Financial Data and Key Metrics Changes - The company reported a third-quarter loss of $37 million compared to earnings of $67 million in the same quarter last year, resulting in a loss of $0.18 per non-voting share versus earnings of $0.35 per share previously [8][10] - Adjusted EBITDA for the moving and storage segment decreased by 11%, approximately $42 million, reflecting a similar decline in operating cash flows for the quarter [8][12] - A significant increase in depreciation and losses from the disposal of rental units contributed to a $75 million cost increase compared to the same period last year [9][10] Business Line Data and Key Metrics Changes - Equipment rental revenues increased by $8 million, or just under 1%, primarily from the in-town portion of the business [10] - Storage revenues rose by $18 million, or 8%, with average revenue per foot improving by just under 7% and same-store revenue per occupied foot up by 5% [12] - The company added 16 new storage locations, translating to about 1.5 million new net rentable square feet, although the development pipeline has decreased to 106 projects [15][12] Market Data and Key Metrics Changes - The company has a significant U-Box presence with over 200,000 containers in service, and over 100,000 in the hands of customers, indicating growth in the self-storage and moving market [6][12] - Same-store occupancy decreased by 490 basis points to just over 87%, impacted by efforts to increase available units by focusing on delinquent units [12][13] Company Strategy and Development Direction - The company plans to open more U-Haul dealership locations to better utilize excess fleet and increase transactions [4][10] - There is a focus on digital tools investment to meet customer expectations and improve service delivery [6] - The company is strategically slowing down the pace of self-storage development while still pursuing opportunities in key markets [15][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to excessive acquisition costs of vans and pickups, which have negatively impacted earnings [4] - The company is optimistic about future cargo van purchases being at a lower average cost, which may help mitigate losses [10] - Management expressed confidence in filling more storage units and improving occupancy rates despite current challenges [81][84] Other Important Information - The company invested $770 million in real estate acquisitions and development during the first nine months of fiscal 2026, a decrease of $444 million compared to the previous year [15] - Operating expenses increased by $66 million for the third quarter, with significant contributions from personnel costs and self-insurance liability costs [16] Q&A Session Summary Question: Discussion on pressures in the one-way market and U-Box program - Management noted that consumer anxiety leads to shorter transaction distances, affecting the one-way rental market and U-Box performance [22][23] Question: Clarification on depreciation changes - Management explained that depreciation rates for box trucks decrease over time, while adjustments for pickup and cargo vans are made based on resale market conditions [24][25] Question: Capacity reductions from competitors and expansion in dealer space - Management confirmed that competitors are reducing fleet and locations, positioning the company to capture demand when the market improves [30][31] Question: Expense management and future efforts - Management indicated ongoing efforts to manage expenses, particularly in personnel costs, while also focusing on revenue generation [37][40] Question: U-Box construction and usage in large metros - Management confirmed ongoing construction in key markets and highlighted the advantages of U-Box containers in urban areas [44][48] Question: Future vehicle acquisition and depreciation - Management provided insights on the remaining cargo vans and the expected losses on sale, emphasizing the need for accurate market estimates [54][56] Question: Self-storage capacity utilization and development pace - Management acknowledged the need to slow down development while still pursuing strategic opportunities in self-storage [75][76]

