What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-06 compared with 2024-11-05 · 202 added, 199 removed, 452 unchanged (47% of the section changed)

30 unchanged sentences

Self-insurance Liabilities 40.6 37.8

Pension Obligations 5.1 5.2

Deferred Income Taxes 9.8 8.4

19 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

(In millions, except per share data)

4 unchanged sentences

Selling, general and administrative expenses 156.2 151.9

Restructuring charges 0.2 —

Operating Profit 21.3 83.8

3 unchanged sentences

Other, net ( 0.3 ) ( 1.0 )

5.0 6.0 17.5 20.7

Income Before Income Taxes 16.8 76.9

2 unchanged sentences

Net Income attributable to noncontrolling interests

Net income attributable to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.3 ) ( 0.7 )

Net Loss attributable to redeemable noncontrolling interests

Accrued dividend to redeemable noncontrolling interests ( 0.2 ) ( 0.2 )

1 unchanged sentence

Basic Earnings per Share

$ 0.49 $ 2.97

Diluted Earnings per Share

$ 0.48 $ 2.93

Dividends per Share $ 0.3500 $ 0.3250

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

(In millions)

Net Income $ 8.7 $ 51.8

Other comprehensive income (loss)

Other comprehensive income

Foreign currency translation adjustment 18.1 ( 16.7 )

4 unchanged sentences

Net Income attributable to noncontrolling interests — ( 0.2 )

Net income attributable to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.3 ) ( 0.7 )

Net Loss attributable to redeemable noncontrolling interests 0.1 0.1

Accrued dividend to redeemable noncontrolling interests ( 0.2 ) ( 0.2 )

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED

THREE MONTHS ENDED

(In millions)

1 unchanged sentence

Net Income $ 8.7 $ 51.8

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Depreciation and amortization 11.0 11.7

1 unchanged sentence

Deferred income taxes 1.3 ( 0.5 )

Restructuring charges 0.2 —

Stock-based compensation 3.5 9.2

7 unchanged sentences

Other liabilities ( 65.8 ) ( 30.5 )

Net cash provided by operating activities 90.0 105.1

Net cash provided by (used for) operating activities ( 36.4 ) 22.4

Investing Activities

1 unchanged sentence

Proceeds from the sale of assets 0.3 0.5

Business acquisition, net of cash acquired ( 2.2 ) —

Proceeds from the sale of business — 1.1

Purchase of noncontrolling interest — ( 3.2 )

Net cash used for investing activities

( 10.3 ) ( 7.0 )

Financing Activities

3 unchanged sentences

Cash dividends paid ( 6.2 ) ( 5.7 )

Cash dividends paid to noncontrolling interest ( 1.3 ) ( 1.3 )

Purchase of treasury stock ( 4.5 ) ( 9.1 )

Financing fees paid — ( 0.8 )

Net cash used for financing activities ( 62.2 ) ( 69.1 )

Net cash provided by (used for) financing activities 25.9 ( 30.5 )

Effect of exchange rate changes on cash 1.4 ( 1.5 )

11 unchanged sentences

(In millions)

Balance, June 30, 2023 $ 13.9 $ 0.1 $ 0.1 $ ( 0.1 ) $ 309.3 $ 206.5 $ ( 131.4 ) $ ( 23.9 ) $ ( 70.1 ) $ 290.5 $ 1.8 $ 292.3

Stock-based compensation — — — — 3.2 — — — — 3.2 — 3.2

Stock issued under stock compensation plans — — — 0.1 (0.1) — — — — — — —

Net income 0.3 — — — — 35.8 — — — 35.8 0.1 35.9

Cash dividends — — — — — ( 5.6 ) — — — ( 5.6 ) — ( 5.6 )

Accrued dividends 0.2 — — — — — — — — — — —

Current period other comprehensive loss — — — — — — ( 12.0 ) ( 15.1 ) — ( 27.1 ) — ( 27.1 )

