UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended:	December 31, ~~2024~~2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 000-54799

HYSTER-YALE, INC.

(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						44124-4069
OH						(Zip code)
(Address of principal executive offices)

Registrant's telephone number, including area code: (440) 449-9600

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, Par Value $0.01 Per Share	HY	New York Stock Exchange

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

Class B Common Stock, Par Value $0.01 Per Share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 emerging growth company. See 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Aggregate market value of Class A Common Stock and Class B Common Stock held by non-affiliates as of June 2830, ~~2024~~2025 (the last business day of the registrant's most recently completed second fiscal quarter): $~~806~~461,~~504~~366,~~920~~212

Number of shares of Class A Common Stock outstanding at February 2127, ~~2025~~2026: 14,~~241~~452,~~627~~785

Number of shares of Class B Common Stock outstanding at February 2127, ~~2025~~2026: 3,~~455~~447,~~679~~303

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company's Proxy Statement for its 2026 annual meeting of stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K.

HYSTER-YALE, INC.

TABLE OF CONTENTS

			PAGE
PART I.
	Item 1.	BUSINESS	1
	Item 1A.	RISK FACTORS	86
	Item 1B.	UNRESOLVED STAFF COMMENTS	1513
	Item 1C.	CYBERSECURITY	1513
	Item 2.	PROPERTIES	1615
	Item 3.	LEGAL PROCEEDINGS	1716
	Item 4.	MINE SAFETY DISCLOSURES	1716
	Item 4A.	INFORMATION ABOUT OUR EXECUTIVE OFFICERS	1716
PART II.
	Item 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	1817
	Item 6.	[RESERVED]	1817
	Item 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	1918
	Item 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	30
	Item 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	31
	Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	31
	Item 9A.	CONTROLS AND PROCEDURES	31
	Item 9B.	OTHER INFORMATION	31
	Item 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	31
PART III.
	Item 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	3231
	Item 11.	EXECUTIVE COMPENSATION	32
	Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	32
	Item 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	32
	Item 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	32
PART IV.
	Item 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	3332
	Item 16.	FORM 10-K SUMMARY	36
SIGNATURES			37
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			F-1

Table of Contents

PART I

Item 1. BUSINESS

General

Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating ~~company~~companies, Hyster-Yale Materials Handling, Inc. ("HYMH") and Bolzoni S.p.A. ("Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments ~~and hydrogen fuel cell power products~~, ~~telematics~~parts, ~~automation and~~ fleet management services, astechnology ~~well~~and asenergy ~~a variety of other power options for its lift trucks~~solutions. The Company is headquartered in Cleveland, Ohio. Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent, exclusive Hyster® and Yale® retail dealerships. 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. 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. Hyster-Yale was incorporated as a Delaware corporation in 1999. On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.

~~The~~Through ~~Company has five segments~~HYMH, ~~which include three in~~ the ~~lift~~Company ~~truck~~designs, ~~business~~engineers, ~~as discussed below~~manufactures, assells ~~well as Bolzoni S.p.A. ("Bolzoni")~~ and ~~Nuvera~~services ~~Fuel~~a ~~Cells,~~comprehensive ~~LLC~~line ~~("Nuvera").~~of ~~The Company’s~~ lift ~~truck~~trucks, ~~business~~attachments, ~~includes~~parts, ~~the~~fleet ~~following~~management ~~three geographic operating segments: the Americas~~services, ~~EMEA~~technology and ~~JAPIC.~~energy ~~Americas~~solutions ~~includes~~marketed ~~lift~~globally, ~~truck~~primarily ~~operations~~under in the ~~U.S.~~Hyster®, ~~Canada,~~Yale® ~~Mexico, Brazil, Latin America~~ and ~~the~~Nuvera® ~~corporate~~brand ~~headquarters. EMEA includes operations in Europe~~names, ~~the~~mainly ~~Middle~~to ~~East~~independent ~~and~~Hyster® ~~Africa. JAPIC includes operations in the Asia~~ and ~~Pacific~~Yale® ~~regions,~~retail ~~including China~~dealerships.

~~Bolzoni~~The isCompany owns a ~~leading~~90% ~~worldwide~~majority ~~producer~~interest ~~and~~in ~~distributor~~Hyster-Yale ofMaximal ~~attachments~~Forklift (Zhejiang) Co., ~~forks~~Ltd. ~~and~~("Hyster-Yale ~~lift~~Maximal"), ~~tables~~a ~~marketed~~manufacturer ~~under~~of ~~the~~low-intensity ~~Bolzoni®,~~and ~~Auramo®~~standard lift trucks and ~~Meyer®~~specialized ~~brand~~materials ~~names~~handling equipment. ~~Bolzoni~~Hyster-Yale Maximal also designs and produces ~~components~~specialized ~~for~~products ~~lift~~in ~~truck~~the ~~manufacturers~~port equipment and rough terrain forklift markets. ~~Bolzoni~~Lift ~~products~~trucks and component parts are manufactured in the United States ("U.S."), ~~Italy~~Northern Ireland, China, ~~Germany~~the ~~and~~Netherlands, ~~Finland.~~Mexico, ~~Through~~ the ~~design~~Philippines, ~~production~~Brazil, ~~and~~Japan, ~~distribution~~Italy ofand aVietnam. ~~wide~~Hyster-Yale ~~range~~was ofincorporated ~~attachments,~~as ~~Bolzoni has~~ a ~~strong~~Delaware ~~presence~~corporation in ~~the market niche of lift truck attachments and industrial material handling~~1999.

~~Nuvera~~Bolzoni ismanufactures ~~an alternative~~precision-~~power~~engineered ~~technology~~lift ~~company~~truck ~~focused~~attachments, onforks, masts and lift tables designed for handling delicate and specialized loads. These solutions are marketed under the Bolzoni®, Auramo® and Meyer® brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil. Through the design, ~~manufacture~~production and ~~sale~~distribution of ~~hydrogen~~a ~~fuel~~wide ~~cell~~range ~~stacks~~of attachments, Bolzoni has a strong presence in the lift-truck attachments market and ~~engines~~industrial materials handling.

The Company has four segments, which include three in the lift truck business as discussed below, as well as Bolzoni. The Company’s lift truck business includes the following three geographic operating segments: the Americas, EMEA and JAPIC. 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.

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

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

The components of the Company's revenues were as follows for the year ended December 31:

	2024		2023		2022
	2025		2024		2023
Lift trucks	7571	%	7475	%	7374	%
Parts	1416	%	1514	%	15	%
Service, rental and other	78	%	67	%	76	%
Bolzoni	45	%	54	%	5	%
Nuvera	less than 1 %		less than 1 %		less than 1 %

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

	2024		2023		2022
	2025		2024		2023
Internal combustion	4540	%	4445	%	4344	%
Electric	3031	%	30	%	30	%
Total lift truck sales	7571	%	7475	%	7374	%

Manufacturing and Assembly

The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to minimize freight cost, serve customers efficiently and balance currency mix. In some instances, however, it utilizes one worldwide location to manufacture specific components or assemble specific lift trucks. Additionally, components and assembled lift trucks are exported when it is advantageous to meet demand in certain markets. The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and

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~~four~~Manufacturing inand ~~JAPIC, including joint venture operations. In addition, the Company operates six principal Bolzoni manufacturing facilities worldwide.~~Assembly

~~Aftermarket~~The ~~Parts~~Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to lower product costs, including from tariffs or import fees from countries where the Company manufactures products, minimize freight cost, serve customers efficiently and balance currency mix. In some instances, however, it utilizes one worldwide location to manufacture specific components or assemble specific lift trucks. Additionally, components and assembled lift trucks are exported when it is advantageous to meet demand in certain markets. The Company operates eleven lift truck manufacturing and assembly facilities worldwide with four plants in the Americas, three in EMEA and four in JAPIC, including joint venture operations. In addition, the Company operates seven Bolzoni manufacturing facilities worldwide.

~~The~~Parts Company offers a line of aftermarket parts to service its large installed base of lift trucks currently in use in many industries. The Company offers online technical reference databases specifying the required aftermarket parts to service lift trucks and anService ~~aftermarket parts ordering system.~~

The Company ~~sells~~offers ~~Hyster®-~~a ~~and~~line ~~Yale®-branded~~of ~~aftermarket~~ parts to ~~dealers~~service ~~for~~its ~~Hyster®~~large ~~and~~installed ~~Yale®~~base of lift trucks. ~~The~~currently ~~Company~~in ~~also~~use ~~sells~~in ~~aftermarket~~many ~~parts under the UNISOURCE™ and PREMIER™ brands to Hyster® and Yale® dealers for the service of competitor lift trucks~~industries. The Company ~~has~~offers aonline ~~contractual~~technical ~~relationship~~reference ~~with~~databases aspecifying ~~third-party,~~the ~~multi-brand,~~required ~~aftermarket~~ parts ~~wholesaler~~to inservice ~~the~~lift ~~Americas~~trucks and ~~EMEA~~an ~~whereby~~ordering ~~orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission~~system.

The Company sells HYSource™ branded parts to dealers for Hyster® and Yale® lift trucks. The Company also sells parts under the UNISOURCE™ brand to Hyster® and Yale® dealers for the service of competitor lift trucks. The Company has a contractual relationship with a third-party, multi-brand, parts wholesaler in the Americas in which orders from the Company's dealers for parts are fulfilled by the third party who then pays the Company a commission.

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

Marketing

The Company has a global marketing organization structured to support the geographic divisions. The global approach is centered around ~~five~~six key areas: ~~product~~Brand ~~management~~Strategy and ~~strategy~~Activation; ~~marketing~~Commercial ~~strategy~~Enablement; Training and ~~activation~~Engagement; ~~sales~~Product ~~enablement~~Management and ~~training~~Strategy; ~~digital~~Content ~~marketing~~ and ~~lead~~Create ~~generation~~Services; and ~~industry~~Industry ~~strategy~~Strategy ~~and~~& ~~market~~Market ~~insights~~Insights.

Patents, Trademarks and Licenses

The Company relies on a combination of trade secret protection, trademarks, copyrights, and patents to establish and protect the Company's proprietary rights. These intellectual property rights may not have commercial value or may not be sufficiently broad to protect the aspect of the Company's technology to which they relate or competitors may design around the patents. The Company is not materially dependent upon patents or patent protection; however, as materials handling equipment has become more technologically advanced, the Company and its competitors have increasingly sought patent protection for inventions incorporated into their respective products. The Company owns the Hyster®, Yale®, ~~Maximal~~Bolzoni®, ~~Bolzoni~~ Auramo®, ~~Bolzoni~~Meyer®, ~~Auramo~~Nuvera®, ~~Meyer®~~ and ~~Nuvera~~Maximal® trademarks and believes these trademarks are material to its business.

Distribution Network

The Company distributes lift trucks and attachments primarily through two channels: independent dealers and a direct sales program to major customers. In addition, the Company distributes ~~aftermarket~~ parts and services for its lift trucks mainly through its independent dealers. The Company’s end-user base is diverse and fragmented, including but not limited to the following industries: ~~light and heavy manufacturers~~retail, ~~trucking~~durable ~~and automotive~~goods, ~~logistics, rental, building materials and paper suppliers, lumber, metal products, warehouses, retailers,~~ food and beverage ~~distributors~~, ~~container~~industrial ~~handling~~ and Ulogistics.~~S. and non-U.S. governmental agencies.~~

Independent Dealers

The Company’s dealers, located in 111 countries, are generally independently owned and operated. The following table summarizes the Company's dealers as of December 31, 2025:

	Hyster®	Yale®	Dual-Branded	Maximal®
Americas	9	1211	30	16
EMEA	5950	4237	1622	1815
JAPIC	7144	9	5	428
	139	63	51	76
	103	57	57	39

Direct Customer Sales

The Company operates a direct sales program to major customers or global accounts for both Hyster® and Yale®. This program focuses on large customers with centralized purchasing and geographically dispersed operations across multiple dealer territories. This program accounted for 2328%, 1922% and 1719% of new lift truck ~~unit~~revenues ~~volume~~ in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. The independent dealers support these major customers by providing ~~aftermarket~~ parts and service on a local basis. Dealers receive an installation fee for the support they provide in connection with these major customer sales and for the preparation and delivery of lift trucks to customer locations. In addition to selling new lift trucks, this direct customer sales program markets services, including lift truck rentals, full maintenance leases and fleet management.

Financing of Sales

The Company is engaged in a joint venture with Wells Fargo Financial Leasing, Inc. ("WF") to provide dealer and customer financing of new lift trucks in the United States. The Company owns 20% of the joint venture entity, HYG Financial Services, Inc. ("HYGFS"), and receives fees and certain remarketing profits under a joint venture agreement. During 2022, the agreement was amended to extend the term through December 2028. The agreement automatically renews for additional one-year terms

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~~unless~~Financing ~~written notice is given by either party at least 180 days prior to termination. The Company accounts for its ownership~~ of ~~HYGFS using the equity method of accounting.~~Sales

The Company is engaged in a joint venture with Wells Fargo Financial Leasing, Inc. ("WF") to provide dealer and customer financing of new lift trucks in the United States. The Company owns 20% of the joint venture entity, HYG Financial Services, Inc. ("HYGFS"), and receives fees and certain remarketing profits under a joint venture agreement. The term of the agreement is valid through December 2028. The agreement automatically renews for additional one-year terms unless written notice is given by either party at least 180 days prior to termination. The Company accounts for its ownership of HYGFS using the equity method of accounting.

Under the joint venture agreement with HYGFS, the Company’s dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers. For some of these arrangements, the Company provides recourse or repurchase obligations to HYGFS or to others. In substantially all of these transactions, a perfected security interest is maintained in the lift trucks financed, so that in the event of a default, the Company has the ability to take title to the assets financed and sell it through the Hyster® or Yale® dealer network. Furthermore, the Company has established reserves for exposures under these agreements when required. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to guarantees for these certain eligible dealers are limited to 7.5% of their original loan balance. See Note 17, Guarantees and Note 18, Debt and Equity Investments and Related-Party Transactions, to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion.

Backlog

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

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2025

September 30, 2025

December 31, 2024

Backlog, approximate sales value

1,~~930~~280

21,~~300~~350

31,~~330~~930

As of December 31, ~~2024~~2025, the Company expects substantially all of its backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks to be sold during the next twelve months. Backlog represents unfilled lift truck orders placed with the Company’s manufacturing and assembly facilities from dealers and direct sales to customers. In general, unfilled orders may be canceled at any time prior to the time of sale; however, the Company can assess cancellation penalties on ~~dealer~~ orders within a certain period prior to initiating production. In certain circumstances, ~~dealer~~ orders may be cancelled, for a limited time period without penalty, after receiving notice of a surcharge on the order from the Company. The dollar value of backlog is calculated using the current unit backlog and the forecasted average sales price per unit.

Key Suppliers and Raw Materials

~~During~~In ~~2022~~2025, the Company ~~experienced~~was ~~significant~~subject ~~increases~~to insubstantial ~~material~~new ~~costs,~~tariffs ~~primarily~~imposed ~~from~~by ~~global~~the ~~price~~U.S. ~~increases~~on ~~for~~imports ~~industrial metals, including steel, lead and copper and other commodity products, such as rubber, as a result~~ of ~~increased~~materials ~~demand~~from ~~and~~various ~~limited~~countries ~~supply. During 2023~~ and ~~2024,~~industries ~~the~~within ~~Company~~those ~~experienced declines in some material costs which helped sustain the Company's strong margin position~~countries. ~~However~~Tariffs, ongoing volatility in global markets and the impact on demand and supply may result in unanticipated cost increases for the Company's ~~product~~products. The Company attempts to pass these increased costs along to its customers in the form of higher prices for its products.; ~~However~~however, ~~given a certain portion of~~ the Company's ~~current backlog is subject to fixed pricing, it~~ may not be able to fully offset the increased market-based costs of industrial metals and other ~~commodities~~materials due to overall market conditions ~~and the lag time involved in implementing price increases for its products~~.

Steel is a significant raw material required by the Company's manufacturing operations and is generally purchased from steel producing companies in the geographic area near each of the Company's manufacturing facilities. Other significant components for the Company's lift trucks are engines, axles, brakes, transmissions, tires and batteries and chargers. In addition, the Company depends on a limited number of suppliers for some of its crucial components, including diesel and gasoline engines, ~~which are supplied by, among others, Power Solutions International, Inc., Yanmar Power Technology Co., LTD. and Kubota Corp.,~~ drive-system components, ~~which are supplied by, among others, Dana Corporation, ZF Company and Zapi Inc., and~~ cast-iron counterweights used to counter balance some lift trucks, ~~which~~and ~~are~~tires ~~obtained from, among others, Eagle Quest International Ltd.~~ and ~~BTS5 Incorporated~~wheels. Some of these critical components are imported and subject to regulations, such as customary inspection by the U.S. Customs and Border Protection under the auspices of the U.S. Department of Homeland Security, as well as the Company's own internal controls and security procedures. Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced, and may continue to experience, significant shortages of key components for certain products. This has negatively affected, and may in the future negatively affect, production levels.

Government and Trade Regulations

The Company has been impacted by ongoing trade disputes, ~~with~~including ~~China,~~the ~~which~~imposition ~~led~~of totariffs by the ~~imposition~~U.S. on imports of ~~tariffs~~materials, ~~resulting~~which has resulted in higher material costs. In addition, the Company’s business has been affected in the past by trade disputes between the U.S. and ~~Europe~~foreign jurisdictions. There continues to exist significant uncertainty about the future of U.S. trade policy and volatility of current or potential new tariffs on foreign jurisdictions, including but not limited to, ~~potential~~Brazil, ~~new~~China, ~~tariffs on Canada~~Europe, ~~China~~India and Mexico. In the future, the Company's results of operations may continue to be materially adversely affected to the extent the Company is affected by trade disputes with other foreign jurisdictions, and increased or new tariffs are levied on its goods or the materials the Company purchases or products the Company sells.

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Competition

The Company is one of the leaders in the lift truck industry with respect to market share in the Americas and worldwide. Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and ~~aftermarket~~ parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck. The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, such as automated warehouses, including conveyor systems and automated guided vehicles and systems as well as suppliers of alternative power sources including lithium-ion and hydrogen power suppliers. The Company's ~~aftermarket~~ parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.

Bolzoni is a leader in the lift truck attachment industry. Competition in this industry is based primarily on product quality and performance, price, availability of products, comprehensive product line offerings, innovation, including features, the cost of ownership over the life of the attachment, brand loyalty, and customer service. Bolzoni competes with a few global lift truck attachment manufacturers that operate in all major markets, as well as other niche companies.

The use of lithium ion and hydrogen fuel-cell technology in industrial and commercial applications, including lift trucks, is a ~~relatively~~developing ~~new development~~market. Companies implementing such technology face competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies.

Cyclical Nature of Lift Truck Business

The Company’s lift truck business historically has been cyclical. Fluctuations in the rate of orders for lift trucks, attachments and fuel-cell technology reflect the capital investment decisions of the Company’s customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve. During economic downturns or economic uncertainty, customers tend to delay new lift truck and parts purchases. Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in its revenues and net income.

Research and Development

The Company’s lift truck research and development capability is organized around four major engineering centers that are coordinated on a global basis. Products are designed for each brand concurrently and generally each center is focused on the global requirements for a single product line. The Company’s counterbalanced development center, which has global design responsibility for several classes of lift trucks for a highly diverse customer base, is located in Fairview, Oregon. The Company’s big truck development center is located in Nijmegen, the Netherlands, adjacent to a dedicated global big truck assembly facility. Warehouse trucks are designed based on regional differences in stacking and storage practices. The Company designs warehouse equipment for sale in the Americas market in Greenville, North Carolina, adjacent to the Americas manufacturing and assembly facility. The Company designs warehouse equipment for the European market in Masate, Italy, adjacent to its manufacturing and assembly facility for warehouse equipment. The Company also has an engineering Concept Center in the United Kingdom to support advanced design activities and an engineering office in India to support global design activities for its four major engineering centers. The Company also has the Emerging Market Development Center in China to support low-intensity product development.

The Company’s ~~lift~~also ~~truck~~has engineering centers ~~utilize~~in ~~a three-dimensional CAD/CAM system and are interconnected with each of~~ the ~~Company’s~~United ~~manufacturing~~Kingdom, ~~and~~India ~~assembly facilities~~ and ~~certain~~China ~~suppliers.~~to ~~This~~support ~~allows~~design activities for ~~collaboration~~its infour ~~technical~~major engineering ~~designs and collaboration with these suppliers~~centers. ~~Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts.~~

The Company’s lift truck engineering centers utilize a three-dimensional CAD/CAM system and are interconnected with each of the Company’s manufacturing and assembly facilities and certain suppliers. This allows for collaboration in technical engineering designs and collaboration with these suppliers. The Company also utilizes artificial intelligence tools to analyze, design and enhance the efficiency and innovation of its product development process. Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts.

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

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

Nuvera has two research and development locations. In the U.S., Billerica, Massachusetts is the primary location for design, development and testing of fuel-cell stacks and engines. In Europe, operations at San Donato, Italy are primarily focused on fuel-cell systems integration and testing.

Sumitomo-NACCO Joint Venture

The Company has a 50% ownership interest in Sumitomo NACCO Forklift Co., Ltd. ("SN"), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and ~~export~~Southeast Asia and to manufacture Hyster®- and Yale®- branded lift trucks, ~~and~~ related components and service parts for distribution by the Company outside of Japan. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each SN stockholder is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. As a result, the Company accounts for its ownership in SN using the equity ~~method of accounting. The Company purchases Hyster®- and~~

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method of accounting and is included in the JAPIC segment. The Company purchases Hyster®- and Yale®-branded lift trucks and related component and ~~aftermarket~~ parts from SN for sale outside of Japan under agreed-upon terms. The Company also contracts with SN for engineering design services on a cost plus basis and charges SN for technology used by SN but developed by the Company. During ~~2024~~2025, SN sold approximately 9,~~200~~000 lift trucks.

Human Capital Resources

As of January 31, 2026, the Company had approximately 7,500 employees. The employees are distributed between each of the Company's businesses as follows:

Lift Truck						76,~~100~~300
Bolzoni						1,200
Nuvera						200

Certain employees in the Danville, Illinois parts depot operations are unionized. ~~The~~Although ~~Danville~~the ~~union~~Company’s current contract ~~expires~~with ~~every~~the ~~three~~Danville ~~years~~union atexpires ~~which~~in ~~time salaries~~2027, ~~certain~~the ~~employee~~Company ~~policies~~expects ~~and~~to aclose ~~limited~~the ~~number~~Danville oflocation ~~benefits~~and ~~are~~move ~~negotiated for~~ the ~~following~~parts ~~three-year~~depot ~~period.~~operations ~~The~~to ~~Company’s contract with~~ the ~~Danville union expires in June 2027. Generally~~Avon, ~~employee~~Indiana ~~benefits~~Customer ~~for~~and ~~Danville~~Parts ~~union~~Solution ~~employees~~Center ~~are~~in ~~aligned with non-union U~~2026.S. ~~employees.~~ All other employees at the Company's facilities in the U.S. are not represented by unions. In Brazil, all employees are represented by a union for salary and benefits contracts, which are negotiated annually for the following year. In Mexico, certain employees are unionized. The Company’s contract with the Mexican union expires annually in March, at which time salaries are negotiated for the following year. Benefits in Mexico are negotiated every other year.

In Europe, certain employees in the Helsinki, Finland,; Salzgitter, Germany,; Craigavon, Northern Ireland,; Masate, Italy,; Piacenza, Italy,; San Donato, Italy and Nijmegen, the Netherlands facilities are represented by a union or a works council. The Company believes its current labor relations with both union and non-union employees are generally satisfactory.

~~The~~Corporate Company believes the long-term best interests of its stockholders are best served by embracing economic, social, environmental and health and safety objectives throughout its organization, which also provides benefits to its customers and the communities in which it operates. The Company has established specific cost-effective corporate projects through its 2026 Aspirations program that are expected to reduce its impact on the environment and conserve natural resources.Responsibility

The Company ~~considers~~is ~~its~~committed ~~employees~~to abeing ~~primary~~responsible ~~focus~~corporate ~~area~~citizens, ofguided ~~corporate~~by ~~responsibility~~vision and values. The Company's ~~priority~~remains focused on ~~people~~long-term ~~focuses~~viability, onunderstanding ~~five~~that ~~main~~corporate ~~areas:~~responsibility ~~occupational~~is ~~health~~essential ~~and~~for ~~safety,~~building ~~employment,~~resilience ~~inclusion~~in ~~and~~an ~~equal~~increasingly ~~opportunity~~dynamic world, ~~training~~ and ~~education~~that delivering value requires strong, successful, and ~~engagement~~sustained relationships with ~~local~~all ~~communities~~our stakeholders.

~~Occupational~~To ~~Health~~achieve &this, ~~Safety~~the Company has three focus areas: people; economy; and environment.

A robust focus on health and safety performance is a fundamental driver of the Company’s achievements. Within the “Safety First” framework, there is diligent oversight and assessment of key performance indicators, a testament to the Company's dedication to safeguarding the holistic well-being of our workforce. The Company's safety aspiration is for zero occupational injury or illness rates, based on the philosophy that all such injuries and illnesses are preventable.People

~~The~~Employees ~~Company~~are ~~requires~~the ~~comprehensive~~foundation ~~training~~of ~~and~~the ~~accountability~~Company's ~~from~~success. ~~all~~Their ~~employees~~expertise, todedication, ~~uphold~~and ~~safety~~innovation asdrive athe ~~daily priority. The~~ Company's ~~workforce~~operations isforward ~~empowered~~everyday to– ~~initiate~~which ~~safety~~is ~~improvements,~~why ~~engage~~the inCompany ~~safety~~is ~~committees~~deeply ~~and~~committed ~~reinforce~~to investing in their safety, ~~behaviors~~well-being, atdevelopment, ~~all~~and ~~times~~engagement. The Company ~~recognizes~~achieves ~~that~~this ~~employees~~through ~~engaged~~focusing inon ~~the~~training ~~work~~and ~~are~~education ~~the~~and ~~most~~commitment ~~knowledgeable~~to ~~about~~labor ~~associated~~and ~~risks.~~human ~~Therefore,~~rights ~~the~~and ~~Company~~environmental, ~~requires~~occupational ~~that~~health ~~the~~and ~~local~~ safety~~/environmental~~ ~~improvement~~("EOHS") ~~teams~~as ~~contain~~fundamental ~~employee~~responsibilities ~~representatives reflective~~ of ~~their~~the ~~workforce, including hourly employees~~Company.

AsIn ~~expressed in the Global Environmental/Occupational Health and Safety Policy~~addition, the Company ~~considers~~maintains ~~environmental~~open ~~protection,~~communication ~~occupational~~channels ~~health~~with ~~and~~employees ~~safety and site security~~ to beunderstand ~~paramount to our employees, contractors~~ and ~~visitors~~support ~~and~~employee ~~seeks~~needs ~~to minimize~~ and ~~control~~contribute ~~risks~~ to ~~people~~the ~~and~~success ~~the~~as ~~environment~~a ~~and~~business; dowhether sothrough bya ~~participating~~formal inor ~~industry~~other ~~standard~~open ~~third-party~~feedback ~~certifications~~systems. ~~Furthermore,~~To ~~the~~further ~~Company's~~foster ~~facilities~~collaboration ~~undergo~~and ~~annual~~engagement ~~internal~~across ~~inspections~~global ~~against our environmental~~operations, ~~occupational~~the ~~health~~Company ~~and~~supports ~~safety~~Employee ~~and~~Resource ~~security~~Groups ~~standards~~("ERG"s). These

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

~~The Company thrives when~~ employees ~~feel~~can ~~valued,~~build ~~motivated and involved. Knowing this~~community, ~~the~~develop ~~Company~~leadership ~~actively seeks to align our employees with fulfilling and impactful tasks which leverage their~~ skills, ~~talent~~ and ~~potential.~~enrich ~~The~~the Company ~~is committed to investing in initiatives for recruitment and talent development aimed at attracting and retaining a diverse, competent and qualified pool of skilled individuals~~culture.

~~Some~~The ofCompany ~~the~~is ~~employment~~committed ~~initiatives~~to ~~offered~~corporate ~~include~~responsibility ~~various~~throughout ~~training~~all ~~opportunities,~~aspects ~~an educational assistance program, competitive wage and benefit programs, promotion~~ of ~~inclusion initiatives, a wellness program and cultivation of an energetic corporate atmosphere. In each country where~~ the ~~Company~~organization ~~operates, the Company reviews the competitive markets to develop comprehensive benefits packages that address health~~ and ~~well-being,~~recognize ~~such as medical, dental and vision~~ its

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

Economy

The Company is committed to operating with integrity throughout every level of the business, which provides the foundation for innovation, trust, and long-term organizational success. Our responsible business strategy guides how the Company supports our customers, empowers our employees, and creates lasting value within the communities where it operates. The Company remains dedicated to upholding the highest ethical standards and recognize responsibilities to our employees, customers, communities, and the environment to go beyond compliance at every level of business.

The Company views suppliers as an extension of its business and a critical component to the Company's success. To ensure a resilient supply chain that meets or exceeds our quality standards for parts and services provided, the Company collaborates closely with a diverse network of suppliers around the world. The Company's supplier network is built upon six core pillars, designed to promote a resilient, global supply chain. These six pillars reflect our shared commitment to quality, reliability, diversity, compliance, efficiency, and customer satisfaction.

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

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~~coverages;~~safety ~~financial~~for ~~security~~those ~~programs~~around ~~such~~our asequipment. ~~retirement~~The Company's ongoing training and ~~savings~~support ~~plans;~~teams ~~paid~~provide ~~time~~extended ~~off~~care ~~for~~to ~~vacation~~customers and ~~holiday~~operators ~~time~~throughout ~~and~~the ~~more~~life of the product.

~~Inclusive and Diverse Work~~ Environment

~~The~~Environmental ~~Company~~responsibility is ~~dedicated to fostering~~ a ~~respectful~~core ~~and~~principle ~~inclusive~~of ~~work environment. The aspiration is for every employee and potential employee to be treated with dignity and fairness, free from any discrimination or harassment on~~ the ~~basis~~Company's ofoperating ~~race~~structure, ~~color,~~embedded ~~national~~within ~~origin,~~our ~~religion,~~EOHS ~~age,~~program ~~gender,~~as ~~sexual~~well ~~orientation~~as ora ~~disability~~standalone priority. The Company ~~firmly~~is ~~stands~~committed ~~against~~to ~~inappropriate~~integrating ~~behavior~~sustainable orpractices ~~remarks~~across inour ~~the~~organization ~~workplace.~~and ~~This~~processes, ~~includes~~from ~~conduct~~reducing ~~that~~emissions ~~creates~~and aenergy ~~hostile~~use orto ~~offensive~~minimizing ~~atmosphere,~~waste ~~disrupts~~generation ~~work~~and ~~performance~~water orconsumption. ~~harms~~By ~~employment~~investing ~~opportunities.~~in ~~All~~continuous ~~forms~~improvement, ofthe ~~harassment,~~Company ~~including~~is ~~sexual,~~not ~~verbal,~~only ~~physical~~reducing orour ~~visual,~~environmental ~~are~~footprint ~~strictly~~but ~~prohibited.~~strengthening ~~The~~our ~~Anti-Harassment~~resilience and ~~Anti-Discrimination~~leading ~~Policy~~the isway towards a ~~key~~more ~~component~~sustainable offuture ~~the~~for ~~Company's~~our ~~Corporate Compliance Program~~industry.

The Company recognizes the importance of different voices and experiences in steering our growth and innovation forward. The Company continues to develop our female employees through our Leadership Exploration and Development (LEAD) program, which is an eight-month program empowering women with skills and mindset for impactful leadership. Through interactive sessions, readings and reflective activities, participants develop a comprehensive understanding of their strengths and learn to lead with clarity, courage, compassion and a strong business acumen. Attendees are nominated based on their current roles as well as their potential for leadership, their career goals and aspirations as well as other key criteria.

