HYSTER-YALE, INC. 10-Q

Item 1. Financial Statements HYSTER-YALE, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30 2026 DECEMBER 31 2025 (In millions, except share data) ASSETS Current Assets Cash and cash equivalents $ 72.6 $ 123.2 Accounts receivable, net 484.8 489.6 Inventories, net 627.5 634.3 Prepaid expenses and other 91.9 99.9 Total Current Assets 1,276.8 1,347.0 Property, Plant and Equipment, Net 326.8 329.0 Intangible Assets, Net 30.3 32.3 Goodwill 55.5 55.7 Deferred Income Taxes 3.5 6.8 Investments in Unconsolidated Affiliates 53.2 58.2 Other Non-current Assets 182.1 191.6 Total Assets $ 1,928.2 $ 2,020.6 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 414.3 $ 396.1 Accounts payable, affiliates 9.1 5.1 Revolving credit facilities 98.6 109.6 Short-term debt and current maturities of long-term debt 142.2 132.8 Accrued payroll 69.1 100.7 Deferred revenue 49.0 47.0 Other current liabilities 217.3 210.5 Total Current Liabilities 999.6 1,001.8 Long-term Debt 259.2 251.9 Self-insurance Liabilities 43.5 42.8 Deferred Income Taxes 7.7 8.2 Other Long-term Liabilities 208.2 223.5 Total Liabilities 1,518.2 1,528.2 Temporary Equity Redeemable Noncontrolling Interest 16.1 16.1 Stockholders' Equity Common stock: Class A, par value $ 0.01 per share, 14,473,532 shares outstanding (2025 - 14,283,983 shares outstanding) 0.1 0.1 Class B, par value $ 0.01 per share, convertible into Class A on a one-for-one basis, 3,442,370 shares outstanding (2025 - 3,449,811 shares outstanding) 0.1 0.1 Capital in excess of par value 348.4 354.7 Treasury stock ( 3.0 ) ( 14.4 ) Retained earnings 214.0 289.1 Accumulated other comprehensive loss ( 169.6 ) ( 157.6 ) Total Stockholders' Equity 390.0 472.0 Noncontrolling Interests 3.9 4.3 Total Permanent Equity 393.9 476.3 Total Liabilities and Equity $ 1,928.2 $ 2,020.6 See notes to unaudited condensed consolidated financial statements. 2 Table of Contents HYSTER-YALE, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 (In millions, except per share data) Revenues $ 812.9 $ 956.6 $ 1,608.1 $ 1,867.0 Cost of sales 685.3 788.4 1,355.7 1,521.1 Gross Profit 127.6 168.2 252.4 345.9 Operating Expenses Selling, general and administrative expenses 144.3 161.0 295.5 317.2 Restructuring and impairment charges 1.7 15.7 3.3 15.9 Operating Profit (Loss) ( 18.4 ) ( 8.5 ) ( 46.4 ) 12.8 Other (income) expense Interest expense 7.8 7.9 15.0 15.6 Income from unconsolidated affiliates ( 2.7 ) ( 2.7 ) ( 6.0 ) ( 5.6 ) 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 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 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 Basic Weighted Average Shares Outstanding 17.912 17.705 17.862 17.621 Diluted Weighted Average Shares Outstanding 17.912 17.705 17.862 17.621 See notes to unaudited condensed consolidated financial statements. 3 Table of Contents HYSTER-YALE, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 (In millions) Net Loss $ ( 31.3 ) $ ( 13.4 ) $ ( 61.6 ) $ ( 4.7 ) Other comprehensive income (loss) Foreign currency translation adjustment ( 2.7 ) 38.6 ( 10.8 ) 56.7 Current period cash flow hedging activity, net of tax 0.7 13.0 2.0 23.3 Reclassification of hedging activities into earnings, net of tax ( 2.3 ) ( 0.2 ) ( 5.3 ) 4.1 Reclassification of pension into earnings, net of tax 1.0 0.9 2.1 1.7 Comprehensive Income (Loss) $ ( 34.6 ) $ 38.9 $ ( 73.6 ) $ 81.1 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 ) Foreign currency translation adjustment attributable to noncontrolling interests ( 0.2 ) — ( 0.4 ) ( 0.2 ) Comprehensive Income (Loss) Attributable to Stockholders $ ( 35.1 ) $ 38.4 $ ( 74.5 ) $ 80.3 See notes to unaudited condensed consolidated financial statements. 4 Table of Contents HYSTER-YALE, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30 2026 2025 (In millions) 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 Amortization of deferred financing fees 0.6 0.8 Deferred income taxes 3.4 1.1 Restructuring and impairment charges 3.3 15.9 Stock-based compensation 5.8 6.2 Dividends from unconsolidated affiliates 9.1 8.0 Other ( 25.9 ) 8.2 Changes in assets and liabilities: Accounts receivable 14.5 7.2 Inventories 7.3 11.6 Other current assets ( 5.6 ) 1.8 Accounts payable 23.1 ( 7.8 ) Other liabilities ( 12.4 ) ( 78.6 ) Net cash used for operating activities ( 16.2 ) ( 7.5 ) Investing Activities Expenditures for property, plant and equipment ( 24.5 ) ( 24.4 ) 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 ) Financing Activities Additions to debt 94.6 61.8 Reductions of debt ( 79.1 ) ( 80.9 ) Net change to revolving credit agreements ( 10.5 ) 39.2 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 ) 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 Cash and Cash Equivalents Decrease for the period ( 50.6 ) ( 29.7 ) Balance at the beginning of the period 123.2 96.6 Balance at the end of the period $ 72.6 $ 66.9 See notes to unaudited condensed consolidated financial statements. 