U-Haul Q2 earnings rise to $137M as revenue grows

Common Stock EPS was $0.66 for the quarter, while six-month operating cash flow was $1,009.0 million.

Available on EDGAR 11/04/2026 - 04:17 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:16 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

U-Haul Holding Company (UHAL) reported second-quarter revenue of $1,772.7 million for the quarter ended September 30, 2026, compared with $1,719.9 million a year earlier. Net earnings available to common stockholders were $136.7 million, versus $105.6 million, and basic and diluted earnings per share were $0.66 for Common Stock and $0.71 for Series N Non-Voting Common Stock. For the six months ended September 30, 2026, revenue was $3,454.7 million and net earnings available to common stockholders were $259.6 million.

Cash provided by operating activities for the six months was $1,009.0 million, compared with $1,150.0 million a year earlier; purchases of property, plant and equipment were $1,543.7 million. As of September 30, 2026, cash and cash equivalents were $999.9 million, and notes, loans and finance liabilities payable, net, were $8,230.1 million. U-Haul's operating segments are Moving and Storage, Property and Casualty Insurance, and Life Insurance. Series N Non-Voting Common Stock dividends were $0.10 per share for the six months ended September 30, 2026.

1 point · 0 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointQuarterly net earnings available to common stockholders rose to $136.7 million from $105.6 million.

Negative

• Moderate pointSix-month operating cash flow declined to $1,009.0 million from $1,150.0 million.

Key Figures

Quarterly revenue: $1,772.7 million Net earnings available to common stockholders: $136.7 million Basic and diluted earnings per share of Common Stock: $0.66 per share +4 more

7 metrics

Quarterly revenue $1,772.7 million Quarter ended September 30, 2026; $1,719.9 million in 2025

Net earnings available to common stockholders $136.7 million Quarter ended September 30, 2026; $105.6 million in 2025

Basic and diluted earnings per share of Common Stock $0.66 per share Quarter ended September 30, 2026; $0.49 in 2025

Net cash provided by operating activities $1,009.0 million Six months ended September 30, 2026; $1,150.0 million in 2025

Purchases of property, plant and equipment $1,543.7 million Six months ended September 30, 2026

Cash and cash equivalents $999.9 million As of September 30, 2026

Notes, loans and finance liabilities payable, net $8,230.1 million As of September 30, 2026

Key Terms

two-class method, available-for-sale investments, unrealized losses, deferred policy acquisition costs, +1 more

5 terms

two-class method financial

"calculate earnings per share using the two-class method"

available-for-sale investments financial

"Available-for-sale investments as of September 30, 2026"

Available-for-sale investments are bonds or stocks a company buys to earn income or sell later but not to trade day-to-day or hold until they mature. Price changes in these investments often affect the company’s reported net worth rather than immediate profit or loss, so they can make a firm’s balance sheet look stronger or weaker without changing current earnings — like items stored on a shelf whose sticker price changes but don’t yet show up on this month’s bill.

unrealized losses financial

"Gross Unrealized Losses"

Unrealized losses are the drop in value of an investment you still own — the “on-paper” loss you would have if you sold it right now. Think of it like a car that’s worth less than what you paid: the loss exists, but it only becomes real if you sell. Investors care because unrealized losses reduce net worth, can lead to margin calls or forced selling, and affect financial reporting without triggering taxes until a sale.

deferred policy acquisition costs financial

"Deferred policy acquisition costs, net"

Deferred policy acquisition costs are upfront sales and onboarding expenses — such as commissions and underwriting costs — that an insurer records as an asset and then spreads out over the life of the insurance policies as the company earns premiums. For investors, these costs matter because how quickly they are written off affects reported profits and the apparent health of an insurer’s balance sheet, similar to spreading the cost of a season ticket over the months you use it.

cash flow hedges financial

"Change in fair value of cash flow hedges"

A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did UHAL earn in the second quarter of 2026?

Net earnings available to common stockholders were $136.7 million for the quarter ended September 30, 2026, compared with $105.6 million in the 2025 quarter. Basic and diluted earnings per share were $0.66 for Common Stock and $0.71 for Series N Non-Voting Common Stock.

How much operating cash flow did UHAL generate in the first half of 2026?

Net cash provided by operating activities was $1,009.0 million for the six months ended September 30, 2026, versus $1,150.0 million in 2025. Purchases of property, plant and equipment were $1,543.7 million during the 2026 period.

What dividend did UHAL pay on Series N shares?

Series N Non-Voting Common Stock dividends were $0.05 per share for the quarter ended September 30, 2026, and $0.10 per share for the six months ended September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the quarterly period ended September 30, 2026

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the transition period from __________________ to __________________

Commission File Number 001-11255

State or other jurisdiction of incorporation or organization		Registrant, State of Incorporation, Address and Telephone Number		I.R.S. Employer Identification No.
Nevada				88-0106815
		U-Haul Holding Company (A Nevada Corporation)
		5555 Kietzke Lane Ste 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.25 par value		UHAL		New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value		UHAL.B		New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒		Accelerated Filer	☐
Non-accelerated Filer	☐		Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,209,493 shares of Common Stock, $0.25 par value, were outstanding as of November 3, 2026.

174,790,336 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 3, 2026.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Consolidated Balance Sheets as of September 30, 2026 and March 31, 2026 (unaudited)	1
	b) Consolidated Statements of Operations for the Quarters Ended September 30, 2026 and 2025 (unaudited)	2
	c) Consolidated Statements of Operations for the Six Months ended September 30, 2026 and 2025 (unaudited)	3
	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2026 and 2025 (unaudited)	4
	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2026 and 2025 (unaudited)	5
	f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2026 and 2025 (unaudited)	7
	g) Consolidated Statements of Cash Flows for the Six Months ended September 30, 2026 and 2025 (unaudited)	9
	h) Notes to Consolidated Financial Statements (unaudited)	10
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76
Item 4.	Controls and Procedures	79
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits	81

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

		September 30,				March 31,
		2026				2026
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents		$	999,862			$	1,120,147
Trade receivables and reinsurance recoverables, net			370,738				159,768
Inventories and parts			182,905				178,155
Prepaid expenses			142,898				191,671
Fixed maturity securities available-for-sale (net of allowance for credit loss of $3,946 and $3,960, respectively) at fair value and amortized cost ($2,417,952 and $2,558,342 respectively)			2,255,298				2,417,912
Equity securities, at fair value			15,650				14,976
Investments, other			693,355				706,314
Deferred policy acquisition costs, net			59,497				112,852
Other assets			159,226				127,202
Right of use assets - operating, net			36,907				40,188
Related party assets			48,260				53,159
Property, plant and equipment, at cost:
Land			1,897,373				1,865,369
Buildings and improvements			10,928,024				10,542,945
Furniture and equipment			1,097,361				1,074,032
Rental trailers and other rental equipment			1,275,531				1,206,253
Rental trucks			8,985,854				8,554,508
			24,184,143				23,243,107
Less: Accumulated depreciation			(7,273,917	)			(6,862,662	)
Total property, plant and equipment, net			16,910,226				16,380,445
Total assets		$	21,874,822			$	21,502,789
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses		$	872,725			$	850,294
Notes, loans and finance liabilities payable, net			8,230,090				8,083,374
Operating lease liabilities			37,637				40,957
Policy benefits and losses, claims and loss expenses payable			965,895				939,874
Liabilities from investment contracts			2,343,240				2,357,545
Other policyholders' funds and liabilities			9,325				2,899
Deferred income			69,270				56,614
Deferred income taxes, net			1,628,807				1,559,581
Total liabilities			14,156,989				13,891,138
Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: none issued and outstanding			—				—
Common stock, with $0.25 par value, 250,000,000 shares authorized: 41,985,700 issued and 19,209,493 and 19,607,788 outstanding as of September 30 and March 31, 2026, respectively			10,497				10,497
Serial common stock, with or without par value, 250,000,000 shares authorized: Series N Non-Voting Common Stock with $0.001 par value; 250,000,000 shares authorized; 176,470,092 shares issued and 174,790,336 and 176,470,092 outstanding as of September 30 and March 31, 2026, respectively			176				176
Additional paid-in capital			462,548				462,548
Accumulated other comprehensive loss			(171,869	)			(163,640	)
Retained earnings			8,221,772				7,979,720
Cost of common stock in treasury, net (22,776,207 and 22,377,912 shares as of September 30 and March 31, 2026, respectively)			(551,578	)			(525,653	)
Cost of Series N non-voting common stock in treasury, net (1,679,756 and 0 shares as of September 30 and March 31, 2026, respectively)			(101,716	)			—
Cost of preferred stock in treasury, net (6,100,000 shares)			(151,997	)			(151,997	)
Total stockholders' equity			7,717,833				7,611,651
Total liabilities and stockholders' equity		$	21,874,822			$	21,502,789

The accompanying notes are an integral part of these consolidated financial statements.

1

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues		$	1,147,929			$	1,110,477
Self-storage revenues			262,138				246,299
Self-moving and self-storage products and service sales			90,302				89,829
Property management fees			9,580				9,621
Life insurance premiums			7,925				18,370
Property and casualty insurance premiums			29,545				28,272
Net investment and interest income			39,857				40,022
Other revenue			185,399				177,032
Total revenues			1,772,675				1,719,922
Costs and expenses:
Operating expenses			965,051				909,542
Commission expenses			126,644				121,811
Cost of product sales			66,967				67,625
Benefits and losses			20,750				48,178
Amortization of deferred policy acquisition costs			18,604				4,962
Lease expense			3,863				5,071
Depreciation, net of (gains) losses on disposals of ($4,290 and $38,499, respectively)			306,001				340,608
Net (gains) losses on disposal of real estate			(253	)			4,531
Total costs and expenses			1,507,627				1,502,328
Earnings from operations			265,048				217,594
Other components of net periodic benefit costs			(357	)			(345	)
Other interest income			8,359				10,015
Interest expense			(99,019	)			(90,305	)
Fees on early extinguishment of debt and costs of defeasance			(44	)			—
Pretax earnings			173,987				136,959
Income tax expense			(37,312	)			(31,409	)
Net earnings available to common stockholders		$	136,675			$	105,550
Basic and diluted earnings per share of Common Stock		$	0.66			$	0.49
Weighted average shares outstanding of Common Stock: Basic and diluted			19,246,975				19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock		$	0.71			$	0.54
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted			175,158,177				176,470,092

Related party revenues for the second quarters ended September 30, 2026 and 2025, net of eliminations, were $9.6 million and $9.6 million, respectively.

Related party costs and expenses for the second quarters ended September 30, 2026 and 2025, net of eliminations, were $33.0 million and $32.7 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

2

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues		$	2,235,507			$	2,168,750
Self-storage revenues			512,310				480,536
Self-moving and self-storage products and service sales			189,542				188,017
Property management fees			19,145				19,203
Life insurance premiums			25,991				37,539
Property and casualty insurance premiums			53,796				50,010
Net investment and interest income			77,225				75,233
Other revenue			341,186				331,104
Total revenues			3,454,702				3,350,392
Costs and expenses:
Operating expenses			1,852,041				1,736,291
Commission expenses			246,916				238,548
Cost of product sales			138,721				139,830
Benefits and losses			62,887				93,360
Amortization of deferred policy acquisition costs			23,478				9,879
Lease expense			7,359				9,945
Depreciation, net of (gains) losses on disposal ($2,494 and $60,432, respectively)			604,841				644,617
Net (gains) losses on disposal of real estate			2,815				2,914
Total costs and expenses			2,939,058				2,875,384
Earnings from operations			515,644				475,008
Other components of net periodic benefit costs			(714	)			(691	)
Other interest income			17,750				20,684
Interest expense			(196,931	)			(172,635	)
Fees on early extinguishment of debt and costs of defeasance			(75	)			(26	)
Pretax earnings			335,674				322,340
Income tax expense			(76,070	)			(74,459	)
Net earnings available to common stockholders		$	259,604			$	247,881
Basic and diluted earnings per common share		$	1.24			$	1.17
Weighted average common shares outstanding: Basic and diluted			19,401,609				19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock		$	1.34			$	1.27
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted			175,720,426				176,470,092

Related party revenues for the first six months ended September 30, 2026 and 2025, net of eliminations, were $19.1 million and $19.2 million, respectively.

Related party costs and expenses for the first six months ended September 30, 2026 and 2025, net of eliminations, were $64.6 million and $64.9 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

3

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter ended September 30, 2026		Pre-tax				Tax				Net
		(Unaudited)
		(In thousands)
Comprehensive income (loss):
Net earnings		$	173,987			$	(37,312	)		$	136,675
Other comprehensive income (loss):
Foreign currency translation			5,379				—				5,379
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)			3,058				(629	)			2,429
Change in fair value of cash flow hedges			2,209				(655	)			1,554
Amounts reclassified into earnings on hedging activities			(184	)			47				(137	)
Total other comprehensive income (loss)			10,462				(1,237	)			9,225
Total comprehensive income (loss)		$	184,449			$	(38,549	)		$	145,900
Quarter ended September 30, 2025		Pre-tax				Tax				Net
		(Unaudited)
		(In thousands)
Comprehensive income (loss):
Net earnings		$	136,959			$	(31,409	)		$	105,550
Other comprehensive income (loss):
Foreign currency translation			(1,459	)			—				(1,459	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)			15,451				(3,249	)			12,202
Change in fair value of cash flow hedges			441				(112	)			329
Amounts reclassified into earnings on hedging activities			(906	)			226				(680	)
Total other comprehensive income (loss)			13,527				(3,135	)			10,392
Total comprehensive income (loss)		$	150,486			$	(34,544	)		$	115,942

Six months ended September 30, 2026		Pre-tax				Tax				Net
		(Unaudited)
		(In thousands)
Comprehensive income (loss):
Net earnings		$	335,674			$	(76,070	)		$	259,604
Other comprehensive income (loss):
Foreign currency translation			3,695				—				3,695
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)			(17,277	)			3,591				(13,686	)
Change in fair value of cash flow hedges			(37	)			19				(18	)
Amounts reclassified into earnings on hedging activities			2,373				(593	)			1,780
Total other comprehensive income (loss)			(11,246	)			3,017				(8,229	)
Total comprehensive income (loss)		$	324,428			$	(73,053	)		$	251,375
Six months ended September 30, 2025		Pre-tax				Tax				Net
		(Unaudited)
		(In thousands)
Comprehensive income (loss):
Net earnings		$	322,340			$	(74,459	)		$	247,881
Other comprehensive income (loss):
Foreign currency translation			961				—				961
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)			49,938				(10,504	)			39,434
Change in fair value of cash flow hedges			(5,909	)			1,472				(4,437	)
Amounts reclassified into earnings on hedging activities			4,736				(1,184	)			3,552
Total other comprehensive income (loss)			49,726				(10,216	)			39,510
Total comprehensive income (loss)		$	372,066			$	(84,675	)		$	287,391

The accompanying notes are an integral part of these consolidated financial statements.

