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, 2025

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 ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of November 5, 2025.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 5, 2025.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Consolidated Balance Sheets as of September 30, 2025 and March 31, 2025 (unaudited)	1
	b) Consolidated Statements of Operations for the Quarters Ended September 30, 2025 and 2024 (unaudited)	2
	c) Consolidated Statements of Operations for the Six Months ended September 30, 2025 and 2024 (unaudited)	3
	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2025 and 2024 (unaudited)	4
	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2025 and 2024 (unaudited)	5
	f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2025 and 2024 (unaudited)	6
	g) Consolidated Statements of Cash Flows for the Six months ended September 30, 2025 and 2024 (unaudited)	7
	h) Notes to Consolidated Financial Statements (unaudited)	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	74
Item 4.	Controls and Procedures	77
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	77
Item 1A.	Risk Factors	77
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	78
Item 4.	Mine Safety Disclosures	78
Item 5.	Other Information	78
Item 6.	Exhibits	78

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

	September 30,			March 31,
	2025			2025
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,082,820		$	988,828
Trade receivables and reinsurance recoverables, net		175,634			230,716
Inventories and parts		176,138			163,132
Prepaid expenses		316,220			282,406
Fixed maturity securities available-for-sale (net of allowance for credit loss of $4,573 and $3,104, respectively) at fair value and amortized cost ($2,671,587 and $2,708,562 respectively)		2,494,429			2,479,498
Equity securities, at fair value		62,972			65,549
Investments, other		679,472			678,254
Deferred policy acquisition costs, net		119,117			121,729
Other assets		139,617			126,732
Right of use assets - financing, net		62,636			138,698
Right of use assets - operating, net		41,812			46,025
Related party assets		46,612			45,003
Property, plant and equipment, at cost:
Land		1,846,211			1,812,820
Buildings and improvements		10,095,592			9,628,271
Furniture and equipment		1,061,416			1,047,414
Rental trailers and other rental equipment		1,132,107			1,046,135
Rental trucks		8,272,598			7,470,039
		22,407,924			21,004,679
Less: Accumulated depreciation		(6,376,984	)		(5,892,079	)
Total property, plant and equipment, net		16,030,940			15,112,600
Total assets	$	21,428,419		$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	869,740		$	820,900
Notes, loans and finance leases payable, net		7,694,640			7,193,857
Operating lease liabilities		42,613			46,973
Policy benefits and losses, claims and loss expenses payable		900,302			857,521
Liabilities from investment contracts		2,518,603			2,511,422
Other policyholders' funds and liabilities		5,923			7,539
Deferred income		55,847			52,895
Deferred income taxes, net		1,572,864			1,489,920
Total liabilities		13,660,532			12,981,027
Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock with $0.001 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 outstanding		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(189,804	)		(229,314	)
Retained earnings		8,162,120			7,931,886
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,767,887			7,498,143
Total liabilities and stockholders' equity	$	21,428,419		$	20,479,170

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,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	1,110,477		$	1,087,348
Self-storage revenues		246,299			224,519
Self-moving and self-storage products and service sales		89,829			87,763
Property management fees		9,621			9,586
Life insurance premiums		18,370			20,488
Property and casualty insurance premiums		28,272			25,767
Net investment and interest income		40,022			37,794
Other revenue		177,032			164,843
Total revenues		1,719,922			1,658,108
Costs and expenses:
Operating expenses		909,542			891,073
Commission expenses		121,811			119,008
Cost of product sales		67,625			62,250
Benefits and losses		48,178			44,392
Amortization of deferred policy acquisition costs		4,962			4,439
Lease expense		5,071			4,729
Depreciation, net of (gains) losses on disposals of ($38,499 and ($17,555), respectively)		340,608			227,270
Net (gains) losses on disposal of real estate		4,531			2,991
Total costs and expenses		1,502,328			1,356,152
Earnings from operations		217,594			301,956
Other components of net periodic benefit costs		(345	)		(372	)
Other interest income		10,015			16,131
Interest expense		(90,305	)		(71,498	)
Pretax earnings		136,959			246,217
Income tax expense		(31,409	)		(59,419	)
Net earnings available to common stockholders	$	105,550		$	186,798
Basic and diluted earnings per share of Common Stock	$	0.49		$	0.91
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	0.54		$	0.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the second quarters ended September 30, 2025 and 2024, net of eliminations, were $9.6 million and $9.6 million, respectively.