5 Table of Contents 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, 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 ) — — — — — — — Net income (loss) — — — — — ( 13.9 ) — — — ( 13.9 ) 0.3 ( 13.6 ) Cash dividends ( 0.9 ) — — — — ( 6.4 ) — — — ( 6.4 ) ( 0.4 ) ( 6.8 ) Accrued dividends 0.3 — — — — — — — — — — — Current period other comprehensive income — — — — — — 38.6 13.0 — 51.6 — 51.6 Reclassification adjustment to net income — — — — — — — ( 0.2 ) 0.9 0.7 — 0.7 Balance, June 30, 2025 $ 14.5 $ 0.1 $ 0.1 $ ( 16.2 ) $ 355.2 $ 356.7 $ ( 104.8 ) $ 15.0 $ ( 61.4 ) $ 544.7 $ 4.2 $ 548.9 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 Stock-based compensation — — — — 1.4 — — — — 1.4 — 1.4 Stock issued under stock compensation plans — — — 0.9 ( 0.9 ) — — — — — — — Purchase of treasury stock — — — — — — — — — — — — Net income (loss) 0.1 — — — — ( 31.6 ) — — — ( 31.6 ) ( 0.1 ) ( 31.7 ) Cash dividends ( 0.9 ) — — — — ( 6.6 ) — — — ( 6.6 ) ( 0.4 ) ( 7.0 ) Accrued dividends 0.3 — — — — — — — — — — — Current period other comprehensive income (loss) — — — — — — ( 2.7 ) 0.7 — ( 2.0 ) — ( 2.0 ) Reclassification adjustment to net income (loss) — — — — — — — ( 2.3 ) 1.0 ( 1.3 ) — ( 1.3 ) Foreign currency translation on noncontrolling interest 0.1 — — — — — — — — — 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. 6 Table of Contents 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 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. 7 Table of Contents HYSTER-YALE, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Millions, Except Per Share Data) Note 1— Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation. The Company 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. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. 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 the industrial material handling market. Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50 %-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20 %-owned joint venture, are accounted for by the equity method. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of 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. The accompanying unaudited condensed consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements. 8 Table of Contents Note 2— Recently Issued Accounting Standards Adopted Accounting Pronouncements During the second quarter of 2026, the Company did not adopt any accounting standard updates ("ASU"). Recent Accounting Pronouncements The following table provides a brief description of ASUs not yet adopted: Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU 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 Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise 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. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 10, Product Warranties , for further information on product warranties. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided . The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and six months ended June 30, 2026 and 2025. 9 Table of Contents The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed consolidated statements of operations. The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported in “Cost of sales” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category: THREE MONTHS ENDED JUNE 30, 2026 Lift truck business Americas EMEA JAPIC Bolzoni Eliminations Total Dealer sales $ 234.6 $ 86.7 $ 33.7 $ — $ — $ 355.0 Direct customer sales 153.1 0.5 — — — 153.6 Service and parts sales 182.8 24.2 7.2 — — 214.2 Other 25.7 6.8 0.2 81.9 ( 24.5 ) 90.1 Total Revenues $ 596.2 $ 118.2 $ 41.1 $ 81.9 $ ( 24.5 ) $ 812.9 THREE MONTHS ENDED JUNE 30, 2025 Lift truck business Americas EMEA JAPIC Bolzoni Eliminations Total Dealer sales $ 301.7 $ 117.3 $ 41.5 $ — $ — $ 460.5 Direct customer sales 178.4 0.4 — — — 178.8 Service and parts sales 190.0 24.4 6.6 — — 221.0 Other 37.4 6.2 0.3 90.6 ( 38.2 ) 96.3 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. The majority of direct customer sales are to major customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. 