U-Haul Holding Company Reports Third Quarter Fiscal 2025 Financial Results

RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for its third quarter ended December 31, 2024, of $67.2 million compared with net earnings of $99.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.35 for the third quarter of fiscal 2025 compared to $0.51 for the same period in fiscal 2024. For the nine-month period ended December 31, 2024, net earnings available to shareholders were $449.4 million compared with net earnings of $629.6 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $2.31 for the nine-month period ended December 31, 2024 compared to $3.22 for the same period in fiscal 2024. “Moving activity increased over the quarter as demand for our products and services ticked up,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We are making steady improvements to reduce friction with the customer so that it’s easier for the public to choose U-Haul.” Highlights of Third Quarter Fiscal 2025 Results Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, increased $47.8 million to $376.7 million compared to the third quarter of fiscal 2024 and for the trailing twelve months for December 31, 2024 increased $20.7 million to $1,614.1 compared to the trailing twelve months for December 31, 2023. Self-storage revenues increased $16.6 million, or 7.9%, versus the third quarter of fiscal year 2024. Same store occupancy decreased 0.5% to 92.4%, revenue per foot increased 3.0%, and the number of locations qualifying for the pool increased by 50. Total portfolio of occupied rooms increased 39,055, or 6.8%, compared to December 31, 2023. During the third quarter, we added 34 new locations with storage and 2.3 million net rentable square feet (NRSF). Twenty-three were acquisitions of existing storage locations totaling 1.3 million NRSF and eleven were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 1.0 million NRSF. We have approximately 16.8 million NRSF in development or pending. Self-moving equipment rental revenues increased $38.8 million, or 4.6%, compared with the third quarter of fiscal year 2024 leading to our third consecutive quarter of steadily improving year-over-year results. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the third quarter of last year we have increased the size of the box truck fleet while decreasing the number of trucks in the pickup fleet. Moving and Storage Other revenue increased $9.6 million, or 9.6%, compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to 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. Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, adjusted to remove interest income, decreased $25.5 million compared to the third quarter of fiscal 2024. Reduced gains from the disposal of retired rental equipment accounted for $32.7 million of the decrease while fleet depreciation expense increased $34.2 million and real estate related depreciation expense increased $5.6 million, all compared with the third quarter of fiscal 2024. Fleet maintenance and repair costs declined $10.2 million compared with the third quarter of fiscal 2024. Cash and credit availability at the Moving and Storage segment was $1,348.1 million as of December 31, 2024 compared with $1,886.3 million at March 31, 2024. On December 4, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 16, 2024. The dividend was paid on December 27, 2024. Our latest Supplemental financial information is available at investors.uhaul.com under “Investor Kit.” U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2025 on Thursday, February 6, 2025, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com. About U-Haul Holding Company U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. About U-Haul Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 193,900 trucks, 138,200 trailers and 40,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,060,000 rentable storage units and 92.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America. Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2024, which is on file with the SEC. Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2025 and 2024. Quarter Ended December 31, 2024 2023 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 878,585 $ 839,801 Self-storage revenues 227,125 210,517 Self-moving and self-storage product and service sales 70,407 70,344 Property management fees 8,869 10,138 Life insurance premiums 22,926 22,574 Property and casualty insurance premiums 28,364 26,490 Net investment and interest income 40,536 57,457 Other revenue 111,746 102,193 Consolidated revenue $ 1,388,558 $ 1,339,514 Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2025 and 2024. Quarter Ended December 31, 2024 2023 (Unaudited) (In thousands) Moving and storage Revenues $ 1,296,556 $ 1,260,677 Earnings from operations before equity in earnings of subsidiaries 127,277 180,467 Property and casualty insurance Revenues 38,141 29,303 Earnings from operations 19,463 9,421 Life insurance Revenues 56,762 52,715 Earnings from operations 4,244 8,075 Eliminations Revenues (2,901 ) (3,181 ) Earnings from operations before equity in earnings of subsidiaries (252 ) (375 ) Consolidated Results Revenues 1,388,558 1,339,514 Earnings from operations 150,732 197,588 Debt Metrics (in thousands)(unaudited) December 31, September 30, June 30, March 31, December 31, 2024 2024 2024 2024 2023 Real estate secured debt $ 2,436,840 $ 2,471,044 $ 2,497,239 $ 2,562,620 $ 2,716,180 Unsecured debt 1,700,000 1,700,000 1,200,000 1,200,000 1,200,000 Fleet secured debt 2,724,349 2,554,194 2,544,235 2,470,603 2,482,356 Other secured debt 68,402 69,264 70,202 70,815 72,869 Total debt 6,929,591 6,794,502 6,311,676 6,304,038 6,471,405 Moving and Storage cash $ 883,108 $ 1,279,493 $ 1,071,779 $ 1,380,165 $ 1,736,295 Moving and Storage assets 17,291,214 17,164,316 16,447,193 16,149,748 16,193,912 Moving and Storage EBITDA (TTM) 1,614,146 1,566,396 1,584,461 1,567,985 1,593,446 Net debt to EBITDA 3.7 3.5 3.3 3.1 3.0 Net debt to total assets 35.0 % 32.1 % 31.9 % 30.5 % 29.2 % Percent of debt floating 6.2 % 5.9 % 7.7 % 7.2 % 6.9 % Percent of debt fixed 93.8 % 94.1 % 92.3 % 92.8 % 93.1 % Percent of debt unsecured 24.5 % 25.0 % 19.0 % 19.0 % 18.5 % Unencumbered asset ratio* 3.81x 3.78x 4.72x 4.43x 4.00x * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x The components of depreciation, net of gains on disposals for the third quarter of fiscal 2025 and 2024 are as follows: Quarter Ended December 31, 2024 2023 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 177,956 $ 143,757 Depreciation expense - non rental equipment 24,064 24,820 Depreciation expense - real estate 47,597 41,260 Total depreciation expense $ 249,617 $ 209,837 Net gains on disposals of rental equipment $ (3,774 ) $ (36,441 ) Net losses on disposals of non-rental equipment 248 252 Total net gains on disposals equipment $ (3,526 ) $ (36,189 ) Depreciation, net of gains on disposals $ 246,091 $ 173,648 Net losses on disposals of real estate $ 3,358 $ 2,584 The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows: Quarter Ended December 31, 2024 2023 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 781 701 Square footage as of December 31 66,792 59,433 Average monthly number of units occupied 610 571 Average monthly occupancy rate based on unit count 78.7 % 81.8 % End of December occupancy rate based on unit count 78.1 % 81.0 % Average monthly square footage occupied 53,444 49,515 Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2025 and 2024. Nine Months Ended December 31, 2024 2023 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 2,980,265 $ 2,908,412 Self-storage revenues 667,381 618,368 Self-moving and self-storage product and service sales 254,761 262,787 Property management fees 27,950 28,582 Life insurance premiums 64,154 68,203 Property and casualty insurance premiums 75,360 72,383 Net investment and interest income 115,455 186,787 Other revenue 409,830 384,160 Consolidated revenue $ 4,595,156 $ 4,529,682 Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2025 and 2024. Nine Months Ended December 31, 2024 2023 (Unaudited) (In thousands) Moving and storage Revenues $ 4,339,360 $ 4,285,768 Earnings from operations before equity in earnings of subsidiaries 703,030 968,862 Property and casualty insurance Revenues 97,780 88,994 Earnings from operations 44,769 36,822 Life insurance Revenues 166,668 163,918 Earnings from operations 11,887 15,039 Eliminations Revenues (8,652 ) (8,998 ) Earnings from operations before equity in earnings of subsidiaries (756 ) (1,122 ) Consolidated Results Revenues 4,595,156 4,529,682 