U-Haul Holding Company

At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 29, 2025. I would now like to turn the conference over to Sebastian Reyes.

Please go ahead. Good morning and thank you for joining us today. Welcome to the U-Haul Holding Company fourth quarter fiscal year end 2025 investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income, and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended And Section 21E of the Securities Exchange Act of 1934 is amended. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For discussion of the risks and uncertainties that may affect the company's business and future operating results, please refer to the company's public SEC filings and Form 10-K for the year ended March 31, 2025, which is on file with the US Securities and Exchange Commission. I'll now turn the call over to Joe Schoen, Chairman of U-Haul Holding Company.

Hello, everybody. What you see, especially in our fourth quarter results, are decisions made in prior years working their way through the financial statements. On a more positive note, the original equipment manufacturers appear to have decided to make reliable, fuel-efficient ICE vehicles in volume at improved pricing. OEMs and U-Haul both need to get some emissions regulation relief from the administration to be able to better serve our customers with truck product. U-Haul, in the meantime, has defleated 3 quarters of our pickup fleet as we see no path to profitability with more than a small specialized pickup fleet. Resale prices on both vans and pickups are steady or improving. I expect We may struggle through October on resale pricing, but beyond then, it appears to be a clear path. Our customers are expressing optimism, at least our truck share customers are. Storage remains a bright spot wherever we execute with precision. Our programs work. It's a less bright spot where we execute with less precision. Both self-move and self-store are consumer needs, and I expect those needs to continue. It is my challenge to make U-Haul the customer's best choice. With that, I'll turn it to Jason to kind of get specific on the numbers.