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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 10-Q

(Mark One) |  |  |
☑ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|  | For the quarterly period ended: | June 30, 2025

OR

☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|  | For the transition period from to

Commission file number 000-54799

| HYSTER-YALE, INC. |
|  | (Exact name of registrant as specified in its charter) |  |
| Delaware |  | 31-1637659 |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
| 5875 LANDERBROOK DRIVE, SUITE 300 |  |  |
| CLEVELAND | (440) |  |
| OH | 449-9600 | 44124-4069 |
| (Address of principal executive offices) | (Registrant's telephone number, including area code) | (Zip code) |
|  | N/A |  |
|  | (Former name, former address and former fiscal year, if changed since last report) |  |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value Per Share | HY | New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑
Number of shares of Class A Common Stock outstanding at August 1, 2025: 14,269,982
Number of shares of Class B Common Stock outstanding at August 1, 2025: 3,450,645

HYSTER-YALE, INC.
TABLE OF CONTENTS

|  |  |  |  | Page Number
Part I. |  | FINANCIAL INFORMATION |  |  |
|  | Item 1 |  | Financial Statements |
|  |  |  | Unaudited Condensed Consolidated Balance Sheets | 2
|  |  |  | Unaudited Condensed Consolidated Statements of Operations | 3
|  |  |  | Unaudited Condensed Consolidated Statements of Comprehensive Income | 4
|  |  |  | Unaudited Condensed Consolidated Statements of Cash Flows | 5
|  |  |  | Unaudited Condensed Consolidated Statements of Changes in Temporary and Permanent Equity | 6
|  |  |  | Notes to Unaudited Condensed Consolidated Financial Statements | 8
|  | Item 2 |  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 23
|  | Item 3 |  | Quantitative and Qualitative Disclosures About Market Risk | 34
|  | Item 4 |  | Controls and Procedures | 35
Part II. |  | OTHER INFORMATION |  |  |
|  | Item 1 |  | Legal Proceedings | 35
|  | Item 1A |  | Risk Factors | 35
|  | Item 2 |  | Unregistered Sales of Equity Securities and Use of Proceeds | 35
|  | Item 3 |  | Defaults Upon Senior Securities | 36
|  | Item 4 |  | Mine Safety Disclosures | 36
|  | Item 5 |  | Other Information | 36
|  | Item 6 |  | Exhibits | 36
|  | Signatures |  |  | 37

1

Table of Contents
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

| JUNE 30 2025 |  | DECEMBER 31 2024
| (In millions, except share data)
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 66.9 |  |  | $ | 96.6 |
Accounts receivable, net | 512.1 |  |  | 488.4 |
Inventories, net | 776.6 |  |  | 754.3 |
Prepaid expenses and other | 101.1 |  |  | 94.0 |
Total Current Assets | 1,456.7 |  |  | 1,433.3 |
Property, Plant and Equipment, Net | 316.4 |  |  | 306.7 |
Intangible Assets, Net | 33.9 |  |  | 33.1 |
Goodwill | 55.4 |  |  | 54.6 |
Deferred Income Taxes | 7.9 |  |  | 6.7 |
Investments in Unconsolidated Affiliates | 55.7 |  |  | 55.5 |
Other Non-current Assets | 149.1 |  |  | 139.3 |
Total Assets | $ | 2,075.1 |  |  | $ | 2,029.2 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable | $ | 465.2 |  |  | $ | 447.8 |
Accounts payable, affiliates | 9.2 |  |  | 7.7 |
Revolving credit facilities | 93.6 |  |  | 54.2 |
Short-term debt and current maturities of long-term debt | 134.4 |  |  | 144.6 |
Accrued payroll | 77.7 |  |  | 105.5 |
Deferred revenue | 48.0 |  |  | 56.8 |
Other current liabilities | 214.1 |  |  | 241.3 |
Total Current Liabilities | 1,042.2 |  |  | 1,057.9 |
Long-term Debt | 245.2 |  |  | 241.9 |
Self-insurance Liabilities | 37.2 |  |  | 37.8 |
Deferred Income Taxes | 10.1 |  |  | 8.4 |
Other Long-term Liabilities | 177.0 |  |  | 189.1 |
Total Liabilities | 1,511.7 |  |  | 1,535.1 |
Temporary Equity |  |  |
Redeemable Noncontrolling Interest | 14.5 |  |  | 14.9 |
Stockholders' Equity |  |  |
Common stock: |  |  |
Class A, par value $0.01 per share, 14,255,895 shares outstanding (2024 - 13,962,422 shares outstanding) | 0.1 |  |  | 0.1 |
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,451,770 shares outstanding (2024 - 3,456,548 shares outstanding) | 0.1 |  |  | 0.1 |
Capital in excess of par value | 355.2 |  |  | 350.9 |
Treasury stock | (16.2) |  |  | (13.6) |
Retained earnings | 356.7 |  |  | 374.6 |
Accumulated other comprehensive loss | (151.2) |  |  | (237.0) |
Total Stockholders' Equity | 544.7 |  |  | 475.1 |
Noncontrolling Interests | 4.2 |  |  | 4.1 |
Total Permanent Equity | 548.9 |  |  | 479.2 |
Total Liabilities and Equity | $ | 2,075.1 |  |  | $ | 2,029.2 |

See notes to unaudited condensed consolidated financial statements.
2

Table of Contents
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions, except per share data)
Revenues | $ | 956.6 |  |  | $ | 1,168.1 |  |  | $ | 1,867.0 |  |  | $ | 2,224.6 |
Cost of sales | 788.4 |  |  | 908.8 |  |  | 1,521.1 |  |  | 1,729.6 |
Gross Profit | 168.2 |  |  | 259.3 |  |  | 345.9 |  |  | 495.0 |
Operating Expenses |  |  |  |  |  |  |
Selling, general and administrative expenses | 161.0 |  |  | 163.7 |  |  | 317.2 |  |  | 315.6 |
Restructuring and impairment charges | 15.7 |  |  | — |  |  | 15.9 |  |  | — |
Operating (Loss) Profit | (8.5) |  |  | 95.6 |  |  | 12.8 |  |  | 179.4 |
Other (income) expense |  |  |  |  |  |  |
Interest expense | 7.9 |  |  | 8.8 |  |  | 15.6 |  |  | 17.7 |
Income from unconsolidated affiliates | (2.7) |  |  | (2.1) |  |  | (5.6) |  |  | (3.1) |
Other, net | (0.5) |  |  | (1.1) |  |  | (0.8) |  |  | (2.1) |
| 4.7 |  |  | 5.6 |  |  | 9.2 |  |  | 12.5 |
Income (Loss) Before Income Taxes | (13.2) |  |  | 90.0 |  |  | 3.6 |  |  | 166.9 |
Income tax expense | 0.2 |  |  | 26.1 |  |  | 8.3 |  |  | 51.2 |
Net (Loss) Income | (13.4) |  |  | 63.9 |  |  | (4.7) |  |  | 115.7 |
Net Income attributable to noncontrolling interests | (0.2) |  |  | (0.2) |  |  | (0.2) |  |  | (0.4) |
Net (Income) Loss attributable to redeemable noncontrolling interests | — |  |  | (0.1) |  |  | 0.1 |  |  | — |
Accrued dividend to redeemable noncontrolling interests | (0.3) |  |  | (0.3) |  |  | (0.5) |  |  | (0.5) |
Net (Loss) Income Attributable to Stockholders | $ | (13.9) |  |  | $ | 63.3 |  |  | $ | (5.3) |  |  | $ | 114.8 |
Basic (Loss) Earnings per Share | $ | (0.79) |  |  | $ | 3.62 |  |  | $ | (0.30) |  |  | $ | 6.60 |
Diluted (Loss) Earnings per Share | $ | (0.79) |  |  | $ | 3.58 |  |  | $ | (0.30) |  |  | $ | 6.51 |
Dividends per Share | $ | 0.3600 |  |  | $ | 0.3500 |  |  | $ | 0.7100 |  |  | $ | 0.6750 |
Basic Weighted Average Shares Outstanding | 17.705 |  |  | 17.493 |  |  | 17.621 |  |  | 17.406 |
Diluted Weighted Average Shares Outstanding | 17.705 |  |  | 17.659 |  |  | 17.621 |  |  | 17.631 |

See notes to unaudited condensed consolidated financial statements.
3

Table of Contents
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Net (Loss) Income | $ | (13.4) |  |  | $ | 63.9 |  |  | $ | (4.7) |  |  | $ | 115.7 |
Other comprehensive income |  |  |  |  |  |  |
Foreign currency translation adjustment | 38.6 |  |  | (9.3) |  |  | 56.7 |  |  | (26.0) |
Current period cash flow hedging activity, net of tax | 13.0 |  |  | (11.3) |  |  | 23.3 |  |  | (26.4) |
Reclassification of hedging activities into earnings, net of tax | (0.2) |  |  | 7.9 |  |  | 4.1 |  |  | 15.2 |
Reclassification of pension into earnings, net of tax | 0.9 |  |  | 0.9 |  |  | 1.7 |  |  | 1.7 |
Comprehensive Income | $ | 38.9 |  |  | $ | 52.1 |  |  | $ | 81.1 |  |  | $ | 80.2 |
Net Income attributable to noncontrolling interests | (0.2) |  |  | (0.2) |  |  | (0.2) |  |  | (0.4) |
Net (Income) Loss attributable to redeemable noncontrolling interests | — |  |  | (0.1) |  |  | 0.1 |  |  | — |
Accrued dividend to redeemable noncontrolling interests | (0.3) |  |  | (0.3) |  |  | (0.5) |  |  | (0.5) |
Foreign currency translation adjustment attributable to noncontrolling interests | — |  |  | 0.1 |  |  | (0.2) |  |  | 0.1 |
Comprehensive Income Attributable to Stockholders | $ | 38.4 |  |  | $ | 51.6 |  |  | $ | 80.3 |  |  | $ | 79.4 |

See notes to unaudited condensed consolidated financial statements.
4

Table of Contents
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

| SIX MONTHS ENDED
| JUNE 30
| 2025 |  | 2024
| (In millions)
Operating Activities |  |  |
Net (Loss) Income | $ | (4.7) |  |  | $ | 115.7 |
Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities: |  |  |
Depreciation and amortization | 22.8 |  |  | 24.1 |
Amortization of deferred financing fees | 0.8 |  |  | 0.7 |
Deferred income taxes | 1.1 |  |  | (0.8) |
Restructuring and impairment charges | 15.9 |  |  | — |
Stock-based compensation | 6.2 |  |  | 17.4 |
Dividends from unconsolidated affiliates | 8.0 |  |  | 4.4 |
Other | 8.2 |  |  | 8.9 |
Changes in assets and liabilities: |  |  |
Accounts receivable | 7.2 |  |  | (83.9) |
Inventories | 11.6 |  |  | 9.0 |
Other current assets | 1.8 |  |  | (1.4) |
Accounts payable | (7.8) |  |  | (11.5) |
Other liabilities | (78.6) |  |  | (62.7) |
Net cash provided by (used for) operating activities | (7.5) |  |  | 19.9 |
Investing Activities |  |  |
Expenditures for property, plant and equipment | (24.4) |  |  | (19.7) |
Proceeds from the sale of assets | 1.4 |  |  | 1.0 |
Business acquisition, net of cash acquired | (2.6) |  |  | — |
Net cash used for investing activities | (25.6) |  |  | (18.7) |
Financing Activities |  |  |
Additions to debt | 61.8 |  |  | 89.0 |
Reductions of debt | (80.9) |  |  | (104.1) |
Net change to revolving credit agreements | 39.2 |  |  | 25.9 |
Cash dividends paid | (12.6) |  |  | (11.8) |
Cash dividends paid to noncontrolling interest | (1.3) |  |  | (1.3) |
Purchase of treasury stock | (4.4) |  |  | (9.1) |
Financing fees paid | (2.1) |  |  | — |
Net cash provided by (used for) financing activities | (0.3) |  |  | (11.4) |
Effect of exchange rate changes on cash | 3.7 |  |  | (2.1) |
Cash and Cash Equivalents |  |  |
Increase (decrease) for the period | (29.7) |  |  | (12.3) |
Balance at the beginning of the period | 96.6 |  |  | 78.8 |
Balance at the end of the period | $ | 66.9 |  |  | $ | 66.5 |

