What changed in this filing

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Item 1. Business

2026-03-03 compared with 2025-02-25 · 104 added, 175 removed, 138 unchanged (67% of the section changed)

Hyster-Yale, Inc.

("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc.

("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers.

The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks.

("Hyster-Yale" or the "Company") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc.

("HYMH") and Bolzoni S.p.A.

("Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers.

The Company's solutions include attachments, parts, fleet management services, technology and energy solutions.

The Company is headquartered in Cleveland, Ohio.

Through HYMH, the Company 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, exclusive Hyster ® and Yale ® retail dealerships.

Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster ® , Yale ® and Nuvera® brand names, mainly to independent Hyster ® and Yale ® retail dealerships.

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"), a manufacturer of low-intensity and standard lift trucks and specialized materials handling equipment.

Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.

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Hyster-Yale was incorporated as a Delaware corporation in 1999.

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

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

The Company has five segments, which include three in the lift truck business as discussed below, as well as Bolzoni S.p.A.

("Bolzoni") and Nuvera Fuel Cells, LLC ("Nuvera").

Bolzoni manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads.

These solutions are marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names and the Silver Line product portfolio.

Bolzoni also produces components for lift truck manufacturers.

Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil.

Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the lift-truck attachments market and industrial materials handling.

The Company has four segments, which include three in the lift truck business as discussed below, as well as Bolzoni.

The Company’s lift truck business includes the following three geographic operating segments:

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JAPIC includes operations in the Asia and Pacific regions, including China.

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

Bolzoni also produces components for lift truck manufacturers.

Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland.

Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

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

During 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.

These changes did not impact the Company's 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.

The Company makes its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports available, free of charge, through its website, www.hyster-yale.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission ("SEC").

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Bolzoni 5 % 4 % 5 %

Nuvera less than 1 % less than 1 % less than 1 %

Sales of internal combustion engine and electric lift trucks as a percentage of the Company's revenues were as follows for the year ended December 31:

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Manufacturing and Assembly

The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to minimize freight cost, serve customers efficiently and balance currency mix.

The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to lower product costs, including from tariffs or import fees from countries where the Company manufactures products, minimize freight cost, serve customers efficiently and balance currency mix.

In some instances, however, it utilizes one worldwide location to manufacture specific components or assemble specific lift trucks.

Additionally, components and assembled lift trucks are exported when it is advantageous to meet demand in certain markets.

The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and

four in JAPIC, including joint venture operations.

In addition, the Company operates six principal Bolzoni manufacturing facilities worldwide.

Aftermarket Parts

The Company offers a line of aftermarket parts to service its large installed base of lift trucks currently in use in many industries.

The Company offers online technical reference databases specifying the required aftermarket parts to service lift trucks and an aftermarket parts ordering system.

The Company sells Hyster ® - and Yale ® -branded aftermarket parts to dealers for Hyster ® and Yale ® lift trucks.

The Company also sells aftermarket parts under the UNISOURCE™ and PREMIER™ brands to Hyster ® and Yale ® dealers for the service of competitor lift trucks.

The Company has a contractual relationship with a third-party, multi-brand, aftermarket parts wholesaler in the Americas and EMEA whereby orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission.

The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and four in JAPIC, including joint venture operations.

In addition, the Company operates seven Bolzoni manufacturing facilities worldwide.

Parts and Service

The Company offers a line of parts to service its large installed base of lift trucks currently in use in many industries.

The Company offers online technical reference databases specifying the required parts to service lift trucks and an ordering system.

The Company sells HYSource™ branded parts to dealers for Hyster ® and Yale ® lift trucks.

The Company also sells parts under the UNISOURCE™ brand to Hyster ® and Yale ® dealers for the service of competitor lift trucks.

The Company has a contractual relationship with a third-party, multi-brand, parts wholesaler in the Americas in which orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission.

In addition to parts, the Company sells services, including full maintenance leases and fleet management.

The Company has a global marketing organization structured to support the geographic divisions.

The global approach is centered around five key areas:

The global approach is centered around six key areas:

Brand Strategy and Activation;

Commercial Enablement;

Training and Engagement;

Product Management and Strategy;

marketing strategy and activation;

sales enablement and training;

digital marketing and lead generation;

and industry strategy and market insights.

