# EDGAR Filing Document

**Accession Number:** 0001173514
**File Stem:** 0001173514-25-000126
**Filing Date:** 2025-11
**Character Count:** 165297
**Document Hash:** 2867951013e5e802fdc15cf445eef439
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001173514-25-000126.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001173514-25-000126

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HYSTER-YALE, INC.
- **CENTRAL INDEX KEY:** 0001173514
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 311637659
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54799
- **FILM NUMBER:** 251450309

**BUSINESS ADDRESS:**
- **STREET 1:** 5875 LANDERBROOK DRIVE
- **STREET 2:** SUITE 300
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124
- **BUSINESS PHONE:** 4404499600

**MAIL ADDRESS:**
- **STREET 1:** 5875 LANDERBROOK DRIVE
- **STREET 2:** SUITE 300
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HYSTER-YALE MATERIALS HANDLING, INC.
- **DATE OF NAME CHANGE:** 20121003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HYSTER YALE MATERIALS HANDLING INC.
- **DATE OF NAME CHANGE:** 20120628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NMHG HOLDING CO
- **DATE OF NAME CHANGE:** 20020515

?xml version='1.0' encoding='ASCII'? hy-20250930

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549**

 **_______________________________________________________________________________________________________________________________________________________________________________________________________**

**FORM 10-Q** 

---

| | | |
|:---|:---|:---|
| (Mark One) | | |
| ☑ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | **For the quarterly period ended:** | **September 30, 2025** |

---

**OR**

---

| | |
|:---|:---|
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | **For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |

---

**Commission file number 000-54799** 

---

| | | |
|:---|:---|:---|
| **<u>HYSTER-YALE, INC.</u>** | **<u>HYSTER-YALE, INC.</u>** | **<u>HYSTER-YALE, INC.</u>** |
|  | (Exact name of registrant as specified in its charter) |  |
| **Delaware** |  | **31-1637659** |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
| **5875 LANDERBROOK DRIVE, SUITE 300** |  |  |
| **CLEVELAND** | **(440)** |  |
| **OH** | **449-9600** | **44124-4069** |
| (Address of principal executive offices) | (Registrant's telephone number, including area code) | (Zip code) |
|  | **N/A** |  |
|  | (Former name, former address and former fiscal year, if changed since last report) |  |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| **Class A Common Stock, $0.01 Par Value Per Share** | **HY** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. **Yes** ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

**Yes** ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large accelerated filer** | **☑** | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ **NO** ☑

Number of shares of Class A Common Stock outstanding at October 31, 2025: 14,283,983

Number of shares of Class B Common Stock outstanding at October 31, 2025: 3,449,811

------

**HYSTER-YALE, INC.** 

**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
| | | | Page Number |
| **<u>[Part I.](#i0038a2a6fee2439cab1b3f66e40e820a_10)</u>** | **<u>[FINANCIAL INFORMATION](#i0038a2a6fee2439cab1b3f66e40e820a_10)</u>** | | |
| | <u>[Item 1](#i0038a2a6fee2439cab1b3f66e40e820a_13)</u> | <u>[Financial Statements](#i0038a2a6fee2439cab1b3f66e40e820a_13)</u> | |
| | | <u>[Unaudited Condensed Consolidated Balance Sheets](#i0038a2a6fee2439cab1b3f66e40e820a_16)</u> | <u>[2](#i0038a2a6fee2439cab1b3f66e40e820a_16)</u> |
| | | <u>[Unaudited Condensed Consolidated Statements of Operations](#i0038a2a6fee2439cab1b3f66e40e820a_19)</u> | <u>[3](#i0038a2a6fee2439cab1b3f66e40e820a_19)</u> |
| | | <u>[Unaudited Condensed Consolidated Statements of Comprehensive Income](#i0038a2a6fee2439cab1b3f66e40e820a_22)[(Loss)](#i0038a2a6fee2439cab1b3f66e40e820a_22)</u> | <u>[4](#i0038a2a6fee2439cab1b3f66e40e820a_22)</u> |
| | | <u>[Unaudited Condensed Consolidated Statements of Cash Flows](#i0038a2a6fee2439cab1b3f66e40e820a_25)</u> | <u>[5](#i0038a2a6fee2439cab1b3f66e40e820a_25)</u> |
| | | <u>[Unaudited Condensed Consolidated Statements of Changes in Temporary and Permanent Equity](#i0038a2a6fee2439cab1b3f66e40e820a_28)</u> | <u>[6](#i0038a2a6fee2439cab1b3f66e40e820a_28)</u> |
| | | <u>[Notes to Unaudited Condensed Consolidated Financial Statements](#i0038a2a6fee2439cab1b3f66e40e820a_34)</u> | <u>[8](#i0038a2a6fee2439cab1b3f66e40e820a_34)</u> |
| | <u>[Item 2](#i0038a2a6fee2439cab1b3f66e40e820a_85)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i0038a2a6fee2439cab1b3f66e40e820a_85)</u> | <u>[23](#i0038a2a6fee2439cab1b3f66e40e820a_85)</u> |
| | <u>[Item 3](#i0038a2a6fee2439cab1b3f66e40e820a_112)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i0038a2a6fee2439cab1b3f66e40e820a_112)</u> | <u>[34](#i0038a2a6fee2439cab1b3f66e40e820a_112)</u> |
| | <u>[Item 4](#i0038a2a6fee2439cab1b3f66e40e820a_115)</u> | <u>[Controls and Procedures](#i0038a2a6fee2439cab1b3f66e40e820a_115)</u> | <u>[34](#i0038a2a6fee2439cab1b3f66e40e820a_115)</u> |
| **<u>[Part II.](#i0038a2a6fee2439cab1b3f66e40e820a_118)</u>** | **<u>[OTHER INFORMATION](#i0038a2a6fee2439cab1b3f66e40e820a_118)</u>** | | |
| | <u>[Item 1](#i0038a2a6fee2439cab1b3f66e40e820a_121)</u> | <u>[Legal Proceedings](#i0038a2a6fee2439cab1b3f66e40e820a_121)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_121)</u> |
| | <u>[Item 1A](#i0038a2a6fee2439cab1b3f66e40e820a_124)</u> | <u>[Risk Factors](#i0038a2a6fee2439cab1b3f66e40e820a_124)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_124)</u> |
| | <u>[Item 2](#i0038a2a6fee2439cab1b3f66e40e820a_127)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i0038a2a6fee2439cab1b3f66e40e820a_127)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_127)</u> |
| | <u>[Item 3](#i0038a2a6fee2439cab1b3f66e40e820a_130)</u> | <u>[Defaults Upon Senior Securities](#i0038a2a6fee2439cab1b3f66e40e820a_130)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_130)</u> |
| | <u>[Item 4](#i0038a2a6fee2439cab1b3f66e40e820a_133)</u> | <u>[Mine Safety Disclosures](#i0038a2a6fee2439cab1b3f66e40e820a_133)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_133)</u> |
| | <u>[Item 5](#i0038a2a6fee2439cab1b3f66e40e820a_136)</u> | <u>[Other Information](#i0038a2a6fee2439cab1b3f66e40e820a_136)</u> | <u>[35](#i0038a2a6fee2439cab1b3f66e40e820a_136)</u> |
| | <u>[Item 6](#i0038a2a6fee2439cab1b3f66e40e820a_139)</u> | <u>[Exhibits](#i0038a2a6fee2439cab1b3f66e40e820a_139)</u> | <u>[36](#i0038a2a6fee2439cab1b3f66e40e820a_139)</u> |
| | <u>[Signatures](#i0038a2a6fee2439cab1b3f66e40e820a_142)</u> | | <u>[37](#i0038a2a6fee2439cab1b3f66e40e820a_142)</u> |

---

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**PART I**

**FINANCIAL INFORMATION** 

**<u>Item 1. Financial Statements</u>**

**HYSTER-YALE, INC. AND SUBSIDIARIES** 

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **SEPTEMBER 30**<br>**2025** | DECEMBER 31 2024 |
| | (In millions, except share data) | (In millions, except share data) |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**71.1** | $96.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **520.6** | 488.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | **740.3** | 754.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | **111.8** | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Assets** | **1443.8** | 1433.3 |
| **Property, Plant and Equipment, Net** | **320.6** | 306.7 |
| **Intangible Assets, Net** | **33.0** | 33.1 |
| **Goodwill** | **55.5** | 54.6 |
| **Deferred Income Taxes** | **8.0** | 6.7 |
| **Investments in Unconsolidated Affiliates** | **56.6** | 55.5 |
| **Other Non-current Assets** | **143.0** | 139.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**2060.5** | $2029.2 |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**472.0** | $447.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, affiliates | **4.0** | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facilities | **74.4** | 54.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt and current maturities of long-term debt | **141.2** | 144.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | **87.3** | 105.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | **43.7** | 56.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **214.4** | 241.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **1037.0** | 1057.9 |
| **Long-term Debt** | **252.2** | 241.9 |
| **Self-insurance Liabilities** | **38.3** | 37.8 |
| **Deferred Income Taxes** | **9.2** | 8.4 |
| **Other Long-term Liabilities** | **168.4** | 189.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **1505.1** | 1535.1 |
| **Temporary Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable Noncontrolling Interest | **15.1** | 14.9 |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock: |  |  |
| Class A, par value $0.01 per share, 14,270,565 shares outstanding (2024 - 13,962,422 shares outstanding) | **0.1** | 0.1 |
| Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,450,062 shares outstanding (2024 - 3,456,548 shares outstanding) | **0.1** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | **356.4** | 350.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | **(15.3)** | (13.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **348.1** | 374.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(153.4)** | (237.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | **536.0** | 475.1 |
| **Noncontrolling Interests** | **4.3** | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Permanent Equity** | **540.3** | 479.2 |
| **Total Liabilities and Equity** | $**2060.5** | $2029.2 |

---

See notes to unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) |
| **Revenues** | $**979.1** | $1016.1 | $**2846.1** | $3240.7 |
| Cost of sales | **823.2** | 823.2 | **2344.3** | 2552.8 |
| **Gross Profit** | **155.9** | 192.9 | **501.8** | 687.9 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **152.6** | 158.6 | **469.8** | 474.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and impairment charges | **1.0** | 1.2 | **16.9** | 1.2 |
| **Operating Profit** | **2.3** | 33.1 | **15.1** | 212.5 |
| Other (income) expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **8.0** | 8.4 | **23.6** | 26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated affiliates | **(1.6)** | (3.6) | **(7.2)** | (6.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **0.5** | 0.2 | **(0.3)** | (1.9) |
|  | **6.9** | 5.0 | **16.1** | 17.5 |
| **Income (Loss) Before Income Taxes** | **(4.6)** | 28.1 | **(1.0)** | 195.0 |
| Income tax expense (benefit) | **(2.9)** | 10.3 | **5.4** | 61.5 |
| **Net Income (Loss)** | **(1.7)** | 17.8 | **(6.4)** | 133.5 |
| Net Income attributable to noncontrolling interests | **(0.1)** | (0.1) | **(0.3)** | (0.5) |
| Net Income attributable to redeemable noncontrolling interests | **(0.3)** | (0.3) | **(0.2)** | (0.3) |
| Accrued dividend to redeemable noncontrolling interests | **(0.2)** | (0.2) | **(0.7)** | (0.7) |
| **Net Income (Loss) Attributable to Stockholders** | $**(2.3)** | $17.2 | $**(7.6)** | $132.0 |
| **Basic Earnings (Loss) per Share** | $**(0.13)** | $0.98 | $**(0.43)** | $7.57 |
| **Diluted Earnings (Loss) per Share** | $**(0.13)** | $0.97 | $**(0.43)** | $7.47 |
| **Dividends per Share** | $**0.3600** | $0.3500 | $**1.0700** | $1.0250 |
| **Basic Weighted Average Shares Outstanding** | **17.717** | 17.500 | **17.651** | 17.435 |
| **Diluted Weighted Average Shares Outstanding** | **17.717** | 17.752 | **17.651** | 17.674 |