The Company also maintains several Employee Resource Groups ("ERG"), such as the W41 Women’s Network, HYMH Veterans Group, Emerging Professionals Network, Green Team and the Young Professionals Network. These groups are open to all employees and are employee-led and employee-run which promote diversity by bringing together employees who share similar interests or affinities. They offer access to resources, development and leadership opportunities, and are designed to leverage the individual talents, perspectives and experiences of employees to support an inclusive workplace environment. All regular, full-time employees are eligible to join any ERG. Furthermore, each ERG must have a leadership sponsor who provides guidance and feedback on the group’s strategies and objectives.

Training and Education

The Company believes in the 70/20/10 Model of Employee Development, where 70% of development occurs through on-the-job experiences, 20% is learned from others and 10% is through formal training. The Company also believes in developing its existing employee base, seeking to retain the best and brightest talent. Therefore, employees are encouraged to seek out a mix of opportunities to enhance their professional and personal growth.

A multitude of training and educational opportunities are offered through the Company's Learning and Development Guide and the Hyster-Yale Learning Center. Each employee is provided access to this guide and to a digital learning platform, receiving a detailed overview of the wide variety of development opportunities available to all employees at little or no cost to them.

The Company's dedication to the growth and advancement of its employees is emphasized in the Performance Management Program ("PMP"). This program harmonizes individual performance with business objectives, creating a platform for employees to make meaningful contributions to the organization through ongoing feedback and development while ultimately driving outstanding business outcomes. The PMP encourages employee reviews in a structured manner that allows for the employee and their manager to reflect upon and discuss progress at mid-year and at year-end. All salaried employees participate in the program, and the Company is piloting the program with hourly employees.

Engagement with Local Communities

The Company believes it has a civic obligation to support educational and charitable causes. The Board of Director’s Charitable Contributions Committee encourages the Company and each of its subsidiaries to maintain programs in support of the local communities where employees live and work. This committee focuses its efforts on charitable contributions towards programs of the arts and sponsoring cultural, education, civic, health and welfare organizations, health care programs and minority and women’s groups, as well as other charitable programs in areas in which the Company operates.

Environmental Health and Safety Responsibility

As the scope of environmental laws and regulations increases across the world, it is imperative to stay focused on the Company's compliance obligations. In response, the Company has developed policies and procedures to address standards for the environment, which are designed to meet or exceed applicable laws and regulations. At a minimum, all employees must adhere to the Code of Corporate Conduct, including compliance with applicable environmental, health and safety requirements as well as laws and regulations.

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The Company's strategy comprises three key tenants:

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

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

•comply with reporting requirements applicable to the Company.

The Company strives to efficiently manage operational energy use and mitigate the carbon footprint across global operations. The Company reviews and validates globally reported environmental data and seeks to normalize environmental metrics according to sequence of event hours, allowing better understanding of the efficiency of key performance indicators while accounting for changes in business volume. Periodically, the Company will partner with a third party to perform external reviews and validations to enhance the program and build confidence with our stakeholders.

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

•Efficiency

•reduce energy consumption within the Company's operations; and

•pursue renewable energy and other low-carbon sources regularly

•Engagement

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

•Innovation

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

The Company has a deep appreciation for energy and energy efficiency. The Company consumes energy to create powerful equipment and this equipment, in turn, consumes energy while in-use. The Company recognizes the importance of managing energy consumption as efficiently as possible both during the production and use phase of products. To provide internal accountability, oversight and focus for managing energy usage reduction, the Company has established divisional waste and energy committees in both the Americas and EMEA. These committees meet regularly to discuss progress and updates on current year energy and waste reduction projects as well as plans for future initiatives. The committees provide regular updates to key stakeholders within the organization to keep the business engaged with the topic and updated on the steps the Company is taking to decrease its environmental footprint among other priorities.

The Company is implementing site-specific energy policies at manufacturing facilities to support local energy management practices. These policies ask each location to define a strategy for reducing energy consumption, to set objectives and aspirations and to periodically review and track the reduction of energy use and carbon emissions. The implementation of these local energy policies is expected to guide the energy consumption reduction progress across the Company's internal operations.

The Company understands the importance of responsible material use, including how to manage and dispose of wastes generated within its operations. The Company has documented source reduction as a universal first step in minimizing waste generated within chemical and waste management procedures. Furthermore, as waste disposal options vary based on several factors, each of the Company's sites has specific policies and procedures in place to guide their materials management processes, including waste reuse and recycling efforts. The Company also provides formal training to address handling and storage of materials, including spill prevention and emergency response procedures. Relevant employees who routinely handle hazardous materials go through additional training, including handling, storage and disposal methods as well as additional spill response and emergency procedures. For these employees, the Company administers an annual hazardous material management test to confirm they are prepared to work with and around such materials.

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

Reduce: This pillar of the Company's waste management program is threaded throughout its operations from the design stage to raw materials selection to safe and efficient operations at the Company's facilities. The reduction of raw materials purchased and consumed reduces not only operational costs but also lowers environmental impacts from the upstream raw materials to the downstream disposal methods. Curtailing the storage of excessive materials and limiting exposure to on-site chemicals also reduces potential safety and environmental hazards. As a result, raw material reduction and efficiency efforts are a concerted focus across the Company.

Reuse: With regard to raw materials and the circular economy, the Company's “Remanufacturing” program covers 12 key components, which enable customers to exchange used parts for remanufactured items. The Company strives to optimize its use of raw materials and allow valuable resources to remain in circulation. As part of the Company's Supplier Engagement Manual, specific procedures are in place to assess whether its customers are supported and their expectations are met. The Company has also implemented rules around packaging to assess whether the design and strength of the packaging minimizes cost of materials, labor and shipping.

Recycle: The Company's sites prioritize waste reduction first, followed by reuse and recycling. Waste reduction efforts have been further supported by ongoing initiatives and campaigns to increase awareness of recycling capabilities.

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

•Minimize and reduce landfilled waste at all global facilities

•Encourage non-pollution technologies in product research and development

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

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

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

•Emphasized use of material reduction and recyclability for expendable packaging

•Supplier packaging guidelines to promote the use of recyclable materials

Environmental Matters

The Company’s manufacturing operations are subject to laws and regulations relating to the protection of the environment, including those governing the management and disposal of hazardous substances. The Company’s policies stress compliance, and the Company believes it is currently in substantial compliance with existing environmental laws. If the Company fails to comply with these laws or its environmental permits, it could incur substantial costs, including cleanup costs, operational disruptions, fines and civil and criminal sanctions. In addition, future changes to environmental laws could require the Company to incur significant additional expense or restrict operations. Based on information available as of the date of filing this Annual Report on Form 10-K, the Company does not expect compliance with environmental requirements to have a material adverse effect on the Company’s financial condition or results of operations.

The Company’s products may also be subject to laws and regulations relating to the protection of the environment, including those governing vehicle exhaust. Regulatory agencies in the U.S. and Europe have issued or proposed various regulations and directives designed to reduce emissions from spark-ignited engines and diesel engines used in off-road vehicles, such as industrial lift trucks. These regulations require the Company and other lift truck manufacturers to incur costs to modify designs and manufacturing processes and to perform additional testing and reporting. While there can be no assurance, the Company believes the impact of the additional expenditures to comply with these requirements will not have a material adverse effect on its business.

The Company is investigating or remediating historical contamination at some current and former sites caused by its operations or those of businesses it acquired. While the Company is not aware that any material outstanding claims or obligations exist with regard to these sites, the discovery of additional contamination at these or other sites could result in significant cleanup costs that could have a material adverse effect on the Company’s financial conditions and results of operations.

In connection with any acquisition made by the Company, the Company could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses the Company has acquired. In addition, under some of the agreements through which the Company has sold businesses or assets, the Company has retained responsibility for certain contingent environmental liabilities arising from pre-closing operations. These liabilities may not arise, if at all, until years later and could require the Company to incur significant additional expenses.

Item 1A. RISK FACTORS

In addition to the other information in this Annual Report on Form 10-K and the Company's other filings with the SEC, the following risk factors should be carefully considered in evaluating the Company and its business before investing in the Company's common stock. The risks and uncertainties described below are not the only ones facing the Company. Additional risks and uncertainties, not presently known to the Company or otherwise, may also impair the Company's business. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. If any of the risks actually occur, the Company's business, financial condition, results of operations or stock price could be materially and adversely affected.

Risks Related to Our Business and Operations

The Company is subject to risks relating to its global operations.

The Company is a U.S.-based multinational corporation that has global operations. Operating globally subjects the Company to a number of operational risks relating to changes in government regulations and policies in a large number of jurisdictions around the world, including those related to tariffs and trade barriers, investments, property ownership rights, taxation, and exchange controls. Increasing emphasis and changing expectations with respect to environmental, social and governance matters may impose additional costs on the Company or expose the Company to new or additional risks. In addition, changes in the relative values of currencies occur from time to time and could affect the Company's operating results.

8Part of the strategy to expand worldwide market share is strengthening the Company's non-U.S. distribution network. This strategy also includes decreasing costs by sourcing basic components in lower-cost countries and could include more reliance on regional manufacturing facilities. Implementation of this strategy may increase the risks and potential impacts to global

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~~matters~~operations ~~may~~and ~~impose~~there ~~additional~~can ~~costs~~be onno ~~the~~assurance ~~Company~~that orsuch ~~expose the Company to new or additional~~ risks. Inwill ~~addition,~~not ~~changes~~have inan ~~the~~adverse ~~relative~~effect ~~values~~on ~~of currencies occur from time to time and could affect~~ the Company's ~~operating~~revenues, ~~results~~profitability or market share.

~~Part~~Economic ofand political conditions in the ~~strategy~~U.S. and abroad may lead to ~~expand~~significant ~~worldwide~~changes ~~market~~in ~~share~~tax isrules ~~strengthening~~and ~~the~~regulations, ~~Company's~~including tariffs and changing trade policies. For example, proposals to reform non-U.S. ~~distribution~~tax ~~network~~laws or other regulations could significantly impact how multinational corporations do business. AThe ~~part~~Company's ofeffective ~~this~~income ~~strategy~~tax ~~also~~rate ~~includes~~could ~~decreasing~~be ~~costs~~volatile byand ~~sourcing~~materially ~~basic~~change ~~components~~as a result of changes in ~~lower-cost~~tax ~~countries.~~laws, ~~Implementation~~geographic mix of ~~this~~earnings ~~part~~and ofother factors. Although the ~~strategy~~Company ~~may~~cannot ~~increase~~predict the ~~risks~~final ~~and~~form ~~potential~~or ~~impacts~~impact toof ~~global~~any ~~operations~~regulation ~~and~~or ~~there~~other ~~can~~proposal, beif noadopted ~~assurance~~at ~~that~~all, such ~~risks~~regulations ~~will~~and ~~not~~proposals could, if enacted, have ana material adverse ~~effect~~impact on the Company's ~~revenues,~~ profitability ~~or market share~~.

Economic and political conditions in the U.S. and abroad may lead to significant changes in tax rules and regulations. For example, proposals to reform non-U.S. tax laws or other regulations could significantly impact how multinational corporations do business. The Company's effective income tax rate could be volatile and materially change as a result of changes in tax laws, geographic mix of earnings and other factors. Although the Company cannot predict the final form or impact of any regulation or other proposal, if adopted at all, such regulations and proposals could, if enacted, have a material adverse impact on the Company's profitability.

Furthermore, international trade may also be disrupted by geopolitical conflict and hostilities in the regions or involving the countries in which the Company operates. This could aggravate each of the foregoing risks, as well as disrupt our ability to operate in affected areas, including collecting on commercial receivables.

The Company relies on the timely and free flow of goods through open and operational international shipping lanes and ports from suppliers and manufacturing locations. Disruptions of shipping lanes from geopolitical tensions, labor disputes, changes in trade policies or sea piracy, or at ports, common carriers, or suppliers could create significant risks, particularly if these disputes result in work slowdowns, lockouts, strikes, or other disruptions during periods of significant importing or manufacturing. These factors could potentially result in delayed or cancelled orders by customers, unanticipated inventory accumulation or shortages, shipping delays, and harm to the business, results of operations, and financial condition.

In addition, operating globally subjects the Company to risks related to the health and welfare of its employees and the employees of suppliers, as well as the workplaces where the Company’s products or critical components from suppliers are manufactured. Conditions resulting from natural disasters or global health epidemics or pandemics may prevent or delay the Company’s ability to obtain critical components or manufacture and sell the Company’s products. These disruptions could materially affect the Company’s liquidity, operations and revenues and profitability could be significantly reduced.

Changes in ~~existing~~international ~~free~~ trade laws and regulations or tariffs could materially reduce the Company's profitability. and have a materially adverse impact on the Company’s business strategy and operations.

~~Existing~~Free ~~free~~ trade laws and regulations provide certain beneficial duties and tariffs for qualifying imports and exports, subject to compliance with the applicable classification and other requirements. Changes in or uncertainty surrounding, laws or policies governing the terms of international trade, and in particular increased trade restrictions, tariffs or taxes on imports from countries where the Company manufactures products ~~could~~ have had a material adverse impact on the Company's business and financial results.

In ~~February~~ 2025, the United States announced or implemented substantial new tariffs on ~~Canada~~many countries, ~~China~~materials and ~~Mexico~~industries. Other countries have imposed and ~~restored~~may ~~tariffs~~continue onto ~~imported~~impose ~~steel~~retaliatory tariffs and ~~aluminum~~other ~~without~~trade ~~regard~~restrictions toimpacting ~~the~~a ~~location~~broad range of raw materials and goods. In particular, tariffs and other trade restrictions between the ~~seller~~U.S., Brazil, China, Europe and India have escalated dramatically and may continue to escalate. There exists substantial uncertainty as to whether ~~all~~any, ofor ~~these~~all, tariffs and trade restrictions will be fully implemented, sustained or ~~sustained~~modified. ~~The~~In ~~Company~~February is2026, ~~monitoring~~the ~~these~~U.S. ~~actions,~~Supreme ~~which~~Court ~~could~~("the ~~have~~Court") anissued ~~adverse~~a ~~impact~~ruling onholding that tariffs imposed under the ~~Company's~~International ~~business~~Emergency ~~strategy,~~Economic ~~market~~Powers ~~share~~Act ~~and~~("IEEPA") ~~operating~~are ~~results.~~not ~~There~~legally ~~can~~authorized. beThe noCourt ~~assurances~~only ~~that~~ruled ~~these~~on IEEPA tariffs ~~will~~and did not beinvalidate ~~implemented~~any orother ~~increased~~tariffs, innor did the ~~future,~~Court ~~with~~address whether or how the ~~previously~~U.S. ~~mentioned~~government ~~countries~~might orissue ~~additional~~refunds ~~countries~~of ~~with~~IEEPA ~~which~~tariffs. If the ~~Company~~U.S. ~~does~~government ~~business.~~is ~~The~~ultimately ~~degree~~required to ~~which~~issue ~~these~~refunds, ~~changes~~the inprocess Ulikely will take many months or years.S. Although the ruling has been issued, its implications for trade policy ~~affect~~and ~~the~~related ~~Company's~~administrative ~~operating~~actions ~~results~~remain ~~will~~uncertain. beA ~~influenced~~number byof ~~the~~tariff-related ~~specific~~matters ~~details~~continue ofto ~~the~~be ~~changes~~challenged inthat ~~trade~~could ~~policies,~~impact ~~their~~the ~~timing~~continued ~~and~~utilization ~~duration,~~of certain tariffs and the ~~Company's~~manner ~~effectiveness~~ in ~~deploying~~which ~~tools~~tariff ~~and~~costs ~~strategies~~or topotential ~~address~~recoveries ~~these~~are ~~issues~~calculated. InAdverse ~~addition~~rulings, ~~retaliatory~~or ~~tariffs~~the ~~imposed~~replacement byor ~~other~~implementation ~~countries~~of ornew ~~other~~tariffs ~~potential~~or ~~government~~trade ~~actions~~restrictions, ~~could~~may ~~result~~have ina ~~further~~material adverse ~~impacts~~effect on ~~the~~market ~~Company's~~demand, ~~business~~revenue, ~~market~~profitability ~~share~~ and ~~operating results~~liquidity.

There can be no assurances that these tariffs will not be implemented or increased in the future or that further subsequent tariffs will not be announced. The ~~cost~~degree ofto ~~raw~~which ~~materials~~these ~~used~~tariffs, any future tariffs, or changes in U.S. and foreign trade policies affect the Company's operating results will be influenced by the specific details of the changes in trade policies, their timing and duration, and the Company's ~~products~~effectiveness ~~has~~in ~~fluctuated~~deploying tools and strategies to address these issues. Any actions the Company takes to adapt to new tariffs or other trade restrictions may ~~continue~~cause the Company to ~~fluctuate~~modify operations and business strategy. Although such actions would be designed to mitigate the impact of tariffs and other trade restrictions, ~~which~~there can be no assurance that such actions will be successful and any such action could ~~materially~~be ~~reduce~~time-consuming and expensive, impact pricing of the Company'’s products, which could impact sales and profitability, or cause the Company to forgo business opportunities.

The ~~Company~~continuation, ~~has~~increase ~~experienced~~or ~~and~~expansion ~~may~~of ~~continue~~international totariffs ~~experience~~and ~~significant~~other ~~increases~~trade ~~in materials costs~~restrictions, ~~primarily~~ as awell ~~result~~as ofcontinued ~~inflationary~~or ~~pressures,~~ increased ~~demand~~geopolitical ~~and limited supply. The Company manufactures products that include raw materials that consist of steel~~tensions, ~~rubber,~~volatility ~~copper, lead, castings~~ and ~~counterweights.~~uncertainty ~~The~~with ~~Company~~respect ~~also~~to ~~purchases~~trade ~~parts~~and ~~provided~~other bypolicies ~~suppliers~~both ~~that~~directly ~~are manufactured from castings~~ and ~~steel~~through ortheir ~~contain~~impacts ~~lead.~~on ~~The~~business ~~cost~~and ofcustomer ~~these~~sentiment ~~parts~~and isspending, ~~affected~~currency byexchange ~~the same economic conditions that impact the cost of the parts the Company manufactures. The cost to manufacture lift trucks~~ and ~~related~~interest ~~service~~rates, ~~parts~~inflation, ~~has been~~ and ~~may~~economic ~~continue~~conditions toglobally, becould ~~affected~~have bya ~~fluctuations~~material inadverse ~~prices~~impact ~~for~~on ~~these~~our ~~raw~~revenue, ~~materials.~~operations, Iffinancial ~~costs~~position, ofincluding ~~these~~cash ~~raw materials increase~~flows, ~~the~~cost ~~Company's profitability could be materially reduced.~~

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structure, competitiveness, supply chain logistics, product demand and pricing, and profitability, and may increase the likelihood, or amplify the impacts, of other risks.

If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected.

If the global economy or the capital goods market declines, the Company's revenues and profitability could decline. If revenues are lower than expected, the programs the Company has implemented may not achieve the benefits expected. Furthermore, the Company may be forced to take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies.

Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.

The Company experiences intense competition in the sale of lift trucks and parts. Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck availability and sales prices, availability of parts and their prices, comprehensive product line offerings, product performance, quality and innovation, including lift truck features, and the cost of ownership over the life of the lift truck. The Company competes with several global manufacturers that operate in all major markets. These manufacturers may have lower manufacturing costs, offer differentiated products at competitive prices, provide better performance, respond more quickly to changing trade policies and have greater financial resources than the Company, which may enable them to commit larger amounts of capital or respond more effectively to changing market conditions. If the Company fails to compete effectively, revenues and profitability could be significantly reduced.

The cost of raw materials used by the Company's products has fluctuated and may continue to fluctuate, which could materially reduce the Company's profitability.

The Company has experienced and may continue to experience significant increases in materials costs, primarily as a result of inflationary pressures, tariffs, increased demand and limited supply. The Company's operating results were unfavorably affected by tariffs implemented in 2025 which led to the Company incurring approximately $100 million of various tariff-related costs on inventory purchases. The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights. The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead. The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures. The cost to manufacture lift trucks and related service parts has been and may continue to be affected by fluctuations in prices for these raw materials. If costs of these raw materials increase, the Company's profitability could be materially reduced.

The Company depends on a limited number of suppliers for specific critical components.

The Company depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and fuel cell engines and cast-iron counterweights used in some lift trucks. Some of these critical components are imported and subject to regulation, primarily with respect to customary inspection of such products by the U.S. Customs and Border Protection under the auspices of the U.S. Department of Homeland Security. Although most components are available from numerous sources or in quantities sufficient to meet requirements, the Company has experienced significant shortages of key components for certain products within the last several years and during the COVID-19 pandemic, which has negatively affected and may in the future negatively affect production levels. The results of operations and liquidity position have been and could be adversely affected if the Company is unable to obtain these critical components, or if the costs of these critical components were to continue to increase, due to inflation, regulatory compliance or otherwise, and the Company is unable to pass the cost increases on to its customers.

Furthermore, disruptions associated with suppliers have impacted and may continue to impact the Company's liquidity position. As a result of supply disruptions, the Company may not be able to generate sufficient cash from operations which, among other things, could negatively impact the Company's debt levels and ability to access its credit facilities, or require the Company to seek additional financing sources, which may not be available on favorable terms or at all. If the Company suffers a liquidity shortage, the Company may be forced to reduce production levels, reduce planned capital investments, reduce workforce, decrease or suspend planned dividends or share purchases, or adopt other measures.

Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.

The Company experiences intense competition in the sale of lift trucks and aftermarket parts. Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck availability and sales prices, availability of aftermarket parts and their prices, comprehensive product line offerings, product performance, quality and innovation, including lift truck features, and the cost of ownership over the life of the lift truck. The Company competes with several global manufacturers that operate in all major markets. These manufacturers may have lower manufacturing costs, offer differentiated products at competitive prices, provide better performance and have greater financial resources than the Company, which may enable them to commit larger amounts of capital in response to changing market conditions. If the Company fails to compete effectively, revenues and profitability could be significantly reduced.

The Company’s products and services may be affected from time to time by design and manufacturing defects or new technologies that could materially adversely affect the Company’s business and result in harm to the Company’s reputation.

The Company offers complex hardware and software products and services that can be affected by design and manufacturing defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues that can unexpectedly interfere with the intended operation of hardware or software products and services. Defects can also exist in components and products the Company purchases from third parties. Component defects could make the Company’s products unsafe and create a risk of property damage and personal injury. In addition, the Company’s service offerings can have quality issues and from time to time experience outages, service slowdowns or errors. As a result, from time to time the Company’s services have not performed as anticipated and may not meet customer expectations. The introduction of new and complex technologies, such as artificial intelligence features, can also create challenges and compliance and safety risks. There can be no assurance the Company will be able to detect and fix all issues and defects in the hardware, software and services it offers. In addition, the Company can be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment or intangible assets, and significant warranty and other expenses, including litigation costs and regulatory fines. Quality problems can adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, delay in product innovations and lost sales.

~~If the Company's strategic initiatives, including the introduction of new products, do not prove effective, revenues, profitability and market share could be significantly reduced.~~8

Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits. In addition, if future industry demand levels are lower than expected or customers' demands change, the Company may not be successful in implementing its strategic initiatives. If the Company is unable to successfully implement these strategic initiatives, revenues, profitability, growth prospects and market share could be significantly reduced.

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issues and from time to time experience outages, service slowdowns or errors. As a result, from time to time the Company’s services have not performed as anticipated and may not meet customer expectations. The introduction of new and complex technologies, such as artificial intelligence features, can also create challenges and compliance and safety risks. There can be no assurance the Company will be able to detect and fix all issues and defects in the hardware, software and services it offers. In addition, the Company can be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment or intangible assets, and significant warranty and other expenses, including litigation costs and regulatory fines. Quality problems can adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, delay in product innovations and lost sales.

If the Company's strategic initiatives, including the introduction of new products and technology solutions, do not prove effective, revenues, profitability and market share could be significantly reduced.

The Company may not be able to commercialize new products on economically efficient terms or in response to changing market demand. Unforeseen difficulties, such as delays in development due to design defects or changes in specifications and insufficient research and development resources, cost overruns or availability of key components, may hinder the Company’s ability to generate revenues to third-parties on an economically favorable basis or at all.

The lift truck business is cyclical. Any downturn in the general economy could result in significant decreases in the Company's revenue and profitability and an inability to sustain or grow the business.

The Company's lift truck business historically has been cyclical. Fluctuations in the rate of orders for lift trucks, attachments and ~~fuel-cell~~emerging technology reflect the capital investment decisions of the Company's customers, which depend to a certain extent on the general level of economic activity in the various industries the customers serve. During economic downturns, customers tend to delay new lift truck and parts purchases or may cancel or postpone orders. Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in revenues and net income. If there is a downturn in the general economy, or in the industries served by lift truck customers, the Company's revenue and profitability could decrease significantly, and the Company may not be able to sustain or grow the business.

The Company relies primarily on its network of independent dealers to sell lift trucks and ~~aftermarket~~ parts and the Company has no direct control over sales by those dealers to customers. ~~The~~Ineffective ~~loss of~~ or ~~ineffective or~~ poor performance by these independent dealers or loss of a dealer from the Company's network could result in a significant decrease in revenues and profitability and the inability to sustain or grow the business.

The Company relies primarily on independent dealers for sales of lift trucks and ~~aftermarket~~ parts. Sales of the Company's products are therefore not subject to the Company's direct control and may depend on the quality and effectiveness of the dealers, including their service repair capabilities. As a result, ineffective or poorly performing dealers could result in a significant decrease in revenues and profitability and the Company may not be able to sustain or grow its business.

The pricing and costs of the Company's products have been and may continue to be impacted by currency fluctuations, which could materially increase costs, and result in material currency exchange losses and reduce operating margins.

Because the Company conducts transactions in various currencies, including U.S. dollars, euros, Japanese yen, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner, ~~Mexican~~Brazilian ~~pesos~~reais and Australian dollars, lift truck pricing is subject to the effects of fluctuations in the value of these currencies and fluctuations in the related currency exchange rates. As a result, the Company's sales have historically been affected by, and may continue to be affected by, these fluctuations. In addition, exchange rate movements between currencies in which the Company purchases materials and components and manufactures certain products and the currencies in which the Company sells those products have been affected by and may continue to result in exchange losses that could materially reduce operating margins. Furthermore, the Company's hedging contracts may not fully offset risks from changes in currency exchange rates.

IfThe ~~the~~integration ~~global~~and ~~capital~~use ~~goods~~of ~~market~~artificial ~~declines,~~intelligence ~~the~~and ~~cost~~similar ~~saving~~technology ~~efforts~~in ~~the~~our ~~Company~~business ~~has~~may ~~implemented~~impact ~~may~~the ~~not~~Company’s bebusiness, ~~sufficient~~products, toreputation ~~achieve~~and ~~the~~results ~~benefits~~of ~~expected~~operation.

IfThe ~~the~~use ~~global~~of ~~economy~~artificial orintelligence, ~~the~~combined ~~capital~~with ~~goods~~an ~~market~~evolving ~~declines~~regulatory environment, ~~the~~may ~~Company's~~result ~~revenues~~in ~~could~~reputation ~~decline.~~harm, Ifliability, ~~revenues~~or ~~are~~other ~~lower~~adverse ~~than~~consequences ~~expected,~~to ~~the~~our ~~programs~~business ~~the~~operations. The Company ~~has~~intends ~~implemented~~to ~~may~~expand ~~not~~the ~~achieve~~use ~~the~~of ~~benefits~~automation ~~expected.~~and ~~Furthermore~~machine learning in our products, including customer-facing features. While the Company ~~may~~believes bethe ~~forced~~use toof ~~take~~these ~~additional~~emerging ~~cost~~technologies ~~saving~~can ~~steps~~present ~~that~~significant ~~could~~customer ~~result~~benefits, inthey ~~additional~~also ~~charges~~create ~~that~~risks ~~materially~~and ~~adversely~~challenges. ~~affect~~Data ~~the~~sourcing, ~~ability~~technology, tointegration ~~compete~~and orprocess ~~implement~~issues, ~~the~~bias ~~Company's~~in ~~current~~decision-making ~~business~~algorithms, ~~strategies.~~concerns over intellectual property, reputational

~~The Company may not be successful in commercializing Nuvera’s technology, which success would depend, in part, on the Company’s ability to protect Nuvera’s intellectual property.~~9

The Company may not be able to commercialize Nuvera’s fuel-cell technologies on economically efficient terms. Unforeseen difficulties, such as delays in development due to design defects or changes in specifications and insufficient research and development resources, cost overruns or availability of key components such as hydrogen, may hinder the Company’s ability to incorporate Nuvera’s technologies into its product lines or generate revenues to third-parties on an economically favorable basis or at all.

Furthermore, Nuvera’s commercial success will depend largely on the Company’s ability to maintain patent and other intellectual property protection covering certain of Nuvera’s technologies. Nuvera’s fuel-cell technology may not be economically viable if the Company is unable to prevent others from infringing or successfully challenging the validity of certain patents and other intellectual property rights attributable to Nuvera.

Other products may be introduced to the market by competitors, making the Nuvera technology less marketable.

The use of fuel-cell technology in industrial and commercial applications is a relatively new development. Companies implementing such technology face competition from competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium-ion batteries, fuel additives and other high efficiency or “renewable” technologies. Any of these technologies may have more established or otherwise more attractive manufacturing, distribution and operating cost features, which could

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~~negatively~~implications, ~~impact~~system ~~customers’~~security ~~preferences~~concerns, ~~for~~damage from product-feature ~~lines~~failures ~~that~~or ~~incorporate~~the ~~fuel-cell~~protection ~~technology~~of privacy could impair the adoption and, asacceptance aof ~~result~~autonomous machine solutions. Additionally, ~~diminish~~if the ~~marketability~~Company is unable to match or surpass advances of artificial intelligence that our competitors implement for their products ~~incorporating~~or ~~Nuvera~~for ~~technology~~internal operations, our competitive position could be impacted.

Our vendors and third-party partners may incorporate artificial intelligence tools into their offerings with or without disclosing this use to us. The providers of these artificial intelligence tools may not meet existing or evolving regulatory or industry standards concerning privacy and data protection, which may result in a loss of intellectual property or confidential information and/or cause harm to our reputation and the public perception of the effectiveness of our security measures. Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in cyberattacks or illegal activities involving the theft and misuse of personal information, confidential information and intellectual property, and the effect of these attacks could have a significant adverse impact upon the Company.

In addition, the Company’s workforce may use artificial intelligence tools such as third-party generative artificial intelligence platforms that could result in confidential information being leaked or disclosed to others. If the data used in our business operations to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is deemed to be inaccurate, incomplete, or ineffective, the Company's brand, reputation and results of operations may be materially impacted.

Risks Related to Cybersecurity

The Company may be unable to protect its information systems against service interruptions, data corruption, cybersecurity incidents or network breaches, which have in the past and could in the future disrupt business strategy and operations and could materially adversely affect the Company's results of operations, financial condition or reputation.

The Company relies on information technology networks and systems, some of which are managed by third parties, in connection with various business activities. These activities include processing, transmitting and storing electronic information, and managing or supporting a variety of business processes and activities, including supply chain, manufacturing, distributing, invoicing and collection. The Company uses information systems to record, process and ~~summarize~~report financial information and results of operations for internal reporting purposes and to comply with regulatory financial reporting and legal and tax requirements.

The Company’s information systems, or those of our third-party business partners, have been and may in the future be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components; power outages; hardware failures; user error; insider threats; or cybersecurity threats and cybersecurity incidents, including, but not limited to, ransomware, malware, fraud, phishing or other social engineering attempts and denial of service attacks, which are increasing in frequency and sophistication. In addition, security breaches, whether in the Company’s systems or those of third-party business partners, could result in unauthorized access to and disclosure of confidential, personal or sensitive information and loss of intellectual property and pose a risk to the security, confidentiality, availability and integrity of the Company’s data, as well as the data of the Company’s suppliers, customers and employees. While the Company is committed to adhering to evolving regulatory cybersecurity requirements, various procedures and controls have been and are being utilized to mitigate such risks, there can be no guarantee that the actions and controls the Company implements, or which the Company has caused or will cause third-party business partners to implement, will be sufficient to protect and mitigate associated risks to the Company’s information systems, information or other property. Moreover, the Company may not be aware of all vulnerabilities associated with its information systems.

