U-Haul Holding Co /NV/ Q4 FY2025 earnings call

• Joe Shoen noted that decisions from prior years are reflected in current financials, OEMs need emissions reg relief for truck product, U-Haul deflated pickup fleet, resale prices steady/improving, storage is bright where executed with precision.
• Jason Berg detailed financial results: Q4 loss $82.3M vs $863k last year; full year 2025 earnings $367.1M vs $628.7M in 2024; EBITDA at Moving and Storage up $5.6M to $217.3M in Q4; fleet depreciation, reduced gains on sales, declining interest income impacted EPS; equipment rental and self-storage revenues up, CapEx details, U-Box growth.

In the Moving and Storage segment, EBITDA increased by $5.6 million for the fourth quarter to $217.3 million, largely from revenue growth. Full year fiscal 2025 EBITDA was $1,619.7 million, up by nearly $52 million. Equipment rental revenue had a $29 million increase (over 4%) in the fourth quarter, with full year fiscal 2025 up just over $100 million (2.8% increase). Self-storage revenues were up $18 million (8%) in the fourth quarter, with 12-month results up 8% ($67 million). Average revenue per occupied foot was up approximately 1.6%, same-store up 3%. Occupied unit count at the end of March was up just over 39,000 units compared to the same time last year. Capital expenditures for new rental equipment in fiscal 2025 were $1,863 million, a $244 million increase from fiscal 2024. Proceeds from sales of retired rental equipment declined by $76 million to $652 million. Initial projection for net fleet CapEx in fiscal 2026 is $1,295 million. U-Box revenue was up approximately $14 million, with growth in moving and storage transactions.

• Joe Shoen expects U-Box to stay in higher growth range compared to truck share. - Real estate CapEx to be managed calmly after initial rapid growth, focusing on exploiting built assets.

• Automaker subsidies affecting equipment costs and emissions regulation needs. - Potential consumer uncertainty due to tariffs. - Accounting rules affecting P&C operating profits (e.g., valuing common stock held in portfolios to market).

Q: Steven Ralston asked about depreciation and its nature in the business.

A: Joe Shoen responded on equipment vs storage depreciation, automaker impacts, and normalization expectations.

Q: Steven Ramsey asked about U-Box growth and real estate CapEx.

A: Jason Berg and Joe Shoen discussed U-Box growth range and real estate CapEx management.

Q: Andy Liu asked about storage valuation and P&C profits.

A: Jason Berg talked about storage valuation disconnect and P&C profits due to common stock valuation changes.

Q: James Wilen asked about P&C business and share repurchases.

A: Jason Berg and Joe Shoen discussed P&C profits and share repurchase considerations.

Q: Stephen Farrell asked about fleet age and maintenance.

A: Joe Shoen responded on fleet age, pre-COVID vs current, and fleet management expectations.