Reclassification adjustment to net income — — — — — — — 6.8 0.8 7.6 — 7.6

Foreign currency translation on noncontrolling interest — — — — — — — — — — ( 0.1 ) ( 0.1 )

Balance, September 30, 2023 $ 14.4 $ 0.1 $ 0.1 $ — $ 312.4 $ 236.7 $ ( 143.4 ) $ ( 32.2 ) $ ( 69.3 ) $ 304.4 $ 1.8 $ 306.2

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

Stock-based compensation — — — — 4.6 — — — — 4.6 — 4.6

Stock issued under stock compensation plans — — — 0.4 (0.4) — — — — — — —

Net income (loss) 0.3 — — — — 17.2 — — — 17.2 0.1 17.3

Cash dividends — — — — — ( 6.1 ) — — — ( 6.1 ) — ( 6.1 )

Accrued dividends 0.2 — — — — — — — — — — —

Current period other comprehensive income — — — — — — 26.7 14.0 — 40.7 — 40.7

Reclassification adjustment to net income — — — — — — — 7.0 0.8 7.8 — 7.8

Purchase of noncontrolling interest — — — — — — — — — — 1.7 1.7

Foreign currency translation on noncontrolling interest 0.3 — — — — — — — — — 0.1 0.1

Balance, September 30, 2024 $ 15.0 $ 0.1 $ 0.1 $ ( 8.7 ) $ 349.3 $ 370.4 $ ( 117.6 ) $ 0.8 $ ( 64.5 ) $ 529.9 $ 4.1 $ 534.0

See notes to unaudited condensed consolidated financial statements.

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

2 unchanged sentences

Purchase of treasury stock — — — ( 9.1 ) 9.1 — — — — — — —

Net income 0.7 — — — — 100.7 — — — 100.7 0.3 101.0

Net income (loss) ( 0.1 ) — — — — 51.5 — — — 51.5 0.2 51.7

Cash dividends — — — — — ( 5.7 ) — — — ( 5.7 ) — ( 5.7 )

2 unchanged sentences

Reclassification adjustment to net income — — — — — — — 7.3 0.8 8.1 — 8.1

Purchase of noncontrolling interest — — — — 0.8 — — — — 0.8 ( 4.0 ) ( 3.2 )

Sale of noncontrolling interest — — — — — — — — — — ( 0.7 ) ( 0.7 )

Foreign currency translation on noncontrolling interest ( 0.3 ) — — — — — — — — — 0.1 0.1

Balance, September 30, 2023 $ 14.4 $ 0.1 $ 0.1 $ — $ 312.4 $ 236.7 $ ( 143.4 ) $ ( 32.2 ) $ ( 69.3 ) $ 304.4 $ 1.8 $ 306.2

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

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

2 unchanged sentences

Purchase of treasury stock — — — ( 4.5 ) 4.5 — — — — — — —

Net income 0.3 — — — — 132.0 — — — 132.0 0.5 132.5

Net income (loss) ( 0.1 ) — — — 8.6 — — — 8.6 ( 0.1 ) 8.5

Cash dividends — — — — — ( 6.2 ) — — — ( 6.2 ) — ( 6.2 )

Accrued dividends 0.2 — — — — — — — — — — —

Current period other comprehensive income (loss) — — — — — — 0.7 ( 12.4 ) — ( 11.7 ) — ( 11.7 )

Current period other comprehensive income — — — — — — 18.1 10.3 — 28.4 — 28.4

Reclassification adjustment to net income — — — — — — — 4.3 0.8 5.1 — 5.1

1 unchanged sentence

Foreign currency translation on noncontrolling interest 0.1 — — — — — — — — — 0.1 0.1

Balance, September 30, 2024 $ 15.0 $ 0.1 $ 0.1 $ ( 8.7 ) $ 349.3 $ 370.4 $ ( 117.6 ) $ 0.8 $ ( 64.5 ) $ 529.9 $ 4.1 $ 534.0

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

See notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

(Dollars in Millions, Except Per Share Data)

Note 1— Basis of Presentation

1 unchanged sentence

All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc.

and the Company’s wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.