The Company has experienced cybersecurity threats, cybersecurity incidents and vulnerabilities in the Company’s information systems and those of the Company’s third-party business partners. As of the date of this filing, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have had or are reasonably likely to have, a material impact on the Company’s business strategy, results of operations or financial condition. In addition, the amount of insurance coverage the Company maintains may be inadequate or difficult to obtain in order to cover claims or liabilities relating to a cybersecurity incident. If, in the future, the Company’s or a third party’s information systems suffer severe damage, disruption, breach, or shutdown, and business continuity plans do not effectively resolve the issues in a timely manner, then the Company could be subject to litigation including individual claims or consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory intervention, government enforcement actions, penalties, sanctions or fines, disruption to operations and product systems, communication delays, unauthorized release of confidential or otherwise protected information, corruption or alteration of data, payment of ransom, or investigation and remediation costs, which could result in a negative impact on the Company’s business strategy, results of operations, financial condition or reputation. Reports of unauthorized access to the Company's products, systems and data, regardless of their veracity, may result in the perception that the products, systems or data are capable of being hacked, which could harm its brands, reputation, prospects, relationships with third parties and operating results. Further, the amount of insurance coverage the Company maintains may be inadequate to cover claims or liabilities relating to a cybersecurity incident.

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Security breaches with respect to the Company’s products could interfere with its business, dealers, and customers, exposing it to liability that would cause its business and reputation to suffer.

Some of the Company’s products include cyberphysical components and systems typically used for telematics services, automated vehicles and remote system updates. While the Company has implemented security measures intended to prevent unauthorized access to these products, malicious actors have attempted, and may attempt in the future, to gain unauthorized access to such products including through such components and systems in order to gain control of the products, change the products’ functionality, user interface, or performance characteristics, or gain access to data stored in or generated by the products. Any unauthorized access to or control of the products or systems or any loss of data could result in litigation including individual claims or consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory intervention, government enforcement actions, penalties, sanctions or fines, disruption to operations and product systems, innovation delays, unauthorized release of confidential or otherwise protected information, corruption or alteration of data, payment of ransom, or investigation and remediation costs, which could materially adversely affect the Company’s business strategy, results of operations, financial condition, growth opportunities or reputation.

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Risks Related to Legal and Regulatory Matters

The Company is subject to import and export controls, which could subject the Company to liability or impair the Company's ability to compete in international markets.

Due to the international scope of the Company's operations, the Company is subject to a complex system of import- and export-related laws and regulations, including U.S. export control and customs regulations and customs regulations of other countries. These regulations are complex and vary among the legal jurisdictions in which the Company operates. Obtaining the necessary authorizations, including any required license, for a particular transaction may be time-consuming, is not guaranteed, and may result in the delay or loss of sales opportunities. Furthermore, U.S. export control laws and economic sanctions laws prohibit certain transactions with U.S. embargoed or sanctioned countries, governments, persons and entities. Any alleged or actual failure to comply with such laws and regulations may subject the Company to government scrutiny, investigation, and civil and criminal penalties, and may limit the Company's ability to import or export products or to provide services outside the United States. Depending on severity, any of these penalties could have a material impact on the Company's business, financial condition and results of operations. There can be no assurance that laws and regulations will not be changed in ways which will require the Company to modify its business models and objectives or affect the Company's returns on investments by restricting existing activities and products, subjecting them to escalating costs or prohibiting them outright.

Actual liabilities relating to pending lawsuits may exceed the Company's expectations.

The Company is a defendant in pending lawsuits involving, among other things, product liability claims. The Company cannot be sure that it will succeed in defending these claims, that judgments will not be rendered against the Company with respect to any or all of these proceedings or that reserves set aside or insurance policies will be adequate to cover any such judgments. In addition, insurance coverage is increasingly expensive, contains more stringent terms, may be difficult to obtain in the future and may be inadequate to cover related claims and liabilities. The Company could incur a charge to earnings if reserves prove to be inadequate or the average cost per claim or the number of claims exceed estimates, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken and any judgment or settlement amount is paid.

Actual liabilities relating to environmental matters may exceed the Company's expectations.

The Company's manufacturing operations are subject to laws and regulations relating to the protection of the environment, including those governing the management and disposal of hazardous substances. If the Company fails to comply with these laws or the Company's environmental permits, then the Company could incur substantial costs, including cleanup costs, fines and civil and criminal sanctions. In addition, future changes to environmental laws could require the Company to incur significant additional expenses or restrict operations.

The Company's products may also be subject to laws and regulations relating to the protection of the environment, including those governing vehicle exhausts. Regulatory agencies in the U.S. and other parts of the world have issued or proposed various regulations and directives designed to reduce emissions from spark-ignited engines and diesel engines used in off-road vehicles, such as industrial lift trucks. These regulations can require the Company and other lift truck manufacturers to incur costs to modify designs and manufacturing processes and to perform additional testing and reporting.

The Company is investigating or remediating historical contamination at some current and former sites caused by its operations or those of businesses it acquired. While the Company is not currently aware that any material outstanding claims or obligations exist with regard to these sites, the discovery of additional contamination at these or other sites could result in significant cleanup costs that could have a material adverse effect on the Company's financial condition and results of operations.

In connection with any acquisition the Company has made, it could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses the Company has acquired. In addition, under some of the agreements through which the Company has sold businesses or assets, it has retained responsibility for certain contingent environmental liabilities arising from pre-closing operations. These liabilities may not arise, if at all, until years later and could require the Company to incur significant additional expenses, which could materially adversely affect the results of operations and financial condition.

~~The Company may become subject to claims under non-U.S. laws and regulations, which may require expensive, time-consuming and distracting litigation.~~11

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~~health~~Company ~~and~~has ~~safety~~acquired. ~~and~~In ~~cybersecurity~~addition, ~~matters.~~under ~~Non-U.S.~~some ~~litigation~~of isthe ~~often~~agreements ~~expensive~~through which the Company has sold businesses or assets, ~~time~~it ~~consuming~~has ~~and~~retained ~~distracting~~responsibility for certain contingent environmental liabilities arising from pre-closing operations. AsThese aliabilities ~~result,~~may ~~any~~not ofarise, ~~these~~if ~~risks~~at ~~could~~all, ~~significantly~~until ~~reduce~~years ~~profitability~~later and could require the Company's ~~ability~~ to ~~operate~~incur ~~its~~significant ~~businesses~~additional ~~effectively~~expenses, which could materially adversely affect the results of operations and financial condition.

The Company may become subject to claims under non-U.S. laws and regulations, which may require expensive, time-consuming and distracting litigation.

Because the Company has employees, property and business operations outside of the U.S., it is subject to the laws and the court systems of many jurisdictions. The Company may become subject to claims outside the U.S. based in non-U.S. jurisdictions for violations of their laws with respect to the Company's non-U.S. operations. In addition, these laws may be changed or new laws may be enacted in the future, including, for example, with respect to environmental, climate change, health and safety, data privacy and cybersecurity matters. Non-U.S. litigation is often expensive, time consuming and distracting. As a result, any of these risks could significantly reduce profitability and the Company's ability to operate its businesses effectively.

Risks Related to Key Personnel and Ownership

The Company is dependent on key personnel, and the loss of these key personnel could significantly reduce profitability.

The Company is highly dependent on the skills, experience and services of key personnel, and the loss of key personnel could have a material adverse effect on its business, operating results and financial condition. In addition, the loss of key personnel could impact the Company's ability to maintain effective internal controls over financial reporting. Competition for, and availability of skilled personnel is challenging in the markets in which the Company competes, and employment and retention of qualified and skilled front-line personnel is important to the successful conduct of the Company's business. The Company's success depends upon its ability to recruit, hire, train and retain additional skilled and experienced management personnel. The Company's inability to hire and retain personnel with the requisite skills could impair its ability to manage and operate its business effectively and could significantly reduce profitability.

Certain members of the Company’s extended founding family own a substantial amount of its Class A and Class B common stock and, if they were to act in concert, could control the outcome of director elections and other stockholder votes on significant corporate actions.

The Company has two classes of common stock: Class A common stock and Class B common stock. Holders of Class A common stock are entitled to cast one vote per share and, as of December 31, ~~2024~~2025, accounted for approximately 29 percent of the voting power of the Company. Holders of Class B common stock are entitled to cast ten votes per share and, as of December 31, ~~2024~~2025, accounted for the remaining voting power of the Company. As of December 31, ~~2024~~2025, certain members of the Company’s extended founding family held approximately 3029 percent of the Company’s outstanding Class A common stock and approximately 96 percent of the Company’s outstanding Class B common stock. On the basis of this common stock ownership, certain members of the Company’s extended founding family could have exercised 7776 percent of the Company’s total voting power. Although there is no voting agreement among such extended family members, in writing or otherwise, if they were to act in concert, they could control the outcome of director elections and other stockholder votes on significant corporate actions, such as certain amendments to the Company’s certificate of incorporation and sale of the Company or substantially all of its assets. Because certain members of the Company’s extended founding family could prevent other stockholders from exercising significant influence over significant corporate actions, the Company may be a less attractive takeover target, which could adversely affect the market price of its common stock.

The Company’s stock repurchase program could affect the price of its Class A common stock and increase volatility and may not enhance long-term shareholder value.

The Company’s Board of Directors has authorized a stock repurchase program. The timing and amount of any repurchases under the stock repurchase program are determined at the discretion of the Company's management based on a number of factors. The stock repurchase program does not require the Company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the Company at any time without prior notice and will expire no later than November 2027. The Company may repurchase shares in the open market, through privately negotiated transactions or otherwise.

Repurchases under the stock repurchase program could affect the price of the Company's Class A common stock. The existence of a stock repurchase program could cause the price of the Company's Class A common stock to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for the Company’s Class A common stock. There can be no assurance that any stock repurchases will enhance shareholder value because the market price of the Company’s Class A common stock may decline below the levels at which the Company repurchased the shares. Although the stock repurchase program is intended to enhance long-term shareholder value, there is no assurance that it will do so and short-term price fluctuations in the Class A common stock could reduce the program’s effectiveness. Furthermore, the stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of the Company's Class A common stock, and it may be suspended or discontinued at any time, and any suspension or discontinuation could cause the market price of the Company's Class A common stock to decline.

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term price fluctuations in the Class A common stock could reduce the program’s effectiveness. Furthermore, the stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of the Company's Class A common stock, and it may be suspended or discontinued at any time, and any suspension or discontinuation could cause the market price of the Company's Class A common stock to decline.

Risks Related to Financing

The Company is subject to recourse or repurchase obligations with respect to the financing arrangements of some of its customers.

Through arrangements with Wells Fargo and others, dealers and other customers are provided financing for new lift trucks in the U.S. and in major countries of the world outside of the United States. Through these arrangements, the Company's dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers. For some of these arrangements, the Company provides recourse or repurchase obligations such that it would become obligated in the event of default by the dealer or customer. Total amounts subject to these types of obligations were $134.5 million and $219.2 million at December 31, 2025 and 2024, respectively. Generally, the Company maintains a perfected security interest in the related assets financed such that, in the event the Company becomes obligated under the terms of the recourse or repurchase obligations, it may take title to the assets financed. The Company cannot be certain, however, that the security interest will equal or exceed the amount of the recourse or repurchase obligations. In addition, the Company cannot be certain that losses under the terms of the recourse or repurchase obligations will not exceed the reserves that have been set aside in the consolidated financial statements. The Company could incur a charge to earnings if reserves prove to be inadequate, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken.

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financing of lift trucks that are sold or leased to customers. For some of these arrangements, the Company provides recourse or repurchase obligations such that it would become obligated in the event of default by the dealer or customer. Total amounts subject to these types of obligations were $219.2 million and $162.4 million at December 31, 2024 and 2023, respectively. Generally, the Company maintains a perfected security interest in the related assets financed such that, in the event the Company becomes obligated under the terms of the recourse or repurchase obligations, it may take title to the assets financed. The Company cannot be certain, however, that the security interest will equal or exceed the amount of the recourse or repurchase obligations. In addition, the Company cannot be certain that losses under the terms of the recourse or repurchase obligations will not exceed the reserves that have been set aside in the consolidated financial statements. The Company could incur a charge to earnings if reserves prove to be inadequate, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken.

The Company may be unable to fund its operations at competitive rates, on commercially reasonable terms or in sufficient amounts.

The Company has incurred significant debt obligations that could adversely affect its business and financial condition, including the ability to fully implement its strategy. As of December 31, ~~2024~~2025, the Company has a $300 million secured, floating-rate revolving credit facility, expiring in June ~~2026~~2030, and a $225 million term loan, maturing in May 2028, each of which has various restrictive covenants. As the Company continues to pursue its business strategies, it expects to incur additional indebtedness and refinance existing debt at a variety of interest rates, maturities, and terms. The lift truck industry is a cyclical business and the Company's revenue, cash flows, and outlook often fluctuate in accordance with this cycle, as well as prevailing macroeconomic conditions, the Company's business strategy, and other risks described in these risk factors. These fluctuations, together with the Company's debt level and related debt service obligations, could have the effect of, among other things, reducing the Company's flexibility to respond to changing business and economic conditions and increasing the risk of a future downgrade in the Company's credit ratings that can potentially impact the value of the Company's outstanding debt and increase its borrowing costs. The Company may also be required to raise additional financing for working capital, capital expenditures, debt service obligations, debt refinancing, future acquisitions, or other general corporate purposes, which will depend on, among other factors, the Company's financial position and performance, as well as prevailing market conditions and other factors beyond the Company's control. Consequently, the Company may not be able to obtain additional financing or refinancing on terms acceptable to it, or at all, which could adversely impact the Company's ability to finance its business strategy and service and repay outstanding indebtedness as it becomes due, all of which could adversely impact the Company's business, financial condition, and the cost of borrowing.

Item 1B. UNRESOLVED STAFF COMMENTS

None.

Item 1C. CYBERSECURITY

The Company’s cybersecurity risk management processes are a component of the Company’s overall risk management program. The Company’s Board of Directors, directly and through its committees, is responsible for overseeing cybersecurity risks that affect the Company. As such, the Board has delegated oversight of risks related to cybersecurity to the Audit Review Committee of the Board of Directors (the “ARC”). The ARC is charged with reviewing the Company’s cybersecurity risks, controls and procedures. The ARC reviews the Company’s plans to mitigate cybersecurity risks and the Company’s ability to respond to and remediate cybersecurity incidents. The ARC is informed of such risks through regular reviews with management regarding any specific cybersecurity issues that could affect the adequacy of internal controls over financial reporting.

The Company’s Office of the Chief Information Security Officer (“Office of the CISO”), which is responsible for the daily direction and management of cybersecurity risk activities, ~~consists~~led ofby the Company's Chief Information Security Officer ("CISO"), and also consists of the Company's Vice President and Chief Information and Digital Officer and other information technology and cybersecurity specialists. The Office of the CISO uses various data protection frameworks and conducts vulnerability assessments, cybersecurity monitoring and recovery software, employee, supplier and dealer training programs and monitoring of incidents and threats. Members of the Office of the CISO also engage with the Company’s internal audit department to review cybersecurity threats focusing on operational applications and databases through the course of their activities. The Chief Information Security Officer has extensive experience in information technology including roles in cybersecurity, privacy, software engineering, systems engineering, infrastructure and data center management, and is a Certified Information Security Manager and a Certified Data Privacy Solutions Engineer.

The Company's Office of the CISO chairs the Company’s Cybersecurity Committee (the “CSC”), which oversees the establishment and operations of cybersecurity risk management processes and strategies and directs activities to identify, detect, assess and manage risks from cybersecurity threats, protect the Company’s assets and to respond and recover from cybersecurity incidents. The CSC is responsible for coordination with the Company’s internal audit, risk management and/or crisis management teams to review and respond to cybersecurity threats. The CSC includes members of senior management 13

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~~from~~review ~~operations,~~cybersecurity ~~finance~~threats focusing on operational applications and ~~legal~~databases through the course of their activities. The ~~CSC~~Chief isInformation ~~expected~~Security toOfficer ~~meet~~has ~~quarterly.~~over On35 ~~behalf~~years of ~~the~~extensive ~~CSC~~experience in information technology including roles in cybersecurity, ~~the~~privacy, ~~Office~~software ofengineering, ~~the~~systems engineering, infrastructure and data center management, and is a Certified Information Security Manager. The CISO ~~review~~reports to the Vice President and Chief Information and Digital Officer. The Vice President and Chief Information and Digital Officer, who reports onto the Company’s ~~cybersecurity~~Chief ~~activities~~Executive toOfficer, ~~the~~has ~~ARC~~approximately on35 ayears ~~quarterly~~of ~~basis~~information ~~and~~technology toexperience, ~~the~~including ~~full~~roles ~~Board~~or oversight of ~~Directors~~cybersecurity, onsoftware atdesign ~~least~~and animplementation, ~~annual~~and ~~basis.~~related technology domains.

The Company's CISO chairs the Company’s Cybersecurity Committee (the “CSC”), which oversees and advises on various cybersecurity risk management processes and strategies and directs activities to identify, detect, assess and manage risks from cybersecurity threats, protect the Company’s assets and to respond and recover from cybersecurity incidents. The CSC is responsible for coordination with the Company’s internal audit, risk management and/or crisis management teams to review and respond to cybersecurity threats. The CSC also advises on the implementation and performance of the National Institute of Standards and Technology Cybersecurity Framework. The CSC includes members of senior management from operations, finance and legal. The CSC is expected to meet quarterly. On behalf of the CSC, the Office of the CISO review and reports on the Company’s cybersecurity activities to the ARC on a quarterly basis and to the full Board of Directors on at least an annual basis.

In addition, the Company engages third parties to assist in assessing, enhancing, implementing and monitoring the Company's cybersecurity risk-management programs. The Company maintains processes to oversee and identify risks from cybersecurity threats associated with its use of third-party service providers.

The Company has experienced cybersecurity threats, cybersecurity incidents and vulnerabilities in its information systems and those of third-party business partners. As of the date of this filing, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have had or are reasonably likely to have a material impact on the Company’s business strategy, results of operations or financial condition. If, in the future, the Company’s or a third party's information systems suffer severe damage, disruption, breach, or shutdown, and business continuity plans do not effectively resolve the issues in a timely manner, then the Company could be subject to litigation including individual claims or consumer class actions, commercial litigation, administrative, civil or criminal investigations or actions, regulatory intervention, government enforcement actions, penalties, sanctions or fines, disruption to operations and product systems, unauthorized release of confidential or otherwise protected information, corruption or alteration of data, payment of ransom, or investigation and remediation costs, which could result in a negative impact on the Company’s business strategy, results of operations, financial condition or reputation. See "Risks Related to Cybersecurity" in Part I, Item 1A. Risk Factors, in this Annual Report on Form 10-K.

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Item 2. PROPERTIES

The following table presents the principal assembly, manufacturing, distribution and office facilities that the Company owns or leases:

Segment Facility Location Owned/Leased Function(s) Lift Truck Americas Avon, Indiana Leased Americas future Customer and Parts Solution Center Berea, Kentucky Owned Assembly of lift trucks and manufacture of component parts Charlotte, North Carolina Leased Customer experience and training center Cleveland, Ohio Leased Global headquarters Danville, Illinois Owned Americas current parts distribution center Fairview, Oregon Owned Counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts Greenville,North Carolina Owned Divisional headquarters and marketing and sales operations for Hyster® and Yale® in the Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts Greenville,North Carolina Leased Research and development facility for emerging technology Itu, Brazil Owned Assembly and manufacture of lift trucks and parts distribution center Ramos Arizpe, Mexico Owned Assembly of lift trucks and manufacture of component parts Billerica, Massachusetts Leased Research and development facility for emerging technology EMEA Craigavon, Northern Ireland Owned Manufacture of lift trucks and component parts Frimley, Surrey, UK Leased Divisional headquarters and marketing and sales operations for Hyster® and Yale® in EMEA Irvine, Scotland Leased European administrative center Masate, Italy Leased Assembly of lift trucks; European warehouse development center Nijmegen, the Netherlands Owned Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center JAPIC Fuyang, China Owned Manufacture and assembly of lift trucks Pune, India Leased Engineering, supply chain and marketing and administrative services Shanghai, China Owned Sale of parts and marketing operations of China Singapore Leased Divisional headquarters Bolzoni Helsinki, Finland Leased Manufacture and distribution of Bolzoni products Hebei, China Owned Manufacture and distribution of Bolzoni products Piacenza, Italy Owned Bolzoni headquarters; manufacture and distribution of Bolzoni products Salzgitter, Germany Owned Manufacture and distribution of Bolzoni products Sorocaba, Brazil Leased Manufacture and distribution of Bolzoni products Sulligent, Alabama Owned Manufacture of Bolzoni products and manufacture of component parts for lift trucks Wuxi, China Owned Manufacture and distribution of Bolzoni products ~~Nuvera Billerica, Massachusetts Leased Nuvera research and development laboratory~~

SN’s operations are supported by three facilities. SN’s headquarters are located in Obu, Japan at a facility owned by SN. The Obu facility also has assembly and distribution capabilities for lift trucks and parts. In Cavite, the Philippines and Hanoi, Vietnam, SN owns facilities for the manufacture of components for SN and the Company's products.

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Item 3. LEGAL PROCEEDINGS

The Company is, and will likely continue to be, involved in a number of legal proceedings which the Company believes generally arise in the ordinary course of the business, given its size, history and the nature of its business and products. The Company does not believe that any of these legal proceeding will have a material effect on its financial condition or results of operations.

Item 4. MINE SAFETY DISCLOSURES

None.

Item 4A. INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following tables set forth the name, age, current position and principal occupation and employment during the past five years of the Company’s executive officers.

Name

Age

Current Position

Other Positions

Alfred M. Rankin, Jr.

8384

Executive Chairman of the Board of Directors of Hyster-Yale (from May 2023).

Chairman and Chief Executive Officer of Hyster-Yale (from February 2021 to May 2023), Chairman of HYMH (from prior to ~~2020~~2021 to May 2023), Chairman, President and Chief Executive Officer of Hyster-Yale (from prior to ~~2020~~2021 to February 2021).

Rajiv K. Prasad

6162

President and Chief Executive Officer of Hyster-Yale (from May 2023).

President and Chief Executive Office of HYMH (from ~~January~~prior ~~2020~~to 2021 to January 2025), President of Hyster-Yale (from February 2021 to May 2023).

Anthony J. Salgado

5455

President and Chief Executive Officer of HYMH (from January 2025).

Chief Operating Officer of HYMH (from prior to ~~2020~~2021 to January 2025).

Dena R. McKee

5253

Vice President, Controller and Chief Accounting Officer of Hyster-Yale (from February 2024).

Senior Consultant of Resources Connection LLC (from October 2023 to February 2024), Senior Director, Corporate Controller of Resideo Technologies, Inc, (from September 2022 to May 2023), Senior Vice President, and Corporate Controller of Cornerstone Building Brands (from ~~September 2020 to September 2022) and Director, Technical & Accounting Excellence of Follett Corporation (from~~ prior to ~~2020~~2021 to September ~~2020~~2022).

Scott A. Minder

Senior Vice President, Chief Financial Officer and Treasurer of Hyster-Yale (from September 2022).

Vice President, Treasurer and Investor Relations of ATI Inc. (a global specialty materials and component company) (from prior to 2020 to August 2022).

Stewart D. Murdoch

Senior Vice President, Managing Director, Europe, Middle East and Africa of HYMH (from prior to 2021).

Stewart D. Murdoch

Senior Vice President, Managing Director, Europe, Middle East and Africa of HYMH (from October 2020).

General Manager, Director and Head of EMEA North and Australasia, Habasit (UK), Ltd. (an industrial company) (from prior to 2020 to September 2020).

Charles F. Pascarelli

Senior Vice President, President, Americas of HYMH (from prior to 2021).

Charles F. Pascarelli

Senior Vice President, President, Americas of HYMH (from prior to 2020).

Jon C. Taylor

Chief Financial Officer of HYMH (from February 2022).

VP Finance of HYMH (from prior to 2021 to January 2022).

Jon C. Taylor

Chief Financial Officer of HYMH (from February 2022).

VP Finance of HYMH (from July 2020 to January 2022), President, Nuvera Fuel Cells (from prior to 2020 to June 2020).

Suzanne S. Taylor

Senior Vice President, General Counsel and Secretary of Hyster-Yale (from prior to 2021), Senior Vice President, General Counsel and Secretary of HYMH (from prior to 2021).

Suzanne S. Taylor

Senior Vice President, General Counsel and Secretary of Hyster-Yale (from prior to 2020), Senior Vice President, General Counsel and Secretary of HYMH (from prior to 2020).

Matheus de C. Thaumaturgo

President, APIC of HYMH (from July 2024).

Managing Director for HYMH in Brazil (from prior to 2021 to June 2024).

Matheus de C. Thaumaturgo

President, APIC of HYMH (from July 2024).

Managing Director for HYMH in Brazil (from prior to 2020 to June 2024).

The information under this Item is furnished pursuant to Instruction 3 to Item 401(b) of Regulation S-K. There exists no arrangement or understanding between any executive officer and any other person pursuant to which such executive officer was elected. Each executive officer serves until his or her successor is elected and qualified.

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PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” There is no established public trading market for the Company's Class B common stock, and no alternative trading or quotation system for the Company's Class B common stock has been or is expected to be established. The Class B common stock is convertible into Class A common stock on a one-for-one basis.

At December 31, ~~2024~~2025, there were approximately ~~794~~785 Class A common stockholders of record and ~~836~~814 Class B common stockholders of record.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Issuer Purchases of Equity Securities
Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share (1)		(c) Total Number of Shares Purchased as Part of the Publicly Announced Program	(d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program (2)
Month #1(October 1, 2024 - October 31, 2024)	—	$	—	—	$	50,000,000
Month #1(October 1, 2025 - October 31, 2025)	—	$	—	—	$	44,239,122
Month #2(November 1, 2024 -November 30, 2024)	32,202	$	55.64	32,202	$	48,208,152
Month #2(November 1, 2025 -November 30, 2025)	—	$	—	—	$	44,239,122
Month #3(December 1, 2024 - December 31, 2024)	57,027	$	54.68	89,229	$	45,089,883
Month #3(December 1, 2025 - December 31, 2025)	—	$	—	—	$	44,239,122
Total	~~89,229~~—	$	~~55.03~~—	~~89,229~~—	$	4544,~~089~~239,~~883~~122

(1) Average Price Paid per Share excludes commissions.

(2) 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.

Item 6. [RESERVED]

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Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE, INC. AND SUBSIDIARIES

(Dollars in Millions, Except Per Share Data)

OVERVIEW

Hyster-Yale, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating ~~company~~companies, Hyster-Yale Materials Handling, Inc. ("HYMH") and Bolzoni S.p.A. ("Bolzoni"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments ~~and hydrogen fuel cell power products~~, ~~telematics~~parts, ~~automation and~~ fleet management services, astechnology ~~well as a variety of other power options for its lift trucks. The Company, through HYMH, designs, engineers, manufactures, sells~~ and ~~services~~energy a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent, exclusive Hyster® and Yale® retail dealershipssolutions. 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. 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. Lift trucks and component parts are manufactured and assembled in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.

~~The~~Through HYMH, the Company ~~operates~~designs, ~~Bolzoni~~engineers, ~~S.p.A.~~manufactures, ~~("Bolzoni").~~sells ~~Bolzoni~~and isservices a ~~leading~~comprehensive ~~worldwide~~line ~~producer~~of ~~and~~lift ~~distributor~~trucks, of attachments, ~~forks~~parts, fleet management services, technology and ~~lift~~energy ~~tables~~solutions marketed globally, primarily under the ~~Bolzoni~~Hyster®, ~~Auramo~~Yale® and ~~Meyer~~Nuvera® brand names., ~~Bolzoni~~mainly ~~also~~to ~~produces~~independent ~~components~~Hyster® ~~for~~and ~~lift~~Yale® ~~truck~~retail ~~manufacturers~~dealerships. ~~Bolzoni~~The ~~products~~materials ~~are~~handling ~~manufactured~~business inhistorically has been cyclical because the ~~U.S.,~~order ~~Italy,~~rate ~~China,~~for ~~Germany~~lift ~~and~~trucks ~~Finland.~~fluctuates ~~Through~~depending on the ~~design,~~economic ~~production~~activity level in the various industries and ~~distribution~~countries ofits acustomers ~~wide~~serve. ~~range~~Lift oftrucks ~~attachments,~~and ~~Bolzoni~~component ~~has~~parts aare ~~strong~~manufactured ~~presence~~and assembled in the ~~market~~United ~~niche~~States of("U.S."), ~~lift~~Northern ~~truck~~Ireland, ~~attachments~~China, ~~and~~the ~~industrial~~Netherlands, ~~material~~Mexico, ~~handling~~the Philippines, Brazil, Japan, Italy and Vietnam.

The Company ~~operates~~owns ~~Nuvera~~a ~~Fuel~~90% ~~Cells~~majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., ~~LLC~~Ltd. ("~~Nuvera~~Hyster-Yale Maximal")., ~~Nuvera~~a ismanufacturer anof ~~alternative~~low-~~power~~intensity ~~technology~~and ~~company~~standard ~~focused~~lift ontrucks ~~the~~and ~~design,~~specialized ~~manufacture~~material handling equipment. Hyster-Yale Maximal also designs and ~~sale~~produces ofspecialized ~~hydrogen~~products ~~fuel~~in ~~cell~~the ~~stacks~~port equipment and ~~engines~~rough terrain forklift markets.

~~Competition~~Bolzoni inmanufactures ~~the~~precision-engineered lift truck ~~industry is based primarily on strength and quality of dealers~~attachments, ~~brand loyalty~~forks, ~~customer~~masts ~~service,~~and ~~new~~ lift ~~truck~~tables ~~sales~~designed ~~prices,~~for ~~availability~~handling ofdelicate ~~products~~ and ~~aftermarket~~specialized ~~parts,~~loads. ~~comprehensive~~These ~~product~~solutions ~~line~~are ~~offerings,~~marketed ~~product~~under ~~performance~~the Bolzoni®, ~~quality~~Auramo® and ~~innovation,~~Meyer® ~~including~~brand ~~features,~~names and the ~~cost~~Silver ofLine ~~ownership~~product ~~over the life of the lift truck~~portfolio. ~~The~~Bolzoni ~~Company~~also ~~competes~~produces ~~with~~components ~~several~~for ~~global~~ lift truck manufacturers. ~~that~~Bolzoni ~~operate~~products inare ~~all~~manufactured ~~major~~in ~~markets~~Italy, asthe ~~well as other niche companies~~U.S., ~~The~~China, ~~lift~~Germany, ~~truck~~Finland ~~industry~~and ~~also~~Brazil. ~~competes~~Through ~~with~~the ~~alternative methods of materials handling~~design, ~~including~~production ~~conveyor systems~~ and ~~automated~~distribution ~~guided~~of ~~vehicle~~a ~~systems.~~wide ~~The~~range ~~Company's~~of ~~aftermarket~~attachments, ~~parts~~Bolzoni ~~offerings~~has ~~compete~~a ~~with~~strong ~~parts~~presence ~~manufactured~~in bythe ~~other~~ lift -truck ~~manufacturers,~~attachments asmarket ~~well~~and asindustrial ~~companies~~material ~~that focus solely on the sale of generic parts~~handling.

~~See~~During ~~Item~~2025, 7the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC ("~~Management's~~Nuvera") ~~Discussion~~designed both to increase near-term profits and ~~Analysis~~to create an integrated energy solutions program in the Americas segment, which is part of ~~Financial~~the ~~Condition~~HYMH ~~and~~business. ~~Results~~Nuvera was merged into HYMH in the second quarter of ~~Operations"~~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 ~~2023~~Consolidated ~~Annual~~Financial ~~Report~~Statements, onbut ~~Form~~did ~~10-K~~impact ~~for~~its ~~discussion~~reportable ofsegments. ~~financial~~The ~~condition~~historical and current results of ~~operations~~the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments, to the Consolidated Financial Statements for ~~2023~~additional ~~compared~~information ~~with~~on ~~2022~~the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change.

Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck. The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicle systems. The Company's parts offerings compete with parts manufactured by other lift truck manufacturers, as well as companies that focus solely on the sale of generic parts.

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2024 Annual Report on Form 10-K for discussion of financial condition and results of operations for 2024 compared with 2023.

Critical Accounting Policies and Estimates

The discussion and analysis of financial condition and results of operations are based upon the Company's ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities, if any. On an ongoing basis, the Company evaluates its estimates based on historical experience, actuarial valuations and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

The Company believes the following are critical accounting policies. Certain of these are critical accounting estimates as they require significant judgments and estimates used in the preparation of the ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements.

Deferred Income Taxes: Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which it expects the temporary differences to be recovered or paid. U.S. generally accepted accounting principles for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined as a likelihood of more than 50%) such assets will not be realized. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax

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and liabilities using enacted tax rates that will apply in the years in which it expects the temporary differences to be recovered or paid. U.S. generally accepted accounting principles for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined as a likelihood of more than 50%) such assets will not be realized. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns and future profitability. The Company's accounting for deferred tax consequences represents its best estimate of those future events. Changes in the Company's estimates, due to unanticipated events or otherwise, could have a material effect on its financial condition and results of operations. In that regard, the Company continually evaluates its deferred tax assets to determine if a valuation allowance is required or no longer needed. When the company concludes it has sufficient evidence to warrant a change in judgement regarding the realizability of its deferred tax assets, the result may have a material impact to the reported income tax expense. At December 31, ~~2024~~2025, the Company had gross deferred tax assets of $~~168~~187.7 million which were reduced by valuation allowances of $~~144~~165.39 million and gross deferred tax liabilities of $2623.12 million.

Goodwill: Goodwill is tested for impairment annually as of May 1, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. The Company completed the annual goodwill impairment testing as of May 1, ~~2024~~2025 at the reporting unit level for the related goodwill. The Company uses either a qualitative or quantitative analysis to determine whether fair value exceeds carrying value. An estimate of the fair value of the reporting unit is determined through a combination of comparable market values for similar businesses and discounted cash flows. These estimates can change significantly based on such factors as the reporting unit's financial performance, economic conditions, interest rates, growth rates, pricing, changes in business strategies and competition. Based on the annual testing, the fair value of each reporting unit was in excess of its carrying value and no impairment existed. As of December 31, ~~2024~~2025, Bolzoni had $5152.9 million of goodwill. Based on the most recent interim impairment test, Bolzoni's fair value of equity exceeded the carrying value by approximately $~~100~~67 million or 6036%.

Factors which could result in future impairment charges include, but are not limited to, changes in worldwide economic conditions, changes in competitive conditions and customer preferences. These risk factors are discussed in Item 1A, "Risk Factors," of this Annual Report on Form 10-K. In addition, changes in the weighted average cost of capital could also impact impairment testing results. The Company will continue to monitor its reporting units and asset groups for any indicators of impairment.

Product liabilities: The Company is generally self-insured for product liability claims, although catastrophic insurance coverage is retained for potentially significant individual claims, and the Company also has insurance for certain historic claims. The Company provides for the estimated cost of personal and property damage relating to its products based on a review of historical experience and consideration of any known trends. Reserves are recorded for estimates of the costs for known claims and estimates of the costs of incidents that may have occurred but for which a claim has not yet been reported. While the Company engages in extensive product quality reviews and customer education programs, the product liability provision is affected by the number and magnitude of claims of alleged product-related injury and property damage and the cost to defend those claims. In addition, the estimates regarding the magnitude of claims are affected by changes in assumptions regarding medical costs, legal defense costs, inflation rates and trends in damages awarded by juries. Changes in the assumptions regarding any one of these factors could result in a change in the estimate of the magnitude of claims. A one percent increase in the estimate of the number of claims or the magnitude of claims would increase the product liability reserve and reduce operating profit by approximately $0.5 million. Although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future.

Product warranties: The Company provides for the estimated cost of product warranties at the time revenues are recognized. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, the warranty obligation is affected by product failure rates, labor costs and replacement component costs incurred in correcting a product failure. If actual product failure rates, labor costs or replacement component costs differ from the Company's estimates, which are based on historical failure rates and consideration of known trends, revisions to the estimate of the cost to correct product failures would be required. If the estimate of the cost to correct product failures were to increase by one percent over current estimated levels, the product warranties reserves would increase and reduce operating profit by approximately $0.6 million. The Company's past results of operations have not been materially affected by a change in the estimate of product warranties and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future.

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FINANCIAL REVIEW

The segment and geographic results of operations for the Company were as follows for the years ended December 31:

					Favorable / (Unfavorable)
	For the Years Ended December 31,				$ Change		% Change
	2024		2023		2024 vs. 2023		2024 vs. 2023
	2025		2024		2025 vs. 2024		2025 vs. 2024
Revenues
Americas	$	32,~~222~~815.59	$	23,~~899~~223.34	$	~~323~~(407.25)	11(12.16)	%
EMEA	~~707~~569.69		~~820~~707.56		(~~112~~137.97)		(1319.85)	%
JAPIC	183.75		~~201~~183.17		(170.42)		(80.71)	%
Lift truck business	43,~~113~~569.83		34,~~920~~114.97		~~192~~(545.94)		4(13.93)	%
Bolzoni	~~379~~333.1		~~375~~379.31		3(46.80)		1(12.01)	%
Nuvera	1.4		4.3		(2.9)		(67.4)	%
Eliminations	(133.1)		(185.6)		52.5		28.3	%
Eliminations	(186.1)		(182.2)		(3.9)		2.1	%
	$	3,769.3	$	4,308.2	$	(538.9)	(12.5)	%
	$	4,308.2	$	4,118.3	$	189.9	4.6	%
Gross profit
Gross profit (loss)
Americas	$	485.0	$	685.4	$	(200.4)	(29.2)	%
Americas	$	695.0	$	564.9	$	130.1	23.0	%
EMEA	54.1		108.1		(54.0)		(50.0)	%
EMEA	108.1		121.0		(12.9)		(10.7)	%
JAPIC	12.6		16.6		(4.0)		(24.1)	%
JAPIC	16.6		25.5		(8.9)		(34.9)	%
Lift truck business	551.7		810.1		(258.4)		(31.9)	%
Lift truck business	819.7		711.4		108.3		15.2	%
Bolzoni	79.4		85.4		(6.0)		(7.0)	%
Bolzoni	85.4		82.2		3.2		3.9	%
Eliminations	1.7		—		1.7		n.m.
Nuvera	(9.6)		(8.2)		(1.4)		(17.1)	%
	$	632.8	$	895.5	$	(262.7)	(29.3)	%
Eliminations	—		0.2		(0.2)		n.m.
Selling, general and administrative expenses
	$	895.5	$	785.6	$	109.9	14.0	%
Americas	$	387.9	$	401.0	$	13.1	3.3	%
Selling, general and administrative expenses
EMEA	115.8		117.1		1.3		1.1	%
Americas	$	370.1	$	331.8	$	38.3	(11.5)	%
JAPIC	36.9		38.0		1.1		2.9	%
EMEA	117.1		108.9		8.2		(7.5)	%
Lift truck business	540.6		556.1		15.5		2.8	%
JAPIC	38.0		41.1		(3.1)		7.5	%
Bolzoni	75.9		72.0		(3.9)		(5.4)	%
Lift truck business	525.2		481.8		43.4		(9.0)	%
	$	616.5	$	628.1	$	11.6	1.8	%
Bolzoni	72.0		66.9		5.1		(7.6)	%
Restructuring and impairment charges
Nuvera	30.9		28.2		2.7		(9.6)	%
Americas	$	28.8	$	7.3	$	(21.5)	(294.5)	%
	$	628.1	$	576.9	$	51.2	(8.9)	%
EMEA	4.5		2.4		(2.1)		(87.5)	%
Restructuring and impairment charges
JAPIC	1.9		8.6		6.7		77.9	%
Americas	$	6.8	$	—	$	6.8	n.m.
Lift truck business	35.2		18.3		(16.9)		(92.3)	%
EMEA	2.4		—		2.4		n.m.
Bolzoni	3.2		4.3		1.1		25.6	%
JAPIC	8.6		—		8.6		n.m.
	$	38.4	$	22.6	$	(15.8)	(69.9)	%
Lift truck business	17.8		—		17.8		n.m.
Operating profit (loss)
Bolzoni	4.3		—		4.3		n.m.
Americas	$	68.3	$	277.1	$	(208.8)	(75.4)	%
Nuvera	0.5		—		0.5		n.m.
EMEA	(66.2)		(11.4)		(54.8)		(480.7)	%
Eliminations	—		—		—		n.m.
JAPIC	(26.2)		(30.0)		3.8		12.7	%
	$	22.6	$	—	$	22.6	n.m.
Lift truck business	(24.1)		235.7		(259.8)		(110.2)	%
Bolzoni	0.3		9.1		(8.8)		(96.7)	%
Eliminations	1.7		—		1.7		n.m.
	$	(22.1)	$	244.8	$	(266.9)	(109.0)	%

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							Favorable / (Unfavorable)
	For the Years Ended December 31,						$ Change		% Change
	2024			2023			2024 vs. 2023		2024 vs. 2023
	2025			2024			2025 vs. 2024		2025 vs. 2024
Operating profit (loss)
Interest expense	31.2			33.8			2.6		7.7	%
Americas	$	318.1		$	233.1		$	85.0	36.5	%
Other income	(10.4)			(8.0)			(2.4)		30.0	%
EMEA	(11.4)			12.1			(23.5)		n.m.
Income (loss) before income taxes	(42.9)			219.0			(261.9)		(119.6)	%
JAPIC	(30.0)			(15.6)			(14.4)		(92.3)	%
Net income (loss) attributable to stockholders	$	(60.1)		$	142.3		$	(202.4)	(142.2)	%
Lift truck business	276.7			229.6			47.1		20.5	%
Diluted earnings (loss) per share	$	(3.40)		$	8.04		$	(11.44)	(142.3)	%
Bolzoni	9.1			15.3			(6.2)		(40.5)	%
Reported income tax rate	(35.2)		%	34.2		%
Nuvera	(41.0)			(36.4)			(4.6)		(12.6)	%
n.m. - not meaningful
Eliminations	—			0.2			(0.2)		n.m.
	$	244.8		$	208.7		$	36.1	17.3	%
Interest expense	33.8			37.3			(3.5)		9.4	%
Other income	(8.0)			(9.6)			1.6		(16.7)	%
Income before income taxes	219.0			181.0			38.0		21.0	%
Net income attributable to stockholders	$	142.3		$	125.9		$	16.4	13.0	%
Diluted earnings per share	$	8.04		$	7.24		$	0.80	11.0	%
Reported income tax rate	34.2		%	29.2		%
n.m. - not meaningful

The following is the detail of the approximate sales value of the Company's lift truck unit bookings and backlog, reflected in millions of dollars. The dollar value of bookings and backlog is calculated using the current unit bookings and backlog and the forecasted average sales price per unit.

YEAR ENDED

~~NINE~~YEAR ~~MONTHS~~ ENDED

~~YEAR~~NINE MONTHS ENDED

December 31, 2024

September 31, 2024

December 31, 2023

December 31, 2025

December 31, 2024

September 30, 2025

Bookings, approximate sales value

1,~~670~~840

1,~~270~~670

21,~~430~~300

Backlog, approximate sales value

1,~~930~~280

21,~~300~~930

31,~~330~~350

~~2024~~2025 Compared with ~~2023~~ 2024

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

	Revenues
			Lift truck
	HY		Americas		EMEA		JAPIC
2023	$	4,118.3	$	2,899.3	$	820.5	$	201.1
2024	$	4,308.2	$	3,223.4	$	707.6	$	183.7
Increase (decrease) in 2024 from:
Increase (decrease) in 2025 from:
Lift Truck
Price	126.9		121.9		5.2		(0.2)
Unit volume and product mix	(601.2)		(479.4)		(122.1)		0.3
Other	78.4		75.1		2.3		0.9
Price	9.6		20.7		(11.1)		—
Foreign currency	7.4		(6.3)		13.9		(0.2)
Parts	(3.7)		1.8		(7.3)		1.8
Parts	(14.6)		(4.2)		(8.0)		(2.4)
Foreign currency	0.6		(5.0)		7.4		(1.8)
Unit volume and product mix	(5.2)		136.7		(126.3)		(15.5)
Other	49.3		54.4		(4.6)		(0.5)
Bolzoni revenues	3(46.80)
Nuvera revenues	(2.9)
Eliminations	52.5
Eliminations	(3.9)
2025	$	3,769.3	$	2,815.9	$	569.9	$	183.5
2024	$	4,308.2	$	3,222.5	$	707.6	$	183.7

During the year ended December 31, ~~2024~~2025, revenues ~~increased~~decreased to $43,~~308~~769.23 million, or 12.5%, compared to $4,~~118~~308.32 million in ~~2023~~2024. The ~~increase~~decrease was primarily due to ~~higher~~a decline in unit volume, mainly in the Americas and EMEA. The Company believes the lift truck market continues to reflect ongoing economic uncertainty which dampened customer booking activity over the past several quarters. The decrease was partially offset by higher other revenues, ~~from~~including improved fleet services revenue and the Company’s pricing actions to help offset higher costs, mainly in the Americas.The Americas' truck volumes declined compared to 2024, especially for higher-value ~~fleet~~core ~~services~~counterbalanced trucks. The Company believes that customers are postponing purchases in response to lower utilization rates and ~~other~~ongoing efforts toward cash preservation as they navigate persistent economic uncertainty. EMEA revenues decreased during 2025 compared with 2024 primarily due to lower volumes for higher-value core counterbalanced trucks which reflects a market shift toward lower-intensity trucks, especially within counterbalanced trucks standard or value configurations, leading to reduced shipment volumes for traditional models.

During the year ended December 31, 2025, Bolzoni revenues decreased compared with 2024 primarily due to lower unit volume.

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


	Operating Profit (Loss)
			Lift truck
	HY		Americas		EMEA		JAPIC
2024	$	244.8	$	277.1	$	(11.4)	$	(30.0)
Increase (decrease) in 2025 from:
Lift truck gross profit and eliminations	(256.7)		(200.4)		(54.0)		(4.0)
Lift truck selling, general and administrative expenses	15.5		13.1		1.3		1.1
Restructuring and impairment charges	(16.9)		(21.5)		(2.1)		6.7
Bolzoni operations	(8.8)
2025	$	(22.1)	$	68.3	$	(66.2)	$	(26.2)

During the year ended December 31, 2025, the Company recognized an operating loss of $22.1 million compared to $244.8 million of operating profit during 2024.

The decrease in Lift Truck operating profit in 2025 compared with 2024 was primarily due to lower gross profit, mainly from lower volume, the unfavorable impact of approximately $100 million of various tariff-related costs, as well as lower overhead absorption rates tied to lower production volume. Refer to Note 21, Subsequent Events, for additional information. Additionally, the Company recognized $38.4 million in restructuring and impairment charges associated with a reduction in the Company's global workforce initiated in the fourth quarter of 2025 and the strategic realignment of Nuvera initiated in the second quarter of 2025 compared to $22.6 million in 2024 to optimize the Company's manufacturing footprint. See Note 19, Restructuring and Impairment Charges, to the Company's Consolidated Financial Statements for further discussion. The decrease in operating profit was partially offset by lower selling, general and administrative expenses mainly due to lower employee-related expenses, including lower incentive compensation expenses and savings from Nuvera's strategic realignment.

Operating profit in the Americas decreased by $208.8 million in 2025 compared to 2024, primarily due to decreased gross profit, mainly from lower volume, the unfavorable impact of approximately $100 million of various tariff-related costs, as well as lower overhead absorption rates tied to lower production volume. Additionally, the Americas recognized $28.8 million in restructuring and impairment charges associated with a reduction in its global workforce initiated in the fourth quarter of 2025 and the strategic realignment of Nuvera initiated in second quarter of 2025 and $7.3 million in 2024 for the Company's manufacturing footprint optimization program. The decrease in operating profit was partially offset by lower selling, general and administrative expenses mainly due to lower employee-related expenses, including lower incentive compensation expenses and savings from Nuvera's strategic realignment.

EMEA's operating loss increased to $66.2 million in 2025 compared to $11.4 million in 2024, primarily due to lower unit volume partially driven by a market shift toward lighter-duty, lower-priced truck models and unfavorable pricing. In addition, manufacturing inefficiencies tied to lower production volumes, higher material and freight costs and increased restructuring charges also contributed to the increased operating loss.

JAPIC's operating loss was $26.2 million in 2025 compared to $30.0 million in 2024. The change was primarily due to lower selling, general and administrative expenses and restructuring and impairment charges, partially offset by lower gross profit due to unfavorable foreign currency, higher material and freight costs and lower unit volume.

Bolzoni recognized operating profit of $0.3 million compared to $9.1 million during the same period of 2024. The decrease is 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.

During the year ended December 31, 2025, the Company recognized a net loss attributable to stockholders of $60.1 million compared to $142.3 million of net income attributable to stockholders during 2024. The decrease was driven by lower operating profit as discussed above.

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revenue from lower customer and dealer incentive programs in 2024 compared to 2023. These items were partially offset by lower parts volumes and lower lift truck shipments, which were almost fully offset by a shift in sales mix to higher priced products, mainly in the Americas.

During the year ended December 31, 2024, Bolzoni revenues increased compared with 2023 mainly from higher sales volumes and improved pricing. Nuvera revenues decreased during 2024 compared with 2023 mainly as a result of lower intercompany sales to the lift truck business.

	Operating Profit (Loss)
			Lift truck
	HY		Americas		EMEA		JAPIC
2023	$	208.7	$	233.1	$	12.1	$	(15.6)
Increase (decrease) in 2024 from:
Lift truck gross profit and eliminations	108.1		130.1		(12.9)		(8.9)
Lift truck selling, general and administrative expenses	(43.4)		(38.3)		(8.2)		3.1
Restructuring and impairment charges	(17.8)		(6.8)		(2.4)		(8.6)
Bolzoni operations	(6.2)
Nuvera operations	(4.6)
2024	$	244.8	$	318.1	$	(11.4)	$	(30.0)

During the year ended December 31, 2024, the Company recognized an operating profit of $244.8 million compared to $208.7 million during 2023 which represents an increase of 17.3%.

The increase in lift truck operating profit was primarily due to improved gross profit from higher pricing of $126.9 million, mainly in the Americas, partially offset by lower unit volumes and higher freight costs. The increase in gross profit was also partially offset by higher selling, general and administrative expenses related to higher sales and marketing and product development costs. Additionally, the increase in operating profit was partially offset by restructuring and impairment charges of $17.8 million primarily for streamlining the Company's manufacturing footprint by reducing costs and improving operational efficiency. See Note 19, Restructuring and Impairment Charges, to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion regarding the restructuring.

Operating profit in the Americas increased by $85.0 million, or 36.5%, compared to the same period in 2023, primarily due to improved gross profit from higher pricing of $121.9 million and improved margin from lower dealer and customer incentives. These improvements were partially offset by manufacturing inefficiencies tied to lower production volumes, lower parts sales and higher warranty and freight costs. In addition, operating profit was unfavorably impacted by higher selling, general and administrative expenses related to increased sales and marketing and product development costs. Operating profit in 2024 was partially offset by restructuring and impairment charges of $6.8 million.

EMEA reported an operating loss of $11.4 million in 2024 compared to an operating profit of $12.1 million in 2023, mainly due to manufacturing inefficiencies tied to lower production volumes and higher material and freight costs. In addition, selling, general and administrative expenses increased primarily from higher sales and marketing costs. The operating loss in 2024 includes restructuring and impairment charges of $2.4 million.

JAPIC's operating loss was $30.0 million in 2024 compared to $15.6 million in 2023. The change was primarily due to lower gross profit from material cost inflation and lower unit volume. In addition, JAPIC incurred restructuring and impairment charges of $8.6 million.

During the year ended December 31, 2024, Bolzoni recognized operating profit of $9.1 million compared to $15.3 million during the same period of 2023. The decrease is primarily due to restructuring and impairment charges of $4.3 million for the phase out of Bolzoni’s lower-margin legacy component manufacturing and to optimize Bolzoni's manufacturing footprint. In addition, Bolzoni's selling, general and administrative expenses increased, primarily related to higher employee-related costs in 2024 compared with 2023.

Nuvera's operating loss was $41.0 million in 2024 compared to $36.4 million in 2023. The change was primarily from an increase in research and development expenses for new product development, and selling, general and administrative expenses primarily related to occupancy expenses and restructuring charges.

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During the year ended December 31, 2024, the Company recognized net income attributable to stockholders of $142.3 million compared to $125.9 million during 2023. The increase was driven by higher operating profit of $36.1 million discussed above, lower interest expense partially offset by higher income taxes. See Note 6, Income Taxes, to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The following tables detail the change in cash flow for the years ended December 31:

	2024		2023		Change
	2025		2024		Change
Operating activities:
Net income	$	144.2	$	128.1	16.1
Net income (loss)	$	(58.0)	$	144.2	$	(202.2)
Depreciation and amortization	4745.68		4547.16		2(1.58)
Dividends from unconsolidated affiliates	48.40		104.54		(63.1)6
Stock-based compensation	237.65		2923.36		(516.71)
Restructuring and impairment charges	2238.64		—22.6		2215.68
Other operating activities	2617.02		3626.10		(108.18)
Changes in assets and liabilities:
Accounts receivable	~~(14~~25.2)3		26(14.82)		~~(41~~39.0)5
Inventories	35156.36		(435.3)		39121.63
Accounts payable and other liabilities	(~~121~~158.67)		(~~112~~121.56)		(937.1)
Other current assets	24.80		(82.4)8		111.2
Net cash provided by operating activities	~~170~~86.71		~~150~~170.7		20(84.06)
Investing activities:
Expenditures for property, plant and equipment	(4762.85)		(3547.48)		(1214.47)
Other investing activities	(0.2)		0.92		(0.74)
Net cash used for investing activities	(4762.67)		(3447.56)		(1315.1)
Cash flow before financing activities	$	~~123~~23.14	$	~~116~~123.21	$	6(99.97)

During the year ended December 31, ~~2024~~2025, net cash provided by operating activities ~~increased~~decreased by $2084.06 million compared to ~~2023~~the assame aperiod ~~result~~in of2024. ~~net~~This ~~cash~~decrease ~~adjusted~~was ~~for non-cash items,~~ primarily ~~related~~driven toby ~~restructuring~~net ~~and~~loss ~~impairment~~in ~~charges~~2025, ~~and~~compared ~~higher~~to net income. ~~The favorable net changes~~ in ~~assets~~2024, ~~and~~as ~~liabilities~~well ~~were~~as ~~mainly~~higher ~~due~~use toof ~~decreases~~cash in ~~inventories and~~ other ~~current~~liabilities ~~assets,~~primarily ~~partially~~due ~~offset~~to byincreased ~~increases~~employee-related inpayments ~~accounts receivable~~ and ~~decreases~~lower in accounts payable. ~~and~~This ~~other~~was ~~liabilities~~partially ~~during~~offset ~~the~~by ~~year~~reduced ~~ended~~inventory ~~December~~levels ~~31,~~mainly ~~2024~~due ~~compared~~ to ~~the~~inventory ~~same~~efficiencies ~~period~~and into ~~2023.~~align ~~The~~with ~~decrease~~lower inprojected ~~inventory~~shipments, iswhich ~~due~~more ~~mainly~~than tooffset the ~~decrease~~unfavorable inimpact ~~the~~of ~~Company's~~currency ~~unit~~and ~~backlog~~tariffs asduring ~~well~~2025 ascompared ~~lower~~to ~~purchases~~2024. ~~The~~In ~~increase~~addition, in accounts receivable isdecreased ~~mainly~~primarily ~~due~~from tolower ~~higher~~revenue ~~sales to customers with longer payment terms during the year ended December 31, 2024 compared with the same period in 2023~~volume.

The change in net cash used for investing activities ~~during~~in ~~the~~2025 ~~year ended December 31, 2024~~ compared with ~~the~~2024 ~~same period in 2023~~ was mainly due to higher capital expenditures in ~~2024~~2025.

	2024		2023		Change
	2025		2024		Change
Financing Activities:
Net decrease in long-term debt and revolving credit agreements	$	(60.8)	$	(76.0)	$	15.2
Net increase (decrease) in long-term debt and revolving credit agreements	$	32.5	$	(60.8)	$	93.3
Cash dividends paid	(2425.04)		(2324.60)		(01.4)
Purchase of treasury stock	(144.05)		—(14.0)		~~(14~~9.0)5
Other	(1.3.4)		(01.93)		(02.41)
Net cash used for financing activities	$	(~~100~~0.18)	$	(100.51)	$	099.43

The change in net cash used for financing activities was primarily due to ~~lower~~net ~~debt~~borrowings ~~payments~~under ~~during~~ the ~~year ended December 31, 2024 compared to 2023. Additionally, the~~ Company's ~~purchased~~revolving ~~treasury~~credit ~~stock~~facilities during ~~the~~2025 ~~year~~compared ~~ended December 31, 2024 related~~ to ~~the~~net ~~Company's~~repayments ~~previously~~in ~~announced stock repurchase program and employee-related incentive stock compensation plans~~2024.

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Financing Activities

~~The~~During 2025, the Company ~~has~~entered into an amended and restated agreement for a $300.0 million secured, floating-rate revolving credit facility (the "“Facility"”). ~~that~~The ~~expires~~Facility consists of a domestic revolving credit facility in ~~June~~the ~~2026~~initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $~~225~~90.0 million. ~~term~~The ~~loan~~Facility (matures on June 24, 2030. The Facility replaced the ~~"Term~~Company’s ~~Loan")~~previous revolving credit facility, which ~~matures~~was set to mature in ~~May~~June ~~2028~~2026. The Facility ~~previously~~can ~~included~~be aincreased up to $25400.0 million ~~tranche,~~over ~~which~~the ~~terminated~~term onof ~~May~~the 1,Facility ~~2024~~in minimum increments of $10.0 million, subject to approval by the lenders.

The Term Loan was also amended in 2023 for the purpose of changing the benchmark interest rate for borrowings under the Term Loan from LIBOR to Term SOFR, each as defined in the Term Loan. See Note 13, Current and Long-Term Financing, to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion. 23

The Facility can be increased 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 $1.2 billion as of December 31, 2024.

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 December 31, 2024, the Company was in compliance with the covenants in the Facility.

Key terms of the Facility as of December 31, 2024 were as follows:

	FACILITY
U.S. borrowing capacity	$	210.0
Non-U.S. borrowing capacity	90.0
Outstanding	52.5
Availability restrictions	4.8
Availability	$	242.7
	FACILITY
Applicable margins, as defined in agreement
U.S. base rate loans	0.25% to 0.75%
SOFR, EURIBOR and non-U.S. base rate loans	1.25% to 1.75%
SOFR adjustment, as defined in agreement	0.10%
Applicable margins, for amounts outstanding
U.S. base rate loans	0.50%
SOFR loans	1.50%
Non-U.S. base rate loans	1.50%
Applicable interest rate, for amounts outstanding
U.S. base rate	8.00%
SOFR	6.08%
Facility fee, per annum on unused commitment	0.25%

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 $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, U.S. 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 Term Loan, which includes, but is not limited to cash and

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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 ~~Term~~Facility ~~Loan~~ was $~~870~~1.1 ~~million~~billion as of December 31, ~~2024~~2025.

InThe ~~addition,~~Facility ~~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~~Facility. The ~~Term~~Facility ~~Loan~~ limits the payment of dividends and other restricted payments the Company may make inunless ~~any~~certain ~~fiscal~~total ~~year,~~excess ~~unless~~availability ~~the~~and/or ~~consolidated~~fixed ~~total~~charge ~~net~~coverage ~~leverage~~ ratio thresholds, each as ~~defined~~set forth in the ~~Term Loan~~Facility, ~~does~~are ~~not~~satisfied. ~~exceed~~The ~~2.50~~Facility also requires the Company to ~~1.00~~achieve ata minimum fixed charge coverage ratio when total excess availability is less than the ~~time~~greater of 10% of the ~~payment~~total borrowing base, as defined in the Facility, and $20.0 million. At December 31, ~~2024~~2025, the Company was in compliance with the covenants in the ~~Term Loan~~Facility.

Key terms of the ~~Term~~Facility ~~Loan~~ as of December 31, ~~2024~~2025 were as follows:

	TERM LOAN
	FACILITY
Outstanding	$	217.1
U.S. borrowing capacity	$	210.0
Discounts and unamortized deferred financing fees	2.5
Non-U.S. borrowing capacity	90.0
Net amount outstanding	$	214.6
Outstanding	103.3
Availability restrictions	4.6
Availability	$	192.1
	FACILITY
Applicable margins, as defined in agreement
U.S. base rate loans	20.5025% to 0.75%
SOFR	3.50%
SOFR, EURIBOR and non-U.S. base rate loans	1.25% to 1.75%
SOFR adjustment, as defined in the agreement	0.11%
Applicable margins, for amounts outstanding
SOFR floor	0.50%
U.S. base rate loans	0.50%
Applicable interest rate, for amounts outstanding	7.97%
SOFR loans	1.50%
Non-U.S. base rate loans	1.50%
Applicable interest rate, for amounts outstanding
U.S. base rate	7.25%
SOFR	5.30%
Facility fee, per annum on unused commitment	0.25%

The Company ~~incurred~~also ~~fees~~has ofa $0225.80 million interm ~~2023~~loan ~~related~~(the to"Term ~~amending~~Loan"), ~~the~~which ~~Facility~~matures ~~and~~in ~~the~~May 2028. The Term Loan. ~~These~~requires ~~fees~~quarterly ~~were~~principal ~~deferred~~payments ~~and~~on ~~are~~the ~~being~~last ~~amortized~~day asof ~~interest~~each ~~expense~~March, ~~over~~June, ~~the~~September ~~term~~and ofDecember, ~~the~~which ~~applicable~~commenced ~~debt~~September ~~agreements.~~30, No2021, ~~such~~in ~~fees~~an ~~were~~amount ~~incurred~~equal into ~~2024~~$0.6 million and ~~2022~~the final principal repayment is due in May 2028. ~~Fees~~The ~~related~~Company tomay ~~the~~also ~~Term~~be ~~Loan~~required ~~are~~to ~~presented~~make asmandatory aprepayments, ~~direct~~in ~~deduction~~certain ofcircumstances, as provided in the ~~corresponding~~Term ~~debt~~Loan.

The ~~Company~~obligations ~~had~~under ~~other~~the ~~debt~~Term ~~outstanding,~~Loan ~~excluding~~are ~~finance~~generally ~~leases,~~secured by a first priority lien on the present and future shares of ~~approximately~~capital ~~$150~~stock, U.2S. ~~million~~material atreal ~~December 31~~property, ~~2024~~fixtures and general intangibles consisting of intellectual property and a second priority lien on U.S. Inworking ~~addition~~capital toassets of the ~~excess~~borrowers ~~availability~~and ~~under~~guarantors of the ~~Facility~~Term ofLoan, ~~$242.7~~which ~~million~~includes, ~~the~~but ~~Company~~is ~~had~~not ~~remaining~~limited ~~availability~~to ofcash ~~$47~~and cash equivalents, accounts receivable and inventory.8 ~~million~~The ~~related~~approximate tobook ~~other~~value ~~non-U~~of assets held as collateral under the Term Loan was $0.S.8 ~~revolving~~billion ~~credit~~as ~~agreements~~of December 31, 2025.

~~The~~In ~~Company~~addition, ~~believes~~the ~~funds~~Term ~~available~~Loan ~~from~~includes ~~cash~~restrictive oncovenants, ~~hand~~which, among other things, limit additional borrowings and investments of the ~~Facility~~Company subject to certain thresholds, ~~other~~as ~~available~~provided ~~lines~~in the Term Loan. The Term Loan limits the payment of ~~credit~~dividends and ~~operating~~other ~~cash~~restricted ~~flows~~payments ~~will~~the ~~provide~~Company ~~sufficient~~may ~~liquidity~~make toin ~~meet~~any ~~its~~fiscal ~~operating~~year, ~~needs~~unless ~~and~~the ~~commitments~~consolidated ~~during~~total net leverage ratio, as defined in the ~~next~~Term ~~twelve~~Loan, ~~months~~does ~~and~~not ~~until~~exceed 2.50 to 1.00 at the ~~expiration~~time of the ~~Facility~~payment. At December 31, 2025, the Company was in ~~June~~compliance ~~2026~~with the covenants in the Term Loan.