Related party costs and expenses for the second quarters ended September 30, 2025 and 2024, net of eliminations, were $32.7 million and $32.9 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.

2

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

	Six months ended September 30,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	2,168,750		$	2,101,680
Self-storage revenues		480,536			440,256
Self-moving and self-storage products and service sales		188,017			184,354
Property management fees		19,203			19,081
Life insurance premiums		37,539			41,228
Property and casualty insurance premiums		50,010			46,996
Net investment and interest income		75,233			74,919
Other revenue		331,104			298,084
Total revenues		3,350,392			3,206,598
Costs and expenses:
Operating expenses		1,736,291			1,680,830
Commission expenses		238,548			231,579
Cost of product sales		139,830			128,264
Benefits and losses		93,360			88,398
Amortization of deferred policy acquisition costs		9,879			9,085
Lease expense		9,945			10,334
Depreciation, net of (gains) losses on disposal ($60,432 and ($25,323), respectively)		644,617			443,815
Net (gains) losses on disposal of real estate		2,914			6,095
Total costs and expenses		2,875,384			2,598,400
Earnings from operations		475,008			608,198
Other components of net periodic benefit costs		(691	)		(744	)
Other interest income		20,684			34,366
Interest expense		(172,635	)		(138,716	)
Fees on early extinguishment of debt and costs of defeasance		(26	)		(495	)
Pretax earnings		322,340			502,609
Income tax expense		(74,459	)		(120,394	)
Net earnings available to common stockholders	$	247,881		$	382,215
Basic and diluted earnings per common share	$	1.17		$	1.86
Weighted average common shares outstanding: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.27		$	1.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the first six months ended September 30, 2025 and 2024, net of eliminations, were $19.2 million and $19.1 million, respectively.

Related party costs and expenses for the first six months ended September 30, 2025 and 2024, net of eliminations, were $64.9 million and $63.4 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, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
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
Quarter ended September 30, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	246,217		$	(59,419	)	$	186,798
Other comprehensive income (loss):
Foreign currency translation		421			—			421
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		(4,014	)		(18	)		(4,032	)
Change in fair value of cash flow hedges		2,312			(616	)		1,696
Amounts reclassified into earnings on hedging activities		(9,479	)		2,376			(7,103	)
Total other comprehensive income (loss)		(10,760	)		1,742			(9,018	)
Total comprehensive income (loss)	$	235,457		$	(57,677	)	$	177,780

Six months ended September 30, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
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
Six months ended September 30, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	502,609		$	(120,394	)	$	382,215
Other comprehensive income (loss):
Foreign currency translation		217			—			217
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		(11,479	)		2,034			(9,445	)
Change in fair value of cash flow hedges		(214	)		5			(209	)
Amounts reclassified into earnings on hedging activities		(10,904	)		2,726			(8,178	)
Total other comprehensive income (loss)		(22,380	)		4,765			(17,615	)
Total comprehensive income (loss)	$	480,229		$	(115,629	)	$	364,600

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		Series N Non-Voting Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of June 30, 2025		$	10,497	$	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		$	10,497	$	176		$	462,548	$	(189,804	)	$	8,162,120		$	(525,653	)		(151,997	)	$	7,767,887
Balance as of June 30, 2024		$	10,497	$	176		$	462,548	$	(231,813	)	$	7,786,683		$	(525,653	)	$	(151,997	)	$	7,350,441
Foreign currency translation			—		—			—		421			—			—			—			421
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—		(4,032	)		—			—			—			(4,032	)
Change in fair value of cash flow hedges, net of tax			—		—			—		1,696			—			—			—			1,696
Amounts reclassified into earnings on hedging activities			—		—			—		(7,103	)		—			—			—			(7,103	)
Net earnings			—		—			—		—			186,798			—			—			186,798
Series N Non-Voting Common stock dividends: ($0.05 per share)			—		—			—		—			(8,823	)		—			—			(8,823	)
Net activity			—		—			—		(9,018	)		177,975			—			—			168,957
Balance as of September 30, 2024		$	10,497	$	176	$	$	462,548	$	(240,831	)	$	7,964,658		$	(525,653	)	$	(151,997	)	$	7,519,398

