Form 8-K

8-K — U-Haul Holding Co /NV/

Accession: 0001193125-26-335076

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0000004457

SIC: 7510 (SERVICES-AUTO RENTAL & LEASING (NO DRIVERS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — uhal-20260805.htm (Primary)

EX-99.1 (uhal-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: uhal-20260805.htm · Sequence: 1

8-K

0000004457false0000004457us-gaap:NonvotingCommonStockMember2026-08-052026-08-0500000044572026-08-052026-08-050000004457us-gaap:CommonClassAMember2026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 05, 2026

U-Haul Holding Company

(Exact name of Registrant as Specified in Its Charter)

Nevada

001-11255

88-0106815

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

5555 Kietzke Lane

Suite 100

Reno, Nevada

89511

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 775 688-6300

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading

Symbol(s)

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, U-Haul Holding Company (the “Company“) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, unless expressly set forth by specific reference in such document.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit No.

Description

99.1

Press release dated August 5, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL documents)

SIGNATURES

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

U-Haul Holding Company

Date:

August 5, 2026

By:

Jason A. Berg

Chief Financial Officer

EX-99.1

Filename: uhal-ex99_1.htm · Sequence: 2

EX-99.1

Contact:

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com

U-HAUL HOLDING COMPANY REPORTS FIRST QUARTER FISCAL 2027 FINANCIAL RESULTS

RENO, Nev. (August 5, 2026)—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 common shareholders for its first quarter ended June 30, 2026, of $122.9 million, compared with net earnings of $142.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.63 for the first quarter of fiscal 2027 compared to $0.73 for the same period in fiscal 2026.

“The pickup and van resale market is tepid, yet we produced a gain on sale this quarter after several quarters of losses. Our U-Haul truck resale team is thoughtfully gaining ground,” stated Joe Shoen, chairman of U-Haul Holding Company. “The pace of storage unit rent up is increasing and rates are holding. More improvement is needed as we are still completing new storage units faster than we are filling them. We are successfully expanding our U-Haul independent dealer teams. This is a bright spot which will help drive U-Move transactions and fleet utilization.”

Highlights of First Quarter Fiscal 2027 Results

•

Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $8.1 million to $234.8 million compared to the first quarter of fiscal 2026.

Fleet depreciation expense increased $13.5 million for the first quarter and real estate related depreciation expense increased $5.1 million for the quarter, all compared with the first quarter of fiscal 2026, while net losses from the disposal of retired rental equipment decreased $24.0 million to a net gain of $1.9 million for the first quarter, all compared with the first quarter of fiscal 2026.

•

Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) decreased $8.5 million to $536.7 million compared to the first quarter of fiscal 2026 and for the trailing twelve months for June 30, 2026 decreased $13.0 million to $1,637.3 million compared to the trailing twelve months for June 30, 2025.

•

Self-storage revenues increased $15.9 million, or 6.8% versus the first quarter of fiscal year 2026.

Same store occupancy decreased 4.5% to 88.3%, revenue per foot increased 7.6%, and the number of locations qualifying for the pool increased by 71.

During the first quarter of fiscal 2027, we added 18 new locations with storage and 1.1 million net rentable square feet (NRSF).

We have approximately 12 million NRSF in development or pending.

•

Self-moving equipment rental revenues increased $29.3 million, or 2.8% versus first quarter of fiscal year 2026. Transactions and revenue increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2026. Compared to the same period last year,

we increased the number of Company operated retail locations and independent dealers, along with the number of box trucks in the rental fleet.

•

Other revenue for Moving and Storage increased $1.8 million or 1.2% versus the first quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

•

Fleet maintenance and repair costs experienced a $4.1 million increase, compared with the first quarter of fiscal 2026.

•

Cash and credit availability at the Moving and Storage segment was $1,348.6 million as of June 30, 2026 compared with $1,479.4 million as of March 31, 2026.

•

During the first quarter of fiscal 2027, we repurchased 248,368 shares of our Voting common stock at a cost of $15.6 million and 584,278 shares of our Non-Voting common stock at a cost of $32.4 million.

•

On June 3, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 15, 2026. The dividend was paid on June 26, 2026.

•

We are holding our 20th Annual Virtual Analyst and Investor meeting on Thursday, August 20, 2026 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.

