General We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2027. This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements. U-Haul Holding Company, a Nevada corporation, has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March 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. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates. Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace. 38 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 Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers. U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure. uhaul.com® and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment. Property and Casualty Insurance Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across 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. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. Life Insurance 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. Critical Accounting Policies and Estimates Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 39 Results of Operations U-Haul Holding Company and Consolidated Entities Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025 Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2027 and the first quarter of fiscal 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 Self-moving equipment rental revenues increased $29.3 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Transactions and revenue increased across 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. Self-storage revenues increased $15.9 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million new net rentable square feet. Sales of self-moving and self-storage products and services increased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. This was primarily due to increased sales of hitches and propane. Life insurance premiums decreased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026 due primarily to decreased life premiums. Property and casualty insurance premiums increased $2.5 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income increased $2.2 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Our Property and Casualty subsidiaries' investment and interest income decreased due to a smaller asset base as a result of a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets. Other revenue increased $1.7 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, caused primarily by increases in 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. 40 Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2027 and the first quarter of fiscal 2026. The insurance companies’ first quarters ended March 31, 2026 and 2025. 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 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 Total costs and expenses increased $58.4 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Operating expenses for Moving and Storage increased $54.9 million. Repair expenses associated with the rental fleet experienced a $4.1 million increase during the quarter while personnel increased $10.2 million, self-insured liability costs increased by $6.2 million and freight and shipping costs increased $22.4 million. Depreciation expense associated with our rental fleet increased $13.5 million for the first quarter of fiscal 2027 compared with the first quarter of fiscal 2026 primarily from an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $24.0 million to a net gain of $1.9 million for fiscal 2027, as the units sold during the first quarter of fiscal 2027 had a higher depreciation rate combined with improved sales proceeds. Depreciation expense on all other assets, largely from buildings and improvements increased $5.1 million. Net losses on the disposal or retirement of buildings increased $4.7 million. Additional details are available in the following Moving and Storage section. As a result of the changes in revenues and expenses described above, earnings from operations decreased to $250.6 million for the first quarter of fiscal 2027, compared with $257.4 million for the first quarter of fiscal 2026. Interest expense for the first quarter of fiscal 2027 was $97.9 million, compared with $82.3 million for the first quarter of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt. Other interest income at Moving and Storage for the first quarter of fiscal 2027 was $9.4 million, compared with $10.7 million for the first quarter of fiscal 2026, due to reduced invested cash balances and lower interest yields compared to fiscal 2026. Income tax expense was $38.8 million for the first quarter of fiscal 2027, compared with $43.1 million for the first quarter of fiscal 2026. As a result of the above-mentioned items, earnings available to common stockholders were $122.9 million for the first quarter of fiscal 2027, compared with $142.3 million for the first quarter of fiscal 2026. 