---

See notes to unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| | (In millions) | (In millions) | (In millions) | (In millions) |
| **Net Income (Loss)** | $**(1.7)** | $17.8 | $**(6.4)** | $133.5 |
| Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **2.2** | 26.7 | **58.9** | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period cash flow hedging activity, net of tax | **(2.6)** | 14.0 | **20.7** | (12.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of hedging activities into earnings, net of tax | **(2.7)** | 7.0 | **1.4** | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of pension into earnings, net of tax | **0.9** | 0.8 | **2.6** | 2.5 |
| **Comprehensive Income (Loss)** | $**(3.9)** | $66.3 | $**77.2** | $146.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income attributable to noncontrolling interests | **(0.1)** | (0.1) | **(0.3)** | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income attributable to redeemable noncontrolling interests | **(0.3)** | (0.3) | **(0.2)** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued dividend to redeemable noncontrolling interests | **(0.2)** | (0.2) | **(0.7)** | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment attributable to noncontrolling interests | **(0.1)** | (0.4) | **(0.3)** | (0.3) |
| **Comprehensive Income (Loss) Attributable to Stockholders** | $**(4.6)** | $65.3 | $**75.7** | $144.7 |

---

See notes to unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES** 

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 |
| | (In millions) | (In millions) |
| **Operating Activities** |  |  |
| **Net Income (Loss)** | $**(6.4)** | $133.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **34.1** | 35.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | **1.1** | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **0.3** | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and impairment charges | **16.9** | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **8.3** | 21.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from unconsolidated affiliates | **7.9** | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **5.8** | 22.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(9.9)** | (38.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **49.8** | (41.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **3.0** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(3.7)** | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **(77.6)** | (52.3) |
| **Net cash provided by operating activities** | **29.6** | 90.0 |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for property, plant and equipment | **(38.9)** | (29.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of assets | **1.7** | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business acquisition, net of cash acquired | **(2.6)** | (2.2) |
| **Net cash used for investing activities** | **(39.8)** | (30.7) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to debt | **111.6** | 130.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions of debt | **(123.2)** | (157.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change to revolving credit agreements | **20.0** | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | **(18.9)** | (17.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid to noncontrolling interest | **(1.3)** | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | **(4.5)** | (9.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing fees paid | **(2.1)** |  |
| **Net cash used for financing activities** | **(18.4)** | (62.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | **3.1** | (0.3) |
| **Cash and Cash Equivalents** |  |  |
| Decrease for the period | **(25.5)** | (3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at the beginning of the period | **96.6** | 78.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at the end of the period** | $**71.1** | $75.6 |

---

See notes to unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES** 

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Temporary Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** |
| | | | | | | | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Other Comprehensive Income (Loss)** | | | |
| |<br>**Redeemable Noncontrolling Interest** |<br>**Class A Common Stock** |<br>**Class B Common Stock** |<br>**Treasury Stock** |<br>**Capital in Excess of Par Value** |<br>**Retained Earnings** | **Foreign Currency Translation Adjustment** | **Deferred Gain (Loss) on Cash Flow Hedging** | **Pension Adjustment** |<br>**Total Stockholders' Equity** |<br>**Noncontrolling Interests** |<br>**Total Permanent Equity** |
| | | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| **Balance, June 30, 2024** | $14.2 | $0.1 | $0.1 | $(9.1) | $345.1 | $359.3 | $(144.3) | $(20.2) | $(65.3) | $465.7 | $2.2 | $467.9 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  |  |  | 4.6 |  |  |  |  | 4.6 |  | 4.6 |
| &nbsp;&nbsp;&nbsp;Stock issued under stock compensation plans |  |  |  | 0.4 | (0.4) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 0.3 |  |  |  |  | 17.2 |  |  |  | 17.2 | 0.1 | 17.3 |
| &nbsp;&nbsp;&nbsp;Cash dividends |  |  |  |  |  | (6.1) |  |  |  | (6.1) |  | (6.1) |
| &nbsp;&nbsp;&nbsp;Accrued dividends | 0.2 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current period other comprehensive loss |  |  |  |  |  |  | 26.7 | 14.0 |  | 40.7 |  | 40.7 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income |  |  |  |  |  |  |  | 7.0 | 0.8 | 7.8 |  | 7.8 |
| &nbsp;&nbsp;&nbsp;Purchase of noncontrolling interest |  |  |  |  |  |  |  |  |  |  | 1.7 | 1.7 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation on noncontrolling interest | 0.3 |  |  |  |  |  |  |  |  |  | 0.1 | 0.1 |
| **Balance, September 30, 2024** | $15.0 | $0.1 | $0.1 | $(8.7) | $349.3 | $370.4 | $(117.6) | $0.8 | $(64.5) | $529.9 | $4.1 | $534.0 |
| **Balance, June 30, 2025** | $**14.5** | $**0.1** | $**0.1** | $**(16.2)** | $**355.2** | $**356.7** | $**(104.8)** | $**15.0** | $**(61.4)** | $**544.7** | $**4.2** | $**548.9** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **—** | **—** | **—** | **—** | **2.1** | **—** | **—** | **—** | **—** | **2.1** | **—** | **2.1** |
| &nbsp;&nbsp;&nbsp;Stock issued under stock compensation plans | **—** | **—** | **—** | **0.9** | **(0.9)** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Net income (loss) | **0.3** | **—** | **—** | **—** | **—** | **(2.3)** | **—** | **—** | **—** | **(2.3)** | **0.1** | **(2.2)** |
| &nbsp;&nbsp;&nbsp;Cash dividends | **—** | **—** | **—** | **—** | **—** | **(6.3)** | **—** | **—** | **—** | **(6.3)** | **—** | **(6.3)** |
| &nbsp;&nbsp;&nbsp;Accrued dividends | **0.2** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Current period other comprehensive income (loss) | **—** | **—** | **—** | **—** | **—** | **—** | **2.2** | **(2.6)** | **—** | **(0.4)** | **—** | **(0.4)** |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income (loss) | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(2.7)** | **0.9** | **(1.8)** | **—** | **(1.8)** |
| &nbsp;&nbsp;&nbsp;Foreign currency translation on noncontrolling interest | **0.1** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Balance, September 30, 2025** | $**15.1** | $**0.1** | $**0.1** | $**(15.3)** | $**356.4** | $**348.1** | $**(102.6)** | $**9.7** | $**(60.5)** | $**536.0** | $**4.3** | $**540.3** |

---

See notes to unaudited condensed consolidated financial statements.

------

<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES** 

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Temporary Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** |
| | | | | | | | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Other Comprehensive Income (Loss)** | | | |
| |<br>**Redeemable Noncontrolling Interest** |<br>**Class A Common Stock** |<br>**Class B Common Stock** |<br>**Treasury Stock** |<br>**Capital in Excess of Par Value** |<br>**Retained Earnings** | **Foreign Currency Translation Adjustment** | **Deferred Gain (Loss) on Cash Flow Hedging** | **Pension Adjustment** |<br>**Total Stockholders' Equity** |<br>**Noncontrolling Interests** |<br>**Total Permanent Equity** |
| | | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| **Balance, December 31, 2023** | $14.8 | $0.1 | $0.1 | $— | $327.7 | $256.3 | $(118.3) | $(9.0) | $(67.0) | $389.9 | $2.1 | $392.0 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | **—** | **—** |  | 22.0 |  |  |  |  | 22.0 |  | 22.0 |
| &nbsp;&nbsp;&nbsp;Stock issued under stock compensation plans |  | **—** | **—** | 0.4 | (9.5) |  |  |  |  | (9.1) |  | (9.1) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  | **—** | **—** | (9.1) | 9.1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | 0.3 | **—** | **—** |  |  | 132.0 |  |  |  | 132.0 | 0.5 | 132.5 |
| &nbsp;&nbsp;&nbsp;Cash dividends | (0.9) | **—** | **—** |  |  | (17.9) |  |  |  | (17.9) | (0.4) | (18.3) |
| &nbsp;&nbsp;&nbsp;Accrued dividends | 0.7 | **—** | **—** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current period other comprehensive loss |  | **—** | **—** |  |  |  | 0.7 | (12.4) |  | (11.7) |  | (11.7) |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income |  | **—** | **—** |  |  |  |  | 22.2 | 2.5 | 24.7 |  | 24.7 |
| &nbsp;&nbsp;&nbsp;Purchase of noncontrolling interest |  | **—** | **—** | **—** |  |  |  |  |  |  | 1.7 | 1.7 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation on noncontrolling interest | 0.1 | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | 0.2 | 0.2 |
| **Balance, September 30, 2024** | $15.0 | $0.1 | $0.1 | $(8.7) | $349.3 | $370.4 | $(117.6) | $0.8 | $(64.5) | $529.9 | $4.1 | $534.0 |
| **Balance, December 31, 2024** | $**14.9** | $**0.1** | $**0.1** | $**(13.6)** | $**350.9** | $**374.6** | $**(161.5)** | $**(12.4)** | $**(63.1)** | $**475.1** | $**4.1** | $**479.2** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **—** | **—** | **—** | **—** | **8.3** | **—** | **—** | **—** | **—** | **8.3** | **—** | **8.3** |
| &nbsp;&nbsp;&nbsp;Stock issued under stock compensation plans | **—** | **—** | **—** | **2.8** | **(7.3)** | **—** | **—** | **—** | **—** | **(4.5)** | **—** | **(4.5)** |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | **—** | **—** | **—** | **(4.5)** | **4.5** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Net income (loss) | **0.2** | **—** | **—** | **—** | **—** | **(7.6)** | **—** | **—** | **—** | **(7.6)** | **0.3** | **(7.3)** |
| &nbsp;&nbsp;&nbsp;Cash dividends | **(0.9)** | **—** | **—** | **—** | **—** | **(18.9)** | **—** | **—** | **—** | **(18.9)** | **(0.4)** | **(19.3)** |
| &nbsp;&nbsp;&nbsp;Accrued dividends | **0.7** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;Current period other comprehensive income | **—** | **—** | **—** | **—** | **—** | **—** | **58.9** | **20.7** | **—** | **79.6** | **—** | **79.6** |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **1.4** | **2.6** | **4.0** | **—** | **4.0** |
| &nbsp;&nbsp;&nbsp;Purchase of noncontrolling interest | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **0.2** | **0.2** |
| &nbsp;&nbsp;&nbsp;Foreign currency translation on noncontrolling interest | **0.2** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **0.1** | **0.1** |
| **Balance, September 30, 2025** | $**15.1** | $**0.1** | $**0.1** | $**(15.3)** | $**356.4** | $**348.1** | $**(102.6)** | $**9.7** | $**(60.5)** | $**536.0** | $**4.3** | $**540.3** |

---

See notes to unaudited condensed consolidated financial statements.