Earnings from operations 758,930 1,019,601 The components of depreciation, net of gains on disposals for the first nine months of fiscal 2025 and 2024 are as follows: Nine Months Ended December 31, 2024 2023 (Unaudited) (In thousands) Depreciation expense - rental equipment $ 511,824 $ 419,290 Depreciation expense - non rental equipment 71,775 70,514 Depreciation expense - real estate 135,156 114,433 Total depreciation expense $ 718,755 $ 604,237 Net gains on disposals of rental equipment $ (29,614 ) $ (139,176 ) Net losses on disposals of non-rental equipment 765 523 Total net gains on disposals equipment $ (28,849 ) $ (138,653 ) Depreciation, net of gains on disposals $ 689,906 $ 465,584 Net losses on disposals of real estate $ 9,453 $ 5,320 The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows: Nine Months Ended December 31, 2024 2023 (Unaudited) (In thousands, except occupancy rate) Unit count as of December 31 781 701 Square footage as of December 31 66,792 59,433 Average monthly number of units occupied 605 571 Average monthly occupancy rate based on unit count 79.9 % 82.9 % End of December occupancy rate based on unit count 78.1 % 81.0 % Average monthly square footage occupied 52,756 49,358 Self-Storage Portfolio Summary As of December 31, 2024 (unaudited) U-Haul Owned Store Data by State Annual State/ Units Rentable Revenue Occupancy Province Stores Occupied Square Feet Per Foot During Qtr Texas 96 38,335 4,511,005 $ 14.68 77.8 % California 88 34,060 3,242,143 $ 21.17 80.4 % Florida 86 35,151 3,804,625 $ 18.41 79.7 % Illinois 82 36,952 3,992,316 $ 15.88 79.3 % Pennsylvania 71 27,664 3,033,544 $ 17.67 71.6 % New York 66 27,413 2,627,413 $ 23.28 78.3 % Ohio 63 25,544 2,889,088 $ 14.94 77.5 % Michigan 58 20,072 2,155,979 $ 15.63 81.9 % Georgia 51 22,161 2,463,915 $ 16.28 84.6 % Arizona 45 25,275 2,814,643 $ 15.33 81.1 % Wisconsin 44 16,567 2,007,208 $ 13.59 72.9 % North Carolina 39 17,040 1,959,192 $ 15.27 75.5 % Tennessee 37 15,080 1,552,061 $ 14.85 86.4 % Washington 36 14,161 1,505,865 $ 16.61 77.5 % Missouri 36 13,114 1,724,413 $ 14.24 73.0 % Ontario 33 11,841 1,216,368 $ 22.93 76.9 % New Jersey 33 15,941 1,501,084 $ 20.72 83.6 % Indiana 33 10,410 1,176,027 $ 13.67 78.8 % Minnesota 33 13,315 1,686,176 $ 14.54 72.2 % Massachusetts 31 11,073 1,005,182 $ 20.59 85.9 % Top 20 Totals 1,061 431,169 46,868,246 $ 16.98 78.6 % All Others 477 178,863 19,923,287 $ 16.32 79.0 % 3Q 2025 Totals 1,538 610,032 66,791,533 $ 16.78 78.7 % Same Store Pool Held Constant for Prior Periods Same Store 3Q25 904 320,420 29,827,746 $ 17.28 92.4 % Same Store 3Q24 904 322,626 29,804,954 $ 16.77 92.9 % Same Store 3Q23 904 325,148 29,774,344 $ 15.70 93.6 % Non-Same Store 3Q25 634 289,612 36,963,786 $ 16.20 67.5 % Non-Same Store 3Q24 545 246,176 29,697,857 $ 16.10 70.8 % Non-Same Store 3Q23 499 214,652 25,298,565 $ 15.50 70.6 % Same Store Pool, Prior Periods Unchanged Same Store 3Q25 904 320,420 29,827,746 $ 17.28 92.4 % Same Store 3Q24 854 283,150 26,769,110 $ 16.64 92.9 % Same Store 3Q23 781 245,962 23,038,504 $ 15.64 95.0 % Non Same Store 3Q25 634 289,612 36,963,786 $ 16.20 67.5 % Non Same Store 3Q24 597 284,899 32,664,093 $ 16.33 73.1 % Non Same Store 3Q23 624 293,251 31,966,662 $ 15.62 74.8 % Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is average revenue per occupied foot over the trailing twelve months ending December 2024. Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month. The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, March 31, 2024 2024 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 1,017,398 $ 1,534,544 Trade receivables and reinsurance recoverables, net 181,303 215,908 Inventories and parts 155,140 150,940 Prepaid expenses 265,891 246,082 Fixed maturity securities available-for-sale, net, at fair value 2,617,126 2,442,504 Equity securities, at fair value 67,667 66,274 Investments, other 625,630 633,936 Deferred policy acquisition costs, net 123,015 121,224 Other assets 126,413 111,743 Right of use assets - financing, net 168,817 289,305 Right of use assets - operating, net 48,500 53,712 Related party assets 58,048 57,934 5,454,948 5,924,106 Property, plant and equipment, at cost: Land 1,822,497 1,670,033 Buildings and improvements 9,305,846 8,237,354 Furniture and equipment 1,036,203 1,003,770 Rental trailers and other rental