U-Haul Holding Co 2025年度报告

JuO\, 2026 Dear Fellow Shareholders, This year we underperformed on profits. Revenues for both self-move and self-storage increased throughout the year. A price-sensitive public continues to value convenience and service. Our task is to meet that expectation. The year-over-year earnings decline was heavily driven by elevated fleet depreciation expense and losses on the disposalof retired rental equipment. Much of the fleet losses are attributable to green energy and emissions regulations that disrupted the automotivesupply chain. Our purchases of hundreds of millions of dollars of these vehicles is working its way through the balancesheet. We are aggressively working these costs through the income statement. Recent shifts suggest a more practicalregulatory approach emerging. Managing our fleet with discipline and expanding our dealer network will help further cure the current reality of ourequipment economics. The public is depending on us to offer reliable and economical equipment. During the fiscal year, we added 5,300,000 net rentable square feet. We have slowed real estate capex as we workthrough underutilized self-storage capacity. Our “1-Year Price Lock” guarantee for self-storage codified our long-standing approach to treating customers withtransparent and fair pricing. The U-Box®program grows in awareness with every passing day. We are well positioned with warehouse capacity,U-Box containers and delivery equipment to meet future demand. Customers have responded positively to this integratedmoving and self-storage product. The Board of Directors recently authorized a $350 million share repurchase program across both classes of shares.The Company is optimistic about the operational investments we have made and the value they will create over thelong-term. Our team members and neighborhood dealers operate in a competitive and demanding environment and continue toserve our customers well. Their efforts, and the trust placed in us by our customers, define our future prospects. My thanks to our customers, team members, U-Haul dealers, shareholders and lenders for your continued support. Sincerely, E.J. “Joe” Shoen F I N A N C I A L H I G H L I G H T S Amounts in Millions, Except Share and Per Share Data United States Securities and Exchange CommissionWashington, D.C. 20549 Form 10-K 0DUN2QH 6HFXULWLHVUHJLVWHUHGSXUVXDQWWR6HFWLRQ J RIWKH$FW1RQH ,QGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWLVDZHOONQRZQVHDVRQHGLVVXHUDVGHILQHGLQ5XOHRIWKH6HFXULWLHV$FW