Financial Data and Key Metrics Changes - The company reported a third-quarter loss of $37 million compared to earnings of $67 million in the same quarter last year, resulting in a loss of $0.18 per non-voting share versus earnings of $0.35 per share previously [9] - Adjusted EBITDA for the moving and storage segment decreased by 11%, approximately $42 million, reflecting a similar decline in operating cash flows for the quarter [9][10] - A significant loss of $26 million was reported on the disposal of retired rental equipment, contrasting with a $4 million gain in the previous year [10] - Total capital expenditures for new rental equipment in the first nine months of the year were $1.748 billion, an increase of $162 million compared to the same period last year [12] Business Line Data and Key Metrics Changes - Equipment rental revenues increased by $8 million, just under 1% compared to the same time last year, primarily from the in-town portion of the business [11] - Storage revenues rose by $18 million or 8% for the quarter, with average revenue per foot improving by just under 7% [13] - Same-store occupancy decreased by 490 basis points to just over 87%, attributed partly to the removal of delinquent units [13][14] Market Data and Key Metrics Changes - The company added 65 new company-operated locations and had a net increase of 365 independent dealers, which is expected to help distribute the larger fleet and increase transactions [11][12] - U-Box presence expanded to over 700 locations in North America, with over 200,000 containers in service [6][7] Company Strategy and Development Direction - The company is working on a plan to open more U-Haul dealership locations to utilize excess fleet capacity while earning a return [4] - There is a focus on improving the rate of rented units through various initiatives, especially in the self-storage segment [5] - The company continues to invest heavily in digital tools to meet customer expectations [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that excessive acquisition costs of vans and pickups have significantly impacted earnings, leading to increased depreciation and losses on sales [4] - The company is optimistic about future cargo van purchases being at a lower average cost, which may help mitigate some financial pressures [11] - Management expressed confidence in the self-storage industry, noting that they have been adding units faster than they are renting them, but are implementing strategies to improve occupancy rates [5][13] Other Important Information - Operating expenses for moving and storage increased by $66 million for the third quarter, with personnel costs and self-insurance liability costs being significant contributors [17] - The company has $1.475 billion in cash and available loan facilities as of December 2025 [17] Q&A Session Summary Question: Discussion on pressures in the one-way market and U-Box program - Management noted that consumer anxiety leads to shorter transaction distances, affecting the one-way rental market and U-Box usage [23][24] Question: Clarification on depreciation changes - Management explained that depreciation rates for box trucks decrease over time, while adjustments for pickup and cargo vans are made based on resale market conditions [26][27] Question: Capacity reductions from competitors - Management indicated that competitors are reducing fleet and locations, positioning the company to fill demand when the market improves [31][33] Question: Expense management and future structure - Management is focused on budget control and expects to see results in the current and next calendar year, while also addressing rising personnel costs [39][40] Question: U-Box warehouse capacity in major markets - Management confirmed ongoing construction and property ownership in key metro areas to enhance U-Box capacity [46][51] Question: Thoughts on crystallizing value for shareholders - Management acknowledged the proposal to sell well-occupied facilities to realize value but expressed caution about potential future market conditions [78][80]

Financial Data and Key Metrics Changes - The company reported a third-quarter loss of $37 million compared to earnings of $67 million in the same quarter last year, resulting in a loss of $0.18 per non-voting share versus earnings of $0.35 per share previously [9] - Adjusted EBITDA for the moving and storage segment decreased by 11%, approximately $42 million, reflecting a similar decline in operating cash flows for the quarter [9][10] - A significant increase in depreciation and losses from the disposal of rental units contributed to a $75 million cost increase compared to the same quarter last year [10][12] Business Line Data and Key Metrics Changes - Equipment rental revenues increased by $8 million, or just under 1%, primarily from the in-town portion of the business [11] - Storage revenues rose by $18 million, or 8%, with average revenue per foot improving by just under 7% and same-store revenue per occupied foot up by 5% [13] - The company added 16 new storage locations, translating to about 1.5 million new net rentable square feet [15] Market Data and Key Metrics Changes - The company has been adding self-storage units faster than they are being rented, resulting in a surplus of unrented units [5] - Same-store occupancy decreased by 490 basis points to just over 87%, with a significant portion of this decrease attributed to the removal of delinquent units [14] Company Strategy and Development Direction - The company plans to open more U-Haul dealership locations to utilize excess fleet capacity and improve transaction rates [4] - There is a focus on investing in digital tools to meet customer expectations and enhance service delivery [6] - The company is strategically slowing down the pace of development in self-storage while still pursuing opportunities in markets with potential growth [78] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to excessive acquisition costs of vans and pickups, which have negatively impacted earnings [4] - The company is optimistic about future cargo van purchases being at a lower average cost, which may alleviate some financial pressures [11] - Management expressed confidence in filling more storage units and improving overall performance despite current challenges [88] Other Important Information - The company invested $770 million in real estate acquisitions and development during the first nine months of fiscal 2026, a decrease of $444 million compared to the previous year [15] - Cash and availability from existing loan facilities totaled $1.475 billion as of December 2025 [16] Q&A Session Summary Question: Discussion on pressures in the one-way market and U-Box program - Management noted that consumer anxiety leads to shorter transaction distances, affecting the one-way rental market and U-Box usage [22][23] Question: Clarification on depreciation changes - Management explained that depreciation rates for box trucks decrease over time, while adjustments for pickup and cargo vans are made based on resale market conditions [25][26] Question: Capacity reductions from competitors - Management indicated that competitors are likely reducing fleet and outlets, positioning the company to capture demand when the market improves [30][31] Question: Expense management and future strategies - Management is focused on budget control and expects to see results in the current and next fiscal year, while also addressing rising personnel costs [38][39] Question: U-Box warehouse capacity in major markets - Management confirmed ongoing construction and property ownership in key metropolitan areas to enhance U-Box service availability [44][49] Question: Future vehicle acquisition and depreciation - Management provided insights on the remaining cargo vans and the expected loss on sale for the 2024 model year vehicles [54][56] Question: Fleet expenditure reduction and self-storage development - Management discussed the need to balance fleet purchases with sales to avoid future imbalances, while also slowing down self-storage development to a more manageable pace [70][78]