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<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**HYSTER-YALE, INC. AND SUBSIDIARIES** 

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

(Dollars in Millions, Except Per Share Data)

**Note 1—Basis of Presentation** 

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc. ("HYMH"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, aftermarket parts and technology and energy solutions marketed globally under the Hyster<sup>®</sup>, Yale<sup>®</sup> and Nuvera<sup>®</sup> brand names, mainly to independent Hyster<sup>®</sup> and Yale<sup>®</sup> retail dealerships. Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.

The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading producer and distributor of attachments, forks and lift tables marketed globally under the Bolzoni<sup>®</sup>, Auramo<sup>®</sup> and Meyer<sup>®</sup> brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the U.S., Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation within one year after the date of acquisition.

During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker ("CODM") manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, *Business Segments*, for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.

Investments in Sumitomo NACCO Forklift Co., Ltd. ("SN"), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20%-owned joint venture, are accounted for by the equity method. The Company's percentage share of the net income or loss from these equity investments is reported on the line "Income from unconsolidated affiliates" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2025 and the results of its operations and changes in equity for the three and nine months ended September 30, 2025 and 2024, and the results of its cash flows for the nine months ended September 30, 2025 and 2024 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

The accompanying unaudited condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.

**Note 2—Recently Issued Accounting Standards**

**Adopted Accounting Pronouncements**

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

**Recent Accounting Pronouncements**

The following table provides a brief description of ASUs not yet adopted:

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Required Date of Adoption** | **Effect on the financial statements or other significant matters** |
| ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) | The guidance provides requirements for new and updated income tax disclosures. | Annual periods after December 15, 2024 | The Company will apply the guidance for annual periods subsequent to December 15, 2024 for new income tax disclosures. |
| ASU 2024-03— Disaggregation of Income Statement Expenses | The guidance requires disaggregated disclosures of income statement expenses. | Annual periods after December 15, 2026 | The Company is currently evaluating the guidance and the effect on its related disclosures. |
| ASU 2025-06— Intangibles — Goodwill and other — Internal use software | The guidance amends certain aspects of the accounting for and disclosure of software costs. | Interim and annual periods after December 15, 2027 | The Company is currently evaluating the guidance and the effect on its related disclosures. |

---

**Note 3—Revenue**

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11, *Product Warranties*, for further information on product warranties.

The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.

The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.

For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2025 and 2024.

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The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line "Selling, general and administrative expenses" in the unaudited condensed consolidated statements of operations.

The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported in "Cost of sales" in the unaudited condensed consolidated statements of operations. Tariff surcharges received as part of the consideration from customers are included in "Revenues" in the unaudited condensed consolidated statements of operations.

The following table disaggregates revenue by category:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
| | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
| | Lift truck business | Lift truck business | Lift truck business | | | |
| | Americas | EMEA | JAPIC |<br>Bolzoni |<br>Eliminations |<br>Total |
| Dealer sales | $**330.1** | $**118.4** | $**39.4** | $**—** | $**—** | $**487.9** |
| Direct customer sales | **169.7** | **1.9** | **—** | **—** | **—** | **171.6** |
| Aftermarket sales | **192.8** | **24.5** | **6.9** | **—** | **—** | **224.2** |
| Other | **40.1** | **5.3** | **0.2** | **87.0** | **(37.2)** | **95.4** |
| Total Revenues | $**732.7** | $**150.1** | $**46.5** | $**87.0** | $**(37.2)** | $**979.1** |
|  | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED |
|  | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
|  | Lift truck business | Lift truck business | Lift truck business |  |  |  |
|  | Americas | EMEA | JAPIC | Bolzoni | Eliminations | Total |
| Dealer sales | $412.4 | $111.7 | $43.6 | $— | $— | $567.7 |
| Direct customer sales | 155.7 | 1.4 |  |  |  | 157.1 |
| Aftermarket sales | 184.4 | 25.7 | 7.4 |  |  | 217.5 |
| Other | 19.0 | 6.2 | 0.3 | 97.6 | (49.3) | 73.8 |
| Total Revenues | $771.5 | $145.0 | $51.3 | $97.6 | $(49.3) | $1016.1 |
|  | **NINE MONTHS ENDED** | **NINE MONTHS ENDED** | **NINE MONTHS ENDED** | **NINE MONTHS ENDED** | **NINE MONTHS ENDED** | **NINE MONTHS ENDED** |
|  | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** | **SEPTEMBER 30, 2025** |
|  | Lift truck business | Lift truck business | Lift truck business |  |  |  |
|  | Americas | EMEA | JAPIC | Bolzoni | Eliminations | Total |
| Dealer sales | $**920.0** | $**321.7** | $**122.3** | $**—** | $**—** | $**1364.0** |
| Direct customer sales | **521.6** | **3.7** | **—** | **—** | **—** | **525.3** |
| Aftermarket sales | **579.2** | **74.9** | **18.9** | **—** | **—** | **673.0** |
| Other | **118.3** | **16.3** | **1.0** | **257.9** | **(109.7)** | **283.8** |
| Total Revenues | $**2139.1** | $**416.6** | $**142.2** | $**257.9** | $**(109.7)** | $**2846.1** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | NINE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| | Lift truck business | Lift truck business | Lift truck business | | | |
| | Americas | EMEA | JAPIC |<br>Bolzoni |<br>Eliminations |<br>Total |
| Dealer sales | $1302.9 | $430.1 | $117.9 | $— | $— | $1850.9 |
| Direct customer sales | 485.6 | 4.6 |  |  |  | 490.2 |
| Aftermarket sales | 547.9 | 78.6 | 19.3 |  |  | 645.8 |
| Other | 86.5 | 18.9 | 0.5 | 296.2 | (148.3) | 253.8 |
| Total Revenues | $2422.9 | $532.2 | $137.7 | $296.2 | $(148.3) | $3240.7 |

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Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to major customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the U.S., Bolzoni also has revenue for sales of forklift components to HYMH plants. In all revenue transactions, the Company receives cash equal to the invoice price and the amount of consideration received and revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni and the lift truck business have been eliminated.

**Deferred Revenue:** The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Amounts below include both current and long-term portions of deferred revenue.

---

| | |
|:---|:---|
| | **Deferred Revenue** |
| Balance, December 31, 2024 | $71.3 |
| Customer deposits and billings | 50.4 |
| Revenue recognized | (59.7) |
| Foreign currency effect | 0.6 |
| Balance, September 30, 2025 | $62.6 |

---

**Note 4—Business Segments** 

The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni.

Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.

The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated.

During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the

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Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| **Revenues from external customers** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**732.7** | $771.5 | $**2139.1** | $2422.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **150.1** | 145.0 | **416.6** | 532.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **46.5** | 51.3 | **142.2** | 137.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **929.3** | 967.8 | **2697.9** | 3092.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **87.0** | 97.6 | **257.9** | 296.2 |
| &nbsp;&nbsp;&nbsp; Eliminations | **(37.2)** | (49.3) | **(109.7)** | (148.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**979.1** | $1016.1 | $**2846.1** | $3240.7 |
| **Cost of Sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**614.9** | $626.7 | $**1748.9** | $1902.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **137.8** | 125.5 | **376.6** | 446.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **42.3** | 45.7 | **132.5** | 123.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **795.0** | 797.9 | **2258.0** | 2472.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **65.6** | 74.3 | **196.6** | 228.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(37.4)** | (49.0) | **(110.3)** | (148.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**823.2** | $823.2 | $**2344.3** | $2552.8 |
| **Gross profit (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**117.8** | $144.8 | $**390.2** | $520.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **12.3** | 19.5 | **40.0** | 85.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **4.2** | 5.6 | **9.7** | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **134.3** | 169.9 | **439.9** | 620.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **21.4** | 23.3 | **61.3** | 67.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **0.2** | (0.3) | **0.6** | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**155.9** | $192.9 | $**501.8** | $687.9 |
| **Selling, general and administrative expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**95.7** | $103.7 | $**297.3** | $306.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **29.2** | 29.1 | **88.4** | 85.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **8.4** | 8.7 | **27.9** | 28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **133.3** | 141.5 | **413.6** | 420.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **19.3** | 17.1 | **56.2** | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**152.6** | $158.6 | $**469.8** | $474.2 |
| **Adjustments**<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**1.0** | $0.2 | $**17.6** | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **—** |  | **(1.6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **—** | 1.0 | **0.9** | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **1.0** | 1.2 | **16.9** | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**1.0** | $1.2 | $**16.9** | $1.2 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| **Operating profit (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**21.1** | $40.9 | $**75.3** | $213.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **(16.9)** | (9.6) | **(46.8)** | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **(4.2)** | (4.1) | **(19.1)** | (15.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **—** | 27.2 | **9.4** | 198.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **2.1** | 6.2 | **5.1** | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eliminations | **0.2** | (0.3) | **0.6** | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**2.3** | $33.1 | $**15.1** | $212.5 |
| **Interest expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**7.5** | $7.6 | $**22.0** | $23.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **0.2** | 0.3 | **0.6** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **0.3** | 0.3 | **0.9** | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(0.2)** | (0.2) | **(0.6)** | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **7.8** | 8.0 | **22.9** | 25.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **0.5** | 0.7 | **1.6** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(0.3)** | (0.3) | **(0.9)** | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**8.0** | $8.4 | $**23.6** | $26.1 |
| **Depreciation and amortization** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**4.4** | $4.7 | $**13.5** | $14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **2.3** | 2.3 | **6.6** | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **1.5** | 1.9 | **4.8** | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **8.2** | 8.9 | **24.9** | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **3.1** | 2.8 | **9.2** | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**11.3** | $11.7 | $**34.1** | $35.8 |
| **Capital expenditures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**(10.3)** | $(6.1) | $**(24.7)** | $(20.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **(2.7)** | (1.4) | **(7.1)** | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **(0.1)** | (0.8) | **(2.4)** | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **(13.1)** | (8.3) | **(34.2)** | (26.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **(1.4)** | (1.9) | **(4.7)** | (3.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**(14.5)** | $(10.2) | $**(38.9)** | $(29.9) |

---

<sup>(a)</sup> Consists of restructuring charges (reversals) recognized during the three and nine months ended September 30, 2025 and 2024 related to programs initiated in 2024 and the strategic realignment of Nuvera in 2025. See Note 15, *Restructuring and Impairment Charges*, of the Company's unaudited condensed consolidated financial statements for further discussion.

