximately 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non- Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended September 30, 2026 2025 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,246,975 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 194,405,152 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 9.90% 10.00% Net earnings available to common stockholders $ 136,675 $ 105,550 Voting Common Stock dividends declared and paid - - Non-Voting Common Stock dividends declared and paid (8,739) (8,823) Undistributed earnings available to common stockholders $ 127,936 $ 96,727 Undistributed earnings available to common stockholders allocated to Voting Common Stock$ 12,666 $ 9,673 Undistributed earnings per share of Voting Common Stock $ 0.66 $ 0.49 Dividends declared per share of Voting Common Stock - - Basic and diluted earnings per share of Voting Common Stock $ 0.66 $ 0.49 Weighted average shares outstanding of Non-Voting Common Stock 175,158,177 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 194,405,152 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90.10% 90.00% Net earnings available to common stockholders $ 136,675 $ 105,550 Voting Common Stock dividends declared and paid - - Non-Voting Common Stock dividends declared and paid (8,739) (8,823) Undistributed earnings available to common stockholders $ 127,936 $ 96,727 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock$ 115,270 $ 87,054 Undistributed earnings per share of Non-Voting Common Stock $ 0.66 $ 0.49 Dividends declared per share of Non-Voting Common Stock 0.05 0.05 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.71 $ 0.54
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The calculation of basic and diluted earnings per share for the first six months ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Six Months Ended September 30, 2026 2025 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,401,609 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 195,122,035 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 9.94% 10.00% Net earnings available to common stockholders $ 259,604 $ 247,881 Voting Common Stock dividends declared and paid - - Non-Voting Common Stock dividends declared and paid (17,552) (17,647) Undistributed earnings available to common stockholders $ 242,052 $ 230,234 Undistributed earnings available to common stockholders allocated to Voting Common Stock$ 24,060 $ 23,023 Undistributed earnings per share of Voting Common Stock $ 1.24 $ 1.17 Dividends declared per share of Voting Common Stock - - Basic and diluted earnings per share of Voting Common Stock $ 1.24 $ 1.17 Weighted average shares outstanding of Non-Voting Common Stock 175,720,426 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 195,122,035 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90.06% 90.00% Net earnings available to common stockholders $ 259,604 $ 247,881 Voting Common Stock dividends declared and paid - - Non-Voting Common Stock dividends declared and paid (17,552) (17,647) Undistributed earnings available to common stockholders $ 242,052 $ 230,234 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock$ 217,992 $ 207,211 Undistributed earnings per share of Non-Voting Common Stock $ 1.24 $ 1.17 Dividends declared per share of Non-Voting Common Stock 0.10 0.10 Basic and diluted earnings per share of Non-Voting Common Stock $ 1.34 $ 1.27
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Non-GAAP Financial Measures Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that this widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the ongoing core business operations, and improves the period-to-period comparability of those results. This non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures. Moving and Storage Adjusted EBITDA Calculation (Unaudited, In thousands) Trailing Twelve Months September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net earnings available to common stockholders 94,851 63,726 83,128 128,622 232,756 Income tax expense 10,858 5,661 10,341 11,714 48,448 Fees on early extinguishment of debt and costs of defeasance 1,157 1,113 1,108 189 26 Interest expense 389,161 380,449 364,868 348,914 330,192 Other interest income (44,615) (46,295) (47,597) (40,881) (45,759) Other components of net periodic benefit costs 1,406 1,394 1,383 1,409 1,435 Net (gains) losses on disposal of real estate 8,512 13,296 8,611 11,915 12,577 Depreciation, net of (gains) losses on disposals 1,247,245 1,281,852 1,287,021 1,238,114 1,158,986 Elimination of net earnings from insurance subsidiaries (66,209) (63,885) (63,004) (59,823) (56,761) Adjusted EBITDA 1,642,366 1,637,311 1,645,859 1,640,173 1,681,900 The table below presents the reconciliation of the second quarter adjusted EBITDA measure to its most directly comparable GAAP measures. Moving and Storage Adjusted EBITDA Calculation (Unaudited, In thousands) Quarters Ended September 30, September 30, 2026 2025 Net earnings available to common stockholders 136,675 105,550 Income tax expense 32,521 27,324 Fees on early extinguishment of debt and costs of defeasance 44 - Interest expense 99,045 90,333 Other interest income (8,431) (10,111)Other components of net periodic benefit costs 357 345 Net (gains) losses on disposal of real estate (253) 4,531 Depreciation, net of (gains) losses on disposals 306,001 340,608 Elimination of net earnings from insurance subsidiaries (18,325) (16,001) Adjusted EBITDA 547,634 542,579 ###