U-haul Holding Company · NYSE:UHAL
U-haul — Q1 2027 Earnings Presentation
35 slides from U-haul's earnings presentation, Aug 6, 2026
Slide 1: First Quarter Fiscal 2027 U-Haul Investor Update
First Quarter Fiscal 2027 U-Haul Investor Update First Quarter Fiscal 2027 U-Haul Investor Update
Slide 2: Forward Looking Statement
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-lo
Slide 3: Company Highlights
Company Highlights 1 North America’s Leader in Do-It-Yourself Moving & Storage 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 prod
Slide 4: Unique Dual Share Class Structure
Unique Dual Share Class Structure Each class of shares is tailored to each investor’s preferences Board of Directors authorized a $350 million share repurchase on May 22, 2026 Through June 30, 2026 we have returned $48.0 million to shareholders via share repurchase program UHAL.B UHAL New class of c
Slide 5: A Story of Responsible Management
U-Haul… A Story of Responsible Management U-Haul enters Sale of portion of our U-Haul founded the self-storage Publicly listed on Chelsea, NY location Surpassed 25,000 by the Shoen business NASDAQ (UHAL) fuels self-storage rental locations Family expansion 1945 1955 1974 1986 1994 2008 2017 2024 202
Slide 6: We Uniquely Provide an All-In-One Customer Solution
We Uniquely Provide an All-In-One Customer Solution U-Haul’s product offerings operate together to drive incremental sales and profitability to service a variety of customer needs U-Move 67% of Trailing Twelve Month (TTM) Revenue Largest Rental Fleet in U-Move North America* Self-Storage 17% o
Slide 7: Rental Equipment + Self Storage + Moving Supplies
Rental Equipment + Self Storage + Moving Supplies Convenience Revenue Synergy Utilizing rental equipment to facilitate a move is often a key part of a self-storage customer’s journey • Nearly 50% of U-Haul self-storage • U-Haul is the only company that offers a transactions had an associated U-Move
Slide 8: Moving & Storage Adjusted EBITDA Trends
Moving & Storage Adjusted EBITDA Trends Consistent cash generated from operations; Adjusted EBITDA, gain on sale of equipment elevated post-lockdown ($ in millions) Lockdown Impact $2,700 $2,250 $1,800 $1,350 $900 $450 $0 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 TTM Jun 2026 EBITDA Gain on Sale Inter
Slide 9: Moving & Storage Trends
Moving & Storage Trends Self-storage as a portion of total revenues increasing; Adjusted EBITDA trending positive over long-term ($ in millions) $2,700 90.0% 80.0% $2,250 70.0% $1,800 60.0% 50.0% $1,350 40.0% $900 30.0% 20.0% $450 10.0% $0 0.0% EBITDA ($) EBITDA Margin (%) U-Move Revenue Share (%) S
Slide 10: Broad Customer Reach Through Owned & Operated Locations
Broad Customer Reach Through Owned & Operated Locations U-Haul has best-in-class coverage across all 50 States and 10 Canadian Provinces 2,454 2,134 1,397 58% Company Locations Self-Storage U-Box Co-Locations of U.S. Population within 5 (Owned & Operated) (1,642 Owned) Miles of Company Location 10
Slide 11: Expanded Footprint Through Independent Dealer Network
Expanded Footprint Through Independent Dealer Network The U-Haul independent dealer network and self-storage Affiliates increase the footprint of U-Haul by ~10x 25,740 3,488 90% 36% Total Locations Affiliated of U.S. Population within of U.S. Population within (Incl. Independent Network) Storage Loc
Slide 12: First Quarter Highlights | FY 2027
First Quarter Highlights | FY 2027 Self-moving equipment rental revenues increased $29.3 million, or 2.8%, vs. first quarter of fiscal year 2026 U-Move® Both One-Way and In-Town transactions and revenue improved Opportunity for transaction and revenue growth in the future Total locations hav
Slide 13: Moving & Storage | Key Statistics
Moving & Storage | Key Statistics $508 $559 $570 Product $332 $848 $329 $916 $331 $988 2,454 29% Revenue Owned & Operated Moving & Storage ($mn) $3,644 $3,773 $3,845 Locations Adjusted EBITDA Margin TTM ending 6/30 2024 2025 2026 All Other Retail Sales Self-Storage U-Move Rental Fleet As of June 202
Slide 14: U-Move | Self-Moving Revenue Growth Returned
U-Move® | Self-Moving Revenue Growth Returned Self-moving equipment rental revenues increased $29.3 million, or 2.8%, vs. first quarter of fiscal year 2026 U-Move® Both One-Way and In-Town transactions and revenue improved Opportunity for transaction and revenue growth in the future Total lo
Slide 15: Self-Storage Results
Self-Storage Results Twelve months ended June 2026, we have added 5.2 million net rentable square feet Self-Storage Increased average monthly occupied square feet by 0.5 million in 1Q27 vs. 1Q26 Same Store average monthly occupancy rate was 88.3% in 1Q27 vs. 92.8% in 1Q26 (~4.4% related to red
Slide 16: Strategic Cash Deployment
Strategic Cash Deployment Earnings continue to be redeployed to grow self-storage, network reach, fleet and return cash to shareholders Accumulated Cash Deployment by Bucket TTM June 2026 | ($ in millions) $5,000 $(760) Growth Cap-Ex $4,000 $692 $851 $(1,338) $3,000 Est Fleet $(40) $2,760 Maint. Est