41 Moving and Storage Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025 Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2027 and the first quarter of fiscal 2026: Quarter ended June 30, 2026 2025 (Unaudited) (In thousands) Self-moving equipment rental revenues $ 1,088,398 $ 1,059,031 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 Other revenue 154,574 152,821 Moving and Storage revenue $ 1,601,949 $ 1,553,859 Self-moving equipment rental revenues increased $29.4 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Transactions and revenue increased across 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. Self-storage revenues increased $15.9 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million new net rentable square feet. We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Listed below are self-storage data for our owned storage locations: 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 Over the last 12 months we added approximately 5.2 million net rentable square feet of new storage to the system. This was a mix of approximately 0.8 million square feet of existing storage locations we acquired and 4.4 million square feet of new development. Sales of self-moving and self-storage products and services increased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. This was primarily due to increased sales of hitches and propane. Other revenue increased $1.8 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, caused primarily by increases in our U-Box® program. Total costs and expenses increased $56.2 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Operating expenses increased $54.9 million. Repair expenses associated 42 with the rental fleet experienced a $4.1 million increase during the quarter while personnel increased $10.2 million, self-insured liability costs increased by $6.2 million and freight and shipping costs increased $22.4 million. Depreciation expense associated with our rental fleet increased $13.5 million for the first quarter of fiscal 2027 compared with the first quarter of fiscal 2026 primarily from an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $24.0 million to a net gain of $1.9 million for fiscal 2027, as the units sold during the first quarter of fiscal 2027 had a higher depreciation rate combined with improved sales proceeds. Depreciation expense on all other assets, largely from buildings and improvements increased $5.1 million. Net losses on the disposal or retirement of buildings increased $4.7 million. The components of depreciation, net of (gains) losses on disposals were 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 97 (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 ) As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $234.8 million for the first quarter of fiscal 2027, compared with $242.9 million for the first quarter of fiscal 2026. Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $12.4 million for the first quarter of fiscal 2027, compared with $11.5 million for the first quarter of fiscal 2026. As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $247.2 million for the first quarter of fiscal 2027, compared with $254.4 million for the first quarter of fiscal 2026. Property and Casualty Insurance Quarter Ended March 31, 2026 compared with the Quarter Ended March 31, 2025 Net premiums were $25.2 million and $23.3 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income was $6.0 million and $6.4 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100.0 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026. Operating expenses were $13.6 million and $12.3 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The change was primarily due to an increase in commission expense. 43 Benefits and losses incurred were $5.3 million and $5.5 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. As a result of the changes in revenues and expenses described above, pretax earnings from operations were $12.2 million and $11.9 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Life Insurance Quarter Ended March 31, 2026 compared with the Quarter Ended March 31, 2025 Net premiums were $18.1 million and $19.2 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Life premiums decreased $1.3 million primarily from a reduction in sales of single premium life and final expense. This was due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $70.0 million or $57.4 million below the prior year. These are accounted for on the balance sheet as deposits rather than premiums. Net investment income was $32.1 million and $29.5 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.5 million. The change in the provision for expected credit losses resulted in an increase of $0.8 million. Net interest income and realized gains on the invested assets increased $1.9 million. Operating expenses were $6.1 million and $2.8 million for the quarters ended March 31, 2026 and March 31, 2025, respectively, due to the increase in administrative expenses and the write-off of uncollectible