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, Northern Ireland, China, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.

As of September 30, 2024, the Company owned a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd.

("Hyster-Yale Maximal").

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.

1 unchanged sentence

Bolzoni also produces components for lift truck manufacturers.

Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland.

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 July 2024, Bolzoni acquired 60 % of the equity interest of a machining business in Italy for an aggregate purchase price of $ 2.2 million.

Bolzoni maintains an option to purchase the remaining 40% of the equity interest of the machining business for a period of five years, subject to certain terms and conditions.

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 the third quarter of 2025.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera").

As of March 31, 2025, the Company operated Nuvera Fuel Cells, LLC ("Nuvera").

Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.

In April 2025, the Company announced a strategic business realignment of Nuvera's operations.

See Note 15, Subsequent Events , of the Company's condensed consolidated financial statements for further discussion.

Investments in Sumitomo NACCO Forklift Co., Ltd.

1 unchanged sentence

("HYGFS"), a 20 %-owned joint venture, are accounted for by the equity method.

SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks.

Sumitomo Heavy Industries, Ltd.

("Sumitomo") owns the remaining 50 % interest in SN.

Each stockholder of SN is entitled to appoint directors representing 50 % of the vote of SN’s board of directors.

All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo prior to a vote of SN’s board of directors.

HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc.

(“WF”), formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States.

National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories.

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.

2 unchanged sentences

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 September 30, 2024 and the results of its operations and changes in equity for the three and nine months ended September 30, 2024 and 2023, and the results of its cash flows for the nine months ended September 30, 2024 and 2023 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, 2023.

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 March 31, 2025 and the results of its operations and changes in equity for the three months ended March 31, 2025 and 2024, and the results of its cash flows for the three months ended March 31, 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.

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.

1 unchanged sentence

Adopted Accounting Pronouncements

During the first nine months of 2024, the Company did not adopt any accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

During the first quarter of 2025, the Company did not adopt any accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

Recent Accounting Pronouncements

1 unchanged sentence

Standard Description Required Date of Adoption Effect on the financial statements or other significant matters

ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848) The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

From the date of issuance through December 31, 2024 The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.

ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60) The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.

January 1, 2025 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

ASU 2023-07, Segment Reporting (Topic 280) The guidance provides requirements for new and updated segment disclosures.

December 31, 2024 The Company will make the required disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024.

The Company does not expect the new and updated guidance to have a material effect on its related disclosures.

ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) The guidance provides requirements for new and updated income tax disclosures.

January 1, 2025 The Company is currently evaluating the guidance and the effect on its related 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.

December 15, 2026 The Company is currently evaluating the guidance and the effect on its related disclosures.

Note 3— Revenue

7 unchanged sentences

The estimated costs of product warranties are recognized as expense when the products are sold.

See Note 10 for further information on product warranties.

See Note 10, 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.

8 unchanged sentences

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 nine months ended September 30, 2024 and 2023.

Impairment losses recognized on receivables or contract assets were not significant for the three months ended March 31, 2025 and 2024.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less.

