U-Haul Holding Company

Good morning, ladies and gentlemen, and welcome to the U-Haul Holding Company Second Quarter Fiscal 2026 Investor Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a time. This call, you require immediate assistance. Please press star zero for the operator. This call is being recorded on Thursday, November 6, 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 second quarter 2026 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-Q for the quarter ended September 30, 2025, which is on file with the U.S. Securities and Exchange Commission. I will now turn the call over to Joe Schoen, Chairman of U-Haul Holding Company.

JOE SCHOEN, Chairman, U-Haul Holding Company Thank you, Sebastian. 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. This pounding is likely to continue for some time as OEM manufacturers continue to bring current pricing in line. Resale values will likely decline roughly proportionally. While I'm glad to bring on new vehicles at lower costs, this likely will depress earnings in the current period. Since July, we have been working to expand our dealer network well above the historical pace. This should help us better balance truck and trailer inventories by increasing demand. I expect some success here. We spent more on repair in the quarter than I had anticipated. We are working a plan to slightly release repair cost increases. As you all know, our customers drive the equivalent to the moon and back more than 12 times a day, so repair or maintenance will always be significant cost. Mileage, however, is not up, so we can reel this expense back a bit. Self-storage is a positive, but it remains a slugfest. Not very many gains are coming easily, even on good projects. I am focused more on expanding our footprint than in increasing our depth. Competition is strong. Customers are value conscious. That is an environment that U-Haul usually competes in well. Self-storage is still viewed positively by lenders, which is encouraging new competitors to enter in some markets. The administration is having success in reducing ICE regulation that has driven unnecessary dislocations in the transportation economy. It has long been a dirty little secret that these regulations are politically and not environmentally driven. As the unproductive regulations on vehicle manufacturers and users subside, I expect a reordering that will benefit citizens and businesses alike. This is very positive for the transportation economy, although The transportation economy overall will have to eat some huge residual costs from the ill-conceived green regulation. In summary, our various business lines are solid, and our results have covered a lot of expenses, but are short in return to shareholders. I will now turn the meeting over to Jason to closer review the financial results.