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Key terms of the Term Loan as of December 31, 2025 were as follows:


	TERM LOAN
Outstanding	$	214.9
Discounts and unamortized deferred financing fees	1.8
Net amount outstanding	$	213.1
Applicable margins, as defined in agreement
U.S. base rate loans	2.50%
SOFR	3.50%
SOFR adjustment, as defined in the agreement	0.11%
SOFR floor	0.50%
Applicable interest rate, for amounts outstanding	7.33%

The Company had other debt outstanding excluding finance leases, of approximately $150.7 million and $6.3 million of revolving credit facilities at December 31, 2025. In addition to the excess availability under the Facility of $192.1 million, the Company had remaining availability of $54.3 million related to other non-U.S. revolving credit agreements.

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

Following is a table summarizing the Company's material cash requirements from contractual obligations as of December 31, 2025:

	Payments Due by Period
Contractual Obligations	Total		~~2025~~2026		~~2026~~2027		~~2027~~2028		~~2028~~2029		~~2029~~2030		Thereafter
Term Loan	$	~~217~~214.19	$	2.23	$	2.2	$	2210.34	$	~~210.4~~—	$	—	$	—
Variable interest payments on Term Loan	5539.0		1715.18		1715.05		167.97		~~4.0~~—		—		—
Revolving credit agreements	54109.26		54109.26		—		—		—		—		—
Variable interest payments on revolving credit agreements	54.78		3.92		1.85		—0.1		—		—		—
Other debt	~~148~~150.57		~~131~~123.92		1627.65		—		—		—		—
Variable interest payments on other debt	4.70		4.2.8		01.42		~~0.1~~—		—		—		—
Finance lease obligations including principal and interest	2522.68		~~12.~~9.4		67.94		34.91		1.73		0.2		—0.4
Operating leases	~~135~~201.20		2126.19		1925.45		1723.59		1618.08		1114.3		4991.96
Purchase and other obligations	~~759~~662.72		~~746~~650.2		45.1		54.14		42.35		—		—
Total contractual cash obligations	$	1,~~405~~409.70	$	~~993~~943.74	$	6885.49	$	45250.86	$	~~236~~22.46	$	1114.5	$	4992.90

The principal sources of financing for these material contractual obligations are expected to be internally generated funds and bank financing.

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An event of default, as defined in the agreements governing the Facility, the Term Loan, other debt agreements, and in operating and capital lease agreements, could cause an acceleration of the payment schedule. No such event of default has occurred or is anticipated under these agreements.

The purchase and other obligations are primarily for accounts payable, open purchase orders and accrued payroll and incentive compensation.

In addition, the Company has recourse and repurchase obligations with a maximum undiscounted potential liability of $~~219~~134.25 million at December 31, ~~2024~~2025. Recourse and repurchase obligations primarily represent contingent liabilities assumed by the Company to support financing agreements made between the Company's customers and third-party finance companies for the customer’s purchase of lift trucks from the Company. For these transactions, the Company or a third-party finance company retains a perfected security interest in the lift truck, such that the Company would take possession of the lift truck in the event it would become liable under the terms of the recourse and repurchase obligations. Generally, these commitments are due upon demand in the event of default by the customer. The security interest is normally expected to equal or exceed the amount of the commitment. To the extent the Company would be required to provide funding as a result of these commitments, the Company ~~believes the value of its perfected security interest and amounts available under existing credit facilities are adequate to meet these commitments in the foreseeable future.~~

The amount of the recourse or repurchase obligations changes over time as obligations under existing arrangements expire and new obligations arise in the ordinary course of business. Losses anticipated under the terms of the recourse or repurchase obligations were not significant at December 31, 2024 and reserves have been provided for such losses in the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. See also “Related-Party Transactions” below.25

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believes the value of its perfected security interest and amounts available under existing credit facilities are adequate to meet these commitments in the foreseeable future.

The amount of the recourse or repurchase obligations changes over time as obligations under existing arrangements expire and new obligations arise in the ordinary course of business. Losses anticipated under the terms of the recourse or repurchase obligations were not significant at December 31, 2025 and reserves have been provided for such losses in the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. See also “Related-Party Transactions” below.

Capital Expenditures

The following table summarizes actual and planned capital expenditures:

	Planned 2025	Actual 2024		Actual 2023
	Planned 2026	Actual 2025		Actual 2024
Lift truck business	$ 3345-6555	$	3754.53	$	2640.89
Bolzoni	5-10-20	68.92		56.19
Nuvera	2-5	3.4		3.5
	$ 55-75	$	62.5	$	47.8
	$ 40-80	$	47.8	$	35.4

Planned expenditures in ~~2025~~2026 are primarily for ~~improvements~~investments atin ~~manufacturing~~modular ~~locations~~development and ~~manufacturing~~critical capital equipment central to the Company’s ongoing transformation, enabling progress in advanced product development, ~~and~~manufacturing ~~improvements~~efficiency, toand information -technology ~~infrastructure~~enhancements. The ~~wide~~final ~~range~~level of ~~potential~~2026 capital ~~spending~~expenditures ~~outcomes in 2025~~ is ~~due~~dependent toon ~~current~~the ~~economic~~pace ~~and~~of ~~geopolitical~~production ~~uncertainty~~improvements. The Company ~~expects~~will toclosely monitor spending ~~during~~throughout the ~~first half of the~~ year and may accelerate investments ifas ~~the~~production ~~market~~levels ~~recovers~~ and market share ~~increases~~improve as ~~expected in the second half of 2025~~anticipated. The primary sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.

Capital Structure

	December 31
	2024			2023			Change
	2025			2024			Change
Cash and cash equivalents	$	96123.62		$	7896.86		$	1726.86
Other net tangible assets	~~750~~775.5			~~729~~750.45			2125.10
Intangible assets	3332.13			3933.31			(60.28)
Goodwill	5455.67			5354.36			1.31
Net assets	~~934~~986.87			~~900~~934.8			3451.09
Total debt	(~~440~~494.73)			(~~494~~440.07)			(53.36)
Total temporary and permanent equity	$	~~494~~492.14		$	~~406~~494.81		$	87(1.37)
Debt to total capitalization	4750		%	5547		%	~~(8)~~3		%

RELATED-PARTY TRANSACTIONS

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

OUTLOOK

The Company’s 2026 outlook is based on a set of key assumptions, which include the anticipated impact of tariffs and related mitigation efforts to counter their impact on the Company. 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:

•U.S. tariffs in effect as of November 10, 2025, including Chinese tariffs at 10%, used as the baseline,

•inclusion of Section 232 tariff for steel and steel derivatives,

•current Section 301 tariff exemption for lift truck parts not extended beyond November 10, 2026,

•no additional tariffs will be added globally,

•company demand forecasts that are based on bookings trends, backlog levels and market data, and

•the successful implementation of the Company’s proactive initiatives outlined above.

In February 2026, the U.S. Supreme Court ("the Court") issued a ruling holding that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") are not legally authorized. The Court only ruled on IEEPA tariffs and did not invalidate any other tariffs, nor did the Court address whether or how the U.S. government might issue refunds of IEEPA tariffs. If the U.S. government is ultimately required to issue refunds, the process likely will take many months or years.

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Although the ruling has been issued, its implications for trade policy and related administrative actions remain uncertain. A number of tariff-related matters continue to be challenged that could impact the continued utilization of certain tariffs and the manner in which tariff costs or potential recoveries are calculated. Adverse rulings, or the replacement or implementation of new tariffs or trade restrictions, may have a material adverse effect on market demand, revenue, profitability and liquidity.

The Company’s financial outlook continues to be significantly affected by U.S. tariff policy, which has been increasing costs, dampening product demand, and reducing overall financial performance. Despite the Company’s proactive actions to mitigate these impacts, tariffs remained, and are expected to remain, a substantial financial challenge. Ongoing uncertainty around future tariff policies adds further volatility that is expected to persist through 2026. In this environment, the Company remains focused on disciplined cost management, maintaining an appropriate balance between pricing and expenses, and advancing the broad set of product initiatives designed to address the market shift to lighter-duty, lower-priced trucks. Management is committed to navigating the Company through these conditions while positioning the business for long‑term profitable growth.

Lift Truck Market and Demand Outlook

The total lift truck market contracted in Q4 2025 compared to the prior year across all geographic regions and classes. However, North America showed growth over Q3 2025, which led to increased booking activity for the Company.

For the rest of the world, the total lift truck market contracted compared to the prior quarter. This reflects a more cautious customer approach amid ongoing economic uncertainty. The Company believes many customers are deferring capital expenditures, resulting in delayed purchasing decisions and continued softening of lift truck order activity, particularly in higher duty cycle applications.

The positive trend in Q4 2025 bookings reflects a meaningful shift in customer behavior, with activity moving from elevated quoting levels without follow‑through to more decisive purchasing actions. Combined with the growing need to replace aging equipment after prolonged deferral of capital spending, these developments potentially signal early signs of strengthening demand, particularly in the Americas. While overall conditions remain cautious, this momentum is a constructive indicator for the demand environment heading into 2026.

At the end of Q4 2025, the Company’s backlog totaled $1.28 billion, reflecting shipments outpacing new bookings, most notably in EMEA. The Company believes EMEA has been slower to rebound due to persistent customer order delays and the broader industry shift toward lighter‑duty, lower-priced truck models, a segment in which the Company only recently began offering competitive products. The sequential decline in backlog was driven primarily by lower truck volumes, partially offset by higher average truck selling prices tied to increased material and component costs. Unfavorable currency movements further reduced the translated value of backlog, amplifying the impact of lower unit volumes and diminishing the real economic value of remaining orders.

Looking ahead, the Company expects bookings to continue improving through 2026, supported by the gradual normalization of customer capital investments. As new orders strengthen and bookings begin to outpace shipments, the resulting backlog growth toward a more normalized three‑ to four‑month level is expected to play a central role in driving higher production over the course of the year. Rebuilding backlog will allow the Company to transition from production schedules constrained by lower order intake to a more balanced and efficient operating cadence that better supports manufacturing utilization, inventory discipline and supply chain alignment. Although mixed demand signals warrant a prudent near‑term outlook, the Company anticipates that Q1 2026 will represent the trough of the current cycle, with production and shipments expected to steadily improve throughout the remainder of the year along with market conditions.

Operational Initiatives and Cost‑Reduction Programs

The Company continues to prioritize operational efficiency by aligning its production footprint and organizational structure with evolving market demand. To strengthen its competitive position and sustained profitability across market cycles, the Company has initiated a set of programs, including Nuvera's strategic realignment, a comprehensive restructuring program and long-term manufacturing footprint optimization. These actions are designed to lower the Company’s break-even point and support long-term financial resilience.

Nuvera’s strategic realignment was executed in Q2 2025 and delivered immediate benefits, resulting in $15 million of cost savings for the year along with the redeployment of resources to higher-growth areas.

Building on this momentum, the Company launched a restructuring program in Q4 2025, including targeted annualized cost reductions of $40–$45 million beginning in 2026. This restructuring combines timely cost reduction with strategic and structural changes which are expected to address current market pressures and position the Company for future growth as a leaner, more agile organization.

Operational improvement projects focused on optimizing the Company’s manufacturing footprint began in late 2024 and have proceeded at a measured pace, with $4 million spent in 2025. These initiatives are expected to incur additional costs of $10–$12 million and $3–$6 million in 2026 and 2027, respectively. Due to lower production volumes during the transition, the initial

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~~PERSPECTIVE~~benefits ~~AND~~realized ~~OUTLOOK~~in 2026 are expected to be minimal. By 2027, anticipated benefits from these efforts are projected to reach $20–$30 million. However, the full-year annualized income and cash benefits, estimated at $30–$40 million, are not expected until 2028, when these programs are fully implemented.

~~Consolidated~~The ~~Strategic~~Company’s ~~Perspective~~comprehensive cost-reduction strategy balances immediate actions with longer-term initiatives, driving operational efficiency and organizational agility while maintaining investments in key strategic programs. As a result, the Company believes it is positioned to achieve significant savings, support sustainable growth and enhance financial resilience.

~~The~~•Nuvera ~~Company’s~~strategic ~~strong~~realignment: ~~2023~~Achieved ~~and~~$15 ~~2024~~million ~~financial performances were largely due to a strong backlog and strategic actions taken~~ in ~~recent~~cost ~~years.~~savings These efforts focused on delivering optimal solutions and exceptional customer care. Most importantly, the execution of key strategies, projects and significant process improvements, have better positioned the Company for ~~substantial long-term profitable growth~~2025. ~~As part of this, the Company’s product development and process improvement efforts are leading to significant advantages, including:~~

•~~more~~Restructuring ~~efficient~~program: ~~lift~~Targeting ~~truck~~$40–$45 ~~production,~~million byin ~~enabling~~annualized ~~the~~savings ~~Company’s~~beginning ~~plants~~in toQ1 ~~build internal combustion and electric trucks on the same production lines, which should support higher volumes on existing production lines;~~2026.

•~~leveraging~~Manufacturing ~~modular~~footprint ~~and~~optimization: ~~scalable~~Expected ~~product~~savings ~~designs~~of to$20–$30 ~~produce~~million ~~similar~~in ~~high-volume trucks globally~~2027, ~~enabling~~fully ~~the~~implemented ~~Company~~by to2028 ~~better~~with ~~meet~~annualized ~~customer~~benefits ~~demand~~of ~~while~~$30–$40 ~~minimizing operational costs;~~ million.

•~~increasing~~Total ~~operational~~recurring ~~efficiency~~annualized ~~and~~savings ~~factory~~are ~~utilization;~~projected ~~and~~to reach $85–$100 million starting in 2028, compared to the beginning of 2025.

~~•phasing~~Projected ~~out~~cost ~~Bolzoni’s~~savings ~~lower-margin~~are ~~legacy~~stated ~~component~~prior ~~manufacturing~~to expected increases in operating expenses, which ~~creates~~are ~~manufacturing~~anticipated ~~space~~to ~~for~~be ~~further~~in ~~profitable~~line ~~attachment~~with ~~growth~~inflation.

Overall, these improvements are leading to a more efficient and flexible organization. To move these programs forward, in Q4 2024, the Company initiated projects to lower costs, optimize its manufacturing footprint, reduce lead times and better position itself for profitable growth. As a result, the Company incurred costs to streamline its manufacturing footprint and optimize its operations of $21 million in Q4 2024. As the Company fully executes its manufacturing footprint improvement programs, it expects additional implementation costs ranging from $8 million to $16 million in each of 2025 and 2026. Benefits from these programs are expected to begin in late 2025. These initial benefits are likely to be offset by operational inefficiencies related to lower full-year production in 2025. Benefits in 2026 are expected to be small as the Company fully phases in the programs. Beginning in 2027, these fully developed programs are currently expected to generate significant income and cash benefits from $30 million to $40 million annually, based on current assumptions for expected volumes and costs. These programs are designed to reduce the negative impact from cyclicality on the business.

Lift Truck Business

~~Lift~~In ~~Truck~~2025, ~~estimates~~the ~~that~~Company ~~the~~operated Q4in ~~2024~~a ~~global~~challenging ~~lift~~macroeconomic ~~truck~~environment ~~bookings~~marked ~~market~~by ~~declined~~high ~~moderately~~tariff ~~from~~costs, ~~prior~~softer ~~year~~industry ~~levels~~demand, ~~with~~and ~~industry~~cautious ~~backlog~~customer ~~slightly~~spending. ~~above~~These ~~normalized~~conditions ~~levels~~have continued into early 2026; however, the Company expects economic uncertainty and elevated financing costs to gradually ease as the year progresses. InThroughout 2025, ~~Lift~~many ~~Truck~~customers, ~~anticipates~~particularly athose ~~slight~~still ~~improvement~~receiving intrucks ~~the~~ordered ~~global~~when ~~lift~~lead ~~truck~~times ~~market~~were ~~from~~very ~~depressed~~high, ~~2024~~deferred ~~levels.~~capital ~~This~~investments ~~increased~~and ~~market~~extended isequipment ~~primarily~~lifecycles, resulting in ~~EMEA~~reduced ~~and~~order ~~JAPIC~~volumes. ~~geographic~~The ~~markets~~Company now believes these customers are approaching their typical equipment replacement cycle. Furthermore, ~~leading~~as fleets continue to ~~higher~~age ~~year-over-year~~and ~~bookings~~maintenance ~~market~~expenses inrise, ~~2025~~the economic rationale for upgrading equipment becomes even more compelling. Together, these trends support expectations for a gradual strengthening of underlying replacement-driven demand.

~~Lift~~Despite ~~Truck's~~consistently Q4strong ~~2024~~quoting ~~factory~~activity ~~bookings~~during ~~dollar-value~~2025, ~~decreased~~order ~~17%~~conversion ~~year-over-year~~lagged tofor ~~$400~~much ~~million.~~of ~~Sequentially,~~ the ~~value~~year ofas ~~bookings~~customers ~~increased~~delayed bypurchasing ~~8%,~~decisions. ~~primarily~~This indynamic ~~the~~began ~~Americas.~~to ~~Orders~~shift ~~increased~~in ~~for~~Q4 ~~higher-priced~~2025, 4-when tocustomers ~~6-ton~~more ~~Class~~frequently 1converted ~~and~~quotes ~~Lift~~into ~~Truck's~~firm ~~new modular~~orders, ~~scalable~~contributing ~~Class~~to 5the ~~lift~~improved ~~trucks~~booking trends previously noted. ~~EMEA's dollar-value~~Because ~~bookings~~orders ~~slightly~~flow ~~increased~~through ~~and~~a ~~JAPIC's~~fixed ~~were~~production ~~flat~~schedule ~~compared~~and torevenue Q3is ~~2024.~~generally ~~This~~recognized ~~overall~~upon ~~increase~~shipment, ~~suggests~~the ~~further~~order‑to‑production ~~stabilization~~cycle ~~for~~creates ~~both~~inherent ~~Lift~~timing ~~Truck~~gaps ~~and~~between ~~the~~bookings, ~~global~~manufacturing ~~market.~~and deliveries.

~~Due~~Management toexpects ~~2024~~Q1 ~~sales~~2026 ~~efforts,~~to represent the ~~Lift~~trough ~~Truck's~~of ~~warehouse~~the ~~market~~current ~~share~~cycle, ~~grew~~reflecting asthe ~~result~~impact of ~~it's~~lower ~~warehouse~~booking ~~penetration~~levels ~~strategy,~~earlier ~~which~~in ~~includes~~2025. ~~advanced~~As ~~on-truck~~bookings ~~technologies.~~continue ~~These~~to ~~share~~strengthen ~~gains~~and backlog rebuilds, production and shipments are expected to ~~continue~~improve ingradually ~~2025.~~through ~~Additionally,~~the ~~new~~remainder ~~modular,~~of ~~scalable~~2026. ~~counterbalanced~~The ~~trucks~~Company ~~are~~expects ~~anticipated~~that this will lead to ~~launch~~a inmore ~~the~~normalized ~~first~~operating ~~half~~cadence ofand ~~2025,~~increased ~~including~~manufacturing ~~the~~efficiency. ~~electric~~Moderately ~~models~~improved ofshipment ~~the~~volumes 1-in to2026 ~~3.5-ton~~are ~~trucks~~anticipated ~~later~~to result in ~~the~~slightly higher year.‑over‑year ~~These~~revenue, ~~new~~with ~~products~~higher ~~should~~shipments ~~lead~~expected toin ~~share~~the ~~gains~~second ~~over~~half ~~time~~of 2026 compared to the first half.

~~For~~Margins, ~~much~~however, ofare ~~the~~expected ~~past~~to ~~two~~remain ~~years,~~under ~~Lift~~pressure ~~Truck~~in ~~has~~the ~~benefited~~near ~~from~~term ~~the~~due ~~tailwinds~~to ofthe ~~favorable~~growing ~~pricing~~prevalence ~~and~~of alighter-duty, ~~significant~~lower-priced ~~order backlog~~models. ~~This~~These ~~supported~~products, ~~robust~~typically ~~production~~priced ~~levels~~lower ~~in 2023~~ and ~~2024~~offered ~~with~~aggressively ~~product~~by ~~margins~~foreign ~~well~~competitors, ~~above~~particularly ~~targeted levels. The 2024 market decline resulted~~ in ~~lower~~South ~~bookings~~America and ~~increased cancellations across the year~~Europe, ~~including~~have ashifted Q4demand ~~2024~~away ~~bookings~~from ~~level~~traditional, ~~that~~higher‑margin ~~was below expectations~~offerings. This ~~led~~trend tohas a reduced, ~~but~~shipment ~~more~~volumes ~~normalized,~~for ~~$1.9~~traditional ~~billion~~models ~~backlog~~and ~~entering~~weighed ~~into~~on ~~2025.~~total Asproduct ~~result, Lift Truck's initial 2025 production estimates are well below 2024 levels~~margins. ToWhile ~~maintain~~the aCompany ~~more~~has ~~consistent~~newly ~~backlog~~introduced ~~level,~~models ~~while~~designed ~~balancing~~for ~~market~~these ~~share and industry demand~~lighter-duty, ~~production rates will be~~ lower-priced insegments, ~~the~~competitors ~~first~~already ~~half~~have ofa ~~2025~~presence. ~~and~~As ~~increase~~a inresult, ~~the~~margin ~~second~~pressure ~~half~~is ofexpected ~~the~~to ~~year.~~persist ~~This~~until ~~sets~~these ~~the~~new ~~stage~~offerings ~~for~~gain ~~expected~~market ~~accelerated growth in 2026~~traction. ~~However~~Over time, if the ~~bookings~~Company’s ~~market~~expanded orportfolio ~~Lift~~of ~~Truck's~~modular ~~expected~~and ~~market~~scalable ~~share~~products ~~improvements~~is ~~fail~~intended to ~~meet~~strengthen ~~expectations,~~competitiveness ~~its~~and ~~global~~support ~~production~~margin ~~levels~~recovery ~~will~~as ~~likely~~market ~~moderate~~conditions ~~in the second half of 2025~~normalize.

~~Lift~~Forecasted ~~Truck~~tariff ~~continues~~costs ~~to focus~~ on ~~maintaining~~Chinese ~~bookings~~components, ~~with~~steel ~~margins~~and atother orimports ~~above~~are ~~targeted~~expected ~~margin~~to ~~levels~~remain ~~through~~broadly aconsistent ~~combination~~with ofQ4 ~~new~~2025 ~~product~~levels. ~~introductions,~~These ~~including~~costs ~~modular~~are ~~and~~subject ~~scalable~~to ~~models,~~potential ~~and~~fluctuations ~~ongoing~~based ~~cost~~on ~~and~~future ~~pricing~~changes ~~discipline~~in U.S. ~~Margins~~tariff ~~are~~policy. ~~expected~~The toCompany ~~decline~~expects intariffs ~~2025~~will ~~compared~~continue to affect both the ~~prior~~Company’s ~~year~~cost ~~due~~structure toand ~~increased~~customer ~~competitive~~purchasing ~~dynamics~~behavior. inTo ~~the~~mitigate ~~market~~these impacts, ~~but~~the ~~importantly~~Company ~~remain~~has ~~above~~implemented ~~target~~a ~~levels~~series of pricing, sourcing and product‑cost initiatives. ~~Due~~The benefits of these actions are expected to increase beginning in Q2 2026 as the ~~current~~full ~~economic~~effect ~~uncertainty~~of ~~created~~measures byimplemented ~~potential~~during ~~tariff~~2025 ~~changes~~are inrealized. Given the ~~U.S.~~comparatively ~~and~~low ~~abroad,~~tariff ~~Lift~~levels ~~Truck~~in ~~intends~~early to2025, ~~remain~~year-over-year ~~agile~~tariff ~~with~~comparisons ~~its~~will ~~pricing~~be ~~strategy~~unfavorable ~~responding~~in asQ1 ~~required~~2026 but are expected to ~~reduce~~moderate over the ~~impact~~course of ~~tariffs~~the onyear. ~~its~~Despite ~~cost~~improvements ~~structure.~~in ~~Lift~~expected ~~Truck~~tariff ~~anticipates~~recovery, ~~margins~~the toCompany ~~remain~~does ~~above~~not ~~target~~expect ~~levels~~to infully ~~2025~~offset all tariff-related expenses.

Additionally, ongoing operational and cost‑reduction initiatives are projected to generate year‑over‑year improvements in fixed manufacturing and operating expenses. Combined with the anticipated increase in shipments, these initiatives are expected to enhance manufacturing effectiveness and support a meaningful improvement in operating profit in 2026, even with a lower-margin product mix. The Company remains committed to disciplined operational execution, proactive cost management and leveraging opportunities aligned with evolving market conditions to further strengthen its competitive position.

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As a result of the lower production levels in 2025, Lift Truck expects a significant year-over-year revenue decrease. Operating expense is expected to increase year-over-year in 2025 to support long-term profitable growth efforts. Lift Truck plans to increase its sales capacity and capability as well as enhance its underlying information technology systems. A portion of these higher costs are likely to be offset by increased use of lower cost shared service capabilities and more efficient processes and tools. As a result of the lower revenues, unit margin declines and increased expenses, Lift Truck expects 2025 operating profit to be significantly lower than the exceptionally strong 2024 performance.

Bolzoni

Bolzoni ~~product~~is ~~margins are~~ expected to ~~improve~~achieve ~~modestly~~modest ~~year-over-year,~~profitability ~~despite~~improvement ~~decreased~~in 2026. Although revenues may decline slightly due to the planned phase ‑out of ~~lower-margin~~certain legacy ~~component~~components ~~sales~~supplied to the Lift Truck business., ~~Increased~~the ~~production~~shift oftoward higher ‑margin ~~attachments~~attachment ~~are~~products ~~expected~~and tobetter ~~offset~~plant ~~lower~~utilization ~~legacy~~is ~~component~~anticipated ~~sales.~~to Assupport amargin ~~result,~~expansion. ~~Bolzoni's~~Management ~~2025~~continues ~~operating~~to ~~profit~~focus ison ~~anticipated~~optimizing tothe bemix ~~comparable~~and tostrengthening ~~2024~~operational ~~adjusted~~discipline ~~operating~~across ~~profit.~~global facilities.

Nuvera

During 2025, Nuvera will remain focused on increasing customer product demonstrations and orders, especially HydroCharge™, its new portable hydrogen fuel cell-powered generator. This product was introduced in May 2024 and began customer and dealer demonstrations in September 2024.

In 2025, Nuvera expects full-year revenues to increase over prior year largely due to HydroCharge™. The margin benefits from this increased revenue are likely partly offset by a modest increase in product development costs year-over-year to support further development on Nuvera’s more powerful 125kW fuel cell engine. In total, 2025's operating results are expected to improve modestly compared to 2024, in part due to benefits realized from the 2024 force reduction action.

Consolidated

The financial discipline established over the past several years has strengthened the Company’s ~~continues~~ability to ~~make~~navigate ~~progress~~challenging inmarket ~~establishing~~conditions ~~the~~and ~~groundwork~~deliver ~~for~~more ~~achieving~~stable ~~its~~results. ~~goal~~The ofCompany ~~generating~~continues to target a 7% operating profit ~~margins~~margin ~~across~~over athe business cycle, inhowever ~~the~~ongoing ~~Lift~~market ~~Truck~~uncertainty ~~and~~has ~~Bolzoni~~weighed ~~businesses.~~on Inbookings ~~periods~~and ofrevenue, ~~robust~~and ~~demand,~~tariffs ~~like~~have ~~those~~materially ~~experienced~~increased incosts. ~~2024~~As a result, ~~the~~near‑term ~~Company~~performance ~~exceeded~~is ~~its~~expected ~~target~~to ~~margin~~remain ~~levels~~well below this long‑term objective. ~~However,~~With aslift ~~outlined~~truck ~~above~~market demand still subdued, the Company's ~~2025~~is ~~revenues,~~taking ~~production~~deliberate ~~levels~~steps ~~and~~to ~~profits~~mitigate ~~are~~the ~~expected~~near‑term tofinancial ~~decline~~impact ~~significantly~~through ~~compared~~rigorous tocost ~~robust~~management ~~2024~~and ~~results~~operational discipline. ~~This~~Over ~~aligns~~the ~~with~~longer ~~the~~term, ~~Company's~~management ~~view~~remains focused on ~~the~~enhancing ~~business~~resilience ~~cycle,~~during ~~which~~economic isdownturns ~~expected~~by toreducing ~~trough~~fixed incosts, ~~the~~improving ~~first~~revenue ~~half~~durability ofand ~~2025,~~advancing ~~after~~innovative ~~peaking~~products inthat ~~the~~support ~~two~~profitable ~~prior~~share ~~years~~gains.

~~The~~On ~~Company~~a ~~continues~~consolidated tobasis, ~~focus~~the onCompany ~~cash~~anticipates ~~generation~~a ~~and~~moderate ~~accretive~~operating ~~capital~~profit ~~allocation~~for 2026. ~~The~~A ~~Company~~slight ~~made~~loss ~~progress~~is onexpected ~~working~~in ~~capital efficiency throughout 2024, but~~ the ~~improvement~~first ~~was~~half ~~below~~due ~~expectations. Intense efforts~~ to ~~accelerate~~lower ~~improvements,~~shipment ~~particularly~~volumes infollowing ~~inventories,~~reduced ~~are~~bookings ~~underway~~ and ~~are~~backlog ~~expected~~in to2025. ~~generate~~As ~~further~~booking ~~improvements~~activity instrengthens ~~2025.~~and ~~Overall~~backlog recovers, the Company ~~expects~~projects ~~cash~~robust ~~flow~~revenue ~~from~~growth ~~operations~~ in ~~2025~~the tosecond ~~remain~~half ~~strong~~of ~~and~~2026. ~~comparable~~Higher-margin atgrowth ~~2024~~initiatives ~~levels,~~are ~~with~~also ~~improved~~expected ~~working~~to ~~capital~~positively ~~efficiency~~impact ~~offset~~our byresults ~~lower~~of ~~net~~operations ~~income.~~in ~~The Company is focused on~~ the ~~ongoing~~latter ~~transformation~~part of ~~its~~the ~~business~~2026. ~~partly~~Together ~~through~~with ~~significant~~increased ~~capital~~shipment ~~investments~~volumes, inongoing ~~advanced~~cost-reduction ~~products~~ and ~~manufacturing~~operational efficiency. ~~For 2025~~initiatives, ~~capital~~these ~~expenditures~~factors are ~~projected~~expected to ~~range~~drive ~~between~~meaningful ~~$40~~improvement ~~million~~in ~~and~~operating ~~$80 million~~profit. ~~This~~These ~~wide~~positive ~~range~~developments ~~of capital spending outcomes is due to current economic and geopolitical uncertainty, particularly~~ in the ~~U.S.~~latter ~~and~~part ~~EMEA. Management will monitor spending during the first half~~ of the year ~~and~~should ~~may~~more ~~accelerate~~than ~~investments~~offset if the ~~market~~losses ~~accelerates and share increases as expected~~ in ~~2025. As~~ the ~~Company~~early ~~continues~~part toof ~~generate~~the ~~cash~~year, itleading ~~will continue~~ to ~~follow~~improved ~~its~~full-year ~~disciplined~~financial ~~capital allocation framework to further reduce leverage, make strategic investments to support profitable business growth, and continue to generate strong returns for its shareholders~~performance.

The Company also remains committed to generating strong operating cash flow and allocating capital in ways that enhance long‑term value. To support these objectives, management is executing targeted initiatives to improve working capital efficiency, with particular attention to aligning production and working capital practices with periods of reduced output. The Company expects meaningful progress on these initiatives during the first half of 2026. As production increases later in the year, the focus will shift from conserving working capital to supporting growth, while maintaining the inventory and production discipline established during the current downturn. These efforts, together with continued cost optimization, are expected to drive solid cash flow from operations, supported by improving net income.