4 unchanged sentences

THREE MONTHS ENDED

SEPTEMBER 30, 2024

MARCH 31, 2025

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Elims Total

Americas EMEA JAPIC Bolzoni Nuvera Eliminations Total

Dealer sales $ 288.2 $ 86.0 $ 41.4 $ — $ — $ — $ 415.6

4 unchanged sentences

THREE MONTHS ENDED

SEPTEMBER 30, 2023

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Elims Total

Dealer sales $ 413.2 $ 149.8 $ 44.6 $ — $ — $ — $ 607.6

Direct customer sales 105.3 2.9 — — — — 108.2

Aftermarket sales 170.5 26.0 7.0 — — — 203.5

Other 27.5 5.2 — 92.8 1.5 ( 45.1 ) 81.9

Total Revenues $ 716.5 $ 183.9 $ 51.6 $ 92.8 $ 1.5 $ ( 45.1 ) $ 1,001.2

NINE MONTHS ENDED

SEPTEMBER 30, 2024

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Elims Total

Dealer sales $ 1,302.9 $ 430.1 $ 117.9 $ — $ — $ — $ 1,850.9

Direct customer sales 485.6 4.6 — — — — 490.2

Aftermarket sales 547.9 78.6 19.3 — — — 645.8

Other 85.9 18.9 0.5 296.2 1.0 ( 148.7 ) 253.8

Total Revenues $ 2,422.3 $ 532.2 $ 137.7 $ 296.2 $ 1.0 $ ( 148.7 ) $ 3,240.7

NINE MONTHS ENDED

SEPTEMBER 30, 2023

MARCH 31, 2024

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Elims Total

Americas EMEA JAPIC Bolzoni Nuvera Eliminations Total

Dealer sales $ 423.0 $ 163.2 $ 32.7 $ — $ — $ — $ 618.9

3 unchanged sentences

Total Revenues $ 769.7 $ 199.4 $ 37.7 $ 96.2 $ 0.5 $ ( 47.0 ) $ 1,056.5

Dealer sales and Direct customer sales for the second quarter of 2024 have been adjusted.

Accordingly, these line items for the first quarter (as previously disclosed), second quarter (as previously disclosed) and third quarter of 2024 (above), will not be additive for the nine months ended September 30, 2024.

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 dealer.

The majority of direct customer sales are to National Account customers.

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.

6 unchanged sentences

In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract.

In the United States, Bolzoni also has revenue for sales of lift truck components to the lift truck business.

In the U.S., Bolzoni also has revenue for sales of forklift components to HYMH plants.

Nuvera's revenues include development funding from third-party agreements and the sale of fuel cell stacks and engines to third parties and the lift truck business.

In all revenue transactions, the Company receives cash equal to the invoice price.

The amount of consideration received and the revenue recognized may vary with changes in marketing incentives.

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, Nuvera and the lift truck business have been eliminated.

8 unchanged sentences

Foreign currency effect 0.2

Balance, September 30, 2024 $ 77.2

Balance, March 31, 2025

Note 4— Business Segments

The Company’s reportable segments for the lift truck business include the following three management units:

the Americas, EMEA and JAPIC.

Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and the corporate headquarters.

The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the chief operating decision maker (“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.

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 five segments, which include three in the lift truck business, as well as Bolzoni and Nuvera.

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 management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs.

These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations.

In addition, other costs are incurred directly by these geographic management units 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 management unit of the ultimate end user sales location where revenues and margins are reported.

Therefore, the reported results of each 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.

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 both Bolzoni and Nuvera as separate segments.

2 unchanged sentences

Financial information for each reportable segment is presented in the following table:

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

Revenues from external customers

4 unchanged sentences

Bolzoni 80.3 96.2

Eliminations ( 34.3 ) ( 47.0 )

Total $ 910.4 $ 1,056.5

Cost of Sales

Americas $ 554.4 $ 591.6

EMEA 105.3 165.5

JAPIC 43.9 34.1

Lift truck business 703.6 791.2

Bolzoni 61.8 74.4

Nuvera 2.0 2.8

1 unchanged sentence

Total $ 732.7 $ 820.8

Gross profit (loss)

Americas $ 144.5 $ 178.1

EMEA 12.9 33.9

JAPIC 3.4 3.6

Lift truck business 160.8 215.6

Bolzoni 18.5 21.8

Nuvera ( 2.0 ) ( 2.3 )

Eliminations 0.4 0.6

Total $ 177.7 $ 235.7

THREE MONTHS ENDED

Selling, general and administrative expenses

Americas $ 91.4 $ 88.5

EMEA 29.1 28.7

JAPIC 9.9 9.1

Lift truck business 130.4 126.3

Bolzoni 17.9 18.5

Nuvera 7.9 7.1

Total $ 156.2 $ 151.9

Adjustments (a)