Content and Create Services;

and Industry Strategy & Market Insights.

Patents, Trademarks and Licenses

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however, as materials handling equipment has become more technologically advanced, the Company and its competitors have increasingly sought patent protection for inventions incorporated into their respective products.

The Company owns the Hyster ® , Yale ® , Maximal ® , Bolzoni Auramo ® , Bolzoni ® , Auramo ® , Meyer ® and Nuvera ® trademarks and believes these trademarks are material to its business.

The Company owns the Hyster ® , Yale ® , Bolzoni ® , Auramo ® , Meyer ® , Nuvera ® and Maximal ® trademarks and believes these trademarks are material to its business.

Distribution Network

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independent dealers and a direct sales program to major customers.

In addition, the Company distributes aftermarket parts and services for its lift trucks through its independent dealers.

In addition, the Company distributes parts and services for its lift trucks mainly through its independent dealers.

The Company’s end-user base is diverse and fragmented, including but not limited to the following industries:

light and heavy manufacturers, trucking and automotive, logistics, rental, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food and beverage distributors, container handling and U.S.

governmental agencies.

retail, durable goods, food and beverage, industrial and logistics.

Independent Dealers

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This program focuses on large customers with centralized purchasing and geographically dispersed operations across multiple dealer territories.

This program accounted for 23%, 19% and 17% of new lift truck unit volume in 2024, 2023 and 2022, respectively.

The independent dealers support these major customers by providing aftermarket parts and service on a local basis.

This program accounted for 28%, 22% and 19% of new lift truck revenues in 2025, 2024 and 2023, respectively.

The independent dealers support these major customers by providing parts and service on a local basis.

Dealers receive an installation fee for the support they provide in connection with these major customer sales and for the preparation and delivery of lift trucks to customer locations.

In addition to selling new lift trucks, this direct customer sales program markets services, including full maintenance leases and fleet management.

In addition to selling new lift trucks, this direct customer sales program markets services, including lift truck rentals, full maintenance leases and fleet management.

Financing of Sales

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("HYGFS"), and receives fees and certain remarketing profits under a joint venture agreement.

During 2022, the agreement was amended to extend the term through December 2028.

The agreement automatically renews for additional one-year terms

unless written notice is given by either party at least 180 days prior to termination.

The term of the agreement is valid through December 2028.

The agreement automatically renews for additional one-year terms unless written notice is given by either party at least 180 days prior to termination.

The Company accounts for its ownership of HYGFS using the equity method of accounting.

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See Note 17, Guarantees and Note 18, Debt and Equity Investments and Related-Party Transactions , to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion.

The following table outlines the Company's backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks for the years ended (in millions):

The following table outlines the Company's backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks for the years and periods ended (in millions):

December 31, 2025 September 30, 2025

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In general, unfilled orders may be canceled at any time prior to the time of sale;

however, the Company can assess cancellation penalties on dealer orders within a certain period prior to initiating production.

In certain circumstances, dealer orders may be cancelled, for a limited time period without penalty, after receiving notice of a surcharge on the order from the Company.

however, the Company can assess cancellation penalties on orders within a certain period prior to initiating production.

In certain circumstances, orders may be cancelled, for a limited time period without penalty, after receiving notice of a surcharge on the order from the Company.

The dollar value of backlog is calculated using the current unit backlog and the forecasted average sales price per unit.

Key Suppliers and Raw Materials

During 2022, the Company experienced significant increases in material costs, primarily from global price increases for industrial metals, including steel, lead and copper and other commodity products, such as rubber, as a result of increased demand and limited supply.

During 2023 and 2024, the Company experienced declines in some material costs which helped sustain the Company's strong margin position.

However, ongoing volatility in global markets and the impact on demand and supply may result in unanticipated cost increases for the Company's product.

In 2025, the Company was subject to substantial new tariffs imposed by the U.S.

on imports of materials from various countries and industries within those countries.

Tariffs, ongoing volatility in global markets and the impact on demand and supply may result in unanticipated cost increases for the Company's products.

