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Item 1. Financial Statements

2025-08-05 compared with 2025-05-06 · 216 added, 113 removed, 541 unchanged (38% of the section changed)

51 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

2025 2024 2025 2024

(In millions, except per share data)

4 unchanged sentences

Selling, general and administrative expenses 161.0 163.7 317.2 315.6

Restructuring charges 0.2 —

Operating Profit 21.3 83.8

Restructuring and impairment charges 15.7 — 15.9 —

Operating (Loss) Profit ( 8.5 ) 95.6 12.8 179.4

Other (income) expense

2 unchanged sentences

Other, net ( 0.5 ) ( 1.1 ) ( 0.8 ) ( 2.1 )

Income Before Income Taxes 16.8 76.9

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 Income 8.7 51.8

Net (Loss) Income ( 13.4 ) 63.9 ( 4.7 ) 115.7

Net Income attributable to noncontrolling interests

Net Loss attributable to redeemable noncontrolling interests

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

Net Income Attributable to Stockholders

Basic Earnings per Share

( 0.2 ) ( 0.2 ) ( 0.2 ) ( 0.4 )

Diluted Earnings per Share

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

6 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2025 2024 2025 2024

(In millions)

Net Income $ 8.7 $ 51.8

Net (Loss) Income $ ( 13.4 ) $ 63.9 $ ( 4.7 ) $ 115.7

Other comprehensive income

5 unchanged sentences

Net Income attributable to noncontrolling interests ( 0.2 ) ( 0.2 ) ( 0.2 ) ( 0.4 )

Net Loss attributable to redeemable noncontrolling interests 0.1 0.1

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 )

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED

SIX MONTHS ENDED

(In millions)

Operating Activities

Net Income $ 8.7 $ 51.8

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

1 unchanged sentence

Deferred income taxes 1.1 ( 0.8 )

Restructuring charges 0.2 —

Restructuring and impairment charges 15.9 —

Stock-based compensation 6.2 17.4

11 unchanged sentences

Proceeds from the sale of assets 1.4 1.0

Business acquisition, net of cash acquired ( 2.6 ) —

Net cash used for investing activities

5 unchanged sentences

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 )

12 unchanged sentences

(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.

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

Net income — — — — — 114.8 — — — 114.8 0.4 115.2

Cash dividends ( 0.9 ) — — — — ( 11.8 ) — — — ( 11.8 ) ( 0.4 ) ( 12.2 )

2 unchanged sentences

Reclassification adjustment to net income — — — — — — — 15.2 1.7 16.9 — 16.9

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

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

2 unchanged sentences

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

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

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 — — — — — — 18.1 10.3 — 28.4 — 28.4

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

1 unchanged sentence

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

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

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.

17 unchanged sentences

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.

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.

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.

5 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 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.

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.

2 unchanged sentences

Adopted Accounting Pronouncements

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.

During the second quarter of 2025, the Company did not adopt any accounting standard updates ("ASU").

Recent Accounting Pronouncements

4 unchanged sentences

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.

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

Note 3— Revenue

18 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 months ended March 31, 2025 and 2024.

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.

4 unchanged sentences

THREE MONTHS ENDED

MARCH 31, 2025

JUNE 30, 2025

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Eliminations Total

Americas EMEA JAPIC Bolzoni Eliminations Total

Dealer sales $ 301.7 $ 117.3 $ 41.5 $ — $ — $ 460.5

4 unchanged sentences

THREE MONTHS ENDED

MARCH 31, 2024

JUNE 30, 2024

Lift truck business

Americas EMEA JAPIC Bolzoni Nuvera Eliminations Total

Americas EMEA JAPIC Bolzoni Eliminations Total

Dealer sales $ 467.3 $ 155.1 $ 41.6 $ — $ — $ 664.0

3 unchanged sentences

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.

7 unchanged sentences

Bolzoni revenue from external customers is primarily the sale of attachments to customers.

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

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.

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 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.

Intercompany revenues between Bolzoni and the lift truck business have been eliminated.

Deferred Revenue:

7 unchanged sentences

Foreign currency effect 0.6

Balance, March 31, 2025

Balance, June 30, 2025

Note 4— Business Segments

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 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 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.

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.

4 unchanged sentences

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.

Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated.

Operating profit is the measure of segment profit or loss.

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.