See notes to unaudited condensed consolidated financial statements.
5

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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY

| Temporary Equity | Permanent Equity
|  |  |  |  |  |  |  | Accumulated Other Comprehensive Income (Loss) |  |  |
| Redeemable Noncontrolling Interest | Class A Common Stock | Class B Common Stock | Treasury Stock | Capital in Excess of Par Value |  | Retained Earnings | Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging | Pension Adjustment | Total Stockholders' Equity | Noncontrolling Interests | Total Permanent Equity
|  | (In millions)
Balance, March 31, 2024 | $ | 14.9 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (9.1) |  | $ | 336.9 |  |  | $ | 302.1 |  |  | $ | (135.0) |  |  | $ | (16.8) |  |  | $ | (66.2) |  |  | $ | 412.1 |  |  | $ | 2.3 |  |  | $ | 414.4 |
Stock-based compensation | — |  | — |  | — |  | — |  | 8.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.2 |  |  | — |  |  | 8.2 |
Net income (loss) | 0.1 |  | — |  | — |  | — |  | — |  |  | 63.3 |  |  | — |  |  | — |  |  | — |  |  | 63.3 |  |  | 0.2 |  |  | 63.5 |
Cash dividends | (0.9) |  | — |  | — |  | — |  | — |  |  | (6.1) |  |  | — |  |  | — |  |  | — |  |  | (6.1) |  |  | (0.4) |  |  | (6.5) |
Accrued dividends | 0.3 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period other comprehensive loss | — |  | — |  | — |  | — |  | — |  |  | — |  |  | (9.3) |  |  | (11.3) |  |  | — |  |  | (20.6) |  |  | — |  |  | (20.6) |
Reclassification adjustment to net income | — |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | 7.9 |  |  | 0.9 |  |  | 8.8 |  |  | — |  |  | 8.8 |
Foreign currency translation on noncontrolling interest | (0.2) |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Balance, June 30, 2024 | $ | 14.2 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (9.1) |  | $ | 345.1 |  |  | $ | 359.3 |  |  | $ | (144.3) |  |  | $ | (20.2) |  |  | $ | (65.3) |  |  | $ | 465.7 |  |  | $ | 2.2 |  |  | $ | 467.9 |
Balance, March 31, 2025 | $ | 15.1 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (16.9) |  | $ | 353.2 |  |  | $ | 377.0 |  |  | $ | (143.4) |  |  | $ | 2.2 |  |  | $ | (62.3) |  |  | $ | 510.0 |  |  | $ | 4.3 |  |  | $ | 514.3 |
Stock-based compensation | — |  | — |  | — |  | — |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.7 |  |  | — |  |  | 2.7 |
Stock issued under stock compensation plans | — |  | — |  | — |  | 0.7 |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) | — |  | — |  | — |  | — |  | — |  |  | (13.9) |  |  | — |  |  | — |  |  | — |  |  | (13.9) |  |  | 0.3 |  |  | (13.6) |
Cash dividends | (0.9) |  | — |  | — |  | — |  | — |  |  | (6.4) |  |  | — |  |  | — |  |  | — |  |  | (6.4) |  |  | (0.4) |  |  | (6.8) |
Accrued dividends | 0.3 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period other comprehensive income | — |  | — |  | — |  | — |  | — |  |  | — |  |  | 38.6 |  |  | 13.0 |  |  | — |  |  | 51.6 |  |  | — |  |  | 51.6 |
Reclassification adjustment to net income | — |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | 0.9 |  |  | 0.7 |  |  | — |  |  | 0.7 |
Balance, June 30, 2025 | $ | 14.5 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (16.2) |  | $ | 355.2 |  |  | $ | 356.7 |  |  | $ | (104.8) |  |  | $ | 15.0 |  |  | $ | (61.4) |  |  | $ | 544.7 |  |  | $ | 4.2 |  |  | $ | 548.9 |

See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY

| Temporary Equity | Permanent Equity
|  |  |  |  |  |  |  | Accumulated Other Comprehensive Income (Loss) |  |  |
| Redeemable Noncontrolling Interest | Class A Common Stock | Class B Common Stock | Treasury Stock | Capital in Excess of Par Value |  | Retained Earnings | Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging | Pension Adjustment | Total Stockholders' Equity | Noncontrolling Interests | Total Permanent Equity
|  | (In millions)
Balance, December 31, 2023 | $ | 14.8 |  | $ | 0.1 |  | $ | 0.1 |  | $ | — |  | $ | 327.7 |  |  | $ | 256.3 |  |  | $ | (118.3) |  |  | $ | (9.0) |  |  | $ | (67.0) |  |  | $ | 389.9 |  |  | $ | 2.1 |  |  | $ | 392.0 |
Stock-based compensation | — |  | — |  | — |  | — |  | 17.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17.4 |  |  | — |  |  | 17.4 |
Stock issued under stock compensation plans | — |  | — |  | — |  | — |  | (9.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.1) |  |  | — |  |  | (9.1) |
Purchase of treasury stock | — |  | — |  | — |  | (9.1) |  | 9.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | — |  | — |  | — |  | — |  | — |  |  | 114.8 |  |  | — |  |  | — |  |  | — |  |  | 114.8 |  |  | 0.4 |  |  | 115.2 |
Cash dividends | (0.9) |  | — |  | — |  | — |  | — |  |  | (11.8) |  |  | — |  |  | — |  |  | — |  |  | (11.8) |  |  | (0.4) |  |  | (12.2) |
Accrued dividends | 0.5 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period other comprehensive loss | — |  | — |  | — |  | — |  | — |  |  | — |  |  | (26.0) |  |  | (26.4) |  |  | — |  |  | (52.4) |  |  | — |  |  | (52.4) |
Reclassification adjustment to net income | — |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | 15.2 |  |  | 1.7 |  |  | 16.9 |  |  | — |  |  | 16.9 |
Foreign currency translation on noncontrolling interest | (0.2) |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Balance, June 30, 2024 | $ | 14.2 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (9.1) |  | $ | 345.1 |  |  | $ | 359.3 |  |  | $ | (144.3) |  |  | $ | (20.2) |  |  | $ | (65.3) |  |  | $ | 465.7 |  |  | $ | 2.2 |  |  | $ | 467.9 |
Balance, December 31, 2024 | $ | 14.9 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (13.6) |  | $ | 350.9 |  |  | $ | 374.6 |  |  | $ | (161.5) |  |  | $ | (12.4) |  |  | $ | (63.1) |  |  | $ | 475.1 |  |  | $ | 4.1 |  |  | $ | 479.2 |
Stock-based compensation | — |  | — |  | — |  | — |  | 6.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.2 |  |  | — |  |  | 6.2 |
Stock issued under stock compensation plans | — |  | — |  | — |  | 1.9 |  | (6.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5) |  |  | — |  |  | (4.5) |
Purchase of treasury stock | — |  | — |  | — |  | (4.5) |  | 4.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | (0.1) |  | — |  | — |  | — |  | — |  |  | (5.3) |  |  | — |  |  | — |  |  | — |  |  | (5.3) |  |  | 0.2 |  |  | (5.1) |
Cash dividends | (0.9) |  | — |  | — |  | — |  | — |  |  | (12.6) |  |  | — |  |  | — |  |  | — |  |  | (12.6) |  |  | (0.4) |  |  | (13.0) |
Accrued dividends | 0.5 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current period other comprehensive income (loss) | — |  | — |  | — |  | — |  | — |  |  | — |  |  | 56.7 |  |  | 23.3 |  |  | — |  |  | 80.0 |  |  | — |  |  | 80.0 |
Reclassification adjustment to net income | — |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | 4.1 |  |  | 1.7 |  |  | 5.8 |  |  | — |  |  | 5.8 |
Purchase of noncontrolling interest | — |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Foreign currency translation on noncontrolling interest | 0.1 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Balance, June 30, 2025 | $ | 14.5 |  | $ | 0.1 |  | $ | 0.1 |  | $ | (16.2) |  | $ | 355.2 |  |  | $ | 356.7 |  |  | $ | (104.8) |  |  | $ | 15.0 |  |  | $ | (61.4) |  |  | $ | 544.7 |  |  | $ | 4.2 |  |  | $ | 548.9 |

See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Millions, Except Per Share Data)
Note 1—Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.
The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc. ("HYMH"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.
In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation within one year after the date of acquisition.
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (“CODM”) manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments, for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20%-owned joint venture, are accounted for by the equity method. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.
These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of June 30, 2025 and the results of its operations and changes in equity for the three and six months ended June 30, 2025 and 2024, and the results of its cash flows for the six months ended June 30, 2025 and 2024 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
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The accompanying unaudited condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.
Note 2—Recently Issued Accounting Standards
Adopted Accounting Pronouncements
During the second quarter of 2025, the Company did not adopt any accounting standard updates ("ASU").
Recent Accounting Pronouncements
The following table provides a brief description of ASUs not yet adopted:

Standard |  | Description |  | Required Date of Adoption |  | Effect on the financial statements or other significant matters
ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) |  | The guidance provides requirements for new and updated income tax disclosures. |  | Annual periods after December 15, 2024 |  | The Company will apply the guidance for annual periods subsequent to December 15, 2024 for new income tax disclosures.
ASU 2024-03— Disaggregation of Income Statement Expenses |  | The guidance requires disaggregated disclosure of income statement expenses. |  | Annual periods after December 15, 2026 |  | The Company is currently evaluating the guidance and the effect on its related disclosures.