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 10 Table of Contents customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the U.S., Bolzoni also has revenue for sales of forklift components to HYMH plants. In all revenue transactions, the Company receives cash equal to the invoice price and the amount of consideration received and revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni and the lift truck business have been eliminated. Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Amounts below include both current and long-term portions of deferred revenue. Deferred Revenue Balance, December 31, 2025 $ 65.6 Customer deposits and billings 34.7 Revenue recognized ( 27.6 ) Foreign currency effect ( 0.3 ) Balance, June 30, 2026 $ 72.4 Note 4— Business Segments 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. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni. Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated. 11 Table of Contents Financial information for each reportable segment is presented in the following table: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 Revenues from external customers Americas $ 596.2 $ 707.5 $ 1,174.6 $ 1,406.4 EMEA 118.2 148.3 244.2 266.5 JAPIC 41.1 48.4 76.4 95.7 Lift truck business 755.5 904.2 1,495.2 1,768.6 Bolzoni 81.9 90.6 164.8 170.9 Eliminations ( 24.5 ) ( 38.2 ) ( 51.9 ) ( 72.5 ) Total $ 812.9 $ 956.6 $ 1,608.1 $ 1,867.0 Cost of Sales Americas $ 504.5 $ 577.6 $ 989.2 $ 1,134.0 EMEA 107.9 133.5 225.3 238.8 JAPIC 37.6 46.3 70.9 90.2 Lift truck business 650.0 757.4 1,285.4 1,463.0 Bolzoni 59.9 69.2 122.3 131.0 Eliminations ( 24.6 ) ( 38.2 ) ( 52.0 ) ( 72.9 ) Total $ 685.3 $ 788.4 $ 1,355.7 $ 1,521.1 Gross profit Americas $ 91.7 $ 129.9 $ 185.4 $ 272.4 EMEA 10.3 14.8 18.9 27.7 JAPIC 3.5 2.1 5.5 5.5 Lift truck business 105.5 146.8 209.8 305.6 Bolzoni 22.0 21.4 42.5 39.9 Eliminations 0.1 — 0.1 0.4 Total $ 127.6 $ 168.2 $ 252.4 $ 345.9 Selling, general and administrative expenses Americas $ 86.4 $ 102.3 $ 180.2 $ 201.6 EMEA 28.7 30.1 56.4 59.2 JAPIC 9.2 9.6 18.3 19.5 Lift truck business 124.3 142.0 254.9 280.3 Bolzoni 20.0 19.0 40.6 36.9 Total $ 144.3 $ 161.0 $ 295.5 $ 317.2 Adjustments (a) Americas $ 1.7 $ 15.9 $ 3.3 $ 16.6 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 12 Table of Contents THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 Operating profit (loss) Americas $ 3.6 $ 11.7 $ 1.9 $ 54.2 EMEA ( 18.4 ) ( 15.0 ) ( 37.5 ) ( 29.9 ) JAPIC ( 5.7 ) ( 7.6 ) ( 12.8 ) ( 14.9 ) Lift truck business ( 20.5 ) ( 10.9 ) ( 48.4 ) 9.4 Bolzoni 2.0 2.4 1.9 3.0 Eliminations 0.1 — 0.1 0.4 Total $ ( 18.4 ) $ ( 8.5 ) $ ( 46.4 ) $ 12.8 Interest expense 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 Eliminations ( 0.6 ) ( 0.2 ) ( 1.0 ) ( 0.4 ) Lift truck business 7.3 7.7 14.1 15.1 Bolzoni 0.7 0.6 1.3 1.1 Eliminations ( 0.2 ) ( 0.4 ) ( 0.4 ) ( 0.6 ) Total $ 7.8 $ 7.9 $ 15.0 $ 15.6 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 Lift truck business 8.3 8.8 16.4 16.7 Bolzoni 2.6 3.0 5.8 6.1 Total $ 10.9 $ 11.8 $ 22.2 $ 22.8 Capital expenditures Americas $ ( 10.3 ) $ ( 8.3 ) $ ( 16.3 ) $ ( 14.4 ) EMEA ( 0.9 ) ( 3.3 ) ( 3.2 ) ( 4.4 ) JAPIC ( 1.1 ) ( 1.1 ) ( 1.5 ) ( 2.3 ) Lift truck business ( 12.3 ) ( 12.7 ) ( 21.0 ) ( 21.1 ) Bolzoni ( 2.4 ) ( 1.1 ) ( 3.5 ) ( 3.3 ) Total $ ( 14.7 ) $ ( 13.8 ) $ ( 24.5 ) $ ( 24.4 ) (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. JUNE 30 2026 DECEMBER 31 2025 Total assets Americas $ 1,557.7 $ 1,619.7 EMEA 630.0 668.7 JAPIC 270.2 263.2 Eliminations ( 675.1 ) ( 667.6 ) Lift truck business 1,782.8 1,884.0 Bolzoni 326.7 325.3 Eliminations ( 181.3 ) ( 188.7 ) Total $ 1,928.2 $ 2,020.6 13 Table of Contents Note 5— Income Taxes The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit. 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 $ 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 The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations: OCI Components Amount Reclassified from OCI Affected Line Item THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 Gain (loss) on cash flow hedges: 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 — ( 0.1 ) — ( 0.2 ) Income tax expense Net of tax $ 2.3 $ 0.2 $ 5.3 $ ( 4.1 ) Net income Amortization of defined benefit pension items: Actuarial loss $ ( 1.0 ) $ ( 0.9 ) $ ( 2.1 ) $ ( 1.7 ) Other, net Total before tax ( 1.0 ) ( 0.9 ) ( 2.1 ) ( 1.7 ) Income before income taxes Tax (expense) benefit — — — — Income tax expense Net of tax $ ( 1.0 ) $ ( 0.9 ) $ ( 2.1 ) $ ( 1.7 ) Net income Total reclassifications for the period $ 1.3 $ ( 0.7 ) $ 3.2 $ ( 5.8 ) 14 Table of Contents Note 7— Financial Instruments and Derivative Financial Instruments Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At 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. Derivative Financial Instruments The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations. The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.6 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 $ 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 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. 