Third Quarter Fiscal 2026 U-Haul Investor Update Color Scheme 34 96 154 85 85 85 216 183 149 0 77 68 140 198 62 240 78 35 2 Color Scheme Segment Colors Color 1 39,159,0 Color 2 240,78,35 Color 3 64,193,172 Forward Looking Statement The following information and the statements made during this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking s ...

Financial Performance - U-Haul Holding Company reported a net loss of $37.0 million for Q3 FY2026, compared to a net earnings of $67.2 million in the same period last year, resulting in a loss per share of $0.18 versus earnings of $0.35[1][2]. - For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million, down from $449.4 million year-over-year, with earnings per share decreasing from $2.31 to $1.09[2]. - The company reported earnings from operations of $508,680, down 33% from $758,930 in the same period last year[16]. - Net earnings available to common stockholders for the quarter ending December 31, 2025, were reported at $(36,968) thousand, compared to $67,166 thousand for the same quarter in 2024, indicating a significant decline[40]. - Earnings available to common stockholders for the nine months were $210,913,000, down from $449,381,000, a decrease of 53%[27]. - Basic and diluted earnings per share of Non-Voting Common Stock for the nine months were $1.09, compared to $2.31 in the previous year, reflecting a decline of 52.8%[32]. Revenue and Occupancy - Total consolidated revenue for Q3 FY2026 was $1,415.6 million, up from $1,388.6 million in Q3 FY2025[12]. - Consolidated revenue for the first nine months of fiscal 2026 reached $4,766,000, an increase of 3.7% from $4,595,156 in the same period of fiscal 2025[16]. - Self-storage revenues increased to $245,060,000, up from $227,125,000, marking a 7.9% growth year-over-year[26]. - Self-storage revenues rose to $725,596, reflecting an increase of 8.7% compared to $667,381 in the previous year[15]. - Average monthly occupancy rate for self-storage units decreased to 75.6% from 79.9% year-over-year[17]. - Same-store occupancy decreased by 4.9% to 87.2%[4]. Costs and Expenses - Total costs and expenses for the quarter were $1,381,936,000, compared to $1,237,826,000 in the previous year, an increase of 11.6%[26]. - Fleet maintenance and repair costs increased by $13.1 million compared to Q3 FY2025[9]. - Total depreciation expense for the first nine months was $883,104, a significant increase of 22.9% from $718,755 in the prior year[17]. - Interest expense for the quarter ending December 31, 2025, was $95,555 thousand, an increase from $76,833 thousand in the same quarter of the previous year[40]. Assets and Debt - Total debt increased to $8,058.2 million as of December 31, 2025, from $7,732.5 million in September 2025[13]. - The total assets of the company as of December 31, 2025, were $21,617,644, an increase from $20,479,170 as of March 31, 2025[23]. - Cash and cash equivalents increased to $1,032,257 from $988,828, showing a growth of 4.4%[23]. - Cash and credit availability in the Moving and Storage segment increased to $1,475.0 million as of December 31, 2025, compared to $1,347.5 million at March 31, 2025[9]. Operational Developments - The company added 16 new storage locations, contributing 1.5 million net rentable square feet (NRSF) during Q3 FY2026, with approximately 12.9 million NRSF in development or pending[4]. - The company owned 847 self-storage units as of December 31, 2025, compared to 781 units in the previous year, marking an increase of 8.4%[17]. - The average revenue per occupied square foot for self-storage was $17.40, with a total of 72,642,164 square feet occupied[18]. Adjusted Metrics - Adjusted EBITDA for the trailing twelve months reached $1,640,173 thousand, showing a slight decrease from $1,681,900 thousand in the previous quarter[37]. - Adjusted EBITDA for the second quarter of 2025 was $334,999 thousand, a decrease from $376,726 thousand in the same quarter of 2024[40].