equipment 1,032,132 936,303 Rental trucks 7,347,053 6,338,324 20,543,731 18,185,784 Less: Accumulated depreciation (5,668,514 ) (5,051,132 ) Total property, plant and equipment, net 14,875,217 13,134,652 Total assets $ 20,330,165 $ 19,058,758 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued expenses $ 799,452 $ 783,084 Notes, loans and finance leases payable, net 6,896,987 6,271,362 Operating lease liabilities 49,543 55,032 Policy benefits and losses, claims and loss expenses payable 829,992 849,113 Liabilities from investment contracts 2,546,940 2,411,352 Other policyholders' funds and liabilities 20,895 18,070 Deferred income 47,419 51,175 Deferred income taxes, net 1,507,604 1,447,125 Total liabilities 12,698,832 11,886,313 Common stock 10,497 10,497 Non-voting common stock 176 176 Additional paid-in capital 462,548 462,548 Accumulated other comprehensive loss (187,238 ) (223,216 ) Retained earnings 8,023,000 7,600,090 Cost of common stock in treasury, net (525,653 ) (525,653 ) Cost of preferred stock in treasury, net (151,997 ) (151,997 ) Total stockholders' equity 7,631,333 7,172,445 Total liabilities and stockholders' equity $ 20,330,165 $ 19,058,758 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended December 31, 2024 2023 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 878,585 $ 839,801 Self-storage revenues 227,125 210,517 Self-moving and self-storage products and service sales 70,407 70,344 Property management fees 8,869 10,138 Life insurance premiums 22,926 22,574 Property and casualty insurance premiums 28,364 26,490 Net investment and interest income 40,536 57,457 Other revenue 111,746 102,193 Total revenues 1,388,558 1,339,514 Costs and expenses: Operating expenses 782,351 770,405 Commission expenses 95,031 87,955 Cost of product sales 52,767 51,536 Benefits and losses 48,683 42,495 Amortization of deferred policy acquisition costs 4,493 4,155 Lease expense 5,052 9,148 Depreciation, net of gains on disposals 246,091 173,648 Net losses on disposal of real estate 3,358 2,584 Total costs and expenses 1,237,826 1,141,926 Earnings from operations 150,732 197,588 Other components of net periodic benefit costs (372 ) (365 ) Other interest income 15,638 — Interest expense (76,581 ) (67,450 ) Pretax earnings 89,417 129,773 Income tax expense (22,251 ) (30,549 ) Earnings available to common stockholders $ 67,166 $ 99,224 Basic and diluted earnings per share of Common Stock $ 0.30 $ 0.46 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 $ 0.35 $ 0.51 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Nine Months Ended December 31, 2024 2023 (Unaudited) (In thousands, except share and per share data) Revenues: Self-moving equipment rental revenues $ 2,980,265 $ 2,908,412 Self-storage revenues 667,381 618,368 Self-moving and self-storage products and service sales 254,761 262,787 Property management fees 27,950 28,582 Life insurance premiums 64,154 68,203 Property and casualty insurance premiums 75,360 72,383 Net investment and interest income 115,455 186,787 Other revenue 409,830 384,160 Total revenues 4,595,156 4,529,682 Costs and expenses: Operating expenses 2,463,181 2,368,904 Commission expenses 326,610 306,843 Cost of product sales 181,031 188,831 Benefits and losses 137,081 130,392 Amortization of deferred policy acquisition costs 13,578 19,026 Lease expense 15,386 25,181 Depreciation, net of gains on disposals 689,906 465,584 Net losses on disposal of real estate 9,453 5,320 Total costs and expenses 3,836,226 3,510,081 Earnings from operations 758,930 1,019,601 Other components of net periodic benefit costs (1,116 ) (1,094 ) Other interest income 50,004 — Interest expense (215,297 ) (191,991 ) Fees on early extinguishment of debt (495 ) — Pretax earnings 592,026 826,516 Income tax expense (142,645 ) (196,946 ) Earnings available to common stockholders $ 449,381 $ 629,570 Basic and diluted earnings per share of Common Stock $ 2.16 $ 3.09 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 $ 2.31 $ 3.22 Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted 176,470,092 176,470,092 EARNINGS PER SHARE We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification 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 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 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 