Americas $ 0.7 $ —

EMEA ( 1.3 ) —

Lift truck business 0.2 —

Eliminations — —

Operating profit (loss)

7 unchanged sentences

Total $ 21.3 $ 83.8

Interest expense

Americas $ 7.2 $ 8.0

JAPIC 0.3 0.3

Eliminations ( 0.2 ) ( 0.2 )

Lift truck business 7.4 8.7

Bolzoni 0.5 0.4

Eliminations ( 0.2 ) ( 0.2 )

Total 7.7 8.9

Depreciation and amortization

Americas $ 3.7 $ 4.5

JAPIC 1.7 1.9

Lift truck business 7.5 8.5

Bolzoni 3.1 2.9

Nuvera 0.4 0.3

Total $ 11.0 $ 11.7

THREE MONTHS ENDED

Capital expenditures

Americas $ 5.9 $ 5.1

JAPIC 1.2 0.4

Lift truck business 8.2 5.7

Bolzoni 2.2 0.9

Nuvera 0.2 0.9

Total $ 10.6 $ 7.5

(a) Consists of restructuring charges (reversals) recognized during the first quarter of 2025 related to programs initiated in 2024.

See Note 14, Restructuring , of the Company's condensed consolidated financial statements for further discussion.

2025 DECEMBER 31 2024

Americas $ 1,947.0 $ 1,897.9

EMEA 666.6 678.5

JAPIC 248.9 252.9

Eliminations (638.3) (637.7)

Lift truck business 2,224.2 2,191.6

Bolzoni 309.5 290.8

Nuvera 39.3 40.7

Eliminations (517.7) $ (493.9)

Total 2,055.3 2,029.2

Note 5— Income Taxes

6 unchanged sentences

federal statutory rate to the reported income tax rate is as follows:

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

Income before income taxes $ 16.8 $ 76.9

7 unchanged sentences

Reported income tax rate 48.2 % 32.6 %

During 2024, the Company’s reported income tax rate for the current year differs from the U.S.

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.

During 2023, the Company's reported income tax rate assumed that a significant portion of its net operating loss carryforwards would be utilized along with the release of the associated valuation allowances.

This release was offset by the capitalization of research and development expenses under U.S.

tax rules for which a valuation allowance was provided.

The net of these items is included in the valuation allowance line in the table above.

During the first nine months of 2024 and 2023, the Company recorded other permanent adjustments primarily related to the unfavorable tax effects of state income taxes, non-deductible compensation, non-U.S.

rate differences and global intangible low-taxed income, partially offset by favorable tax effects of foreign derived intangible income, federal income tax credits and equity interest earnings.

During the first nine months of 2024 and 2023, the Company recognized discrete tax benefits of $1.4 million and $3.3 million, respectively, mainly resulting from the expiration of the statute of limitations for uncertain tax positions.

Of those amounts, an offsetting pre-tax indemnity receivable was recorded for $ 0.2 million and $ 2.1 million during the first nine months of 2024 and 2023, respectively.

The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

Note 6— Reclassifications from OCI

1 unchanged sentence

OCI Components Amount Reclassified from OCI Affected Line Item

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

Gain (loss) on cash flow hedges:

15 unchanged sentences

This valuation methodology is Level 2 as defined in the fair value hierarchy.

At September 30, 2024, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 443.2 million and $ 442.7 million, respectively.

At March 31, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $460.4 million and $459.9 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.

19 unchanged sentences

Foreign Currency Derivatives:

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.9 billion at September 30, 2024, primarily denominated in euros, U.S.

dollars, Japanese yen, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars.

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.9 billion at December 31, 2023, primarily denominated in euros, Japanese yen, U.S.

dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos and Australian dollars.

The fair value of these contracts approximated a net liability of $ 0.9 million and $ 12.2 million at September 30, 2024 and December 31, 2023, respectively.

