U-Haul Holding Company — Second Quarter Fiscal 2027 Earnings Summary

Financial Performance:

• Net earnings available to common stockholders for the quarter ended September 30, 2026, were $136.7 million, compared to $105.6 million in the same period last year.
• Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the quarter, up from $0.54 in the prior year period.
• For the six-month period ended September 30, 2026, net earnings were $259.6 million, compared to $247.9 million in the prior year period.
• EPS for Non-Voting Common Stock for the six-month period was $1.34, compared to $1.27 in the prior year period.
• Consolidated revenue for the quarter was $1.773 billion, up from $1.720 billion in the prior year period.
• Consolidated revenue for the six-month period was $3.455 billion, up from $3.350 billion in the prior year period.
• Moving and Storage earnings from operations (before consolidation of insurance subsidiaries) increased $44.5 million to $241.9 million for the quarter.
• Moving and Storage adjusted EBITDA for the quarter was $547.6 million, an increase of $5.0 million from the prior year period.
• Moving and Storage adjusted EBITDA for the trailing twelve months ended September 30, 2026, was $1,642.4 million, a decrease of $39.5 million from the prior year period.
• Total debt for the Moving and Storage segment was $8.273 billion as of September 30, 2026, compared to $7.733 billion as of September 30, 2025.
• Net debt to adjusted EBITDA ratio was 4.5x as of September 30, 2026, compared to 4.1x in the prior year period.
• Cash and credit availability for the Moving and Storage segment was $1,335.1 million as of September 30, 2026, down from $1,479.4 million as of March 31, 2026.

Business Segments and Product Lines:

• Self-storage revenues increased $15.8 million, or 6.4%, versus the second quarter of fiscal 2026.
• Same store occupancy for self-storage decreased 1.1% to 89.5%, while revenue per foot increased 6.7%.
• The number of self-storage locations qualifying for the same-store pool increased by 77.
• The company added 10 new self-storage locations with 1.0 million net rentable square feet (NRSF) during the quarter.
• Approximately 11.4 million NRSF is currently in development or pending.
• Self-moving equipment rental revenues increased $37.4 million, or 3.4%, versus the second quarter of fiscal 2026.
• Total revenue and revenue per transaction increased across both In-Town and One-Way markets for self-moving equipment.
• Total In-Town transactions increased compared to the second quarter of fiscal 2026.
• The company increased the number of Company-operated retail locations, independent dealers, and box trucks in the rental fleet.
• Other revenue for Moving and Storage increased $7.6 million, or 4.3%, driven by growth in the U-Box product offering.
• Fleet depreciation expense decreased $4.5 million for the quarter.
• Net losses from the disposal of retired rental equipment decreased $34.1 million to $4.2 million for the quarter.
• Operating expense increases were driven by freight and shipping costs ($24.4 million increase), personnel expense ($10.2 million increase), property taxes ($4.7 million increase), and self-insured liability costs ($6.2 million increase).

Other Key Points:

• During the second quarter, the company repurchased 149,927 shares of Voting Common Stock for $10.1 million and 1,095,478 shares of Non-Voting Common Stock for $68.2 million.
• For the six-month period, the company repurchased 398,295 shares of Voting Common Stock for $25.7 million and 1,679,756 shares of Non-Voting Common Stock for $100.7 million.
• On August 20, 2026, the company declared a cash dividend of $0.05 per share on Non-Voting Common Stock, paid on September 25, 2026.
• The company has approximately 205,600 trucks, 137,200 trailers, and 44,400 towing devices in its fleet.
• U-Haul operates a network of more than 25,000 locations across all 50 states and 10 Canadian provinces.
• U-Haul is the third largest self-storage operator in North America with 1,156,200 rentable storage units and 101.4 million square feet of space.
• U-Haul is the largest retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry.
• The company was named one of the 15 Healthiest Workplaces in America and recognized as a leading "Best for Vets" employer.
• An investor call for the second quarter of fiscal 2027 was held on November 5, 2026.

Management Commentary and Tone:

• Joe Shoen, Chairman, described the results as a "modest win" and credited the team for working hard to serve customers.
• Management stated that the company continues to reinvest but is doing so at an "appropriately slower pace."