Steven Ramsey's questions to U-Haul Holding Co (UHAL) leadership • Q4 2025
Question
Steven Ramsey from Thompson Research Group inquired about the drivers of strong U-Box revenue growth, the outlook for real estate CapEx in FY26, and the lease-up pace and EBITDA impact of recently added self-storage capacity.
Answer
CFO Jason Berg clarified that U-Box moving transactions are growing faster than storage transactions, though both are growing over 20%. Chairman & CEO Edward Joe Shoen expects U-Box to maintain a high growth rate. Regarding storage lease-up, Berg noted it's on track for the first few years, with a slight slowdown observed in years four to five.