---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30<br>2025 | DECEMBER 31 2024 |
| **Total assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americas | $**1949.3** | $1938.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | **680.2** | 678.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **257.4** | 252.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(951.8)** | (928.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **1935.1** | 1941.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **327.8** | 290.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(202.4)** | (203.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | **2060.5** | 2029.2 |

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**Note 5—Income Taxes**

The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law in the U.S. While the legislation did not change the U.S. federal corporate income tax rate or result in a remeasurement of deferred tax balances, it contained provisions applicable to the beginning of the current reporting year that impact the timing of certain deductions, including, among others, the immediate expensing of domestic research and development expenditures. As the provisions of the OBBBA impact current taxes on current-year ordinary income, the impact of the law change has been incorporated into the revised estimated annual effective income tax rate beginning in the third quarter of 2025.

The Company expects the general impact of the new legislation to decrease its 2025 U.S. cash tax payments due to the current expensing of domestic research and development costs.

The Company continues to evaluate the OBBBA's other provisions, related administrative guidance, and potential U.S. state and local legislative changes in response to the new law but does not expect additional material impacts to the income tax expense or cash taxes for the year ending December 31, 2025; however, the ultimate effects could differ as further guidance is issued and as our facts change.

A reconciliation of the U.S. federal statutory rate to the reported income tax rate is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| Income (Loss) before income taxes | $**(4.6)** | $28.1 | $**(1.0)** | $195.0 |
| Statutory taxes (21%) | $**(0.9)** | $6.0 | $**(0.2)** | $41.0 |
| Interim adjustment | **(1.0)** |  | **3.3** | 0.4 |
| Permanent adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | **(3.5)** | 4.0 | **0.6** | 13.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **0.1** | 0.6 | **(0.1)** | 7.8 |
| Discrete items | **2.4** | (0.3) | **1.8** | (1.4) |
| Income tax expense (benefit) | $**(2.9)** | $10.3 | $**5.4** | $61.5 |
| Reported income tax rate | **n.m.** | 36.7% | **n.m.** | 31.5% |
| n.m. - not meaningful |  |  |  |  |

---

During the first nine months of 2025, the Company's reported income tax expense differed from the tax benefit determined using the U.S. federal statutory rate primarily due to an interim adjustment from pre-tax losses for which no tax benefit was recognized.

During the first nine months of 2024, the Company's reported income tax expense differed from the tax expense determined using the U.S. federal statutory rate primarily as a result of recording additional valuation allowance attributable to the capitalization of research and development expenses under U.S. tax rules applicable during that period.

During the third quarter of 2025, the Company recorded a discrete tax expense of $2.4 million primarily related to unfavorable domestic return-to-provision items for temporary differences for which a valuation allowance was provided.

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**Note 6—Reclassifications from OCI** 

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OCI Components** | **Amount Reclassified from OCI** | **Amount Reclassified from OCI** | **Amount Reclassified from OCI** | **Amount Reclassified from OCI** | **Affected Line Item** |
|  | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |  |
|  | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |  |
|  | **2025** | 2024 | **2025** | 2024 |  |
| **Gain (loss) on cash flow hedges:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $**1.4** | $1.9 | $**4.1** | $5.5 | Interest expense |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **1.3** | (8.9) | **(5.3)** | (27.8) | Cost of sales |
| Total before tax | **2.7** | (7.0) | **(1.2)** | (22.3) | Income before income taxes |
| Tax (expense) benefit | **—** |  | **(0.2)** | 0.1 | Income tax expense |
| Net of tax | $**2.7** | $(7.0) | $**(1.4)** | $(22.2) | Net income |
| **Amortization of defined benefit pension items:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss | $**(0.8)** | $(0.8) | $**(2.5)** | $(2.5) | Other, net |
| Total before tax | **(0.8)** | (0.8) | **(2.5)** | (2.5) | Income before income taxes |
| Tax (expense) benefit | **(0.1)** |  | **(0.1)** |  | Income tax expense |
| Net of tax | $**(0.9)** | $(0.8) | $**(2.6)** | $(2.5) | Net income |
| **Total reclassifications for the period** | $**1.8** | $(7.8) | $**(4.0)** | $(24.7) |  |

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**Note 7—Current and Long-Term Financing**

During the second quarter of 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the "Facility"). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company's previous revolving credit facility, which was set to mature in June 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.

The obligations under the Facility are generally secured by a first priority lien on working capital assets of the Company, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.

Borrowings under the Facility will bear interest at a floating rate, which can be a base rate, Term SOFR or EURIBOR, each as defined in the Facility, plus an applicable margin. The applicable margins are based on the total excess availability, as defined in the Facility, and range from 0.25% to 0.75% for U.S. base rate loans and 1.25% to 1.75% for Term SOFR, EURIBOR and foreign base rate loans. For the period prior to the date of amendment, the applicable margins under the Facility were 0.50% for U.S. base rate loans and 1.50% for Term SOFR, EURIBOR and foreign base rate loans. In addition, the Facility requires the payment of a fee of 0.25% per annum on the unused commitment based on the average daily outstanding balance during the preceding month.

In addition, the Facility includes restrictive covenants, which, among other things, limit additional borrowings and

investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments Hyster-Yale and its subsidiaries may make unless certain total excess

availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than the greater of (x) 10% of the total borrowing base, as defined in the Facility, and (y) $20.0 million. At September 30, 2025, the Company was in compliance with the covenants in the Facility.

The Company incurred approximately $2.1 million of additional financing fees in connection with the Facility. These fees were deferred and are being amortized as interest expense over the term of the Facility.

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**Note 8—Financial Instruments and Derivative Financial Instruments** 

**Financial Instruments**

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At September 30, 2025, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $444.9 million and $438.5 million, respectively. At December 31, 2024, the carrying value and fair value of revolving credit agreements and long-term debt, excluding finance leases, was $417.3 million and $416.8 million, respectively.

**Derivative Financial Instruments**

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

**Foreign Currency Derivatives:** The Company held forward foreign currency exchange contracts with total notional amounts of $0.7 billion and $0.8 billion at September 30, 2025 and December 31, 2024, respectively, primarily denominated in euros, U.S. dollars, Japanese yen, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars. The fair value of these contracts approximated a net asset of $4.3 million and a net liability of $18.5 million at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2025, $5.6 million of the amount of net deferred gain included in OCI at September 30, 2025 is expected to be reclassified as income into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Notional Amount** | **Notional Amount** | **Average Fixed Rate** | **Average Fixed Rate** | |
| **SEPTEMBER 30,** | DECEMBER 31 | **SEPTEMBER 30,** | DECEMBER 31 |  |
| **2025** | 2024 | **2025** | 2024 | **Term at September 30, 2025** |
| $**180.0** | $180.0 | **1.65%** | 1.65% | Extending to May 2027 |
| $**21.5** | $12.0 | **2.19%** | 1.93% | Extending to July 2030 |

---

The fair value of all interest rate swap agreements was a net asset of $5.1 million and $9.9 million at September 30, 2025 and December 31, 2024, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2025, $4.1 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Balance Sheet Location** | **SEPTEMBER 30, 2025** | DECEMBER 31, 2024 | **Balance Sheet Location** | **SEPTEMBER 30, 2025** | DECEMBER 31, 2024 |
| **Derivatives designated as hedging instruments** | **Derivatives designated as hedging instruments** |  |  |  |  |  |
| Cash Flow Hedges | Cash Flow Hedges |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swap agreements | &nbsp;&nbsp;&nbsp;Interest rate swap agreements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Prepaid expenses and other | $**3.5** | $4.3 | Prepaid expenses and other | $**—** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term | Other non-current assets | **1.6** | 5.6 | Other non-current assets | **—** |  |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Prepaid expenses and other | **11.9** | 1.4 | Prepaid expenses and other | **5.0** | 0.5 |
|  | Other current liabilities | **0.6** | 3.4 | Other current liabilities | **2.2** | 17.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term | Other non-current assets | **0.7** |  | Other non-current assets | **0.1** |  |
|  | Other long-term liabilities | **0.9** | 0.8 | Other long-term liabilities | **1.9** | 5.6 |
| Total derivatives designated as hedging instruments | Total derivatives designated as hedging instruments | $**19.2** | $15.5 |  | $**9.2** | $23.2 |
| **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** |  |  |  |  |  |
| Cash Flow Hedges | Cash Flow Hedges |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | Prepaid expenses and other | **0.1** | 0.8 | Prepaid expenses and other | **0.6** | 1.2 |
|  | Other current liabilities | **1.2** | 2.3 | Other current liabilities | **1.3** | 2.8 |
| Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $**1.3** | $3.1 |  | $**1.9** | $4.0 |
| **Total derivatives** | **Total derivatives** | $**20.5** | $18.6 |  | $**11.1** | $27.2 |

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Assets as of September 30, 2025** | **Derivative Assets as of September 30, 2025** | **Derivative Assets as of September 30, 2025** | **Derivative Assets as of September 30, 2025** | **Derivative Liabilities as of September 30, 2025** | **Derivative Liabilities as of September 30, 2025** | **Derivative Liabilities as of September 30, 2025** | **Derivative Liabilities as of September 30, 2025** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset** | **Net Amounts Presented** | **Net Amount** | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset** | **Net Amounts Presented** | **Net Amount** |
| Cash Flow Hedges |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swap agreements | $**5.1** | $**—** | $**5.1** | $**5.1** | $**—** | $**—** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | **7.0** | **(2.7)** | **4.3** | **4.3** | **2.7** | **(2.7)** | **—** | **—** |
| **Total derivatives** | $**12.1** | $**(2.7)** | $**9.4** | $**9.4** | $**2.7** | $**(2.7)** | $**—** | $**—** |
|  | Derivative Assets as of December 31, 2024 | Derivative Assets as of December 31, 2024 | Derivative Assets as of December 31, 2024 | Derivative Assets as of December 31, 2024 | Derivative Liabilities as of December 31, 2024 | Derivative Liabilities as of December 31, 2024 | Derivative Liabilities as of December 31, 2024 | Derivative Liabilities as of December 31, 2024 |
|  | Gross Amounts of Recognized Assets | Gross Amounts Offset | Net Amounts Presented | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Net Amount |
| Cash Flow Hedges |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swap agreements | $9.9 | $— | $9.9 | $9.9 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | 0.5 | (0.5) |  |  | 19.0 | (0.5) | 18.5 | 18.5 |
| Total derivatives | $10.4 | $(0.5) | $9.9 | $9.9 | $19.0 | $(0.5) | $18.5 | $18.5 |

---

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 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) | Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) | Amount 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 | NINE MONTHS ENDED | NINE MONTHS ENDED | | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, |
| Derivatives Designated as Hedging Instruments | **2025** | 2024 | **2025** | 2024 |  | **2025** | 2024 | **2025** | 2024 |
| Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swap agreements | $**0.3** | $(3.5) | $**(1.0)** | $1.0 | Interest expense | $**1.4** | $1.9 | $**4.1** | $5.5 |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | **(2.8)** | 17.3 | **21.4** | (13.7) | Cost of sales | **1.3** | (8.9) | **(5.3)** | (27.8) |
| **Total** | $**(2.5)** | $13.8 | $**20.4** | $(12.7) |  | $**2.7** | $(7.0) | $**(1.2)** | $(22.3) |
| Derivatives Not Designated as Hedging Instruments |  |  |  |  | Location of Gain or (Loss) Recognized in Income on Derivative | **2025** | 2024 | **2025** | 2024 |
| Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts |  |  |  |  | Cost of sales | $**(2.0)** | $3.9 | $**4.9** | $(1.4) |
| **Total** |  |  |  |  |  | $**(2.0)** | $3.9 | $**4.9** | $(1.4) |

---

**Note 9—Retirement Benefit Plans** 

The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of government and corporate bonds and publicly traded stocks.

Pension benefits for employees covered under the Company's U.S. and United Kingdom ("U.K.") plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2024, the Company and the trustee initiated a de-risking strategy for the U.K. plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities. During 2025, the trustee entered into a buy-in contract for the U.K. plan with a third-party insurance company. The trustee may choose to convert the buy-in policy to a buy-out contract by assigning individual insurance contracts to members. This process may extend for a significant period of time. Until any potential buy-out process is completed, the trustee remains responsible for the administration of the

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U.K. plan, allocation of non-insured plan assets and payment of employee retirement benefits. If a buy-out of the U.K. plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K. plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings.

The Company presents the components of net periodic pension expense (benefit), other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension expense (benefit) are set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, |
| | **2025** | 2024 | **2025** | 2024 |
| **U.S. Pension** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | $**0.5** | $0.6 | $**1.6** | $1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | **(0.5)** | (0.7) | **(1.6)** | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial loss | **0.5** | 0.5 | **1.4** | 1.5 |
| Net periodic pension expense | $**0.5** | $0.4 | $**1.4** | $1.2 |
| **Non-U.S. Pension** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest cost | **1.6** | 1.4 | **4.5** | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | **(1.4)** | (1.8) | **(4.0)** | (5.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial loss | **0.3** | 0.3 | **1.1** | 1.0 |
| Net periodic pension expense (benefit) | $**0.5** | $(0.1) | $**1.6** | $(0.3) |

---

**Note 10—Inventories** 

Inventories are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **SEPTEMBER 30, 2025** | DECEMBER 31, 2024 |
| Finished goods and service parts | $**422.9** | $393.3 |
| Work in process | **31.4** | 32.1 |
| Raw materials | **409.9** | 431.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total manufactured inventories | **864.2** | 857.1 |
| LIFO reserve | **(123.9)** | (102.8) |
| Total inventory | $**740.3** | $754.3 |

---

Inventories are stated at the lower of cost or market for last-in, first-out ("LIFO") inventory or lower of cost or net realizable value for first-in, first-out ("FIFO") inventory. At September 30, 2025 and December 31, 2024, 52% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

As a result of the Nuvera business realignment, during the nine months ended September 30, 2025, the Company identified and recorded impairment charges of $4.6 million related to inventory. The charges are presented within the "Restructuring and impairment charges" line on the unaudited condensed consolidated statement of operations. Refer to Note 15, *Restructuring and Impairment Charges*, for further discussion.

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**Note 11—Product Warranties**

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 operating hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 operating hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 operating hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 operating hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements as part of its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

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| | |
|:---|:---|
| | **2025** |
| Balance at December 31, 2024 | $87.2 |
| Current year warranty expense | 21.6 |
| Change in estimate related to pre-existing warranties | (0.3) |
| Payments made | (35.1) |
| Foreign currency effect | 1.7 |
| **Balance at September 30, 2025** | $75.1 |

---

**Note 12—Contingencies** 

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its business, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

**Note 13—Guarantees** 

Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at September 30, 2025 and December 31, 2024 were $154.7 million and $219.2 million, respectively. As of September 30, 2025, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at September 30, 2025 was approximately $204.5 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of September 30, 2025, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no

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assurance that the risk may not increase in the future. In addition, the Company has an agreement with Wells Fargo Financial Leasing, Inc. ("WF") to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $31.3 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $15.8 million as of September 30, 2025. The $31.3 million is included in the $154.7 million of total amounts subject to recourse or repurchase obligations at September 30, 2025.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At September 30, 2025, approximately $128.9 million of the Company's total recourse or repurchase obligations of $154.7 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS' debt with WF, such that the Company would become liable under the terms of HYGFS' debt agreements with WF in the case of default by HYGFS. At September 30, 2025, loans from WF to HYGFS totaled $1.4 billion. Although the Company's contractual guarantee was $285.3 million, the loans by WF to HYGFS are secured by HYGFS' customer receivables, of which the Company guarantees $128.9 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS' loans to WF, the Company's incremental obligation as a result of this guarantee to WF is $262.6 million, which is secured by the Company's 20% share of HYGFS' customer receivables and other secured assets of $341.5 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.

**Note 14—Equity and Debt Investments** 

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster<sup>®</sup> and Yale<sup>®</sup> 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<sup>®</sup>- and Yale<sup>®</sup>-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:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;HYGFS | $**27.3** | $27.7 |
| &nbsp;&nbsp;&nbsp;SN | **28.8** | 26.6 |
| &nbsp;&nbsp;&nbsp;Bolzoni investments | **0.5** | 0.4 |

---

Dividends received from unconsolidated affiliates are summarized below:

---

| | | |
|:---|:---|:---|
| | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;HYGFS | $**7.9** | $4.4 |

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Summarized financial information for HYGFS and SN is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| Revenues | $**108.7** | $108.2 | $**332.2** | $319.5 |
| Gross profit | **39.1** | 42.4 | **120.0** | 121.9 |
| Income from continuing operations, net of tax | **8.8** | 14.1 | **34.4** | 37.0 |
| Net income | **8.8** | 14.1 | **34.4** | 37.0 |

---

The Company has a debt investment in a third party, OneH2, Inc. The Company's investment was $0.8 million as of September 30, 2025 and December 31, 2024, respectively.

**Note 15—Restructuring and Impairment Charges**

During the three and nine months ended September 30, 2025, the Company recognized restructuring and impairment charges of $1.0 million ($1.0 million in the Americas) and $16.9 million ($17.6 million in the Americas, $(1.6) million in EMEA and $0.9 million in JAPIC), respectively. During the three and nine months ended September 30, 2024, the Company recognized restructuring and impairment charges of $1.2 million ($1.0 million in JAPIC and $0.2 million in the Americas). These charges were previously reported in "Selling, general and administrative expenses" in the unaudited condensed consolidated statement of operations in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025. Comparative prior period amounts have been recast to reflect this reclassification.

In connection with the strategic realignment of Nuvera, the Company identified indicators of impairment primarily related to the recoverability of long-lived assets and inventory, all of which negatively impacted the Company and arose from adverse developments in the geopolitical and hydrogen markets. As a result, it was determined that the carrying value of the Nuvera fixed assets exceeded the undiscounted cash flows from the assets and the carrying value of Nuvera's fixed assets exceeded the fair value. Accordingly, the Company recognized restructuring and impairment charges during the nine months ended September 30, 2025 of $15.2 million, of which $9.6 million related to the impairment of certain long-lived assets and $4.6 million related to reducing inventory to its estimated net realizable value. In addition, the Company recognized $1.0 million of employee-severance costs related to the strategic realignment during the nine months ended September 30, 2025.

These charges were recognized within the Americas operating segment and are presented within the unaudited condensed consolidated statement of operations on the line "Restructuring and impairment charges." The Company does not expect to incur significant additional charges related to this strategic realignment.

In addition, the Company recognized $1.0 million and $1.7 million during the three and nine months ended September 30, 2025, respectively, in connection with the programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. These costs are included in "Restructuring and impairment charges" in the unaudited condensed consolidated statements of operations. The Company expects to execute these programs over the next 12 to 15 months and expects to incur an additional $3 million through the end of 2025, and between $12 million to $25 million in 2026, with some previously estimated costs shifting from 2025 to 2026.

Following is the detail of the accrual for cash severance charges related to these programs:

---

| | |
|:---|:---|
| | **Severance** |
| Balance, January 1, 2025 | $12.2 |
| Charges | 1.9 |
| Payments | (6.9) |
| Reversals | (1.6) |
| Currency | 0.2 |
| Balance, September 30, 2025 | $**5.8** |

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**<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>** 

(Dollars in Millions, Except Per Share Data)

Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company, Hyster-Yale Materials Handling, Inc. ("HYMH"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks.

The Company, through HYMH, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, aftermarket parts and technology and energy solutions marketed globally, under the Hyster<sup>®</sup>, Yale<sup>®</sup> and Nuvera® brand names, mainly to independent Hyster<sup>®</sup> and Yale<sup>®</sup> retail dealerships. The Company's distribution network consisted of approximately 270 independent dealers as of September 30, 2025. The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured in the United States, Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.

The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading producer and distributor of attachments, forks and lift tables marketed globally under the Bolzoni<sup>®</sup>, Auramo<sup>®</sup> and Meyer<sup>®</sup> brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

In May 2025, Bolzoni acquired 100% of the equity interest of a manufacturing business in Italy for an aggregate purchase price of $2.6 million, net of cash acquired. In addition, the agreement may require additional consideration to be paid by Bolzoni based upon the acquired business achieving certain revenue and profitability metrics in future years. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than one year after the date of acquisition.

During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("Nuvera") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker ("CODM") manages and evaluates the business. These changes did not impact the Company's condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, *Business Segments* to the unaudited condensed consolidated financial statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 19 through 20 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Critical Accounting Policies and Estimates have not materially changed since December 31, 2024.

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**FINANCIAL REVIEW**

The results of operations for the Company were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | Favorable / (Unfavorable) | NINE MONTHS ENDED | NINE MONTHS ENDED | Favorable / (Unfavorable) |
| | SEPTEMBER 30, | SEPTEMBER 30, | Favorable / (Unfavorable) | SEPTEMBER 30, | SEPTEMBER 30, | Favorable / (Unfavorable) |
| | **2025** | 2024 | % Change | **2025** | 2024 | % Change |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $**732.7** | $771.5 | (5.0)% | $**2139.1** | $2422.9 | (11.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMEA | **150.1** | 145.0 | 3.5% | **416.6** | 532.2 | (21.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **46.5** | 51.3 | (9.4)% | **142.2** | 137.7 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **929.3** | 967.8 | (4.0)% | **2697.9** | 3092.8 | (12.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **87.0** | 97.6 | (10.9)% | **257.9** | 296.2 | (12.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **(37.2)** | (49.3) | (24.5)% | **(109.7)** | (148.3) | (26.0)% |
|  | $**979.1** | $1016.1 | (3.6)% | $**2846.1** | $3240.7 | (12.2)% |
| **Gross profit (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $**117.8** | $144.8 | (18.6)% | $**390.2** | $520.2 | (25.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMEA | **12.3** | 19.5 | (36.9)% | **40.0** | 85.9 | (53.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **4.2** | 5.6 | (25.0)% | **9.7** | 14.0 | (30.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **134.3** | 169.9 | (21.0)% | **439.9** | 620.1 | (29.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **21.4** | 23.3 | (8.2)% | **61.3** | 67.5 | (9.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **0.2** | (0.3) | n.m. | **0.6** | 0.3 | 100.0% |
|  | $**155.9** | $192.9 | (19.2)% | $**501.8** | $687.9 | (27.1)% |
| **Selling, general and administrative expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $**95.7** | $103.7 | 7.7% | $**297.3** | $306.4 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMEA | **29.2** | 29.1 | (0.3)% | **88.4** | 85.5 | (3.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **8.4** | 8.7 | 3.4% | **27.9** | 28.3 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **133.3** | 141.5 | 5.8% | **413.6** | 420.2 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **19.3** | 17.1 | (12.9)% | **56.2** | 54.0 | (4.1)% |
|  | $**152.6** | $158.6 | 3.8% | $**469.8** | $474.2 | 0.9% |
| **Restructuring and impairment charges (reversals)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $**1.0** | $0.2 | (400.0)% | $**17.6** | $0.2 | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;EMEA | **—** |  | n.m. | **(1.6)** |  | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **—** | 1.0 | 100.0% | **0.9** | 1.0 | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **1.0** | **1.2** | 16.7% | **16.9** | **—** | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **—** |  | n.m. | **—** |  | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **—** |  | n.m. | **—** |  | n.m. |
|  | $**1.0** | $1.2 | n.m. | $**16.9** | $— | n.m. |
| **Operating profit (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $**21.1** | $40.9 | (48.4)% | $**75.3** | $213.6 | (64.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMEA | **(16.9)** | (9.6) | (76.0)% | **(46.8)** | 0.4 | n.m. |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPIC | **(4.2)** | (4.1) | (2.4)% | **(19.1)** | (15.3) | (24.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lift truck business | **—** | 27.2 | (100.0)% | **9.4** | 198.7 | (95.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolzoni | **2.1** | 6.2 | (66.1)% | **5.1** | 13.5 | (62.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | **0.2** | (0.3) | n.m. | **0.6** | 0.3 | 100.0% |
|  | $**2.3** | $33.1 | (93.1)% | $**15.1** | $212.5 | (92.9)% |

