U-haul Holding Company · NYSE:UHAL
U-haul — Q2 2026 Earnings Presentation
36 slides from U-haul's earnings presentation, Nov 6, 2025
Slide 1: Second Quarter Fiscal 2026 U-Haul Investor Update
Second Quarter Fiscal 2026 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-loo
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 UHAL.B UHAL New class of common stock issued in Nov. 2022.* Original class of common stock listed in 1994. Liquidity (9x more) Less Liquidity • 176,470,092 shares outstanding • 19,607,788 shares outstan
Slide 5: U-Haul… 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 by the Shoen business NASDAQ (UHAL) fuels self-storage Family expansion 1945 1955 1974 1986 1994 2008 2017 2024 Joe Shoen U-Box® portable More than d
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 $0 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM Sept 2025 EBITDA Gain on Sale Inte
Slide 9: Moving & Storage Trends
Moving & Storage Trends Self-storage as a portion of total revenues increasing; Adjusted EBITDA trending positive over long-term ($ 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 2,398 2,085 1,515 58% Company Locations Self-Storage U-Box Co-Locations of U.S. Population within 5 (Owned & Operated) (1,596 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 25,087 3,408 90% 36% Total Locations Affiliated of U.S. Population within 5 of U.S. Population within (Incl. Independent Network) Storage L
Slide 12: Second Quarter Highlights | FY 2026
Second Quarter Highlights | FY 2026 Self-moving equipment rental revenues increased $23.1 million, or 2.1%, vs. second quarter of fiscal year 2025 U-Move® In-Town and one-way revenue per transaction both improved Opportunity for transaction and revenue growth in the future Total locations ha
Slide 13: Moving & Storage | Key Statistics
Moving & Storage | Key Statistics $490 $515 $571 $344 $328 $331 Product $793 $863 $938 2,398 > 30% Revenue Owned & Operated Moving & Storage $3,698 $3,662 $3,796 ($mn) Locations Adjusted EBITDA Margin TTM ending 9/30 2023 2024 2025 Rental Fleet All Other Retail Sales Self-Storage U-Move As of Septem
Slide 14: U-Move® | Self-Moving Revenue Growth Returned
U-Move® | Self-Moving Revenue Growth Returned Self-moving equipment rental revenues increased $23.1 million, or 2.1%, vs. second quarter of fiscal year 2025 U-Move® In-Town and one-way revenue per transaction both improved Opportunity for transaction and revenue growth in the future Total lo
Slide 15: Self-Storage Results
Self-Storage Results Twelve months ended September 2025, we have added 6.7 million net rentable square feet Self-Storage Increased average monthly occupied square feet by 2.5 million in 2Q26 vs. 2Q25 Same Store average monthly occupancy rate was 90.5% in 2Q26 vs. 94.0% in 2Q25 (~2.2% related t
Slide 16: Strategic Cash Deployment
Strategic Cash Deployment Earnings continue to be redeployed to grow self-storage, network reach and fleet Accumulated Cash Deployment by Bucket TTM September 2025 | ($ in millions) $5,000 $684 $4,000 $(2,032) Cap-Ex $931 (gross) $2,990 $3,000 $1,491 Moving and $2,000 $(1,298) Storage Cap-Ex Operati
Slide 17: A Decade of Self-Funded Growth
A Decade of Self-Funded Growth Over the last decade, U-Haul has diligently reinvested cash to grow the fleet, increasing capex investments and paying dividends 10-Year Cash Sources & Uses ($ in billions) $17.2 $16.8 Dividends $0.4 $1.0 Cash from Refinancing Other Investments $5.0 (Net of Repayments)
Slide 18: Self-Storage Development Pipeline
Self-Storage Development Pipeline Estimated amount of capital needed to complete everything shown on this map is $2.3 billion Estimated amount of capital already invested in locations not yet fully operational is $1.6 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…. 306 27.2 million $5.4 billion New Storage Locations Net Rentable Sq. Ft. Investments 18.0 16.0 14.0 12.0 Net rentable square feet 247# Pri or Year 10.0 Pi pe line (in millions) 306# 8.0 6.0 82% 95% 78% 71% 4.0 86% 69
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) +$2
Slide 21: Well-Capitalized Balance Sheet
Well-Capitalized Balance Sheet The U-Haul asset portfolio has grown significantly in value while maintaining steady debt levels and incremental capacity Debt/Asset Ratio | ($ in millions) Net Leverage* 1.7x 2.3x 3.1x 3.9x 4.1x $18,460 $17,522 90.0% $16,150 $15,212 80.0% $14,382 70.0% 60.0% 50.0% 41.