Investment in modular development and critical capital equipment remain central to the Company’s ongoing transformation, enabling progress in advanced product development, manufacturing efficiency and information‑technology enhancements. Capital expenditures for 2026 are projected to range from $55–$75 million, with the final level dependent on the pace of production improvements. Management will closely monitor spending throughout the year and may accelerate investments as production levels and market share improve as anticipated. As the Company continues to generate cash, it will maintain its disciplined capital allocation framework, reducing leverage, pursuing strategic investments to support profitable growth and delivering strong long‑term returns to shareholders.

Long-Term Objectives

The Company'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 ~~solutions~~customer ~~for our customers~~solutions, and second, to provide exceptional customer care. ~~Ongoing~~The ~~execution~~Company ofis focused on executing established strategic initiatives and key projects, asto ~~well~~transform as the ~~manufacturing~~Company’s ~~footprint~~core ~~improvement~~lift ~~measures~~truck ~~previously~~business ~~mentioned~~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 ~~and~~while ~~achieve~~achieving long-term revenue and operating profit growth ~~rates above the material handling market's expected growth rates~~. The Company believes ~~these~~its ~~actions~~key projects will contribute to an increased and sustainable ~~lift truck and attachment~~ competitive advantage ~~over~~in ~~time. In addition,~~ the ~~Company~~lift ~~believes~~truck ~~that~~and ~~Nuvera's~~attachment ~~revenues~~businesses ~~can increase~~ over ~~future years, bringing additional value to the Company's shareholders~~time.

Further information regarding the Company's strategic initiatives can be found in the Company's Q4 2024 Investor Deck. This presentation, currently available on the Hyster-Yale website, elaborates on the strategies that are critical for the Company's long-term prospects. The Company encourages investors to review this material to ensure a clear understanding of the Company's future direction.

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RECENTLY ISSUED ACCOUNTING STANDARDS

For information regarding recently issued accounting standards refer to Note 2, Significant Accounting Policies, to the Consolidated Financial Statements in this Annual Report on Form 10-K.

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 are addressed in the previous discussions of operating results. The Company's use of foreign currency derivative contracts is discussed in Item 7A, "Quantitative and Qualitative Disclosures About Market Risk,” of this Form 10-K.

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FORWARD-LOOKING STATEMENTS

The statements contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere throughout this Annual Report on Form 10-K 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 of this Annual Report on Form 10-K. 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 as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the ~~imposition~~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 ~~Nuvera's~~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.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTEREST RATE RISK

The Company has entered into certain financing arrangements that require interest payments based on floating interest rates. As such, the Company's financial results are subject to changes in the market rate of interest. The Company has entered into interest rate swap agreements to reduce the exposure to changes in the market rate of interest. The Company does not enter into interest rate swap agreements for trading purposes. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. See Note 8, Financial Instruments and Derivative Financial Instruments, to the Consolidated Financial Statements in this Annual Report on Form 10-K.

For purposes of risk analysis, the Company uses sensitivity analysis to measure the potential loss in fair value of financial instruments sensitive to changes in interest rates. The Company assumes that a loss in fair value is either a decrease to its assets or an increase to its liabilities. The fair value of the Company's interest rate swap agreements was a net asset of $3.8 million at December 31, 2025. A hypothetical 10% decrease in interest rates would cause a decrease in the fair value of interest rate swap agreements and the asset would decrease by approximately $0.8 million.

FOREIGN CURRENCY EXCHANGE RATE RISK

The Company operates internationally and enters into transactions denominated in foreign currencies. As such, the Company's financial results are subject to the variability that arises from exchange rate movements. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies and not for trading purposes. These contracts generally mature within 36 months and require the companies to buy or sell euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos and Australian dollars for its functional currency at rates agreed to at the inception of the contracts. The fair value of these contracts was a net asset of $1.8 million at

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~~or an increase to its liabilities. The fair value of the Company's interest rate swap agreements was a net asset of $9.9 million at~~ December 31, ~~2024~~2025. ASee ~~hypothetical~~Note ~~10%~~8, ~~decrease~~Financial inInstruments ~~interest~~and ~~rates~~Derivative ~~would~~Financial ~~cause~~Instruments, ato ~~decrease in~~ the ~~fair~~Consolidated ~~value~~Financial ofStatements ~~interest~~in ~~rate~~this ~~swap~~Annual ~~agreements~~Report ~~and~~on ~~the~~Form ~~asset would decrease by approximately $1~~10-K.~~6 million.~~

~~FOREIGN~~For ~~CURRENCY~~purposes ~~EXCHANGE~~of ~~RATE~~risk ~~RISK~~analysis, the Company uses sensitivity analysis to measure the potential loss in fair value of financial instruments sensitive to changes in foreign currency exchange rates. The Company assumes that a loss in fair value is either a decrease to its assets or an increase to its liabilities. Assuming a hypothetical 10% weakening of the U.S. dollar compared with other foreign currencies at December 31, 2025, the fair value of the liability of foreign currency-sensitive financial instruments, which primarily represent forward foreign currency exchange contracts, would be increased by $21.3 million compared with the fair value at December 31, 2025. It is important to note that the change in fair value indicated in this sensitivity analysis would be somewhat offset by changes in the revaluation of the underlying receivables and payables.

For purposes of risk analysis, the Company uses sensitivity analysis to measure the potential loss in fair value of financial instruments sensitive to changes in foreign currency exchange rates. The Company assumes that a loss in fair value is either a decrease to its assets or an increase to its liabilities. Assuming a hypothetical 10% weakening of the U.S. dollar compared with other foreign currencies at December 31, 2024, the fair value of the liability of foreign currency-sensitive financial instruments, which primarily represent forward foreign currency exchange contracts, would be increased by $17.8 million compared with the fair value at December 31, 2024. It is important to note that the change in fair value indicated in this sensitivity analysis would be somewhat offset by changes in the revaluation of the underlying receivables and payables.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this Item 8 is set forth in the Financial Statements and Supplementary Data contained in Part IV of this Annual Report on Form 10-K and is hereby incorporated herein by reference to such information.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There were no disagreements with accountants on accounting and financial disclosure for the three-year period ended December 31, ~~2024~~2025.

Item 9A. CONTROLS AND PROCEDURES

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.

Management's report on internal control over financial reporting: Management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on this evaluation under the framework in Internal Control — Integrated Framework, management concluded that the Company's internal control over financial reporting was effective as of December 31, ~~2024~~2025. The Company's effectiveness of internal control over financial reporting has been audited by Ernst & Young, LLP, an independent registered public accounting firm, as stated in its report, which is included in Item 15 of this Annual Report on Form 10-K and is incorporated herein by reference.

Changes in internal control: During the fourth quarter of ~~2024~~2025, there have been no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Item 9B. OTHER INFORMATION

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 December 31, ~~2024~~2025.

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information required by this Item 10 of Part III will be included in the ~~2025~~2026 Proxy Statement, which information is incorporated herein by reference.

Information regarding the executive officers of the Company is included in this Annual Report on Form 10-K as Item 4A of Part I as permitted by the Instruction to Item 401 of Regulation S-K.

The Company has adopted a code of ethics applicable to all Company personnel, including the principal executive officer, principal financial officer, principal accounting officer and controller, or other persons performing similar functions. The code of ethics, entitled the “Code of Corporate Conduct,” is posted on the Company's website at www.hyster-yale.com under “Corporate ~~Governance~~Responsibility and Ethics.” Amendments and waivers of the Company's Code of Corporate Conduct for directors or executive officers of the Company, if any, will be disclosed on the Company's website or on a current report on Form 8-K. ~~Information on the Company's website is not incorporated by reference in, and does not form part of, this Annual Report on Form 10-K.~~

The Company has adopted an insider trading policy governing the purchase, sale, and other disposition of our securities by directors, officers, and employees, and by the Company. This policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations and listing standards applicable to the Company. A copy of the Company's insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.31

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Information on the Company's website is not incorporated by reference in, and does not form part of, this Annual Report on Form 10-K.

The Company has adopted an insider trading policy governing the purchase, sale, and other disposition of our securities by directors, officers, and employees, and by the Company. This policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations and listing standards applicable to the Company. A copy of the Company's insider trading policy was filed as Exhibit 19.1 to the Company' Annual Report on Form 10-K, filed by the Company on February 25, 2025.

Item 11. EXECUTIVE COMPENSATION

Information required by this Item 11 of Part III will be included in the ~~2025~~2026 Proxy Statement, which information is incorporated herein by reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information required by this Item 12 of Part III will be included in the ~~2025~~2026 Proxy Statement, which information is incorporated herein by reference.

Equity Compensation Plan Information

The following table sets forth information as of December 31, ~~2024~~2025 with respect to our compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance, aggregated as follows:

Plan Category

Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights

Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights

Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column(a))

Class A Shares:

(a)

(b)

(c)

Equity compensation plans approved by security holders

—

N/A

1834,~~234,510~~422

Equity compensation plans not approved by security holders

—

N/A

—

Total

—

N/A

1834,~~234,510~~422

Class B Shares:

Equity compensation plans approved by security holders

—

N/A

—

Equity compensation plans not approved by security holders

—

N/A

—

Total

—

N/A

—

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information required by this Item 13 of Part III will be included in the ~~2025~~2026 Proxy Statement, which information is incorporated herein by reference.

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information required by this Item 14 of Part III will be included in the ~~2025~~2026 Proxy Statement, which information is incorporated herein by reference.

Table of Contents

PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) (1) The response to Item 15(a)(1) is set forth beginning at page F-1 of this Annual Report on Form 10-K.

(a) (3) Listing of Exhibits — See the exhibit index beginning at page 33 of this Annual Report on Form 10-K.

(b) The response to Item 15(b) is set forth beginning at page 33 of this Annual Report on Form 10-K.

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EXHIBIT INDEX

(3) Articles of Incorporation and By-laws.


3.1(i)						Third Amended and Restated Certification of Incorporation of Hyster-Yale, Inc. is incorporated by reference to Exhibit 3.1(i) to the Company's Current Report on Form 8-K, filed by the Company on June 5, 2024, Commission File Number 000-54799.
3.1(ii)						Second Amended and Restated Bylaws of Hyster-Yale, Inc. is incorporated by reference to Exhibit 3.1(ii) to the Company's Current Report on Form 8-K, filed by the Company on June 5, 2024, Commission File Number 000-54799.

(4) Instruments defining the rights of security holders, including indentures.


4.1						Specimen of Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Class A Common Stock certificate is incorporated by reference to Exhibit 4.1 to Hyster-Yale, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No. 333-182388.
4.2						Specimen of Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Class B Common Stock certificate is incorporated by reference to Exhibit 4.2 to Hyster-Yale, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No. 333-182388.
4.3						Description of Securities is incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.

(10) Material Contracts.

10.1						~~Tax~~Stockholders' ~~Allocation~~ Agreement, dated as of September 28, 2012, by and ~~between~~among ~~NACCO~~the ~~Industries,~~Participating ~~Inc.~~Stockholders ~~and~~(as defined therein), Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and the Depository (as defined therein) is incorporated by reference to Exhibit 10.34 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File ~~Number~~No. 1-35646.
10.2						First Amendment to Stockholders' Agreement, dated as of ~~September~~December 2831, 2012, by and among the ~~Participating Stockholders (as defined therein)~~Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the ~~Depository~~Participating (Stockholders under the Stockholders' Agreement, dated as ~~defined~~of ~~therein)~~September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.45 to the Company's ~~Current~~Annual Report on Form 810-K, ~~dated~~filed ~~October~~by 4the Company on February 19, ~~2012~~2013, Commission File ~~No.~~Number 1000-~~35646~~54799.
10.3						~~First~~Second Amendment to Stockholders' Agreement, dated as of ~~December~~January 3118, ~~2012~~2013, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.56 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
10.4						~~Second~~Third Amendment to Stockholders' Agreement, dated as of ~~January~~March 1827, ~~2013~~2015, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.61 to the Company's ~~Annual~~Quarterly Report on Form 10-KQ, filed by the Company on ~~February~~April 1929, ~~2013~~2015, Commission File Number 000-54799.
10.5						~~Third~~Fourth Amendment to Stockholders' Agreement, dated as of ~~March~~December 2729, 2015, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10 filed with Amendment No.1 4 to the ~~Company's~~Statement ~~Quarterly Report~~ on ~~Form~~Schedule ~~10-Q~~13D, filed by the ~~Company~~Reporting Persons named therein on ~~April~~February 2916, ~~2015~~2016, Commission File Number ~~000~~005-~~54799~~87003.
10.6						~~Fourth~~Fifth Amendment to Stockholders' Agreement, dated as of December 292, ~~2015~~2016, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10No. 11 filed with Amendment No. 45 to the Statement on Schedule 13D, filed by the ~~Reporting~~reporting ~~Persons~~persons named therein on February 1614, ~~2016~~2017, Commission File Number 005-~~87003~~38001.
10.7						~~Fifth~~Sixth Amendment to Stockholders' Agreement, dated as of December 222, 2016, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit No. 1112 filed with Amendment No. 5 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2017, Commission File Number 005-38001.
10.8						~~Sixth~~Seventh Amendment to Stockholders' Agreement, dated as of ~~December~~February 226, ~~2016~~2017, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit No10.1 ~~12 filed with Amendment No. 5~~ to the ~~Statement~~Company's Quarterly Report on ~~Schedule~~Form ~~13D~~10-Q, filed by the ~~reporting~~Company ~~persons named therein~~ on ~~February~~May 142, 2017, Commission File Number ~~005~~000-~~38001~~54799.
10.9						~~Seventh~~Eighth Amendment to Stockholders' Agreement, dated as of ~~February~~October 630, ~~2017~~2018, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.110 to the Company's ~~Quarterly~~Annual Report on Form 10-QK, filed by the Company on ~~May~~February 226, ~~2017~~2019, Commission File Number 000-54799.
10.10						~~Eighth~~Ninth Amendment to Stockholders' Agreement, dated as of ~~October~~December 305, ~~2018~~2019, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 1028 filed with Amendment No.10 8 to the ~~Company's~~Statement ~~Annual Report~~ on ~~Form~~Schedule ~~10-K~~13D, filed by the ~~Company~~reporting persons named therein on February 2613, ~~2019~~2020, Commission File Number ~~000~~005-~~54799~~38001.
10.11						Tenth Amendment to Stockholders' Agreement, dated as of December 31, 2020, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 30 filed with Amendment No. 9 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 12, 2021, Commission File Number 005-38001.
10.12						Eleventh Amendment to Stockholders' Agreement, dated as of December 7, 2021, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 4.15 to the Company's Registration Statement on Form S-8, dated February 1, 2022, Commission File Number 333-262448.

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10.11						Ninth Amendment to Stockholders' Agreement, dated as of December 5, 2019, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 28 filed with Amendment No. 8 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 13, 2020, Commission File Number 005-38001.
10.13						Twelfth Amendment to Stockholders' Agreement, dated as of December 12, 2022, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 41 filed with Amendment No. 11 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2023, Commission File Number 005-87003.
10.12						Tenth Amendment to Stockholders' Agreement, dated as of December 31, 2020, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 30 filed with Amendment No. 9 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 12, 2021, Commission File Number 005-38001.
10.14						Thirteenth Amendment to Stockholders' Agreement, dated as of February 12, 2024, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 43 filed with Amendment No. 12 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 13, 2024, Commission File Number 005-87003.
10.13						Eleventh Amendment to Stockholders' Agreement, dated as of December 7, 2021, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 4.15 to the Company's Registration Statement on Form S-8, dated February 1, 2022, Commission File Number 333-262448.
10.15*						The Hyster-Yale Group, Inc. Executive Excess Retirement Plan (Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.14						Twelfth Amendment to Stockholders' Agreement, dated as of December 12, 2022, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 41 filed with Amendment No. 11 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2023, Commission File Number 005-87003.
10.16*						Amendment No. 1 to the Hyster-Yale Group, Inc. Executive Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated April 30, 2020, Commission File Number 000-54799.
10.15						Thirteenth Amendment to Stockholders' Agreement, dated as of February 12, 2024, by and among the Depository, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 43 filed with Amendment No. 12 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 13, 2024, Commission File Number 005-87003.
10.17*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan, is incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Form DEF 14A, filed by the Company on March 31, 2020, Commission File Number 000-54799.
10.16*						The Hyster-Yale Group, Inc. Executive Excess Retirement Plan (Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.18*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan (Amended and Restated Effective May 8, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on May 13, 2024, Commission File Number 000-54799.
10.17*						Amendment No. 1 to the Hyster-Yale Group, Inc. Executive Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated April 30, 2020, Commission File Number 000-54799.
10.19*						Hyster-Yale Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.67 to Hyster-Yale, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.18*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan, is incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Form DEF 14A, filed by the Company on March 31, 2020, Commission File Number 000-54799.
10.20*						Form Award Agreement for the Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.68 to Hyster-Yale, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.19*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan (Amended and Restated Effective May 8, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on May 13, 2024, Commission File Number 000-54799.
10.21*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 17, 2019) is incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.
10.20*						Hyster-Yale Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.67 to Hyster-Yale, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.22*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 9, 2023) is incorporated herein by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed by the Company on March 29, 2023, Commission File No. 000-54799.
10.21*						Form Award Agreement for the Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.68 to Hyster-Yale, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.23*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2023) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 2, 2023, Commission File Number 000-54799.
10.22*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 17, 2019) is incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.
10.24*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024) is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
10.23*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 9, 2023) is incorporated herein by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed by the Company on March 29, 2023, Commission File No. 000-54799.
10.25*						Hyster-Yale, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024, revised as of August 9, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 5, 2024, Commission File Number 000-54799.
10.24*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2022) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 3, 2022, Commission File Number 000-54799.
10.26*						Hyster-Yale, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2025 is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 6, 2025, Commission File Number 000-54799.
10.25*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2023) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 2, 2023, Commission File Number 000-54799.
10.27*						The Hyster-Yale Group, Inc. Long-Term Incentive Compensation Plan (Amended and Restated Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.26*						Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024) is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
10.28*						The Hyster-Yale Group Inc. Annual Incentive Compensation Plan (Amended and Restated Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.25 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.27*						Hyster-Yale, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024, revised as of August 9, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 5, 2024, Commission File Number 000-54799.
10.29*						Hyster-Yale Group, Inc. Excess Retirement Plan (Amended and Restated Effective January 1, 2016) is incorporated by reference to Exhibit 10.35 to the Company's Annual Report on Form 10-K, filed by the Company on February 17, 2016, Commission File Number 000-54799.
10.28*						The Hyster-Yale Group, Inc. Long-Term Incentive Compensation Plan (Amended and Restated Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.30*						Amendment No. 1 to the Hyster-Yale Group, Inc. Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K, filed by the Company on February 26, 2019, Commission File Number 000-54799.
10.29*						The Hyster-Yale Group Inc. Annual Incentive Compensation Plan (Amended and Restated Effective as of January 1, 2016) is incorporated by reference to Exhibit 10.25 to the Company's Annual Report on Form 10-K, filed by the Company on February 28, 2017, Commission File Number 000-54799.
10.31*						Amendment No. 2 to the Hyster-Yale Group, Inc. Executive Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated January 21, 2021, Commission File Number 000-54799.
10.30*						Hyster-Yale Group, Inc. Excess Retirement Plan (Amended and Restated Effective January 1, 2016) is incorporated by reference to Exhibit 10.35 to the Company's Annual Report on Form 10-K, filed by the Company on February 17, 2016, Commission File Number 000-54799.
10.32*						Offer Letter, dated August 1, 2022, between Scott A. Minder and Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 1, 2022, Commission File Number 000-54799.
10.31*						Amendment No. 1 to the Hyster-Yale Group, Inc. Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K, filed by the Company on February 26, 2019, Commission File Number 000-54799.
10.33*						Offer Letter, dated February 6, 2024, between Dena R. McKee and Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
10.32*						Amendment No. 2 to the Hyster-Yale Group, Inc. Executive Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated January 21, 2021, Commission File Number 000-54799.
10.34*						Third Amended and Restated Joint Venture and Shareholders Agreement between Wells Fargo Financial Leasing, Inc. and Hyster-Yale Group, Inc., dated September 17, 2018 is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.35						Amendment to Third Amended and Restated Joint Venture and Shareholders Agreement between Wells Fargo Financial Leasing, Inc. and Hyster-Yale Group, Inc., dated December 19, 2022 is incorporated by reference to Exhibit 10.30 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022, Commission File Number 000-54799.
10.36						A$ Facility Agreement, dated November 22, 2000, between GE Capital Australia and National Fleet Network Pty Limited is incorporated by reference to Exhibit 10.12 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.

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10.33*						Offer Letter, dated August 1, 2022, between Scott A. Minder and Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 1, 2022, Commission File Number 000-54799.
10.37						Second Amended and Restated Recourse and Indemnity Agreement, dated September 17, 2018, by and between Wells Fargo Financial Leasing, Inc., HYG Financial Services, Inc, and Hyster-Yale Group, Inc. is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.34*						Offer Letter, dated February 6, 2024, between Dena R. McKee and Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
10.38						First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) in favor of Wells Fargo Financial Leasing, Inc. is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.35						Equity joint venture contract, dated November 27, 1997, between Shanghai Perfect Jinqiao United Development Company Ltd., People’s Republic of China, NACCO Materials Handling Group, Inc., USA, and Sumitomo-Yale Company Ltd., Japan is incorporated by reference to Exhibit 10.3 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.39						First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale Group, Inc. in favor of Wells Fargo Financial Leasing, Inc. is incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.36						Third Amended and Restated Joint Venture and Shareholders Agreement between Wells Fargo Financial Leasing, Inc. and Hyster-Yale Group, Inc., dated September 17, 2018 is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.40						Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2021, among Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc. and Hyster-Yale Group, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as a Dutch Borrower, Hyster-Yale UK Limited, as a UK Borrower, any other Borrowers party thereto from time to time and certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, Bank of America, N.A., as Administrative Agent and Security Trustee, BOFA Securities, Inc. and CitiBank, N.A., as Joint Lead Arrangers and Joint Book Managers and CitiBank, N.A., as Syndication Agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.37						Amendment to Third Amended and Restated Joint Venture and Shareholders Agreement between Wells Fargo Financial Leasing, Inc. and Hyster-Yale Group, Inc., dated December 19, 2022 is incorporated by reference to Exhibit 10.30 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022, Commission File Number 000-54799.
10.41						First Amendment to Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of May 25, 2023, among Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc. and Hyster-Yale Group, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as the Dutch Borrower, and Hyster-Yale UK Limited, as the UK Borrower, certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, and Bank of America, N.A., as Administrative Agent and Security Trustee is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
10.38						A$ Facility Agreement, dated November 22, 2000, between GE Capital Australia and National Fleet Network Pty Limited is incorporated by reference to Exhibit 10.12 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.42						Third Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2025, among Hyster-Yale, Inc., and Hyster-Yale Materials Handling, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as the Dutch Borrower, and Hyster-Yale UK Limited, as the UK Borrower, certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, and Bank of America, N.A., as Administrative Agent and Security Trustee is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 5, 2025, Commission File Number 000-54799.
10.39						Second Amended and Restated Recourse and Indemnity Agreement, dated September 17, 2018, by and between Wells Fargo Financial Leasing, Inc., HYG Financial Services, Inc, and Hyster-Yale Group, Inc. is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.43						Amended and Restated Term Loan Credit Agreement, dated as of May 28, 2021, among Hyster-Yale Group, Inc., as the Borrower, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), as Holdings, Bank of America, N.A., as Administrative Agent, and the Other Lenders party thereto is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.40						First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.) in favor of Wells Fargo Financial Leasing, Inc. is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.44						Conforming Changes Amendment, dated as of June 23, 2023, by Bank of America, N.A., as administrative agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
10.41						First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale Group, Inc. in favor of Wells Fargo Financial Leasing, Inc. is incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
10.45						Equity Transfer Agreement, dated December 6, 2017, by and between KNSN Pipe & Pile Company Limited and Hyster-Yale Acquisition Holding LTD Regarding Zhejiang Maximal Forklift Co., LTD. is incorporated by reference to Exhibit 10.57 to the Company's Annual Report on Form 10-K, filed by the Company on February 27, 2018, Commission File Number 000-54799.
10.42						Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2021, among Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc. and Hyster-Yale Group, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as a Dutch Borrower, Hyster-Yale UK Limited, as a UK Borrower, any other Borrowers party thereto from time to time and certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, Bank of America, N.A., as Administrative Agent and Security Trustee, BOFA Securities, Inc. and CitiBank, N.A., as Joint Lead Arrangers and Joint Book Managers and CitiBank, N.A., as Syndication Agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.46						Equity Transfer Agreement between Y-C HongKong Holding Co., Limited and Hyster-Yale Acquisition Holding LTD regarding Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. dated May 26, 2021 is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.43						First Amendment to Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of May 25, 2023, among Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc. and Hyster-Yale Group, Inc., as U.S. Borrowers, Hyster-Yale Nederland B.V., as the Dutch Borrower, and Hyster-Yale UK Limited, as the UK Borrower, certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, and Bank of America, N.A., as Administrative Agent and Security Trustee is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
10.44						Amended and Restated Term Loan Credit Agreement, dated as of May 28, 2021, among Hyster-Yale Group, Inc., as the Borrower, Hyster-Yale, Inc. (f/k/a Hyster-Yale Materials Handling, Inc.), as Holdings, Bank of America, N.A., as Administrative Agent, and the Other Lenders party thereto is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.45						Conforming Changes Amendment, dated as of June 23, 2023, by Bank of America, N.A., as administrative agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
10.46						Equity Transfer Agreement, dated December 6, 2017, by and between KNSN Pipe & Pile Company Limited and Hyster-Yale Acquisition Holding LTD Regarding Zhejiang Maximal Forklift Co., LTD. is incorporated by reference to Exhibit 10.57 to the Company's Annual Report on Form 10-K, filed by the Company on February 27, 2018, Commission File Number 000-54799.
10.47						Equity Transfer Agreement between Y-C HongKong Holding Co., Limited and Hyster-Yale Acquisition Holding LTD regarding Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. dated May 26, 2021 is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.

(19) Insider Trading.

19.1 Insider Trading Policy for Hyster-Yale, Inc. and its subsidiaries is incorporated by reference to Exhibit 19.1 to the Company' Annual Report on Form 10-K, filed by the Company on February 25, 2025, Commission File Number 000-54799.

(21) Subsidiaries.


21.1						A list of the subsidiaries of the Company.

(23) Consents of experts and counsel.


23.1						Consent of Ernst & Young LLP.

(24) Powers of Attorney.


24.1						Power of attorney for Colleen R. Batcheler.
24.2						Power of attorney for James B. Bemowski.
24.3						Power of attorney for John C. Butler Jr.
24.4						Power of attorney for Gary L. Collar.
24.5						Power of attorney for Carolyn Corvi.
24.6						Power of attorney for Edward T. Eliopoulos.
24.7						Power of attorney for John P. Jumper.
24.8						Power of attorney for Dennis W. LaBarre.
24.9						Power of attorney for Ann A. O'Hara.
24.10						Power of attorney for H. Vincent Poor.
24.11						Power of attorney for Alfred M. Rankin, Jr.
24.12						Power of attorney for Claiborne R. Rankin.
24.13						Power of attorney for Britton T. Taplin.
24.14						Power of attorney for David B. H. Williams.

(31) Rule 13a-14(a)/15d-14(a) Certifications.


31(i)						Certification of Rajiv K. Prasad pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.

32						Certification 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.

Table of Contents

24.1						Power of attorney for Colleen R. Batcheler.
24.2						Power of attorney for James B. Bemowski.
24.3						Power of attorney for John C. Butler Jr.
24.4						Power of attorney for Gary L. Collar
24.5						Power of attorney for Carolyn Corvi.
24.6						Power of attorney for Edward T. Eliopoulos.
24.7						Power of attorney for John P. Jumper.
24.8						Power of attorney for Dennis W. LaBarre.
24.9						Power of attorney for Ann A. O'Hara
24.10						Power of attorney for H. Vincent Poor.
24.11						Power of attorney for Alfred M. Rankin, Jr.
24.12						Power of attorney for Claiborne R. Rankin.
24.13						Power of attorney for Britton T. Taplin.
24.14						Power of attorney for David B. H. Williams.

31(i)(1)						Certification of Rajiv K. Prasad pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
31(i)(2)						Certification of Scott A. Minder pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
(32)						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.

(97) Policy relating to the recovery of erroneously awarded compensation.


97.1						Hyster-Yale, Inc. Compensation Clawback Policy is incorporated by reference to Exhibit 97.1 to the Company' Annual Report on Form 10-K, filed by the Company on February 27, 2024, Commission File Number 000-54799.


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						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*						Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of this Annual Report on Form 10-K.

Item 16. FORM 10-K SUMMARY

None

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

By:

/s/ Dena R. McKee

Dena R. McKee

Vice President, Controller and Chief Accounting Officer (principal accounting officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on ~~February~~March 253, ~~2025~~2026.

/s/ Rajiv K. Prasad President and Chief Executive Officer (principal executive officer), ~~Director Rajiv K. Prasad /s/ Scott A. Minder Senior Vice President, Chief Financial Officer~~ and ~~Treasurer (~~principal financial officer), ~~Scott~~Director ARajiv K. ~~Minder~~Prasad /s/ Dena R. McKee Vice President, Controller and Chief Accounting Officer (principal accounting officer) Dena R. McKee

* Colleen R. Batcheler

Director

* Dennis W. LaBarre

Director

Colleen R. Batcheler

Dennis W. LaBarre

* James B. Bemowski

Director

* Ann A. O'Hara

Director

James B. Bemowski

Ann A. O'Hara

* J.C. Butler, Jr.

Director

* H. Vincent Poor

Director

J.C. Butler, Jr.

H. Vincent Poor

* Gary L. Collar

Director

* Alfred M. Rankin, Jr.

Director

Gary L. Collar

Alfred M. Rankin, Jr.

* Carolyn Corvi

Director

* Claiborne R. Rankin

Director

Carolyn Corvi

Claiborne R. Rankin

* Edward T. Eliopoulos

Director

* Britton T. Taplin

Director

Edward T. Eliopoulos

Britton T. Taplin

* John P. Jumper

Director

* David B. H. Williams

Director

John P. Jumper

David B. H. Williams

* Suzanne Schulze Taylor, by signing her name hereto, does hereby sign this Annual Report on Form 10-K on behalf of each of the above named and designated directors of the Company pursuant to a Power of Attorney executed by such persons and filed with the Securities and Exchange Commission.

/s/ ~~Scott~~Suzanne A.Schulze ~~Minder~~Taylor ~~February~~March 253, ~~2025~~2026 ~~Scott~~Suzanne A.Schulze ~~Minder~~Taylor, Attorney-in-Fact

Table of Contents

ANNUAL REPORT ON FORM 10-K

ITEM 8 AND ITEM 15(a)(1)

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

LIST OF FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31, ~~2024~~2025

HYSTER-YALE, INC.

CLEVELAND, OHIO

F-1

Table of Contents

FORM 10-K

ITEM 15(a)(1)

HYSTER-YALE, INC. AND SUBSIDIARIES

LIST OF FINANCIAL STATEMENTS

The following Consolidated Financial Statements of Hyster-Yale, Inc. and Subsidiaries are incorporated by reference in Item 8:

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm — For each of the three years in the period ended December 31, 2024			F-3
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm — For each of the three years in the period ended December 31, 2025			F-3
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm on Internal Control over Financial Reporting — as of December 31, 2024			F-5
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm on Internal Control over Financial Reporting — as of December 31, 2025			F-5
Consolidated Statements of Operations			F-6
Consolidated Statements of Comprehensive Income (Loss)			F-7
Consolidated Statements of Comprehensive Income			F-7
Consolidated Balance Sheets			F-8
Consolidated Statements of Cash Flows			F-9
Consolidated Statements of Equity			F-10
Notes to Consolidated Financial Statements.			F-12

All schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.

Ernst & Young LLP [PCAOB ID: 42]

F-2

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hyster-Yale, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Hyster-Yale, Inc. and subsidiaries (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive income ~~(loss)~~, ~~cash~~equity ~~flows~~ and ~~equity~~cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated ~~February~~March 2503, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit ~~Matters~~Matter

The critical audit ~~matters~~matter communicated below ~~are~~is ~~matters~~a matter arising from the current period audit of the financial statements that ~~were~~was communicated or required to be communicated to the audit committee and that: (1) ~~relate~~relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit ~~matters~~matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit ~~matters~~matter below, providing a separate ~~opinions~~opinion on the

critical audit ~~matters~~matter or on the ~~accounts~~account or ~~disclosures~~disclosure to which ~~they~~it ~~relate~~relates.