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

5

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity

		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025		$	10,497	$	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		$	10,497	$	176		462,548	$	(189,804	)	$	8,162,120		$	(525,653	)		(151,997	)	$	7,767,887
Balance as of March 31, 2024		$	10,497	$	176	$	462,548	$	(223,216	)	$	7,600,090		$	(525,653	)	$	(151,997	)	$	7,172,445
Foreign currency translation			—		—		—		217			—			—			—			217
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		(9,445	)		—			—			—			(9,445	)
Change in fair value of cash flow hedges, net of tax			—		—		—		(209	)		—			—			—			(209	)
Amounts reclassified into earnings on hedging activities			—		—		—		(8,178	)		—			—			—			(8,178	)
Net earnings			—		—		—		—			382,215			—			—			382,215
Series N Non-Voting Common stock dividends: ($0.10 per share)			—		—		—		—			(17,647	)		—			—			(17,647	)
Net activity			—		—		—		(17,615	)		364,568			—			—			346,953
Balance as of September 30, 2024		$	10,497	$	176	$	462,548	$	(240,831	)	$	7,964,658		$	(525,653	)	$	(151,997	)	$	7,519,398

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

6

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows

	Six months ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net earnings	$	247,881		$	382,215
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		584,185			469,138
Amortization of premiums and accretion of discounts related to investments, net		9,182			7,073
Amortization of debt issuance costs		3,434			2,880
Interest credited to policyholders		47,809			37,584
Provision for allowance for losses on trade receivables, net		(1,423	)		1,811
Operating lease right-of-use asset amortization		4,553			5,297
Net (gains) losses on disposals of equipment		60,432			(25,323	)
Net (gains) losses on disposal of real estate		2,914			6,095
Net (gains) losses on sales of fixed maturity securities		3,029			84
Net (gains) losses on equity securities and investments, other		(126	)		(3,069	)
Deferred income taxes, net		72,387			60,089
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		56,525			(1,661	)
Inventories and parts		(13,004	)		(6,653	)
Prepaid expenses		(33,534	)		(33,317	)
Deferred policy acquisition costs, net		2,612			(105	)
Other assets		(13,028	)		(13,412	)
Related party assets		(3,143	)		(4,833	)
Accounts payable and accrued expenses and operating lease liabilities		80,415			103,331
Policy benefits and losses, claims and loss expenses payable		36,096			(1,784	)
Other policyholders' funds and liabilities		(1,615	)		(10,025	)
Deferred income		2,873			2,818
Other liabilities		1,542			6,045
Net cash provided by operating activities		1,149,996			984,278
Cash flows from investing activities:
Escrow deposits activity		581			(4,808	)
Purchases of:
Property, plant and equipment		(1,914,502	)		(1,927,002	)
Fixed maturity securities available-for-sale		(159,726	)		(227,330	)
Equity securities		(3,458	)		(610	)
Investments, other		(84,265	)		(62,859	)
Proceeds from sales of:
Property, plant and equipment		386,058			364,824
Fixed maturity securities available-for-sale		186,042			200,821
Equity securities		6,704			10,606
Investments, other		85,240			48,491
Net cash (used in) provided by investing activities		(1,497,326	)		(1,597,867	)
Cash flows from financing activities:
Borrowings from credit facilities		951,543			972,428
Principal repayments on credit facilities		(425,838	)		(443,431	)
Payment of debt issuance costs		(5,808	)		(3,922	)
Finance lease payments		(24,693	)		(39,259	)
Securitization deposits		224			189
Series N Non-Voting Common Stock dividends paid		(17,647	)		(17,647	)
Investment contract deposits		181,834			226,771
Investment contract withdrawals		(222,462	)		(184,544	)
Net cash provided by (used in) by financing activities		437,153			510,585
Effects of exchange rate on cash		4,169			4,099
Increase (decrease) in cash and cash equivalents		93,992			(98,905	)
Cash and cash equivalents at the beginning of period		988,828			1,534,544
Cash and cash equivalents at the end of period	$	1,082,820		$	1,435,639

Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest	$	172,300		$	142,198
Interest on derivatives		(1,326	)		(2,966	)
Income taxes, net		2,906			57,519
Non-cash activities:
Right-of-use assets in exchange for lease liabilities		260			3,068
Purchase of property, plant and equipment included in accounts payable		70,615			70,729

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

7

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 2025 and 2024 correspond to fiscal 2026 and 2025 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, 2025, 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, 2025.