Slide 17: A Decade of Self-Funded Growth
A Decade of Self-Funded Growth Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends 10-Year Cash Sources & Uses $18.3 $17.9 ($ in billions) Dividends $0.4 Other Investments $0.9 $5.4 Cash from Refinancing Fleet Growth $3.5 (
Slide 18: Self-Storage Development Pipeline
Self-Storage Development Pipeline Estimated amount of capital needed to complete everything shown on this map is $2.0 billion Estimated amount of capital already invested in locations not yet fully operational is $1.3 billion Ground Up and Conversion (Active) – property owned and development underwa
Slide 19: Self-Storage Acquisitions and Development
Self-Storage Acquisitions and Development Over the Last 5 Years, U-Haul has Added…. 328 27.9 million $6.1 billion New Storage Locations Net Rentable Sq. Ft. Investments 18.0 16.0 14.0 12.0 Net rentable square feet 215# Pri or Year 10.0 Pi pe line (in millions) 263# 8.0 6.0 71% 95% 82% 78% 4.0 86% 87
Slide 20: Self-Storage Revenue Potential
Self-Storage Revenue Potential Future revenue growth embedded in our balance sheet (not including an assumption for future rate increases) Non-Same Store Projects in Projects Pending (real estate owned, but Locations Development development not yet (completed and active) (not yet active) started) +$
Slide 21: Well-Capitalized Balance Sheet
Well-Capitalized Balance Sheet The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ in millions) Net Leverage* 2.3x 3.1x 3.9x 4.3x 4.4x $18,688 $18,885 $17,522 90.0% $16,150 $15,212 80.0% 70.0% 60.0% 43.3% 42.
Slide 22: Debt Maturity Schedule
Debt Maturity Schedule Final maturity schedule laddered to reduce refinance risk Fleet revolvers include three loans spread across unique lenders spaced one-year apart and managed as evergreen (roll each facility every three years). ($ in millions) $800.0 $700.0 $600.0 $500.0 $400.0 $300.0 $200.0 $1
Slide 23: Appendix: Selected Financials
Appendix Selected Financials
Slide 24: Self-Storage Financials
Self-Storage Financials Annual Units Rentable Revenue Occupancy Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool Held Constant for Prior Period Total Owned Portfolio 1,642 640,576 74,741,775 $ 17.96 72.9% Same Store 1Q FY27 973 370,663 35,677,662 $ 18.82 88.3% Same Store 1
Slide 25: Moving & Storage P&L
Moving & Storage P&L Quarters Ended Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 2026 2026 2025 2025 2025 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 1,088,398 757,891 887,365 1,111,622 1,059,031 Self-storage revenues 250,172 246,831 245,060 246,299 234,237 Self-moving a
Slide 26: Moving & Storage Balance Sheet
Moving & Storage Balance Sheet Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2026 2026 2025 2025 2025 2025 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 883,630 1,014,382 1,010,011 910,969 726,069 872,467 Trade receivables and reinsurance recoverables, net 124,965 95,683 107,126 9
Slide 27: Financial Summary | Debt Summary
Financial Summary | Debt Summary Moving & Storage Quarterly (in thousands), unaudited June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Real estate secured debt $ 3,196,940 $ 3,204,208 $ 3,096,564 $ 3,002,344 $ 2,727,545 Unsecured debt 1,700,000 1,700,000 1,700,000 1,70
Slide 28: Appendix: New U-Haul Locations
Appendix New U-Haul Locations
Slide 29: Recent Ground Up Development
Recent Ground Up Development Hot Springs, AR Saddlebrook, NJ 29
Slide 30: Recent Ground Up Development
Recent Ground Up Development Ramsey, MN Eugene, OR Homestead, FL Laredo, TX 30
Slide 31: Recent U-Box Development
Recent U-Box Development Bend, OR East Stroudsburg, PA Escondido, CA 31
Slide 32: Recent Conversion and Existing Development
Recent Conversion and Existing Development Kingman, AZ West Allis, WI Waterloo, IA 32
Slide 33: Moving & Storage Adjusted EBITDA reconciliation
Moving & Storage Adjusted EBITDA reconciliation Trailing Twelve Months Jun 30, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 2022 (Unaudited) (In thousands) Net earnings $ 63,726 $ 83,128 $ 367,090 $ 628,707 $ 924,472 $ 1,123,286 Income tax expense (benefit) 5,661 10,341 94,747 19
Slide 34: Moving & Storage Net Leverage reconciliation
Moving & Storage Net Leverage reconciliation Trailing Twelve Months Jun 30, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2026 2025 2024 2023 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 8,146,884 $ 8,124,949 $ 7,229,341 $ 6,304,038 $ 6,143,350 Cash and cash equivalents 883,630
Slide 35: Equity Analyst Coverage
Equity Analyst Coverage Thank you to our analysts for their continued coverage Steven Ralston Steven Ramsey Andy Liu Jeff Kauffman Zacks Investments Thompson Research Group Wolfe Research Citizens Bank sralston@zacks.com sramsey@trg.com aliu@wolferesearch.com Jeffrey.Kauffman@citizensbank.com U-Haul
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