Note 3—Revenue
Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11, Product Warranties, for further information on product warranties.
The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.
The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and six months ended June 30, 2025 and 2024.
The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed consolidated statements of operations.
The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations.
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The following table disaggregates revenue by category:

| THREE MONTHS ENDED
| JUNE 30, 2025
| Lift truck business |  |  |  |  |  |
| Americas |  | EMEA |  | JAPIC |  | Bolzoni |  | Eliminations |  | Total
Dealer sales | $ | 301.7 |  |  | $ | 117.3 |  |  | $ | 41.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 460.5 |
Direct customer sales | 178.4 |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 178.8 |
Aftermarket sales | 190.0 |  |  | 24.4 |  |  | 6.6 |  |  | — |  |  | — |  |  | 221.0 |
Other | 37.4 |  |  | 6.2 |  |  | 0.3 |  |  | 90.6 |  |  | (38.2) |  |  | 96.3 |
Total Revenues | $ | 707.5 |  |  | $ | 148.3 |  |  | $ | 48.4 |  |  | $ | 90.6 |  |  | $ | (38.2) |  |  | $ | 956.6 |
| THREE MONTHS ENDED
| JUNE 30, 2024
| Lift truck business |  |  |  |  |  |
| Americas |  | EMEA |  | JAPIC |  | Bolzoni |  | Eliminations |  | Total
Dealer sales | $ | 467.3 |  |  | $ | 155.1 |  |  | $ | 41.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 664.0 |
Direct customer sales | 191.4 |  |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | 193.1 |
Aftermarket sales | 185.8 |  |  | 26.1 |  |  | 7.0 |  |  | — |  |  | — |  |  | 218.9 |
Other | 37.0 |  |  | 4.9 |  |  | 0.1 |  |  | 102.4 |  |  | (52.3) |  |  | 92.1 |
Total Revenues | $ | 881.5 |  |  | $ | 187.8 |  |  | $ | 48.7 |  |  | $ | 102.4 |  |  | $ | (52.3) |  |  | $ | 1,168.1 |
| SIX MONTHS ENDED
| JUNE 30, 2025
| Lift truck business |  |  |  |  |  |
| Americas |  | EMEA |  | JAPIC |  | Bolzoni |  | Eliminations |  | Total
Dealer sales | $ | 589.9 |  |  | $ | 203.3 |  |  | $ | 82.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 876.1 |
Direct customer sales | 351.9 |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 353.7 |
Aftermarket sales | 386.4 |  |  | 50.4 |  |  | 12.0 |  |  | — |  |  | — |  |  | 448.8 |
Other | 78.2 |  |  | 11.0 |  |  | 0.8 |  |  | 170.9 |  |  | (72.5) |  |  | 188.4 |
Total Revenues | $ | 1,406.4 |  |  | $ | 266.5 |  |  | $ | 95.7 |  |  | $ | 170.9 |  |  | $ | (72.5) |  |  | $ | 1,867.0 |

| SIX MONTHS ENDED
| JUNE 30, 2024
| Lift truck business |  |  |  |  |  |
| Americas |  | EMEA |  | JAPIC |  | Bolzoni |  | Eliminations |  | Total
Dealer sales | $ | 890.3 |  |  | $ | 318.3 |  |  | $ | 74.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,282.9 |
Direct customer sales | 330.1 |  |  | 3.3 |  |  | — |  |  | — |  |  | — |  |  | 333.4 |
Aftermarket sales | 363.5 |  |  | 52.9 |  |  | 11.9 |  |  | — |  |  | — |  |  | 428.3 |
Other | 67.5 |  |  | 12.7 |  |  | 0.2 |  |  | 198.6 |  |  | (99.0) |  |  | 180.0 |
Total Revenues | $ | 1,651.4 |  |  | $ | 387.2 |  |  | $ | 86.4 |  |  | $ | 198.6 |  |  | $ | (99.0) |  |  | $ | 2,224.6 |

As disclosed in the Company’s Quarterly Report on Form 10-Q for the third quarter of 2024, Dealer sales and Direct customer sales for the three and six months ended June 30, 2024 have been adjusted in the table above to reflect immaterial reclassifications.
Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to major customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these
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transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the U.S., Bolzoni also has revenue for sales of forklift components to HYMH plants. In all revenue transactions, the Company receives cash equal to the invoice price and the amount of consideration received and revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni and the lift truck business have been eliminated.
Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Amounts below include both current and long-term portions of deferred revenue.

| Deferred Revenue
Balance, December 31, 2024 | $ | 71.3 |
Customer deposits and billings | 31.7 |
Revenue recognized | (38.7) |
Foreign currency effect | 0.6 |
Balance, June 30, 2025 | $ | 64.9 |

Note 4—Business Segments
The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni.
Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.
The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated.
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.
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Financial information for each reportable segment is presented in the following table:

| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from external customers |  |  |  |  |  |  |
Americas | $ | 707.5 |  |  | $ | 881.5 |  |  | $ | 1,406.4 |  |  | $ | 1,651.4 |
EMEA | 148.3 |  |  | 187.8 |  |  | 266.5 |  |  | 387.2 |
JAPIC | 48.4 |  |  | 48.7 |  |  | 95.7 |  |  | 86.4 |
Lift truck business | 904.2 |  |  | 1,118.0 |  |  | 1,768.6 |  |  | 2,125.0 |
Bolzoni | 90.6 |  |  | 102.4 |  |  | 170.9 |  |  | 198.6 |
Eliminations | (38.2) |  |  | (52.3) |  |  | (72.5) |  |  | (99.0) |
Total | $ | 956.6 |  |  | $ | 1,168.1 |  |  | $ | 1,867.0 |  |  | $ | 2,224.6 |
Cost of Sales |  |  |  |  |  |  |
Americas | $ | 577.6 |  |  | $ | 681.9 |  |  | $ | 1,134.0 |  |  | $ | 1,276.0 |
EMEA | 133.5 |  |  | 155.3 |  |  | 238.8 |  |  | 320.8 |
JAPIC | 46.3 |  |  | 43.9 |  |  | 90.2 |  |  | 78.0 |
Lift truck business | 757.4 |  |  | 881.1 |  |  | 1,463.0 |  |  | 1,674.8 |
Bolzoni | 69.2 |  |  | 80.0 |  |  | 131.0 |  |  | 154.4 |
Eliminations | (38.2) |  |  | (52.3) |  |  | (72.9) |  |  | (99.6) |
Total | $ | 788.4 |  |  | $ | 908.8 |  |  | $ | 1,521.1 |  |  | $ | 1,729.6 |
Gross profit (loss) |  |  |  |  |  |  |
Americas | $ | 129.9 |  |  | $ | 199.6 |  |  | $ | 272.4 |  |  | $ | 375.4 |
EMEA | 14.8 |  |  | 32.5 |  |  | 27.7 |  |  | 66.4 |
JAPIC | 2.1 |  |  | 4.8 |  |  | 5.5 |  |  | 8.4 |
Lift truck business | 146.8 |  |  | 236.9 |  |  | 305.6 |  |  | 450.2 |
Bolzoni | 21.4 |  |  | 22.4 |  |  | 39.9 |  |  | 44.2 |
Eliminations | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Total | $ | 168.2 |  |  | $ | 259.3 |  |  | $ | 345.9 |  |  | $ | 495.0 |
Selling, general and administrative expenses |  |  |  |  |  |  |
Americas | $ | 102.3 |  |  | $ | 107.1 |  |  | $ | 201.6 |  |  | $ | 202.7 |
EMEA | 30.1 |  |  | 27.7 |  |  | 59.2 |  |  | 56.4 |
JAPIC | 9.6 |  |  | 10.5 |  |  | 19.5 |  |  | 19.6 |
Lift truck business | 142.0 |  |  | 145.3 |  |  | 280.3 |  |  | 278.7 |
Bolzoni | 19.0 |  |  | 18.4 |  |  | 36.9 |  |  | 36.9 |
Total | $ | 161.0 |  |  | $ | 163.7 |  |  | $ | 317.2 |  |  | $ | 315.6 |
Adjustments(a) |  |  |  |  |  |  |
Americas | $ | 15.9 |  |  | $ | — |  |  | $ | 16.6 |  |  | $ | — |
EMEA | (0.3) |  |  | — |  |  | (1.6) |  |  | — |
JAPIC | 0.1 |  |  | — |  |  | 0.9 |  |  | — |
Lift truck business | 15.7 |  |  | — |  |  | 15.9 |  |  | — |
Bolzoni | — |  |  | — |  |  | — |  |  | — |
Eliminations | — |  |  | — |  |  | — |  |  | — |
Total | $ | 15.7 |  |  | $ | — |  |  | $ | 15.9 |  |  | $ | — |

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| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating profit (loss) |  |  |  |  |  |  |
Americas | $ | 11.7 |  |  | $ | 92.5 |  |  | $ | 54.2 |  |  | $ | 172.7 |
EMEA | (15.0) |  |  | 4.8 |  |  | (29.9) |  |  | 10.0 |
JAPIC | (7.6) |  |  | (5.7) |  |  | (14.9) |  |  | (11.2) |
Lift truck business | (10.9) |  |  | 91.6 |  |  | 9.4 |  |  | 171.5 |
Bolzoni | 2.4 |  |  | 4.0 |  |  | 3.0 |  |  | 7.3 |
Eliminations | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Total | $ | (8.5) |  |  | $ | 95.6 |  |  | $ | 12.8 |  |  | $ | 179.4 |
Interest expense |  |  |  |  |  |  |
Americas | $ | 7.3 |  |  | $ | 8.0 |  |  | $ | 14.5 |  |  | $ | 16.0 |
EMEA | 0.3 |  |  | 0.7 |  |  | 0.4 |  |  | 1.3 |
JAPIC | 0.3 |  |  | 0.3 |  |  | 0.6 |  |  | 0.6 |
Eliminations | (0.2) |  |  | (0.3) |  |  | (0.4) |  |  | (0.5) |
Lift truck business | 7.7 |  |  | 8.7 |  |  | 15.1 |  |  | 17.4 |
Bolzoni | 0.6 |  |  | 0.5 |  |  | 1.1 |  |  | 0.9 |
Eliminations | (0.4) |  |  | (0.4) |  |  | (0.6) |  |  | (0.6) |
Total | $ | 7.9 |  |  | $ | 8.8 |  |  | $ | 15.6 |  |  | $ | 17.7 |
Depreciation and amortization |  |  |  |  |  |  |
Americas | $ | 5.0 |  |  | $ | 5.2 |  |  | $ | 9.1 |  |  | $ | 10.0 |
EMEA | 2.2 |  |  | 2.1 |  |  | 4.3 |  |  | 4.2 |
JAPIC | 1.6 |  |  | 2.0 |  |  | 3.3 |  |  | 3.9 |
Lift truck business | 8.8 |  |  | 9.3 |  |  | 16.7 |  |  | 18.1 |
Bolzoni | 3.0 |  |  | 3.1 |  |  | 6.1 |  |  | 6.0 |
Total | $ | 11.8 |  |  | $ | 12.4 |  |  | $ | 22.8 |  |  | $ | 24.1 |
Capital expenditures |  |  |  |  |  |  |
Americas | $ | (8.3) |  |  | $ | (8.4) |  |  | $ | (14.4) |  |  | $ | (14.4) |
EMEA | (3.3) |  |  | (1.0) |  |  | (4.4) |  |  | (1.2) |
JAPIC | (1.1) |  |  | (1.7) |  |  | (2.3) |  |  | (2.1) |
Lift truck business | (12.7) |  |  | (11.1) |  |  | (21.1) |  |  | (17.7) |
Bolzoni | (1.1) |  |  | (1.1) |  |  | (3.3) |  |  | (2.0) |
Total | $ | (13.8) |  |  | $ | (12.2) |  |  | $ | (24.4) |  |  | $ | (19.7) |

(a) Consists of restructuring charges (reversals) recognized during the three and six months ended June 30, 2025 related to programs initiated in 2024 and the strategic realignment of Nuvera in 2025. See Note 15, Restructuring and Impairment Charges, of the Company's unaudited condensed consolidated financial statements for further discussion.

