U-Haul (UHAL) investor relations material

Executive summary

• Net loss of $37 million for Q3 FY2026, down from $67.2 million in Q3 FY2025, driven by high fleet depreciation, poor resale values, and underutilized capacity.

• Revenue growth in self-moving equipment rentals and self-storage was offset by increased operating expenses and depreciation, resulting in a quarterly net loss.

• The company is over-fleeted, especially in box trucks, and is accelerating sales of older trucks while expanding dealership locations.

• Self-storage continues to expand, with 16 new locations and 1.5 million net rentable square feet added in Q3; surplus unrented units remain a challenge.

• U-Box presence has grown to over 700 locations and 200,000 containers, with ongoing investments in digital tools and warehouse capacity.

Financial highlights

• Q3 2026 consolidated revenue was $1.42 billion, up from $1.39 billion year-over-year; net loss was $37 million versus net income of $67.2 million a year ago.

• Adjusted EBITDA for Moving and Storage was $335 million in Q3, down $41.7 million year-over-year; liability costs rose $37.9 million.

• Equipment rental revenues increased by $8 million (just under 1%) year-over-year, mainly from in-town rentals.

• Self-storage revenues rose $18 million (8%) for the quarter, with average revenue per foot up nearly 7% and same-store revenue per occupied foot up 5%.

• Capital expenditures for new rental equipment in the first nine months reached $1.748 billion, up $162 million from the prior year.

Outlook and guidance

• Management expects fleet depreciation and poor resale results to bottom out within the calendar year.

• Model year 2026 cargo van purchases are expected to be 12% cheaper than last year and 20% cheaper than two years ago.

• Initial estimates for next fiscal year indicate a reduction in new truck purchases by over $500 million.

• Real estate and fleet investments for fiscal 2026 are expected to be funded through debt, leases, and cash from operations.

• Significant embedded revenue growth potential from non-same store and development pipeline properties.