•

Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2027 on Thursday, August 6, 2026, at 8 a.m. Arizona Time (11 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 25,000 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 207,600 trucks, 136,500 trailers and 43,200 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,147,300 rentable storage units and 100.3 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 June 30, 2026, 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 first quarter of fiscal 2027 and 2026.

Quarter Ended June 30,

2026

2025

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

1,087,578

1,058,273

Self-storage revenues

250,172

234,237

Self-moving and self-storage products and service sales

99,240

98,188

Property management fees

9,565

9,582

Life insurance premiums

18,066

19,169

Property and casualty insurance premiums

24,251

21,738

Net investment and interest income

37,368

35,211

Other revenue

155,787

154,072

Consolidated revenue

1,682,027

1,630,470

Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2027 and 2026.

Quarter Ended June 30,

2026

2025

(Unaudited)

(In thousands)

Moving and storage

Revenues

1,601,949

1,553,859

Earnings from operations before equity in earnings of subsidiaries

234,814

242,878

Property and casualty insurance

Revenues

31,223

29,721

Earnings from operations

12,216

11,888

Life insurance

Revenues

51,476

50,094

Earnings (losses) from operations

3,593

2,676

Eliminations

Revenues

(2,621)

(3,204)

Earnings from operations before equity in earnings of subsidiaries

(27)

(28)

Consolidated Results

Revenues

1,682,027

1,630,470

Earnings from operations

250,596

257,414

Moving and Storage

Debt Metrics

(In thousands, unaudited)

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Real estate secured debt

$3,196,940

$3,204,208

$3,096,564

$3,002,344

$2,727,545

Unsecured debt

1,700,000

Fleet secured debt

3,187,699

3,157,364

3,196,817

2,965,804

2,792,015

Other secured debt

62,245

63,377

64,798

64,357

65,570

Total debt

8,146,884

8,124,949

8,058,179

7,732,505

7,285,130

Cash and cash equivalents

$883,630

$1,014,382

$1,010,011

$910,969

$726,069

Total assets

18,885,168

18,687,591

18,717,342

18,460,371

17,858,535

Adjusted EBITDA (TTM)

1,637,311

1,645,859

1,640,173

1,681,900

1,650,277

Net debt to adjusted EBITDA

4.4

4.3

4.1

4.0

Net debt to total assets

38.5%

38.0%

37.7%

37.0%

36.7%

Percent of debt floating

8.4%

6.7%

6.8%

7.1%

6.1%

Percent of debt fixed

91.6%

93.3%

93.2%

92.9%

93.9%

Percent of debt unsecured

20.9%

21.1%

22.0%

23.3%

Unencumbered asset ratio*

4.08x

3.98x

4.01x

3.96x

3.86x

* 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 are as follows:

Quarter Ended June 30,

2026

2025

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

221,704

208,212

Depreciation expense - non rental equipment

22,555

24,019

Depreciation expense - real estate

56,377

49,845

Total depreciation expense

300,636

282,076

Net (gains) losses on disposals of rental equipment

(1,893)

22,125

Net (gains) losses on disposals of non-rental equipment

(192)

Total net (gains) losses on disposals equipment

(1,796)

21,933

Depreciation, net of (gains) losses on disposals

298,840

304,009

Net (gains) losses on disposals of real estate

3,068

(1,617)

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 June 30,

2026

2025

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of June 30

867

813

Square footage as of June 30

74,742

69,560

Average monthly number of units occupied

628

632

Average monthly occupancy rate based on unit count

72.9%

78.1%

End of June occupancy rate based on unit count

73.9%

78.8%

Average monthly square footage occupied

55,937

55,399

Self-Storage Portfolio Summary

As of June 30, 2026

(unaudited)