15 Table of Contents Interest Rate Derivatives: The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at June 30, 2026 and December 31, 2025: Notional Amount Average Fixed Rate 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 $ 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 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 JUNE 30, 2026 DECEMBER 31, 2025 Balance Sheet Location JUNE 30, 2026 DECEMBER 31, 2025 Derivatives designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ 3.7 $ 2.8 Prepaid expenses and other $ — $ — Long-term Other non-current assets 0.1 1.0 Other non-current assets — — Foreign currency exchange contracts Current Prepaid expenses and other 2.7 9.9 Prepaid expenses and other 0.4 6.6 Other current liabilities 5.3 0.1 Other current liabilities 7.9 1.1 Long-term Other non-current assets 0.6 0.7 Other non-current assets — — Other long-term liabilities 0.8 0.9 Other long-term liabilities 2.5 3.4 Total derivatives designated as hedging instruments $ 13.2 $ 15.4 $ 10.8 $ 11.1 Derivatives not designated as hedging instruments Cash Flow Hedges Foreign currency exchange contracts Current Prepaid expenses and other 0.1 1.4 Prepaid expenses and other 0.8 0.9 Other current liabilities 1.4 2.0 Other current liabilities 6.4 1.2 Total derivatives not designated as hedging instruments $ 1.5 $ 3.4 $ 7.2 $ 2.1 Total derivatives $ 14.7 $ 18.8 $ 18.0 $ 13.2 16 Table of Contents The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets: Derivative Assets as of June 30, 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 Cash Flow Hedges Interest rate swap agreements $ 3.8 $ — $ 3.8 $ 3.8 $ — $ — $ — $ — Foreign currency exchange contracts 2.2 ( 2.2 ) — — 9.3 ( 2.2 ) 7.1 7.1 Total derivatives $ 6.0 $ ( 2.2 ) $ 3.8 $ 3.8 $ 9.3 $ ( 2.2 ) $ 7.1 $ 7.1 Derivative Assets as of December 31, 2025 Derivative Liabilities as of December 31, 2025 Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount Cash Flow Hedges Interest rate swap agreements $ 3.8 $ — $ 3.8 $ 3.8 $ — $ — $ — $ — Foreign currency exchange contracts 4.5 ( 2.7 ) 1.8 1.8 2.7 ( 2.7 ) — — Total derivatives $ 8.3 $ ( 2.7 ) $ 5.6 $ 5.6 $ 2.7 $ ( 2.7 ) $ — $ — The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations: Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) THREE MONTHS ENDED 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 Cash Flow Hedges Interest rate swap agreements $ 0.2 $ ( 0.3 ) $ 1.2 $ ( 1.3 ) Interest expense $ 1.0 $ 1.4 $ 2.1 $ 2.7 Foreign currency exchange contracts 0.4 12.7 0.9 24.2 Cost of sales 1.3 ( 1.1 ) 3.2 ( 6.6 ) Total $ 0.6 $ 12.4 $ 2.1 $ 22.9 $ 2.3 $ 0.3 $ 5.3 $ ( 3.9 ) Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative 2026 2025 2026 2025 Cash Flow Hedges Foreign currency exchange contracts Cost of sales $ ( 3.5 ) $ 5.8 $ ( 7.2 ) $ 6.9 Total $ ( 3.5 ) $ 5.8 $ ( 7.2 ) $ 6.9 Note 8— Retirement Benefit Plans The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of government and corporate bonds and publicly traded stocks. Pension benefits for employees covered under the Company's U.S. and United Kingdom ("U.K.") plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2024, the Company and the trustee initiated a de-risking strategy for the U.K. plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities. During 2025, the trustee entered into a buy-in contract for the U.K. plan with a third-party insurance company. The trustee may choose to convert the buy-in policy to a buy-out contract by assigning individual insurance contracts to members. This process may extend for a significant period of time. Until any potential buy-out process is completed, the trustee remains responsible for the administration of the 17 Table of Contents U.K. plan, allocation of non-insured plan assets and payment of employee retirement benefits. If a buy-out of the U.K. plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K. plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings. The Company presents the components of net periodic pension expense (benefit), other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension expense (benefit) are set forth below: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2026 2025 2026 2025 U.S. Pension Interest cost $ 0.4 $ 0.5 $ 0.9 $ 1.1 Expected return on plan assets ( 0.4 ) ( 0.5 ) ( 0.8 ) ( 1.1 ) Amortization of actuarial loss 0.4 0.5 0.8 0.9 Net periodic pension expense $ 0.4 $ 0.5 $ 0.9 $ 0.9 Non-U.S. Pension Service cost $ 0.1 $ — $ 0.1 $ — Interest cost 1.4 1.5 2.9 2.9 Expected return on plan assets ( 1.6 ) ( 1.4 ) ( 3.3 ) ( 2.6 ) Amortization of actuarial loss 0.6 0.4 1.3 0.8 Net periodic pension expense $ 0.5 $ 0.5 $ 1.0 $ 1.1 Note 9— Inventories Inventories are summarized as follows: JUNE 30, 2026 DECEMBER 31, 2025 Finished goods and service parts $ 372.0 $ 358.8 Work in process 29.8 31.1 Raw materials 353.5 375.0 Total manufactured inventories 755.3 764.9 LIFO reserve ( 127.8 ) ( 130.6 ) Total inventory $ 627.5 $ 634.3 Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At 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. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation. Note 10— Product Warranties The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 operating hours . For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 operating hours . For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 operating hours . The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 operating hours . The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for 18 Table of Contents the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts. The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements as part of its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows: 2026 Balance at December 31, 2025 $ 73.6 Current year warranty expense 17.8 Change in estimate related to pre-existing warranties ( 0.5 ) Payments made ( 18.2 ) Foreign currency effect ( 0.3 ) Balance at June 30, 2026 $ 72.4 Note 11— Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its business, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized. 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. 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 Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years . Total amounts subject to recourse or repurchase obligations at 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 June 30, 2026, the Company did not believe there was a significant 19 Table of Contents 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 $ 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. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At 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 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. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $ 262.1 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets of $ 339.2 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods. Note 13— Equity and Debt Investments The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and major customers in the U.S. and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20 % interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant. The Company has a 50 % ownership interest in SN, a limited liability company which was formed with Sumitomo Heavy Industries, Ltd. ("Sumitomo") primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster ® - and Yale ® -branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investments in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets. The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows: June 30, 2026 December 31, 2025 HYGFS $ 23.7 $ 28.4 SN 29.0 28.6 Bolzoni investments 0.5 0.4 Dividends received from unconsolidated affiliates are summarized below: SIX MONTHS ENDED JUNE 30 2026 2025 HYGFS $ 9.1 $ 8.0 20 Table of Contents Summarized financial information for HYGFS and SN is as follows: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2026 2025 2026 2025 Revenues $ 114.1 $ 117.4 $ 226.8 $ 223.5 Gross profit 41.9 41.3 82.5 80.9 Income from continuing operations, net of tax 12.0 12.5 24.9 25.6 Net income 12.0 12.5 24.9 25.6 Note 14—Restructuring and Impairment Charges 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 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: Severance Beginning of period accrual at January 1, 2026 $ 27.6 Payments ( 11.9 ) Ending of period accrual at June 30, 2026 $ 15.7 a) Consists of restructuring programs initiated in 2025 and 2024 as part of the Company's global workforce reduction and manufacturing footprint optimization. 21 Table of Contents