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 $700.0 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $0.0 FY
Slide 23: Appendix: Selected Financials
Appendix Selected Financials
Slide 24: Self-Storage Financials
Self-Storage Financials Category Locations Occupied Square Feet Per Foot During Qtr Same Store Pool Held Constant for Prior Period Total Owned Portfolio 1,596 618,137 71,166,758 $ 17.12 76.3% Same Store 2Q FY26 903 320,815 30,897,753 $ 17.88 90.5% Same Store 2Q FY25 903 337,446 30,894,328 $ 17.20 94
Slide 25: Moving & Storage P&L
Moving & Storage P&L Quarters Ended Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 2025 2025 2025 2024 2024 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 1,111,622 1,059,031 746,126 879,695 1,088,334 Self-storage revenues 246,299 234,237 230,532 227,125 224,519 Self-moving
Slide 26: Moving & Storage Balance Sheet
Moving & Storage Balance Sheet Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, June 30, 2025 2025 2025 2024 2024 2024 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 910,969 726,069 872,467 883,108 1,279,493 1,071,779 Trade receivables and reinsurance recoverables, net 95,119 163,244 158,471
Slide 27: Financial Summary | Debt Summary
Financial Summary | Debt Summary Quarterly (in thousands), unaudited September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 Real estate secured debt $ 3,002,344 $ 2,727,545 $ 2,703,656 $ 2,436,840 $ 2,471,044 Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,
Slide 28: Appendix: New U-Haul Locations
Appendix New U-Haul Locations
Slide 29: Recent Ground Up Development
Recent Ground Up Development Abilene, TX Kanata, ON Lawrenceville, GA Loves Park, IL 29
Slide 30: Recent Ground Up Development
Recent Ground Up Development Thatcher, AZ Tooele, UT Bozeman, MT Auburn, WA 30
Slide 31: Recent U-Box Development
Recent U-Box Development Greenburg, PA Coos Bay, OR Santa Fe, NM Seneca, NY 31
Slide 32: Recent Conversion Development
Recent Conversion Development Cornwall, ON Minot, ND 32
Slide 33: Recent Acquisitions of Existing Locations
Recent Acquisitions of Existing Locations Port Clinton, OH Durant and Cartwright, OK Urbana, IL Billings, MT 33
Slide 34: Moving & Storage Adjusted EBITDA reconciliation
Moving & Storage Adjusted EBITDA reconciliation Trailing Twelve Months Sept 30, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2025 2024 2023 2022 2021 (Unaudited) (In thousands) Net earnings $ 232,756 367,090 628,707 924,472 1,123,286 610,856 Income tax expense (benefit) 48,448 94,747 194,398 285,627
Slide 35: Moving & Storage Net Leverage reconciliation
Moving & Storage Net Leverage reconciliation Trailing Twelve Months Sept 30, Mar 31, Mar 31, Mar 31, Mar 31, 2025 2025 2024 2023 2022 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 7,732,505 7,229,341 6,304,038 6,143,350 6,059,713 Cash and cash equivalents 910,969 872,46
Slide 36: U-Haul Holding Company
U-HAUL® HOLDING COMPANY sam 36
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