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

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2025 2024 2025 2024

Revenues from external customers

12 unchanged sentences

Bolzoni 69.2 80.0 131.0 154.4

Nuvera 2.0 2.8

Eliminations ( 38.2 ) ( 52.3 ) ( 72.9 ) ( 99.6 )

6 unchanged sentences

Bolzoni 21.4 22.4 39.9 44.2

Nuvera ( 2.0 ) ( 2.3 )

Eliminations — — 0.4 0.6

Total $ 168.2 $ 259.3 $ 345.9 $ 495.0

THREE MONTHS ENDED

Selling, general and administrative expenses

4 unchanged sentences

Bolzoni 19.0 18.4 36.9 36.9

Nuvera 7.9 7.1

Total $ 161.0 $ 163.7 $ 317.2 $ 315.6

2 unchanged sentences

EMEA ( 0.3 ) — ( 1.6 ) —

JAPIC 0.1 — 0.9 —

Lift truck business 15.7 — 15.9 —

Bolzoni — — — —

Eliminations — — — —

Total $ 15.7 $ — $ 15.9 $ —

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2025 2024 2025 2024

Operating profit (loss)

4 unchanged sentences

Bolzoni 2.4 4.0 3.0 7.3

Nuvera ( 9.9 ) ( 9.4 )

Eliminations — — 0.4 0.6

2 unchanged sentences

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

6 unchanged sentences

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

1 unchanged sentence

Bolzoni 3.0 3.1 6.1 6.0

Nuvera 0.4 0.3

Total $ 11.8 $ 12.4 $ 22.8 $ 24.1

THREE MONTHS ENDED

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 )

1 unchanged sentence

Bolzoni ( 1.1 ) ( 1.1 ) ( 3.3 ) ( 2.0 )

Nuvera 0.2 0.9

Total $ ( 13.8 ) $ ( 12.2 ) $ ( 24.4 ) $ ( 19.7 )

(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.

(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.

DECEMBER 31 2024

5 unchanged sentences

Bolzoni 336.1 290.8

Nuvera 39.3 40.7

Eliminations ( 224.8 ) ( 203.3 )

8 unchanged sentences

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

THREE MONTHS ENDED

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

6 unchanged sentences

Income tax expense $ 0.2 $ 26.1 $ 8.3 $ 51.2

Reported income tax rate 48.2 % 32.6 %

Reported income tax rate 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.

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.

Note 6— Reclassifications from OCI

1 unchanged sentence

OCI Components Amount Reclassified from OCI Affected Line Item

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2025 2024 2025 2024

Gain (loss) on cash flow hedges:

10 unchanged sentences

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.

Note 8— Financial Instruments and Derivative Financial Instruments

3 unchanged sentences

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

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 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.

10 unchanged sentences

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 ("SOFR").

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.

6 unchanged sentences

Foreign Currency Derivatives:

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.

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 $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.

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 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.

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.

Interest Rate Derivatives:

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:

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

MARCH 31, DECEMBER 31 MARCH 31, DECEMBER 31

2025 2024 2025 2024 Term at March 31, 2025

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 $ 7.6 million and $ 9.9 million at March 31, 2025 and December 31, 2024, respectively.

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 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.

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 MARCH 31, 2025

Balance Sheet Location JUNE 30, 2025

DECEMBER 31, 2024

Balance Sheet Location MARCH 31, 2025 DECEMBER 31, 2024

Balance Sheet Location JUNE 30, 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 March 31, 2025

Derivative Liabilities as of March 31, 2024

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

12 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 THREE MONTHS ENDED

MARCH 31, MARCH 31,

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

17 unchanged sentences

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.

During 2025, the trustee entered into a buy-in contract for the U.K.

plan with a third-party insurance company.

1 unchanged sentence

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.

Until any potential buy-out process is completed, the trustee remains responsible for the administration of the

plan, allocation of non-insured plan assets and payment of employee retirement benefits.

5 unchanged sentences

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

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

2025 2024 2025 2024

Interest cost $ 0.5 $ 0.6 $ 1.1 $ 1.1

8 unchanged sentences

Inventories are summarized as follows:

MARCH 31, 2025

JUNE 30, 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 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.

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.

2 unchanged sentences

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

16 unchanged sentences

Foreign currency effect 1.7

Balance at March 31, 2025

Balance at June 30, 2025

Note 12— 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 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.

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 March 31, 2025 was approximately $ 261.3 million based on Company estimates.

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 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;

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.

1 unchanged sentence

("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.

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 financing to both dealers and customers.

HYGFS provides debt and lease

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 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.

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

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 $ 246.6 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets

of $ 334.7 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.

13 unchanged sentences

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

HYGFS $ 25.4 $ 27.7

1 unchanged sentence

Dividends received from unconsolidated affiliates are summarized below:

THREE MONTHS ENDED

SIX MONTHS ENDED

HYGFS $ 8.0 $ 4.4

Summarized financial information for HYGFS and SN is as follows:

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2025 2024 2025 2024

Revenues $ 117.4 $ 103.2 $ 223.5 $ 211.3

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 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:

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:

Balance, January 1, 2025 $ 12.2

1 unchanged sentence

Reversals ( 1.6 )

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.

Balance, June 30, 2025

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