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 shareholders for the year ended March 31, 2026 of $83.1 million compared with $367.1 million for the same period last year.

For the quarter ended March 31, 2026, the Company reported net losses available to shareholders of ($127.8) million compared with net losses of ($82.3) million for the same period last year.

"This is the second time in recent years we have had a real loss in this quarter," stated Joe Shoen, Chairman of U-Haul Holding Company. "The issues with loss on disposal of rental equipment are working themselves through. CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation. Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation. We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain. We are increasing our dealer locations in both the US and Canada to better serve the customer. Our relations with our customer base remain solid."

Highlights of Fiscal Year and Fourth Quarter 2026 Results

Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $39.9 million compared to the fourth quarter of fiscal 2025 and for the full year decreased $295.5 million compared to fiscal 2025.
- Losses from the disposal of retired rental equipment accounted for $2.1 million for the fourth quarter and $117.6 million for the full year of the decrease while fleet depreciation expense increased $40.6 million for the fourth quarter and $186.6 million for the full year. Liability costs decreased $1.8 million for the quarter and increased $76.4 million for the full year, all compared with the fourth quarter and full year of fiscal 2025.
Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) increased $5.7 million to $223.0 million compared to the fourth quarter of fiscal 2025 and for the full year ended March 31, 2026 increased $26.1 million to $1,645.9 compared with fiscal 2025.
Self-storage revenues increased $16.3 million, or 7.1%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025 and for the full year increased $74.5 million, or 8.3%, compared with fiscal 2025.
- Same store occupancy decreased 5.4% to 86.1%, revenue per foot increased 6.5%, and the number of locations qualifying for the pool increased by 55.
- During the fourth quarter of fiscal 2026, we added 12 new locations with storage and 1.0 million net rentable square feet (NRSF).
- We have approximately 11.7 million NRSF in development or pending.
Self-moving equipment rental revenues increased $11.7 million, or 1.6%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025. We finished the full year up $86.4 million, or 2.3%, compared with fiscal 2025. One-way transactions increased, while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025.
Cash and credit availability at the Moving and Storage operating segment was $1,479.4 million and $1,347.5 million as of March 31, 2026 and 2025, respectively.
On May 22, 2026 the U-Haul Holding Company Board of Directors authorized a $350 million share repurchase plan across both classes of shares.
On March 4, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 16, 2026. The dividend was paid on March 27, 2026.

Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for fiscal 2026 on Thursday, May 28, 2026 at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or 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 over 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 204,800 trucks, 136,600 trailers and 42,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,136,000 rentable storage units and 99.0 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-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2026 and 2025.

		Quarters Ended March 31,				Years Ended March 31,
		2026		2025		2026		2025
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	757,001	$	745,259	$	3,811,921	$	3,725,524
Self-storage revenues		246,831		230,532		972,427		897,913
Self-moving and self-storage product and service sales		72,668		72,729		329,614		327,490
Property management fees		8,855		8,861		36,875		36,811
Life insurance premiums		25,590		19,553		80,977		83,707
Property and casualty insurance premiums		24,754		23,540		105,119		98,900
Net investment and interest income		40,612		36,519		163,104		151,974
Other revenue		95,508		96,516		537,782		506,346
Consolidated revenue	$	1,271,819	$	1,233,509	$	6,037,819	$	5,828,665

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2026 and 2025.

	Quarters Ended March 31,				Years Ended March 31,
	2026		2025		2026		2025
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,180,114	$	1,153,414	$	5,686,690	$	5,492,774
Earnings (losses) from operations before equity in earnings of subsidiaries		(97,175)		(57,258)		350,227		645,772
Property and casualty insurance
Revenues		33,074		27,384		141,202		125,164
Earnings from operations		17,336		9,976		67,197		54,745
Life insurance
Revenues		61,339		55,201		221,753		221,869
Earnings from operations		3,807		4,755		15,308		16,642
Eliminations
Revenues		(2,708)		(2,490)		(11,826)		(11,142)
Earnings from operations before equity in earnings of subsidiaries		(27)		(249)		(111)		(1,005)
Consolidated Results
Revenues		1,271,819		1,233,509		6,037,819		5,828,665
Earnings (losses) from operations		(76,059)		(42,776)		432,621		716,154