4

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity

		Common Stock - Shares				Common Stock - Amount				Series N Non-Voting Common Stock - Shares				Series N Non-Voting Common Stock - Amount				Additional Paid-In Capital				Accumulated Other Comprehensive Income (Loss)				Retained Earnings				Less: Treasury Common Stock				Less: Treasury Series N Non-Voting Common Stock				Less: Treasury Preferred Stock				Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of June 30, 2026			19,360			$	10,497				175,886			$	176			$	462,548			$	(181,094	)		$	8,093,836			$	(541,383	)		$	(32,780	)		$	(151,997	)		$	7,659,803
Foreign currency translation			—				—				—				—				—				5,379				—				—				—				—				5,379
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—				—				—				—				—				2,429				—				—				—				—				2,429
Change in fair value of cash flow hedges, net of tax			—				—				—				—				—				1,554				—				—				—				—				1,554
Amounts reclassified into earnings on hedging activities			—				—				—				—				—				(137	)			—				—				—				—				(137	)
Net earnings			—				—				—				—								—				136,675				—				—				—				136,675
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—				—				—				—				—				—				(8,739	)			—				—				—				(8,739	)
Repurchases of Common Stock			(150	)			—				—				—				—				—				—				(10,195	)			—				—				(10,195	)
Repurchases of Series N Non-Voting Common Stock			—				—				(1,096	)			—				—				—				—				—				(68,936	)			—				(68,936	)
Net activity			(150	)			—				(1,096	)			—				—				9,225				127,936				(10,195	)			(68,936	)			—				58,030
Balance as of September 30, 2026			19,210			$	10,497				174,790			$	176			$	462,548			$	(171,869	)		$	8,221,772			$	(551,578	)		$	(101,716	)			(151,997	)		$	7,717,833

5

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity

		Common Stock - Shares				Common Stock - Amount				Series N Non-Voting Common Stock - Shares				Series N Non-Voting Common Stock - Amount				Additional Paid-In Capital				Accumulated Other Comprehensive Income (Loss)				Retained Earnings				Less: Treasury Common Stock				Less: Treasury Series N Non-Voting Common Stock				Less: Treasury Preferred Stock				Total Stockholders' Equity
		(Unaudited)
		(In thousands)
Balance as of June 30, 2025			19,608			$	10,497				176,470			$	176			$	462,548			$	(200,196	)		$	8,065,393			$	(525,653	)		$	—			$	(151,997	)		$	7,660,768
Foreign currency translation			—				—				—				—				—				(1,459	)			—				—				—				—				(1,459	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—				—				—				—				—				12,202				—				—				—				—				12,202
Change in fair value of cash flow hedges, net of tax			—				—				—				—				—				329				—				—				—				—				329
Amounts reclassified into earnings on hedging activities			—				—				—				—				—				(680	)			—				—				—				—				(680	)
Net earnings			—				—				—				—				—				—				105,550				—				—				—				105,550
Series N Non-Voting Common stock dividends: ($0.05 per share)			—				—				—				—				—				—				(8,823	)			—				—				—				(8,823	)
Net activity			—				—				—				—				—				10,392				96,727				—				—				—				107,119
Balance as of September 30, 2025			19,608			$	10,497		$		176,470			$	176			$	462,548			$	(189,804	)		$	8,162,120			$	(525,653	)		$	—			$	(151,997	)		$	7,767,887

6

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity

		Common Stock - Shares				Common Stock - Amount				Series N Non-Voting Common Stock - Shares				Series N Non-Voting Common Stock - Amount				Additional Paid-In Capital				Accumulated Other Comprehensive Income (Loss)				Retained Earnings				Less: Treasury Common Stock				Less: Treasury Series N Non-Voting Common Stock				Less: Treasury Preferred Stock				Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2026			19,608			$	10,497				176,470			$	176			$	462,548			$	(163,640	)		$	7,979,720			$	(525,653	)		$	—			$	(151,997	)		$	7,611,651
Foreign currency translation			—				—				—				—				—				3,695				—				—				—				—				3,695
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—				—				—				—				—				(13,686	)			—				—				—				—				(13,686	)
Change in fair value of cash flow hedges, net of tax			—				—				—				—				—				(18	)			—				—				—				—				(18	)
Amounts reclassified into earnings on hedging activities			—				—				—				—				—				1,780				—				—				—				—				1,780
Net earnings			—				—				—				—				—				—				259,604				—				—				—				259,604
Series N Non-Voting Common Stock dividends: ($0.10 per share)			—				—				—				—				—				—				(17,552	)			—				—				—				(17,552	)
Repurchases of Common Stock			(398	)			—				—				—				—				—				—				(25,925	)			—								(25,925	)
Repurchases of Series N Non-Voting Common Stock			—				—				(1,680	)			—				—				—				—				—				(101,716	)			—				(101,716	)
Net activity			(398	)			—				(1,680	)			—				—				(8,229	)			242,052				(25,925	)			(101,716	)			—				106,182
Balance as of September 30, 2026			19,210			$	10,497				174,790			$	176			$	462,548			$	(171,869	)		$	8,221,772			$	(551,578	)		$	(101,716	)			(151,997	)		$	7,717,833

7

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity

		Common Stock - Shares				Common Stock - Amount				Series N Non-Voting Common Stock - Shares				Series N Non-Voting Common Stock - Amount				Additional Paid-In Capital				Accumulated Other Comprehensive Income (Loss)				Retained Earnings				Less: Treasury Common Stock				Less: Treasury Series N Non-Voting Common Stock				Less: Treasury Preferred Stock				Total Stockholders' Equity
		(Unaudited)
		(In thousands)
Balance as of March 31, 2025			19,608			$	10,497				176,470			$	176			$	462,548			$	(229,314	)		$	7,931,886			$	(525,653	)		$	—			$	(151,997	)		$	7,498,143
Foreign currency translation			—				—				—				—				—				961				—				—				—				—				961
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—				—				—				—				—				39,434				—				—				—				—				39,434
Change in fair value of cash flow hedges, net of tax			—				—				—				—				—				(4,437	)			—				—				—				—				(4,437	)
Amounts reclassified into earnings on hedging activities			—				—				—				—				—				3,552				—				—				—				—				3,552
Net earnings			—				—				—				—				—				—				247,881				—				—				—				247,881
Series N Non-Voting Common stock dividends: ($0.10 per share)			—				—				—				—				—				—				(17,647	)			—				—				—				(17,647	)
Net activity			—				—				—				—				—				39,510				230,234				—				—				—				269,744
Balance as of September 30, 2025			19,608			$	10,497				176,470			$	176			$	462,548			$	(189,804	)		$	8,162,120			$	(525,653	)		$	—			$	(151,997	)		$	7,767,887

The accompanying notes are an integral part of these consolidated financial statements.

8

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings		$	259,604			$	247,881
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			602,347				584,185
Amortization of premiums and accretion of discounts related to investments, net			8,434				9,182
Amortization of debt issuance costs			3,982				3,434
Interest credited to policyholders			47,940				47,809
Provision for allowance for losses on trade receivables, net			(56	)			(1,423	)
Operating lease right-of-use asset amortization			4,073				4,553
Net (gains) losses on disposals of equipment			2,494				60,432
Net (gains) losses on disposal of real estate			2,815				2,914
Net (gains) losses on sales of fixed maturity securities			1,162				3,029
Net (gains) losses on equity securities and investments, other			(1,766	)			(126	)
Deferred income taxes, net			72,764				72,387
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables			(211,134	)			56,525
Inventories and parts			(4,755	)			(13,004	)
Prepaid expenses			48,665				(33,534	)
Deferred policy acquisition costs, net			53,355				2,612
Other assets			(24,159	)			(13,028	)
Related party assets			5,207				(3,143	)
Accounts payable and accrued expenses and operating lease liabilities			87,926				80,415
Policy benefits and losses, claims and loss expenses payable			31,320				36,096
Other policyholders' funds and liabilities			6,427				(1,615	)
Deferred income			12,732				2,873
Other liabilities			(411	)			1,542
Net cash provided by (used in) operating activities			1,008,966				1,149,996
Cash flows from investing activities:
Escrow deposits activity			(9,272	)			581
Purchases of:
Property, plant and equipment			(1,543,708	)			(1,914,502	)
Fixed maturity securities available-for-sale			(223,892	)			(159,726	)
Equity securities			(1,005	)			(3,458	)
Investments, other			(133,245	)			(84,265	)
Proceeds from sales of:
Property, plant and equipment			348,538				386,058
Fixed maturity securities available-for-sale			354,698				186,042
Equity securities			—				6,704
Investments, other			143,813				85,240
Net cash provided by (used in) investing activities			(1,064,073	)			(1,497,326	)
Cash flows from financing activities:
Borrowings from credit facilities			1,031,302				951,543
Principal repayments on credit facilities			(881,615	)			(425,838	)
Payment of debt issuance costs			(5,597	)			(5,808	)
Finance lease payments			—				(24,693	)
Securitization deposits			—				224
Series N Non-Voting Common Stock dividends paid			(17,552	)			(17,647	)
Repurchase of Common Stock			(25,765	)			—
Repurchase of Series N Non-Voting Common Stock			(101,381	)			—
Investment contract deposits			170,010				181,834
Investment contract withdrawals			(232,255	)			(222,462	)
Net cash provided by (used in) financing activities			(62,853	)			437,153
Effects of exchange rate on cash			(2,325	)			4,169
Increase (decrease) in cash and cash equivalents			(120,285	)			93,992
Cash and cash equivalents at the beginning of period			1,120,147				988,828
Cash and cash equivalents at the end of period		$	999,862			$	1,082,820

Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest		$	197,918			$	172,300
Interest on derivatives			(486	)			(1,326	)
Income taxes, net			(86,388	)			2,906
Non-cash activities:
Right-of-use assets in exchange for lease liabilities			166				260
Purchase of property, plant and equipment included in accounts payable			30,965				70,615

The accompanying notes are an integral part of these consolidated financial statements.

9

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating and Reportable Segments

U-Haul Holding Company's three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul® customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul®-related programs. ARCOA Risk Retention Group is a

10

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC 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 Company's 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 the Non-Voting Common Stock are allocated approximately 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 the 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 the Voting Common Stock and the Non-Voting Common Stock.

11

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2026 and 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

		For the Quarters Ended
		September 30,
		2026				2025
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock			19,246,975				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			194,405,152				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock			9.90	%			10.00	%
Net earnings available to common stockholders		$	136,675			$	105,550
Voting Common Stock dividends declared and paid			—				—
Non-Voting Common Stock dividends declared and paid			(8,739	)			(8,823	)
Undistributed earnings available to common stockholders		$	127,936			$	96,727
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	12,666			$	9,673
Undistributed earnings per share of Voting Common Stock		$	0.66			$	0.49
Dividends declared per share of Voting Common Stock			—				—
Basic and diluted earnings per share of Voting Common Stock		$	0.66			$	0.49
Weighted average shares outstanding of Non-Voting Common Stock			175,158,177				176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			194,405,152				196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock			90.10	%			90.00	%
Net earnings available to common stockholders		$	136,675			$	105,550
Voting Common Stock dividends declared and paid			—				—
Non-Voting Common Stock dividends declared and paid			(8,739	)			(8,823	)
Undistributed earnings available to common stockholders		$	127,936			$	96,727
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	115,270			$	87,054
Undistributed earnings per share of Non-Voting Common Stock		$	0.66			$	0.49
Dividends declared per share of Non-Voting Common Stock			0.05				0.05
Basic and diluted earnings per share of Non-Voting Common Stock		$	0.71			$	0.54

12

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the six months ended September 30, 2026 and 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

		Six months ended
		September 30,
		2026				2025
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock			19,401,609				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			195,122,035				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock			9.94	%			10.00	%
Net earnings available to common stockholders		$	259,604			$	247,881
Voting Common Stock dividends declared and paid			—				—
Non-Voting Common Stock dividends declared and paid			(17,552	)			(17,647	)
Undistributed earnings available to common stockholders		$	242,052			$	230,234
Undistributed earnings available to common stockholders allocated to Voting Common Stock		$	24,060			$	23,023
Undistributed earnings per share of Voting Common Stock		$	1.24			$	1.17
Dividends declared per share of Voting Common Stock			—				—
Basic and diluted earnings per share of Voting Common Stock		$	1.24			$	1.17
Weighted average shares outstanding of Non-Voting Common Stock			175,720,426				176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock			195,122,035				196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock			90.06	%			90.00	%
Net earnings available to common stockholders		$	259,604			$	247,881
Voting Common Stock dividends declared and paid			—				—
Non-Voting Common Stock dividends declared and paid			(17,552	)			(17,647	)
Undistributed earnings available to common stockholders		$	242,052			$	230,234
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock		$	217,992			$	207,211
Undistributed earnings per share of Non-Voting Common Stock		$	1.24			$	1.17
Dividends declared per share of Non-Voting Common Stock			0.10				0.10
Basic and diluted earnings per share of Non-Voting Common Stock		$	1.34			$	1.27

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The amortized cost of bonds on deposit with insurance regulatory authorities was $21.0 million and $21.4 million as of September 30, 2026 and March 31, 2026, respectively.

13

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2026 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Allowance for Expected Credit Losses				Fair Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations		$	83,050			$	158			$	(5,184	)		$	—			$	78,024
U.S. government agency mortgage-backed securities			122,914				262				(5,323	)			—				117,853
Obligations of states and political subdivisions			111,267				196				(5,363	)			—				106,100
Corporate securities			1,527,436				1,598				(115,722	)			(1,679	)			1,411,633
Mortgage-backed securities			573,285				1,537				(30,867	)			(2,267	)			541,688
		$	2,417,952			$	3,751			$	(162,459	)		$	(3,946	)		$	2,255,298

Available-for-sale investments as of March 31, 2026 were as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Allowance for Expected Credit Losses				Fair Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations		$	89,591			$	264			$	(4,818	)		$	—			$	85,037
U.S. government agency mortgage-backed securities			159,698				981				(7,554	)			—				153,125
Obligations of states and political subdivisions			141,136				605				(4,727	)			—				137,014
Corporate securities			1,603,317				6,556				(101,450	)			(2,304	)			1,506,119
Mortgage-backed securities			564,600				4,113				(30,440	)			(1,656	)			536,617
		$	2,558,342			$	12,519			$	(148,989	)		$	(3,960	)		$	2,417,912

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of September 30, 2026 and March 31, 2026 were as follows:

			September 30, 2026
			Less than or equal to 1 year										Greater than 1 year										Total
			Fair Value					Unrealized Losses					Fair Value					Unrealized Losses					Fair Value					Unrealized Losses
			(Unaudited)
			(In thousands)
U.S. treasury securities and government obligations			$	2,133				$	(22	)			$	70,673				$	(5,162	)			$	72,806				$	(5,184	)
U.S. government agency mortgage-backed securities				44,108					(343	)				19,767					(4,980	)				63,875					(5,323	)
Obligations of states and political subdivisions				40,837					(324	)				44,320					(5,039	)				85,157					(5,363	)
Corporate securities				381,261					(5,459	)				889,652					(110,263	)				1,270,913					(115,722	)
Mortgage-backed securities				160,326					(588	)				166,433					(30,279	)				326,759					(30,867	)
			$	628,665				$	(6,736	)			$	1,190,845				$	(155,723	)			$	1,819,510				$	(162,459	)

			March 31, 2026
			Less than or equal to 1 year										Greater than 1 year										Total
			Fair Value					Unrealized Losses					Fair Value					Unrealized Losses					Fair Value					Unrealized Losses
			(Unaudited)
			(In thousands)
U.S. treasury securities and government obligations			$	416				$	(6	)			$	78,168				$	(4,812	)			$	78,584				$	(4,818	)
U.S. government agency mortgage-backed securities				13,210					(91	)				19,076					(7,463	)				32,286					(7,554	)
Obligations of states and political subdivisions				23,352					(101	)				60,108					(4,626	)				83,460					(4,727	)
Corporate securities				108,413					(564	)				1,045,121					(100,886	)				1,153,534					(101,450	)
Mortgage-backed securities				24,272					(2,280	)				193,493					(28,160	)				217,765					(30,440	)
			$	169,663				$	(3,042	)			$	1,395,966				$	(145,947	)			$	1,565,629				$	(148,989	)

14

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Gross proceeds from sales of securities were $124.0 million and $2.4 million for the first six months ended September 30, 2026 and September 30, 2025, respectively. No material gross realized gains or losses were recognized.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $14 thousand and $1.5 million net impairment charge recorded in the first six months ended September 30, 2026 and 2025, respectively.

The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:

		September 30, 2026								March 31, 2026
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(Unaudited)
		(In thousands)
Due in one year or less		$	80,835			$	80,282			$	133,150			$	132,947
Due after one year through five years			552,549				535,716				589,615				578,918
Due after five years through ten years			495,844				459,855				526,745				500,476
Due after ten years			715,439				637,757				744,232				668,954
			1,844,667				1,713,610				1,993,742				1,881,295
Mortgage-backed securities			573,285				541,688				564,600				536,617
		$	2,417,952			$	2,255,298			$	2,558,342			$	2,417,912

15

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Equity investments of common stock and non-redeemable preferred stock were as follows:

		September 30, 2026								March 31, 2026
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(Unaudited)
		(In thousands)
Common stocks		$	10,104			$	10,094			$	9,099			$	9,089
Non-redeemable preferred stocks			9,000				5,556				9,000				5,887
		$	19,104			$	15,650			$	18,099			$	14,976

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.

Investments, other

The carrying value of the other investments was as follows:

		September 30,				March 31,
		2026				2026
		(Unaudited)
		(In thousands)
Mortgage loans, net		$	671,218			$	667,169
Policy loans			1,873				12,633
Other investments			20,264				26,512
		$	693,355			$	706,314

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:

		September 30,				March 31,
		2026				2026
		(Unaudited)
		(In thousands)
Accounts payable	$		232,348		$		238,840
Accrued expenses			640,377				611,454
	$		872,725		$		850,294

Other Reserves

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $496.5 million and $453.4 million of liabilities related to these programs as of September 30, 2026 and March 31, 2026, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents.

16

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes, Loans and Finance Liabilities Payable, net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2027 Interest Rates										Maturities						Weighted Avg Interest Rates (b)					September 30, 2026				March 31, 2026
																						(Unaudited)
																						(In thousands)
Real estate loans (amortizing term) (a)		4.39		%	-		4.94		%		2029			-	2037			4.83		%		$	270,206			$	254,007
Senior mortgages		2.70		%	-		6.05		%		2026			-	2042			4.99		%			3,094,528				2,950,201
Real estate loans (revolving credit)		—		%	-		—		%			—		-	2027		-			%			—				—
Fleet loans (amortizing term)		1.61		%	-		6.02		%		2026			-	2033			5.39		%			167,195				145,660
Fleet loans (revolving credit)		4.90		%	-		4.94		%		2029			-	2031			4.92		%			635,000				635,000
Finance liabilities (rental equipment)		1.60		%	-		6.80		%		2026			-	2034			5.30		%			2,344,491				2,376,704
Private placements		2.43		%	-		6.00		%		2029			-	2035			3.62		%			1,700,000				1,700,000
Other obligations		1.50		%	-		8.00		%		2026			-	2049			6.47		%			61,857				63,377
Notes, loans and finance liabilities payable																							8,273,277				8,124,949
Less: Debt issuance costs																							(43,187	)			(41,575	)
Total notes, loans and finance liabilities payable, net																						$	8,230,090			$	8,083,374
(a) A certain loan has interest rate swaps fixing the rate for the relevant loan at 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.70% using the swap adjusted interest rate.
(b) Weighted average rates as of September 30, 2026.

Annual Maturities of Notes, Loans and Finance Liabilities Payable

The annual maturities and regular amortization of our notes, loans and finance liabilities payable, before debt issuance costs, as of September 30, 2026 for the next five years and thereafter are as follows:

		Years Ended September 30,
		2027				2028				2029				2030				2031				Thereafter				Total
		(Unaudited)
		(In thousands)
Notes, loans and finance liabilities payable		$	981,394			$	923,449			$	1,223,833			$	1,140,696			$	839,325			$	3,164,580			$	8,273,277

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Interest expense		$	101,418			$	89,854
Capitalized interest			(4,305	)			(558	)
Amortization of transaction costs			1,996				1,571
Interest expense resulting from cash flow hedges			(90	)			(562	)
Total interest expense		$	99,019			$	90,305

17

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Interest expense		$	200,573			$	176,473
Capitalized interest			(7,330	)			(5,852	)
Amortization of transaction costs			3,905				3,103
Interest expense resulting from cash flow hedges			(217	)			(1,089	)
Total interest expense		$	196,931			$	172,635

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

		Revolving Credit Activity
		Quarter ended September 30,
		2026		2025
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		4.92	%	5.62	%
Interest rate at the end of the quarter		4.92	%	5.60	%
Maximum amount outstanding during the quarter		$635,000		$635,000
Average amount outstanding during the quarter		$635,000		$635,000
Facility fees		$297		$297

		Revolving Credit Activity
		Six months ended September 30,
		2026		2025
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		4.92	%	5.62	%
Interest rate at the end of the period		4.92	%	5.60	%
Maximum amount outstanding during the period		$835,000		$785,000
Average amount outstanding during the period		$702,760		$682,541
Facility fees		$505		$531

18

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. Derivatives

Cash Flow Hedges

We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate, and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:

		Derivatives Fair Values as of
		September 30, 2026				March 31, 2026
		(Unaudited)
		(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets		$	4,308			$	2,449
Liabilities		$	—			$	256
Notional amount		$	51,667			$	268,407

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first six months of fiscal 2027 and 2026, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $0.0 million and $4.4 million, respectively, net of taxes. During the first six months of fiscal 2027 and 2026, we reclassified ($1.8) million and ($3.6) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2026, we expect to reclassify $0.4 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance segment. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Derivatives Fair Values as of
		September 30, 2026				March 31, 2026
		(Unaudited)
		(In thousands)
Equity market contracts as economic hedging instruments:
Assets		$	20,264			$	26,512
Liabilities		$	13,121			$	17,630
Notional amount		$	259,411			$	310,104

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. Net (gains) losses recognized in net investment and interest income for the six months ended September 30, 2026 and September 30, 2025 were ($2.0) million and $5.9 million, respectively.

7. Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:

		Foreign Currency Translation				Unrealized Net Gains (Losses) on Investments and Impact of LFPB (a) Discount Rates				Fair Value of Cash Flow Hedges				Postretirement Benefit Obligation Net Loss				Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of June 30, 2026		$	(58,276	)		$	(125,058	)		$	(444	)		$	2,684			$	(181,094	)
Foreign currency translation			5,379				—				—				—				5,379
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement			—				2,429				—				—				2,429
Change in fair value of cash flow hedges			—				—				1,554				—				1,554
Amounts reclassified into earnings on hedging activities			—				—				(137	)			—				(137	)
Other comprehensive income (loss)			5,379				2,429				1,417				—				9,225
Balance as of September 30, 2026		$	(52,897	)		$	(122,629	)		$	973			$	2,684			$	(171,869	)

(a) Liability for future policy benefits

		Foreign Currency Translation				Unrealized Net Gains (Losses) on Investments and Impact of LFPB (a) Discount Rates				Fair Value of Cash Flow Hedges				Postretirement Benefit Obligation Net Loss				Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of June 30, 2025		$	(55,120	)		$	(147,088	)		$	(590	)		$	2,602			$	(200,196	)
Foreign currency translation			(1,459	)			—				—				—				(1,459	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement			—				12,202				—				—				12,202
Change in fair value of cash flow hedges			—				—				329				—				329
Amounts reclassified into earnings on hedging activities			—				—				(680	)			—				(680	)
Other comprehensive income (loss)			(1,459	)			12,202				(351	)			—				10,392
Balance as of September 30, 2025		$	(56,579	)		$	(134,886	)		$	(941	)		$	2,602			$	(189,804	)

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(a) Liability for future policy benefits

		Foreign Currency Translation				Unrealized Net Gains (Losses) on Investments and Impact of LFPB (a) Discount Rates				Fair Value of Cash Flow Hedges				Postretirement Benefit Obligation Net Loss				Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of March 31, 2026		$	(56,592	)		$	(108,943	)		$	(789	)		$	2,684			$	(163,640	)
Foreign currency translation			3,695				—				—				—				3,695
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement			—				(13,686	)			—				—				(13,686	)
Change in fair value of cash flow hedges			—				—				(18	)			—				(18	)
Amounts reclassified into earnings on hedging activities			—				—				1,780				—				1,780
Other comprehensive income (loss)			3,695				(13,686	)			1,762				—				(8,229	)
Balance as of September 30, 2026		$	(52,897	)		$	(122,629	)		$	973			$	2,684			$	(171,869	)

(a) Liability for future policy benefits

		Foreign Currency Translation				Unrealized Net Gains (Losses) on Investments and Impact of LFPB (a) Discount Rates				Fair Value of Cash Flow Hedges				Postretirement Benefit Obligation Net Loss				Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of March 31, 2025		$	(57,540	)		$	(174,320	)		$	(56	)		$	2,602			$	(229,314	)
Foreign currency translation			961				—				—				—				961
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement			—				39,434				—				—				39,434
Change in fair value of cash flow hedges			—				—				(4,437	)			—				(4,437	)
Amounts reclassified into earnings on hedging activities			—				—				3,552				—				3,552
Other comprehensive income (loss)			961				39,434				(885	)			—				39,510
Balance as of September 30, 2025		$	(56,579	)		$	(134,886	)		$	(941	)		$	2,602			$	(189,804	)

(a) Liability for future policy benefits

8. Stockholders' Equity

In May 2026, the Company's Board of Directors (the "Board") authorized a $350 million stock repurchase program (the "Stock Repurchase Program") with no expiration date. Under the Stock Repurchase Program, the Company may purchase up to $350 million in aggregate for both of its Voting Common Stock and Non-Voting Common Stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase programs, or in any other manner in compliance with applicable law. The timing and amount of stock repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. During the first six months of fiscal 2027, the Company repurchased 398,295 shares of its Voting Common Stock at a cost of $25.7 million and repurchased 1,679,756 shares of its Non-Voting Common Stock at a cost of $100.7 million, excluding any commissions related to the purchases.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2027 and 2026:

Non-Voting Common Stock Dividends
Declared Date		Per Share Amount				Record Date		Dividend Date
August 20, 2026	$		0.05			September 14, 2026		September 25, 2026
June 3, 2026			0.05			June 15, 2026		June 26, 2026
August 21, 2025			0.05			September 15, 2025		September 26, 2025
June 4, 2025			0.05			June 16, 2025		June 27, 2025

As of September 30, 2026, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.

9. Leases

The following tables show the components of our right-of-use assets, net:

	As of September 30, 2026
	Operating
	(Unaudited)
	(In thousands)
Buildings and improvements	$	64,392
Right-of-use assets, gross		64,392
Less: Accumulated depreciation		(27,485	)
Right-of-use assets, net	$	36,907

	As of March 31, 2026
	Operating
	(Unaudited)
	(In thousands)
Buildings and improvements	$	64,151
Right-of-use assets, gross		64,151
Less: Accumulated depreciation		(23,963	)
Right-of-use assets, net	$	40,188

		Operating leases
		September 30,				March 31,
		2026				2026
		(Unaudited)
Weighted average remaining lease term (years)			27.6				26.0
Weighted average discount rate			4.7		%		4.7		%

For the six months ended September 30, 2026 and 2025, cash paid for leases included in our operating cash flow activities were $6.5 million and $9.5 million, respectively. Our financing cash flow activities were $24.7 million for the six months ended September 30, 2025.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The components of lease costs, including leases of less than 12 months, were as follows:

		Six months ended
		September 30, 2026				September 30, 2025
		(Unaudited)
		(In thousands)
Operating lease costs		$	7,359			$	9,945
Finance lease cost:
Amortization of right-of-use assets		$	—			$	5,979
Interest on lease liabilities			—				849
Total finance lease cost		$	—			$	6,828

The short-term lease costs for the first six months of fiscal 2027 and 2026 were not material.

Maturities of lease liabilities were as follows:

	Operating leases
Year ending March 31,
2027 (6 months)		12,323
2028		5,633
2029		4,300
2030		3,822
2031		3,109
Thereafter		50,865
Total lease payments		80,052
Less: imputed interest		(42,415	)
Present value of lease liabilities	$	37,637

10. Contingencies

FTC Investigation

The United States Federal Trade Commission (the "FTC") and several U.S. states are investigating whether the truck rental prices that the Company advertises to consumers are misleading. The Company disagrees with any allegation that such advertising is misleading and is cooperating with the FTC and state investigations. However, the Company cannot predict the outcome of any such investigations with any certainty.

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.

11. Related Party Transactions

U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater		$	7,811			$	7,830
U-Haul management fee revenue from Mercury			1,769				1,791
		$	9,580			$	9,621

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater		$	15,589			$	15,608
U-Haul management fee revenue from Mercury			3,556				3,595
		$	19,145			$	19,203

We currently manage the self-storage properties owned by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $19.3 million and $19.4 million from the above-mentioned entities during the first six months of fiscal 2027 and 2026, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Costs and Expenses

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater		$	663			$	601
U-Haul printing expenses to Blackwater			1,802				1,445
U-Haul commission expenses to Blackwater			24,194				24,194
U-Haul lease expenses to Mercury			38				38
U-Haul commission expenses to Mercury			6,330				6,439
		$	33,027			$	32,717

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater		$	1,263			$	1,202
U-Haul printing expenses to Blackwater			3,255				2,880
U-Haul commission expenses to Blackwater			47,356				47,765
U-Haul lease expenses to Mercury			76				76
U-Haul commission expenses to Mercury			12,661				12,931
		$	64,611			$	64,854

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of September 30, 2026, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $19.1 million and $19.2 million, expenses of $4.6 million and $4.2 million and we received cash flows of $17.9 million and $18.1 million, respectively, during the first six months of fiscal 2027 and 2026. Revenues were $288.9 million and $291.9 million and commission expenses were $60.0 million and $60.7 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2027 and 2026, respectively.

