Joe Shoen

“I am therefore calling the 2026 Annual Meeting of Stockholders of U-Haul Holding Company to order on behalf of our board of directors and management team i welcome all of you i would like to acknowledge those stockholders and others who are viewing the meeting by means of the webcast this year once again we are…”

“We continue to have our work cut out for us. We need to increase U-Move and U-Store business. Operating expenses continue to creep up, and this is a combination of operating inefficiencies and pure inflation.”

“As you read in the press release, we continue to have earnings pulled down due to excessive acquisition costs of vans and pickups in model years 23 and 24.”

“The earnings crush of increased depreciation and change from booking gains on equipment sales to booking losses on equipment sales became evident this quarter. We reported this over two years ago that we were having to pay too much for trucks.”

“What you see especially in our fourth quarter results are decisions made in prior years working their way through the financial statements.”