Moving & Storage
Consolidated

Property & Casualty Insurance (a)

Life
Insurance (a)

Eliminations

U-Haul Holding Company Consolidated

(Unaudited)

(In thousands)

Revenues

$

4,506,576

$

108,128

$

160,414

$

(9,118

)

(b,c)

$

4,766,000

Costs and expenses:

Personnel expenses

936,215

—

—

—

936,215

Equipment maintenance and repair expenses

622,016

—

—

—

622,016

Other operating expenses

274,831

—

—

—

274,831

Other segment items

709,391

38,947

10,510

(7,005

)

(b,c)

751,843

Operating expenses

2,542,453

38,947

10,510

(7,005

)

2,584,905

Commission expenses

334,649

—

—

—

334,649

Cost of product sales

190,701

—

—

—

190,701

Benefits and losses

—

19,096

123,496

—

142,592

Amortization of deferred policy acquisition costs

—

—

14,801

—

14,801

Lease expense

15,925

224

106

(2,029

)

(b)

14,226

Depreciation, net of (gains) losses on disposal

969,836

—

—

—

969,836

Net (gains) losses on disposal of real estate

5,610

—

—

—

5,610

Total costs and expenses

4,059,174

58,267

148,913

(9,034

)

4,257,320

Earnings from operations before equity in earnings of subsidiaries

447,402

49,861

11,501

(84

)

508,680

Equity in earnings of subsidiaries

48,523

—

—

(48,523

)

(d)

—

Earnings from operations

495,925

49,861

11,501

(48,607

)

508,680

Other components of net periodic benefit costs

(1,037

)

—

—

—

(1,037

)

Other interest income

31,732

—

—

(264

)

(b)

31,468

Interest expense

(268,246

)

—

(264

)

348

(b)

(268,162

)

Fees on early extinguishment of debt and costs of defeasance

(189

)

—

—

—

(189

)

Pretax earnings

258,185

49,861

11,237

(48,523

)

270,760

Income tax expense

(47,272

)

(10,341

)

(2,234

)

—

(59,847

)

Net earnings available to common stockholders

$

210,913

$

39,520

$

9,003

$

(48,523

)

$

210,913

(a) Balances for the nine months ended September 30, 2025

(b) Eliminate intercompany lease / interest income

(c) Eliminate intercompany premiums

(d) Eliminate equity in earnings of subsidiaries

Moving & Storage
Consolidated

Property & Casualty Insurance (a)

Life
Insurance (a)

Eliminations

U-Haul Holding Company Consolidated

(Unaudited)

(In thousands)

Revenues

$

4,339,360

$

97,780

$

166,668

$

(8,652

)

(b,c)

$

4,595,156

Costs and expenses:

Personnel expenses

888,153

—

—

—

888,153

Equipment maintenance and repair expenses

593,388

—

—

—

593,388

Other operating expenses

196,574

—

—

—

196,574

Other segment items

733,956

36,055

20,697

(5,642

)

(b,c)

785,066

Operating expenses

2,412,071

36,055

20,697

(5,642

)

2,463,181

Commission expenses

326,610

—

—

—

326,610

Cost of product sales

181,031

—

—

—

181,031

Benefits and losses

—

16,669

120,412

—

137,081

Amortization of deferred policy acquisition costs

—

—

13,578

—

13,578

Lease expense

17,259

287

94

(2,254

)

(b)

15,386

Depreciation, net of (gains) losses on disposal

689,906

—

—

—

689,906

Net (gains) losses on disposal of real estate

9,453

—

—

—

9,453

Total costs and expenses

3,636,330

53,011

154,781

(7,896

)

3,836,226

Earnings from operations before equity in earnings of subsidiaries

703,030

44,769

11,887

(756

)

758,930

Equity in earnings of subsidiaries

43,980

—

—

(43,980

)

(d)

—

Earnings from operations

747,010

44,769

11,887

(44,736

)

758,930

Other components of net periodic benefit costs

(1,116

)

—

—

—

(1,116

)

Other interest income

50,340

—

—

(336

)

(b)

50,004

Interest expense

(216,053

)

—

(336

)

1,092

(b)

(215,297

)

Fees on early extinguishment of debt and costs of defeasance

(495

)

—

—

—

(495

)

Pretax earnings

579,686

44,769

11,551

(43,980

)

592,026

Income tax expense

(130,305

)

(9,293

)

(3,047

)

—

(142,645

)

Net earnings available to common stockholders

$

449,381

$

35,476

$

8,504

$

(43,980

)

$

449,381

(a) Balances for the nine months ended September 30, 2024

(b) Eliminate intercompany lease / interest income

(c) Eliminate intercompany premiums

(d) Eliminate equity in earnings of subsidiaries