U-Haul (UHAL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome and overview of the agenda, including a review of fiscal 2024 performance and Q1 2025, and a reminder about forward-looking statements and associated risks.

• Introductions of key executives and general managers, 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.

• The truck fleet grew by 50% and the trailer/towing fleet by 35% over 10 years; self-storage portfolio more than doubled, adding nearly 45 million sq ft.

• Revenue, earnings, and EBITDA have increased over the decade, with more revenue potential embedded in recent asset investments.

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

Board and executive committee updates

• Leadership emphasized promoting from within, with many executives and general managers having long tenures and diverse backgrounds.

• Succession planning is based on internal promotion, with a focus on developing talent from operational roles.