U-haul Holding Company · NYSE:UHAL
U-haul — Q4 2026 Earnings Presentation
36 slides from U-haul's earnings presentation, May 28, 2026
Slide 1: Fourth Quarter Fiscal 2026 U-Haul Investor Update
Fourth 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-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 $350 million share repurchase on May 22, 2026 UHAL.B UHAL New class of common stock issued in Nov. 2022.* Original class of common stock listed in 1994. Liquidity (9x mor
Slide 5: U-Haul… A Story of Responsible Management
U-Haul… A Story of Responsible Management U-Haul enters Sale of portion of our U-Haul founded the self-storage Publicly listed on Chelsea, NY location Surpassed 25,000 by the Shoen business NASDAQ (UHAL) fuels self-storage rental locations Family expansion 1945 1955 1974 1986 1994 2008 2017 2024 202
Slide 6: We Uniquely Provide an All-In-One Customer Solution
We Uniquely Provide an All-In-One Customer Solution U-Haul’s product offerings operate together to drive incremental sales and profitability to service a variety of customer needs U-Move 67% of Trailing Twelve Month (TTM) Revenue Largest Rental Fleet in U-Move North America* Self-Storage 17% o
Slide 7: Rental Equipment + Self Storage + Moving Supplies
Rental Equipment + Self Storage + Moving Supplies Convenience Revenue Synergy Utilizing rental equipment to facilitate a move is often a key part of a self-storage customer’s journey • Nearly 50% of U-Haul self-storage • U-Haul is the only company that offers a transactions had an associated U-Move
Slide 8: Moving & Storage Adjusted EBITDA Trends
Moving & Storage Adjusted EBITDA Trends Consistent cash generated from operations; Adjusted EBITDA, gain on sale of equipment elevated post-lockdown ($ in millions) Lockdown Impact $2,700 $2,250 $1,800 $1,350 $900 $450 $0 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 EBITDA Gain on Sale Interest i
Slide 9: Moving & Storage Trends
Moving & Storage Trends Self-storage as a portion of total revenues increasing; Adjusted EBITDA trending positive over long-term ($ 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 2,431 2,113 1,398 58% Company Locations Self-Storage U-Box Co-Locations of U.S. Population within 5 (Owned & Operated) (1,624 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 25,464 3,451 90% 36% Total Locations Affiliated of U.S. Population within of U.S. Population within (Incl. Independent Network) Storage Loc
Slide 12: Fourth Quarter Highlights | FY 2026
Fourth Quarter Highlights | FY 2026 Self-moving equipment rental revenues increased $11.7 million, or 1.6%, vs. fourth quarter of fiscal year 2025 U-Move® Both One-Way and In-Town revenue improved Opportunity for transaction and revenue growth in the future Total locations have increased 1,4
Slide 13: Moving & Storage | Key Statistics
Moving & Storage | Key Statistics $538 $569 $499 $330 $336 $327 Product $831 $898 $972 2,431 29% Revenue Owned & Operated Moving & Storage $3,629 $3,729 $3,816 ($mn) Locations Adjusted EBITDA Margin Fiscal Year 2024 2025 2026 All Other Retail Sales Self-Storage U-Move Rental Fleet As of March 2026 |
Slide 14: U-Move | Self-Moving Revenue Growth Returned
U-Move® | Self-Moving Revenue Growth Returned Self-moving equipment rental revenues increased $11.7 million, or 1.6%, vs. fourth quarter of fiscal year 2025 U-Move® Both One-Way and In-Town revenue improved Opportunity for transaction and revenue growth in the future Total locations have inc
Slide 15: Self-Storage Results
Self-Storage Results Twelve months ended March 2026, we have added 5.3 million net rentable square feet Self-Storage Increased average monthly occupied square feet by 0.3 million in 4Q26 vs. 4Q25 Same Store average monthly occupancy rate was 86.1% in 4Q26 vs. 91.5% in 4Q25 (~4.5% related to re
Slide 16: Strategic Cash Deployment