balances. Benefits and losses incurred were $36.8 million and $39.7 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Interest credited to policyholders increased $0.6 million due higher to interest credited rates on equity - indexed annuities stemming from the improvement in the stock market over the last year. Life benefits decreased $1.5 million due to lower death claims and fewer policies in force. Medicare supplement benefits decreased $2.6 million from the declined polices in force. All other benefits increased $0.7 million. As a result of the changes in revenues and expenses described above, pretax earnings from operations were $3.5 million and $2.6 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs. 44 As of June 30, 2026, cash and cash equivalents totaled $1,097.3 million, compared with $1,120.1 million as of March 31, 2026. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2026 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows: Moving & Storage Property & Casualty Insurance (a) Life Insurance (a) (Unaudited) (In thousands) Cash and cash equivalents $ 883,630 $ 88,846 $ 124,860 Other financial assets 184,390 384,505 2,695,609 Debt obligations (b) 8,146,884 — — (a) As of March 31, 2026 (b) Excludes ($41,455) of debt issuance costs As of June 30, 2026, Moving and Storage had additional cash available under existing credit facilities of $465.0 million. The majority of invested cash in the Moving and Storage segment is held in government money market funds. Net cash provided by operating activities increased $31.9 million in the first three months of fiscal 2027 compared with the first three months of fiscal 2026 due to an increase in federal income tax refunds. Net cash used in investing activities decreased $193.1 million in the first three months of fiscal 2027, compared with the first three months of fiscal 2026. Purchases of property, plant and equipment decreased $94.2 million. Fleet related spending increased $16.8 million while investment spending on real estate acquisitions and development decreased $100.0 million. Cash from the sales of property, plant and equipment decreased $17.9 million largely due to fleet sales. For our insurance subsidiaries, net cash provided in investing activities increased $118.3 million due to an increase in proceeds received for fixed maturity investments. Net cash used by financing activities increased $125.8 million in the first three months of fiscal 2027, as compared with the first three months of fiscal 2026. This was due to a combination of increased debt repayments of $308.1 million, decreased finance lease payments of $11.4 million, an increase in cash from borrowings of $268.2 million, an increase in net annuity withdrawals from Life Insurance of $48.6 million, repurchases of Voting Common Stock of $15.6 million and repurchases Non-Voting Common Stock of $32.4 million. 45 Liquidity and Capital Resources and Requirements of our Operating Segments Moving and Storage To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2027, the Company will reinvest in its rental equipment fleet approximately $855 million, net of equipment sales and excluding any lease buyouts. Through the first three months of fiscal 2027, the Company invested, net of sales, approximately $456.3 million. Fleet investments in fiscal 2027 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2027 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options. The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first three months of fiscal 2027, the Company invested $194.3 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain at or near this level of real estate capital expenditures through the remainder of fiscal 2027. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital. Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $674.1 million and $750.4 million for the first three months of fiscal 2027 and 2026, respectively. The components of our net capital expenditures are provided in the following table: Quarter ended June 30, 2026 2025 (Unaudited) (In thousands) Purchases of rental equipment $ 601,763 $ 584,942 Purchases of real estate, construction and renovations 194,326 294,309 Other capital expenditures 26,273 37,320 Gross capital expenditures 822,362 916,571 Less: Sales of property, plant and equipment (148,265 ) (166,182 ) Net capital expenditures $ 674,097 $ 750,389 Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible. 46 Property and Casualty Insurance State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations. Property and Casualty Insurance’s stockholder’s equity was $356.8 million and $349.2 million as of March 31, 2026 and December 31, 2025, respectively. The increase resulted from net earnings of $9.7 million and a decrease in other comprehensive income of $2.1 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio. Life Insurance Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of March 31, 2026 were $43.2 