The Company held forward foreign currency exchange contracts with total notional amounts of $0.8 billion at March 31, 2025 and December 31, 2024, 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 $0.6 million and a net liability of $18.5 million at March 31, 2025 and December 31, 2024, respectively.

At March 31, 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 September 30, 2024, $ 8.1 million of the amount of net deferred loss included in OCI at September 30, 2024 is expected to be reclassified as expense into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Based on market valuations at March 31, 2025, $4.1 million of the amount of net deferred loss included in OCI at March 31, 2025 is expected to be reclassified as expense into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives:

The Company holds certain contracts that hedge interest payments on its $ 225.0 million term loan borrowings.

In addition, the Company holds certain contracts that hedge interest payments on Bolzoni's debt.

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2024 and December 31, 2023:

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at March 31, 2025 and December 31, 2024:

Notional Amount Average Fixed Rate

SEPTEMBER 30 DECEMBER 31 SEPTEMBER 30 DECEMBER 31

2024 2023 2024 2023 Term at September 30, 2024

MARCH 31, DECEMBER 31 MARCH 31, DECEMBER 31

2025 2024 2025 2024 Term at March 31, 2025

$ 180.0 $ 180.0 1.65 % 1.65 % Extending to May 2027

$ 11.9 $ 7.5 1.48 % 0.51 % Extending to June 2029

The fair value of all interest rate swap agreements was a net asset of $ 7.8 million and $ 11.9 million at September 30, 2024 and December 31, 2023, respectively.

$ 11.1 $ 12.0 2.02 % 1.93 % Extending to July 2029

The fair value of all interest rate swap agreements was a net asset of $ 7.6 million and $ 9.9 million at March 31, 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 September 30, 2024, $ 4.6 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.

Based on market valuations at March 31, 2025, $ 4.7 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 SEPTEMBER 30

2024 DECEMBER 31

2023 Balance Sheet Location SEPTEMBER 30

Balance Sheet Location MARCH 31, 2025

DECEMBER 31, 2024

Balance Sheet Location MARCH 31, 2025 DECEMBER 31, 2024

Derivatives designated as hedging instruments

17 unchanged sentences

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 September 30, 2024 Derivative Liabilities as of September 30, 2024

Derivative Assets as of March 31, 2025

Derivative Liabilities as of March 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

3 unchanged sentences

Total derivatives $ 12.2 $ ( 4.0 ) $ 8.2 $ 8.2 $ 4.0 $ ( 4.0 ) $ — $ —

Derivative Assets as of December 31, 2023 Derivative Liabilities as of December 31, 2023

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

5 unchanged sentences

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 NINE MONTHS ENDED THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

THREE MONTHS ENDED THREE MONTHS ENDED

MARCH 31, MARCH 31,

Derivatives Designated as Hedging Instruments 2025 2024 2025 2024

12 unchanged sentences

Pension benefits for employees covered under the Company's U.S.

plans are frozen.

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.

In the first quarter of 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 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 (income) expense are set forth below:

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

The components of pension expense (benefit) are set forth below:

THREE MONTHS ENDED

Interest cost $ 0.6 $ 0.5

5 unchanged sentences

Amortization of actuarial loss 0.4 0.3

Net periodic pension benefit $ ( 0.1 ) $ ( 0.3 ) $ ( 0.3 ) $ ( 0.9 )

Net periodic pension expense (benefit) $ 0.6 $ ( 0.1 )

Note 9— Inventories

Inventories are summarized as follows:

MARCH 31, 2025

DECEMBER 31, 2024

6 unchanged sentences

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 September 30, 2024 and December 31, 2023, 53 % and 49 %, 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.

At March 31, 2025 and December 31, 2024, 52 % 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.

10 unchanged sentences

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 in its warranty obligation.

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.

7 unchanged sentences

Foreign currency effect 0.6

Balance at September 30, 2024 $ 82.2

Balance at March 31, 2025

Note 11— Contingencies

7 unchanged sentences

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 September 30, 2024 and December 31, 2023 were $ 205.5 million and $ 162.4 million, respectively.

