U-Haul (UHAL) Investor Day 2026 summary

Dealer network expansion and strategy

• Presence within 5 miles of 90% of the U.S. population, with 23,000 dealers and over 2,000 stores, forming the largest truck and trailer sharing network globally.

• Current initiative to add 3,000 new dealers, using electronic tools and local field managers to identify growth areas and recruit partners.

• Dealers are typically small businesses, paid a 21% commission, with no startup or capital costs, supporting local economies and business resilience.

• Dealers are selected based on business quality, community integration, and ability to provide consistent service and convenience.

• Expansion aims to increase market penetration and transaction volume, even in a low-growth moving environment, by enhancing customer convenience.

Financial performance, capital allocation, and leverage

• Targeting a 10% unlevered IRR on storage, with recent ground-up projects just below 10% and conversion properties above 10%.

• Return on invested capital has averaged 7.5% over five years, 8% over ten, and close to 10% over fifteen, with recent declines due to underutilized assets and excess capacity.

• Net leverage has doubled in four years to 4.4x, above the comfort zone of 3.5x-4x; management expects debt to peak this year and then decline as earnings rise.

• Capital allocation prioritizes growth, followed by leverage management and share repurchases, with recent buybacks viewed positively by investors.

• CapEx for fleet and storage is being reduced, focusing on asset utilization and free cash flow generation.

Product innovation and technology

• AI is actively used to enhance customer experience, streamline rentals, and optimize fleet distribution, with ongoing development of proprietary tools.

• Toy Hauler rollout has exceeded expectations, opening new customer segments such as off-road and overlanding markets, and driving high demand.

• U-Box and self-storage are positioned as complementary offerings, with U-Box serving temporary, portable needs and storage for longer-term access.

• U-Box container occupancy is at 67%, with warehouse utilization at 34%; investment in containers continues, while warehouse expansion is paused.

• Digital tools and the U-Haul app enable off-hours reservations and operational efficiency for dealers.