What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-11-04 · 105 added, 233 removed, 540 unchanged (38% of the section changed)

51 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED NINE MONTHS ENDED

2025 2024 2025 2024

THREE MONTHS ENDED

(In millions, except per share data)

5 unchanged sentences

Restructuring and impairment charges 1.6 0.2

Operating Profit 2.3 33.1 15.1 212.5

Operating (Loss) Profit ( 28.0 ) 21.3

Other (income) expense

2 unchanged sentences

Other, net 0.2 ( 0.3 )

6.9 5.0 16.1 17.5

Income (Loss) Before Income Taxes ( 32.1 ) 16.8

1 unchanged sentence

Net Income (Loss) ( 30.3 ) 8.7

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 )

Net loss attributable to redeemable noncontrolling interests — 0.1

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

9 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

THREE MONTHS ENDED

(In millions)

6 unchanged sentences

Comprehensive Income (Loss) $ ( 39.0 ) $ 42.2

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 )

Net loss attributable to redeemable noncontrolling interests — 0.1

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

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED

THREE MONTHS ENDED

(In millions)

1 unchanged sentence

Net Income (Loss) $ ( 30.3 ) $ 8.7

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

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

Depreciation and amortization 11.3 11.0

11 unchanged sentences

Other liabilities ( 23.1 ) ( 65.8 )

Net cash provided by operating activities 29.6 90.0

Net cash used for operating activities ( 32.9 ) ( 36.4 )

Investing Activities

1 unchanged sentence

Proceeds from the sale of assets 0.5 0.3

Business acquisition, net of cash acquired ( 2.6 ) ( 2.2 )

Net cash used for investing activities ( 9.3 ) ( 10.3 )

4 unchanged sentences

Cash dividends paid ( 6.4 ) ( 6.2 )

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

Purchase of treasury stock ( 0.7 ) ( 4.5 )

Financing fees paid ( 2.1 ) —

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

Net cash provided by financing activities 1.3 25.9

Effect of exchange rate changes on cash ( 0.5 ) 1.4

11 unchanged sentences

(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.

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, 2024 $ 14.9 $ 0.1 $ 0.1 $ ( 13.6 ) $ 350.9 $ 374.6 $ ( 161.5 ) $ ( 12.4 ) $ ( 63.1 ) $ 475.1 $ 4.1 $ 479.2

2 unchanged sentences

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

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

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

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

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

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

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

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

1 unchanged sentence

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

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

Balance, March 31, 2025 $ 15.1 $ 0.1 $ 0.1 $ ( 16.9 ) $ 353.2 $ 377.0 $ ( 143.4 ) $ 2.2 $ ( 62.3 ) $ 510.0 $ 4.3 $ 514.3

Balance, December 31, 2025 $ 16.1 $ 0.1 $ 0.1 $ ( 14.4 ) $ 354.7 $ 289.1 $ ( 103.5 ) $ 3.9 $ ( 58.0 ) 472.0 4.3 476.3

5 unchanged sentences

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

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

Current period other comprehensive income (loss) — — — — — — ( 8.1 ) 1.3 — ( 6.8 ) — ( 6.8 )

Reclassification adjustment to net income (loss) — — — — — — — ( 3.0 ) 1.1 ( 1.9 ) — ( 1.9 )

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

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

Balance, March 31, 2026 $ 16.5 $ 0.1 $ 0.1 $ ( 3.9 ) $ 347.9 $ 252.2 $ ( 111.6 ) $ 2.2 $ ( 56.9 ) $ 430.1 $ 4.3 $ 434.4

See notes to unaudited condensed consolidated financial statements.

6 unchanged sentences

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 operates through its wholly owned operating subsidiaries, Hyster-Yale Materials Handling, Inc.

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

("Bolzoni Group" or "Bolzoni"),

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.

Lift trucks and component parts are manufactured and assembled 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.

1 unchanged sentence

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 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.

Bolzoni Group 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 Group 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 Group has a strong presence in the lift-truck attachments market and industrial material handling.

Investments in Sumitomo NACCO Forklift Co., Ltd.

5 unchanged sentences

Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of 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.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of March 31, 2026 and the results of its operations and changes in equity for the three months ended March 31, 2026 and 2025, and the results of its cash flows for the three months ended March 31, 2026 and 2025 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, 2025.

2 unchanged sentences

Adopted Accounting Pronouncements

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

During the first quarter of 2026, the Company did not adopt any accounting standard updates ("ASU").

Recent Accounting Pronouncements

1 unchanged sentence

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 2025-09— Derivatives and Hedging The guidance expands the use of hedge accounting to more closely align with the economics of an entity's risk management activities.

Interim and 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.

ASU 2025-11— Interim Reporting The guidance provides additional guidance on interim disclosure reporting requirements and creates a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

Interim periods after December 15, 2027 The Company is currently evaluating the guidance and the effect on its related disclosures.

Note 3— Revenue

18 unchanged sentences

Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin.

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

Impairment losses recognized on receivables or contract assets were not significant for the three months ended March 31, 2026 and 2025.

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

2 unchanged sentences

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.

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

MARCH 31, 2026

Lift truck business

2 unchanged sentences

Direct customer sales 139.0 0.9 — — — 139.9

Aftermarket sales 192.8 24.5 6.9 — — 224.2

Service and parts sales 182.8 26.3 7.3 — — 216.4

Other 31.3 6.0 0.2 82.9 ( 27.4 ) 93.0

1 unchanged sentence

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

MARCH 31, 2025

Lift truck business

2 unchanged sentences

Direct customer sales 173.5 1.4 — — — 174.9

Aftermarket sales 547.9 78.6 19.3 — — 645.8

Service and parts sales 196.4 26.0 5.4 — — 227.8

Other 40.8 4.8 0.5 80.3 ( 34.3 ) 92.1

3 unchanged sentences

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.

Service and parts sales represent parts sales, extended warranty and maintenance services.

For the sale of 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.

15 unchanged sentences

Foreign currency effect ( 0.1 )

Balance, September 30, 2025

Balance, March 31, 2026

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 defines reportable and operating segments on the same basis used to evaluate performance internally by the chief operating decision maker ("CODM"), which the Company has determined is the Chief Executive Officer.

The Company uses operating profit (loss) to evaluate segment profitability.

4 unchanged sentences

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.

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

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.

4 unchanged sentences

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

During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business.

Nuvera was merged into HYMH in the second quarter of 2025.

As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business.

These changes did not impact the

Company's unaudited condensed consolidated financial statements, but did impact its reportable segments.

These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments.

The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.

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

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

THREE MONTHS ENDED

Revenues from external customers

14 unchanged sentences

Total $ 670.4 $ 732.7

Gross profit (loss)

THREE MONTHS ENDED

Americas $ 93.7 $ 142.5

15 unchanged sentences

EMEA — ( 1.3 )

JAPIC — 1.0 0.9 1.0

Lift truck business 1.6 0.2

Bolzoni — — — —

Eliminations — —

Total $ 1.6 $ 0.2

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

Operating profit (loss)

8 unchanged sentences

Americas $ 6.8 $ 7.2

EMEA 0.2 0.3 0.6 1.6

JAPIC 0.2 0.3

4 unchanged sentences

Total $ 7.2 $ 7.7

THREE MONTHS ENDED

Depreciation and amortization

Americas $ 4.3 $ 4.1

EMEA 2.3 2.3 6.6 6.5

JAPIC 1.6 1.7

9 unchanged sentences

Total $ ( 9.8 ) $ ( 10.6 )

(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.

(a) Consists of restructuring charges (reversals) recognized during the three months ended March 31, 2026 and 2025 related to programs initiated in 2024.

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

14 unchanged sentences

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

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

While the legislation did not change the U.S.

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

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

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

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

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

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

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

A reconciliation of the U.S.

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

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

The following table summarizes income tax expense (benefit) as follows:

THREE MONTHS ENDED

Income (loss) before income taxes $ ( 32.1 ) $ 16.8

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) $ ( 1.8 ) $ 8.1

Reported income tax rate 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.

Reported income tax rate 5.6 % 48.2 %

During the first three months of 2026, the Company's reported income tax rate differed from the U.S.

federal statutory tax rate primarily as a result of recording additional valuation allowances and an interim adjustment from pre-tax losses for which no tax benefit was recognized.

During the first three months of 2025, the Company’s reported income tax rate differed from the U.S.

federal statutory rate primarily as a result of recording additional valuation allowances attributable to the capitalization of research and development expenses under U.S.

tax rules in effect at that time.

Note 6— Reclassifications from OCI

1 unchanged sentence

OCI Components Amount Reclassified from OCI Affected Line Item

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

THREE MONTHS ENDED

Gain (loss) on cash flow hedges:

10 unchanged sentences

Total reclassifications for the period $ 1.9 $ ( 5.1 )

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.

Note 7— Financial Instruments and Derivative Financial Instruments

3 unchanged sentences

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 March 31, 2026, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 484.4 million and $ 479.8 million, respectively.

At December 31, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 473.4 million and $ 469.1 million, respectively.

19 unchanged sentences

Foreign Currency Derivatives:

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.7 billion and $ 0.8 billion at 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.

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.7 billion and $ 0.6 billion at March 31, 2026 and December 31, 2025, respectively, primarily denominated in euros, U.S.

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

The fair value of these contracts approximated a net liability of $ 5.8 million and a net asset of $ 1.8 million at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 and December 31, 2025, 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.

Based on market valuations at March 31, 2026, $ 1.1 million of the amount of net deferred gain included in OCI at March 31, 2026 is expected to be reclassified as income into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives:

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2025 and December 31, 2024:

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at March 31, 2026 and December 31, 2025:

Notional Amount Average Fixed Rate

SEPTEMBER 30, DECEMBER 31 SEPTEMBER 30, DECEMBER 31

2025 2024 2025 2024 Term at September 30, 2025

MARCH 31, DECEMBER 31 MARCH 31, DECEMBER 31

2026 2025 2026 2025 Term at March 31, 2026

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

$ 19.4 20.7 2.21 % 2.20 % 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 fair value of all interest rate swap agreements was a net asset of $ 4.2 million and $ 3.8 million at March 31, 2026 and December 31, 2025, 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.

Based on market valuations at March 31, 2026, $ 4.2 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

Balance Sheet Location MARCH 31, 2026

DECEMBER 31, 2025

Balance Sheet Location SEPTEMBER 30, 2025 DECEMBER 31, 2024

Balance Sheet Location MARCH 31, 2026 DECEMBER 31, 2025

Derivatives designated as hedging instruments

17 unchanged sentences

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

Derivative Assets as of September 30, 2025

Derivative Liabilities as of September 30, 2025

Derivative Assets as of March 31, 2026

Derivative Liabilities as of March 31, 2026

Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount

12 unchanged sentences

Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)

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

SEPTEMBER 30, SEPTEMBER 30,

THREE MONTHS ENDED THREE MONTHS ENDED

MARCH 31, MARCH 31,

Derivatives Designated as Hedging Instruments 2026 2025 2026 2025

29 unchanged sentences

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

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30,

2025 2024 2025 2024

THREE MONTHS ENDED

Interest cost $ 0.5 $ 0.6

8 unchanged sentences

Inventories are summarized as follows:

SEPTEMBER 30, 2025

MARCH 31, 2026

DECEMBER 31, 2025

6 unchanged sentences

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory.

At September 30, 2025 and December 31, 2024, 52 % and 53 %, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States.

At March 31, 2026 and December 31, 2025, 49 % and 50 %, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States.

The FIFO method is used with respect to all other inventories.

2 unchanged sentences

Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

As a result of the Nuvera business realignment, during the 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.

Note 10— Product Warranties

16 unchanged sentences

Foreign currency effect ( 0.2 )

Balance at September 30, 2025

Balance at March 31, 2026

Note 11— Contingencies

4 unchanged sentences

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.

In February 2026, the U.S.

Supreme Court (the "Court") issued a ruling holding that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") are not legally authorized.

The Court only ruled on IEEPA tariffs and did not invalidate any other tariffs.

In April 2026, the U.S.

Customs and Border Protection agency issued procedures for IEEPA-related refunds.

As of March 31, 2026, the Company has not recorded any impact for potential recovery of tariff-related costs as the amounts and timing of refunds are uncertain.

Note 12— Guarantees

1 unchanged sentence

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.

Total amounts subject to recourse or repurchase obligations at March 31, 2026 and December 31, 2025 were $ 129.7 million and $ 134.5 million, respectively.

As of March 31, 2026, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements.

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

repurchase obligations, the Company would take title to the assets financed.

The fair value of collateral held at March 31, 2026 was approximately $ 172.5 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

assurance that the risk may not increase in the future.

As of March 31, 2026, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities;

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

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

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

Under this agreement, losses related to $ 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.

The $ 31.3 million is included in the $ 129.7 million of total amounts subject to recourse or repurchase obligations at March 31, 2026.

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

2 unchanged sentences

On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS.

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

At March 31, 2026, approximately $ 110.8 million of the Company's total recourse or repurchase obligations of $ 129.7 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.

At March 31, 2026, loans from WF to HYGFS totaled $ 1.5 billion.

Although the Company’s contractual guarantee was $ 290.8 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $ 110.8 million.

15 unchanged sentences

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

March 31, 2026 December 31, 2025

HYGFS $ 21.4 $ 28.4

1 unchanged sentence

Dividends received from unconsolidated affiliates are summarized below:

NINE MONTHS ENDED

THREE MONTHS ENDED

HYGFS $ 9.1 $ 8.0

Summarized financial information for HYGFS and SN is as follows:

THREE MONTHS ENDED NINE MONTHS ENDED

SEPTEMBER 30 SEPTEMBER 30

2025 2024 2025 2024

THREE MONTHS ENDED

Revenues $ 112.7 $ 106.1

3 unchanged sentences

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

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

The Company's investment was $ 0.8 million as of March 31, 2026 and December 31, 2025, respectively.

Note 14— 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.

In connection with the restructuring program initiated in 2024 to optimize the Company's manufacturing footprint, the Company recognized $ 1.6 million of other-related costs and $ 0.2 million for employee-severance and other-related costs during the three months ended March 31, 2026 and 2025, respectively.

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:

The Company expects to execute this 2024 program through 2026 and 2027 and expects to incur an additional $ 10 million to $12 million through the end of 2026, and between $ 3 million to $ 6 million in 2027.

Following is the detail of the cash payments made under the Company's restructuring programs (a) related to severance:

Balance, January 1, 2026 $ 27.6

Payments ( 9.3 )

Reversals ( 1.6 )

Balance, September 30, 2025

Balance, March 31, 2026

a) Consists of restructuring programs initiated in 2025 and 2024 as part of the Company's global workforce reduction, strategic realignment of Nuvera and manufacturing footprint optimization.

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

What changed 10-Q

Item 1. Financial Statements