Core Viewpoint - U-Haul Holding Company reported a significant decline in net earnings for the third quarter of fiscal year 2025, with a loss of $37.0 million compared to a profit of $67.2 million in the same quarter of the previous year [1]. Financial Performance - The net earnings available to common shareholders for the third quarter ended December 31, 2025, were ($37.0) million [1]. - The earnings (losses) per share for Non-Voting Shares (UHAL.B) were reported at ($0.18) for the third quarter [1].

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 December 31, 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 ...

Group 1 - The core focus of Crude Value Insights is on cash flow and companies that generate it, highlighting value and growth prospects in the oil and natural gas sector [1] - Subscribers benefit from a 50+ stock model account, which provides a comprehensive analysis of cash flow for exploration and production (E&P) firms [1] - The service includes live chat discussions about the sector, fostering a community for investors interested in oil and gas [1] Group 2 - A two-week free trial is available for new subscribers, encouraging engagement with the oil and gas investment service [2]

Core Insights - The upcoming winter storm is expected to drive demand for propane as a primary or backup heating source across much of the U.S. [1][2] - Propane is highlighted as an affordable and clean-burning energy option, with a strong emphasis on safety when using propane heaters and generators [1][4] Propane Supply and Safety - The U.S. is the world's largest refiner of propane, ensuring ample supply for consumers [4] - Safety guidelines are crucial for users of propane heaters and generators, particularly regarding indoor use [3][2] U-Haul's Role in Propane Distribution - U-Haul is the largest retailer of propane in the U.S., operating over 1,500 refill and tank exchange locations [4][7] - Despite potential disruptions from winter storms, propane remains available at U-Haul locations, although some supplier deliveries may be delayed [5] Sustainable Practices - U-Haul promotes sustainability through various initiatives, including offering clean-burning propane and implementing recycling programs [6]

Core Viewpoint - U-Haul Holding Company is set to report its third quarter fiscal 2026 financial results on February 4, 2026, with an investor conference call scheduled for February 5, 2026 [1]. Group 1: Company Overview - U-Haul Holding Company is the parent company of U-Haul International, Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company [3]. - U-Haul operates in the shared use business, emphasizing the benefits of shared ownership for customers and the environment [3]. Group 2: U-Haul Business Operations - Founded in 1945, U-Haul is the leading choice for do-it-yourself movers, with over 24,000 rental locations across all 50 states and 10 Canadian provinces [4]. - The U-Haul fleet consists of approximately 203,000 trucks, 137,400 trailers, and 41,700 towing devices, supported by a mobile app that facilitates 24/7 truck access [4]. - U-Haul is the third largest self-storage operator in North America, offering 1,111,000 rentable storage units and 96.5 million square feet of self-storage space [4]. - The company is also the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket [4].