Valuation of Goodwill - Bolzoni
Description of the Matter			At December 31, ~~2024~~2025, the Company’s goodwill balance associated with Bolzoni was $5152.9 million. As discussed in Note 12, Goodwill and Intangible Assets, to the consolidated financial statements, the Company evaluates the carrying amount of goodwill for impairment annually as of May 1st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company applied a quantitative assessment for all material reporting units in fiscal ~~2024~~2025. As part of the quantitative approach, the Company estimates the fair value of the reporting unit using a discounted cash flow approach from the perspective of a market participant and comparable market values for similar businesses. ~~Significant estimates within the discounted cash flow analysis include cash flow forecasts, the discount rate and the terminal growth rate.~~
			Auditing management’s annual goodwill impairment assessment was complex and highly judgmental due to the significant estimation required to determine the fair value of the Bolzoni reporting unit utilizing the discounted cash flow analysis. In particular, the fair value estimate was sensitive to significant assumptions utilized in the discounted cash flow analysis, such as changes in the discount rate applied, revenue growth rates, including the terminal growth rate, and operating margins, which are affected by expectations about future market or economic conditions.
			Auditing management’s annual goodwill impairment assessment for the Bolzoni reporting unit was complex and judgmental due to the use of valuation methodologies in determining the estimated fair value of the Bolzoni reporting unit. In particular, the fair value estimates are impacted by significant assumptions utilized in the valuation models, such as the discount rate applied, and operating margins, which are affected by expectations about future market or economic conditions.

F-3

Table of Contents

Valuation of Goodwill - Bolzoni How We Addressed the Matter in Our Audit We obtained an understanding and evaluated the design of, and tested the operating effectiveness of, controls over the Company’s goodwill impairment process whereby the Company develops significant assumptions that are used as inputs to the annual goodwill impairment test. This included controls over management's review of the valuation model and the significant assumptions ~~(e.g.,~~described ~~discount~~above ~~rate, revenue, operating margin and terminal growth rate) used~~ to develop the prospective financial information (PFI). To test the estimated fair value of the Company’s Bolzoni reporting unit, we performed audit procedures that included, among others, assessing the methodologies used and directly testing the significant assumptions and the underlying data used by the Company in its analyses, including assessing the completeness and accuracy of such underlying data. We utilized internal valuation specialists in assessing the fair value methodologies applied and evaluating the reasonableness of the discount rate selected by management. We compared the significant assumptions used by management to current industry and economic trends, historical performance, guideline public companies in the same industry and strategic plans. We assessed the historical accuracy of management’s estimates, and we performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value ~~of the reporting units~~ that would result from changes in the assumptions. Furthermore, we assessed the appropriateness of the disclosures in the consolidated financial statements.

Income Taxes - Valuation Allowance
Description of the Matter			At December 31, 2024, the Company maintained a valuation allowance for certain of its deferred tax assets in the amount of $144.3 million. As discussed in Note 6, a valuation allowance is required where realization of its deferred tax assets is determined to no longer meet the "more likely than not" standard. As a part of this evaluation management considered all available evidence, both positive and negative, and based on the weight of that evidence determined whether a valuation allowance is needed and to what extent. On the basis of the assessment, the Company continues to record a valuation allowance to reduce the carrying amount of certain of its deferred tax assets to an amount that is more likely than not to be realized.
			Auditing the Company’s assessment of whether its deferred tax assets are realizable was complex, as determining whether a valuation allowance for certain of the Company’s deferred tax assets was necessary required an extensive analysis of positive and negative evidence regarding the realization of the deferred tax assets and, inherent in that, an assessment of the likelihood of sufficient future taxable income of the appropriate character, which is judgmental in nature.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to assess the realizability of its deferred tax assets, including identifying and weighting the available positive and negative evidence.
			With the assistance of our income tax professionals, we considered the weighting of the available positive and negative evidence. Specifically, we evaluated the type and nature of the Company’s temporary differences, including considering whether the estimated future sources of taxable income were of the appropriate character to utilize the deferred tax assets and assessing the impacts of current tax legislation. We evaluated the Company’s most recent operating results for the three-year cumulative period ended December 31, 2024, and considered the impact of unusual or infrequent items. We evaluated management’s ability to utilize the deferred tax assets through carryback provisions allowable by law within certain jurisdictions or through prudent and feasible tax planning strategies. We assessed management’s model of estimated future reversals of existing taxable temporary differences. We evaluated management’s projections of future taxable income, including existing contracts and backlog, as well as any potential circumstances and uncertainty that could adversely affect future operations and profit levels. In addition, we evaluated the Company’s income tax disclosures related to the matters described above.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2002.

Cleveland, Ohio

~~February~~March 253, ~~2025~~2026

F-4

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hyster-Yale, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Hyster-Yale, Inc. and subsidiaries' internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Hyster-Yale, Inc. and subsidiaries (“the Company”) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive income ~~(loss)~~, ~~cash~~equity ~~flows~~ and ~~equity~~cash flows for each of the three years in the period ended December 31, ~~2024~~2025 and the related notes and our report dated ~~February~~March 2503, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's report on internal control over financial reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Cleveland, Ohio

~~February~~March 253, ~~2025~~2026

F-5

Table of Contents

HYSTER-YALE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31
	2024		2023		2022
	2025		2024		2023
	(In millions, except per share data)
Revenues	$	43,~~308~~769.23	$	4,~~118~~308.32	$	34,~~548~~118.3
Cost of sales	3,~~412~~136.75		3,~~332~~412.7		3,~~114~~332.47
Gross Profit	~~895~~632.58		~~785~~895.65		~~433~~785.96
Operating Expenses
Selling, general and administrative expenses	~~628~~616.15		~~576~~628.91		~~473~~576.09
Restructuring and impairment charges	2238.64		—22.6		—
	650.7		576.9		473.0
	654.9		650.7		576.9
Operating Profit (Loss)	~~244~~(22.81)		~~208~~244.78		~~(39~~208.1)7
Other (income) expense
Interest expense	3331.82		3733.38		2837.43
Income from unconsolidated affiliates	(510.54)		(95.85)		(119.08)
Other, net	~~(2.5)~~—		0.(2.5)		50.92
	25.8		27.7		23.3
	20.8		25.8		27.7
Income (Loss) Before Income Taxes	~~219~~(42.09)		~~181~~219.0		~~(62~~181.4)0
Income tax provision	7415.81		5274.98		952.29
Net Income (Loss)	~~144~~(58.20)		~~128~~144.12		~~(71~~128.6)1
Net Income attributable to noncontrolling interest	(0.73)		(0.67)		(10.56)
Net Income attributable to redeemable noncontrolling interests	(0.39)		(0.73)		(0.57)
Accrued dividend to redeemable noncontrolling interests	(0.9)		(0.9)		(0.59)
Net Income (Loss) Attributable to Stockholders	$	~~142~~(60.31)	$	~~125~~142.93	$	~~(74~~125.1)9
Basic Earnings (Loss) per Share Attributable to Stockholders	$	8(3.1640)	$	78.3516	$	(47.~~38)~~35
Diluted Earnings (Loss) per Share Attributable to Stockholders	$	8(3.0440)	$	78.2404	$	(47.~~38)~~24

See Notes to Consolidated Financial Statements.

F-6

Table of Contents

HYSTER-YALE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31
	2024		2023		2022
	2025		2024		2023
	(In millions)
Net Income (Loss)	$	~~144~~(58.20)	$	~~128~~144.12	$	~~(71~~128.6)1
Other comprehensive income (loss)
Other comprehensive income
Foreign currency translation adjustment	~~(43~~58.2)0		18(43.72)		~~(39~~18.3)7
Current period cash flow hedging activity, net of $0.1 tax benefit in 2024, net of $0.2 tax expense in 2023 and net of $0.7 tax expense in 2022	(30.7)		(2.2)		(40.0)
Current period cash flow hedging activity, net of $0.1 tax expense in 2025, net of $0.1 tax benefit in 2024 and net of $0.2 tax expense in 2023	17.2		(30.7)		(2.2)
Reclassification of hedging activities into earnings, net of $0.2 tax expense in 2024, net of $0.1 tax expense in 2023 and net of $0.8 tax benefit in 2022	27.3		30.9		34.3
Reclassification of hedging activities into earnings, net of $0.1 tax benefit in 2025, net of $0.2 tax expense in 2024 and net of $0.1 tax expense in 2023	(0.9)		27.3		30.9
Current period pension adjustment, net of $0.2 tax expense in 2024, net of $0.1 tax benefit in 2023 and net of $0.3 tax expense in 2022	0.5		1.5		(3.7)
Current period pension adjustment, net of $0.0 tax benefit in 2025, net of $0.2 tax expense in 2024 and net of $0.1 tax benefit in 2023	1.6		0.5		1.5
Reclassification of pension into earnings, net of $0.1 tax expense in 2024, net of $0.1 tax benefit in 2023 and net of $0.0 tax benefit in 2022	3.4		3.0		4.8
Reclassification of pension into earnings, net of $0.0 tax benefit in 2025, net of $0.1 tax expense in 2024 and net of $0.1 tax benefit in 2023	3.5		3.4		3.0
Comprehensive Income (Loss)	$	101.5	$	180.0	$	(115.5)
Comprehensive Income	$	21.4	$	101.5	$	180.0
Other comprehensive income (loss) attributable to noncontrolling interests
Other comprehensive income attributable to noncontrolling interests
Net Income attributable to noncontrolling interest	(0.73)		(0.67)		(10.56)
Net Income attributable to redeemable noncontrolling interests	(0.39)		(0.73)		(0.57)
Accrued dividend to noncontrolling interest	(0.9)		(0.9)		(0.59)
Foreign currency translation adjustment attributable to noncontrolling interests	(0.24)		—0.2		~~2.8~~—
Comprehensive Income (Loss) Attributable to Stockholders	$	99.8	$	177.8	$	(115.2)
Comprehensive Income Attributable to Stockholders	$	18.9	$	99.8	$	177.8

See Notes to Consolidated Financial Statements.

F-7

Table of Contents

HYSTER-YALE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	December 31
	2024		2023
	2025		2024
	(In millions, except share and per share data)
ASSETS
Current Assets
Cash and cash equivalents	$	96123.62	$	7896.86
Accounts receivable, net of allowances of $2.7 in 2024 and $9.0 in 2023	488.4		497.5
Accounts receivable, net of allowances of $2.3 in 2025 and $2.7 in 2024	489.6		488.4
Inventories, net	~~754~~634.3		~~815~~754.73
Prepaid expenses and other	9499.09		9894.10
Total Current Assets	1,~~433~~347.30		1,~~490~~433.13
Property, Plant and Equipment, Net	~~306~~329.70		~~313~~306.97
Intangible Assets	3332.13		3933.31
Goodwill	5455.67		5354.36
Deferred Income Taxes	6.78		36.07
Investment in Unconsolidated Affiliates	5558.52		5655.85
Other Non-current Assets	~~139~~191.36		~~122~~139.73
Total Assets	$	2,~~029~~020.26	$	2,~~079~~029.12
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	~~447~~396.81	$	~~523~~447.58
Accounts payable, affiliates	75.71		67.7
Revolving credit facilities	54109.26		8354.32
Short-term debt and current maturities of long-term debt	~~144~~132.68		~~169~~144.46
Accrued payroll	~~105~~100.57		87105.45
Deferred revenue	5647.80		7756.98
Other current liabilities	~~241~~210.35		~~270~~241.43
Total Current Liabilities	1,~~057~~001.98		1,~~218~~057.69
Long-term Debt	~~241~~251.9		241.39
Self-insurance Liabilities	3742.8		5137.18
Deferred Income Taxes	8.42		128.74
Other Long-term Liabilities	~~189~~223.15		~~148~~189.61
Contingencies (Note 16)
Total Liabilities	1,~~535~~528.12		1,~~672~~535.31
Temporary Equity
Redeemable Noncontrolling Interest	1416.91		14.89
Stockholders’ Equity
Common stock:
Class A, par value $0.01 per share, 13,962,422 shares outstanding (2023 - 13,715,755 shares outstanding)	0.1		0.1
Class A, par value $0.01 per share, 14,283,983 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, 3,456,548 shares outstanding (2023 - 3,469,875 shares outstanding)	0.1		0.1
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,449,811 shares outstanding (2024 - 3,456,548 shares outstanding)	0.1		0.1
Capital in excess of par value	~~350~~354.97		~~327~~350.79
Treasury stock	(1314.64)		—(13.6)
Retained earnings	~~374~~289.61		~~256~~374.36
Accumulated other comprehensive loss	(~~237~~157.06)		(~~194~~237.30)
Total Stockholders’ Equity	~~475~~472.10		~~389~~475.91
Noncontrolling Interest	4.13		24.1
Total Permanent Equity	~~479~~476.23		~~392~~479.02
Total Liabilities and Equity	$	2,~~029~~020.26	$	2,~~079~~029.12

See Notes to Consolidated Financial Statements.

F-8

Table of Contents

HYSTER-YALE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31
	2024		2023		2022
	2025		2024		2023
	(In millions)
Operating Activities
Net Income (Loss)	$	~~144~~(58.20)	$	~~128~~144.12	$	~~(71~~128.6)1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	4745.68		4547.16		4345.41
Amortization of deferred financing fees	1.54		1.45		1.4
Deferred income taxes	(81.25)		(18.12)		(01.1)
Restructuring and impairment charges	2238.64		—22.6		—
Stock-based compensation	237.65		2923.36		629.43
Dividends from unconsolidated affiliates	48.40		104.54		1510.65
Other non-current liabilities	136.83		1513.18		~~(20~~15.1)
Other	1811.90		2018.79		2620.07
Working capital changes:
Accounts receivable	~~(14~~25.2)3		26(14.82)		~~(89~~26.5)8
Inventories	35156.36		(435.3)		(394.13)
Other current assets	24.80		(82.4)8		(58.4)
Accounts payable	(5579.9)		(8155.49)		78(81.74)
Other liabilities	(6578.78)		(3165.17)		94(31.91)
Net cash provided by operating activities	~~170~~86.71		~~150~~170.7		40150.67
Investing Activities
Expenditures for property, plant and equipment	(4762.85)		(3547.48)		(2835.84)
Purchase of noncontrolling interest	—		~~(3.2)~~—		(83.42)
Proceeds from the sale of assets	12.84		1.98		1.39
Proceeds from the sale of businesses	~~0.6~~—		10.16		—1.1
Business acquisition, net of cash acquired	(2.26)		—(2.2)		—
Proceeds from the sale of investments	—		~~1.1~~—		01.51
Net cash used for investing activities	(4762.67)		(3447.56)		(3534.45)
Financing Activities
Additions to long-term debt	~~168~~148.94		~~138~~168.89		~~135~~138.08
Reductions of long-term debt	(~~198~~171.51)		(~~161~~198.15)		(97161.61)
Net changes to revolving credit agreements	~~(31~~55.2)		(5331.72)		(2653.37)
Cash dividends paid	(2425.04)		(2224.30)		(2122.83)
Cash dividends paid to noncontrolling interest	(1.3)		(1.3)		(01.23)
Financing fees paid	—(2.1)		~~(0.8)~~—		—(0.8)
Purchase of treasury stock	(144.05)		—(14.0)		—
Other	—		~~(0.1)~~—		—(0.1)
Net cash used for financing activities	(~~100~~0.18)		(100.51)		(10100.95)
Effect of exchange rate changes on cash	(54.2)0		4(5.12)		(04.8)1
Cash and Cash Equivalents
Increase (decrease) for the year	17.8		19.8		(6.5)
Increase for the year	26.6		17.8		19.8
Balance at the beginning of the year	7896.86		5978.08		6559.50
Balance at the end of the year	$	96123.62	$	7896.86	$	5978.08

See Notes to Consolidated Financial Statements.

F-9

Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

	Temporary Equity		Permanent Equity
													Accumulated Other Comprehensive Income (Loss)
	Redeemable Noncontrolling Interest		Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging		Pension Adjustment		Total Stockholders' Equity		Noncontrolling Interests		Total Permanent Equity
			(In millions)
Balance, December 31, 2021	$	—	$	0.1	$	0.1	$	(4.5)	$	315.1	$	248.6	$	(97.7)	$	(32.0)	$	(72.6)	$	357.1	$	25.8	$	382.9
Stock-based compensation	—		—		—		—		6.4		—		—		—		—		6.4		—		6.4
Stock issued under stock compensation plans	—		—		—		4.5		(4.5)		—		—		—		—		—		—		—
Net income (loss)	0.5		—		—		—		—		(74.1)		—		—		—		(74.1)		1.5		(72.6)
Cash dividends	—		—		—		—		—		(21.8)		—		—		—		(21.8)		(0.2)		(22.0)
Accrued dividends	0.5		—		—		—		—		—		—		—		—		—		—		—
Current period other comprehensive income (loss)	—		—		—		—		—		—		(39.3)		(40.0)		(3.7)		(83.0)		—		(83.0)
Reclassification adjustment to net income (loss)	—		—		—		—		—		—		—		34.3		4.8		39.1		—		39.1
Purchase of noncontrolling interest			—		—		—		(12.8)		—		—		—		—		(12.8)		(11.1)		(23.9)
Reclassification from permanent equity to temporary equity	13.1		—		—		—		(6.5)		—		—		—		—		(6.5)		(6.6)		(13.1)
Foreign currency translation on noncontrolling interest	0.1		—		—		—		—		—		—		—		—		—		(2.9)		(2.9)
Balance, December 31, 2022	$	14.2	$	0.1	$	0.1	$	—	$	297.7	$	152.7	$	(137.0)	$	(37.7)	$	(71.5)	$	204.4	$	6.5	$	210.9
Stock-based compensation	—		—		—		—		29.3		—		—		—		—		29.3		—		29.3
Stock issued under stock compensation plans	—		—		—		0.1		(0.1)		—		—		—		—		—		—		—
Purchase of treasury stock	—		—		—		(0.1)		—		—		—		—		—		(0.1)		—		(0.1)
Net income (loss)	0.7		—		—		—		—		125.9		—		—		—		125.9		0.6		126.5
Cash dividends	(0.9)		—		—		—		—		(22.3)		—		—		—		(22.3)		(0.4)		(22.7)
Accrued dividends	0.9		—		—		—		—		—		—		—		—		—		—		—
Current period other comprehensive income (loss)	—		—		—		—		—		—		18.7		(2.2)		1.5		18.0		—		18.0
Reclassification adjustment to net income (loss)	—		—		—		—		—		—		—		30.9		3.0		33.9		—		33.9
Purchase of noncontrolling interest	—		—		—		—		0.8		—		—		—		—		0.8		(4.0)		(3.2)
Sale of noncontrolling interest	—		—		—		—		—		—		—		—		—		—		(0.7)		(0.7)
Foreign currency translation on noncontrolling interest	(0.1)		—		—		—		—		—		—		—		—		—		0.1		0.1
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
Stock-based compensation	—		—		—		—		23.6		—		—		—		—		23.6		—		23.6
Stock issued under stock compensation plans	—		—		—		0.4		(14.4)		—		—		—		—		(14.0)		—		(14.0)
Purchase of treasury stock	—		—		—		(14.0)		14.0		—		—		—		—		—		—		—
Net income	0.3		—		—		—		—		142.3		—		—		—		142.3		0.7		143.0
Cash dividends	(0.9)		—		—		—		—		(24.0)		—		—		—		(24.0)		(0.4)		(24.4)
Accrued dividends	0.9		—		—		—		—		—		—		—		—		—		—		—
Current period other comprehensive income (loss)	—		—		—		—		—		—		(43.2)		(30.7)		0.5		(73.4)		—		(73.4)
Reclassification adjustment to net income	—		—		—		—		—		—		—		27.3		3.4		30.7		—		30.7
Purchase of noncontrolling interest	—		—		—		—		—		—		—		—		—		—		1.7		1.7
Foreign currency translation on noncontrolling interest	(0.2)		—		—		—		—		—		—		—		—		—		—		—
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

F-10

Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

	Temporary Equity		Permanent Equity
													Accumulated Other Comprehensive Income (Loss)
	Redeemable Noncontrolling Interest		Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging		Pension Adjustment		Total Stockholders' Equity		Noncontrolling Interests		Total Permanent Equity
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
Stock-based compensation	—		—		—		—		23.6		—		—		—		—		23.6		—		23.6
Stock issued under stock compensation plans	—		—		—		0.4		(14.4)		—		—		—		—		(14.0)		—		(14.0)
Purchase of treasury stock	—		—		—		(14.0)		14.0		—		—		—		—		—		—		—
Net income	0.3		—		—		—		—		142.3		—		—		—		142.3		0.7		143.0
Cash dividends	(0.9)		—		—		—		—		(24.0)		—		—		—		(24.0)		(0.4)		(24.4)
Accrued dividends	0.9		—		—		—		—		—		—		—		—		—		—		—
Current period other comprehensive loss	—		—		—		—		—		—		(43.2)		(30.7)		0.5		(73.4)		—		(73.4)
Reclassification adjustment to net income	—		—		—		—		—		—		—		27.3		3.4		30.7		—		30.7
Purchase of noncontrolling interest	—		—		—		—		—		—		—		—		—		—		1.7		1.7
Foreign currency translation on noncontrolling interest	(0.2)		—		—		—		—		—		—		—		—		—		—		—
Balance, December 31, 2024	$	14.9	$	0.1	$	0.1	$	(13.6)	$	350.9	$	374.6	$	(161.5)	$	(12.4)	$	(63.1)	$	475.1	$	4.1	$	479.2
Stock-based compensation	—		—		—		—		7.5		—		—		—		—		7.5		—		7.5
Stock issued under stock compensation plans	—		—		—		3.7		(8.2)		—		—		—		—		(4.5)		—		(4.5)
Purchase of treasury stock	—		—		—		(4.5)		4.5		—		—		—		—		—		—		—
Net income (loss)	0.9		—		—		—		—		(60.1)		—		—		—		(60.1)		0.3		(59.8)
Cash dividends	(0.9)		—		—		—		—		(25.4)		—		—		—		(25.4)		(0.4)		(25.8)
Accrued dividends	0.9		—		—		—		—		—		—		—		—		—		—		—
Current period other comprehensive income	—		—		—		—		—		—		58.0		17.2		1.6		76.8		—		76.8
Reclassification adjustment to net income	—		—		—		—		—		—		—		(0.9)		3.5		2.6		—		2.6
Purchase of noncontrolling interest	—		—		—		—		—		—		—		—		—		—		0.2		0.2
Foreign currency translation on noncontrolling interest	0.3		—		—		—		—		—		—		—		—		—		0.1		0.1
Balance, December 31, 2025	$	16.1	$	0.1	$	0.1	$	(14.4)	$	354.7	$	289.1	$	(103.5)	$	3.9	$	(58.0)	$	472.0	$	4.3	$	476.3

See Notes to Consolidated Financial Statements.

F-11

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE, INC. AND SUBSIDIARIES

(Dollars in Millions, Except Per Share Data)

NOTE 1—Principles of Consolidation and Nature of Operations

The ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~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. On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company’s wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.

The Company, 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~~parts, fleet management services, technology and ~~aftermarket~~energy ~~parts~~solutions marketed globally primarily under the Hyster®, Yale® and ~~Yale~~Nuvera® brand names, mainly to independent, ~~exclusive~~ Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. The sale of ~~service~~ parts represents approximately 16%, 14%, and 15% of total revenues as reported in 2025, 2024 and ~~15% in both~~ 2023, ~~and 2022~~respectively.

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~~Bolzoni ~~Company~~manufactures ~~operates~~precision-engineered ~~Bolzoni~~lift ~~S.p.A.~~truck ~~("Bolzoni").~~attachments, ~~Bolzoni~~forks, ismasts aand ~~leading~~lift ~~worldwide~~tables ~~producer~~designed ~~and~~for ~~distributor~~handling ofdelicate ~~attachments,~~and ~~forks~~specialized ~~and~~loads. ~~lift~~These ~~tables~~solutions are marketed under the Bolzoni®, Auramo® and Meyer® brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., ~~Italy,~~ China, Germany, Finland and ~~Finland~~Brazil. 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 market and industrial material handling.

~~The~~During the year ended December 31, 2025, the Company ~~operates~~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 iswas anmerged ~~alternative-power~~into ~~technology~~HYMH ~~company~~in ~~focused~~the onsecond quarter of 2025. As a result, the ~~design~~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 Consolidated Financial Statements, ~~manufacture~~but did impact its reportable segments. The historical and ~~sale~~current results of ~~hydrogen~~the ~~fuel-cell~~former ~~stacks~~Nuvera ~~and~~segment ~~engines~~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. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. ("WF"), formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and major account customers in the United States. Major account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is included in “Income from unconsolidated affiliates” in the “Other (income) expense” portion of the Consolidated Statements of Operations.

NOTE 2—Significant Accounting Policies

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less.

Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability or unwillingness of customers to make required payments. These allowances are based on historical experience, existing economic trends and both recent trends of specific customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur.

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Table of Contents

	2024		2023
Balance at January 1	$	13.2	$	11.2
Charged to costs and expenses	2.2		5.2
Write-offs	(4.3)		(2.5)
Recoveries	(4.0)		(1.0)
Foreign currency effect	(0.5)		0.3
Balance at December 31	$	6.6	$	13.2

Changes in the Company's allowance for doubtful accounts, including write-offs, are as follows:

The allowance for doubtful accounts balance includes allowance of receivables classified as long-term of $3.9 million and $4.2 million in 2024 and 2023, respectively.


	2025		2024
Balance at January 1	$	6.6	$	13.2
Charged to costs and expenses	1.9		2.2
Write-offs	(0.3)		(4.3)
Recoveries	(1.6)		(4.0)
Foreign currency effect	0.2		(0.5)
Balance at December 31	$	6.8	$	6.6

The allowance for doubtful accounts balance includes allowance of receivables classified as long-term of $4.5 million and $3.9 million in 2025 and 2024, respectively.

Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. The Company also has insurance for certain historic product liability claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term.

Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $11.75 million, $1011.67 million and $810.6 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Research and Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $~~135~~137.92 million, $~~119~~135.79 million and $~~100~~119.7 million in ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively.

Foreign Currency: Assets and liabilities of non-U.S. operations are generally translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity~~, except for the Company’s Mexican operations~~. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year.

The following table includes other significant accounting policies that are described in other notes to the Consolidated Financial Statements, including the footnote number:


Significant Accounting Policy						Note
Revenue Recognition						Revenue Recognition (Note 3)
Reportable segments						Business Segments (Note 4)
Stock-based compensation						Common Stock and Earnings per Share (Note 5)
Income taxes						Income Taxes (Note 6)
Derivatives and hedging activities						Financial Instruments and Derivative Financial Instruments (Note 8)
Fair value of financial instruments						Financial Instruments and Derivative Financial Instruments (Note 8) and Retirement Benefit Plans (Note 9)
Pension						Retirement Benefit Plans (Note 9)
Inventories						Inventories (Note 10)
Property, plant and equipment						Property, Plant and Equipment, Net (Note 11)
Impairment or disposal of long-lived assets						Property, Plant and Equipment, Net (Note 11)
Goodwill and intangible assets						Goodwill and Intangible Assets (Note 12)
Contingencies						Contingencies (Note 16)

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Table of Contents

Recently Issued Accounting Standards

~~The~~Adopted ~~following~~Accounting ~~table provides a brief description of recent accounting standard updates ("ASU") adopted for the year ended December 31, 2024:~~ Pronouncements

Standard

Required Date of Adoption

Effect on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280)

December 31, 2024

As a result of adopting ASU 2023-07, Segment Reporting (Topic 280), the Company made modifications to segment disclosures. The adoption of this standard did not impact segment operating results, but has resulted in changes to the presentation and disclosure of certain segment-related information in the financial statements. Further details are reflected in Note 4, Business Segments, in the financial statements.

ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848)

From the date of issuance through December 31, 2024

The new requirements within the guidance did not have a material effect on the Company's financial position, results of operations, cash flows and related disclosures.

The following table provides a brief description of the accounting standard update ("ASU") adopted for the year ended December 31, 2025 and the effect, if any, on the Company's financial position, results of operations, cash flows or related disclosures:

Standard

~~Description~~

Required Date of Adoption

Effect on the financial statements or other significant matters

ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60)

The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.

January 1, 2025

The Company will apply the guidance subsequent to January 1, 2025 prospectively for newly-formed joint ventures.

ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740)

Annual periods after December 15, 2024

The standard generally expands the disclosures required for income taxes in the Company's annual consolidated financial statements, primarily through enhanced disclosures about significant income tax expense and payments by jurisdiction. The Company adopted the new standard prospectively. The adoption of this standard did not have a material impact on the consolidated financial statements. Refer to Note 6, Income Taxes.

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 disclosure of income statement expenses.

December 15, 2026

The Company is currently evaluating the guidance and the effect on its related disclosures.

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

Standard

Description

Required Date of Adoption

Effect on the financial statements or other significant matters

ASU 2024-03— Disaggregation of Income Statement Expenses

The guidance requires disaggregated disclosures of income statement expenses.

Annual periods after December 15, 2026

The Company is currently evaluating the guidance and the effect on its related disclosures.

ASU 2025-09— Derivatives and Hedging

The guidance expands the use of hedge accounting to more closely align with the economics of an entity's risk management activities.

Interim and annual periods after December 15, 2026

The Company is currently evaluating the guidance and the effect on its related disclosures.

ASU 2025-06— Intangibles — Goodwill and other — Internal use software

The guidance amends certain aspects of the accounting for and disclosure of software costs.

Interim and annual periods after December 15, 2027

The Company is currently evaluating the guidance and the effect on its related disclosures.

ASU 2025-11— Interim Reporting

The guidance provides additional guidance on interim disclosure reporting requirements and creates a disclosure principal that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

Interim periods after December 15, 2027

The Company is currently evaluating the guidance and the effect on its related disclosures.

NOTE 3—Revenue

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise 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 15, 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~~

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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 years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are included in “Selling, general and administrative expenses” in the 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 included in “Cost of sales” in the Consolidated Statements of Operations.

The following table disaggregates revenue by category:

	YEAR ENDED
	DECEMBER 31, 2024
	DECEMBER 31, 2025
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		~~Nuvera~~Elims		~~Elims~~Total		~~Total~~
Dealer sales	$	1,~~690~~201.87	$	~~572~~444.20	$	~~157~~155.36	$	—	$	—	$	—1,801.3	$	~~2,420.3~~
Direct customer sales	~~669~~695.62		5.64		—		—		—		—700.6		~~675.2~~
Aftermarket sales	727.4		104.1		25.8		—		—		—		857.3
Service and parts sales	758.3		98.5		26.5		—		—		883.3
Other	~~134~~160.7		2522.70		01.64		~~379~~333.1		1(133.41)		~~(186~~384.1)		~~355.4~~
Total Revenues	$	32,~~222~~815.59	$	~~707~~569.69	$	183.75	$	~~379~~333.1	$	1(133.41)	$	~~(186~~3,769.1)3	$	~~4,308.2~~
	YEAR ENDED
	DECEMBER 31, 2023
	DECEMBER 31, 2024
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		~~Nuvera~~Elims		~~Elims~~Total		~~Total~~
Dealer sales	$	1,~~565~~690.68	$	~~679~~572.2	$	~~172~~157.93	$	—	$	—	$	—2,420.3	$	~~2,417.7~~
Direct customer sales	~~541~~669.36		95.46		—		—		—		—675.2		~~550.7~~
Aftermarket sales	700.0		110.7		27.9		—		—		—		838.6
Service and parts sales	727.4		104.1		25.8		—		—		857.3
Other	92135.46		2125.27		0.36		~~375~~379.31		4(185.36)		~~(182~~355.2)4		~~311.3~~
Total Revenues	$	23,~~899~~223.34	$	~~820~~707.56	$	~~201~~183.17	$	~~375~~379.31	$	4(185.36)	$	~~(182~~4,308.2)	$	~~4,118.3~~
	YEAR ENDED
	DECEMBER 31, 2022
	DECEMBER 31, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		~~Nuvera~~Elims		~~Elims~~Total		~~Total~~
Dealer sales	$	1,~~234~~565.36	$	~~569~~679.02	$	~~220~~172.29	$	—	$	—	$	—2,417.7	$	~~2,023.5~~
Direct customer sales	~~461~~541.63		139.24		—		—		—		—550.7		~~474.8~~
Aftermarket sales	609.8		102.6		29.1		—		—		—		741.5
Service and parts sales	700.0		110.7		27.9		—		—		838.6
Other	9993.7		1921.42		0.73		~~355~~375.73		3(179.42)		~~(170~~311.4)3		~~308.5~~
Total Revenues	$	2,~~405~~900.46	$	~~704~~820.25	$	~~250~~201.01	$	~~355~~375.73	$	3(179.42)	$	~~(170.~~4),118.3	$	~~3,548.3~~

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~~Service and parts 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.,

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Table of Contents

Bolzoni also has revenue for sales of forklift components to HYMH plants. ~~Nuvera's revenues include development funding from third-party agreements and the sale of fuel cell stacks and engines to third parties and the lift truck business.~~ In all revenue transactions, the Company receives cash equal to the invoice price and amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, ~~Nuvera~~ 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. Changes in the Company's deferred revenue are as follows:

	2024		2023
	2025		2024
Balance, January 1	$	9271.53	$	~~153~~92.85
Customer deposits and billings	6063.46		6260.4
Revenue recognized	(8169.38)		(~~123~~81.83)
Foreign currency effect	(0.3)5		(0.13)
Balance, December 31	$	7165.36	$	9271.53

NOTE 4—Business Segments

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

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 ~~headquarter~~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 ~~both~~ Bolzoni ~~and Nuvera~~ as a separate ~~segments~~segment. Intercompany sales between ~~Nuvera,~~ Bolzoni and the lift truck business have been eliminated.