Strategic Cash Deployment Earnings continue to be redeployed to grow self-storage, network reach and fleet Accumulated Cash Deployment by Bucket TTM March 2026 | ($ in millions) $5,000 $(780) Growth $710 Cap-Ex $4,000 $(1,301) $880 Est Fleet $3,000 $2,865 Maint. Cap-Ex (gross) $(40) Est Maintenance
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 $2.1 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…. 325 27.9 million $6.1 billion New Storage Locations Net Rentable Sq. Ft. Investments 18.0 16.0 14.0 12.0 Net rentable square feet 211# Pri or Year 10.0 Pi pe line (in millions) 282# 8.0 6.0 71% 95% 82% 78% 4.0 86% 87
Slide 20: Self-Storage Revenue Potential
Self-Storage Revenue Potential Future revenue growth embedded in our balance sheet (not including an assumption for future rate increases) Non-Same Store Projects in Projects Pending (real estate owned, but Locations Development development not yet (completed and active) (not yet active) started) +$
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* 1.7x 2.3x 3.1x 3.9x 4.3x $18,688 $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). The fiscal year 2028 revolver maturity was extended to fiscal year
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 1,624 608,613 73,651,253 $ 17.70 71.1% Same Store 4Q FY26 948 342,134 34,053,475 $ 18.49 86.1% Same Store 4
Slide 25: Moving & Storage P&L
Moving & Storage P&L Quarters Ended Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2026 2025 2025 2025 2025 (unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 757,891 887,365 1,111,622 1,059,031 746,126 Self-storage revenues 246,831 245,060 246,299 234,237 230,532 Self-moving and
Slide 26: Moving & Storage Balance Sheet
Moving & Storage Balance Sheet Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, Dec 31, 2026 2025 2025 2025 2025 2024 (Unaudited) ASSETS (In thousands) Cash and cash equivalents $ 1,014,382 1,010,011 910,969 726,069 872,467 883,108 Trade receivables and reinsurance recoverables, net 95,683 107,126 95,119 16
Slide 27: Financial Summary | Debt Summary
Financial Summary | Debt Summary Moving & Storage Quarterly (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 1,7
Slide 28: Appendix: New U-Haul Locations
Appendix New U-Haul Locations
Slide 29: Recent Ground Up Development
Recent Ground Up Development Auburn, AL Wilmington, NC Mundelein, IL Hinesville, GA 29
Slide 30: Recent Ground Up Development
Recent Ground Up Development Lake Ozark, MO Rapid City, SD Regina, SK Sahuarita, AZ 30
Slide 31: Recent Ground Up Development
Recent Ground Up Development Bradenton, FL Knoxville, TN Burlington, WA 31
Slide 32: Recent Ground Up Development
Recent Ground Up Development South Haven, MI Lake City, FL Belton, MO 32
Slide 33: Recent U-Box Development
Recent U-Box Development Tacoma, WA National City, CA Oceanside, CA Berlin, NJ 33
Slide 34: Moving & Storage Adjusted EBITDA reconciliation
Moving & Storage Adjusted EBITDA reconciliation Trailing Twelve Months Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2025 2024 2023 2022 2021 (Unaudited) (In thousands) Net earnings $ 83,128 $ 367,090 $ 628,707 $ 924,472 $ 1,123,286 $ 610,856 Income tax expense (benefit) 10,341 94,747 194,398
Slide 35: Moving & Storage Net Leverage reconciliation
Moving & Storage Net Leverage reconciliation Trailing Twelve Months Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, 2026 2025 2024 2023 2022 (Unaudited) (In thousands) Notes, loans and finance leases payable (debt) $ 8,124,949 $ 7,229,341 $ 6,304,038 $ 6,143,350 $ 6,059,713 Cash and cash equivalents 1,014,3
Slide 36: Equity Analyst Coverage
Equity Analyst Coverage Thank you to our analysts for their continued coverage Steven Ralston Steven Ramsey Andy Liu Zacks Investments Thompson Research Group Wolfe Research sralston@zacks.com sramsey@trg.co aliu@wolferesearch.com U-Haul Holding Company is followed by the analysts listed above. Plea
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