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

8

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 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.

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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, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

	For the Quarters Ended
	September 30,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%
Net earnings available to common stockholders	$	105,550		$	186,798
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,823	)		(8,823	)
Undistributed earnings available to common stockholders	$	96,727		$	177,975
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	9,673		$	17,798
Undistributed earnings per share of Voting Common Stock	$	0.49		$	0.91
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings per share of Voting Common Stock	$	0.49		$	0.91
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%
Net earnings available to common stockholders	$	105,550		$	186,798
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,823	)		(8,823	)
Undistributed earnings available to common stockholders	$	96,727		$	177,975
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	87,054		$	160,178
Undistributed earnings per share of Non-Voting Common Stock	$	0.49		$	0.91
Dividends declared per share of Non-Voting Common Stock		0.05			0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.54		$	0.96

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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, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:

	Six months ended
	September 30,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%
Net earnings available to common stockholders	$	247,881		$	382,215
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(17,647	)		(17,647	)
Undistributed earnings available to common stockholders	$	230,234		$	364,568
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	23,023		$	36,457
Undistributed earnings per share of Voting Common Stock	$	1.17		$	1.86
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings per share of Voting Common Stock	$	1.17		$	1.86
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%
Net earnings available to common stockholders	$	247,881		$	382,215
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(17,647	)		(17,647	)
Undistributed earnings available to common stockholders	$	230,234		$	364,568
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	207,211		$	328,111
Undistributed earnings per share of Non-Voting Common Stock	$	1.17		$	1.86
Dividends declared per share of Non-Voting Common Stock		0.10			0.10
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.27		$	1.96

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.0 million and $21.5 million as of September 30, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2025 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	$	106,730	$	262	$	(6,012	)	$	—		$	100,980
U.S. government agency mortgage-backed securities		79,463		513		(7,532	)		—			72,444
Obligations of states and political subdivisions		130,669		413		(8,297	)		—			122,785
Corporate securities		1,737,046		3,268		(120,702	)		(4,573	)		1,615,039
Mortgage-backed securities		617,679		2,672		(37,170	)		—			583,181
	$	2,671,587	$	7,128	$	(179,713	)	$	(4,573	)	$	2,494,429

Available-for-sale investments as of March 31, 2025 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	$	119,289	$	206	$	(8,353	)	$	—		$	111,142
U.S. government agency mortgage-backed securities		81,909		232		(8,712	)		—			73,429
Obligations of states and political subdivisions		137,280		272		(8,808	)		—			128,744
Corporate securities		1,807,605		1,623		(155,749	)		(3,104	)		1,650,375
Mortgage-backed securities		562,479		582		(47,253	)		—			515,808
	$	2,708,562	$	2,915	$	(228,875	)	$	(3,104	)	$	2,479,498

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, 2025 and March 31, 2025 were as follows:

	September 30, 2025
	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	$	—	$	—		$	94,669	$	(6,012	)	$	94,669	$	(6,012	)
U.S. government agency mortgage-backed securities		10,695		(46	)		19,921		(7,486	)		30,616		(7,532	)
Obligations of states and political subdivisions		41,058		(1,439	)		53,467		(6,858	)		94,525		(8,297	)
Corporate securities		186,091		(1,651	)		1,181,934		(119,051	)		1,368,025		(120,702	)
Mortgage-backed securities		89,344		(2,352	)		197,422		(34,818	)		286,766		(37,170	)
	$	327,188	$	(5,488	)	$	1,547,413	$	(174,225	)	$	1,874,601	$	(179,713	)