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. Life Insurance’s stockholder’s equity was $278.3 million and $289.4 million as of March 31, 2026 and December 31, 2025, respectively. The decrease resulted from net earnings of $2.7 million and a decrease in other comprehensive income of $13.8 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of March 31, 2026, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 3.91% and 4.52% with maturities between November 13, 2026 and September 30, 2030. As of March 31, 2026, available-for-sale-investments held with the FHLB totaled $196.2 million, of which $196.2 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets. Cash Flows by Operating Segments Moving and Storage Net cash provided from operating activities were $583.2 million and $554.8 million for the first three months of fiscal 2027 and 2026, respectively, due to increases in federal income tax refunds. Property and Casualty Insurance Net cash provided by operating activities were $2.8 million and $9.2 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The decrease was driven primarily by timing differences in federal income tax payments. Property and Casualty Insurance’s cash and cash equivalents amounted to $88.8 million and $64.0 million as of March 31, 2026 and December 31, 2025, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds. Life Insurance Net cash provided by operating activities were $44.3 million and $34.3 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The increase in operating cash flows was primarily due to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions. 47 In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of March 31, 2026 and December 31, 2025, cash and cash equivalents amounted to $124.9 million and $41.7 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs. Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. The Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal year 2026, we received $2.4 million related to this examination. We received another $117.0 related to this examination during the fourth quarter of fiscal 2026. We are owed $10.0 million, which is reflected in prepaid expense, plus interest of $2.1 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS. Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2026, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure. Use of Cash Our estimates as to future use of cash have not materially changed from the disclosure included under the subheading Use of Cash in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026. Fiscal 2027 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to remain stable in fiscal 2027. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control. With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2027, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will decrease in fiscal 2027. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2027. Inflationary pressures may challenge our ability to maintain or improve upon our operating margin. Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. 48 Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities. 49 Consolidating Schedules by Segment (Unaudited) This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries. Consolidating balance sheets by segment as of June 30, 2026 were as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 883,630 $ 88,846 $ 124,860 $ — $ 1,097,336 Trade receivables and reinsurance recoverables, net 124,965 33,206 32,741 — 190,912 Inventories and parts 180,325 — — — 180,325 Prepaid expenses 137,688 — — — 137,688 Fixed maturity securities available-for-sale, net, at fair value — 225,067 2,095,971 — 2,321,038 Equity securities, at fair value — 692 14,032 — 14,724 Investments, other — 117,535 537,781 — 655,316 Deferred policy acquisition costs, net — — 110,550 — 110,550 Other assets 102,086 12,996 31,416 — 146,498 Right of use assets - operating, net 37,789 837 207 — 38,833 Related party assets 59,425 8,005 15,084 (38,373 ) (c) 44,141 Investment in subsidiaries 635,133 — — (635,133 ) (b) — Property, plant and equipment, at cost: Land 1,866,794 — — — 1,866,794 Buildings and improvements 10,727,955 — — — 10,727,955 Furniture and equipment 1,087,938 — — — 1,087,938 Rental trailers and other rental equipment 1,239,808 — — — 1,239,808 Rental trucks 8,876,256 — — — 8,876,256 23,798,751 — — — 23,798,751 Less: Accumulated depreciation (7,074,624 ) — — — (7,074,624 ) Total property, plant and equipment, net 16,724,127 — — — 16,724,127 Total assets $ 18,885,168 $ 487,184 $ 2,962,642 $ (673,506 ) $ 21,661,488 (a) Balances as of March 31, 2026 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 50 Consolidating balance sheets by segment as of June 30, 2026 continued: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 873,384 $ 4,451 $ 31,312 $ — $ 909,147 Notes, loans and finance liabilities payable, net 8,105,429 — — — 8,105,429 Operating lease liabilities 38,515 