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.

25

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Assets

		September 30,				March 31,
		2026				2026
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater		$	29,742			$	36,307
U-Haul receivable from Mercury			16,740				14,972
Other (a)			1,778				1,880
		$	48,260			$	53,159

(a)Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.

26

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Reportable Segment Information:

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting processes and as a basis for making decisions about allocating capital and other resources to each segment.

U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:

•Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.

•Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

•Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of (gains) losses on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,694,151		$		37,008		$		44,900		$		(3,384	)	(b,c)	$		1,772,675
Costs and expenses:
Personnel expenses			332,931				—				—				—					332,931
Equipment maintenance and repair expenses			222,172				—				—				—					222,172
Other operating expenses			98,092				—				—				—					98,092
Other segment items			295,644				13,569				5,684				(3,041	)	(b,c)			311,856
Operating expenses			948,839				13,569				5,684				(3,041	)				965,051
Commission expenses			126,644				—				—				—					126,644
Cost of product sales			66,967				—				—				—					66,967
Benefits and losses			—				6,371				14,379				—					20,750
Amortization of deferred policy acquisition costs			—				—				18,604				—					18,604
Lease expense			4,067				90				23				(317	)	(b)			3,863
Depreciation, net of (gains) losses on disposal			306,001				—				—				—					306,001
Net (gains) losses on disposal of real estate			(253	)			—				—				—					(253	)
Total costs and expenses			1,452,265				20,030				38,690				(3,358	)				1,507,627
Earnings from operations before equity in earnings of subsidiaries			241,886				16,978				6,210				(26	)				265,048
Equity in earnings of subsidiaries			18,325				—				—				(18,325	)	(d)			—
Earnings from operations			260,211				16,978				6,210				(18,351	)				265,048
Other components of net periodic benefit costs			(357	)			—				—				—					(357	)
Other interest income			8,431				—				—				(72	)	(b)			8,359
Interest expense			(99,045	)			—				(72	)			98		(b)			(99,019	)
Fees on early extinguishment of debt and costs of defeasance			(44	)			—				—				—					(44	)
Pretax earnings			169,196				16,978				6,138				(18,325	)				173,987
Income tax expense			(32,521	)			(3,526	)			(1,265	)			—					(37,312	)
Net earnings available to common stockholders	$		136,675		$		13,452		$		4,873		$		(18,325	)		$		136,675
(a) Balances for the quarter ended June 30, 2026
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended September 30, 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,632,827		$		35,891		$		54,113		$		(2,909	)	(b,c)	$		1,719,922
Costs and expenses:
Personnel expenses			322,687				—				—				—					322,687
Equipment maintenance and repair expenses			223,772				—				—				—					223,772
Other operating expenses			91,844				—				—				—					91,844
Other segment items			256,922				12,924				3,634				(2,241	)	(b,c)			271,239
Operating expenses			895,225				12,924				3,634				(2,241	)				909,542
Commission expenses			121,811				—				—				—					121,811
Cost of product sales			67,625				—				—				—					67,625
Benefits and losses			—				5,737				42,441				—					48,178
Amortization of deferred policy acquisition costs			—				—				4,962				—					4,962
Lease expense			5,587				76				48				(640	)	(b)			5,071
Depreciation, net of (gains) losses on disposal			340,608				—				—				—					340,608
Net (gains) losses on disposal of real estate			4,531				—				—				—					4,531
Total costs and expenses			1,435,387				18,737				51,085				(2,881	)				1,502,328
Earnings from operations before equity in earnings of subsidiaries			197,440				17,154				3,028				(28	)				217,594
Equity in earnings of subsidiaries			16,001				—				—				(16,001	)	(d)			—
Earnings from operations			213,441				17,154				3,028				(16,029	)				217,594
Other components of net periodic benefit costs			(345	)			—				—				—					(345	)
Other interest income			10,111				—				—				(96	)	(b)			10,015
Interest expense			(90,333	)			—				(96	)			124		(b)			(90,305	)
Pretax earnings			132,874				17,154				2,932				(16,001	)				136,959
Income tax expense			(27,324	)			(3,515	)			(570	)			—					(31,409	)
Net earnings available to common stockholders	$		105,550		$		13,639		$		2,362		$		(16,001	)		$		105,550
(a) Balances for the quarter ended June 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

29

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		3,296,100		$		68,231		$		96,376		$		(6,005	)	(b,c)	$		3,454,702
Costs and expenses:
Personnel expenses			648,165				—				—				—					648,165
Equipment maintenance and repair expenses			420,244				—				—				—					420,244
Other operating expenses			186,276				—				—				—					186,276
Other segment items			563,270				27,202				11,828				(4,944	)	(b,c)			597,356
Operating expenses			1,817,955				27,202				11,828				(4,944	)				1,852,041
Commission expenses			246,916				—				—				—					246,916
Cost of product sales			138,721				—				—				—					138,721
Benefits and losses			—				11,667				51,220				—					62,887
Amortization of deferred policy acquisition costs			—				—				23,478				—					23,478
Lease expense			8,152				168				47				(1,008	)	(b)			7,359
Depreciation, net of (gains) losses on disposal			604,841				—				—				—					604,841
Net (gains) losses on disposal of real estate			2,815				—				—				—					2,815
Total costs and expenses			2,819,400				39,037				86,573				(5,952	)				2,939,058
Earnings from operations before equity in earnings of subsidiaries			476,700				29,194				9,803				(53	)				515,644
Equity in earnings of subsidiaries			30,710				—				—				(30,710	)	(d)			—
Earnings from operations			507,410				29,194				9,803				(30,763	)				515,644
Other components of net periodic benefit costs			(714	)			—				—				—					(714	)
Other interest income			17,894				—				—				(144	)	(b)			17,750
Interest expense			(196,984	)			—				(144	)			197		(b)			(196,931	)
Fees on early extinguishment of debt and costs of defeasance			(75	)			—				—				—					(75	)
Pretax earnings			327,531				29,194				9,659				(30,710	)				335,674
Income tax expense			(67,927	)			(6,049	)			(2,094	)			—					(76,070	)
Net earnings available to common stockholders	$		259,604		$		23,145		$		7,565		$		(30,710	)		$		259,604
(a) Balances for the six months ended June 30, 2026
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 30, 2025 were as follows:

30

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		3,186,686		$		65,612		$		104,207		$		(6,113	)	(b,c)	$		3,350,392
Costs and expenses:
Personnel expenses			627,721				—				—				—					627,721
Equipment maintenance and repair expenses			417,717				—				—				—					417,717
Other operating expenses			173,815				—				—				—					173,815
Other segment items			490,154				25,184				6,419				(4,719	)	(b,c)			517,038
Operating expenses			1,709,407				25,184				6,419				(4,719	)				1,736,291
Commission expenses			238,548				—				—				—					238,548
Cost of product sales			139,830				—				—				—					139,830
Benefits and losses			—				11,236				82,124				—					93,360
Amortization of deferred policy acquisition costs			—				—				9,879				—					9,879
Lease expense			11,052				150				81				(1,338	)	(b)			9,945
Depreciation, net of (gains) losses on disposal			644,617				—				—				—					644,617
Net (gains) losses on disposal of real estate			2,914				—				—				—					2,914
Total costs and expenses			2,746,368				36,570				98,503				(6,057	)				2,875,384
Earnings from operations before equity in earnings of subsidiaries			440,318				29,042				5,704				(56	)				475,008
Equity in earnings of subsidiaries			27,505				—				—				(27,505	)	(d)			—
Earnings from operations			467,823				29,042				5,704				(27,561	)				475,008
Other components of net periodic benefit costs			(691	)			—				—				—					(691	)
Other interest income			20,876				—				—				(192	)	(b)			20,684
Interest expense			(172,691	)			—				(192	)			248		(b)			(172,635	)
Fees on early extinguishment of debt and costs of defeasance			(26	)			—				—				—					(26	)
Pretax earnings			315,291				29,042				5,512				(27,505	)				322,340
Income tax expense			(67,410	)			(5,983	)			(1,066	)			—					(74,459	)
Net earnings available to common stockholders	$		247,881		$		23,059		$		4,446		$		(27,505	)		$		247,881
(a) Balances for the six months ended June 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

31

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

Gross capital expenditures by reportable segment for the quarters ended September 30, 2026 and 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance				Life Insurance				Eliminations				U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Gross capital expenditures for the quarter ended September 30, 2026		$	721,346			$	-			$	-			$	-			$	721,346
Gross capital expenditures for the quarter ended September 30, 2025		$	997,931			$	-			$	-			$	-			$	997,931

Gross capital expenditures by reportable segment for the six months ended September 30, 2026 and 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance				Life Insurance				Eliminations				U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Gross capital expenditures for the six months ended September 30, 2026		$	1,543,708			$	-			$	-			$	-			$	1,543,708
Gross capital expenditures for the six months ended September 30, 2025		$	1,914,502			$	-			$	-			$	-			$	1,914,502

Total assets by reportable segment as of September 30, 2026 and March 31, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance				Life Insurance				Eliminations				U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Total assets as of September 30, 2026		$	19,082,104			$	502,611			$	2,980,364			$	(690,257	)		$	21,874,822
Total assets as of March 31, 2026		$	18,687,591			$	485,434			$	3,003,054			$	(673,290	)		$	21,502,789

32

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Geographic Area Data

		United States				Canada				Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter ended September 30, 2026
Total revenues		$	1,670,557			$	102,118			$	1,772,675
Depreciation and amortization, net of (gains) losses on disposals			311,217				13,135				324,352
Interest expense			98,684				335				99,019
Pretax earnings			166,468				7,519				173,987
Income tax expense			35,229				2,083				37,312
Identifiable assets			20,841,567				1,033,255				21,874,822
Quarter ended September 30, 2025
Total revenues		$	1,621,719			$	98,203			$	1,719,922
Depreciation and amortization, net of gains (losses) on disposals			336,450				13,651				350,101
Interest expense			89,450				855				90,305
Pretax earnings			130,251				6,708				136,959
Income tax expense			29,526				1,883				31,409
Identifiable assets			20,438,542				989,877				21,428,419

		United States				Canada				Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six Months Ended September 30, 2026
Total revenues		$	3,260,842			$	193,860			$	3,454,702
Depreciation and amortization, net of (gains) losses on disposals			604,701				26,433				631,134
Interest expense			196,120				811				196,931
Pretax earnings			326,817				8,857				335,674
Income tax expense			73,686				2,384				76,070
Identifiable assets			20,841,567				1,033,255				21,874,822
Six Months Ended September 30, 2025
Total revenues		$	3,165,061			$	185,331			$	3,350,392
Depreciation and amortization, net of (gains) losses on disposals			632,863				24,547				657,410
Interest expense			171,301				1,334				172,635
Pretax earnings			310,343				11,997				322,340
Income tax expense			70,879				3,580				74,459
Identifiable assets			20,438,542				989,877				21,428,419

14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period		$	170			$	169
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit			382				370
Other components			(25	)			(25	)
Total other components of net periodic benefit costs			357				345
Net periodic postretirement benefit cost		$	527			$	514

33

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period		$	340			$	338
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit			764				741
Other components			(50	)			(50	)
Total other components of net periodic benefit costs			714				691
Net periodic postretirement benefit cost		$	1,054			$	1,029

15. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s estimates of the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of September 30, 2026 and March 31, 2026, that are measured at fair value on a recurring basis and the level within the fair value hierarchy:

As of September 30, 2026		Total				Level 1				Level 2				Level 3
		(Unaudited)
Assets		(In thousands)
Fixed maturities - available for sale		$	2,255,298			$	—			$	2,255,298			$	—
Preferred stock			5,556				5,556				—				—
Common stock			10,094				10,094				—				—
Derivatives			24,572				20,264				4,308				—
Total		$	2,295,520			$	35,914			$	2,259,606			$	—
Liabilities
Derivatives		$	13,121			$	13,121			$	—			$	—
Embedded derivatives			8,411				—				—				8,411
Market risk benefits			11,995				—				—				11,995
Total		$	33,527			$	13,121			$	—			$	20,406

34

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2026		Total				Level 1				Level 2				Level 3
		(Unaudited)
Assets		(In thousands)
Fixed maturities - available for sale		$	2,417,912			$	—			$	2,417,912			$	—
Preferred stock			5,887				5,887				—				—
Common stock			9,089				9,089				—				—
Derivatives			28,961				26,512				2,449				—
Total		$	2,461,849			$	41,488			$	2,420,361			$	—
Liabilities
Derivatives		$	17,886			$	17,630			$	256			$	—
Embedded derivatives			8,937				—				—				8,937
Market risk benefits			12,113				—				—				12,113
Total		$	38,936			$	17,630			$	256			$	21,050

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents were $743.7 million and $830.4 million as of September 30, 2026 and March 31, 2026, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

35

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:

		Fair Value Hierarchy
		Carrying																Total
As of September 30, 2026		Value				Level 1				Level 2				Level 3				Fair Value
		(Unaudited)
Assets		(In thousands)
Trade receivables, net		$	141,578			$	—			$	—			$	141,578			$	141,578
Mortgage loans, net			671,218				—				—				665,395				665,395
Policy loans			1,873				—				—				1,873				1,873
Total		$	814,669			$	—			$	—			$	808,846			$	808,846
Liabilities
Notes, loans and finance liabilities payable		$	8,273,277			$	—			$	7,325,457			$	—			$	7,325,457
Liabilities from investment contracts			2,334,829				—				—				2,292,979				2,292,979
Total		$	10,608,106			$	—			$	7,325,457			$	2,292,979			$	9,618,436

		Fair Value Hierarchy
		Carrying																Total
As of March 31, 2026		Value				Level 1				Level 2				Level 3				Fair Value
		(Unaudited)
Assets		(In thousands)
Trade receivables, net		$	128,110			$	—			$	—			$	128,110			$	128,110
Mortgage loans, net			667,169				—				—				664,968				664,968
Policy loans			12,633				—				—				12,633				12,633
Total		$	807,912			$	—			$	—			$	805,711			$	805,711
Liabilities
Notes, loans and finance liabilities payable		$	8,124,949			$	—			$	7,363,642				—			$	7,363,642
Liabilities from investment contracts			2,348,608				—				—				2,314,586				2,314,586
Total		$	10,473,557			$	—			$	7,363,642			$	2,314,586			$	9,678,228

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers, ("Topic 606"), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

36

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of September 30, 2026 and March 31, 2026.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, (as defined below), while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2026, $1.3 million and $55.2 million was recognized as revenue for the second quarter and first six months ended September 30, 2026, respectively.