| JUNE 30 2025 |  | DECEMBER 31 2024
Total assets |  |  |
Americas | $ | 1,936.9 |  |  | $ | 1,938.6 |
EMEA | 701.6 |  |  | 678.5 |
JAPIC | 255.2 |  |  | 252.9 |
Eliminations | (929.9) |  |  | (928.3) |
Lift truck business | 1,963.8 |  |  | 1,941.7 |
Bolzoni | 336.1 |  |  | 290.8 |
Eliminations | (224.8) |  |  | (203.3) |
Total | 2,075.1 |  |  | 2,029.2 |

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Note 5—Income Taxes
The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.
A reconciliation of the U.S. federal statutory rate to the reported income tax rate is as follows:

|  | THREE MONTHS ENDED |  | SIX MONTHS ENDED
|  | JUNE 30 |  | JUNE 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes |  | $ | (13.2) |  |  | $ | 90.0 |  |  | $ | 3.6 |  |  | $ | 166.9 |
Statutory taxes (21%) |  | $ | (2.8) |  |  | $ | 18.9 |  |  | $ | 0.7 |  |  | $ | 35.0 |
Interim adjustment |  | 3.8 |  |  | 0.2 |  |  | 4.3 |  |  | 0.4 |
Permanent adjustments: |  |  |  |  |  |  |  |
Valuation allowance |  | 0.2 |  |  | 4.4 |  |  | 4.1 |  |  | 9.7 |
Other |  | (0.4) |  |  | 3.8 |  |  | (0.2) |  |  | 7.2 |
Discrete items |  | (0.6) |  |  | (1.2) |  |  | (0.6) |  |  | (1.1) |
Income tax expense |  | $ | 0.2 |  |  | $ | 26.1 |  |  | $ | 8.3 |  |  | $ | 51.2 |
Reported income tax rate |  | n.m. |  | 29.0 | % |  | n.m. |  | 30.7 | %
n.m. - not meaningful |  |  |  |  |  |  |  |

During 2025 and 2024, the Company’s reported income tax rate differs from the U.S. federal statutory rate primarily as a result of recording additional valuation allowance attributable to the capitalization of research and development expenses under current U.S. tax rules. In 2025, the reported income tax rate was further impacted by an interim adjustment from pretax losses for which no tax benefit was recognized.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law in the U.S. The OBBBA significantly revised the U.S. corporate income tax regime with certain provisions applicable to the beginning of the current reporting year including, among others, the immediate expensing of domestic research and development expenditures, the immediate expensing of certain qualified capital expenditures and a loosening of the limitation on interest deductions.
The Company is evaluating the full effects of the OBBBA on its estimated annual effective tax rate and cash tax position. The changes applicable to the current year could have a favorable impact on its results of operations. However, an estimate of the impact cannot be made at this time.
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Note 6—Reclassifications from OCI
The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

OCI Components |  | Amount Reclassified from OCI |  | Affected Line Item
|  | THREE MONTHS ENDED |  | SIX MONTHS ENDED |  |
|  | JUNE 30 |  | JUNE 30 |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Gain (loss) on cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 2.7 |  |  | $ | 3.6 |  |  | Interest expense
Foreign exchange contracts |  | (1.1) |  |  | (9.7) |  |  | (6.6) |  |  | (18.9) |  |  | Cost of sales
Total before tax |  | 0.3 |  |  | (8.0) |  |  | (3.9) |  |  | (15.3) |  |  | Income before income taxes
Tax (expense) benefit |  | (0.1) |  |  | 0.1 |  |  | (0.2) |  |  | 0.1 |  |  | Income tax expense
Net of tax |  | $ | 0.2 |  |  | $ | (7.9) |  |  | $ | (4.1) |  |  | $ | (15.2) |  |  | Net income
Amortization of defined benefit pension items: |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | $ | (0.9) |  |  | $ | (0.9) |  |  | $ | (1.7) |  |  | $ | (1.7) |  |  | Other, net
Total before tax |  | (0.9) |  |  | (0.9) |  |  | (1.7) |  |  | (1.7) |  |  | Income before income taxes
Tax (expense) benefit |  | — |  |  | — |  |  | — |  |  | — |  |  | Income tax expense
Net of tax |  | $ | (0.9) |  |  | $ | (0.9) |  |  | $ | (1.7) |  |  | $ | (1.7) |  |  | Net income
Total reclassifications for the period |  | $ | (0.7) |  |  | $ | (8.8) |  |  | $ | (5.8) |  |  | $ | (16.9) |  |  |

Note 7—Current and Long-Term Financing
On June 24, 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the “Facility”). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company’s previous revolving credit facility, which was set to mature on June 24, 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.
The obligations under the Facility are generally secured by a first priority lien on working capital assets of the Company, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
Borrowings under the Facility will bear interest at a floating rate, which can be a base rate, Term SOFR or EURIBOR, each as defined in the Facility, plus an applicable margin. The applicable margins are based on the total excess availability, as defined in the Facility, and range from 0.25% to 0.75% for U.S. base rate loans and 1.25% to 1.75% for Term SOFR, EURIBOR and foreign base rate loans. For the period prior to June 30, 2025, the applicable margins under the Facility are 0.50% for U.S. base rate loans and 1.50% for Term SOFR, EURIBOR and foreign base rate loans. In addition, the Facility requires the payment of a fee of 0.25% per annum on the unused commitment based on the average daily outstanding balance during the preceding month.
In addition, the Facility includes restrictive covenants, which, among other things, limit additional borrowings and
investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits
the payment of dividends and other restricted payments Hyster-Yale and its subsidiaries may make unless certain total excess
availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than the greater of (x) 10% of the total borrowing base, as defined in the Facility, and (y) $20.0 million.
The Company incurred approximately $2.1 million of additional financing fees in connection with the Facility. These fees were deferred and are being amortized as interest expense over the term of the Facility.
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Note 8—Financial Instruments and Derivative Financial Instruments
Financial Instruments
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At June 30, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $450.2 million and $448.3 million, respectively. At December 31, 2024, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $417.3 million and $416.8 million, respectively.
Derivative Financial Instruments
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.
Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.
The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.
The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.
Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $0.7 billion and 0.8 billion at June 30, 2025 and December 31, 2024, respectively, primarily denominated in euros, U.S. dollars, Japanese yen, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner and Australian dollars. The fair value of these contracts approximated a net asset of $11.1 million and a net liability of $18.5 million at June 30, 2025 and December 31, 2024, respectively.
At June 30, 2025 and December 31, 2024, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at June 30, 2025, $7.1 million of the amount of net deferred loss included in OCI at June 30, 2025 is expected to be reclassified as income into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.
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Interest Rate Derivatives: The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at June 30, 2025 and December 31, 2024:

Notional Amount |  | Average Fixed Rate |  |  |
JUNE 30, |  | DECEMBER 31 |  | JUNE 30, |  | DECEMBER 31 |  |  |
2025 |  | 2024 |  | 2025 |  | 2024 |  | Term at June 30, 2025 |
$ | 180.0 |  |  | $ | 180.0 |  |  | 1.65 | % |  | 1.65 | % |  | Extending to May 2027 |
$ | 10.7 |  |  | $ | 12.0 |  |  | 2.13 | % |  | 1.93 | % |  | Extending to July 2029 |

The fair value of all interest rate swap agreements was a net asset of $6.1 million and $9.9 million at June 30, 2025 and December 31, 2024, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at June 30, 2025, $4.4 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.
The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | JUNE 30, 2025 |  | DECEMBER 31, 2024 |  | Balance Sheet Location |  | JUNE 30, 2025 |  | DECEMBER 31, 2024
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  |  |  |  |  |  |  |  |
Current | Prepaid expenses and other |  | $ | 3.9 |  |  | $ | 4.3 |  |  | Prepaid expenses and other |  | $ | — |  |  | $ | — |
Long-term | Other non-current assets |  | 2.2 |  |  | 5.6 |  |  | Other non-current assets |  | — |  |  | — |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |
Current | Prepaid expenses and other |  | 16.0 |  |  | 1.4 |  |  | Prepaid expenses and other |  | 6.7 |  |  | 0.5 |
| Other current liabilities |  | 0.1 |  |  | 3.4 |  |  | Other current liabilities |  | 1.8 |  |  | 17.1 |
Long-term | Other non-current assets |  | 3.4 |  |  | — |  |  | Other non-current assets |  | 1.6 |  |  | — |
| Other long-term liabilities |  | 0.1 |  |  | 0.8 |  |  | Other long-term liabilities |  | 0.2 |  |  | 5.6 |
Total derivatives designated as hedging instruments |  | $ | 25.7 |  |  | $ | 15.5 |  |  |  |  | $ | 10.3 |  |  | $ | 23.2 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |
Current | Prepaid expenses and other |  | 5.5 |  |  | 0.8 |  |  | Prepaid expenses and other |  | 3.2 |  |  | 1.2 |
| Other current liabilities |  | — |  |  | 2.3 |  |  | Other current liabilities |  | 0.5 |  |  | 2.8 |
Total derivatives not designated as hedging instruments |  | $ | 5.5 |  |  | $ | 3.1 |  |  |  |  | $ | 3.7 |  |  | $ | 4.0 |
Total derivatives |  | $ | 31.2 |  |  | $ | 18.6 |  |  |  |  | $ | 14.0 |  |  | $ | 27.2 |

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The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

|  | Derivative Assets as of June 30, 2025 |  | Derivative Liabilities as of June 30, 2025
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset |  | Net Amounts Presented |  | Net Amount |  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset |  | Net Amounts Presented |  | Net Amount
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 6.1 |  |  | $ | — |  |  | $ | 6.1 |  |  | $ | 6.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts |  | 13.4 |  |  | (2.3) |  |  | 11.1 |  |  | 11.1 |  |  | 2.3 |  |  | (2.3) |  |  | — |  |  | — |
Total derivatives |  | $ | 19.5 |  |  | $ | (2.3) |  |  | $ | 17.2 |  |  | $ | 17.2 |  |  | $ | 2.3 |  |  | $ | (2.3) |  |  | $ | — |  |  | $ | — |
|  | Derivative Assets as of December 31, 2024 |  | Derivative Liabilities as of December 31, 2024
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset |  | Net Amounts Presented |  | Net Amount |  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset |  | Net Amounts Presented |  | Net Amount
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | 9.9 |  |  | $ | — |  |  | $ | 9.9 |  |  | $ | 9.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency exchange contracts |  | 0.5 |  |  | (0.5) |  |  | — |  |  | — |  |  | 19.0 |  |  | (0.5) |  |  | 18.5 |  |  | 18.5 |
Total derivatives |  | $ | 10.4 |  |  | $ | (0.5) |  |  | $ | 9.9 |  |  | $ | 9.9 |  |  | $ | 19.0 |  |  | $ | (0.5) |  |  | $ | 18.5 |  |  | $ | 18.5 |

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

|  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) |  | Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
|  | THREE MONTHS ENDED |  | SIX MONTHS ENDED |  |  |  | THREE MONTHS ENDED |  | SIX MONTHS ENDED
|  | JUNE 30, |  |  |  | JUNE 30,
Derivatives Designated as Hedging Instruments |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | $ | (0.3) |  |  | $ | 1.1 |  |  | $ | (1.3) |  |  | $ | 4.5 |  |  | Interest expense |  | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 2.7 |  |  | $ | 3.6 |
Foreign currency exchange contracts |  | 12.7 |  |  | (12.4) |  |  | 24.2 |  |  | (31.0) |  |  | Cost of sales |  | (1.1) |  |  | (9.7) |  |  | (6.6) |  |  | (18.9) |
Total |  | $ | 12.4 |  |  | $ | (11.3) |  |  | $ | 22.9 |  |  | $ | (26.5) |  |  |  |  | $ | 0.3 |  |  | $ | (8.0) |  |  | $ | (3.9) |  |  | $ | (15.3) |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  | Location of Gain or (Loss) Recognized in Income on Derivative |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  |  |  |  |  |  |  |  |  | Cost of sales |  | $ | 5.8 |  |  | $ | (2.0) |  |  | $ | 6.9 |  |  | $ | (5.3) |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 5.8 |  |  | $ | (2.0) |  |  | $ | 6.9 |  |  | $ | (5.3) |

Note 9—Retirement Benefit Plans
The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.
Pension benefits for employees covered under the Company's U.S. and United Kingdom ("U.K.") plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2024, the Company and the trustee initiated a de-risking strategy for the U.K. plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities. During 2025, the trustee entered into a buy-in contract for the U.K. plan with a third-party insurance company. The trustee may choose to convert the buy-in policy to a buy-out contract by assigning individual insurance contracts to members. This process may extend for a significant period of time. Until any potential buy-out process is completed, the trustee remains responsible for the administration of the
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U.K. plan, allocation of non-insured plan assets and payment of employee retirement benefits. If a buy-out of the U.K. plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K. plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings.
The Company presents the components of net periodic pension expense (benefit), other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension expense (benefit) are set forth below:

| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. Pension |  |  |  |  |  |  |
Interest cost | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 1.1 |  |  | $ | 1.1 |
Expected return on plan assets | (0.5) |  |  | (0.7) |  |  | (1.1) |  |  | (1.3) |
Amortization of actuarial loss | 0.5 |  |  | 0.5 |  |  | 0.9 |  |  | 1.0 |
Net periodic pension expense | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 0.8 |
Non-U.S. Pension |  |  |  |  |  |  |
Interest cost | 1.5 |  |  | 1.3 |  |  | 2.9 |  |  | 2.6 |
Expected return on plan assets | (1.4) |  |  | (1.8) |  |  | (2.6) |  |  | (3.5) |
Amortization of actuarial loss | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  | 0.7 |
Net periodic pension expense (benefit) | $ | 0.5 |  |  | $ | (0.1) |  |  | $ | 1.1 |  |  | $ | (0.2) |

Note 10—Inventories
Inventories are summarized as follows:

| JUNE 30, 2025 |  | DECEMBER 31, 2024
Finished goods and service parts | $ | 422.9 |  |  | $ | 393.3 |
Work in process | 30.3 |  |  | 32.1 |
Raw materials | 435.2 |  |  | 431.7 |
Total manufactured inventories | 888.4 |  |  | 857.1 |
LIFO reserve | (111.8) |  |  | (102.8) |
Total inventory | $ | 776.6 |  |  | $ | 754.3 |

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At June 30, 2025 and December 31, 2024, 51% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.
As a result of the Nuvera business realignment, during the three and six months ended June 30, 2025, the Company identified and recorded impairment charges of $4.6 million related to inventory. The charges are presented within the "Restructuring and impairment charges" line on the unaudited condensed consolidated statement of operations. Refer to Note 15, Restructuring and Impairment Charges, for further discussion.
Note 11—Product Warranties
The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 operating hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 operating hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 operating hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.
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In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 operating hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.
The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements as part of its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.
The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.
Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

| 2025
Balance at December 31, 2024 | $ | 87.2 |
Current year warranty expense | 14.7 |
Change in estimate related to pre-existing warranties | 0.4 |
Payments made | (23.5) |
Foreign currency effect | 1.7 |
Balance at June 30, 2025 | $ | 80.5 |

Note 12—Contingencies
Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.
Note 13—Guarantees
Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at June 30, 2025 and December 31, 2024 were $161.4 million and $219.2 million, respectively. As of June 30, 2025, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at June 30, 2025 was approximately $248.4 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of June 30, 2025, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with Wells Fargo Financial Leasing, Inc. ("WF") to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $34.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $16.5 million as of June 30, 2025. The $34.5 million is included in the $161.4 million of total amounts subject to recourse or repurchase obligations at June 30, 2025.
Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease
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financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At June 30, 2025, approximately $134.0 million of the Company's total recourse or repurchase obligations of $161.4 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At June 30, 2025, loans from WF to HYGFS totaled $1.4 billion. Although the Company’s contractual guarantee was $285.2 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $134.0 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $262.0 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets of $334.7 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.
Note 14—Equity and Debt Investments
The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and major customers in the U.S. and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.
The Company has a 50% ownership interest in SN, a limited liability company which was formed with Sumitomo Heavy Industries, Ltd. ("Sumitomo") primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®-branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment.
The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investments in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.
The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

| June 30, 2025 |  | December 31, 2024
HYGFS | $ | 25.4 |  |  | $ | 27.7 |
SN | 29.8 |  |  | 26.6 |
Bolzoni investments | 0.5 |  |  | 0.4 |

Dividends received from unconsolidated affiliates are summarized below:

| SIX MONTHS ENDED
| JUNE 30
| 2025 |  | 2024
HYGFS | $ | 8.0 |  |  | $ | 4.4 |

Summarized financial information for HYGFS and SN is as follows:

| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 117.4 |  |  | $ | 103.2 |  |  | $ | 223.5 |  |  | $ | 211.3 |
Gross profit | 41.3 |  |  | 38.9 |  |  | 80.9 |  |  | 79.5 |
Income from continuing operations, net of tax | 12.5 |  |  | 12.5 |  |  | 25.6 |  |  | 22.9 |
Net income | 12.5 |  |  | 12.5 |  |  | 25.6 |  |  | 22.9 |

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The Company has a debt investment in a third party, OneH2, Inc. The Company's investment was $0.8 million as of June 30, 2025 and December 31, 2024, respectively.
Note 15—Restructuring and Impairment Charges
During the three and six months ended June 30, 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC) and $15.9 million ($16.6 million in the Americas, $(1.6) million in EMEA and $0.9 million in JAPIC), respectively.
In connection with the strategic realignment of Nuvera, the Company identified indicators of impairment primarily related to the recoverability of long-lived assets and inventory, all of which had negatively impacted the Company and arose from adverse developments in the geopolitical and hydrogen markets. As a result, it was determined that the carrying value of the Nuvera fixed assets exceeded the undiscounted cash flows from the assets and the carrying value of Nuvera's fixed assets exceeded the fair value. Accordingly, the Company recognized restructuring and impairment charges in the second quarter of 2025 of $15.2 million, of which $9.6 million related to the impairment of certain long-lived assets and $4.6 million related to reducing inventory to its estimated net realizable value. In addition, the Company recognized $1.0 million of employee-severance costs related to the strategic realignment in the second quarter of 2025.
These charges were recognized within the Americas operating segment and are presented within the unaudited condensed consolidated statement of operations on the line "Restructuring and impairment charges." The Company does not expect to incur significant additional charges related to this strategic realignment.
In addition, the Company recognized $0.5 million and $0.7 million during the three and six months ended June 30, 2025, respectively, in connection with the programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. These costs are included in "Restructuring and impairment charges" in the unaudited condensed consolidated statements of operations. The Company expects to execute these programs over the next 12 to 18 months and expects to incur an additional $4 million to $7 million through the end of 2025, and between $10 million to $23 million in 2026, with some previously estimated costs shifting from 2025 to 2026.
Following is the detail of the accrual for cash severance charges related to these programs:

| Severance
Balance, January 1, 2025 | $ | 12.2 |
Charges | 1.9 |
Payments | (3.3) |
Reversals | (1.6) |
Currency | 0.2 |
Balance, June 30, 2025 | $ | 9.4 |

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
(Dollars in Millions, Except Per Share Data)
Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc. ("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks.
The Company, through HYMH, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. The Company's distribution network consisted of approximately 270 independent dealers as of June 30, 2025. The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured in the United States, Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.
In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than one year after the date of acquisition.
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (“CODM”) manages and evaluates the business. These changes did not impact the Company's condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments to the unaudited condensed consolidated financial statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 19 through 20 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Critical Accounting Policies and Estimates have not materially changed since December 31, 2024.
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FINANCIAL REVIEW
The results of operations for the Company were as follows:

| THREE MONTHS ENDED |  | Favorable / (Unfavorable) |  | SIX MONTHS ENDED |  | Favorable / (Unfavorable)
| JUNE 30, |  |  | JUNE 30, |
| 2025 |  | 2024 |  | % Change |  | 2025 |  | 2024 |  | % Change
Revenues |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 707.5 |  |  | $ | 881.5 |  |  | (19.7) | % |  | $ | 1,406.4 |  |  | $ | 1,651.4 |  |  | (14.8) | %
EMEA | 148.3 |  |  | 187.8 |  |  | (21.0) | % |  | 266.5 |  |  | 387.2 |  |  | (31.2) | %
JAPIC | 48.4 |  |  | 48.7 |  |  | (0.6) | % |  | 95.7 |  |  | 86.4 |  |  | 10.8 | %
Lift truck business | 904.2 |  |  | 1,118.0 |  |  | (19.1) | % |  | 1,768.6 |  |  | 2,125.0 |  |  | (16.8) | %
Bolzoni | 90.6 |  |  | 102.4 |  |  | (11.5) | % |  | 170.9 |  |  | 198.6 |  |  | (13.9) | %
Eliminations | (38.2) |  |  | (52.3) |  |  | (27.0) | % |  | (72.5) |  |  | (99.0) |  |  | (26.8) | %
| $ | 956.6 |  |  | $ | 1,168.1 |  |  | (18.1) | % |  | $ | 1,867.0 |  |  | $ | 2,224.6 |  |  | (16.1) | %
Gross profit (loss) |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 129.9 |  |  | $ | 199.6 |  |  | (34.9) | % |  | $ | 272.4 |  |  | $ | 375.4 |  |  | (27.4) | %
EMEA | 14.8 |  |  | 32.5 |  |  | (54.5) | % |  | 27.7 |  |  | 66.4 |  |  | (58.3) | %
JAPIC | 2.1 |  |  | 4.8 |  |  | (56.3) | % |  | 5.5 |  |  | 8.4 |  |  | (34.5) | %
Lift truck business | 146.8 |  |  | 236.9 |  |  | (38.0) | % |  | 305.6 |  |  | 450.2 |  |  | (32.1) | %
Bolzoni | 21.4 |  |  | 22.4 |  |  | (4.5) | % |  | 39.9 |  |  | 44.2 |  |  | (9.7) | %
Eliminations | — |  |  | — |  |  | n.m. |  | 0.4 |  |  | 0.6 |  |  | (33.3) | %
| $ | 168.2 |  |  | $ | 259.3 |  |  | (35.1) | % |  | $ | 345.9 |  |  | $ | 495.0 |  |  | (30.1) | %
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 102.3 |  |  | $ | 107.1 |  |  | 4.5 | % |  | $ | 201.6 |  |  | $ | 202.7 |  |  | 0.5 | %
EMEA | 30.1 |  |  | 27.7 |  |  | (8.7) | % |  | 59.2 |  |  | 56.4 |  |  | (5.0) | %
JAPIC | 9.6 |  |  | 10.5 |  |  | 8.6 | % |  | 19.5 |  |  | 19.6 |  |  | 0.5 | %
Lift truck business | 142.0 |  |  | 145.3 |  |  | 2.3 | % |  | 280.3 |  |  | 278.7 |  |  | (0.6) | %
Bolzoni | 19.0 |  |  | 18.4 |  |  | (3.3) | % |  | 36.9 |  |  | 36.9 |  |  | — | %
| $ | 161.0 |  |  | $ | 163.7 |  |  | 1.6 | % |  | $ | 317.2 |  |  | $ | 315.6 |  |  | (0.5) | %
Restructuring and impairment charges (reversals) |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 15.9 |  |  | $ | — |  |  | n.m. |  | $ | 16.6 |  |  | $ | — |  |  | n.m.
EMEA | (0.3) |  |  | — |  |  | n.m. |  | (1.6) |  |  | — |  |  | n.m.
JAPIC | 0.1 |  |  | — |  |  | n.m. |  | 0.9 |  |  | — |  |  | n.m.
Lift truck business | 15.7 |  |  | — |  |  | n.m. |  | 15.9 |  |  | — |  |  | n.m.
Bolzoni | — |  |  | — |  |  | n.m. |  | — |  |  | — |  |  | n.m.
Eliminations | — |  |  | — |  |  | n.m. |  | — |  |  | — |  |  | n.m.
| $ | 15.7 |  |  | $ | — |  |  | n.m. |  | $ | 15.9 |  |  | $ | — |  |  | n.m.
Operating profit (loss) |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 11.7 |  |  | $ | 92.5 |  |  | (87.4) | % |  | $ | 54.2 |  |  | $ | 172.7 |  |  | (68.6) | %
EMEA | (15.0) |  |  | 4.8 |  |  | (412.5) | % |  | (29.9) |  |  | 10.0 |  |  | (399.0) | %
JAPIC | (7.6) |  |  | (5.7) |  |  | (33.3) | % |  | (14.9) |  |  | (11.2) |  |  | (33.0) | %
Lift truck business | (10.9) |  |  | 91.6 |  |  | (111.9) | % |  | 9.4 |  |  | 171.5 |  |  | (94.5) | %
Bolzoni | 2.4 |  |  | 4.0 |  |  | (40.0) | % |  | 3.0 |  |  | 7.3 |  |  | (58.9) | %
Eliminations | — |  |  | — |  |  | n.m. |  | 0.4 |  |  | 0.6 |  |  | (33.3) | %
| $ | (8.5) |  |  | $ | 95.6 |  |  | (108.9) | % |  | $ | 12.8 |  |  | $ | 179.4 |  |  | (92.9) | %

