What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-04 compared with 2025-08-05 · 138 added, 122 removed, 635 unchanged (29% of the section changed)

51 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SIX MONTHS ENDED

THREE MONTHS ENDED NINE MONTHS ENDED

2025 2024 2025 2024

6 unchanged sentences

Restructuring and impairment charges 1.0 1.2 16.9 1.2

Operating (Loss) Profit ( 8.5 ) 95.6 12.8 179.4

Operating Profit 2.3 33.1 15.1 212.5

Other (income) expense

4 unchanged sentences

Income (Loss) Before Income Taxes ( 4.6 ) 28.1 ( 1.0 ) 195.0

Income tax expense 0.2 26.1 8.3 51.2

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

Income tax expense (benefit) ( 2.9 ) 10.3 5.4 61.5

Net Income (Loss) ( 1.7 ) 17.8 ( 6.4 ) 133.5

Net Income attributable to noncontrolling interests

( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.5 )

Net (Income) Loss attributable to redeemable noncontrolling interests — ( 0.1 ) 0.1 —

Net Income attributable to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.2 ) ( 0.3 )

Accrued dividend to redeemable noncontrolling interests ( 0.2 ) ( 0.2 ) ( 0.7 ) ( 0.7 )

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

Net Income (Loss) Attributable to Stockholders $ ( 2.3 ) $ 17.2 $ ( 7.6 ) $ 132.0

Basic Earnings (Loss) per Share $ ( 0.13 ) $ 0.98 $ ( 0.43 ) $ 7.57

Diluted Earnings (Loss) per Share $ ( 0.13 ) $ 0.97 $ ( 0.43 ) $ 7.47

Dividends per Share $ 0.3600 $ 0.3500 $ 1.0700 $ 1.0250

4 unchanged sentences

AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

(In millions)

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

Other comprehensive income

Net Income (Loss) $ ( 1.7 ) $ 17.8 $ ( 6.4 ) $ 133.5

Other comprehensive income (loss)

Foreign currency translation adjustment 2.2 26.7 58.9 0.7

2 unchanged sentences

Reclassification of pension into earnings, net of tax 0.9 0.8 2.6 2.5

Comprehensive Income $ 38.9 $ 52.1 $ 81.1 $ 80.2

Comprehensive Income (Loss) $ ( 3.9 ) $ 66.3 $ 77.2 $ 146.5

Net Income attributable to noncontrolling interests ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 0.5 )

Net (Income) Loss attributable to redeemable noncontrolling interests — ( 0.1 ) 0.1 —

Net Income attributable to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.2 ) ( 0.3 )

Accrued dividend to redeemable noncontrolling interests ( 0.2 ) ( 0.2 ) ( 0.7 ) ( 0.7 )

Foreign currency translation adjustment attributable to noncontrolling interests ( 0.1 ) ( 0.4 ) ( 0.3 ) ( 0.3 )

Comprehensive Income Attributable to Stockholders $ 38.4 $ 51.6 $ 80.3 $ 79.4

Comprehensive Income (Loss) Attributable to Stockholders $ ( 4.6 ) $ 65.3 $ 75.7 $ 144.7

See notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED

NINE MONTHS ENDED

(In millions)

Operating Activities

Net (Loss) Income $ ( 4.7 ) $ 115.7

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

Net Income (Loss) $ ( 6.4 ) $ 133.5

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

Depreciation and amortization 34.1 35.8

11 unchanged sentences

Other liabilities ( 77.6 ) ( 52.3 )

Net cash provided by (used for) operating activities ( 7.5 ) 19.9

Net cash provided by operating activities 29.6 90.0

Investing Activities

3 unchanged sentences

Net cash used for investing activities ( 39.8 ) ( 30.7 )

( 25.6 ) ( 18.7 )

Financing Activities

6 unchanged sentences

Financing fees paid ( 2.1 ) —

Net cash provided by (used for) financing activities ( 0.3 ) ( 11.4 )