842 220 — 39,577 Policy benefits and losses, claims and loss expenses payable 472,397 113,696 361,777 — 947,870 Liabilities from investment contracts — — 2,335,870 — 2,335,870 Other policyholders' funds and liabilities — (153 ) 2,604 — 2,451 Deferred income 69,269 — — — 69,269 Deferred income taxes, net 1,641,524 6,414 (55,866 ) — 1,592,072 Related party liabilities 27,836 5,129 8,397 (41,362 ) (c) — Total liabilities 11,228,354 130,379 2,684,314 (41,362 ) 14,001,685 Stockholders' equity: Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (184,083 ) (5,782 ) (122,266 ) 131,037 (b) (181,094 ) Retained earnings 8,093,626 268,166 371,823 (639,779 ) (b) 8,093,836 Cost of common stock in treasury, net (541,383 ) — — — (541,383 ) Cost of Series N non-voting common stock in treasury, net (32,780 ) — — — (32,780 ) Cost of preferred stock in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity 7,656,814 356,805 278,328 (632,144 ) 7,659,803 Total liabilities and stockholders' equity $ 18,885,168 $ 487,184 $ 2,962,642 $ (673,506 ) $ 21,661,488 (a) Balances as of March 31, 2026 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 51 Consolidating balance sheets by segment as of March 31, 2026 were as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 1,014,382 $ 64,048 $ 41,717 $ — $ 1,120,147 Trade receivables and reinsurance recoverables, net 95,683 33,780 30,305 — 159,768 Inventories and parts 178,155 — — — 178,155 Prepaid expenses 191,671 — — — 191,671 Fixed maturity securities available-for-sale, net, at fair value — 241,754 2,176,158 — 2,417,912 Equity securities, at fair value — 696 14,280 — 14,976 Investments, other — 125,717 580,597 — 706,314 Deferred policy acquisition costs, net — — 112,852 — 112,852 Other assets 82,380 12,740 32,082 — 127,202 Right of use assets - operating, net 39,842 129 217 — 40,188 Related party assets 66,408 6,570 14,846 (34,665 ) (c) 53,159 Investment in subsidiaries 638,625 — — (638,625 ) (b) — Property, plant and equipment, at cost: Land 1,865,369 — — — 1,865,369 Buildings and improvements 10,542,945 — — — 10,542,945 Furniture and equipment 1,074,032 — — — 1,074,032 Rental trailers and other rental equipment 1,206,253 — — — 1,206,253 Rental trucks 8,554,508 — — — 8,554,508 23,243,107 — — — 23,243,107 Less: Accumulated depreciation (6,862,662 ) — — — (6,862,662 ) Total property, plant and equipment, net 16,380,445 — — — 16,380,445 Total assets $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 52 Consolidating balance sheets by segment as of March 31, 2026 continued: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Liabilities: Accounts payable and accrued expenses $ 813,115 $ 12,881 $ 24,298 $ — $ 850,294 Notes, loans and finance liabilities payable, net 8,083,374 — — — 8,083,374 Operating lease liabilities 40,593 133 231 — 40,957 Policy benefits and losses, claims and loss expenses payable 454,171 116,052 369,651 — 939,874 Liabilities from investment contracts — — 2,357,545 — 2,357,545 Other policyholders' funds and liabilities — 116 2,783 — 2,899 Deferred income 56,614 — — — 56,614 Deferred income taxes, net 1,605,618 3,391 (49,428 ) — 1,559,581 Related party liabilities 25,684 3,627 8,583 (37,894 ) (c) — Total liabilities 11,079,169 136,200 2,713,663 (37,894 ) 13,891,138 Stockholders' equity: Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common Stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (166,869 ) (3,660 ) (108,511 ) 115,400 (b) (163,640 ) Retained earnings 7,979,510 258,473 369,131 (627,394 ) (b) 7,979,720 Cost of common shares in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred shares in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity 7,608,422 349,234 289,391 (635,396 ) 7,611,651 Total liabilities and stockholders' equity $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 53 Consolidating statement of operations by segment for the quarter ended June 30, 2026 were as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Revenues: Self-moving equipment rental revenues $ 1,088,398 $ — $ — $ (820 ) (c) $ 1,087,578 Self-storage revenues 250,172 — — — 250,172 Self-moving and self-storage products and service sales 99,240 — — — 99,240 Property management fees 9,565 — — — 9,565 Life insurance premiums — — 18,066 — 18,066 Property and casualty insurance premiums — 25,230 — (979 ) (c) 24,251 Net investment and interest income — 5,993 32,093 (718 ) (b) 37,368 Other revenue 154,574 — 1,317 (104 ) (b) 155,787 Total revenues 1,601,949 31,223 51,476 (2,621 ) 1,682,027 Costs and expenses: Operating expenses 869,116 13,633 6,144 (1,903 ) (b,c) 886,990 Commission expenses 120,272 — — — 120,272 Cost of product sales 71,754 — — — 71,754 Benefits and losses — 5,296 36,841 — 42,137 Amortization of deferred policy acquisition costs — — 4,874 — 4,874 Lease expense 4,085 78 24 (691 ) (b) 3,496 Depreciation, net of (gains) losses on disposals 298,840 — — — 298,840 Net (gains) losses on disposal of real estate 3,068 — — — 