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| THREE MONTHS ENDED |  | Favorable / (Unfavorable) |  | SIX MONTHS ENDED |  | Favorable / (Unfavorable)
| JUNE 30, |  |  | JUNE 30, |
| 2025 |  | 2024 |  | % Change |  | 2025 |  | 2024 |  | % Change
Interest expense | $ | 7.9 |  |  | $ | 8.8 |  |  | 10.2 | % |  | $ | 15.6 |  |  | $ | 17.7 |  |  | 11.9 | %
Other income | $ | (3.2) |  |  | $ | (3.2) |  |  | — | % |  | $ | (6.4) |  |  | $ | (5.2) |  |  | 23.1 | %
Net income (loss) attributable to stockholders | $ | (13.9) |  |  | $ | 63.3 |  |  | (122.0) | % |  | $ | (5.3) |  |  | $ | 114.8 |  |  | (104.6) | %
Diluted earnings per share | $ | (0.79) |  |  | $ | 3.58 |  |  | (122.1) | % |  | $ | (0.30) |  |  | $ | 6.51 |  |  | (104.6) | %
Reported income tax rate | n.m. |  | 29.0 | % |  |  |  | n.m. |  | 30.7 | % |  |
n.m. - not meaningful |  |  |  |  |  |  |  |  |  |  |

The following is the detail of the approximate sales value of the Company's lift truck unit bookings dollar value and lift truck backlog dollar value. The dollar value of bookings and backlog is calculated using the current unit bookings and backlog and the forecasted average sales price per unit. As of June 30, 2025, substantially all of the Company's backlog is expected to be sold within the next twelve months.

|  | THREE MONTHS ENDED |  | SIX MONTHS ENDED
|  | JUNE 30 |  | JUNE 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Bookings, approximate sales value |  | $ | 330 |  |  | $ | 380 |  |  | $ | 920 |  |  | $ | 900 |
Backlog, approximate sales value |  | $ | 1,650 |  |  | $ | 2,560 |  |  | $ | 1,650 |  |  | $ | 2,560 |

Second Quarter of 2025 Compared with Second Quarter of 2024
The following table identifies the components of change in revenues for the second quarter of 2025 compared with the second quarter of 2024:

|  | Revenues
|  |  |  | Lift Truck
|  | HY |  | Americas | EMEA | JAPIC
2024 |  | $ | 1,168.1 |  |  | $ | 881.5 |  | $ | 187.8 |  | $ | 48.7 |
Increase (decrease) in 2025 from: |  |  |  |  |  |
Lift Truck |  |  |  |  |  |
Unit volume and product mix |  | (208.1) |  |  | (171.1) |  | (37.2) |  | 0.3 |
Price |  | (10.6) |  |  | (5.6) |  | (5.1) |  | 0.1 |
Parts |  | (8.4) |  |  | (5.9) |  | (2.4) |  | (0.1) |
Foreign currency |  | 2.0 |  |  | (1.9) |  | 4.3 |  | (0.4) |
Other |  | 11.3 |  |  | 10.5 |  | 0.9 |  | (0.2) |
Bolzoni revenues |  | (11.8) |  |  | — |  | — |  | — |
Eliminations |  | 14.1 |  |  | — |  | — |  | — |
2025 |  | $ | 956.6 |  |  | $ | 707.5 |  | $ | 148.3 |  | $ | 48.4 |

Revenues decreased 18.1% to $956.6 million in the second quarter of 2025 from $1,168.1 million in the second quarter of 2024. The decrease in Lift Truck revenues was primarily due to a decline in unit volume and a shift in sales to lower-priced lift trucks, mainly in the Americas and EMEA. The Company believes reduced volumes were a result of the impact of continued economic uncertainty on the Company's end-customer order patterns and overall weaker industry booking rates experienced since early 2024. The decrease was partially offset by higher other revenues, including improved fleet services revenue.
Bolzoni's revenues decreased in the second quarter of 2025 compared with the second quarter of 2024, primarily due to lower unit volume.
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The following table identifies the components of change in operating profit (loss) for the second quarter of 2025 compared with the second quarter of 2024:

| Operating Profit (Loss)
|  |  | Lift Truck
| HY |  | Americas | EMEA | JAPIC
2024 | $ | 95.6 |  |  | $ | 92.5 |  | $ | 4.8 |  | $ | (5.7) |
Increase (decrease) in 2025 from: |  |  |  |  |
Lift truck gross profit | (90.1) |  |  | (69.7) |  | (17.7) |  | (2.7) |
Restructuring and impairment charges | (15.7) |  |  | (15.9) |  | 0.3 |  | (0.1) |
Lift truck selling, general and administrative expenses | 3.3 |  |  | 4.8 |  | (2.4) |  | 0.9 |
Bolzoni operations | (1.6) |  |  | — |  | — |  | — |
2025 | $ | (8.5) |  |  | $ | 11.7 |  | $ | (15.0) |  | $ | (7.6) |

The Company recognized an operating loss of $8.5 million in the second quarter of 2025 compared with an operating profit of $95.6 million in the second quarter of 2024. The decrease in operating profit was primarily due to lower gross profit, mainly from lower volume, lower overhead absorption rates tied to lower production volume, higher material and freight costs, including tariffs, and unfavorable pricing. Additionally, the Company recognized $15.7 million in restructuring and impairment charges in connection with the strategic realignment of Nuvera and programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. See Note 15, Restructuring and Impairment Charges, to the unaudited condensed consolidated financial statements for further discussion. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.
Operating profit in the Americas decreased to $11.7 million in the second quarter of 2025 compared with $92.5 million in the second quarter of 2024. The decrease was due to lower gross profit primarily from lower volume, lower overhead absorption rates tied to lower production volume and an increase in material and freight costs, including tariffs. In addition, $15.9 million in restructuring and impairment charges were recognized in the Americas during the second quarter of 2025. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.
EMEA recognized an operating loss of $15.0 million in the second quarter of 2025 compared to an operating profit of $4.8 million in the second quarter of 2024. The decrease was primarily due to lower gross profit from a shift in sales to lower-margin products, unfavorable pricing and manufacturing variances and an increase in material and freight costs.
The operating loss in JAPIC was $7.6 million in the second quarter of 2025 compared with $5.7 million in the second quarter of 2024, mainly due to lower gross profit from manufacturing inefficiencies and unfavorable currency movements.
Bolzoni's operating profit decreased to $2.4 million in the second quarter of 2025 compared with $4.0 million in the second quarter of 2024, primarily due to lower unit volumes and as well as lower overhead absorption rates tied to lower production levels.
The Company recognized a net loss attributable to stockholders of $13.9 million in the second quarter of 2025 compared with net income attributable to stockholders of $63.3 million in the second quarter of 2024. The decline was primarily the result of lower operating profit.
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First Six Months of 2025 Compared with First Six Months of 2024
The following table identifies the components of change in revenues for the first six months of 2025 compared with the first six months of 2024:

|  | Revenues
|  |  |  | Lift truck
|  | HY |  | Americas | EMEA | JAPIC
2024 |  | $ | 2,224.6 |  |  | $ | 1,651.4 |  | $ | 387.2 |  | $ | 86.4 |
Increase (decrease) in 2025 from: |  |  |  |  |  |
Lift Truck |  |  |  |  |  |
Unit volume and product mix |  | (370.8) |  |  | (273.6) |  | (107.2) |  | 10.0 |
Foreign currency |  | (9.3) |  |  | (6.9) |  | (1.0) |  | (1.4) |
Price |  | (7.0) |  |  | 0.8 |  | (7.9) |  | 0.1 |
Parts |  | (3.1) |  |  | (2.0) |  | (1.9) |  | 0.8 |
Other |  | 33.8 |  |  | 36.7 |  | (2.7) |  | (0.2) |
Bolzoni revenues |  | (27.7) |  |  | — |  | — |  | — |
Eliminations |  | 26.5 |  |  | — |  | — |  | — |
2025 |  | $ | 1,867.0 |  |  | $ | 1,406.4 |  | $ | 266.5 |  | $ | 95.7 |

