U-Haul (UHAL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a reminder about forward-looking statements and associated risks and uncertainties.

• Emphasis on sustainability with a hybrid in-person and webcast format, reducing costs and carbon footprint.

• Proper notice and proxy materials were distributed to stockholders as of June 23, 2025.

• Four proposals were presented for consideration, including director elections and a stock option plan.

Board and executive committee updates

• Board members and non-director participants were introduced and acknowledged.

• Open communication and free expression of ideas were encouraged for the benefit of stockholders.

Financial performance review

• Surpassed 24,000 rental locations across the US and Canada, highlighting distribution strength.

• Achieved a modest year-over-year increase in equipment rental revenue.

• Added 6.5 million net rentable square feet of self-storage and increased U-Box storage capacity by nearly 25%.

• Depreciation reflects higher replacement costs and investments to expand fleet capacity.

• Ongoing efforts to grow and develop personnel to ensure future prosperity.