37

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases, ("Topic 842") because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers and these are included in self-storage revenues.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:

		Years Ending September 30,
		2027				2028				2029				2030				2031				Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues		$	5,913			$	—			$	—			$	—			$	—			$	—
Property lease revenues			12,479				19,428				14,310				11,102				8,346				33,874
Total		$	18,392			$	19,428			$	14,310			$	11,102			$	8,346			$	33,874

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

38

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In the following tables, revenue is disaggregated by timing of revenue recognition:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Revenues recognized over time:		$	144,961			$	134,942
Revenues recognized at a point in time:			110,034				109,890
Total revenues recognized under ASC 606			254,995				244,832
Revenues recognized under ASC 842			1,437,917				1,386,690
Insurance premium revenues recognized under ASC 944			39,906				48,378
Net investment and interest income recognized under other topics			39,857				40,022
Total revenues		$	1,772,675			$	1,719,922

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Revenues recognized over time:		$	264,980			$	250,811
Revenues recognized at a point in time:			227,462				226,077
Total revenues recognized under ASC 606			492,442				476,888
Revenues recognized under ASC 842			2,801,496				2,707,559
Insurance premium revenues recognized under ASC 944			83,539				90,712
Net investment and interest income recognized under other topics			77,225				75,233
Total revenues		$	3,454,702			$	3,350,392

In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

17. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. The Company rents equipment to corporate customers for which the payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific

39

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

customer collection issues identified, and forecasts of economic conditions. For credit card receivables, the Company uses a trailing 13-month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

We believe that the historical loss information it has compiled is a reasonable basis on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 3% as of September 30, 2026 and March 31, 2026, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of September 30, 2026 and March 31, 2026 was $3.2 million and $3.2 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $27.0 million and $28.3 million as of September 30, 2026 and March 31, 2026, respectively, and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that is 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.

There were no delinquent commercial mortgage loans as of September 30, 2026 and March 31, 2026. As of September 30, 2026 and March 31, 2026, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of September 30, 2026.

Reinsurance Recoverables

Effective April 1, 2026, Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. The Company continues to service and administer these policies in the normal course of business on behalf of the reinsurer. The agreement was executed to reduce the Company's exposure to mortality and other risks within the final expense block and to provide additional capacity for future growth. Although the Company has ceded the related liabilities under the agreement, it remains the original direct writer of the final expense policies and, accordingly, is not relieved of its primary obligation to policyholders. The agreement resulted in the recognition of a related reinsurance recoverable. As of September 30, 2026, the reinsurance recoverable recorded within Trade receivables

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and reinsurance recoverables, net was approximately $199 million. The reinsurance recoverables allowance for credit losses are not material due to the fact that reinsurance is typically procured from carriers with strong credit ratings.

Premium Receivables

Premium receivables were $0.3 million and $1.1 million as of September 30, 2026 and March 31, 2026, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

The following table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

		Allowance for Credit Losses
		Trade Receivables				Investments, Fixed Maturities				Investments, other				Total
		(Unaudited)
		(in thousands)
Balance as of March 31, 2025		$	5,082			$	3,104			$	448			$	8,634
Provision for (reversal of) credit losses			3,216				856				—				4,072
Write-offs against allowance			(5,065	)			—				—				(5,065	)
Recoveries			—				—				—				—
Balance as of March 31, 2026		$	3,233			$	3,960			$	448			$	7,641
Provision for (reversal of) credit losses			1,084				(14	)			—				1,070
Write-offs against allowance			(1,157	)			—				—				(1,157	)
Recoveries			—				—				—				—
Balance as of September 30, 2026		$	3,160			$	3,946			$	448			$	7,554

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to prohibit the use of the deduction credit. Our effective tax rates for the second quarters ended September 30, 2026 and 2025 were a provision of 21.4% and 22.9%, respectively and for the six months ended September 30, 2026 and 2025 were a provision of 22.7% and 23.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to foreign, state and local income taxes for both periods.

The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for the first six months of fiscal 2027. We will continue to evaluate such legislation.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We have evaluated the tax provisions of OBBB and the impact to our financial statements, and the legislation does not have a material impact on our effective tax rate.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Accounting Pronouncements

Adoption of New Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Adopted

In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule the ("Climate Rule") that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the Climate Rule pending judicial review of consolidated challenges to the rule by the United States Court of Appeals for the Eighth Circuit (the "Court"). In March 2025, the SEC notified the Court that it was withdrawing its defense of the Climate Rule. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intended to review or reconsider the rule; (2) if taking no action, whether the SEC would adhere to the rule if petitions for review are denied; and (3) if not, why the SEC would not review or reconsider the rule at that time. In July 2025, the SEC provided its status report to the Court, stating that the SEC did not intend to review or reconsider the Climate Rule at that time, and declined to provide a definitive response to questions 2 or 3. On May 29, 2026, the SEC officially issued a proposal to permanently rescind the Climate Rule. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project, and 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

20. Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the six-month periods ended September 30, 2026 and 2025. Amortization expense and other for the six months ended September 30, 2026, includes a ceding commission of $35.5 million and $15.5 million of amortization related to the reinsurance transaction as described in footnote 17, Allowance for Credit Losses, under the Reinsurance Recoverables section.

		Six Months Ended September 30, 2026
		Deferred Annuities				Life Insurance				Health Insurance				Total
		(Unaudited)
		(In thousands)
Balance, beginning of year		$	56,980			$	53,291			$	2,581			$	112,852
Capitalization			5,126				489				29				5,644
Amortization expense and other			(5,861	)			(52,866	)			(272	)			(58,999	)
Balance, end of period		$	56,245			$	914			$	2,338			$	59,497

		Six Months Ended September 30, 2025
		Deferred Annuities				Life Insurance				Health Insurance				Total
		(Unaudited)
		(In thousands)
Balance, beginning of year		$	60,480			$	57,986			$	3,263			$	121,729
Capitalization			5,474				1,747				46				7,267
Amortization expense			(5,552	)			(3,893	)			(434	)			(9,879	)
Balance, end of period		$	60,402			$	55,840			$	2,875			$	119,117

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Life Insurance Liabilities

The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Present value of expected net premiums
Balance, beginning of year		$	162,658			$	182,658
Less: Final expense block reinsured (1)			155,897				—
Adjusted Balance, beginning of year			6,761				—
Beginning balance at original discount rate		$	6,577			$	185,508
Effect of changes in cash flow assumptions			—				(2,922	)
Effect of actual variances from expected experience			(61	)			(1,044	)
Adjusted beginning of year balance		$	6,516			$	181,542
Issuances			211				2,410
Interest accrual			161				4,403
Net premium collected			(1,169	)			(16,776	)
Ending balance at original discount rate		$	5,719			$	171,579
Effect of changes in discount rate assumptions (AOCI)			81				298
Balance, end of period		$	5,800			$	171,877
Present value of expected future policy benefits
Balance, beginning of year		$	463,931			$	482,805
Less: Final expense block reinsured (1)			359,073				—
Adjusted Balance, beginning of year			104,858				—
Beginning balance at original discount rate		$	103,533			$	490,975
Effect of changes in cash flow assumptions			—				(3,887	)
Effect of actual variances from expected experiences			(283	)			(731	)
Adjusted beginning of year balance		$	103,250			$	486,357
Issuances			211				2,410
Interest accrual			2,555				11,797
Benefit payments			(7,428	)			(30,450	)
Ending balance at original discount rate		$	98,588			$	470,114
Effect of changes in discount rate assumptions (AOCI)			(783	)			1,269
Balance, end of period		$	97,805			$	471,383
End of period, LFPB net			92,005				299,511
Payout annuities and market risk benefits			22,561				22,818
Health insurance			13,131				10,179
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable			18,874				28,229
Life DPL / Other life and health			7,469				8,214
Final expense block (1)			199,460
LFPB flooring effect			—				—
Life Insurance end of period balance		$	353,500			$	368,951
Moving and Storage balance			497,055				404,844
Property and Casualty Insurance balance			115,340				126,507
Policy benefits and losses, claims and loss expenses balance, end of period		$	965,895			$	900,302

(1) Includes liabilities related to fully reinsured final expense block. See note 17.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Six months ended September 30,
		2026				2025
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	11,790			$	319,669
Discounted balance at original discount rate		$	9,756			$	247,543
Discounted balance at current discount rate		$	9,824			$	248,018
Expected policy benefits
Undiscounted balance		$	135,917			$	675,928
Discounted balance at original discount rate		$	98,588			$	470,113
Discounted balance at current discount rate		$	97,805			$	471,382
Mortality, lapses and morbidity
Mortality actual experience			4.52		%		7.15		%
Mortality expected experience			4.65		%		6.67		%
Lapses actual experience			1.49		%		2.31		%
Lapses expected experience			2.04		%		3.12		%
Premiums and interest expense
Gross premiums (1)		$	1,769			$	23,444
Interest expense (2)		$	2,394			$	7,394
Expected duration (persistency) of policies in-force (years)			5.9				6.7
Weighted average original interest rate of the liability for future policy benefits			5.01		%		4.91		%
Weighted average current interest rate of the liability for future policy benefits			3.97		%		4.37		%

(1) Gross premiums are related to life insurance and are included in Life insurance premiums.

(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

The information in the table above lacks comparability as Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. Please see note 17.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the balances and changes in liabilities from investment contracts account balances:

		Six Months Ended September 30, 2026
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year		$	2,357,545
Deposits received			170,010
Surrenders and withdrawals			(211,536	)
Benefit payments			(20,719	)
Interest credited			47,940
Other			—
End of period		$	2,343,240
Weighted average credited rate			4.08
Cash surrender value		$	2,047,010

		Six Months Ended September 30, 2025
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year		$	2,511,422
Deposits received			181,834
Surrenders and withdrawals			(205,014	)
Benefit payments			(17,448	)
Interest credited			47,809
Other			—
End of period		$	2,518,603
Weighted average credited rate			3.80
Cash surrender value		$	2,210,645

46

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the second quarter and first six months of fiscal 2027, compared with the second quarter and first six months of fiscal 2026, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2027.

This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

U-Haul Holding Company, a Nevada corporation, has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.

Overall Strategy

Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company-operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.

Life Insurance is focused on long-term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

47

Description of Operating and Reportable Segments

U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.

uhaul.com® and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

48

Results of Operations

U-Haul Holding Company and Consolidated Entities

Quarter Ended September 30, 2026 compared with the Quarter Ended September 30, 2025

Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues		$	1,147,929			$	1,110,477
Self-storage revenues			262,138				246,299
Self-moving and self-storage products and service sales			90,302				89,829
Property management fees			9,580				9,621
Life insurance premiums			7,925				18,370
Property and casualty insurance premiums			29,545				28,272
Net investment and interest income			39,857				40,022
Other revenue			185,399				177,032
Consolidated revenue		$	1,772,675			$	1,719,922

Self-moving equipment rental revenues increased $37.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied foot. During the second quarter, we added approximately 1.0 million new net rentable square feet.

Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was due to increased sales of propane.

Life insurance premiums decreased $10.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026 due primarily to decreased life premiums from the decrease in sales of single premium life and exiting the final expense business.

Property and casualty insurance premiums increased $1.3 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Other revenue increased $8.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

49

Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and the second quarter of fiscal 2026. The insurance companies’ two quarters ended June 30, 2026 and 2025.

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		$	1,694,151			$	1,632,827
Earnings from operations before equity in earnings of subsidiaries			241,886				197,440
Property and casualty insurance
Revenues			37,008				35,891
Earnings from operations			16,978				17,154
Life insurance
Revenues			44,900				54,113
Earnings from operations			6,210				3,028
Eliminations
Revenues			(3,384	)			(2,909	)
Earnings from operations before equity in earnings of subsidiaries			(26	)			(28	)
Consolidated results
Revenues			1,772,675				1,719,922
Earnings from operations			265,048				217,594

Total costs and expenses increased $5.3 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses for Moving and Storage increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 million.

Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million. Additional details are available in the following Moving and Storage section.

As a result of the changes in revenues and expenses described above, earnings from operations increased to $265.0 million for the second quarter of fiscal 2027, compared with $217.6 million for the second quarter of fiscal 2026.

Interest expense for the second quarter of fiscal 2027 was $99.0 million, compared with $90.3 million for the second quarter of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt.

Other interest income at Moving and Storage for the second quarter of fiscal 2027 was $8.4 million, compared with the $10.0 million for the second quarter of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.

Income tax expense was $37.3 million for the second quarter of fiscal 2027, compared with $31.4 million for the second quarter of fiscal 2026.

As a result of the above-mentioned items, earnings available to common stockholders were $136.7 million for the second quarter of fiscal 2027, compared with $105.6 million for the second quarter of fiscal 2026.

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Moving and Storage

Quarter Ended September 30, 2026 compared with the Quarter Ended September 30, 2025

Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues		$	1,149,068			$	1,111,622
Self-storage revenues			262,138				246,299
Self-moving and self-storage products and service sales			90,302				89,829
Property management fees			9,580				9,621
Other revenue			183,063				175,456
Moving and Storage revenue		$	1,694,151			$	1,632,827

Self-moving equipment rental revenues increased $37.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million new net rentable square feet.

Listed below are self-storage data for our owned storage locations:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30			876				831
Square footage as of September 30			75,741				71,167
Average monthly number of units occupied			648				630
Average monthly occupancy rate based on unit count			74.2	%			76.3	%
End of September occupancy rate based on unit count			73.6	%			74.4	%
Average monthly square footage occupied			57,863				55,623

Over the last 12 months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.

Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was primarily due to increased sales of propane.

Other revenue increased $7.6 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026, caused primarily by increases in our U-Box® program.

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Total costs and expenses increased $16.9 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 million.

Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million.

The components of depreciation, net of (gains) losses on disposals were as follows:

		Quarter ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment		$	222,425			$	226,909
Depreciation expense - non rental equipment			21,969				23,760
Depreciation expense - real estate			57,317				51,440
Total depreciation expense		$	301,711			$	302,109
Net (gains) losses on disposals of rental equipment			4,248			$	38,329
Net (gains) losses on disposals of non-rental equipment			42				170
Total net (gains) losses on disposals of equipment		$	4,290			$	38,499
Depreciation, net of (gains) losses on disposals		$	306,001			$	340,608
Net (gains) losses on disposals of real estate		$	(253	)		$	4,531

As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, increased to $241.9 million for the second quarter of fiscal 2027, compared with $197.4 million for the second quarter of fiscal 2026.

Equity in the earnings of U-Haul Holding Company's insurance subsidiaries was $18.3 million for the second quarter of fiscal 2027, compared with $16.0 million for the second quarter of fiscal 2026.

As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage increased to $260.2 million for the second quarter of fiscal 2027, compared with $213.4 million for the second quarter of fiscal 2026.

Property and Casualty Insurance

Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025

Net premiums were $31.3 million and $29.2 million for the quarters ended June 30, 2026 and 2025, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions and generally correspond to the related activity at U-Haul during the same period.

Net investment and interest income was $5.7 million and $6.7 million for the quarters ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.

Operating expenses were $13.6 million and $12.9 million for the quarters ended June 30, 2026 and 2025, respectively. The change was primarily due to an increase in commission expense.

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Benefits and losses incurred were $6.4 million and $5.7 million for the second quarters ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business not related to moving and storage.