Revenues decreased 16.1% to $1,867.0 million in the first six months of 2025 from $2,224.6 million in the first six months of 2024. The decrease was primarily due to a decline in unit volume, mainly in the Americas and EMEA. The Company believes reduced volumes were a result of the impact of continued economic uncertainty on the Company's end-customer order patterns and overall weaker industry booking rates experienced since early 2024. The decrease was partially offset by higher other revenues, including improved fleet services revenue.
Bolzoni revenues decreased in the first six months of 2025 compared with the first six months of 2024, primarily due to lower unit volume.
The following table identifies the components of change in operating profit for the first six months of 2025 compared with the first six months of 2024:

| Operating Profit (Loss)
|  |  | Lift truck
| HY |  | Americas | EMEA | JAPIC
2024 | $ | 179.4 |  |  | $ | 172.7 |  | $ | 10.0 |  | $ | (11.2) |
Increase (decrease) in 2025 from: |  |  |  |  |
Lift truck gross profit | (144.8) |  |  | (103.0) |  | (37.6) |  | (2.9) |
Lift truck selling, general and administrative expenses | (1.6) |  |  | 1.1 |  | (3.9) |  | 0.1 |
Restructuring and impairment charges | (15.9) |  |  | (16.6) |  | 1.6 |  | (0.9) |
Bolzoni operations | (4.3) |  |  | — |  | — |  | — |
2025 | $ | 12.8 |  |  | $ | 54.2 |  | $ | (29.9) |  | $ | (14.9) |

The Company's operating profit decreased from $179.4 million in the first six months of 2024 to $12.8 million in the first six months of 2025. The decrease in operating profit was primarily due to lower gross profit, mainly from lower volume and higher material and freight costs, including tariffs, as well as lower overhead absorption rates tied to lower production volume. Additionally, the company recognized $15.9 million in restructuring and impairment charges in connection with the strategic realignment of Nuvera and programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. See Note 15, Restructuring and Impairment Charges, to the Company's unaudited condensed consolidated financial statements for further discussion.
Operating profit in the Americas decreased in the first six months of 2025 compared with the first six months of 2024, primarily due to decreased gross profit, mainly from lower volume and higher material and freight costs, including tariffs, as well as lower overhead absorption rates tied to lower production volume. In addition, $16.6 million in restructuring and impairment charges were recognized in the Americas during the first six months of 2025.
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EMEA had an operating loss of $29.9 million in the first six months of 2025 compared with an operating profit of $10.0 million the first six months of 2024. The decrease was mainly due to lower gross profit from lower unit volume, lower pricing and a shift in sales to lower-margin products. Higher material and freight costs as well as lower overhead absorption rates tied to lower production volume also contributed to the decline in operating profit (loss). Selling general and administrative expenses were higher as a result of increased marketing and sales costs.
JAPIC's operating loss increased to $14.9 million in the first six months of 2025 from $11.2 million in the first six months of 2024, primarily due to lower gross profit from unfavorable foreign currency, higher material and freight costs and lower unit volume, partially offset by lower selling, general and administrative expenses.
Bolzoni's operating profit decreased to $3.0 million in the first six months of 2025 compared with $7.3 million in the first six months of 2024, primarily due to lower unit volumes as well as lower overhead absorption rates tied to lower production volume.
The Company recognized a net loss attributable to stockholders of $5.3 million in the first six months of 2025 compared with net income attributable to stockholders $114.8 million in the first six months of 2024. The decline was primarily the result of lower operating profit.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
The following tables detail the changes in cash flow for the six months ended June 30, 2025 compared to the same period in the prior year:

| 2025 |  | 2024 |  | Change
Operating activities: |  |  |  |  |
Net (Loss) Income | $ | (4.7) |  |  | $ | 115.7 |  |  | $ | (120.4) |
Depreciation and amortization | 22.8 |  |  | 24.1 |  |  | (1.3) |
Stock-based compensation | 6.2 |  |  | 17.4 |  |  | (11.2) |
Restructuring and impairment charges | 15.9 |  |  | — |  |  | 15.9 |
Dividends from unconsolidated affiliates | 8.0 |  |  | 4.4 |  |  | 3.6 |
Other operating activities | 10.1 |  |  | 8.8 |  |  | 1.3 |
Changes in assets and liabilities |  |  |  |  |
Accounts receivable | 7.2 |  |  | (83.9) |  |  | 91.1 |
Inventories | 11.6 |  |  | 9.0 |  |  | 2.6 |
Other current assets | 1.8 |  |  | (1.4) |  |  | 3.2 |
Accounts payable and other liabilities | (86.4) |  |  | (74.2) |  |  | (12.2) |
Net cash provided by (used for) operating activities | (7.5) |  |  | 19.9 |  |  | (27.4) |
Investing activities: |  |  |  |  |
Expenditures for property, plant and equipment | (24.4) |  |  | (19.7) |  |  | (4.7) |
Proceeds from the sale of assets | 1.4 |  |  | 1.0 |  |  | 0.4 |
Business acquisition, net of cash acquired | (2.6) |  |  | — |  |  | (2.6) |
Net cash used for investing activities | (25.6) |  |  | (18.7) |  |  | (6.9) |
Cash flow before financing activities | $ | (33.1) |  |  | $ | 1.2 |  |  | $ | (34.3) |

Net cash provided by (used for) operating activities decreased $27.4 million in the first six months of 2025 compared with the first six months of 2024, primarily due to lower net income and a use of cash in other liabilities primarily due to higher employee-related payments, including incentive compensation, in the first six months of 2025. This was partially offset by changes in accounts receivable mainly as a result of lower revenues during the first six months of 2025 compared with the first six months of 2024.
The change in net cash used for investing activities during the first six months of 2025 compared with the first six months of 2024 was mainly due to higher capital expenditures and Bolzoni's acquisition of a manufacturing business in Italy in 2025.
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| 2025 |  | 2024 |  | Change
Financing activities: |  |  |  |  |
Net increase of long-term debt and revolving credit agreements | $ | 20.1 |  |  | $ | 10.8 |  |  | $ | 9.3 |
Cash dividends paid | (13.9) |  |  | (13.1) |  |  | (0.8) |
Purchase of treasury stock | (4.4) |  |  | (9.1) |  |  | 4.7 |
Financing fees paid | (2.1) |  |  | — |  |  | (2.1) |
Net cash used for financing activities | $ | (0.3) |  |  | $ | (11.4) |  |  | $ | 11.1 |

The change in net cash used for financing activities was primarily due to borrowings under the Company's revolving credit facilities during the first six months of 2025 compared to payments in the first six months of 2024. Additionally, the Company purchased less treasury stock in the first six months of 2025 related to employee-related incentive stock compensation plans compared with the first six months of 2024.
Financing Activities
On June 24, 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the “Facility”). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company’s previous revolving credit facility, which was set to mature on June 24, 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.
The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.1 billion as of June 30, 2025.
The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At June 30, 2025, the Company was in compliance with the covenants in the Facility.
Key terms of the Facility as of June 30, 2025 were as follows:

|  |  | FACILITY
U.S. borrowing capacity |  |  | $ | 210.0 |
Non-U.S. borrowing capacity |  |  | 90.0 |
Less: outstanding amount |  |  | 90.4 |
Less: availability restrictions |  |  | 4.1 |
Availability |  |  | $ | 205.5 |

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|  |  | FACILITY
Applicable margins, as defined in agreement |  |  |
U.S. base rate loans |  |  | 0.25% to 0.75%
Term SOFR, EURIBOR and non-U.S. base rate loans |  |  | 1.25% to 1.75%
Applicable margins, for amounts outstanding |  |  |
U.S. base rate loans |  |  | 0.50%
Term SOFR loans |  |  | 1.50 | %
Non-U.S. base rate loans |  |  | 1.50%
Applicable interest rate, for amounts outstanding |  |  |
U.S. base rate |  |  | 8.00%
Term SOFR |  |  | 5.92%
Facility fee, per annum on unused commitment |  |  | 0.25%

The Company also has a $225.0 million term loan (the "Term Loan"), which matures in May 2028. The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to approximately $0.6 million and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.
The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Facility, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $0.9 billion as of June 30, 2025.
In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. At June 30, 2025, the Company was in compliance with the covenants in the Term Loan.
Key terms of the Term Loan as of June 30, 2025 were as follows:

| TERM LOAN
Outstanding | $ | 216.0 |
Less: discounts and unamortized deferred financing fees | 2.2 |
Net amount outstanding | $ | 213.8 |
Applicable margins, as defined in agreement |
U.S. base rate loans | 2.50%
SOFR | 3.50%
SOFR adjustment, as defined in agreement | 0.11%
SOFR floor | 0.50%
Applicable interest rate, for amounts outstanding | 7.94%

The Company had other debt outstanding, excluding finance leases, of approximately $146.0 million at June 30, 2025. In addition to the excess availability under the Facility of $205.5 million, the Company had remaining availability of $53.0 million related to other non-U.S. revolving credit agreements at June 30, 2025.
The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and the foreseeable future thereafter.
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Contractual Obligations, Contingent Liabilities and Commitments
Since December 31, 2024, there have been no significant changes in the total amount of the Company's contractual obligations or commercial commitments, or the timing of cash flows in accordance with those obligations, as reported on page 26 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Capital Expenditures
The following table summarizes actual and planned capital expenditures:

|  | Six Months Ended June 30, 2025 |  | Planned for Remainder of 2025 |  | Planned 2025 Total |  | Actual 2024 |  |
Lift truck business |  | $ | 21.1 |  |  | $ 24-29 |  | $ 45-50 |  | $ | 40.9 |  |  |
Bolzoni |  | 3.3 |  |  | 2-6 |  | 5-10 |  | 6.9 |  |  |
|  | $ | 24.4 |  |  | $ 26-35 |  | $ 50-60 |  | $ | 47.8 |  |  |

Planned expenditures for the remainder of 2025 are primarily for improvements at manufacturing locations and manufacturing equipment, product development and improvements to information technology infrastructure. Management will closely monitor market conditions and may adjust investments levels and timing as market visibility improves.
The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.
Capital Structure
The Company's capital structure is presented below:

| JUNE 30, 2025 |  | DECEMBER 31, 2024 |  | Change
Cash and cash equivalents | $ | 66.9 |  |  | $ | 96.6 |  |  | $ | (29.7) |
Other net tangible assets | 880.4 |  |  | 750.5 |  |  | 129.9 |
Intangible assets | 33.9 |  |  | 33.1 |  |  | 0.8 |
Goodwill | 55.4 |  |  | 54.6 |  |  | 0.8 |
Net assets | 1,036.6 |  |  | 934.8 |  |  | 101.8 |
Total debt | (473.2) |  |  | (440.7) |  |  | (32.5) |
Total temporary and permanent equity | $ | 563.4 |  |  | $ | 494.1 |  |  | $ | 69.3 |
Debt to total capitalization | 46 | % |  | 47 | % |  | (1) | %