3,068 Total costs and expenses 1,367,135 19,007 47,883 (2,594 ) 1,431,431 Earnings from operations before equity in earnings of subsidiaries 234,814 12,216 3,593 (27 ) 250,596 Equity in earnings of subsidiaries 12,385 — — (12,385 ) (d) — Earnings from operations 247,199 12,216 3,593 (12,412 ) 250,596 Other components of net periodic benefit costs (357 ) — — — (357 ) Other interest income 9,463 — — (72 ) (b) 9,391 Interest expense (97,939 ) — (72 ) 99 (b) (97,912 ) Fees on early extinguishment of debt and costs of defeasance (31 ) — — — (31 ) Pretax earnings 158,335 12,216 3,521 (12,385 ) 161,687 Income tax expense (35,406 ) (2,523 ) (829 ) — (38,758 ) Net earnings available to common stockholders $ 122,929 $ 9,693 $ 2,692 $ (12,385 ) $ 122,929 (a) Balances for the quarter ended March 31, 2026 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 54 Consolidating statement of operations by segment for the quarter ended June 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: Self-moving equipment rental revenues $ 1,059,031 $ — $ — $ (758 ) (c) $ 1,058,273 Self-storage revenues 234,237 — — — 234,237 Self-moving and self-storage products and service sales 98,188 — — — 98,188 Property management fees 9,582 — — — 9,582 Life insurance premiums — — 19,169 — 19,169 Property and casualty insurance premiums — 23,281 — $ (1,543 ) (c) 21,738 Net investment and interest income — 6,440 29,498 (727 ) (b) 35,211 Other revenue 152,821 — 1,427 (176 ) (b) 154,072 Total revenues 1,553,859 29,721 50,094 (3,204 ) 1,630,470 Costs and expenses: Operating expenses 814,182 12,260 2,785 (2,478 ) (b,c) 826,749 Commission expenses 116,737 — — — 116,737 Cost of product sales 72,205 — — — 72,205 Benefits and losses — 5,499 39,683 — 45,182 Amortization of deferred policy acquisition costs — — 4,917 — 4,917 Lease expense 5,465 74 33 (698 ) (b) 4,874 Depreciation, net of (gains) losses on disposals 304,009 — — — 304,009 Net (gains) losses on disposal of real estate (1,617 ) — — — (1,617 ) Total costs and expenses 1,310,981 17,833 47,418 (3,176 ) 1,373,056 Earnings from operations before equity in earnings of subsidiaries 242,878 11,888 2,676 (28 ) 257,414 Equity in earnings of subsidiaries 11,504 — — (11,504 ) (d) — Earnings from operations 254,382 11,888 2,676 (11,532 ) 257,414 Other components of net periodic benefit costs (346 ) — — — (346 ) Other interest income 10,765 — — (96 ) (b) 10,669 Interest expense (82,358 ) — (96 ) 124 (b) (82,330 ) Fees on early extinguishment of debt and costs of defeasance (26 ) — — — (26 ) Pretax earnings 182,417 11,888 2,580 (11,504 ) 185,381 Income tax expense (40,086 ) (2,468 ) (496 ) — (43,050 ) Net earnings available to common stockholders $ 142,331 $ 9,420 $ 2,084 $ (11,504 ) $ 142,331 (a) Balances for the quarter ended March 31, 2025 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 55 Consolidating cash flow statements by segment for the quarter ended June 30, 2026 were as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 122,929 $ 9,693 $ 2,692 $ (12,385 ) $ 122,929 Earnings from consolidated entities (12,385 ) — — 12,385 — Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 300,636 — — — 300,636 Amortization of premiums and accretion of discounts related to investments, net — 301 3,977 — 4,278 Amortization of debt issuance costs 1,940 — — — 1,940 Interest credited to policyholders — — 21,521 — 21,521 Provision for allowance for losses on trade receivables, net 512 — — — 512 Operating lease right-of-use asset amortization 2,068 — — — 2,068 Net (gains) losses on disposals of equipment (1,796 ) — — — (1,796 ) Net (gains) losses on disposal of real estate 3,068 — — — 3,068 Net (gains) losses on sales of fixed maturity securities — — 1,514 — 1,514 Net (gains) losses on equity securities and investments, other — (38 ) 1,124 — 1,086 Deferred income taxes, net 35,879 3,588 (2,782 ) — 36,685 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables (30,020 ) 573 (2,436 ) — (31,883 ) Inventories and parts (2,175 ) — — — (2,175 ) Prepaid expenses 53,829 — — — 53,829 Deferred policy acquisition costs, net — — 2,302 — 2,302 Other assets (20,177 ) (256 ) 676 — (19,757 ) Related party assets 6,908 (1,435 ) (24 ) — 5,449 Accounts payable and accrued expenses and operating lease liabilities 88,474 (8,493 ) 18,691 — 98,672 Policy benefits and losses, claims and loss expenses payable 18,615 (2,356 ) (2,618 ) — 13,641 Other policyholders' funds and liabilities — (269 ) (179 ) — (448 ) Deferred income 12,737 — — — 12,737 Other liabilities 2,152 1,503 (186 ) — 3,469 Net cash provided by (used in) operating activities 583,194 2,811 44,272 — 630,277 Cash flows from investing activities: Escrow deposits activity (867 ) — — — (867 ) Purchases of: Property, plant and equipment (822,362 ) — — — (822,362 ) Fixed maturity securities available-for-sale — (1,204 ) (114,596 ) — (115,800 ) Equity securities — — — — — Investments, other — — (40,692 ) — (40,692 ) Proceeds from sales of: Property, plant and equipment 148,265 — — — 148,265 Fixed maturity securities available-for-sale — 14,955 166,412 — 181,367 Equity securities — — — — — Investments, other — 8,236 70,943 — 79,179 Net cash (used in) provided by investing activities (674,964 ) 21,987 82,067 — (570,910 ) (page 1 of 2) (a) Balance for the period ended March 31, 2026 56 Consolidating cash flow statements by segment for the quarter ended June 30, 2026 continued: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 618,213 — — — 618,213 Principal repayments on credit facilities (594,696 ) — — — (594,696 ) Payment of debt issuance costs (1,822 ) — — — (1,822 ) Securitization deposits — — — — — Series N Non-Voting Common Stock dividends paid (8,813 ) — — — (8,813 ) Repurchase of Common Stock (15,570 ) — — — (15,570 ) Repurchase of Series N Non-Voting Common Stock (32,445 ) — — — (32,445 ) Investment contract deposits — — 77,854 — 77,854 Investment contract withdrawals — — (121,050 ) — (121,050 ) Net cash provided by (used in) financing activities (35,133 ) — (43,196 ) — (78,329 ) Effects of exchange rate on cash (3,849 ) — — — (3,849 ) Increase (decrease) in cash and cash equivalents (130,752 ) 24,798 83,143 — (22,811 ) Cash and cash equivalents at beginning of period 1,014,382 64,048 41,717 — 1,120,147 Cash and cash equivalents at end of period $ 883,630 $ 88,846 $ 124,860 $ — $ 1,097,336 (page 2 of 2) (a) Balance for the period ended March 31, 2026 57 Consolidating cash flow statements by segment for the quarter ended June 30, 2025 were as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 142,331 $ 9,420 $ 2,084 $ (11,504 ) $ 142,331 Earnings from consolidated entities (11,504 ) — — 11,504 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 282,076 — — — 282,076 Amortization of premiums and accretion of discounts related to investments, net — 354 3,877 — 4,231 Amortization of debt issuance costs 1,531 — — — 1,531 Interest credited to policyholders — — 21,022 — 21,022 Provision for allowance (recoveries) for losses on trade receivables, net 462 — — — 462 Operating lease right-of-use asset amortization 2,264 — — — 2,264 Net (gains) losses on disposals of equipment 21,933 — — — 21,933 Net (gains) losses on disposal of real estate (1,617 ) — — — (1,617 ) Net (gains) losses on sales of fixed maturity securities — — 745 — 745 Net (gains) losses on equity securities and investments, other — (351 ) 3,866 — 3,515 Deferred income taxes, net 10,532 1,569 (4,756 ) — 7,345 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables (5,123 ) 3,319 1,169 — (635 ) Inventories and parts (10,163 ) — — — (10,163 ) Prepaid expenses (2,590 ) — — — (2,590 ) Deferred policy acquisition costs, net — — 108 — 108 Other assets (3,415 ) 88 (318 ) — (3,645 ) Related party assets 1,516 (3,098 ) (19 ) — (1,601 ) Accounts payable and accrued expenses 98,384 (187 ) 1,086 — 99,283 Policy benefits and losses, claims and loss expenses payable 14,349 (3,149 ) (2,852 ) — 8,348 Other policyholders' funds and liabilities — 46 5,033 — 5,079 Deferred income 12,134 — — — 12,134 Other liabilities 1,720 1,198 3,302 — 6,220 Net cash provided by (used in) operating activities 554,820 9,209 34,347 — 598,376 Cash flows from investing activities: Escrow deposits activity 550 — — — 550 Purchases of: Property, plant and equipment (916,571 ) — — — (916,571 ) Fixed maturity securities available-for-sale — — (101,170 ) — (101,170 ) Equity securities — (160 ) — — (160 ) Investments, other — (6,925 ) (55,212 ) — (62,137 ) Proceeds from sales of: Property, plant and equipment 166,182 — — — 166,182 Fixed maturity securities available-for-sale — 6,873 84,873 — 91,746 Equity securities — 158 — — 158 Investments, other — 10,313 47,048 — 57,361 Net cash (used in) provided by investing activities (749,839 ) 10,259 (24,461 ) — (764,041 ) (page 1 of 2) (a) Balance for the period ended March 31, 2025 58 Consolidating cash flow statements by segment for the quarter ended June 30, 2025 continued: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from financing activities: (In thousands) Borrowings from credit facilities 349,981 — — — 349,981 Principal repayments on credit facilities (286,581 ) — — — (286,581 ) Payment of debt issuance costs (1,286 ) — — — (1,286 ) Finance lease payments (11,359 ) — — — (11,359 ) Securitization deposits 109 — — — 109 Series N Non-Voting Common Stock dividends paid (8,824 ) — — — (8,824 ) Investment contract deposits — — 135,224 — 135,224 Investment contract withdrawals — — (129,820 ) — (129,820 ) Net cash provided by (used in) financing activities 42,040 — 5,404 — 47,444 Effects of exchange rate on cash 6,581 — — — 6,581 Increase (decrease) in cash and cash equivalents (146,398 ) 19,468 15,290 — (111,640 ) Cash and cash equivalents at beginning of period 872,467 96,165 20,196 — 988,828 Cash and cash equivalents at end of period $ 726,069 $ 115,633 $ 35,486 $ — $ 877,188 (page 2 of 2) (a) Balance for the period ended March 31, 2025 59