12

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	March 31, 2025
	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	$	1,760	$	(24	)	$	95,058	$	(8,329	)	$	96,818	$	(8,353	)
U.S. government agency mortgage-backed securities		36,871		(197	)		20,928		(8,515	)		57,799		(8,712	)
Obligations of states and political subdivisions		46,036		(1,628	)		52,903		(7,179	)		98,939		(8,807	)
Corporate securities		294,133		(5,822	)		1,239,884		(149,927	)		1,534,017		(155,749	)
Mortgage-backed securities		188,328		(3,911	)		217,020		(43,343	)		405,348		(47,254	)
	$	567,128	$	(11,582	)	$	1,625,793	$	(217,293	)	$	2,192,921	$	(228,875	)

Gross proceeds from sales of securities were $2.4 million and $14.0 million for the first six months ended September 30, 2025 and September 30, 2024, 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 $1.5 million and $1.8 million net impairment charge recorded in the first six months ended September 30, 2025 and 2024, respectively.

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.

13

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

	September 30, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	201,627	$	200,792	$	196,238	$	194,896
Due after one year through five years		571,477		560,967		591,589		576,204
Due after five years through ten years		580,086		540,400		611,788		558,430
Due after ten years		700,718		609,089		746,468		634,160
		2,053,908		1,911,248		2,146,083		1,963,690
Mortgage-backed securities		617,679		583,181		562,479		515,808
	$	2,671,587	$	2,494,429	$	2,708,562	$	2,479,498

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

	September 30, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	32,938	$	47,289	$	30,108	$	43,413
Non-redeemable preferred stocks		19,103		15,683		25,144		22,136
	$	52,041	$	62,972	$	55,252	$	65,549

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,
	2025		2025
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	659,736	$	657,567
Policy loans		12,079		11,868
Other investments		7,657		8,819
	$	679,472	$	678,254

14

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:

		September 30,			March 31,
		2025			2025
		(Unaudited)
		(In thousands)
Accounts payable	$		274,199	$		263,280
Accrued expenses			595,541			557,620
	$		869,740	$		820,900

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 $404.0 million and $360.8 million of liabilities related to these programs as of September 30, 2025 and March 31, 2025, 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.

15

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2026 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			September 30, 2025			March 31, 2025
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	5.76	%	2027		-	2037		5.18	%	$	259,947		$	265,887
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.57	%		2,742,397			2,437,769
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	6.02	%	2025		-	2031		5.38	%		109,779			125,839
Fleet loans (revolving credit) (b)		5.17	%	-	5.67	%	2028		-	2030		5.54	%		635,000			625,000
Finance leases (rental equipment)		2.89	%	-	5.01	%	2025		-	2026		4.34	%		19,645			44,338
Finance liability (rental equipment)		1.60	%	-	6.80	%	2025		-	2033		5.17	%		2,201,380			1,963,644
Private placements		2.43	%	-	6.00	%	2029		-	2035		3.62	%		1,700,000			1,700,000
Other obligations		1.50	%	-	8.00	%	2025		-	2049		6.41	%		64,357			66,864
Notes, loans and finance leases payable															7,732,505			7,229,341
Less: Debt issuance costs															(37,865	)		(35,484	)
Total notes, loans and finance leases payable, net														$	7,694,640		$	7,193,857
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A certain loan has an interest rate swap fixing the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for this loan was 5.54% using the swap adjusted interest rate.
(c) Weighted average rates as of September 30, 2025.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of September 30, 2025 for the next five years and thereafter are as follows:

	Years Ended September 30,
	2026		2027		2028		2029		2030		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	883,790	$	1,054,945	$	791,194	$	900,366	$	1,020,030	$	3,082,180	$	7,732,505

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

	Quarter ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	89,854		$	74,241
Capitalized interest		(558	)		(2,567	)
Amortization of transaction costs		1,571			1,330
Interest expense resulting from cash flow hedges		(562	)		(1,506	)
Total interest expense	$	90,305		$	71,498

16

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Six months ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	176,473		$	145,388
Capitalized interest		(5,852	)		(6,580	)
Amortization of transaction costs		3,103			2,839
Interest expense resulting from cash flow hedges		(1,089	)		(2,931	)
Total interest expense	$	172,635		$	138,716