---

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<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | Favorable / (Unfavorable) | NINE MONTHS ENDED | NINE MONTHS ENDED | Favorable / (Unfavorable) |
| | SEPTEMBER 30, | SEPTEMBER 30, | Favorable / (Unfavorable) | SEPTEMBER 30, | SEPTEMBER 30, | Favorable / (Unfavorable) |
| | **2025** | 2024 | % Change | **2025** | 2024 | % Change |
| **Interest expense** | $**8.0** | $8.4 | 4.8% | $**23.6** | $26.1 | 9.6% |
| **Other income** | $**(1.1)** | $(3.4) | (67.6)% | $**(7.5)** | $(8.6) | (12.8)% |
| **Net income (loss) attributable to stockholders** | $**(2.3)** | $17.2 | (113.4)% | $**(7.6)** | $132.0 | (105.8)% |
| **Diluted earnings (loss) per share** | $**(0.13)** | $0.97 | (113.4)% | $**(0.43)** | $7.47 | (105.8)% |
| **Reported income tax rate** | **n.m.** | 36.7% |  | **n.m.** | 31.5% |  |
| n.m. - not meaningful |  |  |  |  |  |  |

---

The following is the detail of the approximate sales value of the Company's lift truck unit bookings dollar value and lift truck backlog dollar value. The dollar value of bookings and backlog is calculated using the current unit bookings and backlog and the forecasted average sales price per unit. As of September 30, 2025, substantially all of the Company's backlog is expected to be sold within the next twelve months.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED |
| | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 | SEPTEMBER 30 |
| | **2025** | 2024 | **2025** | 2024 |
| Bookings, approximate sales value | $**380** | $370 | $**1300** | $1270 |
| Backlog, approximate sales value | $**1350** | $2300 | $**1350** | $2300 |

---

**Third Quarter of 2025 Compared with Third Quarter of 2024** 

The following table identifies the components of change in revenues for the third quarter of 2025 compared with the third quarter of 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenues** | **Revenues** | **Revenues** | **Revenues** |
| | | Lift Truck | Lift Truck | Lift Truck |
| |<br>**HY** | Americas | EMEA | JAPIC |
| 2024 | $**1016.1** | $771.5 | $145.0 | $51.3 |
| Increase (decrease) in 2025 from: |  |  |  |  |
| Lift Truck |  |  |  |  |
| &nbsp;&nbsp;Unit volume and product mix | **(78.3)** | (77.4) | 2.7 | (3.7) |
| &nbsp;&nbsp;Price | **7.4** | 8.8 | (1.4) |  |
| &nbsp;&nbsp;Parts | **(0.3)** | 2.4 | (2.4) | (0.3) |
| &nbsp;&nbsp;Foreign currency | **7.1** | 0.4 | 7.0 | (0.3) |
| &nbsp;&nbsp;Other | **25.6** | 27.0 | (0.8) | (0.5) |
| Bolzoni revenues | **(10.6)** |  |  |  |
| Eliminations | **12.1** |  |  |  |
| **2025** | $**979.1** | $**732.7** | $**150.1** | $**46.5** |

---

Revenues decreased 3.6% to $979.1 million in the third quarter of 2025 from $1,016.1 million in the third quarter of 2024. The decrease in Lift Truck revenues was primarily due to a decline in unit volume, mainly in the Americas. The Company believes the lift truck market continues to reflect a more cautious customer approach amid ongoing economic uncertainty with increased pressure from low-cost foreign competitors. The decline in unit volume was partially offset by higher other revenues, a shift in sales to higher-priced lift trucks and the Company's pricing actions to help offset higher costs, mainly in the Americas. In addition, favorable currency movements in the third quarter of 2025 partially offset the decline in Lift Truck revenues.

Bolzoni's revenues decreased in the third quarter of 2025 compared with the third quarter of 2024, primarily due to lower unit volume.

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The following table identifies the components of change in operating profit (loss) for the third quarter of 2025 compared with the third quarter of 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Operating Profit (Loss)** | **Operating Profit (Loss)** | **Operating Profit (Loss)** | **Operating Profit (Loss)** |
| | | Lift Truck | Lift Truck | Lift Truck |
| |<br>**HY** | Americas | EMEA | JAPIC |
| 2024 | $**33.1** | $40.9 | $(9.6) | $(4.1) |
| Increase (decrease) in 2025 from: |  |  |  |  |
| Lift truck gross profit | **(35.1)** | (27.0) | (7.2) | (1.4) |
| Lift truck selling, general and administrative expenses | **8.2** | 8.0 | (0.1) | 0.3 |
| Restructuring and impairment charges | **0.2** | (0.8) |  | 1.0 |
| Bolzoni operations | **(4.1)** |  |  |  |
| **2025** | $**2.3** | $**21.1** | $**(16.9)** | $**(4.2)** |

---

The Company recognized an operating profit of $2.3 million in the third quarter of 2025 compared to $33.1 million in the third quarter of 2024. The decrease in Lift Truck operating profit was primarily due to the unfavorable impact of tariff costs of approximately $40 million and lower volume, partially offset by the Company's pricing actions. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.

Operating profit in the Americas decreased to $21.1 million in the third quarter of 2025 compared with $40.9 million in the third quarter of 2024. The decrease was due to lower gross profit primarily from lower volume, lower overhead absorption rates tied to lower production volume and the unfavorable impact of tariff costs of approximately $40 million, partially offset by the Company's pricing actions. The decreases were partially offset by lower selling, general and administrative expenses primarily related to decreased incentive compensation costs.

EMEA recognized an operating loss of $16.9 million in the third quarter of 2025 compared to $9.6 million in the third quarter of 2024. The increase in operating loss was primarily due to unfavorable pricing, lower parts volume and an increase in material and freight costs.

The operating loss in JAPIC was $4.2 million in the third quarter of 2025 compared with $4.1 million in the third quarter of 2024 as lower gross profit was offset by lower restructuring and impairment charges.

Bolzoni's operating profit decreased to $2.1 million in the third quarter of 2025 compared with $6.2 million in the third quarter of 2024, primarily due to lower unit volumes and lower overhead absorption rates tied to lower production levels as well as higher employee-related costs included in selling, general and administrative expenses.

The Company recognized a net loss attributable to stockholders of $2.3 million in the third quarter of 2025 compared with net income attributable to stockholders of $17.2 million in the third quarter of 2024. The decline was primarily the result of lower operating profit. The Company reported an income tax benefit of $2.9 million in the third quarter of 2025, which includes the impact of U.S. tax legislation enacted on July 4, 2025. See Note 5, *Income Taxes*, to the unaudited condensed consolidated financial statements for further discussion.

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<u>[**Table of Contents**](#i0038a2a6fee2439cab1b3f66e40e820a_7)</u>

**First Nine Months of 2025 Compared with First Nine Months of 2024** 

The following table identifies the components of change in revenues for the first nine months of 2025 compared with the first nine months of 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Revenues** | **Revenues** | **Revenues** | **Revenues** |
| | | Lift truck | Lift truck | Lift truck |
| |<br>**HY** | Americas | EMEA | JAPIC |
| 2024 | $**3240.7** | $2422.9 | $532.2 | $137.7 |
| Increase (decrease) in 2025 from: |  |  |  |  |
| Lift Truck |  |  |  |  |
| &nbsp;&nbsp;Unit volume and product mix | **(449.1)** | (350.9) | (104.5) | 6.3 |
| &nbsp;&nbsp;Price | **0.4** | 9.6 | (9.3) | 0.1 |
| &nbsp;&nbsp;Parts | **(3.4)** | 0.4 | (4.3) | 0.5 |
| &nbsp;&nbsp;Foreign currency | **(2.2)** | (6.5) | 6.0 | (1.7) |
| &nbsp;&nbsp;Other | **59.4** | 63.6 | (3.5) | (0.7) |
| Bolzoni revenues | **(38.3)** |  |  |  |
| Eliminations | **38.6** |  |  |  |
| **2025** | $**2846.1** | $**2139.1** | $**416.6** | $**142.2** |

---

Revenues decreased 12.2% to $2,846.1 million in the first nine months of 2025 from $3,240.7 million in the first nine months of 2024. The decrease was primarily due to a decline in unit volume, mainly in the Americas and EMEA. The Company believes the lift truck market continues to reflect a more cautious customer approach amid ongoing economic uncertainty with increased pressure from low-cost foreign competitors. The decrease was partially offset by higher other revenues, including improved fleet services revenue.

Bolzoni revenues decreased in the first nine months of 2025 compared with the first nine months of 2024, primarily due to lower unit volume.

The following table identifies the components of change in operating profit for the first nine months of 2025 compared with the first nine months of 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Operating Profit (Loss)** | **Operating Profit (Loss)** | **Operating Profit (Loss)** | **Operating Profit (Loss)** |
| | | Lift truck | Lift truck | Lift truck |
| |<br>**HY** | Americas | EMEA | JAPIC |
| 2024 | $**212.5** | $213.6 | $0.4 | $(15.3) |
| Increase (decrease) in 2025 from: |  |  |  |  |
| Lift truck gross profit | **(179.9)** | (130.0) | (45.9) | (4.3) |
| Lift truck selling, general and administrative expenses | **6.6** | 9.1 | (2.9) | 0.4 |
| Restructuring and impairment charges | **(15.7)** | (17.4) | 1.6 | 0.1 |
| Bolzoni operations | **(8.4)** |  |  |  |
| **2025** | $**15.1** | $**75.3** | $**(46.8)** | $**(19.1)** |

---

The Company's operating profit decreased from $212.5 million in the first nine months of 2024 to $15.1 million in the first nine months of 2025. The decrease in operating profit was primarily due to lower gross profit, mainly from lower volume, the unfavorable impact of approximately $60 million of tariff costs, as well as lower overhead absorption rates tied to lower production volume. Additionally, the company recognized $16.9 million in restructuring and impairment charges in connection with the strategic realignment of Nuvera and programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations. See Note 15, *Restructuring and Impairment Charges*, to the Company's unaudited condensed consolidated financial statements for further discussion.

