U-Haul Holding Company 2025 Annual Report

July 2, 2024 Download

Dear Fellow Shareholders,

This is the Company’s 80th year in business. The recent introduction of the U-Haul Toy Hauler is the latest evolution in our line of trailers and towing devices aimed at the growing needs of the do-it-yourself moving public.

Over the fiscal year we surpassed 24,000 rental locations in neighborhoods across the U.S. and Canada.

We finished with a modest increase in equipment rental revenue year-over-year. Moving customer optimism has gradually improved. This improvement has not yet been enough to declare a definitively positive trend.

The misguided efforts to transition to zero emission light- and medium-duty trucks have played havoc with all involved.

With regulatory relief, I expect this to get better.

The Administration realizes some relief is absolutely necessary and is doing what it can.

It is in the public’s interest that some relief is accomplished.

The depreciation realized on the fleet this fiscal year reflects recent higher costs for replacement equipment and investment made to increase capacity. The effects of this will continue into fiscal 2026.

Our moving customers desire self-storage and vice versa. During the fiscal year, we added 6,500,000 net rentable square feet of self-storage and increased our covered storage capacity for U-Box by nearly 25%.

Awareness continues to grow for U-Box as both a moving product and storage solution. This is part of our future.

All of this activity is driven by people. U-Haul is blessed with a cadre of home office and field personnel. I have had some success growing their knowledge and expanding their ranks. This will ensure our survival and prosperity.

My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support.

Sincerely,

E.J. “Joe” Shoen

Chairman