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

Financial information for each of the reportable segments is presented in the following table. See Note 1, Principles of Consolidation and Nature of Operations, for a discussion of the Company’s product lines. Refer to Note 2, Significant Accounting Policies, for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.

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Table of Contents

	2024		2023		2022
	2025		2024		2023
Revenues from external customers
Americas	$	32,~~222~~815.59	$	23,~~899~~223.34	$	2,~~405~~900.46
EMEA	~~707~~569.69		~~820~~707.56		~~704~~820.25
JAPIC	183.75		~~201~~183.17		~~250~~201.01
Lift truck business	43,~~113~~569.83		34,~~920~~114.97		3,~~359~~922.62
Bolzoni	~~379~~333.1		~~375~~379.31		~~355~~375.73
Nuvera	1.4		4.3		3.4
Eliminations	(133.1)		(185.6)		(179.2)
Eliminations	(186.1)		(182.2)		(170.4)
Total	$	3,769.3	$	4,308.2	$	4,118.3
Total	$	4,308.2	$	4,118.3	$	3,548.3
Cost of Sales
Americas	$	2,~~527~~330.59	$	2,~~334~~538.40	$	2,~~102~~343.09
EMEA	~~599~~515.58		~~699~~599.5		~~659~~699.25
JAPIC	~~167~~170.19		~~175~~167.61		~~227~~175.46
Lift truck business	3,~~294~~017.16		3,~~209~~304.56		23,~~988~~219.60
Bolzoni	~~293~~253.7		293.17		~~285~~293.01
Nuvera	11.0		12.5		10.6
Eliminations	(134.8)		(185.6)		(179.4)
Eliminations	(186.1)		(182.4)		(169.8)
Total	$	3,136.5	$	3,412.7	$	3,332.7
Total	$	3,412.7	$	3,332.7	$	3,114.4
Gross profit
Gross profit (loss)
Americas	$	485.0	$	685.4	$	556.7
Americas	$	695.0	$	564.9	$	303.4
EMEA	54.1		108.1		121.0
EMEA	108.1		121.0		45.0
JAPIC	12.6		16.6		25.5
JAPIC	16.6		25.5		22.6
Lift truck business	551.7		810.1		703.2
Lift truck business	819.7		711.4		371.0
Bolzoni	79.4		85.4		82.2
Bolzoni	85.4		82.2		70.7
Eliminations	1.7		—		0.2
Nuvera	(9.6)		(8.2)		(7.2)
Total	$	632.8	$	895.5	$	785.6
Eliminations	—		0.2		(0.6)
Total	$	895.5	$	785.6	$	433.9
Selling, general and administrative expenses
Americas	$	~~370~~387.19	$	~~331~~401.80	$	~~256~~360.60
EMEA	~~117~~115.18		~~108~~117.91		91108.69
JAPIC	3836.09		4138.10		3341.21
Lift truck business	~~525~~540.26		~~481~~556.81		~~381~~510.40
Bolzoni	7275.09		6672.90		6466.59
Nuvera	30.9		28.2		27.1
Total	$	616.5	$	628.1	$	576.9
Total	$	628.1	$	576.9	$	473.0
Adjustments (a)
Americas	$	628.8	$	—7.3	$	—
EMEA	2.4.5		—2.4		—
JAPIC	81.69		—8.6		—
Lift truck business	1735.82		—18.3		—
Bolzoni	4.3.2		—4.3		—
Nuvera	0.5		—		—
Total	$	38.4	$	22.6	$	—
Total	$	22.6	$	—	$	—

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Table of Contents

	2024		2023		2022
	2025		2024		2023
Operating profit (loss)
Americas	$	~~318~~68.13	$	~~233~~277.1	$	46196.87
EMEA	(1166.42)		12(11.14)		~~(46~~12.6)1
JAPIC	(3026.02)		(1530.60)		(1015.6)
Lift truck business	~~276~~(24.71)		~~229~~235.67		~~(10~~193.4)2
Bolzoni	90.13		159.31		615.23
Nuvera	(41.0)		(36.4)		(34.3)
Eliminations	1.7		—		0.2
Eliminations	—		0.2		(0.6)
Total	$	(22.1)	$	244.8	$	208.7
Total	$	244.8	$	208.7	$	(39.1)
Interest expense
Americas	$	3029.81	$	3330.28	$	2633.92
EMEA	10.97		31.29		13.02
JAPIC	1.2		1.42		1.24
Eliminations	(10.19)		(1.21)		(1.2)
Lift truck business	3230.81		3632.68		2736.96
Bolzoni	2.12		2.01		12.40
Nuvera	—		—		—
Eliminations	(1.1)		(1.1)		(1.3)
Eliminations	(1.1)		(1.3)		(0.9)
Total	$	31.2	$	33.8	$	37.3
Total	$	33.8	$	37.3	$	28.4
Total assets
Americas	$	1,~~897~~619.97	$	1,~~715~~938.46	$	1,~~700~~740.08
EMEA	~~678~~668.57		~~808~~678.5		~~811~~808.05
JAPIC	~~252~~263.92		~~276~~252.89		~~339~~276.58
Eliminations	(~~637~~667.76)		(~~575~~928.23)		(~~693~~836.2)
Lift truck business	21,~~191~~884.60		21,~~225~~941.57		21,~~157~~989.39
Bolzoni	~~290~~325.83		~~303~~290.8		~~315~~303.28
Nuvera	40.7		25.4		18.9
Eliminations	(188.7)		(203.3)		(214.6)
Eliminations	(493.9)		(475.6)		(465.2)
Total	$	2,020.6	$	2,029.2	$	2,079.1
Total	$	2,029.2	$	2,079.1	$	2,026.2
Depreciation and amortization
Americas	$	18.20	$	1619.6	$	1517.83
EMEA	89.50		8.25		7.8.2
JAPIC	76.84		7.98		7.49
Lift truck business	3433.54		3235.79		3133.04
Bolzoni	1112.74		11.7		11.7
Nuvera	1.4		0.7		0.7
Total	$	45.8	$	47.6	$	45.1
Total	$	47.6	$	45.1	$	43.4
Capital expenditures
Americas	$	26(37.5)	$	16(29.9)	$	5(20.14)
EMEA	5(10.79)		6(5.67)		4(6.96)
JAPIC	(5.39)		3(5.3)		10(3.3)
Lift truck business	37(54.53)		26(40.89)		20(30.3)
Bolzoni	6(8.92)		5(6.19)		(5.51)
Nuvera	3.4		3.5		3.0
Total	$	(62.5)	$	(47.8)	$	(35.4)
Total	$	47.8	$	35.4	$	28.8

(a) Consists of restructuring and impairment charges recognized during the years ended December 31, 2025 and 2024 related to programs initiated in 2025 and 2024 as part of the Company's global workforce reduction, strategic realignment of Nuvera and manufacturing footprint optimization. See Note 19, Restructuring and Impairment Charges, of the Company's Consolidated Financial Statements for further discussion.

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Table of Contents

(a) Consists of charges incurred during 2024 related to programs designed to optimize the Company's footprint, reduce costs and improve operational efficiency and the impairment of certain long-lived assets.

Data by Geographic Region

No single country outside of the U.S. comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.

	U.S.		Europe, Middle East and Africa		Other		Consolidated
2025
Revenues from unaffiliated customers, based on the customers’ location	$	2,529.9	$	689.3	$	550.1	$	3,769.3
Long-lived tangible assets	$	197.3	$	98.8	$	91.1	$	387.2
2024
Revenues from unaffiliated customers, based on the customers’ location	$	2,874.4	$	817.9	$	615.9	$	4,308.2
Long-lived tangible assets	$	194.1	$	82.6	$	85.5	$	362.2
2023
Revenues from unaffiliated customers, based on the customers’ location	$	2,542.9	$	930.5	$	644.9	$	4,118.3
Long-lived tangible assets	$	179.1	$	90.5	$	101.1	$	370.7
2022
Revenues from unaffiliated customers, based on the customers’ location	$	1,973.8	$	886.5	$	688.0	$	3,548.3
Long-lived tangible assets	$	164.3	$	97.7	$	107.4	$	369.4

NOTE 5—Common Stock and Earnings per Share

The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, ~~2024~~2025 was 125 million shares and 35 million shares, respectively. At December 31, 2025 and 2024, 245,063 and 204,435 treasury shares of Class A common stock were outstanding., ~~No treasury shares of either class were outstanding at 2023~~respectively.

Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) four, seven or ten years from the award date, as defined in the award, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued ~~355~~170,~~452~~431, ~~423~~355,~~596~~452 and ~~220~~423,~~114~~596 shares related to the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. After the issuance of these shares, there will be ~~733~~562,~~408~~977 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $215.85 million ($185.60 million net of tax), $2721.58 million ($2318.56 million net of tax) and $527.5 million ($523.5 million net of tax) for the years ended ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, ~~2024~~2025, $~~145~~150,000 of each non-employee director's retainer of $~~216~~226,000 was paid in restricted shares of Class A common stock. For the year ended December 31, ~~2023~~2024, $~~140~~145,000 of $~~208~~216,000 was paid in restricted shares of Class A common stock. For the year ended December 31, ~~2022~~2023, $96140,000 of $~~200~~208,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 2649,~~790~~426, 3426,~~239~~790 and 2934,~~898~~239 shares related to the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 2,559, 779 and 726 in 2025, 2024 and 2023, respectively. After the issuance of these shares, there were 85,481

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Table of Contents

~~stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary~~ shares ~~are not subject to any restrictions. Total shares issued under voluntary elections were 779, 726 and 1,075 in 2024, 2023 and 2022, respectively. After the issuance~~ of ~~these shares, there were 137,469 shares of~~ Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.79 million ($1.57 million net of tax), $1.87 million ($1.5 million net of tax) and $01.98 million ($01.95 million net of tax) for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock.

Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows:

	2024		2023		2022
	2025		2024		2023
Basic weighted average shares outstanding	17.~~442~~670		17.~~137~~442		1617.~~901~~137
Dilutive effect of restricted stock awards	~~0.268~~—		0.~~248~~268		—0.248
Diluted weighted average shares outstanding	17.~~710~~670		17.~~385~~710		1617.~~901~~385
Basic earnings (loss) per share	$	8.16	$	7.35	$	(4.38)
Basic Earnings (Loss) per share	$	(3.40)	$	8.16	$	7.35
Diluted earnings (loss) per share	$	8.04	$	7.24	$	(4.38)
Diluted Earnings (Loss) per share	$	(3.40)	$	8.04	$	7.24
Cash dividends per share	$	1.~~3750~~4300	$	1.~~2975~~3750	$	1.~~2900~~2975

~~The table above excludes 0.223 million of anti-dilutive restricted stock awards related to the year ended December 31, 2022.~~ Restricted stock awards for ~~2024~~2025 are expected to be issued in ~~2025~~2026.

NOTE 6—Income Taxes

The components of income (loss) before income taxes and provision (benefit) for income taxes for the years ended December 31 are as follows:

	2024		2023		2022
	2025		2024		2023
Income (loss) before income taxes
U.S.	$	~~184~~(42.93)	$	~~114~~184.19	$	~~(40~~114.1)
Non-U.S.	34(0.16)		6634.91		~~(22~~66.3)9
Total	$	~~219~~(42.09)	$	~~181~~219.0	$	~~(62~~181.4)0
Income tax provision
Current tax provision:
Federal	$	520.92	$	3252.09	$	032.60
State	120.9		812.09		08.50
Non-U.S.	1715.25		1417.02		814.20
Total current	$	8316.06	$	5483.0	$	954.30
Deferred tax provision (benefit):
Federal	$	(0.34)	$	0.63	$	10.96
State	~~(0.1)~~—		—(0.1)		~~0.3~~—
Non-U.S.	(81.41)		(18.74)		(21.37)
Total deferred	$	(81.25)	$	(18.12)	$	(01.1)
Total	$	7415.81	$	5274.98	$	952.29

~~The~~Upon ~~Company~~adoption ~~made income tax payments~~ of ~~$88.3~~ASU ~~million~~2023-09, ~~$53.2~~Improvements ~~million~~to ~~and~~Income ~~$13.1~~Tax ~~million~~disclosures, ~~during~~as ~~2024,~~described ~~2023~~in ~~and~~Note ~~2022~~2, ~~respectively.~~Significant ~~The~~Accounting ~~Company~~Policies, ~~received~~the company’s income tax ~~refunds~~payments, net of ~~$2.7~~refunds ~~million~~received, ~~$0.3~~during ~~million~~the ~~and~~year ~~$2.3~~ended ~~million~~December ~~during 2024~~31, ~~2023~~2025 ~~and~~were ~~2022,~~as ~~respectively.~~follows:


	2025
Federal	$	15.8
State	3.1
Non-U.S.
Netherlands	7.9
Italy	3.0
China	3.0
Other countries	4.0
Total	$	36.8

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Table of Contents

	2024			2023			2022
Income (loss) before income taxes	$	219.0		$	181.0		$	(62.4)
Statutory taxes at 21%	$	46.0		$	38.0		$	(13.1)
Valuation allowance	19.9			12.1			27.5
State income taxes	6.1			5.8			(1.3)
Non -U.S rate differences	5.6			3.2			5.4
Nondeductible compensation	4.2			4.2			1.4
Global intangible low-taxed income	3.0			1.7			(4.6)
Other	0.9			(0.3)			0.3
Base-erosion and anti-abuse tax	—			(0.1)			1.4
Foreign derived intangible income	(6.0)			(3.4)			(0.3)
Federal income tax credits	(3.4)			(4.0)			(1.4)
Tax controversy resolution	(1.1)			(3.0)			(4.7)
Equity interest earnings	(0.4)			(1.3)			(1.4)
Income tax provision	$	74.8		$	52.9		$	9.2
Reported income tax rate	34.2		%	29.2		%	(14.7)		%

The Company made income tax payments, net of refunds, of $85.6 million and $52.9 million during 2024 and 2023, respectively.

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2, Summary of Significant Accounting Policies, a reconciliation of the U.S. federal statutory rate to the reported income tax rate for the year ended December 31, 2025, is as follows:


	2025
	Amount		Percent
U.S. Federal Statutory Rate Taxes	$	(9.0)	21.0	%
State & Local Income Taxes, Net of Federal Income Tax Effect (a)	0.7		(1.6)	%
Foreign Tax Effects
Brazil
Valuation allowance	3.0		(7.0)	%
Other	(0.2)		0.5	%
China
Valuation allowance	1.3		(3.0)	%
Other	1.1		(2.6)	%
United Kingdom
Tax Rate Differential	(1.4)		3.3	%
Valuation Allowance	9.4		(21.9)	%
Other	(0.1)		0.2	%
Other Foreign Jurisdictions	1.8		(4.2)	%
Effect of Cross Border Tax Laws	0.3		(0.7)	%
Tax Credits
Research and Development Tax Credit	(3.4)		7.9	%
Other	0.1		(0.2)	%
Changes in Valuation Allowance	11.1		(25.9)	%
Nontaxable or Nondeductible Items
Nondeductible Compensation	1.8		(4.2)	%
Equity Earnings	(1.6)		3.7	%
Other	0.2		(0.5)	%
Changes in Unrecognized Tax Benefits	0.2		(0.5)	%
Other Adjustments	(0.2)		0.5	%
Effective Tax Rate (b)	$	15.1	(35.2)	%

(a) State taxes in Texas and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.

(b) In applying the income tax rate reconciliation disclosure requirements, management evaluated reconciling items using both quantitative and qualitative materiality considerations. Certain reconciling items that exceeded quantitative thresholds have been aggregated where separate presentation would not enhance an understanding of the Company’s income tax provision or effective tax rate.

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Table of Contents

A reconciliation of the U.S. federal statutory rate to the reported income tax rate for the year ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows:


	2024			2023
Income (loss) before income taxes	$	219.0		$	181.0
Statutory taxes at 21%	$	46.0		$	38.0
Valuation allowance	19.9			12.1
State income taxes	6.1			5.8
Non -U.S rate differences	5.6			3.2
Nondeductible compensation	4.2			4.2
Global intangible low-taxed income	3.0			1.7
Other	0.9			(0.3)
Base-erosion and anti-abuse tax	—			(0.1)
Foreign derived intangible income	(6.0)			(3.4)
Federal income tax credits	(3.4)			(4.0)
Tax controversy resolution	(1.1)			(3.0)
Equity interest earnings	(0.4)			(1.3)




Income tax provision	$	74.8		$	52.9
Reported income tax rate	34.2		%	29.2		%

The Company has determined that it is impracticable to calculate the amount of deferred taxes that would be applicable to all of its investments in non-U.S. subsidiaries. However, the Company has provided for anticipated taxes on unremitted non-U.S. earnings for which no reinvestment plan has been identified and that may be repatriated in the foreseeable future.

The Company has elected to account for the global intangible low-taxed income ("GILTI") tax in the period in which it is incurred, and therefore has not provided any deferred tax amounts for GILTI.

~~Beginning~~On inJuly ~~2022~~4, 2025, the ~~Tax~~President ~~Cuts and Jobs Act~~ of ~~2017 (~~the ~~"Tax~~United ~~Reform~~States ~~Act")~~signed ~~eliminated~~ the ~~option~~One toBig ~~deduct~~Beautiful ~~research~~Bill ~~and~~Act ~~development expenditures immediately in~~ (the ~~year~~“OBBBA”) ~~incurred~~into ~~and requires U~~law.S. ~~taxpayers~~The toOBBBA ~~amortize~~includes ~~such~~provisions ~~expenditures~~effective ~~over~~in ~~five~~2025 tothat ~~fifteen~~restore ~~years~~immediate ~~depending~~expensing ~~upon~~for ~~whether~~domestic ~~the~~research ~~activities~~and ~~are~~development ~~performed~~costs, inallow ~~the~~100% ~~U.S.~~bonus ordepreciation ~~outside~~for ofqualifying ~~the~~property, ~~U.S. This change has had~~ and ~~will~~modify ~~continue~~the tolimitation ~~have a material impact~~ on the ~~Company's~~deductibility ~~future~~of ~~cash~~business ~~payments~~interest ~~for income taxes~~expense. IfThe ~~this~~Company ~~legislation~~reflected isthe ~~not~~effects ~~modified~~of orthese ~~repealed,~~changes ~~the~~in ~~impact~~its ~~will~~income ~~continue~~tax toprovision ~~unfavorably~~for ~~impact~~the ~~cash~~year ~~taxes~~ended ~~but~~December ~~decreasingly~~31, ~~over time~~2025.

	December 31
	2024		2023
Deferred tax assets
Research and development capitalization	$	78.5	$	58.1
Tax attribute carryforwards	33.1		35.6
Product warranties	16.5		12.5
Accrued expenses and reserves	16.3		13.9
Accrued product liability	9.2		9.6
Inventories	3.0		4.1
Other	12.1		12.1
Total deferred tax assets	168.7		145.9
Less: Valuation allowance	144.3		126.6
	24.4		19.3

The requirement to capitalize and amortize foreign research and development expenditures over fifteen years was not modified by the OBBBA. This continued requirement has had and will continue to have a material impact on the Company's future cash payments for income taxes but decreasingly over time.

A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities is as follows:

F-21


	December 31
	2025		2024
Deferred tax assets
Research and development capitalization	$	76.3	$	78.5
Tax attribute carryforwards	59.1		33.1
Product warranties	15.4		16.5
Accrued expenses and reserves	12.9		16.3

Accrued product liability	10.0		9.2
Inventories	5.1		3.0


Other	8.9		12.1

Total deferred tax assets	187.7		168.7
Less: Valuation allowance	165.9		144.3
	21.8		24.4

F-22

Table of Contents

	December 31
	2024		2023
	2025		2024
Deferred tax liabilities
Depreciation and amortization	2017.5		2320.95
Accrued pension benefits	34.82		3.58
Unremitted earnings	1.85		1.68
Total deferred tax liabilities	2623.12		2926.01
Net deferred tax asset (liability)	$	(1.74)	$	(91.7)

The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:

	December 31, 2024
	December 31, 2025
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	2334.17	$	1829.73	~~2025~~2026-Indefinite
Non-U.S. capital losses	7.3		7.3		Indefinite
U.S. net operating loss	10.3		10.3		Indefinite
State net operating losses and credits	3.7		3.6		2025-Indefinite
Non-U.S. capital losses	8.0		8.0		Indefinite
Less: Unrecognized tax benefits	(1.0)		—
State net operating losses and credits	5.3		5.1		2026-Indefinite
Total	$	33.1	$	29.6
Research and development credit	0.3		0.3		Indefinite
Disallowed interest and other	1.8		1.8		2030-Indefinite
Less: Unrecognized tax benefits	(1.3)		—
Total	$	59.1	$	54.8

	December 31, 2023
	December 31, 2024
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	2523.51	$	2318.47	~~2024~~2025 - Indefinite
Non-U.S. capital losses	7.53		7.53		Indefinite
State net operating losses and credits	3.97		3.86		~~2024~~2025 - Indefinite
Less: Unrecognized tax benefits	(1.30)		—
Total	$	3533.61	$	3429.76

The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses attributable to Brazil, China and the United Kingdom ("U.K.") comprise a substantial portion of the non-U.S. net operating loss deferred tax assets. The Brazilian and U.K. net operating losses do not expire under local law, while Chinese losses expire after five years.

During 2024, the Company ~~concluded~~assessed ~~that~~the arealizability ~~portion~~ of its ~~Brazilian~~ deferred tax assets in Brazil and concluded that a portion met the more likely than not threshold ~~required~~ for realization. This conclusion was based ~~upon~~on the anticipated ~~timing~~reversal of deferred temporary differences, ~~the~~historical ~~continuing~~and ~~trend~~forecasted ofoperating ~~earnings~~results, and ~~the~~projections ~~projection~~ of future taxable income over the ~~forecasted~~Company’s forecast period. ~~Accordingly~~As result, the Company recognized a tax benefit of $4.3 million ~~for~~in ~~the~~2024 related to a partial release of the ~~Brazilian~~ valuation allowance ~~during~~previously ~~2024.~~recorded against Brazilian deferred tax assets.

~~Starting~~In ~~in 2021~~2025, the Company’s ~~determined~~Brazilian ~~that~~operations ~~the~~generated ~~evidence~~an ~~available~~operating noloss ~~longer~~resulting ~~supported~~in athe ~~more~~creation ~~likely than not standard for realization~~ of ~~its~~additional ~~U.S. and U.K~~ deferred tax assets. ~~due~~Based toon ~~cumulative~~updated ~~pretax~~projections ~~losses, lack~~ of ~~available~~future ~~tax~~taxable ~~planning~~income ~~strategies~~ and ~~declining~~the ~~forecasts~~expected ~~due~~utilization toof ~~supply~~net ~~and~~operating ~~logistics constraints. During 2024 and 2023~~losses, the Company ~~reviewed~~determined ~~the~~that ~~historical~~these ~~earnings~~incremental ~~and~~deferred ~~trends,~~tax ~~forecasted~~assets ~~earnings~~did ~~and~~not ~~the~~meet ~~relevant expiration of carryforwards for both jurisdictions and concluded~~ the ~~valuation~~more ~~allowances~~likely ~~provided~~than ~~remain~~not ~~appropriate~~realization threshold. ~~Although~~Accordingly, the Company ~~expects~~recorded ~~earnings~~an ~~over~~additional ~~the~~valuation ~~longer~~allowance ~~term~~of ~~for its U~~$3.S.0 million ~~and~~in ~~U.K operations~~2025, itwhich ~~believes~~primarily ~~such~~relates ~~longer-term forecasts are not sufficient evidence~~ to ~~support~~ the ~~future~~current‑year ~~realization~~operating ofloss ~~the~~and ~~deferred~~net ~~tax~~operating ~~assets.~~losses ~~Accordingly,~~not asexpected ofto ~~December~~be ~~31,~~realized ~~2024,~~within the ~~Company~~forecast ~~has provided a valuation allowance of $117~~period.~~1 million and $5.8 million against the deferred tax assets of the U.S. and U.K., respectively.~~

~~During~~Starting ~~2024~~in ~~and 2023~~2021, the ~~valuation~~Company ~~allowance~~determined ~~provided~~that ~~against~~the ~~deferred~~evidence ~~tax~~available ~~assets~~no ~~increased~~longer bysupported ~~$17.7~~a ~~million~~more ~~and~~likely ~~$4.9~~than ~~million,~~not ~~respectively.~~standard ~~The~~for ~~change~~realization inof ~~the~~its ~~total~~U.S. ~~valuation~~and ~~allowance~~U.K indeferred ~~2024~~tax ~~and~~assets ~~2023~~due ~~included~~to acumulative ~~net~~pretax ~~increase~~losses, inlack ~~tax~~of ~~expense~~available oftax ~~$19.9~~planning ~~million~~strategies and ~~$12.1~~declining ~~million,~~forecasts ~~respectively,~~due to supply and alogistics ~~net~~constraints. ~~decrease~~While ofboth $2the U.2S. ~~million~~ and $7U.2K ~~million~~operations ingenerated ~~2024~~positive ~~and~~earnings ~~2023,~~during ~~respectively~~2024, ~~recorded~~the ~~directly~~Company incurred operating losses in ~~equity~~both jurisdictions during 2025. After considering historical earnings and

~~As of December 31, 2024, the Company had gross net operating loss carryforwards in U.S. state jurisdictions of $9.1 million and non~~F-~~U.S. jurisdictions of $90.0 million.~~23

F-22

Table of Contents

~~The~~trends, ~~following~~recent isoperating aperformance, ~~reconciliation~~forecasted ofearnings, ~~total~~and ~~gross~~the ~~unrecognized~~relevant ~~tax~~expiration ~~benefits~~of carryforwards for both jurisdictions, ~~defined~~the asCompany concluded the ~~aggregate~~valuation ~~tax~~allowances ~~effect~~provided ofremain ~~differences~~appropriate. ~~between~~Although the Company's ~~tax~~expects ~~return~~earnings ~~positions~~over ~~and~~ the ~~benefits~~longer ~~recognized~~term infor ~~the~~its ~~consolidated~~U.S. ~~financial~~and ~~statements~~U.K ~~for~~operations, ~~the~~it ~~years~~believes ~~ended~~such ~~December 31,~~longer-term ~~2024,~~forecasts ~~2023~~are ~~and~~not ~~2022.~~sufficient ~~Approximately~~evidence ~~$3.1~~to ~~million,~~support ~~$3.8~~the ~~million~~future ~~and~~realization ~~$5.4~~of ~~million~~the ofdeferred ~~these~~tax ~~amounts~~assets. Accordingly, as of December 31, ~~2024~~2025, ~~2023~~the ~~and~~Company ~~2022,~~has ~~respectively,~~provided ~~relate~~a tovaluation ~~permanent~~allowance ~~items~~of ~~that,~~$124.5 ifmillion ~~recognized,~~and ~~would~~$16.3 ~~impact~~million against the ~~reported~~deferred ~~income~~ tax ~~rate~~assets of the U.S. and U.K., respectively.

	2024		2023		2022
Balance at January 1	$	3.8	$	5.4	$	8.2
Additions based on tax positions related to the current year	0.3		0.4		0.4
Additions (reductions) for tax positions of prior years	(0.2)		(0.1)		0.2
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations	(0.7)		(1.9)		(3.1)
Other changes in unrecognized tax benefits including foreign currency translation adjustments	(0.1)		—		(0.3)
Balance at December 31	$	3.1	$	3.8	$	5.4

During 2025 and 2024, the valuation allowance provided against deferred tax assets increased by $21.6 million and $17.7 million, respectively. The change in the total valuation allowance in 2025 and 2024 included a net increase in tax expense of $24.6 million and $19.9 million, respectively, and a net decrease of $3.0 million and $2.2 million in 2025 and 2024, respectively, recorded directly in equity.

~~The~~As ~~Company~~of ~~records~~December 31, ~~interest~~2025, ~~and~~the ~~penalties~~Company onhad ~~uncertain~~gross ~~tax~~net ~~positions~~operating asloss acarryforwards ~~component~~in of the ~~income tax provision~~U.S. ~~The Company recorded a net decrease~~ of $048.59 million, ~~$1.4 million and $2.2 million during 2024, 2023 and 2022, respectively, in interest and penalties. As a result of foreign currency translation into~~ U.S. ~~dollars,~~state ~~the~~jurisdictions ~~total amount~~ of ~~interest and penalties decreased by~~ $032.3 million ~~during~~and ~~2022~~non-U. ~~There was no foreign currency translation impact in 2024 or 2023~~S. ~~The~~jurisdictions ~~total amount~~ of ~~interest and penalties accrued was~~ $0131.48 million~~, $0~~.~~9 million and $2.3 million as of December 31, 2024, 2023 and 2022, respectively.~~

The ~~Company~~following ~~expects~~is ~~the~~a ~~amount~~reconciliation of total gross unrecognized tax benefits, ~~will~~defined ~~change~~as ~~within~~ the ~~next~~aggregate ~~twelve~~tax ~~months;~~effect ~~however,~~of ~~the~~differences ~~change~~between ~~is not expected to have a significant effect on~~ the Company's ~~financial~~tax ~~position~~return orpositions ~~results~~and ofthe ~~operations.~~benefits Itrecognized isin ~~reasonably~~the ~~possible~~Consolidated ~~the~~Financial ~~Company~~Statements ~~will~~for ~~record~~the ~~unrecognized~~years ~~tax~~ended ~~benefits~~December 31, ~~including~~2025, ~~interest~~2024 and ~~penalties,~~2023. ~~within~~Approximately ~~the~~$4.1 ~~next~~million, ~~twelve~~$3.1 ~~months~~million upand to $0.3.8 million ~~resulting~~of ~~from~~these ~~the~~amounts ~~possible~~as ~~expiration~~ of ~~certain~~December 31, ~~statutes~~2025, of2024 ~~limitation~~ and ~~settlement~~2023, ~~of audits. If recognized~~respectively, ~~the~~relate ~~previously~~to ~~unrecognized~~permanent ~~tax~~items ~~benefits~~that, ~~will~~if berecognized, ~~recorded~~would asimpact ~~discrete tax benefits in~~ the ~~interim~~reported ~~period~~income intax ~~which the items are effectively settled~~rate.


	2025		2024		2023
Balance at January 1	$	3.1	$	3.8	$	5.4
Additions (reductions) for business acquisitions	0.8		—		—
Additions based on tax positions related to the current year	0.4

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