Core Viewpoint - U-Haul Company of Hawaii is providing 30 days of free self-storage and U-Box container usage to residents affected by the recent Kona Storm, as well as those preparing for upcoming severe weather [1][2][4]. Group 1: Disaster Relief Program - The disaster relief initiative includes free self-storage and U-Box rentals for one month, aimed at assisting residents impacted by the storm [1][4]. - U-Haul has five storage centers in Hawaii, located on Oahu, Maui, and the Big Island, to facilitate this program [3]. - The offer is contingent on availability at participating locations and applies to new rentals only [4]. Group 2: Community Support - U-Haul emphasizes its commitment to community support during natural disasters, being an official American Red Cross Disaster Responder [4]. - Public access to self-storage units and portable storage containers is deemed essential for communities in disaster recovery [2]. Group 3: Company Overview - U-Haul, founded in 1945, operates over 24,000 rental locations across the U.S. and Canada, making it a leading choice for do-it-yourself movers [5][6]. - The company has a fleet of approximately 203,000 trucks and 1,126,800 rentable storage units, positioning it as the third largest storage operator in North America [6].

Core Points - U-Haul is providing 30 days of free self-storage and U-Box container use in the Greater Tulsa Area following damage from tornadoes and flooding [1] - The initiative aims to assist individuals and businesses affected by the severe weather, emphasizing the importance of secure storage solutions during recovery [1] - The offer is available at six U-Haul facilities and is contingent on availability for new self-storage and U-Box rentals [1] Company Overview - U-Haul, founded in 1945, operates over 24,000 rental locations across the U.S. and Canada, making it the leading choice for do-it-yourself movers [1] - The company has a fleet of approximately 203,000 trucks, 137,400 trailers, and 41,700 towing devices, and is the third largest storage operator in North America with 1,126,800 rentable storage units [1] - U-Haul is recognized as an official American Red Cross Disaster Responder, highlighting its commitment to community support during emergencies [1]

Core Viewpoint - U-Haul introduces a 1-Year Price Lock Guarantee for self-storage units, aiming to provide cost certainty and transparency in an industry known for deceptive pricing practices [1][1]. Group 1: Company Strategy - The 1-Year Price Lock guarantees customers a fixed monthly rate for at least one year without any rate increases, contrasting with competitors who often use misleading introductory rates followed by frequent price hikes [1][1]. - U-Haul's CEO Joe Shoen criticizes the industry for its "bait-and-switch" tactics, which erode customer trust, especially during times of high inflation [1][1]. - The offer is available at over 2,100 U-Haul centers across the U.S. and Canada, emphasizing the company's commitment to customer-friendly practices [1][1]. Group 2: Industry Context - Competitors like Public Storage, Extra Space Storage, and CubeSmart have faced criticism for their pricing strategies, which include hidden fees and aggressive rent increases, leading to decreased occupancy rates [1][1]. - The New York City Department of Consumer and Worker Protection has filed a lawsuit against Extra Space for predatory pricing, highlighting the industry's ongoing issues with customer exploitation [1][1]. - U-Haul's approach aims to reset industry standards by prioritizing transparency and fair pricing, encouraging other storage providers to adopt similar practices [1][1]. Group 3: Customer Benefits - Customers benefit from additional perks such as the first month of storage being free with a qualifying one-way equipment rental and a free discus lock when renting through the U-Haul app or website [1][1]. - The 1-Year Price Lock applies to both new customers and existing customers renting additional units, ensuring broad accessibility to the offer [1][1]. - U-Haul has maintained consistent, posted rates for over 20 years, reinforcing its reputation for reliability in the self-storage market [1][1].

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].