As a result of the changes in revenues and expenses described above, pretax earnings from operations were $17.0 million and $17.2 million for the quarters ended June 30, 2026 and 2025, respectively.

Life Insurance

Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025

Net premiums were $7.9 million and $18.4 million for the quarters ended June 30, 2026 and 2025, respectively. Life premiums decreased $10.5 million primarily from a reduction in sales of single premium life and exiting the final expense business. The decrease was due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $92.0 million which was $45.8 million below the quarter ended June 30, 2025. These are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $34.5 million and $34.0 million for the quarters ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.7 million. The change in the provision for expected credit losses resulted in an increase of $2.3 million. Net interest income and realized gains on the invested assets decreased $1.1 million, primarily related to bonds.

Operating expenses were $5.7 million and $3.6 million for the quarters ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.

Benefits and losses incurred were $14.4 million and $42.4 million for the quarters ended June 30, 2026 and 2025, respectively, with the decrease primarily related to the ceding of the final expense block. Interest credited to policyholders decreased $0.4 million due to a decrease in the interest credited rates on fixed indexed annuities due to policyholders reaching the end of the surrender charge period. Life benefits decreased $27.6 million due to final expense death claims being ceded to reinsurer and lower death claims on remaning blocks. Medicare supplement benefits decreased $1.0 million from the declined policies in force. All other benefits increased $1.0 million.

Amortization of deferred acquisition costs ("DAC"), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $18.6 million and $5.0 million for the quarters ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.

As a result of the changes in revenues and expenses described above, pretax earnings from operations were $6.1 million and $2.9 million for the quarters ended June 30, 2026 and 2025, respectively.

53

U-Haul Holding Company and Consolidated Entities

Six Months Ended September 30, 2026 compared with the Six Months Ended September 30, 2025

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and the first six months of fiscal 2026:

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues		$	2,235,507			$	2,168,750
Self-storage revenues			512,310				480,536
Self-moving and self-storage products and service sales			189,542				188,017
Property management fees			19,145				19,203
Life insurance premiums			25,991				37,539
Property and casualty insurance premiums			53,796				50,010
Net investment and interest income			77,225				75,233
Other revenue			341,186				331,104
Consolidated revenue		$	3,454,702			$	3,350,392

Self-moving equipment rental revenues increased $66.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Total revenue, transactions and revenue per transaction increased across both our In-Town and One-Way markets compared to the first six months of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $31.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 4.5% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.

Sales of self-moving and self-storage products and services increased $1.5 million for the first six months of fiscal 2027, compared with the first six months of fiscal 2026. This was due to an increase in sales of hitches and propane.

Life insurance premiums decreased $11.5 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026 due primarily to decreased Medicare supplement premiums.

Property and casualty insurance premiums increased $3.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026.

Net investment and interest income increased $2.0 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets.

Other revenue increased $10.1 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

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Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and the first six months of fiscal 2026. The insurance companies’ first six months ended June 30, 2026 and 2025.

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		$	3,296,100			$	3,186,686
Earnings from operations before equity in earnings of subsidiaries			476,700				440,318
Property and casualty insurance
Revenues			68,231				65,612
Earnings from operations			29,194				29,042
Life insurance
Revenues			96,376				104,207
Earnings from operations			9,803				5,704
Eliminations
Revenues			(6,005	)			(6,113	)
Earnings from operations before equity in earnings of subsidiaries			(53	)			(56	)
Consolidated results
Revenues			3,454,702				3,350,392
Earnings from operations			515,644				475,008

Total costs and expenses increased $63.7 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Operating expenses for Moving and Storage increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.

Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million. Additional details are available in the following Moving and Storage section.

As a result of these changes in revenues and expenses, earnings from operations increased $40.6 million to $515.6 million for the first six months of fiscal 2027, as compared with $475.0 million for the first six months of fiscal 2026.

Interest expense for the first six months of fiscal 2027 was $196.9 million, compared with $172.6 million for the first six months of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt.

Other interest income at Moving and Storage for the first six months of fiscal 2027 was $17.8 million, compared with $20.7 million for the first six months of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.

Income tax expense was $76.1 million for the first six months of fiscal 2027, compared with $74.5 million for the first six months of fiscal 2026.

As a result of these items, earnings available to common stockholders were $259.6 million for the first six months of fiscal 2027, compared with $247.9 million for the first six months of fiscal 2026.

55

Moving and Storage

Six Months Ended September 30, 2026 compared with the Six Months Ended September 30, 2025

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2027 and the first six months of fiscal 2026:

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues		$	2,237,466			$	2,170,653
Self-storage revenues			512,310				480,536
Self-moving and self-storage products and service sales			189,542				188,017
Property management fees			19,145				19,203
Other revenue			337,637				328,277
Moving and Storage revenue		$	3,296,100			$	3,186,686

Self-moving equipment rental revenues increased $66.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Total revenue, transactions and revenue per transaction increased across both our In-Town and One-Way markets compared to the first six months of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $31.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 4.5% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.

Self-storage data for our owned storage locations follows:

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30			876				831
Square footage as of September 30			75,741				71,167
Average monthly number of units occupied			638				631
Average monthly occupancy rate based on unit count			73.5	%			77.2	%
End of September occupancy rate based on unit count			73.6	%			74.4	%
Average monthly square footage occupied			56,900				55,511

Over the last twelve months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.

Sales of self-moving and self-storage products and services increased $1.5 million for the first six months of fiscal 2027, compared with the first six months of fiscal 2026. This was due to an increase in sales of hitches and propane.

Other revenue increased $9.4 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

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Total costs and expenses increased $73.0 million during the first six months of fiscal 2027, compared with the six months of fiscal 2026. Operating expenses increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.

Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million.

The components of depreciation, net of (gains) losses on disposals were as follows:

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment		$	444,129			$	435,121
Depreciation expense - non rental equipment			44,524				47,779
Depreciation expense - real estate			113,694				101,285
Total depreciation expense		$	602,347			$	584,185
Net (gains) losses on disposals of rental equipment			2,355			$	60,454
Net (gains) losses on disposals of non-rental equipment			139				(22	)
Total net (gains) losses on disposals of equipment		$	2,494			$	60,432
Depreciation, net of (gains) losses on disposals		$	604,841			$	644,617
Net (gains) losses on disposals of real estate		$	2,815			$	2,914

As a result of these changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries increased to $476.7 million for the first six months of fiscal 2027, compared with $440.3 million for the first six months of fiscal 2026.

Equity in the earnings of our insurance subsidiaries was $30.7 million for the first six months of fiscal 2027, compared with $27.5 million for the first six months of fiscal 2026.

As a result of these changes in revenues and expenses, earnings from operations increased to $507.4 million for the first six months of fiscal 2027, compared with $467.8 million for the first six months of fiscal 2026.

Property and Casualty Insurance

Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025

Premiums were $56.6 million and $52.5 million for the six months ended June 30, 2026 and 2025, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premiums written corresponded with the change in moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $11.7 million and $13.1 million for the six months ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.

Operating expenses were $27.2 million and $25.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily due to an increase in commission expense.

57

Benefits and losses incurred were $11.7 million and $11.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business.

As a result of these changes in revenues and expenses, pretax earnings from operations were $29.2 million and $29.0 million for the six months ended June 30, 2026 and 2025, respectively.

Life Insurance

Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025

Premiums were $26.0 million and $37.5 million for the six months ended June 30, 2026 and 2025, respectively. Life premiums decreased $11.5 million primarily from the decrease in sales of single premium life and final expense. The decrease in final expense sales was a result of exiting the market in February 2026. Deferred annuity deposits were $162.0 million or $11.6 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $66.6 million and $63.5 million for the six months ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.2 million. The change in the provision for expected credit losses resulted in an increase of $1.5 million. Net interest income and realized gains on the invested assets increased $4.8 million.

Operating expenses were $11.8 million and $6.4 million for the six months ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.

Benefits and losses incurred were $51.2 million and $82.1 million for the six months ended June 30, 2026 and 2025, respectively. Interest credited to policyholders increased $0.2 million due to an increase in the interest credited rates on fixed indexed annuities related to the large increase of the block of annuities. Life benefits decreased $29.1 million due to the ceding of the final expense block. Medicare supplement benefits decreased by $3.6 million from the declined policies. All other benefits increased $1.6 million.

Amortization of DAC, SIA and VOBA were $23.5 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.

As a result of these changes in revenues and expenses, pretax earnings from operations were $9.7 million and $5.5 million for the six months ended June 30, 2026 and 2025, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

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As of September 30, 2026, cash and cash equivalents totaled $999.9 million, compared with $1,120.1 million as of March 31, 2026. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of September 30, 2026 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:

		Moving & Storage				Property & Casualty Insurance (a)				Life Insurance (a)
		(Unaudited)
		(In thousands)
Cash and cash equivalents		$	870,096			$	79,476			$	50,290
Other financial assets			168,979				409,575				2,839,179
Debt obligations (b)			8,273,277				—				—
(a) As of June 30, 2026
(b) Excludes ($43,187) of debt issuance costs

As of September 30, 2026, Moving and Storage had additional cash available under existing credit facilities of $465.0 million. The majority of invested cash in the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities decreased $141.0 million in the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due primarily to the Life insurance segments ceding of the final expense block, offset by improved operations and an increase in federal income tax refunds.

Net cash used in investing activities decreased $433.3 million in the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Purchases of property, plant and equipment decreased $370.8 million. Fleet related spending decreased $257.7 million and investment spending on real estate acquisitions and development decreased $94.5 million. Cash from the sales of property, plant and equipment decreased $37.5 million. For our insurance subsidiaries, net cash provided by investing activities increased $109.8 million due to an increase in proceeds received for fixed maturity investments.

Net cash used in financing activities increased $500.0 million in the first six months of fiscal 2027, as compared with the first six months of fiscal 2026. This was due to a combination of increased debt repayments of $455.8 million, decreased finance lease repayments of $24.7 million, an increase in cash from borrowings of $79.8 million, a decrease in net annuity withdrawals from Life Insurance of $21.6 million and repurchases of Voting Common Stock of $25.8 million and Non-Voting Common Stock of $101.4 million in fiscal 2027.

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Liquidity and Capital Resources and Requirements of our Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2027, the Company will reinvest in its rental equipment fleet approximately $855.0 million, net of equipment sales and excluding any lease buyouts. Through the first six months of fiscal 2027, the Company invested, net of sales, approximately $724.0 million. Fleet investments in fiscal 2027 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2027 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first six months of fiscal 2027, the Company invested $431.6 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain at or near this level of real estate capital expenditures through the remainder of fiscal 2027. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $1,195.2 million and $1,528.4 million for the first six months of fiscal 2027 and 2026, respectively. The components of our net capital expenditures are provided in the following table:

		Six months ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Purchases of rental equipment		$	1,067,433			$	1,325,141
Purchases of real estate, construction and renovations			431,573				526,041
Other capital expenditures			44,702				63,320
Gross capital expenditures			1,543,708				1,914,502
Less: Sales of property, plant and equipment			(348,538	)			(386,058	)
Net capital expenditures		$	1,195,170			$	1,528,444

Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible.

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Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted by state regulations.

Property and Casualty Insurance’s stockholder’s equity was $370.6 million and $349.2 million as of June 30, 2026 and December 31, 2025, respectively. The increase resulted from net earnings of $23.1 million and a decrease in other comprehensive income of $1.7 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of June 30, 2026 were $62.2 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $285.2 million and $289.4 million as of June 30, 2026 and December 31, 2025, respectively. The decrease resulted from net earnings of $7.6 million and a decrease in other comprehensive income of $11.8 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of June 30, 2026, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 3.91% and 4.52% with maturities between November 13, 2026 and September 30, 2030. As of June 30, 2026, available-for-sale-investments held with the FHLB totaled $196.3 million, of which $170.7 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.

Cash Flows by Segments

Moving and Storage

Net cash provided from operating activities were $1,063.1 million and $1,084.4 million for the first six months of fiscal 2027 and 2026, respectively, due to the timing of credit card receivable settlements, offset by improved operations.

Property and Casualty Insurance

Net cash provided by operating activities were $16.9 million and $22.2 million for the first six months ended June 30, 2026 and 2025, respectively. The decrease was driven primarily by timing differences in federal income tax payments.

Property and Casualty Insurance’s cash and cash equivalents amounted to $79.5 million and $64.0 million as of June 30, 2026 and December 31, 2025, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by (used in) operating activities were ($71.0) million and $43.4 million for the second quarters ended June 30, 2026 and 2025, respectively. The decrease in operating cash flows was primarily

61

due to the ceding of the final expense block. The timing of settlement of receivables for securities were offset by the increase in premiums net of benefits and commissions.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of June 30, 2026 and December 31, 2025, cash and cash equivalents amounted to $50.3 million and $41.7 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

In March 2024, the Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal 2026, we received $2.4 million related to this examination. We received another $117.0 million related to this examination during the fourth quarter of fiscal 2026. We are owed $10.0 million, which is reflected in prepaid expense, plus interest of $2.2 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS.

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of September 30, 2026, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure.

Use of Cash

Our estimates as to future use of cash have not materially changed from the disclosure included under the subheading "Use of Cash" in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

Fiscal 2027 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to remain stable in fiscal 2027. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. If we cannot acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2027, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will decrease in fiscal 2027. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2027.

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Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

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Consolidating Schedules by Segment (Unaudited)

This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries.

