U-Haul (UHAL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome and reminder about forward-looking statements and associated risks, referencing SEC filings for further details.

• Emphasis on the virtual format as part of sustainability initiatives, marking the 18th consecutive year of virtual meetings.

• Key executives and general managers were introduced, highlighting their tenure and roles.

Financial performance review

• Operating cash flows over the last 10 years totaled approximately $11.6 billion, with significant reinvestment in fleet and real estate.

• Over $450 million in additional fleet investment was made this year to address pandemic-related production delays, expected to normalize by year-end.

• Truck fleet size grew by 50% and trailer/towing fleet by 35% over the past decade; self-storage portfolio more than doubled, adding nearly 45 million sq ft.

• Net CapEx for FY 2025 projected at $1.09 billion, with gross spend around $1.79 billion.

• EBITDA margin historically in the mid-thirties, with recent quarters stabilizing after post-pandemic highs.

Board and executive committee updates

• Leadership succession is managed through internal promotion, with a strong bench of experienced managers and a focus on diversity reflective of the customer base.

• No immediate plans for stock buybacks; capital is prioritized for reinvestment.