OUTLOOK
Consolidated Strategic Perspective
The Company’s full-year 2025 outlook includes numerous assumptions, including potential tariff impacts and actions to mitigate their effect on its financial results. The Company’s proactive initiatives, including price increases and lower costs from changes to global product sourcing, supply chain adjustments, and cost optimization programs, are expected to partially offset higher, tariff-related costs. Key outlook assumptions include:
1.U.S. tariffs in effect on July 9, 2025, as the baseline,
2.current Section 301 tariff exemption related to lift truck parts not extended beyond August 31, 2025,
3.no additional tariffs will be added globally,
4.company demand forecasts are based on bookings trends, backlog levels and market data, and
5.the successful implementation of the Company’s proactive initiatives outlined above.
Given these assumptions, tariffs are expected to negatively affect the Company's financial results in the second half of 2025, even after mitigation actions are implemented. The Company is pursuing strategies to reduce this impact. The possibility of further tariff measures creates uncertainty and makes it difficult to provide a precise impact estimate at this time. The Company will continue to maintain pricing strategies aligned with material cost changes and enforce cost discipline across the organization, regardless of tariff developments.
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Despite the current uncertain economic environment, the Company remains committed to its mission to deliver optimal solutions and exceptional customer care and to position the Company for substantial long-term profitable growth.
Lift Truck Business
During Q2 2025, the total lift truck market declined. As result, the Company experienced a significant contraction of its global lift truck bookings, reflecting a more cautious customer approach amid ongoing economic uncertainty. The Company's traditional strong customers are deferring capital expenditures, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity. However, the Company’s sales quoting activity remained steady in Q2 compared to improved Q1 2025 levels.
This sustained higher quoting volume highlights resilient underlying demand opportunity and positions the Company to capitalize on market opportunities as customer confidence strengthens and capital spending accelerates. Management remains focused on proactive customer engagement, closely monitoring demand trends, and preserving the Company’s agility to respond quickly to ensure that the Company is well prepared to increase bookings as macroeconomic and tariff uncertainty conditions improve.
Dollar value bookings decreased to $330 million from $590 million in Q1 2025, reflecting a significant decline in both the EMEA and Americas regions, while JAPIC remained flat. The elevated Q1 bookings were partially driven by customers accelerating their purchases ahead of anticipated tariff-related price increases. In contrast, Q2 2025 bookings were negatively impacted by heightened tariff-related uncertainty. Compared to Q2 2024, dollar value bookings decreased by $50 million, with Americas increasing and a substantial decline in EMEA. These results highlight regional demand volatility, with particular weakness in EMEA. The Company monitors booking trends closely and remains dedicated to strategic initiatives to bolster its orders while maintaining cost discipline.
At the end of Q2 2025, the Company’s backlog stood at $1.7 billion, decreasing from $1.9 billion at Q1 2025 as shipments exceeded bookings, primarily in the Americas. The Company’s ability to maintain a solid backlog is being challenged by the prolonged bookings demand weakness. As a result, the Company continues to balance production levels with evolving product demand in order to maintain a multi-month production backlog.
Production output is currently expected to increase in the second half of 2025 compared to the first half of the year. However, in response to ongoing macroeconomic uncertainty and tariff pressures, the Company has moderated these production growth expectations. This adjustment will help to maintain manufacturing efficiency as well as optimize inventory levels. If the bookings market or the Company’s traditional customer base bookings improvements do not materialize as expected, global production levels will likely moderate further in the latter half of 2025.
The Company continues to focus on maintaining bookings with product margins at or above targeted levels through a combination of new product introductions, including increasingly available modular and scalable models, and ongoing cost and pricing discipline for existing products. Product margins are expected to remain above targeted levels in 2025 but decline year-over-year due to increased competitive pressure in a lower-demand market.
In Q2 2025, the Company implemented monthly price adjustments to quickly address tariff changes. These pricing actions enable more effective margin management during this period of heightened volatility. Price adjustments will persist, as necessary, to minimize the impact of tariffs on the Company’s cost structure. Price adjustments apply to new orders at the time they are booked, resulting in a temporary delay before the Company can recover the increased costs associated with tariffs.
Projects initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations are progressing with $1.4 million in the first six months of 2025. The Company now expects to incur an additional $4 million to $7 million through 2025, and between $10 million to $23 million in 2026. Total project expenditure estimates are in line with prior guidance, with some expected costs shifting from 2025 to 2026. Initial benefits from these programs are expected in late 2025 and into 2026 but will likely be offset by operational inefficiencies from lower production volumes compared to the prior year. Starting in 2027, these fully developed programs should generate significant annualized income and cash benefits ranging between $30 million to $40 million. These savings will significantly offset the business’ negative impact from future market cyclicality. Savings estimates are based on current expected volume and cost assumptions.
Operating expenses are projected to decline modestly in 2025 year-over-year, primarily due to cost savings from Nuvera’s strategic realignment. Results from this action are expected to generate annualized cost reductions of $15 to $20 million beginning in the second half of 2025. Additionally, the Company anticipates that $10 to $15 million of Nuvera’s costs will be integrated into the Lift Truck business, mainly to fill open positions and accelerate development of both lithium-ion batteries
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and related services and mobile charging products. The Company does not expect to incur significant additional charges related to the Nuvera strategic alignment progresses.
Operating profit is projected to moderately increase in Q3 2025 compared to Q2 2025, driven primarily by higher sales volumes as a result of added consumer demand and enhanced manufacturing efficiency.
The Company anticipates a decline in full-year 2025 operating profit relative to prior guidance. This outlook reflects the near-term effects of reduced bookings and lower production volumes. Potential tariff costs and timing lags in mitigating actions may also create an earnings drag. However, management believes tax reform impacts could be favorable which will help to offset some of these adverse changes.
While the path forward likely presents demand and production volatility challenges, management is confident that its disciplined cost control actions and capital allocation efforts will position the Company to capitalize on growth opportunities as market conditions improve.
Bolzoni
Bolzoni's Q3 2025 revenues are projected to slightly improve compared to the second quarter as higher attachment sales are expected to offset reduced legacy component sales to the Lift Truck business. Q3 2025 operating profit is anticipated to increase moderately due to reduced manufacturing spending related to improved factory utilization.
Full year 2025 revenues are anticipated to decline year-over-year, reflecting weaker demand projections across Bolzoni’s customer base. Product mix and cost control improvements are not expected to fully compensate for lower sales. As a result, 2025 operating profit is projected to be below 2024’s adjusted operating profit.
Consolidated
The Company anticipates modest sequential growth in both revenue and operating profit growth in Q3 2025. For the full year 2025, the Company still expects revenues, production levels and profits to be below robust 2024 results. However, outlook has deteriorated due to tariff impacts to material cost and a greater than expected decline in demand in the second half of 2025. Global trade and geopolitical uncertainty, among other factors, may cause the Company’s results to deviate significantly from its current outlook.
The financial discipline established over the past several years is helping the Company deliver stronger and more consistent financial results. The Company targets a 7% operating profit margin across the business cycle. During periods of strong backlog-driven production, such as those experienced in early 2024, the Company should exceed this target. However, during cyclically lower lift truck market demand phases, the Company intends to offset production declines by maintaining strong financial and operational discipline, with stronger results than in previous downturns. The Company is making progress toward achieving these goals and its strategic initiatives should add further benefits over time.
The Company continues to focus on generating strong operating cash flow and accretive capital deployment. To support these goals, the Company is actively implementing initiatives to drive working capital efficiency. With the expected 2025 lift truck production decrease, there is an intense focus on timely realignment of production and working capital processes. Key actions, including inventory optimization, are underway and are expected to yield significant progress in 2025. These efforts support strong full-year cash flow from operations generation, moderately below those achieved in 2024, despite the projected lower 2025 net income.
Effective cash flow utilization is critical to the Company’s ongoing transformation. This involves substantial capital investments in advanced products, manufacturing efficiencies and information technology upgrades. For 2025, capital expenditures are now forecasted to range between $50 million and $60 million. Management will closely monitor market conditions and may adjust investments levels and timing as market visibility improves.
As the Company continues to generate cash, it remains committed to its disciplined capital allocation framework. This includes reducing leverage, executing strategic investments to support profitable growth, and delivering sustainable value and strong returns to shareholders.
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Long-Term Objectives
The Company's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care. The Company is focused on executing established strategic initiatives and key projects to transform the Company’s core lift truck business while building new business opportunities in the warehouse lift truck, vehicle automation, energy management and attachment business activities. These complementary growth and profit improvement projects should help the Company fulfill these two promises while achieving long-term revenue and operating profit growth. The Company believes key projects will contribute to an increased and sustainable lift truck and attachment competitive advantage over time.
EFFECTS OF FOREIGN CURRENCY
The Company operates internationally and enters into transactions denominated in foreign currencies. As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income (loss) are addressed in the previous discussions of operating results. See also Item 3, "Quantitative and Qualitative Disclosures About Market Risk,” in Part I of this Quarterly Report on Form 10-Q.
FORWARD-LOOKING STATEMENTS
The statements contained in this Form 10-Q that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the imposition of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory tariffs imposed by other countries where the Company does business, (3) delays in manufacturing and delivery schedules, (4) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (5) customer acceptance of pricing, (6) customer acceptance of, changes in the costs of, or delays in the development of new products, (7) the ability of Hyster-Yale and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (8) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact the Company's imports from China, as well as armed conflicts, including the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring programs, (11) the successful commercialization of products and technology related to the energy solutions program, (12) political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (13) bankruptcy of or loss of major dealers, retail customers or suppliers, (14) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (15) product liability or other litigation, warranty claims or returns of products, (16) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (17) the ability to attract, retain, and replace workforce and administrative employees, (18) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (19) the ability to protect the Company’s information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
See pages 30 and 31 and F-24 through F-27 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the Company's derivative hedging policies and use of financial instruments. There have been no material changes in the Company's market risk exposures since December 31, 2024.
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Item 4. Controls and Procedures
Evaluation of disclosure controls and procedures: An evaluation was carried out under the supervision and with the participation of the Company's management, including the principal executive officer and the principal financial officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, these officers have concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in internal control over financial reporting: During the second quarter of 2025, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II
OTHER INFORMATION
Item 1 Legal Proceedings
None
Item 1A Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025 in the sections entitled “Risk Factors.”
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Issuer Purchases of Equity Securities
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share (1) | (c) Total Number of Shares Purchased as Part of the Publicly Announced Program | (d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program (2)
Month #1 (April 1, 2025 - April 30, 2025) | — |  | $ | — |  | — |  | $ | 44,239,122 |
Month #2 (May 1, 2025 - May 31, 2025) | — |  | $ | — |  | — |  | $ | 44,239,122 |
Month #3 (June 1, 2025 - June 30, 2025) | — |  | $ | — |  | — |  | $ | 44,239,122 |
Total | — |  | $ | — |  | — |  | $ | 44,239,122 |

(1) Average price paid per share excludes commissions.
(2) On November 18, 2024, the Company’s Board of Directors announced the approval of a stock repurchase program, pursuant to which the Company may repurchase up to $50 million or 1.5 million shares, whichever comes first, of the Company’s Class A common stock. The stock repurchase program may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027.
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Item 3 Defaults Upon Senior Securities
None
Item 4 Mine Safety Disclosures
Not applicable
Item 5 Other Information
None of the Company’s directors or officers (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934) adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K) during the Company’s fiscal quarter ended June 30, 2025.
Item 6 Exhibits
The following exhibits are filed as part of this report:

Exhibit |  |
Number* |  | Description of Exhibits
10.1 |  | Third Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2025, among Hyster-Yale, Inc., and Hyster-Yale Materials Handling, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as the Dutch Borrower, and Hyster-Yale UK Limited, as the UK Borrower, certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, and Bank of America, N.A., as Administrative Agent and Security Trustee
31(i)(1) |  | Certification of Rajiv K. Prasad. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
31(i)(2) |  | Certification of Scott A. Minder pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
32 |  | Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Rajiv K. Prasad and Scott A. Minder
101.INS |  | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | The cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL and contained in Exhibit 101
* Numbered in accordance with Item 601 of Regulation S-K.

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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | Hyster-Yale, Inc. |
Date: | August 5, 2025 | /s/ Dena R. McKee |
|  | Dena R. McKee |
|  | Vice President, Controller and Chief Accounting Officer (principal accounting officer) |

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