Net cash used for financing activities ( 18.4 ) ( 62.2 )

Effect of exchange rate changes on cash 3.1 ( 0.3 )

Cash and Cash Equivalents

Increase (decrease) for the period ( 29.7 ) ( 12.3 )

Decrease for the period ( 25.5 ) ( 3.2 )

Balance at the beginning of the period 96.6 78.8

8 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

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

3 unchanged sentences

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

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

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 — — — — 2.1 — — — — 2.1 — 2.1

Stock issued under stock compensation plans — — — 0.9 ( 0.9 ) — — — — — — —

Purchase of treasury stock — — — — — — — — — — — —

Net income (loss) 0.3 — — — — ( 2.3 ) — — — ( 2.3 ) 0.1 ( 2.2 )

1 unchanged sentence

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

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

Current period other comprehensive income (loss) — — — — — — 2.2 ( 2.6 ) — ( 0.4 ) — ( 0.4 )

Reclassification adjustment to net income (loss) — — — — — — — ( 2.7 ) 0.9 ( 1.8 ) — ( 1.8 )

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

Balance, September 30, 2025 $ 15.1 $ 0.1 $ 0.1 $ ( 15.3 ) $ 356.4 $ 348.1 $ ( 102.6 ) $ 9.7 $ ( 60.5 ) $ 536.0 $ 4.3 $ 540.3

See notes to unaudited condensed consolidated financial statements.

15 unchanged sentences

Reclassification adjustment to net income — — — — — — — 22.2 2.5 24.7 — 24.7

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

Foreign currency translation on noncontrolling interest 0.1 — — — — — — — — — 0.2 0.2

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

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, 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 ( 0.1 ) — — — — ( 5.3 ) — — — ( 5.3 ) 0.2 ( 5.1 )

Net income (loss) 0.2 — — — — ( 7.6 ) — — — ( 7.6 ) 0.3 ( 7.3 )

Cash dividends ( 0.9 ) — — — — ( 18.9 ) — — — ( 18.9 ) ( 0.4 ) ( 19.3 )

Accrued dividends 0.7 — — — — — — — — — — —

Current period other comprehensive income (loss) — — — — — — 56.7 23.3 — 80.0 — 80.0

Current period other comprehensive income — — — — — — 58.9 20.7 — 79.6 — 79.6

Reclassification adjustment to net income — — — — — — — 1.4 2.6 4.0 — 4.0

1 unchanged sentence

Foreign currency translation on noncontrolling interest 0.2 — — — — — — — — — 0.1 0.1

Balance, June 30, 2025 $ 14.5 $ 0.1 $ 0.1 $ ( 16.2 ) $ 355.2 $ 356.7 $ ( 104.8 ) $ 15.0 $ ( 61.4 ) $ 544.7 $ 4.2 $ 548.9

Balance, September 30, 2025 $ 15.1 $ 0.1 $ 0.1 $ ( 15.3 ) $ 356.4 $ 348.1 $ ( 102.6 ) $ 9.7 $ ( 60.5 ) $ 536.0 $ 4.3 $ 540.3

See notes to unaudited condensed consolidated financial statements.

7 unchanged sentences

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.

("HYMH"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, aftermarket parts and technology and energy solutions marketed globally under the Hyster ® , Yale ® and Nuvera ® brand names, mainly to independent Hyster ® and Yale ® retail dealerships.

Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.

3 unchanged sentences

The Company operates Bolzoni S.p.A.

Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names.

Bolzoni is a leading producer and distributor of attachments, forks and lift tables marketed globally under the Bolzoni ® , Auramo ® and Meyer ® brand names.

Bolzoni also produces components for lift truck manufacturers.

20 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 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.

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, 2025 and the results of its operations and changes in equity for the three and nine months ended September 30, 2025 and 2024, and the results of its cash flows for the nine months ended September 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 second quarter of 2025, the Company did not adopt any accounting standard updates ("ASU").

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

Recent Accounting Pronouncements

3 unchanged sentences

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.