Consolidating balance sheets by segment as of September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Assets:
Cash and cash equivalents		$	870,096			$	79,476			$	50,290			$	—				$	999,862
Trade receivables and reinsurance recoverables, net			111,207				32,742				226,789				—					370,738
Inventories and parts			182,905				—				—				—					182,905
Prepaid expenses			142,898				—				—				—					142,898
Fixed maturity securities available-for-sale, net, at fair value			—				234,842				2,020,456				—					2,255,298
Equity securities, at fair value			—				662				14,988				—					15,650
Investments, other			—				131,358				561,997				—					693,355
Deferred policy acquisition costs, net			—				—				59,497				—					59,497
Other assets			115,240				12,784				31,202				—					159,226
Right of use assets - operating, net			35,935				776				196				—					36,907
Related party assets			57,772				9,971				14,949				(34,432	)	(c)			48,260
Investment in subsidiaries			655,825				—				—				(655,825	)	(b)			—
Property, plant and equipment, at cost:
Land			1,897,373				—				—				—					1,897,373
Buildings and improvements			10,928,024				—				—				—					10,928,024
Furniture and equipment			1,097,361				—				—				—					1,097,361
Rental trailers and other rental equipment			1,275,531				—				—				—					1,275,531
Rental trucks			8,985,854				—				—				—					8,985,854
			24,184,143				—				—				—					24,184,143
Less: Accumulated depreciation			(7,273,917	)			—				—				—					(7,273,917	)
Total property, plant and equipment, net			16,910,226				—				—				—					16,910,226
Total assets		$	19,082,104			$	502,611			$	2,980,364			$	(690,257	)			$	21,874,822
(a) Balances as of June 30, 2026
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

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Consolidating balance sheets by segment as of September 30, 2026 continued:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses		$	829,834			$	5,610			$	37,281			$	—				$	872,725
Notes, loans and finance liabilities payable, net			8,230,090				—				—				—					8,230,090
Operating lease liabilities			36,645				783				209				—					37,637
Policy benefits and losses, claims and loss expenses payable			497,055				115,340				353,500				—					965,895
Liabilities from investment contracts			—				—				2,343,240				—					2,343,240
Other policyholders' funds and liabilities			—				37				9,288				—					9,325
Deferred income			69,270				—				—				—					69,270
Deferred income taxes, net			1,678,665				6,476				(56,334	)			—					1,628,807
Related party liabilities			25,763				3,725				7,995				(37,483	)	(c)			—
Total liabilities			11,367,322				131,971				2,695,179				(37,483	)				14,156,989
Stockholders' equity:
Series preferred stock:
Series A preferred stock			—				—				—				—					—
Series B preferred stock			—				—				—				—					—
Series A common stock			—				—				—				—					—
Voting Common stock			10,497				3,301				2,500				(5,801	)	(b)			10,497
Non-Voting Common stock			176				—				—				—					176
Additional paid-in capital			462,758				91,120				26,271				(117,601	)	(b)			462,548
Accumulated other comprehensive income (loss)			(174,920	)			(5,399	)			(120,282	)			128,732		(b)			(171,869	)
Retained earnings			8,221,562				281,618				376,696				(658,104	)	(b)			8,221,772
Cost of common stock in treasury, net			(551,578	)			—				—				—					(551,578	)
Cost of Series N non-voting common stock in treasury, net			(101,716	)			—				—				—					(101,716	)
Cost of preferred stock in treasury, net			(151,997	)			—				—				—					(151,997	)
Total stockholders' equity			7,714,782				370,640				285,185				(652,774	)				7,717,833
Total liabilities and stockholders' equity		$	19,082,104			$	502,611			$	2,980,364			$	(690,257	)			$	21,874,822
(a) Balances as of June 30, 2026
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

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Consolidating balance sheets by segment as of March 31, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Assets:
Cash and cash equivalents		$	1,014,382			$	64,048			$	41,717			$	—				$	1,120,147
Trade receivables and reinsurance recoverables, net			95,683				33,780				30,305				—					159,768
Inventories and parts			178,155				—				—				—					178,155
Prepaid expenses			191,671				—				—				—					191,671
Fixed maturity securities available-for-sale, net, at fair value			—				241,754				2,176,158				—					2,417,912
Equity securities, at fair value			—				696				14,280				—					14,976
Investments, other			—				125,717				580,597				—					706,314
Deferred policy acquisition costs, net			—				—				112,852				—					112,852
Other assets			82,380				12,740				32,082				—					127,202
Right of use assets - operating, net			39,842				129				217				—					40,188
Related party assets			66,408				6,570				14,846				(34,665	)	(c)			53,159
Investment in subsidiaries			638,625				—				—				(638,625	)	(b)			—
Property, plant and equipment, at cost:
Land			1,865,369				—				—				—					1,865,369
Buildings and improvements			10,542,945				—				—				—					10,542,945
Furniture and equipment			1,074,032				—				—				—					1,074,032
Rental trailers and other rental equipment			1,206,253				—				—				—					1,206,253
Rental trucks			8,554,508				—				—				—					8,554,508
			23,243,107				—				—				—					23,243,107
Less: Accumulated depreciation			(6,862,662	)			—				—				—					(6,862,662	)
Total property, plant and equipment, net			16,380,445				—				—				—					16,380,445
Total assets		$	18,687,591			$	485,434			$	3,003,054			$	(673,290	)			$	21,502,789
(a) Balances as of December 31, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

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Consolidating balance sheets by segment as of March 31, 2026 continued:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses		$	813,115			$	12,881			$	24,298			$	—				$	850,294
Notes, loans and finance liabilities payable, net			8,083,374				—				—				—					8,083,374
Operating lease liabilities			40,593				133				231				—					40,957
Policy benefits and losses, claims and loss expenses payable			454,171				116,052				369,651				—					939,874
Liabilities from investment contracts			—				—				2,357,545				—					2,357,545
Other policyholders' funds and liabilities			—				116				2,783				—					2,899
Deferred income			56,614				—				—				—					56,614
Deferred income taxes, net			1,605,618				3,391				(49,428	)			—					1,559,581
Related party liabilities			25,684				3,627				8,583				(37,894	)	(c)			—
Total liabilities			11,079,169				136,200				2,713,663				(37,894	)				13,891,138
Stockholders' equity:
Series preferred stock:
Series A preferred stock			—				—				—				—					—
Series B preferred stock			—				—				—				—					—
Series A common stock			—				—				—				—					—
Voting Common stock			10,497				3,301				2,500				(5,801	)	(b)			10,497
Non-Voting Common Stock			176				—				—				—					176
Additional paid-in capital			462,758				91,120				26,271				(117,601	)	(b)			462,548
Accumulated other comprehensive income (loss)			(166,869	)			(3,660	)			(108,511	)			115,400		(b)			(163,640	)
Retained earnings			7,979,510				258,473				369,131				(627,394	)	(b)			7,979,720
Cost of common shares in treasury, net			(525,653	)			—				—				—					(525,653	)
Cost of preferred shares in treasury, net			(151,997	)			—				—				—					(151,997	)
Total stockholders' equity			7,608,422				349,234				289,391				(635,396	)				7,611,651
Total liabilities and stockholders' equity		$	18,687,591			$	485,434			$	3,003,054			$	(673,290	)			$	21,502,789
(a) Balances as of December 31, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

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Consolidating statement of operations by segment for the quarter ended September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Revenues:
Self-moving equipment rental revenues		$	1,149,068			$	—			$	—			$	(1,139	)	(c)		$	1,147,929
Self-storage revenues			262,138				—				—				—					262,138
Self-moving and self-storage products and service sales			90,302				—				—				—					90,302
Property management fees			9,580				—				—				—					9,580
Life insurance premiums			—				—				7,925				—					7,925
Property and casualty insurance premiums			—				31,348				—				(1,803	)	(c)			29,545
Net investment and interest income			—				5,660				34,540				(343	)	(b)			39,857
Other revenue			183,063				—				2,435				(99	)	(b)			185,399
Total revenues			1,694,151				37,008				44,900				(3,384	)				1,772,675
Costs and expenses:
Operating expenses			948,839				13,569				5,684				(3,041	)	(b,c)			965,051
Commission expenses			126,644				—				—				—					126,644
Cost of product sales			66,967				—				—				—					66,967
Benefits and losses			—				6,371				14,379				—					20,750
Amortization of deferred policy acquisition costs			—				—				18,604				—					18,604
Lease expense			4,067				90				23				(317	)	(b)			3,863
Depreciation, net of (gains) losses on disposals			306,001				—				—				—					306,001
Net (gains) losses on disposal of real estate			(253	)			—				—				—					(253	)
Total costs and expenses			1,452,265				20,030				38,690				(3,358	)				1,507,627
Earnings from operations before equity in earnings of subsidiaries			241,886				16,978				6,210				(26	)				265,048
Equity in earnings of subsidiaries			18,325				—				—				(18,325	)	(d)			—
Earnings from operations			260,211				16,978				6,210				(18,351	)				265,048
Other components of net periodic benefit costs			(357	)			—				—				—					(357	)
Other interest income			8,431				—				—				(72	)	(b)			8,359
Interest expense			(99,045	)			—				(72	)			98		(b)			(99,019	)
Fees on early extinguishment of debt and costs of defeasance			(44	)			—				—				—					(44	)
Pretax earnings			169,196				16,978				6,138				(18,325	)				173,987
Income tax expense			(32,521	)			(3,526	)			(1,265	)			—					(37,312	)
Net earnings available to common stockholders		$	136,675			$	13,452			$	4,873			$	(18,325	)			$	136,675
(a) Balances for the quarter ended June 30, 2026
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

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Consolidating statement of operations by segment for the quarter ended September 30, 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Revenues:
Self-moving equipment rental revenues		$	1,111,622			$	—			$	—			$	(1,145	)	(c)		$	1,110,477
Self-storage revenues			246,299				—				—				—					246,299
Self-moving and self-storage products and service sales			89,829				—				—				—					89,829
Property management fees			9,621				—				—				—					9,621
Life insurance premiums			—				—				18,370				—					18,370
Property and casualty insurance premiums			—				29,208				—			$	(936	)	(c)			28,272
Net investment and interest income			—				6,683				34,007				(668	)	(b)			40,022
Other revenue			175,456				—				1,736				(160	)	(b)			177,032
Total revenues			1,632,827				35,891				54,113				(2,909	)				1,719,922
Costs and expenses:
Operating expenses			895,225				12,924				3,634				(2,241	)	(b,c)			909,542
Commission expenses			121,811				—				—				—					121,811
Cost of product sales			67,625				—				—				—					67,625
Benefits and losses			—				5,737				42,441				—					48,178
Amortization of deferred policy acquisition costs			—				—				4,962				—					4,962
Lease expense			5,587				76				48				(640	)	(b)			5,071
Depreciation, net of (gains) losses on disposals			340,608				—				—				—					340,608
Net (gains) losses on disposal of real estate			4,531				—				—				—					4,531
Total costs and expenses			1,435,387				18,737				51,085				(2,881	)				1,502,328
Earnings from operations before equity in earnings of subsidiaries			197,440				17,154				3,028				(28	)				217,594
Equity in earnings of subsidiaries			16,001				—				—				(16,001	)	(d)			—
Earnings from operations			213,441				17,154				3,028				(16,029	)				217,594
Other components of net periodic benefit costs			(345	)			—				—				—					(345	)
Other interest income			10,111				—				—				(96	)	(b)			10,015
Interest expense			(90,333	)			—				(96	)			124		(b)			(90,305	)
Pretax earnings			132,874				17,154				2,932				(16,001	)				136,959
Income tax expense			(27,324	)			(3,515	)			(570	)			—					(31,409	)
Net earnings available to common stockholders		$	105,550			$	13,639			$	2,362			$	(16,001	)			$	105,550
(a) Balances for the quarter ended June 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

69

Consolidating statement of operations by segment for the six months ended September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Revenues:
Self-moving equipment rental revenues		$	2,237,466			$	—			$	—			$	(1,959	)	(c)		$	2,235,507
Self-storage revenues			512,310				—				—				—					512,310
Self-moving and self-storage products and service sales			189,542				—				—				—					189,542
Property management fees			19,145				—				—				—					19,145
Life insurance premiums			—				—				25,991				—					25,991
Property and casualty insurance premiums			—				56,578				—				(2,782	)	(c)			53,796
Net investment and interest income			—				11,653				66,633				(1,061	)	(b)			77,225
Other revenue			337,637				—				3,752				(203	)	(b)			341,186
Total revenues			3,296,100				68,231				96,376				(6,005	)				3,454,702
Costs and expenses:
Operating expenses			1,817,955				27,202				11,828				(4,944	)	(b,c)			1,852,041
Commission expenses			246,916				—				—				—					246,916
Cost of product sales			138,721				—				—				—					138,721
Benefits and losses			—				11,667				51,220				—					62,887
Amortization of deferred policy acquisition costs			—				—				23,478				—					23,478
Lease expense			8,152				168				47				(1,008	)	(b)			7,359
Depreciation, net of (gains) losses on disposals			604,841				—				—				—					604,841
Net (gains) losses on disposal of real estate			2,815				—				—				—					2,815
Total costs and expenses			2,819,400				39,037				86,573				(5,952	)				2,939,058
Earnings from operations before equity in earnings of subsidiaries			476,700				29,194				9,803				(53	)				515,644
Equity in earnings of subsidiaries			30,710				—				—				(30,710	)	(d)			—
Earnings from operations			507,410				29,194				9,803				(30,763	)				515,644
Other components of net periodic benefit costs			(714	)			—				—				—					(714	)
Other interest income			17,894				—				—				(144	)	(b)			17,750
Interest expense			(196,984	)			—				(144	)			197		(b)			(196,931	)
Fees on early extinguishment of debt and costs of defeasance			(75	)			—				—				—					(75	)
Pretax earnings			327,531				29,194				9,659				(30,710	)				335,674
Income tax expense			(67,927	)			(6,049	)			(2,094	)			—					(76,070	)
Net earnings available to common stockholders		$	259,604			$	23,145			$	7,565			$	(30,710	)			$	259,604
(a) Balances for the six months ended June 30, 2026
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

70

Consolidating statement of operations by segment for the six months ended September 30, 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(In thousands)
Revenues:
Self-moving equipment rental revenues		$	2,170,653			$	—			$	—			$	(1,903	)	(c)		$	2,168,750
Self-storage revenues			480,536				—				—				—					480,536
Self-moving and self-storage products and service sales			188,017				—				—				—					188,017
Property management fees			19,203				—				—				—					19,203
Life insurance premiums			—				—				37,539				—					37,539
Property and casualty insurance premiums			—				52,489				—				(2,479	)	(c)			50,010
Net investment and interest income			—				13,123				63,505				(1,395	)	(b)			75,233
Other revenue			328,277				—				3,163				(336	)	(b)			331,104
Total revenues			3,186,686				65,612				104,207				(6,113	)				3,350,392
Costs and expenses:
Operating expenses			1,709,407				25,184				6,419				(4,719	)	(b,c)			1,736,291
Commission expenses			238,548				—				—				—					238,548
Cost of product sales			139,830				—				—				—					139,830
Benefits and losses			—				11,236				82,124				—					93,360
Amortization of deferred policy acquisition costs			—				—				9,879				—					9,879
Lease expense			11,052				150				81				(1,338	)	(b)			9,945
Depreciation, net of (gains) losses on disposals			644,617				—				—				—					644,617
Net (gains) losses on disposal of real estate			2,914				—				—				—					2,914
Total costs and expenses			2,746,368				36,570				98,503				(6,057	)				2,875,384
Earnings from operations before equity in earnings of subsidiaries			440,318				29,042				5,704				(56	)				475,008
Equity in earnings of subsidiaries			27,505				—				—				(27,505	)	(d)			—
Earnings from operations			467,823				29,042				5,704				(27,561	)				475,008
Other components of net periodic benefit costs			(691	)			—				—				—					(691	)
Other interest income			20,876				—				—				(192	)	(b)			20,684
Interest expense			(172,691	)			—				(192	)			248		(b)			(172,635	)
Fees on early extinguishment of debt and costs of defeasance			(26	)			—				—				—					(26	)
Pretax earnings			315,291				29,042				5,512				(27,505	)				322,340
Income tax expense			(67,410	)			(5,983	)			(1,066	)			—					(74,459	)
Net earnings available to common stockholders		$	247,881			$	23,059			$	4,446			$	(27,505	)			$	247,881
(a) Balances for the six months ended June 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