The Company attempts to pass these increased costs along to its customers in the form of higher prices for its products;

However, given a certain portion of the Company's current backlog is subject to fixed pricing, it may not be able to fully offset the increased market-based costs of industrial metals and other commodities due to overall market conditions and the lag time involved in implementing price increases for its products.

however, the Company may not be able to fully offset the increased market-based costs of industrial metals and other materials due to overall market conditions.

Steel is a significant raw material required by the Company's manufacturing operations and is generally purchased from steel producing companies in the geographic area near each of the Company's manufacturing facilities.

Other significant components for the Company's lift trucks are engines, axles, brakes, transmissions, batteries and chargers.

In addition, the Company depends on a limited number of suppliers for some of its crucial components, including diesel and gasoline engines, which are supplied by, among others, Power Solutions International, Inc., Yanmar Power Technology Co., LTD.

and Kubota Corp., drive-system components, which are supplied by, among others, Dana Corporation, ZF Company and Zapi Inc., and cast-iron counterweights used to counter balance some lift trucks, which are obtained from, among others, Eagle Quest International Ltd.

and BTS5 Incorporated.

Other significant components for the Company's lift trucks are engines, axles, brakes, transmissions, tires and batteries and chargers.

In addition, the Company depends on a limited number of suppliers for some of its crucial components, including diesel and gasoline engines, drive-system components, cast-iron counterweights used to counter balance some lift trucks and tires and wheels.

Some of these critical components are imported and subject to regulations, such as customary inspection by the U.S.

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Government and Trade Regulations

The Company has been impacted by ongoing trade disputes with China, which led to the imposition of tariffs resulting in higher material costs.

The Company has been impacted by ongoing trade disputes, including the imposition of tariffs by the U.S.

on imports of materials, which has resulted in higher material costs.

In addition, the Company’s business has been affected in the past by trade disputes between the U.S.

and foreign jurisdictions.

There continues to exist significant uncertainty about the future of U.S.

trade policy and potential new tariffs, including but not limited to, potential new tariffs on Canada, China and Mexico.

In the future, the Company's results of operations may be materially adversely affected to the extent the Company is affected by trade disputes with other foreign jurisdictions, and increased or new tariffs are levied on its goods or the materials the Company purchases.

trade policy and volatility of current or potential new tariffs on foreign jurisdictions, including but not limited to, Brazil, China, Europe, India and Mexico.

In the future, the Company's results of operations may continue to be materially adversely affected to the extent the Company is affected by trade disputes with other foreign jurisdictions, and increased or new tariffs are levied on its goods or the materials the Company purchases or products the Company sells.

The Company is one of the leaders in the lift truck industry with respect to market share in the Americas and worldwide.

Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.

Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck.

The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies.

The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicles and systems.

The Company's aftermarket parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.

The lift truck industry also competes with alternative methods of materials handling, such as automated warehouses, including conveyor systems and automated guided vehicles and systems as well as suppliers of alternative power sources including lithium-ion and hydrogen power suppliers.

The Company's parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.

Bolzoni is a leader in the lift truck attachment industry.

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Bolzoni competes with a few global lift truck attachment manufacturers that operate in all major markets, as well as other niche companies.

The use of fuel-cell technology in industrial and commercial applications is a relatively new development.

The use of lithium ion and hydrogen fuel-cell technology in industrial and commercial applications, including lift trucks, is a developing market.

Companies implementing such technology face competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies.

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Fluctuations in the rate of orders for lift trucks, attachments and fuel-cell technology reflect the capital investment decisions of the Company’s customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve.

During economic downturns, customers tend to delay new lift truck and parts purchases.

During economic downturns or economic uncertainty, customers tend to delay new lift truck and parts purchases.

Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in its revenues and net income.

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The Company designs warehouse equipment for the European market in Masate, Italy, adjacent to its manufacturing and assembly facility for warehouse equipment.

The Company also has an engineering Concept Center in the United Kingdom to support advanced design activities and an engineering office in India to support global design activities for its four major engineering centers.

The Company also has the Emerging Market Development Center in China to support low-intensity product development.

The Company also has engineering centers in the United Kingdom, India and China to support design activities for its four major engineering centers.

The Company’s lift truck engineering centers utilize a three-dimensional CAD/CAM system and are interconnected with each of the Company’s manufacturing and assembly facilities and certain suppliers.

This allows for collaboration in technical engineering designs and collaboration with these suppliers.

The Company also utilizes artificial intelligence tools to analyze, design and enhance the efficiency and innovation of its product development process.

Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts.

The Company also has research and development locations located in Greenville, North Carolina and Billerica, Massachusetts for the design, development and testing of technology solutions, including automation and energy solutions.

Development and innovation of attachments occurs in each of the Bolzoni manufacturing plants for the specific products produced in that location.

Nuvera has two research and development locations.

In the U.S., Billerica, Massachusetts is the primary location for design, development and testing of fuel-cell stacks and engines.

In Europe, operations at San Donato, Italy are primarily focused on fuel-cell systems integration and testing.

Sumitomo-NACCO Joint Venture

The Company has a 50% ownership interest in Sumitomo NACCO Forklift Co., Ltd.

("SN"), a limited liability company that was formed in 1970 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.

("SN"), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and Southeast Asia and to manufacture Hyster ® and Yale ® branded lift trucks, related components and service parts for distribution by the Company outside of Japan.

Sumitomo Heavy Industries, Ltd.

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prior to a vote of SN’s board of directors.

As a result, the Company accounts for its ownership in SN using the equity method of accounting.

The Company purchases Hyster ® - and

Yale ® -branded lift trucks and related component and aftermarket parts from SN for sale outside of Japan under agreed-upon terms.

As a result, the Company accounts for its ownership in SN using the equity

method of accounting and is included in the JAPIC segment.

The Company purchases Hyster ® - and Yale ® -branded lift trucks and related component and parts from SN for sale outside of Japan under agreed-upon terms.

The Company also contracts with SN for engineering design services on a cost plus basis and charges SN for technology used by SN but developed by the Company.

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As of January 31, 2026, the Company had approximately 7,500 employees.

The employees are distributed among each of the Company's businesses as follows:

The employees are distributed between each of the Company's businesses as follows:

Lift Truck 6,300

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Certain employees in the Danville, Illinois parts depot operations are unionized.

The Danville union contract expires every three years at which time salaries, certain employee policies and a limited number of benefits are negotiated for the following three-year period.

The Company’s contract with the Danville union expires in June 2027.

Generally, employee benefits for Danville union employees are aligned with non-union U.S.

Although the Company’s current contract with the Danville union expires in 2027, the Company expects to close the Danville location and move the parts depot operations to the Avon, Indiana Customer and Parts Solution Center in 2026.

All other employees at the Company's facilities in the U.S.

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Benefits in Mexico are negotiated every other year.

In Europe, certain employees in the Helsinki, Finland, Salzgitter, Germany, Craigavon, Northern Ireland, Masate, Italy, Piacenza, Italy, San Donato, Italy and Nijmegen, the Netherlands facilities are represented by a union or a works council.

In Europe, certain employees in the Helsinki, Finland;

Salzgitter, Germany;

Craigavon, Northern Ireland;

Masate, Italy;

Piacenza, Italy;

San Donato, Italy and Nijmegen, the Netherlands facilities are represented by a union or a works council.

The Company believes its current labor relations with both union and non-union employees are generally satisfactory.

The Company believes the long-term best interests of its stockholders are best served by embracing economic, social, environmental and health and safety objectives throughout its organization, which also provides benefits to its customers and the communities in which it operates.

The Company has established specific cost-effective corporate projects through its 2026 Aspirations program that are expected to reduce its impact on the environment and conserve natural resources.

The Company considers its employees a primary focus area of corporate responsibility.

The Company's priority on people focuses on five main areas:

occupational health and safety, employment, inclusion and equal opportunity, training and education and engagement with local communities.

Occupational Health & Safety

A robust focus on health and safety performance is a fundamental driver of the Company’s achievements.

Within the “Safety First” framework, there is diligent oversight and assessment of key performance indicators, a testament to the Company's dedication to safeguarding the holistic well-being of our workforce.

The Company's safety aspiration is for zero occupational injury or illness rates, based on the philosophy that all such injuries and illnesses are preventable.

The Company requires comprehensive training and accountability from all employees to uphold safety as a daily priority.

The Company's workforce is empowered to initiate safety improvements, engage in safety committees and reinforce safety behaviors at all times.

The Company recognizes that employees engaged in the work are the most knowledgeable about associated risks.

Therefore, the Company requires that the local safety/environmental improvement teams contain employee representatives reflective of their workforce, including hourly employees.

As expressed in the Global Environmental/Occupational Health and Safety Policy, the Company considers environmental protection, occupational health and safety and site security to be paramount to our employees, contractors and visitors and seeks to minimize and control risks to people and the environment and do so by participating in industry standard third-party certifications.

Furthermore, the Company's facilities undergo annual internal inspections against our environmental, occupational health and safety and security standards.

The Company thrives when employees feel valued, motivated and involved.

Knowing this, the Company actively seeks to align our employees with fulfilling and impactful tasks which leverage their skills, talent and potential.

The Company is committed to investing in initiatives for recruitment and talent development aimed at attracting and retaining a diverse, competent and qualified pool of skilled individuals.

Some of the employment initiatives offered include various training opportunities, an educational assistance program, competitive wage and benefit programs, promotion of inclusion initiatives, a wellness program and cultivation of an energetic corporate atmosphere.

In each country where the Company operates, the Company reviews the competitive markets to develop comprehensive benefits packages that address health and well-being, such as medical, dental and vision

financial security programs such as retirement and savings plans;

paid time off for vacation and holiday time and more.

Inclusive and Diverse Work Environment

The Company is dedicated to fostering a respectful and inclusive work environment.

The aspiration is for every employee and potential employee to be treated with dignity and fairness, free from any discrimination or harassment on the basis of race, color, national origin, religion, age, gender, sexual orientation or disability.

The Company firmly stands against inappropriate behavior or remarks in the workplace.

This includes conduct that creates a hostile or offensive atmosphere, disrupts work performance or harms employment opportunities.

All forms of harassment, including sexual, verbal, physical or visual, are strictly prohibited.

The Anti-Harassment and Anti-Discrimination Policy is a key component of the Company's Corporate Compliance Program.

The Company recognizes the importance of different voices and experiences in steering our growth and innovation forward.

The Company continues to develop our female employees through our Leadership Exploration and Development (LEAD) program, which is an eight-month program empowering women with skills and mindset for impactful leadership.

Through interactive sessions, readings and reflective activities, participants develop a comprehensive understanding of their strengths and learn to lead with clarity, courage, compassion and a strong business acumen.

Attendees are nominated based on their current roles as well as their potential for leadership, their career goals and aspirations as well as other key criteria.

The Company also maintains several Employee Resource Groups ("ERG"), such as the W41 Women’s Network, HYMH Veterans Group, Emerging Professionals Network, Green Team and the Young Professionals Network.

These groups are open to all employees and are employee-led and employee-run which promote diversity by bringing together employees who share similar interests or affinities.

They offer access to resources, development and leadership opportunities, and are designed to leverage the individual talents, perspectives and experiences of employees to support an inclusive workplace environment.

All regular, full-time employees are eligible to join any ERG.

Furthermore, each ERG must have a leadership sponsor who provides guidance and feedback on the group’s strategies and objectives.

Training and Education

The Company believes in the 70/20/10 Model of Employee Development, where 70% of development occurs through on-the-job experiences, 20% is learned from others and 10% is through formal training.

The Company also believes in developing its existing employee base, seeking to retain the best and brightest talent.

Therefore, employees are encouraged to seek out a mix of opportunities to enhance their professional and personal growth.

A multitude of training and educational opportunities are offered through the Company's Learning and Development Guide and the Hyster-Yale Learning Center.

Each employee is provided access to this guide and to a digital learning platform, receiving a detailed overview of the wide variety of development opportunities available to all employees at little or no cost to them.

The Company's dedication to the growth and advancement of its employees is emphasized in the Performance Management Program ("PMP").

This program harmonizes individual performance with business objectives, creating a platform for employees to make meaningful contributions to the organization through ongoing feedback and development while ultimately driving outstanding business outcomes.

The PMP encourages employee reviews in a structured manner that allows for the employee and their manager to reflect upon and discuss progress at mid-year and at year-end.

All salaried employees participate in the program, and the Company is piloting the program with hourly employees.

Engagement with Local Communities

The Company believes it has a civic obligation to support educational and charitable causes.

The Board of Director’s Charitable Contributions Committee encourages the Company and each of its subsidiaries to maintain programs in support of the local communities where employees live and work.

This committee focuses its efforts on charitable contributions towards programs of the arts and sponsoring cultural, education, civic, health and welfare organizations, health care programs and minority and women’s groups, as well as other charitable programs in areas in which the Company operates.

Environmental Health and Safety Responsibility

As the scope of environmental laws and regulations increases across the world, it is imperative to stay focused on the Company's compliance obligations.

In response, the Company has developed policies and procedures to address standards for the environment, which are designed to meet or exceed applicable laws and regulations.

At a minimum, all employees must adhere to the Code of Corporate Conduct, including compliance with applicable environmental, health and safety requirements as well as laws and regulations.

The Company's strategy comprises three key tenants:

• comply with all applicable environmental and health and safety requirements;

• keep all work areas free from environmental health and safety hazards;

• comply with reporting requirements applicable to the Company.

The Company strives to efficiently manage operational energy use and mitigate the carbon footprint across global operations.

The Company reviews and validates globally reported environmental data and seeks to normalize environmental metrics according to sequence of event hours, allowing better understanding of the efficiency of key performance indicators while accounting for changes in business volume.

Periodically, the Company will partner with a third party to perform external reviews and validations to enhance the program and build confidence with our stakeholders.

To effectively manage this program, the Company's energy and emissions management strategy is built upon three pillars:

• reduce energy consumption within the Company's operations;

• pursue renewable energy and other low-carbon sources regularly

• collaborate with suppliers to understand their energy challenges and develop solutions

• design and deliver products that improve energy efficiency and decrease operating costs

The Company has a deep appreciation for energy and energy efficiency.

The Company consumes energy to create powerful equipment and this equipment, in turn, consumes energy while in-use.

The Company recognizes the importance of managing energy consumption as efficiently as possible both during the production and use phase of products.

To provide internal accountability, oversight and focus for managing energy usage reduction, the Company has established divisional waste and energy committees in both the Americas and EMEA.

These committees meet regularly to discuss progress and updates on current year energy and waste reduction projects as well as plans for future initiatives.

The committees provide regular updates to key stakeholders within the organization to keep the business engaged with the topic and updated on the steps the Company is taking to decrease its environmental footprint among other priorities.

The Company is implementing site-specific energy policies at manufacturing facilities to support local energy management practices.

These policies ask each location to define a strategy for reducing energy consumption, to set objectives and aspirations and to periodically review and track the reduction of energy use and carbon emissions.

The implementation of these local energy policies is expected to guide the energy consumption reduction progress across the Company's internal operations.

The Company understands the importance of responsible material use, including how to manage and dispose of wastes generated within its operations.

The Company has documented source reduction as a universal first step in minimizing waste generated within chemical and waste management procedures.

Furthermore, as waste disposal options vary based on several factors, each of the Company's sites has specific policies and procedures in place to guide their materials management processes, including waste reuse and recycling efforts.

The Company also provides formal training to address handling and storage of materials, including spill prevention and emergency response procedures.

Relevant employees who routinely handle hazardous materials go through additional training, including handling, storage and disposal methods as well as additional spill response and emergency procedures.

For these employees, the Company administers an annual hazardous material management test to confirm they are prepared to work with and around such materials.

The Company's approach to waste management is built upon three pillars.

This pillar of the Company's waste management program is threaded throughout its operations from the design stage to raw materials selection to safe and efficient operations at the Company's facilities.

The reduction of raw materials purchased and consumed reduces not only operational costs but also lowers environmental impacts from the upstream raw materials to the downstream disposal methods.

Curtailing the storage of excessive materials and limiting exposure to on-site chemicals also reduces potential safety and environmental hazards.

As a result, raw material reduction and efficiency efforts are a concerted focus across the Company.

With regard to raw materials and the circular economy, the Company's “Remanufacturing” program covers 12 key components, which enable customers to exchange used parts for remanufactured items.

The Company strives to optimize its use of raw materials and allow valuable resources to remain in circulation.

As part of the Company's Supplier Engagement Manual, specific procedures are in place to assess whether its customers are supported and their expectations are met.

The Company has also implemented rules around packaging to assess whether the design and strength of the packaging minimizes cost of materials, labor and shipping.

The Company's sites prioritize waste reduction first, followed by reuse and recycling.

Waste reduction efforts have been further supported by ongoing initiatives and campaigns to increase awareness of recycling capabilities.

The three pillar approach drives to achieve zero waste to landfill aspirations as outlined within the Company's 2026 Aspirations program:

• Minimize and reduce landfilled waste at all global facilities

• Encourage non-pollution technologies in product research and development

• Remanufacturing program to return used parts and replace them with remanufactured parts

• Ensure multiple lifecycles of the Company's reusable parts, mitigating the need for raw materials for new parts

• Widespread use of returnable packaging across the Company's product lines

• Emphasized use of material reduction and recyclability for expendable packaging

• Supplier packaging guidelines to promote the use of recyclable materials

Corporate Responsibility

The Company is committed to being responsible corporate citizens, guided by vision and values.

The Company remains focused on long-term viability, understanding that corporate responsibility is essential for building resilience in an increasingly dynamic world, and that delivering value requires strong, successful, and sustained relationships with all our stakeholders.

To achieve this, the Company has three focus areas:

and environment.

Employees are the foundation of the Company's success.

Their expertise, dedication, and innovation drive the Company's operations forward everyday – which is why the Company is deeply committed to investing in their safety, well-being, development, and engagement.

The Company achieves this through focusing on training and education and commitment to labor and human rights and environmental, occupational health and safety ("EOHS") as fundamental responsibilities of the Company.

In addition, the Company maintains open communication channels with employees to understand and support employee needs and contribute to the success as a business;

whether through a formal or other open feedback systems.

To further foster collaboration and engagement across global operations, the Company supports Employee Resource Groups ("ERG"s).

employee-led and employee-run groups are open to all regular, full-time employees with the goal of creating spaces where

employees can build community, develop leadership skills, and enrich the Company culture.

The Company is committed to corporate responsibility throughout all aspects of the organization and recognize its

importance to our employees, customers, investors, and the local communities in which the Company operates.

The Company is committed to operating with integrity throughout every level of the business, which provides the foundation for innovation, trust, and long-term organizational success.

Our responsible business strategy guides how the Company supports our customers, empowers our employees, and creates lasting value within the communities where it operates.

The Company remains dedicated to upholding the highest ethical standards and recognize responsibilities to our employees, customers, communities, and the environment to go beyond compliance at every level of business.

The Company views suppliers as an extension of its business and a critical component to the Company's success.

To ensure a resilient supply chain that meets or exceeds our quality standards for parts and services provided, the Company collaborates closely with a diverse network of suppliers around the world.

The Company's supplier network is built upon six core pillars, designed to promote a resilient, global supply chain.

These six pillars reflect our shared commitment to quality, reliability, diversity, compliance, efficiency, and customer satisfaction.

The Company's dedicated focus on product safety begins with product development teams as they create robust product designs, explore innovative technologies and build comprehensive support solutions that enhance both operator safety and

safety for those around our equipment.

The Company's ongoing training and support teams provide extended care to customers and operators throughout the life of the product.

Environmental responsibility is a core principle of the Company's operating structure, embedded within our EOHS program as well as a standalone priority.

The Company is committed to integrating sustainable practices across our organization and processes, from reducing emissions and energy use to minimizing waste generation and water consumption.

By investing in continuous improvement, the Company is not only reducing our environmental footprint but strengthening our resilience and leading the way towards a more sustainable future for our industry.

Environmental Matters

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What changed 10-K

Item 1. Business