ASU 2024-03— Disaggregation of Income Statement Expenses The guidance requires disaggregated disclosures of income statement expenses.

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

ASU 2025-06— Intangibles — Goodwill and other — Internal use software The guidance amends certain aspects of the accounting for and disclosure of software costs.

Interim and annual periods after December 15, 2027 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 and six months ended June 30, 2025 and 2024.

Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2025 and 2024.

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

1 unchanged sentence

The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service.

These costs are reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations.

These costs are reported in “Cost of sales” in the unaudited condensed consolidated statements of operations.

Tariff surcharges received as part of the consideration from customers are included in "Revenues" in the unaudited condensed consolidated statements of operations.

The following table disaggregates revenue by category:

THREE MONTHS ENDED

JUNE 30, 2025

SEPTEMBER 30, 2025

Lift truck business

6 unchanged sentences

THREE MONTHS ENDED

JUNE 30, 2024

SEPTEMBER 30, 2024

Lift truck business

5 unchanged sentences

Total Revenues $ 771.5 $ 145.0 $ 51.3 $ 97.6 $ ( 49.3 ) $ 1,016.1

SIX MONTHS ENDED

JUNE 30, 2025

NINE MONTHS ENDED

SEPTEMBER 30, 2025

Lift truck business

5 unchanged sentences

Total Revenues $ 2,139.1 $ 416.6 $ 142.2 $ 257.9 $ ( 109.7 ) $ 2,846.1

SIX MONTHS ENDED

JUNE 30, 2024

NINE MONTHS ENDED

SEPTEMBER 30, 2024

Lift truck business

5 unchanged sentences

Total Revenues $ 2,422.9 $ 532.2 $ 137.7 $ 296.2 $ ( 148.3 ) $ 3,240.7

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.

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

In these 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.

10 unchanged sentences

Foreign currency effect 0.6

Balance, June 30, 2025

Balance, September 30, 2025

Note 4— Business Segments

16 unchanged sentences

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.

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 SIX MONTHS ENDED

JUNE 30 JUNE 30

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

38 unchanged sentences

Total $ 1.0 $ 1.2 $ 16.9 $ 1.2

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

30 unchanged sentences

Total $ ( 14.5 ) $ ( 10.2 ) $ ( 38.9 ) $ ( 29.9 )

(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.

(a) Consists of restructuring charges (reversals) recognized during the three and nine months ended September 30, 2025 and 2024 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.

14 unchanged sentences

Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law in the U.S.

While the legislation did not change the U.S.

federal corporate income tax rate or result in a remeasurement of deferred tax balances, it contained provisions applicable to the beginning of the current reporting year that impact the timing of certain deductions, including, among others, the immediate expensing of domestic research and development expenditures.

As the provisions of the OBBBA impact current taxes on current-year ordinary income, the impact of the law change has been incorporated into the revised estimated annual effective income tax rate beginning in the third quarter of 2025.

The Company expects the general impact of the new legislation to decrease its 2025 U.S.

cash tax payments due to the current expensing of domestic research and development costs.

The Company continues to evaluate the OBBBA’s other provisions, related administrative guidance, and potential U.S.

state and local legislative changes in response to the new law but does not expect additional material impacts to the income tax expense or cash taxes for the year ending December 31, 2025;

however, the ultimate effects could differ as further guidance is issued and as our facts change.

A reconciliation of the U.S.

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

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

Income before income taxes $ ( 13.2 ) $ 90.0 $ 3.6 $ 166.9

Income (Loss) before income taxes $ ( 4.6 ) $ 28.1 $ ( 1.0 ) $ 195.0

Statutory taxes (21%) $ ( 0.9 ) $ 6.0 $ ( 0.2 ) $ 41.0

4 unchanged sentences

Discrete items 2.4 ( 0.3 ) 1.8 ( 1.4 )

Income tax expense $ 0.2 $ 26.1 $ 8.3 $ 51.2

Income tax expense (benefit) $ ( 2.9 ) $ 10.3 $ 5.4 $ 61.5

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.

