Item 1. Financial Statements
Item 1. Financial Statements
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30
2025
DECEMBER 31 2024
(In millions, except share data)
ASSETS
Current Assets
Cash and cash equivalents $ 71.1 $ 96.6
Accounts receivable, net 520.6 488.4
Inventories, net 740.3 754.3
Prepaid expenses and other 111.8 94.0
Total Current Assets 1,443.8 1,433.3
Property, Plant and Equipment, Net 320.6 306.7
Intangible Assets, Net 33.0 33.1
Goodwill 55.5 54.6
Deferred Income Taxes 8.0 6.7
Investments in Unconsolidated Affiliates 56.6 55.5
Other Non-current Assets 143.0 139.3
Total Assets $ 2,060.5 $ 2,029.2
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 472.0 $ 447.8
Accounts payable, affiliates 4.0 7.7
Revolving credit facilities 74.4 54.2
Short-term debt and current maturities of long-term debt 141.2 144.6
Accrued payroll 87.3 105.5
Deferred revenue 43.7 56.8
Other current liabilities 214.4 241.3
Total Current Liabilities 1,037.0 1,057.9
Long-term Debt 252.2 241.9
Self-insurance Liabilities 38.3 37.8
Deferred Income Taxes 9.2 8.4
Other Long-term Liabilities 168.4 189.1
Total Liabilities 1,505.1 1,535.1
Temporary Equity
Redeemable Noncontrolling Interest 15.1 14.9
Stockholders' Equity
Common stock:
Class A, par value $ 0.01 per share, 14,270,565 shares outstanding (2024 - 13,962,422 shares outstanding)
0.1 0.1
Class B, par value $ 0.01 per share, convertible into Class A on a one-for-one basis, 3,450,062 shares outstanding (2024 - 3,456,548 shares outstanding)
0.1 0.1
Capital in excess of par value 356.4 350.9
Treasury stock ( 15.3 ) ( 13.6 )
Retained earnings 348.1 374.6
Accumulated other comprehensive loss ( 153.4 ) ( 237.0 )
Total Stockholders' Equity 536.0 475.1
Noncontrolling Interests 4.3 4.1
Total Permanent Equity 540.3 479.2
Total Liabilities and Equity $ 2,060.5 $ 2,029.2
See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30
SEPTEMBER 30
2025 2024 2025 2024
(In millions, except per share data)
Revenues $ 979.1 $ 1,016.1 $ 2,846.1 $ 3,240.7
Cost of sales 823.2 823.2 2,344.3 2,552.8
Gross Profit 155.9 192.9 501.8 687.9
Operating Expenses
Selling, general and administrative expenses 152.6 158.6 469.8 474.2
Restructuring and impairment charges 1.0 1.2 16.9 1.2
Operating Profit 2.3 33.1 15.1 212.5
Other (income) expense
Interest expense 8.0 8.4 23.6 26.1
Income from unconsolidated affiliates ( 1.6 ) ( 3.6 ) ( 7.2 ) ( 6.7 )
Other, net 0.5 0.2 ( 0.3 ) ( 1.9 )
6.9 5.0 16.1 17.5
Income (Loss) Before Income Taxes ( 4.6 ) 28.1 ( 1.0 ) 195.0
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 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 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
Basic Weighted Average Shares Outstanding 17.717 17.500 17.651 17.435
Diluted Weighted Average Shares Outstanding 17.717 17.752 17.651 17.674
See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
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 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
Current period cash flow hedging activity, net of tax ( 2.6 ) 14.0 20.7 ( 12.4 )
Reclassification of hedging activities into earnings, net of tax ( 2.7 ) 7.0 1.4 22.2
Reclassification of pension into earnings, net of tax 0.9 0.8 2.6 2.5
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 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 (Loss) Attributable to Stockholders $ ( 4.6 ) $ 65.3 $ 75.7 $ 144.7
See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
SEPTEMBER 30
2025 2024
(In millions)
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
Amortization of deferred financing fees 1.1 1.2
Deferred income taxes 0.3 ( 1.1 )
Restructuring and impairment charges 16.9 1.2
Stock-based compensation 8.3 21.9
Dividends from unconsolidated affiliates 7.9 4.4
Other 5.8 22.9
Changes in assets and liabilities:
Accounts receivable ( 9.9 ) ( 38.2 )
Inventories 49.8 ( 41.5 )
Other current assets 3.0 0.1
Accounts payable ( 3.7 ) 2.1
Other liabilities ( 77.6 ) ( 52.3 )
Net cash provided by operating activities 29.6 90.0
Investing Activities
Expenditures for property, plant and equipment ( 38.9 ) ( 29.9 )
Proceeds from the sale of assets 1.7 1.4
Business acquisition, net of cash acquired ( 2.6 ) ( 2.2 )
Net cash used for investing activities ( 39.8 ) ( 30.7 )
Financing Activities
Additions to debt 111.6 130.7
Reductions of debt ( 123.2 ) ( 157.2 )
Net change to revolving credit agreements 20.0 ( 7.4 )
Cash dividends paid ( 18.9 ) ( 17.9 )
Cash dividends paid to noncontrolling interest ( 1.3 ) ( 1.3 )
Purchase of treasury stock ( 4.5 ) ( 9.1 )
Financing fees paid ( 2.1 ) —
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
Decrease for the period ( 25.5 ) ( 3.2 )
Balance at the beginning of the period 96.6 78.8
Balance at the end of the period $ 71.1 $ 75.6
See notes to unaudited condensed consolidated financial statements.
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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary Equity Permanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling Interest Class A Common Stock Class B Common Stock Treasury Stock Capital in Excess of Par Value Retained Earnings Foreign Currency Translation Adjustment Deferred Gain (Loss) on Cash Flow Hedging Pension Adjustment Total Stockholders' Equity Noncontrolling Interests Total Permanent Equity
(In millions)
Balance, 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 loss — — — — — — 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
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
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 )
Cash dividends — — — — — ( 6.3 ) — — — ( 6.3 ) — ( 6.3 )
Accrued dividends 0.2 — — — — — — — — — — —
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.
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HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary Equity Permanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling Interest Class A Common Stock Class B Common Stock Treasury Stock Capital in Excess of Par Value Retained Earnings Foreign Currency Translation Adjustment Deferred Gain (Loss) on Cash Flow Hedging Pension Adjustment Total Stockholders' Equity Noncontrolling Interests Total Permanent Equity
(In millions)
Balance, December 31, 2023 $ 14.8 $ 0.1 $ 0.1 $ — $ 327.7 $ 256.3 $ ( 118.3 ) $ ( 9.0 ) $ ( 67.0 ) $ 389.9 $ 2.1 $ 392.0
Stock-based compensation — — — — 22.0 — — — — 22.0 — 22.0
Stock issued under stock compensation plans — — — 0.4 ( 9.5 ) — — — — ( 9.1 ) — ( 9.1 )
Purchase of treasury stock — — — ( 9.1 ) 9.1 — — — — — — —
Net income 0.3 — — — — 132.0 — — — 132.0 0.5 132.5
Cash dividends ( 0.9 ) — — — — ( 17.9 ) — — — ( 17.9 ) ( 0.4 ) ( 18.3 )
Accrued dividends 0.7 — — — — — — — — — — —
Current period other comprehensive loss — — — — — — 0.7 ( 12.4 ) — ( 11.7 ) — ( 11.7 )
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, 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
Stock-based compensation — — — — 8.3 — — — — 8.3 — 8.3
Stock issued under stock compensation plans — — — 2.8 ( 7.3 ) — — — — ( 4.5 ) — ( 4.5 )
Purchase of treasury stock — — — ( 4.5 ) 4.5 — — — — — — —
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 — — — — — — 58.9 20.7 — 79.6 — 79.6
Reclassification adjustment to net income — — — — — — — 1.4 2.6 4.0 — 4.0
Purchase of noncontrolling interest — — — — — — — — — — 0.2 0.2
Foreign currency translation on noncontrolling interest 0.2 — — — — — — — — — 0.1 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.
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HYSTER-YALE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Millions, Except Per Share Data)
Note 1— Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.
The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc. ("HYMH"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, 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.
The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading 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. Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.
In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $ 2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation within one year after the date of acquisition.
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (“CODM”) manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments , for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.
Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50 %-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20 %-owned joint venture, are accounted for by the equity method. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.
These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of 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.
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The accompanying unaudited condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.
Note 2— Recently Issued Accounting Standards
Adopted Accounting Pronouncements
During the third quarter of 2025, the Company did not adopt any accounting standard updates ("ASU").
Recent Accounting Pronouncements
The following table provides a brief description of ASUs not yet adopted:
Standard Description Required Date of Adoption Effect on the financial statements or other significant matters
ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) The guidance provides requirements for new and updated income tax disclosures. Annual periods after December 15, 2024 The Company will apply the guidance for annual periods subsequent to December 15, 2024 for new income tax disclosures.
ASU 2024-03— Disaggregation of Income Statement Expenses The guidance requires disaggregated 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
Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11, Product Warranties , for further information on product warranties.
The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided .
The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2025 and 2024.
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The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed consolidated statements of operations.
The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported 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
SEPTEMBER 30, 2025
Lift truck business
Americas EMEA JAPIC Bolzoni Eliminations Total
Dealer sales $ 330.1 $ 118.4 $ 39.4 $ — $ — $ 487.9
Direct customer sales 169.7 1.9 — — — 171.6
Aftermarket sales 192.8 24.5 6.9 — — 224.2
Other 40.1 5.3 0.2 87.0 ( 37.2 ) 95.4
Total Revenues $ 732.7 $ 150.1 $ 46.5 $ 87.0 $ ( 37.2 ) $ 979.1
THREE MONTHS ENDED
SEPTEMBER 30, 2024
Lift truck business
Americas EMEA JAPIC Bolzoni Eliminations Total
Dealer sales $ 412.4 $ 111.7 $ 43.6 $ — $ — $ 567.7
Direct customer sales 155.7 1.4 — — — 157.1
Aftermarket sales 184.4 25.7 7.4 — — 217.5
Other 19.0 6.2 0.3 97.6 ( 49.3 ) 73.8
Total Revenues $ 771.5 $ 145.0 $ 51.3 $ 97.6 $ ( 49.3 ) $ 1,016.1
NINE MONTHS ENDED
SEPTEMBER 30, 2025
Lift truck business
Americas EMEA JAPIC Bolzoni Eliminations Total
Dealer sales $ 920.0 $ 321.7 $ 122.3 $ — $ — $ 1,364.0
Direct customer sales 521.6 3.7 — — — 525.3
Aftermarket sales 579.2 74.9 18.9 — — 673.0
Other 118.3 16.3 1.0 257.9 ( 109.7 ) 283.8
Total Revenues $ 2,139.1 $ 416.6 $ 142.2 $ 257.9 $ ( 109.7 ) $ 2,846.1
NINE MONTHS ENDED
SEPTEMBER 30, 2024
Lift truck business
Americas EMEA JAPIC Bolzoni Eliminations 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 86.5 18.9 0.5 296.2 ( 148.3 ) 253.8
Total Revenues $ 2,422.9 $ 532.2 $ 137.7 $ 296.2 $ ( 148.3 ) $ 3,240.7
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Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to major customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the U.S., Bolzoni also has revenue for sales of forklift components to HYMH plants. In all revenue transactions, the Company receives cash equal to the invoice price and the amount of consideration received and revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni and the lift truck business have been eliminated.
Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Amounts below include both current and long-term portions of deferred revenue.
Deferred Revenue
Balance, December 31, 2024
$ 71.3
Customer deposits and billings 50.4
Revenue recognized ( 59.7 )
Foreign currency effect 0.6
Balance, September 30, 2025
$ 62.6
Note 4— Business Segments
The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni.
Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.
The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated.
During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the
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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 NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2025 2024 2025 2024
Revenues from external customers
Americas $ 732.7 $ 771.5 $ 2,139.1 $ 2,422.9
EMEA 150.1 145.0 416.6 532.2
JAPIC 46.5 51.3 142.2 137.7
Lift truck business 929.3 967.8 2,697.9 3,092.8
Bolzoni 87.0 97.6 257.9 296.2
Eliminations ( 37.2 ) ( 49.3 ) ( 109.7 ) ( 148.3 )
Total $ 979.1 $ 1,016.1 $ 2,846.1 $ 3,240.7
Cost of Sales
Americas $ 614.9 $ 626.7 $ 1,748.9 $ 1,902.7
EMEA 137.8 125.5 376.6 446.3
JAPIC 42.3 45.7 132.5 123.7
Lift truck business 795.0 797.9 2,258.0 2,472.7
Bolzoni 65.6 74.3 196.6 228.7
Eliminations ( 37.4 ) ( 49.0 ) ( 110.3 ) ( 148.6 )
Total $ 823.2 $ 823.2 $ 2,344.3 $ 2,552.8
Gross profit (loss)
Americas $ 117.8 $ 144.8 $ 390.2 $ 520.2
EMEA 12.3 19.5 40.0 85.9
JAPIC 4.2 5.6 9.7 14.0
Lift truck business 134.3 169.9 439.9 620.1
Bolzoni 21.4 23.3 61.3 67.5
Eliminations 0.2 ( 0.3 ) 0.6 0.3
Total $ 155.9 $ 192.9 $ 501.8 $ 687.9
Selling, general and administrative expenses
Americas $ 95.7 $ 103.7 $ 297.3 $ 306.4
EMEA 29.2 29.1 88.4 85.5
JAPIC 8.4 8.7 27.9 28.3
Lift truck business 133.3 141.5 413.6 420.2
Bolzoni 19.3 17.1 56.2 54.0
Total $ 152.6 $ 158.6 $ 469.8 $ 474.2
Adjustments (a)
Americas $ 1.0 $ 0.2 $ 17.6 $ 0.2
EMEA — — ( 1.6 ) —
JAPIC — 1.0 0.9 1.0
Lift truck business 1.0 1.2 16.9 1.2
Bolzoni — — — —
Eliminations — — — —
Total $ 1.0 $ 1.2 $ 16.9 $ 1.2
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THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2025 2024 2025 2024
Operating profit (loss)
Americas $ 21.1 $ 40.9 $ 75.3 $ 213.6
EMEA ( 16.9 ) ( 9.6 ) ( 46.8 ) 0.4
JAPIC ( 4.2 ) ( 4.1 ) ( 19.1 ) ( 15.3 )
Lift truck business — 27.2 9.4 198.7
Bolzoni 2.1 6.2 5.1 13.5
Eliminations 0.2 ( 0.3 ) 0.6 0.3
Total $ 2.3 $ 33.1 $ 15.1 $ 212.5
Interest expense
Americas $ 7.5 $ 7.6 $ 22.0 $ 23.6
EMEA 0.2 0.3 0.6 1.6
JAPIC 0.3 0.3 0.9 0.9
Eliminations ( 0.2 ) ( 0.2 ) ( 0.6 ) ( 0.7 )
Lift truck business 7.8 8.0 22.9 25.4
Bolzoni 0.5 0.7 1.6 1.6
Eliminations ( 0.3 ) ( 0.3 ) ( 0.9 ) ( 0.9 )
Total $ 8.0 $ 8.4 $ 23.6 $ 26.1
Depreciation and amortization
Americas $ 4.4 $ 4.7 $ 13.5 $ 14.7
EMEA 2.3 2.3 6.6 6.5
JAPIC 1.5 1.9 4.8 5.8
Lift truck business 8.2 8.9 24.9 27.0
Bolzoni 3.1 2.8 9.2 8.8
Total $ 11.3 $ 11.7 $ 34.1 $ 35.8
Capital expenditures
Americas $ ( 10.3 ) $ ( 6.1 ) $ ( 24.7 ) $ ( 20.5 )
EMEA ( 2.7 ) ( 1.4 ) ( 7.1 ) ( 2.6 )
JAPIC ( 0.1 ) ( 0.8 ) ( 2.4 ) ( 2.9 )
Lift truck business ( 13.1 ) ( 8.3 ) ( 34.2 ) ( 26.0 )
Bolzoni ( 1.4 ) ( 1.9 ) ( 4.7 ) ( 3.9 )
Total $ ( 14.5 ) $ ( 10.2 ) $ ( 38.9 ) $ ( 29.9 )
(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.
SEPTEMBER 30
2025
DECEMBER 31 2024
Total assets
Americas $ 1,949.3 $ 1,938.6
EMEA 680.2 678.5
JAPIC 257.4 252.9
Eliminations ( 951.8 ) ( 928.3 )
Lift truck business 1,935.1 1,941.7
Bolzoni 327.8 290.8
Eliminations ( 202.4 ) ( 203.3 )
Total 2,060.5 2,029.2
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Note 5— Income Taxes
The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.
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 NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2025 2024 2025 2024
Income (Loss) before income taxes $ ( 4.6 ) $ 28.1 $ ( 1.0 ) $ 195.0
Statutory taxes (21%) $ ( 0.9 ) $ 6.0 $ ( 0.2 ) $ 41.0
Interim adjustment ( 1.0 ) — 3.3 0.4
Permanent adjustments:
Valuation allowance ( 3.5 ) 4.0 0.6 13.7
Other 0.1 0.6 ( 0.1 ) 7.8
Discrete items 2.4 ( 0.3 ) 1.8 ( 1.4 )
Income tax expense (benefit) $ ( 2.9 ) $ 10.3 $ 5.4 $ 61.5
Reported income tax rate n.m. 36.7 % n.m. 31.5 %
n.m. - not meaningful
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.
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Note 6— Reclassifications from OCI
The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:
OCI Components Amount Reclassified from OCI Affected Line Item
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2025 2024 2025 2024
Gain (loss) on cash flow hedges:
Interest rate contracts $ 1.4 $ 1.9 $ 4.1 $ 5.5 Interest expense
Foreign exchange contracts 1.3 ( 8.9 ) ( 5.3 ) ( 27.8 ) Cost of sales
Total before tax 2.7 ( 7.0 ) ( 1.2 ) ( 22.3 ) Income before income taxes
Tax (expense) benefit — — ( 0.2 ) 0.1 Income tax expense
Net of tax $ 2.7 $ ( 7.0 ) $ ( 1.4 ) $ ( 22.2 ) Net income
Amortization of defined benefit pension items:
Actuarial loss $ ( 0.8 ) $ ( 0.8 ) $ ( 2.5 ) $ ( 2.5 ) Other, net
Total before tax ( 0.8 ) ( 0.8 ) ( 2.5 ) ( 2.5 ) Income before income taxes
Tax (expense) benefit ( 0.1 ) — ( 0.1 ) — Income tax expense
Net of tax $ ( 0.9 ) $ ( 0.8 ) $ ( 2.6 ) $ ( 2.5 ) Net income
Total reclassifications for the period $ 1.8 $ ( 7.8 ) $ ( 4.0 ) $ ( 24.7 )
Note 7— Current and Long-Term Financing
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 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.
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 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. 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. 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. These fees were deferred and are being amortized as interest expense over the term of the Facility.
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Note 8— Financial Instruments and Derivative Financial Instruments
Financial Instruments
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At 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.
Derivative Financial Instruments
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.
Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.
The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.
The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.
Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.7 billion and $ 0.8 billion at 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 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.
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Interest Rate Derivatives: The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2025 and December 31, 2024:
Notional Amount Average Fixed Rate
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 $ 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 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 SEPTEMBER 30, 2025
DECEMBER 31, 2024
Balance Sheet Location SEPTEMBER 30, 2025 DECEMBER 31, 2024
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current Prepaid expenses and other $ 3.5 $ 4.3 Prepaid expenses and other $ — $ —
Long-term Other non-current assets 1.6 5.6 Other non-current assets — —
Foreign currency exchange contracts
Current Prepaid expenses and other 11.9 1.4 Prepaid expenses and other 5.0 0.5
Other current liabilities 0.6 3.4 Other current liabilities 2.2 17.1
Long-term Other non-current assets 0.7 — Other non-current assets 0.1 —
Other long-term liabilities 0.9 0.8 Other long-term liabilities 1.9 5.6
Total derivatives designated as hedging instruments $ 19.2 $ 15.5 $ 9.2 $ 23.2
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current Prepaid expenses and other 0.1 0.8 Prepaid expenses and other 0.6 1.2
Other current liabilities 1.2 2.3 Other current liabilities 1.3 2.8
Total derivatives not designated as hedging instruments $ 1.3 $ 3.1 $ 1.9 $ 4.0
Total derivatives $ 20.5 $ 18.6 $ 11.1 $ 27.2
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The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:
Derivative Assets as of 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
Cash Flow Hedges
Interest rate swap agreements $ 5.1 $ — $ 5.1 $ 5.1 $ — $ — $ — $ —
Foreign currency exchange contracts 7.0 ( 2.7 ) 4.3 4.3 2.7 ( 2.7 ) — —
Total derivatives $ 12.1 $ ( 2.7 ) $ 9.4 $ 9.4 $ 2.7 $ ( 2.7 ) $ — $ —
Derivative Assets as of December 31, 2024
Derivative Liabilities as of December 31, 2024
Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount
Cash Flow Hedges
Interest rate swap agreements $ 9.9 $ — $ 9.9 $ 9.9 $ — $ — $ — $ —
Foreign currency exchange contracts 0.5 ( 0.5 ) — — 19.0 ( 0.5 ) 18.5 18.5
Total derivatives $ 10.4 $ ( 0.5 ) $ 9.9 $ 9.9 $ 19.0 $ ( 0.5 ) $ 18.5 $ 18.5
The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
THREE MONTHS ENDED 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
Cash Flow Hedges
Interest rate swap agreements $ 0.3 $ ( 3.5 ) $ ( 1.0 ) $ 1.0 Interest expense $ 1.4 $ 1.9 $ 4.1 $ 5.5
Foreign currency exchange contracts ( 2.8 ) 17.3 21.4 ( 13.7 ) Cost of sales 1.3 ( 8.9 ) ( 5.3 ) ( 27.8 )
Total $ ( 2.5 ) $ 13.8 $ 20.4 $ ( 12.7 ) $ 2.7 $ ( 7.0 ) $ ( 1.2 ) $ ( 22.3 )
Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative 2025 2024 2025 2024
Cash Flow Hedges
Foreign currency exchange contracts Cost of sales $ ( 2.0 ) $ 3.9 $ 4.9 $ ( 1.4 )
Total $ ( 2.0 ) $ 3.9 $ 4.9 $ ( 1.4 )
Note 9— Retirement Benefit Plans
The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of government and corporate bonds and publicly traded stocks.
Pension benefits for employees covered under the Company's U.S. and United Kingdom ("U.K.") plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2024, the Company and the trustee initiated a de-risking strategy for the U.K. plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities. During 2025, the trustee entered into a buy-in contract for the U.K. plan with a third-party insurance company. The trustee may choose to convert the buy-in policy to a buy-out contract by assigning individual insurance contracts to members. This process may extend for a significant period of time. Until any potential buy-out process is completed, the trustee remains responsible for the administration of the
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U.K. plan, allocation of non-insured plan assets and payment of employee retirement benefits. If a buy-out of the U.K. plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K. plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings.
The Company presents the components of net periodic pension expense (benefit), other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension expense (benefit) are set forth below:
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30,
2025 2024 2025 2024
U.S. Pension
Interest cost $ 0.5 $ 0.6 $ 1.6 $ 1.7
Expected return on plan assets ( 0.5 ) ( 0.7 ) ( 1.6 ) ( 2.0 )
Amortization of actuarial loss 0.5 0.5 1.4 1.5
Net periodic pension expense $ 0.5 $ 0.4 $ 1.4 $ 1.2
Non-U.S. Pension
Interest cost 1.6 1.4 4.5 4.0
Expected return on plan assets ( 1.4 ) ( 1.8 ) ( 4.0 ) ( 5.3 )
Amortization of actuarial loss 0.3 0.3 1.1 1.0
Net periodic pension expense (benefit) $ 0.5 $ ( 0.1 ) $ 1.6 $ ( 0.3 )
Note 10— Inventories
Inventories are summarized as follows:
SEPTEMBER 30, 2025
DECEMBER 31, 2024
Finished goods and service parts $ 422.9 $ 393.3
Work in process 31.4 32.1
Raw materials 409.9 431.7
Total manufactured inventories 864.2 857.1
LIFO reserve ( 123.9 ) ( 102.8 )
Total inventory $ 740.3 $ 754.3
Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At 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. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.
As a result of the Nuvera business realignment, during the 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. Refer to Note 15, Restructuring and Impairment Charges , for further discussion.
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Note 11— Product Warranties
The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 operating hours . For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 operating hours . For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 operating hours . The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.
In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 operating hours . The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.
The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements as part of its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.
The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.
Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:
2025
Balance at December 31, 2024
$ 87.2
Current year warranty expense 21.6
Change in estimate related to pre-existing warranties ( 0.3 )
Payments made ( 35.1 )
Foreign currency effect 1.7
Balance at September 30, 2025
$ 75.1
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 business, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.
Note 13— Guarantees
Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years . Total amounts subject to recourse or repurchase obligations at 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 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 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
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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 $ 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. 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, 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 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. 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 $ 262.6 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets of $ 341.5 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.
Note 14— Equity and Debt Investments
The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and major customers in the U.S. and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20 % interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.
The Company has a 50 % ownership interest in SN, a limited liability company which was formed with Sumitomo Heavy Industries, Ltd. ("Sumitomo") primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster ® - and Yale ® -branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment.
The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investments in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.
The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:
September 30, 2025 December 31, 2024
HYGFS $ 27.3 $ 27.7
SN 28.8 26.6
Bolzoni investments 0.5 0.4
Dividends received from unconsolidated affiliates are summarized below:
NINE MONTHS ENDED
SEPTEMBER 30
2025 2024
HYGFS $ 7.9 $ 4.4
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Summarized financial information for HYGFS and SN is as follows:
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2025 2024 2025 2024
Revenues $ 108.7 $ 108.2 $ 332.2 $ 319.5
Gross profit 39.1 42.4 120.0 121.9
Income from continuing operations, net of tax 8.8 14.1 34.4 37.0
Net income 8.8 14.1 34.4 37.0
The Company has a debt investment in a third party, OneH2, Inc. 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 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 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 $ 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 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:
Severance
Balance, January 1, 2025 $ 12.2
Charges 1.9
Payments ( 6.9 )
Reversals ( 1.6 )
Currency 0.2
Balance, September 30, 2025
$ 5.8
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.