As of September 30, 2024, 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.

Total amounts subject to recourse or repurchase obligations at March 31, 2025 and December 31, 2024 were $ 167.9 million and $ 219.2 million, respectively.

As of March 31, 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 September 30, 2024 was approximately $ 257.0 million based on Company estimates.

The fair value of collateral held at March 31, 2025 was approximately $ 261.3 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 September 30, 2024, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities;

As of March 31, 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 WF to limit its exposure to losses at certain eligible dealers.

Under this agreement, losses related to $ 38.8 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 September 30, 2024.

The $ 38.8 million is included in the $ 205.5 million of total amounts subject to recourse or repurchase obligations at September 30, 2024.

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 $ 39.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5 % of their original loan balance, or $ 18.5 million as of March 31, 2025.

The $ 39.5 million is included in the $ 167.9 million of total amounts subject to recourse or repurchase obligations at March 31, 2025.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers.

2 unchanged sentences

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 September 30, 2024, approximately $ 175.6 million of the Company's total recourse or repurchase obligations of $ 205.5 million related to transactions with HYGFS.

At March 31, 2025, approximately $ 141.8 million of the Company's total recourse or repurchase obligations of $ 167.9 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 September 30, 2024, loans from WF to HYGFS totaled $ 1.4 billion.

At March 31, 2025, loans from WF to HYGFS totaled $ 1.4 billion.

Although the Company’s contractual guarantee was $ 291.9 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $ 141.8 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 $ 246.6 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets of $ 325.9 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 $ 246.6 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.

1 unchanged sentence

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 National Account customers in the United States and is included in the Americas segment.

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.

1 unchanged sentence

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 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 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.

3 unchanged sentences

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

HYGFS $ 22.2 $ 27.7

Bolzoni 0.4 0.4

Bolzoni investments 0.4 0.4

Dividends received from unconsolidated affiliates are summarized below:

NINE MONTHS ENDED

THREE MONTHS ENDED

HYGFS $ 8.0 $ 4.4

Summarized financial information for HYGFS and SN is as follows:

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2024 2023 2024 2023

THREE MONTHS ENDED

Revenues $ 106.1 $ 108.1

3 unchanged sentences

The Company has a debt investment in a third party, OneH2, Inc.

The Company's investment was $ 0.8 million as of both September 30, 2024 and December 31, 2023, respectively.

The Company's investment was $ 0.8 million as of March 31, 2025 and December 31, 2024, respectively.

Note 14—Restructuring

In the first quarter of 2025, the Company recognized restructuring charges of $ 0.2 million ($ 0.7 million in the Americas, $( 1.3 ) million reversal in EMEA and $ 0.8 million in JAPIC) for employee-severance and other-related costs for the programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations by reducing costs and improving operational efficiency.

These costs are included in "Restructuring charges" in the unaudited condensed consolidated statements of operations.

The Company expects to execute these programs over the next 12 to 36 months.

As of March 31, 2025, the Company estimates incurring additional restructuring charges of approximately $ 8 million to $ 16 million in each of 2025 and 2026 related to these plans.

Following is the detail of the cash charges related to this program:

Balance, January 1, 2024 $ 12.2

Payments ( 0.7 )

Reversals ( 1.3 )

Balance, March 31, 2025 $ 11.0

Note 15—Subsequent Events

On April 30, 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 at Nuvera’s Billerica facility which will be part of the HYMH business.

This strategic alignment is expected to achieve, beginning in the second half of 2025, direct annualized cost reductions of $15 to $20 million and indirect cost reductions of $10 to $15 million by absorbing Nuvera resources into open positions focused on accelerating development of its battery products and services and mobile charging platform as well as other immediate needs of the HYMH business.

The Company expects to incur employee severance and impairment costs in the second quarter of 2025 of approximately $15 to $18 million.

Additional charges or expenditures are possible as the program progresses.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements