What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-05 · 166 added, 97 removed, 548 unchanged (32% of the section changed)

51 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

2026 2025 2026 2025

(In millions, except per share data)

5 unchanged sentences

Restructuring and impairment charges 1.7 15.7 3.3 15.9

Operating (Loss) Profit ( 28.0 ) 21.3

Operating Profit (Loss) ( 18.4 ) ( 8.5 ) ( 46.4 ) 12.8

Other (income) expense

2 unchanged sentences

Other, net ( 0.3 ) ( 0.5 ) ( 0.1 ) ( 0.8 )

4.8 4.7 8.9 9.2

Income (Loss) Before Income Taxes ( 23.2 ) ( 13.2 ) ( 55.3 ) 3.6

Income tax expense (benefit) ( 1.8 ) 8.1

Net Income (Loss) ( 30.3 ) 8.7

Net loss attributable to redeemable noncontrolling interests — 0.1

Income tax expense 8.1 0.2 6.3 8.3

Net Loss ( 31.3 ) ( 13.4 ) ( 61.6 ) ( 4.7 )

Net (Income) Loss attributable to noncontrolling interests 0.1 ( 0.2 ) 0.1 ( 0.2 )

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

Accrued dividend to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.5 ) ( 0.5 )

Net Income (Loss) Attributable to Stockholders $ ( 30.5 ) $ 8.6

Basic Earnings (Loss) per Share $ ( 1.71 ) $ 0.49

Diluted Earnings (Loss) per Share $ ( 1.71 ) $ 0.48

Net Loss Attributable to Stockholders $ ( 31.6 ) $ ( 13.9 ) $ ( 62.1 ) $ ( 5.3 )

Basic Loss per Share $ ( 1.76 ) $ ( 0.79 ) $ ( 3.48 ) $ ( 0.30 )

Diluted Loss per Share $ ( 1.76 ) $ ( 0.79 ) $ ( 3.48 ) $ ( 0.30 )

Dividends per Share $ 0.3650 $ 0.3600 $ 0.7250 $ 0.7100

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

(In millions)

Net Income (Loss) $ ( 30.3 ) $ 8.7

Net Loss $ ( 31.3 ) $ ( 13.4 ) $ ( 61.6 ) $ ( 4.7 )

Other comprehensive income (loss)

4 unchanged sentences

Comprehensive Income (Loss) $ ( 34.6 ) $ 38.9 $ ( 73.6 ) $ 81.1

Net loss attributable to redeemable noncontrolling interests — 0.1

Net (Income) Loss attributable to noncontrolling interests 0.1 ( 0.2 ) 0.1 ( 0.2 )

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

Accrued dividend to redeemable noncontrolling interests ( 0.3 ) ( 0.3 ) ( 0.5 ) ( 0.5 )

5 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED

SIX MONTHS ENDED

(In millions)

Operating Activities

Net Income (Loss) $ ( 30.3 ) $ 8.7

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

Net Loss $ ( 61.6 ) $ ( 4.7 )

Adjustments to reconcile net loss to net cash used for operating activities:

Depreciation and amortization 22.2 22.8

15 unchanged sentences

Proceeds from the sale of assets 1.0 1.4

Business acquisition, net of cash acquired — ( 2.6 )

Net cash used for investing activities ( 23.5 ) ( 25.6 )

4 unchanged sentences

Cash dividends paid ( 13.0 ) ( 12.6 )

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

Purchase of treasury stock ( 0.7 ) ( 4.4 )

Net cash provided by financing activities 1.3 25.9

Financing fees paid — ( 2.1 )

Net cash used for financing activities ( 10.0 ) ( 0.3 )

Effect of exchange rate changes on cash ( 0.9 ) 3.7

11 unchanged sentences

(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

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

Stock-based compensation — — — — 2.7 — — — — 2.7 — 2.7

Stock issued under stock compensation plans — — — 0.7 ( 0.7 ) — — — — — — —

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

Net income (loss) — — — — — ( 13.9 ) — — — ( 13.9 ) 0.3 ( 13.6 )

3 unchanged sentences

Reclassification adjustment to net income — — — — — — — ( 0.2 ) 0.9 0.7 — 0.7

Purchase of noncontrolling interest — — — — — — — — — — 0.2 0.2

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

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

Balance, 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

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

Stock-based compensation — — — — 1.4 — — — — 1.4 — 1.4

7 unchanged sentences

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

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

Balance, June 30, 2026 $ 16.1 $ 0.1 $ 0.1 $ ( 3.0 ) $ 348.4 $ 214.0 $ ( 114.3 ) $ 0.6 $ ( 55.9 ) $ 390.0 $ 3.9 $ 393.9

See notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

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

Stock-based compensation — — — — 6.2 — — — — 6.2 — 6.2

Stock issued under stock compensation plans — — — 1.9 ( 6.4 ) — — — — ( 4.5 ) — ( 4.5 )

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

Net income ( 0.1 ) — — — — ( 5.3 ) — — — ( 5.3 ) 0.2 ( 5.1 )

Cash dividends ( 0.9 ) — — — — ( 12.6 ) — — — ( 12.6 ) ( 0.4 ) ( 13.0 )

Accrued dividends 0.5 — — — — — — — — — — —

Current period other comprehensive loss — — — — — — 56.7 23.3 — 80.0 — 80.0

Reclassification adjustment to net income — — — — — — — 4.1 1.7 5.8 — 5.8

Purchase of noncontrolling interest — — — — — — — — — — 0.2 0.2

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

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

Balance, 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

Stock-based compensation — — — — 5.8 — — — — 5.8 — 5.8

Stock issued under stock compensation plans — — — 12.1 ( 12.8 ) — — — — ( 0.7 ) — ( 0.7 )

Purchase of treasury stock — — — ( 0.7 ) 0.7 — — — — — — —

Net income (loss) 0.1 — — — — ( 62.1 ) — — — ( 62.1 ) ( 0.1 ) ( 62.2 )

Cash dividends ( 0.9 ) — — — — ( 13.0 ) — — — ( 13.0 ) ( 0.4 ) ( 13.4 )

Accrued dividends 0.5 — — — — — — — — — — —

Current period other comprehensive income — — — — — — ( 10.8 ) 2.0 — ( 8.8 ) — ( 8.8 )

Reclassification adjustment to net income — — — — — — — ( 5.3 ) 2.1 ( 3.2 ) — ( 3.2 )

Foreign currency translation on noncontrolling interest 0.3 — — — — — — — — — 0.1 0.1

Balance, June 30, 2026 $ 16.1 $ 0.1 $ 0.1 $ ( 3.0 ) $ 348.4 $ 214.0 $ ( 114.3 ) $ 0.6 $ ( 55.9 ) $ 390.0 $ 3.9 $ 393.9

See notes to unaudited condensed consolidated financial statements.

HYSTER-YALE, INC.

AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

15 unchanged sentences

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.

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 the industrial material handling market.

Investments in Sumitomo NACCO Forklift Co., Ltd.

5 unchanged sentences

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

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of March 31, 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.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of June 30, 2026 and the results of its operations and changes in equity for the three and six months ended June 30, 2026 and 2025, and the results of its cash flows for the six months ended June 30, 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 first quarter of 2026, the Company did not adopt any accounting standard updates ("ASU").

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

Recent Accounting Pronouncements

12 unchanged sentences

Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services.

The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer.

The satisfaction of performance obligations under the terms of a revenue contract generally gives rise to the right to payment from the customer.

The Company's standard payment terms vary by the type and location of the customer and the products or services offered.

14 unchanged sentences

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

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

Impairment losses recognized on receivables or contract assets were not significant for the three and six months ended June 30, 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.

The following table disaggregates revenue by category:

THREE MONTHS ENDED

MARCH 31, 2026

JUNE 30, 2026

Lift truck business

6 unchanged sentences

THREE MONTHS ENDED

MARCH 31, 2025

JUNE 30, 2025

Lift truck business

5 unchanged sentences

Total Revenues $ 707.5 $ 148.3 $ 48.4 $ 90.6 $ ( 38.2 ) $ 956.6

SIX MONTHS ENDED

JUNE 30, 2026

Lift truck business

Americas EMEA JAPIC Bolzoni Eliminations Total

Dealer sales $ 459.9 $ 179.5 $ 61.5 $ — $ — $ 700.9

Direct customer sales 292.1 1.4 — — — 293.5

Service and parts sales 365.6 50.5 14.5 — — 430.6

Other 57.0 12.8 0.4 164.8 ( 51.9 ) 183.1

Total Revenues $ 1,174.6 $ 244.2 $ 76.4 $ 164.8 $ ( 51.9 ) $ 1,608.1

SIX MONTHS ENDED

JUNE 30, 2025

Lift truck business

Americas EMEA JAPIC Bolzoni Eliminations Total

Dealer sales $ 589.9 $ 203.3 $ 82.9 $ — $ — $ 876.1

Direct customer sales 351.9 1.8 — — — 353.7

Service and parts sales 386.4 50.4 12.0 — — 448.8

Other 78.2 11.0 0.8 170.9 ( 72.5 ) 188.4

Total Revenues $ 1,406.4 $ 266.5 $ 95.7 $ 170.9 $ ( 72.5 ) $ 1,867.0

Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers.

2 unchanged sentences

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.

For the sale of parts, the Company transfers control and recognizes revenue when parts are shipped to the

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 ( 0.3 )

Balance, March 31, 2026

Balance, June 30, 2026

Note 4— Business Segments

13 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 Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas operating 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 CODM manages and evaluates the business.

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

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

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

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

Revenues from external customers

14 unchanged sentences

Total $ 685.3 $ 788.4 $ 1,355.7 $ 1,521.1

THREE MONTHS ENDED

Americas $ 91.7 $ 129.9 $ 185.4 $ 272.4

15 unchanged sentences

EMEA — ( 0.3 ) — ( 1.6 )

JAPIC — 0.1 — 0.9

Lift truck business 1.7 15.7 3.3 15.9

Bolzoni — — — —

Eliminations — — — —

Total $ 1.7 $ 15.7 $ 3.3 $ 15.9

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

Operating profit (loss)

8 unchanged sentences

Americas $ 7.4 $ 7.3 $ 14.2 $ 14.5

EMEA 0.2 0.3 0.4 0.4

JAPIC 0.3 0.3 0.5 0.6

4 unchanged sentences

Total $ 7.8 $ 7.9 $ 15.0 $ 15.6

THREE MONTHS ENDED

Depreciation and amortization

Americas $ 4.5 $ 5.0 $ 8.8 $ 9.1

EMEA 2.0 2.2 4.2 4.3

JAPIC 1.8 1.6 3.4 3.3

9 unchanged sentences

Total $ ( 14.7 ) $ ( 13.8 ) $ ( 24.5 ) $ ( 24.4 )

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

(a) Consists of restructuring charges (reversals) recognized during the three and six months ended June 30, 2026 and 2025 related to programs initiated in 2025 and 2024 and the strategic realignment of Nuvera in 2025.

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.

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

THREE MONTHS ENDED

The following table summarizes income tax expense as follows:

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

Income (loss) before income taxes $ ( 23.2 ) $ ( 13.2 ) $ ( 55.3 ) $ 3.6

Income tax expense (benefit) $ ( 1.8 ) $ 8.1

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.

Income tax expense $ 8.1 $ 0.2 $ 6.3 $ 8.3

In 2026, the Company's reported income tax expense differed from the amount that would result from applying the U.S.

federal statutory tax rate, primarily due to an interim adjustment for pre-tax losses for which no income tax benefit was recognized as a result of its valuation allowance positions.

During the second quarter of 2026, the Company recognized a discrete tax charge of $3.4 million, related to the establishment of a full valuation allowance against the beginning-of-the-year balance of Brazilian deferred tax assets.

Based on a review of recent operating results, cumulative losses, and a declining forecast, management concluded that the evidence no longer supports a more-likely-than-not standard that these deferred tax assets will be realized.

In 2025, the Company’s reported income tax expense differed from the amount that would result from applying the U.S.

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

tax rules in effect at that time.

The reported income tax expense was further impacted by an interim adjustment from pre-tax losses for which no tax benefit was recognized.

Note 6— Reclassifications from OCI

1 unchanged sentence

OCI Components Amount Reclassified from OCI Affected Line Item

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

Gain (loss) on cash flow hedges:

Interest rate contracts $ 1.1 $ 1.3 Interest expense

Foreign exchange contracts 1.9 ( 5.5 ) Cost of sales

Interest rate swap contracts $ 1.0 $ 1.4 $ 2.1 $ 2.7 Interest expense

Foreign currency exchange contracts 1.3 ( 1.1 ) 3.2 ( 6.6 ) Cost of sales

Total before tax 2.3 0.3 5.3 ( 3.9 ) Income before income taxes

Tax (expense) benefit — ( 0.1 ) Income tax expense

Tax expense — ( 0.1 ) — ( 0.2 ) Income tax expense

Net of tax $ 2.3 $ 0.2 $ 5.3 $ ( 4.1 ) Net income

10 unchanged sentences

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

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 June 30, 2026, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $ 480.3 million and $ 472.3 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 $ 0.6 billion at March 31, 2026 and December 31, 2025, respectively, primarily denominated in euros, U.S.

The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.6 billion at both June 30, 2026 and December 31, 2025, 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.

The fair value of these contracts approximated a net liability of $ 7.0 million and a net asset of $ 1.8 million at June 30, 2026 and December 31, 2025, respectively.

At June 30, 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 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.

Based on market valuations at June 30, 2026, $ 0.2 million of the amount of net deferred loss included in OCI at June 30, 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 March 31, 2026 and December 31, 2025:

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at June 30, 2026 and December 31, 2025:

Notional Amount Average Fixed Rate

MARCH 31, DECEMBER 31 MARCH 31, DECEMBER 31

2026 2025 2026 2025 Term at March 31, 2026

JUNE 30, DECEMBER 31 JUNE 30, DECEMBER 31

2026 2025 2026 2025 Term at June 30, 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 $ 4.2 million and $ 3.8 million at March 31, 2026 and December 31, 2025, respectively.

$ 34.9 20.7 2.49 % 2.20 % Extending to April 2031

The fair value of all interest rate swap agreements was a net asset of $ 3.8 million at both June 30, 2026 and December 31, 2025.

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

Based on market valuations at March 31, 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.

Based on market valuations at June 30, 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 MARCH 31, 2026

Balance Sheet Location JUNE 30, 2026

DECEMBER 31, 2025

Balance Sheet Location MARCH 31, 2026 DECEMBER 31, 2025

Balance Sheet Location JUNE 30, 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 March 31, 2026

Derivative Liabilities as of March 31, 2026

Derivative Assets as of June 30, 2026

Derivative Liabilities as of June 30, 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 THREE MONTHS ENDED

MARCH 31, MARCH 31,

THREE MONTHS ENDED SIX MONTHS ENDED THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30, JUNE 30,

Derivatives Designated as Hedging Instruments 2026 2025 2026 2025 2026 2025 2026 2025

29 unchanged sentences

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

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

2026 2025 2026 2025

Interest cost $ 0.4 $ 0.5 $ 0.9 $ 1.1

2 unchanged sentences

Net periodic pension expense $ 0.4 $ 0.5 $ 0.9 $ 0.9

Service cost $ 0.1 $ — $ 0.1 $ —

Interest cost 1.4 1.5 2.9 2.9

1 unchanged sentence

Amortization of actuarial loss 0.6 0.4 1.3 0.8

Net periodic pension expense (benefit) $ 0.5 $ 0.6

Net periodic pension expense $ 0.5 $ 0.5 $ 1.0 $ 1.1

Note 9— Inventories

Inventories are summarized as follows:

MARCH 31, 2026

JUNE 30, 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 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.

At June 30, 2026 and December 31, 2025, 48 % 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.

9 unchanged sentences

The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business.

Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

Revenue received for

the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements as part of its warranty obligation.

8 unchanged sentences

Foreign currency effect ( 0.3 )

Balance at March 31, 2026

Balance at June 30, 2026

Note 11— Contingencies

9 unchanged sentences

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.

During the second quarter of 2026, the Company recognized approximately $35 million of tariff-related recoveries of amounts previously paid in 2025 and 2026 under IEEPA.

The loss recovery is reported on the line “Cost of sales” and interest received on IEEPA-related refunds is recorded on the line "Other, net" in the unaudited condensed consolidated statements of operations.

The Company continues to evaluate and pursue recovery of additional tariff amounts.

Any remaining potential recoveries are subject to uncertainty regarding the ultimate amount and timing of collection.

The Company expects to recognize any additional tariff recoveries when receipt becomes probable and the amount can be reasonably estimated.

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 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.

Total amounts subject to recourse or repurchase obligations at June 30, 2026 and December 31, 2025 were $ 107.5 million and $ 134.5 million, respectively.

As of June 30, 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 June 30, 2026 was approximately $ 199.2 million based on Company estimates.

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

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

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

As of June 30, 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.

1 unchanged sentence

("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 $ 16.2 million as of March 31, 2026.

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

Under this agreement, losses related to $ 27.0 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5 % of their original loan balance, or $ 15.3 million as of June 30, 2026.

The $ 27.0 million is included in the $ 107.5 million of total amounts subject to recourse or repurchase obligations at June 30, 2026.

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

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

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

At June 30, 2026, approximately $ 84.2 million of the Company's total recourse or repurchase obligations of $ 107.5 million related to transactions with HYGFS.

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

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

At June 30, 2026, loans from WF to HYGFS totaled $ 1.4 billion.

Although the Company’s contractual guarantee was $ 276.6 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $ 84.2 million.

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

HYGFS $ 23.7 $ 28.4

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Dividends received from unconsolidated affiliates are summarized below:

THREE MONTHS ENDED

SIX MONTHS ENDED

HYGFS $ 9.1 $ 8.0

Summarized financial information for HYGFS and SN is as follows:

THREE MONTHS ENDED

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30 JUNE 30

2026 2025 2026 2025

Revenues $ 114.1 $ 117.4 $ 226.8 $ 223.5

2 unchanged sentences

Net income 12.0 12.5 24.9 25.6

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

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

Note 14—Restructuring and Impairment Charges

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.

The Company recognized $ 1.7 million and $ 3.3 million of other-related costs during the three and six months ended June 30, 2026, respectively, and $ 15.7 million and $ 15.9 million employee-severance and other-related costs during the three and six months ended June 30, 2025, respectively.

Costs recognized during the six months ended June 30, 2025 included charges associated with the strategic realignment of Nuvera and manufacturing footprint optimization initiatives, while costs recognized during the six months ended June 30, 2026 primarily relate to manufacturing footprint optimization initiatives.

These costs are included in "Restructuring and impairment charges" in the unaudited condensed consolidated statements of operations.

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.

The Company expects to execute the manufacturing footprint optimization initiatives through 2026 and 2027 and expects to incur an additional $ 6 million to $10 million in costs through the end of 2026, and between $ 3 million to $ 6 million in costs 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

Beginning of period accrual at January 1, 2026 $ 27.6

Payments ( 11.9 )

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.

Ending of period accrual at June 30, 2026

a) Consists of restructuring programs initiated in 2025 and 2024 as part of the Company's global workforce reduction 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