Operating profit in the Americas decreased in the first nine months of 2025 compared with the first nine months of 2024, primarily due to decreased gross profit, mainly from lower volume, the unfavorable impact of approximately $60 million of tariff costs, as well as lower overhead absorption rates tied to lower production volume. In addition, $17.6 million in restructuring and impairment charges were recognized in the Americas during the first nine months of 2025.

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EMEA had an operating loss of $46.8 million in the first nine months of 2025 compared with an operating profit of $0.4 million the first nine months of 2024. The change was mainly due to lower gross profit from lower unit volume, lower pricing and a shift in sales to lower-margin products. Higher material and freight costs as well as lower overhead absorption rates tied to lower production volume also contributed to the decline. Selling general and administrative expenses were higher, primarily as a result of increased marketing and sales costs.

JAPIC's operating loss increased to $19.1 million in the first nine months of 2025 from $15.3 million in the first nine months of 2024, primarily due to lower gross profit from unfavorable foreign currency, higher material and freight costs and lower unit volume, partially offset by lower selling, general and administrative expenses.

Bolzoni's operating profit decreased to $5.1 million in the first nine months of 2025 compared with $13.5 million in the first nine months of 2024, primarily due to lower unit volumes as well as lower overhead absorption rates tied to lower production volume. Additionally, selling general and administrative expenses were higher as a result of increased employee-related costs.

The Company recognized a net loss attributable to stockholders of $7.6 million in the first nine months of 2025 compared with net income attributable to stockholders $132.0 million in the first nine months of 2024. The decline was primarily the result of lower operating profit.

**LIQUIDITY AND CAPITAL RESOURCES**

**Cash Flows**

The following tables detail the changes in cash flow for the nine months ended September 30, 2025 compared to the same period in the prior year:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | Change |
| **Operating activities:** |  |  |  |
| Net Income (Loss) | $**(6.4)** | $133.5 | $(139.9) |
| Depreciation and amortization | **34.1** | 35.8 | (1.7) |
| Stock-based compensation | **8.3** | 21.9 | (13.6) |
| Restructuring and impairment charges | **16.9** | 1.2 | 15.7 |
| Dividends from unconsolidated affiliates | **7.9** | 4.4 | 3.5 |
| Other operating activities | **7.2** | 23.0 | (15.8) |
| Changes in assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | **(9.9)** | (38.2) | 28.3 |
| &nbsp;&nbsp;&nbsp;Inventories | **49.8** | (41.5) | 91.3 |
| &nbsp;&nbsp;&nbsp;Other current assets | **3.0** | 0.1 | 2.9 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | **(81.3)** | (50.2) | (31.1) |
| **Net cash provided by operating activities** | **29.6** | 90.0 | (60.4) |
| **Investing activities:** |  |  |  |
| Expenditures for property, plant and equipment | **(38.9)** | (29.9) | (9.0) |
| Proceeds from the sale of assets | **1.7** | 1.4 | 0.3 |
| Business acquisition, net of cash acquired | **(2.6)** | (2.2) | (0.4) |
| **Net cash used for investing activities** | **(39.8)** | (30.7) | (9.1) |
| **Cash flow before financing activities** | $**(10.2)** | $59.3 | $(69.5) |

---

Net cash provided by operating activities decreased $60.4 million in the first nine months of 2025 compared with the first nine months of 2024, primarily due to the change in net income (loss) and a higher use of cash in other liabilities primarily due to increased employee-related payments, including incentive compensation, in the first nine months of 2025. This was partially offset by reduced inventory levels mainly from lower revenues, which more than offset the unfavorable impact of currency and tariffs during the first nine months of 2025 compared with the first nine months of 2024. In addition, accounts receivable decreased primarily from lower revenue volume.

The change in net cash used for investing activities during the first nine months of 2025 compared with the first nine months of 2024 was mainly due to higher capital expenditures.

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| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | Change |
| **Financing activities:** |  |  |  |
| Net increase (decrease) of long-term debt and revolving credit agreements | $**8.4** | $(33.9) | $42.3 |
| Cash dividends paid | **(20.2)** | (19.2) | (1.0) |
| Purchase of treasury stock | **(4.5)** | (9.1) | 4.6 |
| Financing fees paid | **(2.1)** |  | (2.1) |
| **Net cash used for financing activities** | $**(18.4)** | $(62.2) | $43.8 |

---

The change in net cash used for financing activities was primarily due to net borrowings under the Company's revolving credit facilities during the first nine months of 2025 compared to net repayments in the first nine months of 2024.

**Financing Activities**

During the second quarter of 2025, the Company entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the "Facility"). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030. The Facility replaced the Company's previous revolving credit facility, which was set to mature in June 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.

The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.1 billion as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At September 30, 2025, the Company was in compliance with the covenants in the Facility.

Key terms of the Facility as of September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **FACILITY** | **FACILITY** |
| U.S. borrowing capacity | $| 210.0 |
| Non-U.S. borrowing capacity | 90.0 | 90.0 |
| Less: outstanding amount | 69.5 | 69.5 |
| Less: availability restrictions | 5.4 | 5.4 |
| Availability | $| 225.1 |
| Applicable margins, as defined in agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. base rate loans | 0.25% to 0.75% | 0.25% to 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Term SOFR, EURIBOR and non-U.S. base rate loans | 1.25% to 1.75% | 1.25% to 1.75% |
| Applicable margins, for amounts outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. base rate loans | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Term SOFR loans | 1.50 | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. base rate loans | 1.50% | 1.50% |
| Applicable interest rate, for amounts outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. base rate | 7.75% | 7.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Term SOFR | 5.70% | 5.70% |
| Facility fee, per annum on unused commitment | 0.25% | 0.25% |

---

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The Company also has a $225.0 million term loan (the "Term Loan"), which matures in May 2028. The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to approximately $0.6 million and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.

The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. working capital assets of the borrowers and guarantors of the Facility, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $0.9 billion as of September 30, 2025.

In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. At September 30, 2025, the Company was in compliance with the covenants in the Term Loan.

Key terms of the Term Loan as of September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **TERM LOAN** | **TERM LOAN** |
| Outstanding | $| 215.0 |
| Less: discounts and unamortized deferred financing fees | 2.3 | 2.3 |
| Net amount outstanding | $| 212.7 |
| Applicable margins, as defined in agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. base rate loans | 2.50% | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR | 3.50% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR adjustment, as defined in agreement | 0.11% | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR floor | 0.50% | 0.50% |
| Applicable interest rate, for amounts outstanding | 7.78% | 7.78% |

---

The Company had other debt outstanding, excluding finance leases, of approximately $162.7 million at September 30, 2025. In addition to the excess availability under the Facility of $225.1 million, the Company had remaining availability of $49.6 million related to other non-U.S. revolving credit agreements at September 30, 2025.

The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and the foreseeable future thereafter.

**Contractual Obligations, Contingent Liabilities and Commitments**

Since December 31, 2024, there have been no significant changes in the total amount of the Company's contractual obligations or commercial commitments, or the timing of cash flows in accordance with those obligations, as reported on page 26 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

**Capital Expenditures**

The following table summarizes actual and planned capital expenditures:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | Planned for Remainder of 2025 | **Planned 2025 Total** | Actual 2024 |
| Lift truck business | $**34.2** | $11-16 | **$45-50** | $40.9 |
| Bolzoni | **4.7** | 0-5 | **5-10** | 6.9 |
|  | $**38.9** | $11-21 | **$50-60** | $47.8 |

---

Planned expenditures for the remainder of 2025 are primarily for improvements at manufacturing locations and manufacturing equipment, product development and improvements to information technology infrastructure. Management will closely monitor market conditions and may adjust investments levels and timing as market visibility improves.

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The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.

**Capital Structure**

The Company's capital structure is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **SEPTEMBER 30, 2025** | DECEMBER 31, 2024 | Change |
| Cash and cash equivalents | $**71.1** | $96.6 | $(25.5) |
| Other net tangible assets | **863.6** | 750.5 | 113.1 |
| Intangible assets | **33.0** | 33.1 | (0.1) |
| Goodwill | **55.5** | 54.6 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | **1023.2** | 934.8 | 88.4 |
| Total debt | **(467.8)** | (440.7) | (27.1) |
| Total temporary and permanent equity | $**555.4** | $494.1 | $61.3 |
| Debt to total capitalization | **46%** | 47% | (1)% |

---

**OUTLOOK** 

The Company's Q4 2025 outlook is based on a set of assumptions, including the anticipated impact of tariffs and related mitigation efforts to help improve financial results. Proactive measures such as price increases, cost reductions through adjustments in global product sourcing, supply chain enhancements, and cost optimization programs are expected to partially offset increased tariff-related expenses. Key assumptions for the outlook include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.U.S. tariffs in effect as of September 5, 2025, including Chinese tariffs at 79%, used as the baseline,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.inclusion of Section 232 tariff for steel and steel derivatives,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.current Section 301 tariff exemption for lift truck parts not extended beyond November 29, 2025,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.no additional tariffs will be added globally,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.company demand forecasts are based on bookings trends, backlog levels and market data, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.the successful implementation of the Company's proactive initiatives outlined above.

Recent informal announcements suggest that Chinese tariff levels will be reduced, including an extension of Section 301 tariff exemptions to November 2026, which would have a favorable financial impact of $2 million to $3 million in Q4 2025, compared to the above assumptions.

The Company's financial outlook continues to be shaped by the considerable and evolving impact of tariffs on its costs, product demand and overall operating results. While the Company is deploying significant mitigation strategies, tariffs remain a substantial financial challenge. Persistent uncertainty around future tariff policies makes it challenging to estimate the final impact, which is expected to remain negative through the foreseeable future. Nevertheless, the Company is committed to disciplined cost controls, pricing and cost alignment, and pursuing other broad initiatives to help moderate these pressures. Management remains focused on navigating the current environment and positioning the Company for long-term profitable growth.

**Lift Truck Business**

During Q3 2025, the total lift truck market contracted in all geographic regions and classes compared to Q2 2025, reflecting a more cautious customer approach amid ongoing economic uncertainty. The Company believes many customers are deferring capital expenditure, resulting in delayed purchasing decisions and a temporary softening in lift truck order activity.

Despite the broader lift truck market contraction, the Company experienced an uptick in booking activity, with improvements over both the prior year and previous quarter. A portion of this dollar increase is attributable to the increased pricing on the Company's trucks due to tariff-related material cost increases.

Dollar value bookings improved to $380 million, up from $330 million in the prior quarter, driven by gains in both the EMEA and JAPIC regions, while bookings in the Americas remained stable at relatively low levels. Bookings improved across all product classes.