than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarter Ended December 31, 2024 2023 (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 $ 67,166 $ 99,224 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,824 ) (8,823 ) Undistributed earnings available to common stockholders $ 58,342 $ 90,401 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 5,834 $ 9,040 Undistributed earnings per share of Voting Common Stock $ 0.30 $ 0.46 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.30 $ 0.46 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 $ 67,166 $ 99,224 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (8,824 ) (8,823 ) Undistributed earnings available to common stockholders $ 58,342 $ 90,401 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 52,508 $ 81,361 Undistributed earnings per share of Non-Voting Common Stock $ 0.30 $ 0.46 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.05 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.35 $ 0.51 For the Nine Months Ended December 31, 2024 2023 (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 $ 449,381 $ 629,570 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (26,471 ) (22,941 ) Undistributed earnings available to common stockholders $ 422,910 $ 606,629 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 42,291 $ 60,663 Undistributed earnings per share of Voting Common Stock $ 2.16 $ 3.09 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 2.16 $ 3.09 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 $ 449,381 $ 629,570 Voting Common Stock dividends declared — — Non-Voting Common Stock dividends declared (26,471 ) (22,941 ) Undistributed earnings available to common stockholders $ 422,910 $ 606,629 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 380,619 $ 545,966 Undistributed earnings per share of Non-Voting Common Stock $ 2.16 $ 3.09 Dividends declared per share of Non-Voting Common Stock $ 0.15 $ 0.13 Basic and diluted earnings per share of Non-Voting Common Stock $ 2.31 $ 3.22 NON-GAAP FINANCIAL RECONCILIATION SCHEDULE As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2024 and March 31, 2024, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP. December 31, March 31, 2024 2024 December 31, ROU Assets Property, Plant and Equipment Property, Plant and Equipment 2024 Financing Adjusted Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,822,497 $ - $ 1,822,497 $ 1,670,033 Buildings and improvements 9,305,846 - 9,305,846 8,237,354 Furniture and equipment 1,036,203 61 1,036,264 1,003,831 Rental trailers and other rental equipment 1,032,132 66,083 1,098,215 1,050,910 Rental trucks 7,347,053 388,528 7,735,581 6,945,845 Subtotal 20,543,731 454,672 20,998,403 18,907,973 Less: Accumulated depreciation (5,668,514 ) (285,855 ) (5,954,369 ) (5,484,016 ) Total property, plant and equipment, net $ 14,875,217 $ 168,817 $ 15,044,034 $ 13,423,957 March 31, 2024 March 31, ROU Assets Property, Plant and Equipment 2024 Financing Adjusted (Unaudited) (In thousands) Property, plant and equipment, at cost Land $ 1,670,033 $ - $ 1,670,033 Buildings and improvements 8,237,354 - 8,237,354 Furniture and equipment 1,003,770 61 1,003,831 Rental trailers and other rental equipment 936,303 114,607 1,050,910 Rental trucks 6,338,324 607,521 6,945,845 Subtotal 18,185,784 722,189 18,907,973 Less: Accumulated depreciation (5,051,132 ) (432,884 ) (5,484,016 ) Total property, plant and equipment, net $ 13,134,652 $ 289,305 $ 13,423,957 Non-GAAP Financial Measures Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income. Moving and Storage EBITDA (In thousands, unaudited) Trailing Twelve Months December 31, September 30, June 30, March 31, December 31, 2024 2024 2024 2024 2023 Earnings from operations * $ 713,846 $ 739,313 $ 831,802 $ 896,140 $ 980,169 Depreciation 932,407 892,627 848,727 817,889 793,940 Net gains on disposals (44,154 ) (76,817 ) (106,065 ) (153,958 ) (186,541 ) Net losses on disposal of real estate 12,047 11,273 9,997 7,914 5,878 Depreciation, net of (gains) losses on disposals 900,300 827,083 752,659 671,845 613,277 EBITDA $ 1,614,146 $ 1,566,396 $ 1,584,461 $ 1,567,985 $ 1,593,446 * before insurance subsidiaries

U-Haul Holding Company Reports Third Quarter Fiscal 2025 Financial Results

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