71

Consolidating cash flow statements by segment for the six months ended September 30, 2026 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Elimination				U-Haul Holding Company Consolidated
Cash flows from operating activities:		(In thousands)
Net earnings		$	259,604			$	23,145			$	7,565			$	(30,710	)		$	259,604
Earnings from consolidated entities			(30,710	)			—				—				30,710				—
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation			602,347				—				—				—				602,347
Amortization of premiums and accretion of discounts related to investments, net			—				574				7,860				—				8,434
Amortization of debt issuance costs			3,982				—				—				—				3,982
Interest credited to policyholders			—				—				47,940				—				47,940
Provision for allowance for losses on trade receivables, net			(56	)			—				—				—				(56	)
Operating lease right-of-use asset amortization			4,073				—				—				—				4,073
Net (gains) losses on disposals of equipment			2,494				—				—				—				2,494
Net (gains) losses on disposal of real estate			2,815				—				—				—				2,815
Net (gains) losses on sales of fixed maturity securities			—				(42	)			1,204				—				1,162
Net (gains) losses on equity securities and investments other			—				34				(1,800	)			—				(1,766	)
Deferred income taxes, net			72,993				3,548				(3,777	)			—				72,764
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables			(15,692	)			1,042				(196,484	)			—				(211,134	)
Inventories and parts			(4,755	)			—				—				—				(4,755	)
Prepaid expenses			48,665				—				—				—				48,665
Deferred policy acquisition costs, net			—				—				53,355				—				53,355
Other assets			(25,016	)			(44	)			901				—				(24,159	)
Related party assets			8,584				(3,400	)			23				—				5,207
Accounts payable and accrued expenses and operating lease liabilities			77,749				(7,292	)			17,469				—				87,926
Policy benefits and losses, claims and loss expenses payable			43,201				(712	)			(11,169	)			—				31,320
Other policyholders' funds and liabilities			—				(78	)			6,505				—				6,427
Deferred income			12,732				—				—				—				12,732
Other liabilities			79				98				(588	)			—				(411	)
Net cash provided by (used in) operating activities			1,063,089				16,873				(70,996	)			—				1,008,966
Cash flows from investing activities:
Escrow deposits activity			(9,272	)			—				—				—				(9,272	)
Purchases of:
Property, plant and equipment			(1,543,708	)			—				—				—				(1,543,708	)
Fixed maturity securities available-for-sale			—				(21,030	)			(202,862	)			—				(223,892	)
Equity securities			—				—				(1,005	)			—				(1,005	)
Investments, other			—				(20,100	)			(113,145	)			—				(133,245	)
Proceeds from sales of:
Property, plant and equipment			348,538				—				—				—				348,538
Fixed maturity securities available-for-sale			—				25,205				329,493				—				354,698
Equity securities			—				—				—				—				—
Investments, other			—				14,480				129,333				—				143,813
Net cash provided by (used in) investing activities			(1,204,442	)			(1,445	)			141,814				—				(1,064,073	)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2026

72

Consolidating cash flow statements by segment for the six months ended September 30, 2026 continued:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Elimination				U-Haul Holding Company Consolidated
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities			1,031,302				—				—				—				1,031,302
Principal repayments on credit facilities			(881,615	)			—				—				—				(881,615	)
Payment of debt issuance costs			(5,597	)			—				—				—				(5,597	)
Securitization deposits			—				—				—				—				—
Series N Non-Voting Common Stock dividends paid			(17,552	)			—				—				—				(17,552	)
Repurchase of Common Stock			(25,765	)			—				—				—				(25,765	)
Repurchase of Series N Non-Voting Common Stock			(101,381	)			—				—				—				(101,381	)
Investment contract deposits			—				—				170,010				—				170,010
Investment contract withdrawals			—				—				(232,255	)			—				(232,255	)
Net cash provided by (used in) financing activities			(608	)			—				(62,245	)			—				(62,853	)
Effects of exchange rate on cash			(2,325	)			—				—				—				(2,325	)
Increase (decrease) in cash and cash equivalents			(144,286	)			15,428				8,573				—				(120,285	)
Cash and cash equivalents at beginning of period			1,014,382				64,048				41,717				—				1,120,147
Cash and cash equivalents at end of period		$	870,096			$	79,476			$	50,290			$	—			$	999,862
		(page 2 of 2)
(a) Balance for the period ended June 30, 2026

73

Consolidating cash flow statements by segment for the six months ended September 30, 2025 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Elimination				U-Haul Holding Company Consolidated
Cash flows from operating activities:		(In thousands)
Net earnings		$	247,881			$	23,059			$	4,446			$	(27,505	)		$	247,881
Earnings from consolidated entities			(27,505	)			—				—				27,505				—
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			584,185				—				—				—				584,185
Amortization of premiums and accretion of discounts related to investments, net			—				754				8,428				—				9,182
Amortization of debt issuance costs			3,434				—				—				—				3,434
Interest credited to policyholders			—				—				47,809				—				47,809
Provision for allowance (recoveries) for losses on trade receivables, net			(1,423	)			—				—				—				(1,423	)
Operating lease right-of-use asset amortization			4,553				—				—				—				4,553
Net (gains) losses on disposals of equipment			60,432				—				—				—				60,432
Net (gains) losses on disposal of real estate			2,914				—				—				—				2,914
Net (gains) losses on sales of fixed maturity securities			—				—				3,029				—				3,029
Net (gains) losses on equity securities and investments other			—				(1,000	)			874				—				(126	)
Deferred income taxes, net			75,750				1,539				(4,902	)			—				72,387
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables			64,794				3,601				(11,870	)			—				56,525
Inventories and parts			(13,004	)			—				—				—				(13,004	)
Prepaid expenses			(33,534	)			—				—				—				(33,534	)
Deferred policy acquisition costs, net			—				—				2,612				—				2,612
Other assets			(12,998	)			349				(379	)			—				(13,028	)
Related party assets			2,440				(5,537	)			(46	)			—				(3,143	)
Accounts payable and accrued expenses			80,730				(934	)			619				—				80,415
Policy benefits and losses, claims and loss expenses payable			42,650				(346	)			(6,208	)			—				36,096
Other policyholders' funds and liabilities			—				199				(1,814	)			—				(1,615	)
Deferred income			2,873				—				—				—				2,873
Other liabilities			243				469				830				—				1,542
Net cash provided by (used in) operating activities			1,084,415				22,153				43,428				—				1,149,996
Cash flows from investing activities:
Escrow deposits activity			581				—				—				—				581
Purchases of:
Property, plant and equipment			(1,914,502	)			—				—				—				(1,914,502	)
Fixed maturity securities available-for-sale			—				(12,851	)			(146,875	)			—				(159,726	)
Equity securities			—				(709	)			(2,749	)			—				(3,458	)
Investments, other			—				(11,850	)			(72,415	)			—				(84,265	)
Proceeds from sales of:
Property, plant and equipment			386,058				—				—				—				386,058
Fixed maturity securities available-for-sale			—				11,351				174,691				—				186,042
Equity securities			—				704				6,000				—				6,704
Investments, other			—				22,432				62,808				—				85,240
Net cash provided by (used in) investing activities			(1,527,863	)			9,077				21,460				—				(1,497,326	)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2025

74

Consolidating cash flow statements by segment for the six months ended September 30, 2025 continued:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Elimination				U-Haul Holding Company Consolidated
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities			951,543				—				—				—				951,543
Principal repayments on credit facilities			(425,838	)			—				—				—				(425,838	)
Payment of debt issuance costs			(5,808	)			—				—				—				(5,808	)
Finance lease payments			(24,693	)			—				—				—				(24,693	)
Securitization deposits			224				—				—				—				224
Series N Non-Voting Common Stock dividends paid			(17,647	)			—				—				—				(17,647	)
Investment contract deposits			—				—				181,834				—				181,834
Investment contract withdrawals			—				—				(222,462	)			—				(222,462	)
Net cash provided by (used in) financing activities			477,781				—				(40,628	)			—				437,153
Effects of exchange rate on cash			4,169				—				—				—				4,169
Increase (decrease) in cash and cash equivalents			38,502				31,230				24,260				—				93,992
Cash and cash equivalents at beginning of period			872,467				96,165				20,196				—				988,828
Cash and cash equivalents at end of period		$	910,969			$	127,395			$	44,456			$	—			$	1,082,820
		(page 2 of 2)
(a) Balance for the period ended June 30, 2025

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform their obligations. The following table is a summary of our interest rate swap agreements as of September 30, 2026:

Notional Amount

Fair Value

Effective Date

Expiration Date

Fixed Rate

Floating Rate

(Unaudited)

(In thousands)

$

51,667

$

4,308

7/15/2022

7/15/2032

2.86

%

1 Month SOFR

As of September 30, 2026, we had $905.2 million of variable rate debt obligations, of this amount, $853.5 million is not fixed through interest rate swaps. If Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $8.5 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of September 30, 2026 and March 31, 2026, these derivative hedges had a net market value of $7.1 million and $8.9 million, respectively, with notional amounts of $259.4 million and $310.1 million, respectively. Of these derivative instruments, $20.3 million and $26.5 million are included in Investments, other and are offset by $13.1 million and $17.6 million, which are included in Accounts payable and accrued expenses as of September 30, 2026 and March 31, 2026, respectively on the consolidated balance sheets.

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

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Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.6% and 5.5% of our revenue was generated in Canada during the first six months of fiscal 2027 and 2026, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to:

•the risk associated with potential future pandemics or similar events on system members or customers;

•the impact of the economic environment on demand for our products and the cost and availability of debt and capital;

•estimates of capital expenditures;

•plans for future operations, products or services, financing needs, and strategies;

•our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us;

•liquidity and the availability of financial resources to meet our needs, goals and strategies;

•plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets;

•the impact of our compliance with environmental laws and cleanup costs;

•the impact of any future legislation or regulatory guidance on our tax position;

•our beliefs regarding our sustainability practices;

•our used vehicle disposition strategy;

•the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans;

•our plan to expand our U-Haul storage affiliate program;

•that additional leverage can be supported by our operations and business;

•the availability of alternative vehicle manufacturers;

•the availability and economics of electric vehicles for our rental fleet;

•our estimates of the residual values of our equipment fleet;

•our plans with respect to off-balance sheet arrangements;

•our plans to continue to invest in the U-Box program;

•our ability to expand our breadth and reach of the U-Box program;

•the impact of interest rate and foreign currency exchange rate changes on our operations;

•the sufficiency of our capital resources;

•the sufficiency of capital of our insurance subsidiaries;

77

•inflationary pressures and/or imposition of tariffs that may challenge our ability to maintain or improve upon our operating margin;

•our belief that we have the financial resources needed to meet our business plans;

•our belief that we will maintain a high level of real estate capital expenditures in fiscal 2027;

•expectations regarding the potential impact to our information technology infrastructure and on our financial performance and business operations of technology, cybersecurity or data security breaches, including any related costs, fines or lawsuits, and our ability to continue ongoing operations and safeguard the integrity of our information technology infrastructure, data, and employee, customer and vendor information, as well as assumptions relating to the foregoing.

•our ability to increase transaction volume and improve pricing, product, and utilization for self-moving equipment rentals;

•our ability to maintain or increase adequate levels of new investment for our rental equipment fleet;

•our ability to complete current projects, increase occupancy in our existing portfolio of locations, and acquire new locations;

•our ability to expand our Life Insurance segment in the senior market;

•our ability to grow our agency force, expand our product offerings, and pursue business acquisition opportunities in our Life Insurance segment;

•our belief that fiscal 2027 investments will be funded largely through debt financing, external lease financing, private placement and cash from operations; and

•our plan to expand owned storage properties and our belief that such development projects will be funded through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature.

The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation,

•the degree and nature of our competition;

•our leverage;

•general economic conditions;

•fluctuations in our costs to maintain and update our fleet and facilities;

•the limited number of manufacturers that supply our rental trucks;

•our ability to effectively hedge our variable interest rate debt;

•that we are controlled by a small contingent of stockholders;

•fluctuations in quarterly results and seasonality;

•changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations;

•outcomes of litigation;

•our reliance on our third party dealer network;

•liability claims relating to our rental vehicles and equipment;

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•our ability to attract, motivate and retain key employees;

•reliance on our automated systems and the internet;

•our credit ratings;

•our ability to recover under reinsurance arrangements; and

•other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC.

The above factors, as well as other statements in this Quarterly Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2026. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2026, our disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f), during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.

SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, we will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. We believe that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to our business or financial condition.

Item 1A. Risk Factors

We are not aware of any material updates to the Risk Factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In May 2026, the Board authorized the Stock Repurchase Program with no expiration date. Under the Stock Repurchase Program, the Company may purchase up to $350 million in aggregate for both of its Voting Common Stock and Non-Voting Common Stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase programs, or in any other manner in compliance with applicable law. The timing and amount of stock repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. During the first six months of fiscal 2027, the Company repurchased 398,295 shares of its Voting Common Stock at a cost of $25.7 million and repurchased 1,679,756 shares of its Non-Voting Common Stock at a cost of $100.7 million, excluding any commissions related to the purchases.

		Voting Common Stock								Non-Voting Common Stock
Period		Total # of Shares Repurchased				Avg Price Paid per Share				Total # of Shares Repurchased				Avg Price Paid per Share				Total # of Shares Repurchased as Part of Publicly Announced Plan				Maximum $ of Shares That May Yet be Purchased Under the Stock Repurchase Program
May 22-31, 2026			-			$	—				-			$	—				-			$	350,000,000
June 1-30, 2026			248,368			$	62.69				584,278			$	55.53				832,646			$	301,984,881
First Quarter Total			248,368			$	62.69				584,278			$	55.53				832,646
July 1-31, 2026			149,927			$	67.30				719,591			$	61.15				869,518			$	247,894,696
August 1-31, 2026			-			$	—				375,887			$	64.47				375,887			$	223,662,605
September 1-30, 2026			-			$	—				-			$	—				-			$	223,662,605
Second Quarter Total			149,927			$	67.30				1,095,478			$	62.28				1,245,405
Total			398,295			$	64.43				1,679,756			$	59.94				2,078,051

[1]All shares were repurchased under the Board authorization covering up to $350 million of the Company’s Voting Common Stock and Non-Voting Common Stock announced on May 27, 2026. Unless modified or revoked by the Board, this authorization does not expire.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

During the quarter ended September 30, 2026, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The following documents are filed or furnished as part of this Quarterly Report:

Exhibit Number		Description		Page or Method of Filing
31.1		Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company		Filed herewith
31.2		Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company		Filed herewith
32.1		Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		Furnished herewith
32.2		Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		Furnished herewith
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL Document		Filed herewith
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents		Filed herewith
104		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)		Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

U-Haul Holding Company

Date: November 4, 2026		/s/ Edward J. Shoen
		Edward J. Shoen
		President and Chairman of the Board
		(Principal Executive Officer)
Date: November 4, 2026		/s/ Jason A. Berg
		Jason A. Berg
		Chief Financial Officer
		(Principal Financial Officer)
Date: November 4, 2026		/s/ Maria L. Bell
		Maria L. Bell
		Chief Accounting Officer
		(Principal Accounting Officer)

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