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Compared to Q3 2024, dollar value bookings increased modestly, primarily in the Americas, in part due to lift truck market growth led by the warehouse segment. The Company's Class 1 bookings grew, positioning it for further expansion in the warehouse segment.

The Company initially expected a factory booking demand recovery to start in Q3 2025, but it has been slow to materialize. Mixed market demand indicators are contributing to cautious expectations for future production and revenue growth over the next few quarters. If customers continue to require shipments at current levels, the Company expects factory bookings to increase in the near future.

The Company's key customers' purchasing decisions are largely tied to macroeconomic factors, including expectation for lower interest rates and favorable tariff negotiations with countries that most impact industrial supply chains. Customer quoting activity coupled with current shipment rates suggests underlying demand, but that demand is not likely to translate into higher booking rates until macroeconomic uncertainty is reduced. During this period of lower market activity, the Company is taking proactive steps to safeguard its competitive position, implementing targeted actions to increase bookings and truck sales. The Company is executing focused initiatives to improve quote closure rate, guided by our two missions, delivering optimal solutions and excellent customer care.

At the end of Q3 2025, the Company's backlog was $1.35 billion, down from $1.65 billion at the end of Q2 2025, as shipments outpaced new bookings, particularly in the Americas. These bookings and backlog reductions were driven by a reduced quantity of trucks partially offset by increased truck values related to higher costs. Unfavorable currency effects have further diminished the real value of backlog, intensifying the effect of lower truck volume.

Given production scheduling requirements and the lower truck bookings, the Company anticipates further backlog degradation in the near term.

If shipments continue to outpace new bookings by a significant margin due to ongoing weaker demand, the Company will consider the need for additional actions to better align its cost structure with the evolving market environment.

Sustaining a backlog that supports the current multi-month production schedule is increasingly difficult and the Company must now work to align its supply chain and production levels with the lower market demand environment. As a result, the Company is moderating near-term production expectations to help preserve manufacturing efficiency, optimize inventory levels, and maintain an appropriate backlog level.

The competitive landscape is also evolving, with increased pressure from low-cost foreign competitors in regions like South America and Europe particularly for smaller, standard and value configuration Class 5 products. These dynamics are likely to compress product margins in affected markets. In response, the Company has expanded our modular and scalable models to support the full range of customer applications, which support margin preservation while allowing for better competitive positioning across the product range. Introducing new products including warehouse products and truck technologies are also expected to provide further competitive differentiation across all global markets.

As customer confidence returns and capital spending resumes over the next several quarters, the Company remains committed to maintaining a high level of customer engagement, prioritizing innovation and delivering differentiated solutions that foster long-term market share growth.

Operational improvement projects initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations are progressing, although at a slower pace, with $2.4 million spent in the first nine months of 2025. The Company expects to incur an additional $3 million in the fourth quarter of 2025, and between $12 million to $25 million in 2026. Total project expenditure estimates are in line with prior guidance, with some expected shifts from 2025 to 2026. Initial benefits from these programs are expected to begin in 2026 but will likely be offset by operational inefficiencies from lower production volumes. By 2027, these fully implemented programs are expected to generate significant annualized income and cash benefits ranging between $30 million to $40 million. These savings are expected to significantly offset the negative impact from future market cyclicality. Savings estimates are based on current volume and cost assumptions.

Operating expenses in Q4 2025 are expected to remain consistent with the year-to-date run rate, resulting in a modest year-over-year decrease. This is primarily due to lower incentive compensation and cost savings from Nuvera's strategic realignment. These savings are partially offset by higher employee-related costs.

Q4 2025 is anticipated to result in a moderate operating loss, compared to Q3 2025's operating profit, primarily due to moderated production rates. Tariff costs are projected to be consistent with Q3 2025 levels. To help mitigate these tariff-related

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impacts, the Company continues to pursue global sourcing adjustments, supply chain improvements, and cost optimization actions.

**Bolzoni**

Bolzoni's Q4 2025 revenues are projected to slightly decrease compared to third quarter levels reflecting weaker demand in Bolzoni's U.S. operations. Q4 2025 operating profit is projected to be slightly above Q3 2025 as attachment product mix improvements are expected to compensate for lower sales.

**Consolidated**

The financial discipline established over the past several years has positioned the Company to navigate challenging market conditions and deliver more stable financial results. The Company continues to target a 7% operating profit margin over the business cycle. However, ongoing market uncertainty has impacted bookings and revenue while tariffs have raised costs sharply. As a result, near-term results are expected to fall well below this target. As lift truck market demand remains low, the Company is taking steps to mitigate the near-term financial impact with prudent cost management and operational discipline. Over the longer-term, the Company aims to improve its financial results during economic downturns, focusing on fixed cost reductions, increased revenue resiliency, and innovative new products that enable profitable share gains over time.

The Company continues to focus on generating strong operating cash flow and accretive capital deployment across the business cycle. To support these goals, the Company is actively implementing initiatives to drive working capital efficiency, including an intense focus on the timely realignment of production and working capital processes as production volumes decrease. The Company expects to make further progress in Q4 2025. Working capital optimization and cost-saving efforts should support a solid cash flow from operations, well below 2024 levels, despite the projected lower 2025 net income.

Effective investments are critical to the Company's ongoing transformation. This involves capital expenditures for advanced new products, manufacturing efficiencies and information technology upgrades. For 2025, capital expenditures are forecasted to range between $50 million and $60 million.

As the Company continues to generate cash, it remains committed to its disciplined capital allocation framework. This includes continued debt reduction, executing strategic investments to support profitable long-term growth, and delivering sustainable value and strong returns to shareholders.

**Long-Term Objectives**

Hyster-Yale's vision is to transform the way the world moves materials from Port to Home. It strives to do this through its two customer promises: first, to provide optimal customer solutions, and second, to provide exceptional customer care. The Company is focused on executing established strategic initiatives and key projects to transform the Company's core lift truck business while building new business opportunities in the warehouse lift truck, vehicle automation, energy management and attachment business activities. These complementary growth and profit improvement projects should help the Company fulfill these two promises while achieving long-term revenue and operating profit growth. The Company believes key projects will contribute to an increased and sustainable lift truck and attachment competitive advantage over time.

**EFFECTS OF FOREIGN CURRENCY**

The Company operates internationally and enters into transactions denominated in foreign currencies. As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income (loss) are addressed in the previous discussions of operating results. See also Item 3, "Quantitative and Qualitative Disclosures About Market Risk," in Part I of this Quarterly Report on Form 10-Q.

**FORWARD-LOOKING STATEMENTS**

The statements contained in this Form 10-Q that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs

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as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from increased trade barriers and restrictions on international trade, including as a result of previously announced, and potentially new, changes to U.S. trade policy and tariffs as well as retaliatory or other tariffs imposed by other countries where the Company does business, (3) delays in manufacturing and delivery schedules, (4) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (5) customer acceptance of pricing, (6) customer acceptance of, changes in the costs of, or delays in the development of new products, (7) the ability of the Company and its dealers, suppliers and end-users to access credit, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (8) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the "UFLPA") which could impact the Company's imports from China, as well as armed conflicts, including the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring programs, (11) the successful commercialization of products and technology related to the energy solutions program, (12) political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (13) bankruptcy of or loss of major dealers, retail customers or suppliers, (14) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (15) product liability or other litigation, warranty claims or returns of products, (16) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (17) the ability to attract, retain, and replace workforce and administrative employees, (18) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (19) the ability to protect the Company's information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches.

**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**

See pages 30 and 31 and F-24 through F-27 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the Company's derivative hedging policies and use of financial instruments. There have been no material changes in the Company's market risk exposures since December 31, 2024.

**<u>Item 4. Controls and Procedures</u>**

**Evaluation of disclosure controls and procedures:** An evaluation was carried out under the supervision and with the participation of the Company's management, including the principal executive officer and the principal financial officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, these officers have concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report.

**Changes in internal control over financial reporting:** During the third quarter of 2025, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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**PART II**

**OTHER INFORMATION**

**<u>Item 1</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Proceedings</u>**

None

**<u>Item 1A</u> <u>Risk Factors</u>**

There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025 in the sections entitled "Risk Factors."

**<u>Item 2</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>**

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** |
| **Period** | **(a) <br>Total Number of Shares Purchased** | **(b)** <br>**Average Price Paid per Share** <sup>(1)</sup> | **(c) <br>Total Number of Shares Purchased as Part of the Publicly Announced Program** | **(d)** <br>**Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program** <sup>(2)</sup> |
| Month #1<br>(July 1, 2025 - July 31, 2025) |  | $— |  | $44239122 |
| Month #2<br>(August 1, 2025 - August 31, 2025) |  | $— |  | $44239122 |
| Month #3<br>(September 1, 2025 - September 30, 2025) |  | $— |  | $44239122 |
| &nbsp;&nbsp;Total |  | $— |  | $44239122 |

---

<sup>(1)</sup> Average price paid per share excludes commissions.

<sup>(2)</sup> On November 18, 2024, the Company's Board of Directors announced the approval of a stock repurchase program, pursuant to which the Company may repurchase up to $50 million or 1.5 million shares, whichever comes first, of the Company's Class A common stock. The stock repurchase program may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027.

**<u>Item 3</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaults Upon Senior Securities</u>**

None

**<u>Item 4</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Mine Safety Disclosures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

**<u>Item 5</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Information</u>**

None of the Company's directors or officers (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934) adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K) during the Company's fiscal quarter ended September 30, 2025.

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**<u>Item 6</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>**

The following exhibits are filed as part of this report:

---

| | |
|:---|:---|
| Exhibit |  |
| Number\* | Description of Exhibits |
| 31(i)(1) | <u>[Certification of Rajiv K. Prasad. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act](hyex311q32025.htm)</u> |
| 31(i)(2) | <u>[Certification of Scott A. Minder pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act](hyex312q32025.htm)</u> |
| 32 | <u>[Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Rajiv K. Prasad and Scott A. Minder](hyex32q32025.htm)</u> |
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL and contained in Exhibit 101 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Numbered in accordance with Item 601 of Regulation S-K. | \*&nbsp;&nbsp;&nbsp;&nbsp;Numbered in accordance with Item 601 of Regulation S-K. |

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | Hyster-Yale, Inc. |
| Date: | <u>November 4, 2025</u> | /s/ Dena R. McKee |
| | | Dena R. McKee |
| | | Vice President, Controller and Chief Accounting Officer (principal accounting officer) |

---

## Exhibit 31.1

Exhibit 31(i)(1)

**Certifications**

I, Rajiv K. Prasad, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Hyster-Yale, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Rajiv K. Prasad |
| | | Rajiv K. Prasad |
| | | President and Chief Executive Officer (principal executive officer) |

---

.

## Exhibit 31.2

Exhibit 31(i)(2)

**Certifications**

I, Scott A. Minder, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Hyster-Yale, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Scott A. Minder |
| | | Scott A. Minder |
| | | Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer) |

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## Ex-32

Exhibit 32

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Hyster-Yale, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

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| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Rajiv K. Prasad |
| | | Rajiv K. Prasad |
| | | President and Chief Executive Officer (principal executive officer) |

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| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Scott A. Minder |
| | | Scott A. Minder |
| | | Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer) |

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