During the first nine months of 2025, the Company’s reported income tax expense differed from the tax benefit determined using the U.S.

federal statutory rate primarily due to an interim adjustment from pre-tax losses for which no tax benefit was recognized.

During the first nine months of 2024, the Company’s reported income tax expense differed from the tax expense determined using 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 U.S.

tax rules applicable during that period.

During the third quarter of 2025, the Company recorded a discrete tax expense of $ 2.4 million primarily related to unfavorable domestic return-to-provision items for temporary differences for which a valuation allowance was provided.

Note 6— Reclassifications from OCI

1 unchanged sentence

OCI Components Amount Reclassified from OCI Affected Line Item

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

12 unchanged sentences

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”).

During the second quarter of 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 replaced the Company’s previous revolving credit facility, which was set to mature in June 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.

3 unchanged sentences

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.

For the period prior to the date of amendment, the applicable margins under the Facility were 0.50 % for U.S.

base rate loans and 1.50 % for Term SOFR, EURIBOR and foreign base rate loans.

2 unchanged sentences

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

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.

At September 30, 2025, the Company was in compliance with the covenants in the Facility.

The Company incurred approximately $ 2.1 million of additional financing fees in connection with the Facility.

5 unchanged sentences

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

At June 30, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 450.2 million and $ 448.3 million, respectively.

At September 30, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 444.9 million and $ 438.5 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 $0.7 billion and 0.8 billion at June 30, 2025 and December 31, 2024, respectively, primarily denominated in euros, U.S.

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

The fair value of these contracts approximated a net asset of $11.1 million and a net liability of $18.5 million at June 30, 2025 and December 31, 2024, respectively.

At June 30, 2025 and December 31, 2024, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting.

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.7 billion and $ 0.8 billion at September 30, 2025 and December 31, 2024, respectively, primarily denominated in euros, U.S.

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

The fair value of these contracts approximated a net asset of $ 4.3 million and a net liability of $ 18.5 million at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting.

Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months.

The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI.

Based on market valuations at June 30, 2025, $7.1 million of the amount of net deferred loss included in OCI at June 30, 2025 is expected to be reclassified as income into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Based on market valuations at September 30, 2025, $ 5.6 million of the amount of net deferred gain included in OCI at September 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 June 30, 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 September 30, 2025 and December 31, 2024:

Notional Amount Average Fixed Rate

JUNE 30, DECEMBER 31 JUNE 30, DECEMBER 31

2025 2024 2025 2024 Term at June 30, 2025

SEPTEMBER 30, DECEMBER 31 SEPTEMBER 30, DECEMBER 31

2025 2024 2025 2024 Term at September 30, 2025

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

$ 21.5 $ 12.0 2.19 % 1.93 % Extending to July 2030

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 fair value of all interest rate swap agreements was a net asset of $ 5.1 million and $ 9.9 million at September 30, 2025 and December 31, 2024, respectively.

The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI.

Based on market valuations at June 30, 2025, $ 4.4 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

Based on market valuations at September 30, 2025, $ 4.1 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

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

Asset Derivatives Liability Derivatives

Balance Sheet Location JUNE 30, 2025

Balance Sheet Location SEPTEMBER 30, 2025

DECEMBER 31, 2024

Balance Sheet Location JUNE 30, 2025 DECEMBER 31, 2024

Balance Sheet Location SEPTEMBER 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 June 30, 2025

Derivative Liabilities as of June 30, 2025

Derivative Assets as of September 30, 2025

Derivative Liabilities as of September 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 SIX MONTHS ENDED THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30, JUNE 30,

THREE MONTHS ENDED NINE MONTHS ENDED THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30, SEPTEMBER 30,

Derivatives Designated as Hedging Instruments 2025 2024 2025 2024 2025 2024 2025 2024

10 unchanged sentences

The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations.

Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Plan assets consist primarily of government and corporate bonds and publicly traded stocks.