Moving and Storage
Debt Metrics
(in thousands) (unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2026	2025	2025	2025	2025
Real estate secured debt	$3,204,208	$3,096,564	$3,002,344	$2,727,545	$2,703,656
Unsecured debt	1,700,000	1,700,000	1,700,000	1,700,000	1,700,000
Fleet secured debt	3,157,364	3,196,817	2,965,804	2,792,015	2,758,821
Other secured debt	63,377	64,798	64,357	65,570	66,864
Total debt	8,124,949	8,058,179	7,732,505	7,285,130	7,229,341

Cash and cash equivalents	$1,014,382	$1,010,011	$910,969	$726,069	$872,467
Total assets	18,687,591	18,717,342	18,460,371	17,858,535	17,522,952
Adjusted EBITDA (TTM)	1,645,859	1,640,173	1,681,900	1,650,277	1,619,714

Net debt to adjusted EBITDA	4.3	4.3	4.1	4.0	3.9
Net debt to total assets	38.0%	37.7%	37.0%	36.7%	36.3%

Percent of debt floating	6.7%	6.8%	7.1%	6.1%	6.1%
Percent of debt fixed	93.3%	93.2%	92.9%	93.9%	93.9%
Percent of debt unsecured	20.9%	21.1%	22.0%	23.3%	23.5%

Unencumbered asset ratio*	3.98x	4.01x	3.96x	3.86x	3.91x

* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x.

The components of depreciation, net of gains on disposals, for the fourth quarter and the full year of fiscal 2026 and 2025 are as follows:

	Quarter Ended March 31,				Years Ended March 31,
	2026		2025		2026		2025
	(Unaudited)
	(In thousands)

Depreciation expense - rental equipment	$	221,435	$	180,836	$	879,273	$	692,660
Depreciation expense - non rental equipment		22,863		23,934		94,206		95,709
Depreciation expense - real estate		55,731		48,408		209,654		183,564
Total depreciation expense	$	300,029	$	253,178	$	1,183,133	$	971,933

Net (gains) losses on disposals of rental equipment	$	17,832	$	14,600	$	104,496	$	(15,014)
Net (gains) losses on disposals of non-rental equipment		(676)		500		(608)		1,265
Total net (gains) losses on disposals equipment	$	17,156	$	15,100	$	103,888	$	(13,749)

Depreciation, net of (gains) losses on disposals	$	317,185	$	268,278	$	1,287,021	$	958,184

Net (gains) losses on disposals of real estate	$	3,001	$	6,305	$	8,611	$	15,758

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 storage locations follows (unaudited):

	Quarters Ended March 31,
	2026	2025
	(In thousands, except occupancy rate)
Unit count as of March 31	857	799
Square footage as of March 31	73,651	68,376
Average monthly number of units occupied	607	613
Average monthly occupancy rate based on unit count	71.1%	77.3%
End of period occupancy rate based on unit count	71.0%	77.0%
Average monthly square footage occupied	54,124	53,814

	Years Ended March 31,
	2026	2025
	(In thousands, except occupancy rate)
Unit count as of March 31	857	799
Square footage as of March 31	73,651	68,376
Average monthly number of units occupied	620	607
Average monthly occupancy rate based on unit count	74.4%	79.2%
End of period occupancy rate based on unit count	71.0%	77.0%
Average monthly square footage occupied	54,858	53,021

Self-Storage Portfolio Summary
As of March 31, 2026
(unaudited)
U-Haul Owned Store Data by State
State/ Province	Stores	Units Occupied	Rentable Square Feet	Annual Revenue Per Foot	Occupancy During Qtr
Texas	102	35,998	4,937,797	$15.87	67.5%
Florida	93	33,661	4,282,463	$19.32	67.9%
California	89	33,834	3,352,228	$22.48	78.1%
Illinois	85	37,915	4,432,525	$17.04	72.3%
Pennsylvania	74	27,777	3,157,671	$18.60	69.0%
Ohio	68	25,730	3,143,964	$15.51	70.8%
New York	67	27,855	2,723,022	$24.14	76.9%
Michigan	61	19,856	2,399,439	$16.56	74.7%
Georgia	57	21,250	2,808,691	$16.83	70.4%
Arizona	51	23,523	3,226,198	$16.76	66.1%
Wisconsin	44	16,420	2,092,796	$14.53	68.9%
North Carolina	42	16,860	2,211,672	$16.03	64.2%
Missouri	40	13,811	1,988,597	$14.70	63.6%
Washington	39	13,862	1,672,760	$17.93	68.3%
Tennessee	37	14,808	1,629,973	$15.54	80.5%
Minnesota	35	13,307	1,774,078	$14.24	71.2%
New Jersey	34	15,851	1,592,730	$21.43	78.0%
Ontario	33	12,430	1,416,014	$23.89	68.9%
Indiana	33	10,465	1,189,482	$14.74	77.9%
Alabama	32	7,931	1,312,968	$13.89	53.0%

Top 20 Totals	1,116	423,144	51,345,068	$17.72	70.6%

All Others	508	185,469	22,306,185	$17.65	72.2%

4Q FY 2026 Totals	1,624	608,613	73,651,253	$17.70	71.1%

Same Store Pool Held Constant for Prior Periods
Same Store 4Q26	948	342,134	34,053,475	$18.49	86.1%
Same Store 4Q25	948	365,169	34,037,858	$17.36	91.5%
Same Store 4Q24	948	365,223	34,004,911	$16.89	91.2%

Non-Same Store 4Q26	676	266,479	39,597,778	$16.68	57.9%
Non-Same Store 4Q25	610	250,465	34,338,142	$16.08	62.8%
Non-Same Store 4Q24	528	212,180	27,852,116	$16.06	65.6%

Same Store Pool, Prior Periods Unchanged
Same Store 4Q26	948	342,134	34,053,475	$18.49	86.1%
Same Store 4Q25	893	317,736	29,661,083	$17.32	91.9%
Same Store 4Q24	862	291,587	27,376,696	$16.87	92.3%

Non-Same Store 4Q26	676	266,479	39,597,778	$16.68	57.9%
Non-Same Store 4Q25	665	297,898	38,714,917	$16.32	66.0%
Non-Same Store 4Q24	614	285,816	34,480,331	$16.28	70.1%

*Note: Store Count, Units, and NRSF 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 fiscal year 2026.*
Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

		March 31,		March 31,
		2026		2025
		(Unaudited)
ASSETS		(In thousands)
Cash and cash equivalents	$	1,120,147	$	988,828
Trade receivables and reinsurance recoverables, net		159,768		230,716
Inventories and parts		178,155		163,132
Prepaid expenses		191,671		282,406
Fixed maturity securities available-for-sale, net, at fair value		2,417,912		2,479,498
Equity securities, at fair value		14,976		65,549
Investments, other		706,314		678,254
Deferred policy acquisition costs, net		112,852		121,729
Other assets		127,202		126,732
Right of use assets – financing, net		-		138,698
Right of use assets – operating, net		40,188		46,025
Related party assets		53,159		45,003

Property, plant and equipment, at cost:
Land		1,865,369		1,812,820
Buildings and improvements		10,542,945		9,628,271
Furniture and equipment		1,074,032		1,047,414
Rental trailers and other rental equipment		1,206,253		1,046,135
Rental trucks		8,554,508		7,470,039
		23,243,107		21,004,679
Less: Accumulated depreciation		(6,862,662)		(5,892,079)
Total property, plant and equipment, net		16,380,445		15,112,600
Total assets	$	21,502,789	$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	850,294	$	820,900
Notes, loans and finance leases payable, net		8,083,374		7,193,857
Operating lease liabilities		40,957		46,973
Policy benefits and losses, claims and loss expenses payable		939,874		857,521
Liabilities from investment contracts		2,357,545		2,511,422
Other policyholders' funds and liabilities		2,899		7,539
Deferred income		56,614		52,895
Deferred income taxes, net		1,559,581		1,489,920
Total liabilities		13,891,138		12,981,027

Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		462,548		462,548
Accumulated other comprehensive loss		(163,640)		(229,314)
Retained earnings		7,979,720		7,931,886
Cost of common stock in treasury, net		(525,653)		(525,653)
Cost of preferred stock in treasury, net		(151,997)		(151,997)
Total stockholders' equity		7,611,651		7,498,143
Total liabilities and stockholders' equity	$	21,502,789	$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

		Quarter Ended March 31,
		2026		2025
		(Unaudited) (In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	757,001	$	745,259
Self-storage revenues		246,831		230,532
Self-moving and self-storage products and service sales		72,668		72,729
Property management fees		8,855		8,861
Life insurance premiums		25,590		19,553
Property and casualty insurance premiums		24,754		23,540
Net investment and interest income		40,612		36,519
Other revenue		95,508		96,516
Total revenues		1,271,819		1,233,509

Costs and expenses:
Operating expenses		830,457		812,290
Commission expenses		81,582		80,758
Cost of product sales		56,159		53,114
Benefits and losses		49,605		45,668
Amortization of deferred policy acquisition costs		4,851		4,755
Lease expense		5,038		5,117
Depreciation, net of (gains) losses on disposals		317,185		268,278
Net (gains) losses on disposal of real estate		3,001		6,305
Total costs and expenses		1,347,878		1,276,285

Earnings (losses) from operations		(76,059)		(42,776)
Other components of net periodic benefit costs		(346)		(372)
Other interest income		15,793		9,053
Interest expense		(96,595)		(80,419)
Fees on early extinguishment of debt and costs of defeasance		(919)		-
Pretax earnings (losses)		(158,126)		(114,514)
Income tax (expense) benefit		30,341		32,223
Losses available to common shareholders	$	(127,785)	$	(82,291)
Basic and diluted losses per share of Common Stock	$	(0.70)	$	(0.46)
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.65)	$	(0.41)
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

		Years Ended March 31,
		2026		2025
		(Unaudited) (In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	3,811,921	$	3,725,524
Self-storage revenues		972,427		897,913
Self-moving and self-storage products and service sales		329,614		327,490
Property management fees		36,875		36,811
Life insurance premiums		80,977		83,707
Property and casualty insurance premiums		105,119		98,900
Net investment and interest income		163,104		151,974
Other revenue		537,782		506,346
Total revenues		6,037,819		5,828,665

Costs and expenses:
Operating expenses		3,415,362		3,275,471
Commission expenses		416,231		407,368
Cost of product sales		246,860		234,145
Benefits and losses		192,197		182,749
Amortization of deferred policy acquisition costs		19,652		18,333
Lease expense		19,264		20,503
Depreciation, net of (gains) losses on disposals		1,287,021		958,184
Net (gains) losses on disposal of real estate		8,611		15,758
Total costs and expenses		5,605,198		5,112,511

Earnings from operations		432,621		716,154
Other components of net periodic benefit costs		(1,383)		(1,488)
Other interest income		47,261		59,057
Interest expense		(364,757)		(295,716)
Fees on early extinguishment of debt and costs of defeasance		(1,108)		(495)
Pretax earnings		112,634		477,512
Income tax expense		(29,506)		(110,422)
Earnings available to common shareholders	$	83,128	$	367,090
Basic and diluted earnings per share of Common Stock	$	0.24	$	1.69
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.44	$	1.89
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

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 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders, less the dividends declared, for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is 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 is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarter Ended
		March 31,
		2026		2025
		(Unaudited)
		(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net losses available to common stockholders	$	(127,785)	$	(82,291)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(136,608)	$	(91,114)
Undistributed losses available to common stockholders allocated to Voting Common Stock	$	(13,661)	$	(9,111)

Undistributed losses per share of Voting Common Stock	$	(0.70)	$	(0.46)
Dividends declared per share of Voting Common Stock		-		-
Basic and diluted losses per share of Voting Common Stock	$	(0.70)	$	(0.46)


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net losses available to common stockholders	$	(127,785)	$	(82,291)
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed losses available to common stockholders	$	(136,608)	$	(91,114)
Undistributed losses available to common stockholders allocated to Non-Voting Common Stock	$	(122,947)	$	(82,003)

Undistributed losses per share of Non-Voting Common Stock	$	(0.70)	$	(0.46)
Dividends declared per share of Non-Voting Common Stock		0.05		0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.65)	$	(0.41)

		For the Years Ended
		March 31,
		2026		2025
		(Unaudited) (In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net earnings available to common stockholders	$	83,128	$	367,090
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(35,294)		(35,294)
Undistributed earnings available to common stockholders	$	47,834	$	331,796
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	4,783	$	33,180

Undistributed earnings per share of Voting Common Stock	$	0.24	$	1.69
Dividends declared per share of Voting Common Stock		-		-
Basic and diluted earnings per share of Voting Common Stock	$	0.24	$	1.69


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net earnings available to common stockholders	$	83,128	$	367,090
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(35,294)		(35,294)
Undistributed earnings available to common stockholders	$	47,834	$	331,796
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	43,051	$	298,616

Undistributed earnings per share of Non-Voting Common Stock	$	0.24	$	1.69
Dividends declared per share of Non-Voting Common Stock		0.20		0.20
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.44	$	1.89

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). The tables below show adjusted PPE as of March 31, 2026 and March 31, 2025 by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. The finance leases tied to these ROU-financing were paid off as of March 31, 2026. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by nor presented in accordance with GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

						March 31,		March 31,
						2026		2025
		March 31,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2026		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,865,369	$	-	$	1,865,369	$	1,812,820
Buildings and improvements		10,542,945		-		10,542,945		9,628,271
Furniture and equipment		1,074,032		-		1,074,032		1,047,475
Rental trailers and other rental equipment		1,206,253		-		1,206,253		1,104,206
Rental trucks		8,554,508		-		8,554,508		7,779,514
Right-of-use assets, gross		23,243,107		-		23,243,107		21,372,286
Less: Accumulated depreciation		(6,862,662)		-		(6,862,662)		(6,120,988)
Total property, plant and equipment, net	$	16,380,445	$	-	$	16,380,445	$	15,251,298

						March 31,
						2025
		March 31,		ROU Assets		Property, Plant and Equipment
		2025		Financing		Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,812,820	$	-	$	1,812,820
Buildings and improvements		9,628,271		-		9,628,271
Furniture and equipment		1,047,414		61		1,047,475
Rental trailers and other rental equipment		1,046,135		58,071		1,104,206
Rental trucks		7,470,039		309,475		7,779,514
Right-of-use assets, gross		21,004,679		367,607		21,372,286
Less: Accumulated depreciation		(5,892,079)		(228,909)		(6,120,988)
Total property, plant and equipment, net	$	15,112,600	$	138,698	$	15,251,298

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These 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 Calculations
(In thousands, unaudited)
		March 31,		December 31,		September 30,		June 30,		March 31,
		2026		2025		2025		2025		2025

Net earnings available to common stockholders	$	83,128	$	128,622	$	232,756	$	314,004	$	367,090
Income tax expense		10,341		11,714		48,448		76,156		94,747
Fees on early extinguishment of debt and costs of defeasance		1,108		189		26		26		495
Interest expense		364,868		348,914		330,192		311,609		296,721
Other interest income		(47,597)		(40,881)		(45,759)		(51,899)		(59,489)
Other components of net periodic benefit costs		1,383		1,409		1,435		1,462		1,488
Net (gains) losses on disposal of real estate		8,611		11,915		12,577		11,037		15,758
Depreciation, net of (gains) losses on disposals		1,287,021		1,238,114		1,158,986		1,045,648		958,184
Earnings from subsidiaries		(63,004)		(59,823)		(56,761)		(57,766)		(55,280)
EBITDA	$	1,645,859	$	1,640,173	$	1,681,900	$	1,650,277	$	1,619,714

View source version on businesswire.com: https://www.businesswire.com/news/home/20260527747120/en/

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com

U-Haul Holding Company Reports Fiscal 2026 Financial Results