U-Haul Owned Store Data by State

Annual

State/

Units

Rentable

Revenue

Occupancy

Province

Stores

Occupied

Square Feet

Per Foot

During Qtr

Texas

102

37,612

4,937,884

$16.22

68.1%

Florida

34,775

4,282,690

$19.53

69.0%

California

35,348

3,385,898

$22.90

80.3%

Illinois

41,257

4,517,046

$17.35

76.3%

Pennsylvania

29,717

3,255,737

$18.81

71.4%

Ohio

26,866

3,152,368

$15.74

72.8%

New York

29,656

2,744,132

$24.34

80.4%

Michigan

20,872

2,399,534

$16.82

77.0%

Georgia

21,849

2,869,994

$17.07

71.1%

Arizona

24,281

3,258,082

$17.13

66.5%

Wisconsin

17,232

2,079,153

$14.73

72.0%

Missouri

15,343

2,043,099

$14.90

65.8%

North Carolina

17,893

2,270,695

$16.26

65.5%

Washington

14,483

1,672,602

$18.40

71.0%

Tennessee

15,302

1,708,974

$15.83

79.7%

Minnesota

14,130

1,773,948

$14.52

71.8%

New Jersey

16,290

1,593,010

$21.75

79.6%

Indiana

11,215

1,190,289

$14.95

82.0%

Ontario

12,779

1,448,676

$24.11

69.2%

Alabama

8,672

1,312,958

$14.15

56.6%

Top 20 Totals

1,127

445,572

51,896,768

$18.00

72.4%

All Others

515

195,004

22,845,007

$17.87

73.9%

1Q 2027 Totals

1,642

640,576

74,741,775

$17.96

72.9%

Same Store 1Q27

973

370,663

35,677,662

$18.82

88.3%

Same Store 1Q26

973

390,032

35,651,823

$17.49

92.8%

Same Store 1Q25

973

393,297

35,632,735

$17.04

92.9%

Non-Same Store 1Q27

669

269,913

39,064,113

$16.78

58.6%

Non-Same Store 1Q26

600

250,821

33,908,110

$15.97

62.5%

Non-Same Store 1Q25

520

212,004

27,953,187

$16.03

63.4%

Same Store Pool Held Constant for Prior Periods

Same Store 1Q27

973

370,663

35,677,662

$18.82

88.3%

Same Store 1Q26

902

390,032

30,412,656

$17.44

92.8%

Same Store 1Q25

879

393,297

28,263,627

$17.05

93.9%

Non-Same Store 1Q27

669

269,913

39,064,113

$16.78

58.6%

Non-Same Store 1Q26

671

309,884

39,147,277

$16.31

66.7%

Non-Same Store 1Q25

614

294,476

35,322,294

$16.28

69.0%

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 June 2026.

Same store includes storage locations with rentable storage inventory for more than three years and 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 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

June 30,

March 31,

2026

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

1,097,336

1,120,147

Trade receivables and reinsurance recoverables, net

190,912

159,768

Inventories and parts

180,325

178,155

Prepaid expenses

137,688

191,671

Fixed maturity securities available-for-sale, net, at fair value

2,321,038

2,417,912

Equity securities, at fair value

14,724

14,976

Investments, other

655,316

706,314

Deferred policy acquisition costs, net

110,550

112,852

Other assets

146,498

127,202

Right of use assets - operating, net

38,833

40,188

Related party assets

44,141

53,159

Property, plant and equipment, at cost:

Land

1,866,794

1,865,369

Buildings and improvements

10,727,955

10,542,945

Furniture and equipment

1,087,938

1,074,032

Rental trailers and other rental equipment

1,239,808

1,206,253

Rental trucks

8,876,256

8,554,508

23,798,751

23,243,107

Less: Accumulated depreciation

(7,074,624)

(6,862,662)

Total property, plant and equipment, net

16,724,127

16,380,445

Total assets

21,661,488

21,502,789

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

909,147

850,294

Notes, loans and finance liabilities payable, net

8,105,429

8,083,374

Operating lease liabilities

39,577

40,957

Policy benefits and losses, claims and loss expenses payable

947,870

939,874

Liabilities from investment contracts

2,335,870

2,357,545

Other policyholders' funds and liabilities

2,451

2,899

Deferred income

69,269

56,614

Deferred income taxes, net

1,592,072

1,559,581

Total liabilities

14,001,685

13,891,138

Common stock

10,497

Non-voting common stock

176

Additional paid-in capital

462,548

Accumulated other comprehensive loss

(181,094)

(163,640)

Retained earnings

8,093,836

7,979,720

Cost of common stock in treasury, net

(541,383)

(525,653)

Cost of Series N non-voting common stock in treasury, net

(32,780)

Cost of preferred stock in treasury, net

(151,997)

Total stockholders' equity

7,659,803

7,611,651

Total liabilities and stockholders' equity

21,661,488

21,502,789

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended June 30,

2026

2025

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

1,087,578

1,058,273

Self-storage revenues

250,172

234,237

Self-moving and self-storage products and service sales

99,240

98,188

Property management fees

9,565

9,582

Life insurance premiums

18,066

19,169

Property and casualty insurance premiums

24,251

21,738

Net investment and interest income

37,368

35,211

Other revenue

155,787

154,072

Total revenues

1,682,027

1,630,470

Costs and expenses:

