Andy Liu's questions to U-Haul Holding Co (UHAL) leadership • Q4 2025
Question
Andy Liu from Wolfe Research, LLC asked about the potential impact of tariffs on customer behavior, the broader outlook for the moving cycle, whether input costs could affect storage development yields, and if management sees a valuation disconnect.
Answer
Chairman & CEO Edward Joe Shoen stated he has not seen tariffs negatively impact consumer behavior. CFO Jason Berg added they do not anticipate significant increases in steel or concrete costs affecting development yields. Regarding valuation, Berg acknowledged a potential disconnect and stated the company is providing more detail to help investors.