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

16 unchanged sentences

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

THREE MONTHS ENDED SIX MONTHS ENDED

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30,

2025 2024 2025 2024

9 unchanged sentences

Inventories are summarized as follows:

JUNE 30, 2025

SEPTEMBER 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 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.

At September 30, 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.

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.

As a result of the Nuvera business realignment, during the nine months ended September 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.

18 unchanged sentences

Foreign currency effect 1.7

Balance at June 30, 2025

Balance at September 30, 2025

Note 12— Contingencies

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims.

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its business, including product liability, environmental and other claims.

These proceedings and claims are incidental to the ordinary course of business.

5 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 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.

Total amounts subject to recourse or repurchase obligations at September 30, 2025 and December 31, 2024 were $ 154.7 million and $ 219.2 million, respectively.

As of September 30, 2025, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements.

The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed.

The fair value of collateral held at June 30, 2025 was approximately $ 248.4 million based on Company estimates.

The fair value of collateral held at September 30, 2025 was approximately $ 204.5 million based on Company estimates.

The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks.

The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations.

As of June 30, 2025, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities;

however, there can be no assurance that the risk may not increase in the future.

As of September 30, 2025, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities;

however, there can be no

assurance that the risk may not increase in the future.

In addition, the Company has an agreement with Wells Fargo Financial Leasing, Inc.

("WF") to limit its exposure to losses at certain eligible dealers.

Under this agreement, losses related to $ 34.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5 % of their original loan balance, or $ 16.5 million as of June 30, 2025.

The $ 34.5 million is included in the $ 161.4 million of total amounts subject to recourse or repurchase obligations at June 30, 2025.

Under this agreement, losses related to $ 31.3 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5 % of their original loan balance, or $ 15.8 million as of September 30, 2025.

The $ 31.3 million is included in the $ 154.7 million of total amounts subject to recourse or repurchase obligations at September 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 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.

At September 30, 2025, approximately $ 128.9 million of the Company's total recourse or repurchase obligations of $ 154.7 million related to transactions with HYGFS.

In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20 % of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS.

At June 30, 2025, loans from WF to HYGFS totaled $ 1.4 billion.

At September 30, 2025, loans from WF to HYGFS totaled $ 1.4 billion.

Although the Company’s contractual guarantee was $ 285.3 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $ 128.9 million.

15 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

HYGFS $ 27.3 $ 27.7

1 unchanged sentence

Dividends received from unconsolidated affiliates are summarized below:

SIX MONTHS ENDED

NINE MONTHS ENDED

HYGFS $ 7.9 $ 4.4

Summarized financial information for HYGFS and SN is as follows:

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

4 unchanged sentences

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

The Company's investment was $ 0.8 million as of June 30, 2025 and December 31, 2024, respectively.

The Company's investment was $ 0.8 million as of September 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.

During the three and nine months ended September 30, 2025, the Company recognized restructuring and impairment charges of $ 1.0 million ($ 1.0 million in the Americas) and $ 16.9 million ($ 17.6 million in the Americas, $( 1.6 ) million in EMEA and $ 0.9 million in JAPIC), respectively.

During the three and nine months ended September 30, 2024, the Company recognized restructuring and impairment charges of $ 1.2 million ($ 1.0 million in JAPIC and $ 0.2 million in the Americas).

These charges were previously reported in "Selling, general and administrative expenses" in the unaudited condensed consolidated statement of operations in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025.

Comparative prior period amounts have been recast to reflect this reclassification.

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 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.

Accordingly, the Company recognized restructuring and impairment charges during the nine months ended September 30, 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 during the nine months ended September 30, 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.

In addition, the Company recognized $ 1.0 million and $ 1.7 million during the three and nine months ended September 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.

The Company expects to execute these programs over the next 12 to 15 months and expects to incur an additional $ 3 million through the end of 2025, and between $ 12 million to $ 25 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:

2 unchanged sentences

Reversals ( 1.6 )

Balance, June 30, 2025

Balance, September 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