Interest Rates

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

	Revolving Credit Activity
	Quarter ended September 30,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		5.62	%		6.60	%
Interest rate at the end of the quarter		5.60	%		6.55	%
Maximum amount outstanding during the quarter	$	635,000		$	585,000
Average amount outstanding during the quarter	$	635,000		$	585,000
Facility fees	$	297		$	316

	Revolving Credit Activity
	Six months ended September 30,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		5.62	%		6.62	%
Interest rate at the end of the period		5.60	%		6.55	%
Maximum amount outstanding during the period	$	785,000		$	735,000
Average amount outstanding during the period	$	682,541		$	625,209
Facility fees	$	531		$	579

17

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, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	2,647	$	4,381
Liabilities	$	436	$	777
Notional amount	$	272,647	$	376,887

(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 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $4.4 million and $0.2 million, respectively, net of taxes. During the first six months of fiscal 2026 and 2025, we reclassified ($3.6) million and $8.2 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2025, we expect to reclassify $2.5 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 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 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. Net (gains) losses recognized in net investment and interest income for the first six months of September 30, 2025 and 2024 were $5.9 million and $6.5 million, respectively.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Derivatives Fair Values as of
	September 30, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	7,657	$	8,819
Notional amount	$	285,821	$	326,218

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.

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, 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	)

(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, 2024	$	(53,911	)	$	(182,296	)	$	3,350		$	1,044	$	(231,813	)
Foreign currency translation		421			—			—			—		421
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			(4,032	)		—			—		(4,032	)
Change in fair value of cash flow hedges		—			—			1,696			—		1,696
Amounts reclassified into earnings on hedging activities		—			—			(7,103	)		—		(7,103	)
Other comprehensive income (loss)		421			(4,032	)		(5,407	)		—		(9,018	)
Balance as of September 30, 2024	$	(53,490	)	$	(186,328	)	$	(2,057	)	$	1,044	$	(240,831	)

(a) Liability for future policy benefits

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	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

	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, 2024	$	(53,707	)	$	(176,883	)	$	6,330		$	1,044	$	(223,216	)
Foreign currency translation		217			—			—			—		217
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			(9,445	)		—			—		(9,445	)
Change in fair value of cash flow hedges		—			—			(209	)		—		(209	)
Amounts reclassified into earnings on hedging activities		—			—			(8,178	)		—		(8,178	)
Other comprehensive income (loss)		217			(9,445	)		(8,387	)		—		(17,615	)
Balance as of September 30, 2024	$	(53,490	)	$	(186,328	)	$	(2,057	)	$	1,044	$	(240,831	)

(a) Liability for future policy benefits

8. Dividends

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2026 and 2025:

Non-Voting Common Stock Dividends
Declared Date		Per Share Amount		Record Date	Dividend Date
August 21, 2025	$		0.05	September 15, 2025	September 26, 2025
June 4, 2025			0.05	June 16, 2025	June 27, 2025
August 15, 2024			0.05	September 16, 2024	September 27, 2024
June 5, 2024			0.05	June 17, 2024	June 28, 2024

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

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9. Leases

The following tables show the components of our right-of-use (“ROU") assets, net:

	As of September 30, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,694		$	71,694
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		24,343			—			24,343
Rental trucks		149,219			—			149,219
Right-of-use assets, gross		173,623			71,694			245,317
Less: Accumulated depreciation		(110,987	)		(29,882	)		(140,869	)
Right-of-use assets, net	$	62,636		$	41,812		$	104,448

	As of March 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,330		$	71,330
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		58,071			—			58,071
Rental trucks		309,475			—			309,475
Right-of-use assets, gross		367,607			71,330			438,937
Less: Accumulated depreciation		(228,909	)		(25,305	)		(254,214	)
Right-of-use assets, net	$	138,698		$	46,025		$	184,723

As of September 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $19.6 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $76.1 million and $80.5 million for the as of September 30, 2025 and September 30, 2024, respectively.

	Finance leases
	September 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		0.3		0.6
Weighted average discount rate		4.3	%		4.4	%

	Operating leases
	September 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)	25.7			24.1
Weighted average discount rate		4.7	%		4.6	%

For the six months ended September 30, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $9.5 million and $10.6 million, respectively, and our financing cash flow activities were $24.7 million and $39.3 million, respectively.

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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, 2025		September 30, 2024
	(Unaudited)
	(In thousands)
Operating lease costs	$	9,945	$	10,334
Finance lease cost:
Amortization of right-of-use assets	$	5,979	$	17,630
Interest on lease liabilities		849		2,219
Total finance lease cost	$	6,828	$	19,849

The short-term lease costs for the first six months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:

	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)
2026 (6 months)	$	19,980		$	4,739
2027		—			8,267
2028		—			6,998
2029		—			5,309
2030		—			4,018
Thereafter		—			57,283
Total lease payments		19,980			86,614
Less: imputed interest		(335	)		(44,001	)
Present value of lease liabilities	$	19,645		$	42,613

10. Contingencies

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

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.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	7,830	$	7,805
U-Haul management fee revenue from Mercury		1,791		1,781
	$	9,621	$	9,586

	Six months ended September 30,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	15,608	$	15,520
U-Haul management fee revenue from Mercury		3,595		3,561
	$	19,203	$	19,081

We currently manage the self-storage properties owned or leased 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 $19.4 million and $19.5 million from the above-mentioned entities during the first six months of fiscal 2026 and 2025, 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,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	601	$	604
U-Haul printing expenses to Blackwater		1,445		1,455
U-Haul commission expenses to Blackwater		24,194		24,434
U-Haul lease expenses to Mercury		38		38
U-Haul commission expenses to Mercury		6,439		6,323
	$	32,717	$	32,854

	Six months ended September 30,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	1,202	$	1,208
U-Haul printing expenses to Blackwater		2,880		2,558
U-Haul commission expenses to Blackwater		47,765		47,129
U-Haul lease expenses to Mercury		76		76
U-Haul commission expenses to Mercury		12,931		12,451
	$	64,854	$	63,422

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, 2025, 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 $19.2 million and $19.1 million, expenses of $4.2 million and $3.8 million and we received cash flows of $18.1 million and $18.2 million, respectively, during the first six months of fiscal 2026 and 2025. Revenues were $291.9 million and $289.6 million and commission expenses were $60.7 million and $59.6 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2026 and 2025.

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.

Related Party Assets

	September 30,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
U-Haul receivable from Blackwater	$	31,213	$	28,442
U-Haul receivable from Mercury		14,285		12,517
Other (a)		1,114		4,044
	$	46,612	$	45,003

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

24

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 on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

25

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	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
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

26

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, 2024 were as follows:

		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,573,643		$		31,461		$		56,157		$		(3,153	)	(b,c)	$		1,658,108
Costs and expenses:
Personnel expenses			311,009				—				—				—					311,009
Equipment maintenance and repair expenses			213,413				—				—				—					213,413
Other operating expenses			68,731				—				—				—					68,731
Other segment items			282,662				11,875				5,278				(1,895	)	(b,c)			297,920
Operating expenses			875,815				11,875				5,278				(1,895	)				891,073
Commission expenses			119,008				—				—				—					119,008
Cost of product sales			62,250				—				—				—					62,250
Benefits and losses			—				5,672				38,720				—					44,392
Amortization of deferred policy acquisition costs			—				—				4,439				—					4,439
Lease expense			5,614				91				30				(1,006	)	(b)			4,729
Depreciation, net of (gains) losses on disposal			227,270				—				—				—					227,270
Net (gains) losses on disposal of real estate			2,991				—				—				—					2,991
Total costs and expenses			1,292,948				17,638				48,467				(2,901	)				1,356,152
Earnings from operations before equity in earnings of subsidiaries			280,695				13,823				7,690				(252	)				301,956
Equity in earnings of subsidiaries			17,006				—				—				(17,006	)	(d)			—
Earnings from operations			297,701				13,823				7,690				(17,258	)				301,956
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			16,251				—				—				(120	)	(b)			16,131
Interest expense			(71,750	)			—				(120	)			372		(b)			(71,498	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			241,830				13,823				7,570				(17,006	)				246,217
Income tax expense			(55,032	)			(2,844	)			(1,543	)			—					(59,419	)
Net earnings available to common stockholders	$		186,798		$		10,979		$		6,027		$		(17,006	)		$		186,798
(a) Balances for the quarter ended June 30, 2024
(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:

27

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

Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 30, 2024 were as follows:

28

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	$		3,042,804		$		59,639		$		109,906		$		(5,751	)	(b,c)	$		3,206,598
Costs and expenses:
Personnel expenses			595,864				—				—				—					595,864
Equipment maintenance and repair expenses			402,162				—				—				—					402,162
Other operating expenses			133,467				—				—				—					133,467
Other segment items			514,118				23,505				15,350				(3,636	)	(b,c)			549,337
Operating expenses			1,645,611				23,505				15,350				(3,636	)				1,680,830
Commission expenses			231,579				—				—				—					231,579
Cost of product sales			128,264				—				—				—					128,264
Benefits and losses			—				10,631				77,767				—					88,398
Amortization of deferred policy acquisition costs			—				—				9,085				—					9,085
Lease expense			11,687				197				61				(1,611	)	(b)			10,334
Depreciation, net of (gains) losses on disposal			443,815				—				—				—					443,815
Net (gains) losses on disposal of real estate			6,095				—				—				—					6,095
Total costs and expenses			2,467,051				34,333				102,263				(5,247	)				2,598,400
Earnings from operations before equity in earnings of subsidiaries			575,753				25,306				7,643				(504	)				608,198
Equity in earnings of subsidiaries			26,024				—				—				(26,024	)	(d)			—
Earnings from operations			601,777				25,306				7,643				(26,528	)				608,198
Other components of net periodic benefit costs			(744	)			—				—				—					(744	)
Other interest income			34,606				—				—				(240	)	(b)			34,366
Interest expense			(139,220	)			—				(240	)			744		(b)			(138,716	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			495,924				25,306				7,403				(26,024	)				502,609
Income tax expense			(113,709	)			(5,221	)			(1,464	)			—					(120,394	)
Net earnings available to common stockholders	$		382,215		$		20,085		$		5,939		$		(26,024	)		$		382,215
(a) Balances for the six months ended June 30, 2024
(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

The significant segment expense categories and amounts align with the segment-level information in 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, 2025 and 2024 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, 2025	$	997,931	$	-	$	-	$	-	$	997,931
Gross capital expenditures for the quarter ended September 30, 2024	$	963,839	$	-	$	-	$	-	$	963,839

Gross capital expenditures by reportable segment for the six months ended September 30, 2025 and 2024 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, 2025	$	1,914,502	$	-	$	-	$	-	$	1,914,502
Gross capital expenditures for the six months ended September 30, 2024	$	1,927,002	$	-	$	-	$	-	$	1,927,002

Total assets by reportable segment as of September 30, 2025 and March 31, 2025 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, 2025	$	18,460,371	$	562,065	$	3,120,354	$	(714,371	)	$	21,428,419
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170

30

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, 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
Quarter ended September 30, 2024
Total revenues	$	1,565,478	$	92,630	$	1,658,108
Depreciation and amortization, net of gains (losses) on disposals		226,600		8,100		234,700
Interest expense		70,924		574		71,498
Pretax earnings		236,601		9,616		246,217
Income tax expense		56,712		2,707		59,419
Identifiable assets		19,238,854		887,697		20,126,551

	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
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
Six Months ended September 30, 2024
Total revenues	$	3,033,171	$	173,427	$	3,206,598
Depreciation and amortization, net of (gains) losses on disposals		446,012		12,983		458,995
Interest expense		137,673		1,043		138,716
Pretax earnings		483,919		18,690		502,609
Income tax expense		115,089		5,305		120,394
Identifiable assets		19,238,854		887,697		20,126,551

14. Employee Benefit Plans

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

	Quarter ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Service cost for benefits earned during the period	$	169		$	246
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		370			375
Other components		(25	)		(3	)
Total other components of net periodic benefit costs		345			372
Net periodic postretirement benefit cost	$	514		$	618

31

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Six months ended September 30,
	2025			2024
	(Unaudited)
	(In thousands)
Service cost for benefits earned during the period	$	338		$	491
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		741			750
Other components		(50	)		(6	)