U-Haul (UHAL) investor relations material

Executive summary

• Net earnings for Q1 FY2027 were $122.9 million, down from $142.3 million year-over-year, with EPS at $0.63 per non-voting share versus $0.73 last year.

• Revenue for the quarter ended June 30, 2026, increased to $1.68 billion, up 3.2% year-over-year, driven by growth in self-moving equipment rentals and self-storage revenues.

• Equipment rental revenues rose 2.8% to $1.09 billion, and self-storage revenues increased 6.8% to $250.2 million.

• The company expanded its rental fleet and self-storage capacity, adding 1.1 million net rentable square feet and 18 new locations in the quarter.

• Ongoing dealer expansion and digital tool adoption are aimed at enhancing customer convenience and utilization.

Financial highlights

• Adjusted EBITDA for Moving and Storage was $536.7 million, down $8.5 million year-over-year.

• Operating expenses increased $54.9 million, driven by higher personnel, repair, liability, and freight costs.

• Net gain on disposal of retired rental equipment was $1.9 million, reversing a $24 million loss from the prior year.

• Cash and credit availability at Moving and Storage was $1.35 billion as of June 30, 2026.

• Total debt as of June 30, 2026, was $8.15 billion, with net debt to adjusted EBITDA at 4.4x.

Outlook and guidance

• Management expects continued investment in the rental fleet (~$855 million for fiscal 2027) and stable real estate capital expenditures.

• Expansion of independent dealer teams and storage development is expected to drive future growth.

• Projected decrease of over $500 million in net fleet investing over the next three quarters.

• Inflationary pressures and competition may challenge operating margins.

• Freight and shipping costs are expected to remain a headwind, peaking in July and easing later in the year.