Revenue Growth - Self-moving equipment rental revenues increased by $7.6 million to $886.2 million in Q3 fiscal 2026 compared to Q3 fiscal 2025[195]. - Self-storage revenues rose by $17.9 million to $245.1 million in Q3 fiscal 2026, driven by occupancy gains and a 6.7% improvement in average revenue per occupied foot[196]. - Total consolidated revenue for Q3 fiscal 2026 was $1.42 billion, up from $1.39 billion in Q3 fiscal 2025[195]. - Self-storage revenues increased by $58.2 million to $725.6 million for the first nine months of fiscal 2026, compared to $667.4 million in the same period of fiscal 2025[229]. - Total revenues for the quarter ended December 31, 2025, were $1,415,608,000, an increase from $1,388,558,000 in the same quarter of 2024, representing a growth of approximately 1.9%[294][295]. - Total revenues for the nine months ended December 31, 2025, were $4,766,000, an increase from $4,595,156 in the same period of 2024, representing a growth of approximately 3.7%[296][298]. Operating Performance - Earnings from operations decreased to $33.7 million in Q3 fiscal 2026, down from $150.7 million in Q3 fiscal 2025[205]. - Earnings from operations for Moving and Storage decreased to $508.7 million for the first nine months of fiscal 2026, down from $758.9 million in the same period of fiscal 2025[238]. - Net earnings available to common stockholders for Q4 2025 were a loss of $36,968,000, compared to a profit of $67,166,000 in Q4 2024, representing a significant decline[294][295]. - Net earnings for the nine months ended December 31, 2025, were $210,913,000, a decrease from $449,381,000 in the same period of 2024, representing a decline of approximately 53%[299][301]. Expenses and Costs - Total costs and expenses increased by $144.1 million in Q3 fiscal 2026, with operating expenses for Moving and Storage rising by $66.6 million[203]. - Total costs and expenses increased by $421.1 million during the first nine months of fiscal 2026 compared to the same period in fiscal 2025[236]. - Operating expenses for Q4 2025 totaled $848,614,000, up from $782,351,000 in Q4 2024, marking an increase of about 8.5%[294][295]. - Total costs and expenses for the nine months ended December 31, 2025, were $4,257,320, compared to $3,836,226 in 2024, marking an increase of approximately 11%[296][298]. Investment and Capital Expenditures - The company invested approximately $1,185.9 million in its rental equipment fleet during the first nine months of fiscal 2026[264]. - The company plans to invest $770.0 million in real estate acquisitions, new construction, and renovation during the first nine months of fiscal 2026[265]. - Net capital expenditures for Moving and Storage were $2,031.1 million for the first nine months of fiscal 2026, down from $2,333.4 million in 2025, reflecting a decrease of approximately 13%[266]. - The company incurred $(2,602,669,000) in purchases of property, plant, and equipment for the nine months ended December 31, 2025[300]. Insurance Performance - Property and casualty insurance premiums increased by $2.0 million to $30.4 million in Q3 fiscal 2026 compared to Q3 fiscal 2025[198]. - Life insurance premiums decreased by $5.1 million to $17.8 million in Q3 fiscal 2026, primarily due to lower life and Medicare supplement premiums[197]. - Equity in the earnings of U-Haul Holding Company's insurance subsidiaries increased to $21.0 million in Q3 2026 from $18.0 million in Q3 2025[216]. - Life Insurance aims to expand its presence in the senior market through new product offerings and business acquisitions, focusing on Medicare supplement and annuity policies[287]. Cash Flow and Liquidity - Net cash provided by operating activities increased by $134.7 million in the first nine months of fiscal 2026 compared to the same period in fiscal 2025[260]. - Cash and cash equivalents totaled $1,132.3 million as of December 31, 2025, up from $988.8 million as of March 31, 2025[259]. - Cash provided by operating activities totaled $1,390,595,000 for the nine months ended December 31, 2025, compared to $1,255,896,000 in 2024, indicating an increase of about 10.7%[299][301]. - Cash flows from financing activities resulted in a net cash provided of $657,441,000 for the nine months ended December 31, 2025, compared to a net cash used in financing activities in 2024[300][301]. Debt and Interest Expense - Interest expense for Q3 fiscal 2026 was $95.5 million, compared to $76.6 million in Q3 fiscal 2025, due to increased debt and average cost of debt[206]. - Interest expense for the first nine months of fiscal 2026 was $268.2 million, up from $215.3 million in the same period of fiscal 2025[238]. - As of December 31, 2025, the company had $818.0 million in variable rate debt obligations, with $547.5 million not fixed through interest rate swaps, indicating significant exposure to interest rate fluctuations[304]. - A 100 basis point increase in the Secured Overnight Funding Rate (SOFR) would lead to an annual increase in interest expense of $5.5 million on variable rate debt[304]. Strategic Plans and Market Expansion - The company plans to expand its U-Haul storage affiliate program and increase occupancy in existing locations, indicating a focus on growth and market expansion[310]. - The storage business is actively pursuing new locations and expansions, with anticipated increases in spending on acquisitions and new developments in fiscal 2026[284]. - The company is focused on expanding its Life Insurance segment in the senior market and pursuing business acquisition opportunities[311].