Operating expenses

886,990

826,749

Commission expenses

120,272

116,737

Cost of product sales

71,754

72,205

Benefits and losses

42,137

45,182

Amortization of deferred policy acquisition costs

4,874

4,917

Lease expense

3,496

4,874

Depreciation, net of (gains) losses on disposals

298,840

304,009

Net (gains) losses on disposal of real estate

3,068

(1,617)

Total costs and expenses

1,431,431

1,373,056

Earnings from operations

250,596

257,414

Other components of net periodic benefit costs

(357)

(346)

Other interest income

9,391

10,669

Interest expense

(97,912)

(82,330)

Fees on early extinguishment of debt and costs of defeasance

(31)

(26)

Pretax earnings

161,687

185,381

Income tax expense

(38,758)

(43,050)

Earnings available to common stockholders

122,929

142,331

Basic and diluted earnings per share of Common Stock

0.58

0.68

Weighted average shares outstanding of Common Stock: Basic and diluted

19,545,696

19,607,788

Basic and diluted earnings per share of Non-Voting Common Stock

0.63

0.73

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

176,324,023

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 the dividends declared for both the Voting Common Stock and 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 both Voting Common Stock and Non-Voting Common Stock.

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

For the Quarter Ended

June 30,

2026

2025

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,545,696

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

195,869,719

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

Net earnings available to common stockholders

122,929

142,331

Voting Common Stock dividends declared

–

Non-Voting Common Stock dividends declared

(8,813)

(8,824)

Undistributed earnings available to common stockholders

114,116

133,507

Undistributed earnings available to common stockholders allocated to Voting Common Stock

11,412

13,351

Undistributed earnings per share of Voting Common Stock

0.58

0.68

Dividends declared per share of Voting Common Stock

–

Basic and diluted earnings per share of Voting Common Stock

0.58

0.68

Weighted average shares outstanding of Non-Voting Common Stock

176,324,023

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

195,869,719

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

Net earnings available to common stockholders

122,929

142,331

Voting Common Stock dividends declared

–

Non-Voting Common Stock dividends declared

(8,813)

(8,824)

Undistributed earnings available to common stockholders

114,116

133,507

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

102,704

120,156

Undistributed earnings per share of Non-Voting Common Stock

0.58

0.68

Dividends declared per share of Non-Voting Common Stock

0.05

Basic and diluted earnings per share of Non-Voting Common Stock

0.63

0.73

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that these widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to ongoing core business operations, and improve the period-to-period comparability of those results. 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 non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.

Moving and Storage EBITDA Calculations

(In thousands, unaudited)

Trailing Twelve Months

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Net earnings available to common stockholders

63,726

83,128

128,622

232,756

314,004

Income tax expense

5,661

10,341

11,714

48,448

76,156

Fees on early extinguishment of debt and costs of defeasance

1,113

1,108

189

Interest expense

380,449

364,868

348,914

330,192

311,609

Other interest income

(46,295)

(47,597)

(40,881)

(45,759)

(51,899)

Other components of net periodic benefit costs

1,394

1,383

1,409

1,435

1,462

Net losses on disposal of real estate

13,296

8,611

11,915

12,577

11,037

Depreciation, net of gains on disposals

1,281,852

1,287,021

1,238,114

1,158,986

1,045,648

Elimination of net earnings from insurance subsidiaries

(63,885)

(63,004)

(59,823)

(56,761)

(57,766)

Adjusted EBITDA

1,637,311

1,645,859

1,640,173

1,681,900

1,650,277

Moving and Storage EBITDA Calculations

(In thousands, unaudited)

Quarters Ended

June 30,

2026

2025

Net earnings available to common stockholders

122,929

142,331

Income tax expense

35,406

40,086

Fees on early extinguishment of debt and costs of defeasance

Interest expense

97,939

82,358

Other interest income

(9,463)

(10,765)

Other components of net periodic benefit costs

357

346

Net losses on disposal of real estate

3,068

(1,617)

Depreciation, net of gains on disposals

298,840

304,009

Elimination of net earnings from insurance subsidiaries

(12,385)

(11,504)

Adjusted EBITDA

536,722

545,270

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