Hyster-Yale, Inc. · NYSE:HY
Hyster-Yale — Q3 2026 Earnings Presentation
39 slides from Hyster-Yale's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Investor Presentation
Q3 2026 INVESTOR PRESENTATION Exhibit 99
Slide 2: Safe Harbor Statement & Disclosure
2 SAFE HARBOR STATEMENT & DISCLOSURE The statements contained in this presentation that are not historical facts are “forward-looking statements.” These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those pr
Slide 3: Q3 2026 Quarterly Overview
Q3 2026 QUARTERLY OVERVIEW lax
Slide 4: Q3 2026 Financial Performance
HY CONSOLIDATED ($M) Q3 2026 Q2 2026 VARIANCE Revenues $827 $813 $14 Operating Profit (Loss) ($9) ($18) $9 Net Income (Loss) ($15) ($32) $17 Adjusted Operating Profit (Loss)(1) ($8) ($17) $9 Adjusted Net Income (Loss)(1) ($14) ($30) $16 Adjusted EBITDA(1) $6 ($5) $11 Q3 2026 FINANCIAL PERFORMANCE Se
Slide 5: Key Takeaways – Q3 2026
5 LIQUIDITY $662M WORKING CAPITAL $123M decrease vs. Q3’25 $26M CASH PROVIDED BY OPERATIONS $10M improvement vs. Q2’26 $485M DEBT Decreased $15M vs. Q2‘26 FINANCIAL RESULTS $827M REVENUE 2% improvement vs. Q2’26 $7.6M ADJUSTED OPERATING LOSS(1) $9M improvement vs. Q2’26 BOOKING IMPROVEMENTS $550M UN
Slide 6: Quarterly Liquidity, Cash & Balance Sheet
QUARTERLY LIQUIDITY, CASH & BALANCE SHEET Q3 2026 Overview • $59M of Cash on hand • Working Capital improved $123M YoY ‒ Inventory decreased $76M ‒ YoY five-day reduction of days inventory outstanding • Dividends paid: ‒ Q3 2026 YTD : $20M ‒ Q3 2025 YTD: $19M Continue to adhere to long-term capital
Slide 7: Outlook: Key Drivers
7 • Q4 2026 bookings expected to exceed Q4 2025 and Q3 2026 • Supported by improving industry conditions and market share gains • Broader customer acceptance of expanded product portfolio • New lighter-intensity trucks broaden addressable market • Higher shipments expected to drive sequential revenu
Slide 8: New Programs Expected to Be Initiated
8 NEW PROGRAMS EXPECTED TO BE INITIATED Targeting at least $100 million of cost reductions and mitigations at maturity, expected in 2029 1 Reshaping the Company’s product portfolio and route-to- market 2 Reducing manufacturing complexity and costs, including manufacturing plant consolidation 3 Conso
Slide 9: Company Overview & Strategy
COMPANY OVERVIEW & STRATEGY lax
Slide 10: Strategic Priorities to Create Long-Term Value
DRIVE GROWTH: Deploy high-potential, high- return products and optimized parts and service support. REDUCE COSTS: Implement flexible product lines, manufacturing processes and optimized manufacturing footprint. DISCIPLINED INVESTMENTS: Prioritize capital for growth activities to accelerate recurring
Slide 11: Global Commerce Shaping Industry Growth
11 GLOBAL COMMERCE SHAPING INDUSTRY GROWTH 1,182 1,395 1,538 1,507 1,638 2,341 2,183 2,088 2,160 2,380 2,556 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Est. FY26 CAGR (2016 – 2026) = 8% ’21-’22 Significantly above trend due to post-COVID reboundUnit
Slide 12: Lift Trucks Are Integral to Our Lives
12 LIFT TRUCKS ARE INTEGRAL TO OUR LIVES From the shirt on your back to the walls around you, lift trucks are the unsung heroes behind it all—driving the global supply chain every step of the way. Increased economic activity = Lift truck market growth
Slide 13: Our Vision, Our Purpose
ATTACHMENT BUSINESS LIFT TRUCK BUSINESS 13 VISION Transforming the way the world moves materials from Port to Home. OUR VISION, OUR PURPOSE
Slide 14: Our Mission, Our Customer Promises
14 OUR MISSION, OUR CUSTOMER PROMISES DELIVER OPTIMAL SOLUTIONS To understand customers applications and needs and provide optimal solutions and productivity at the lowest cost of ownership. To never let customers down and continually increase the value of our solution offerings. PROVIDE EXCELLENT C
Slide 15: 100+ Years of Innovation & Excellence
CLASS 5 BIG TRUCKS: 8 to 48TCLASS 4 CLASS 5CLASS 2 CLASS 3CLASS 1 15 100+ YEARS OF INNOVATION & EXCELLENCE Electric ICE COUNTERBALANCED ELECTRIC COUNTERBALANCED INTERNAL COMBUSTION ENGINE (ICE) ICE & ELECTRIC Automation Operator Assist Telematics TECHNOLOGY SOLUTIONS ENERGY SOLUTIONS LIFT TRUCKS ATT
Slide 16: Growth Accelerators and Core Business
GROWTH ACCELERATORS CORE BUSINESS ACTIVATING GROWTH BEYOND OUR CORE T – Ton (truck capacity) • Warehouse Solutions • Technology Solutions • Energy Solutions • Attachment Solutions • Service Solutions • Parts Solutions • 1-3.5T Counterbalanced Lift Trucks • 4-9T Counterbalanced Lift Trucks • Big Truc
Slide 17: Transformation Enhancing Competitiveness
17 TRANSFORMATION ENHANCING COMPETITIVENESS Actions that will translate into operational improvements and tangible value creation A broad, disciplined transformation that enhances competitiveness, lowers break-even and supports sustainable value creation across cycles. Operational Cost Structure Adv
Slide 18: Customer Evolution & Market Shift
18 CUSTOMER EVOLUTION & MARKET SHIFT Demand shift creates opportunities for next-generation lift truck portfolio HOW HY IS POSITIONED TO EXCEL • Anticipated market shift • Portfolio aligns with customer needs • Multi-tier offering expands market coverage • Value, standard & premium tiers • New light
Slide 19: Modular Platform Driving Margin Growth
MODULAR PLATFORM DRIVING MARGIN GROWTH Flexible lift truck platforms amplify operational performance and drive margin expansion • HY’s shift to a modular manufacturing platform drives global efficiencies, utilizing common components and processes across its product portfolio • Common components, com
Slide 20: Core Business Foundational to Success
20 CORE BUSINESS FOUNDATIONAL TO SUCCESS 1-3.5T Counterbalance Lift Trucks • Optimize costs to improve margins and price competitiveness • Leverage flexible portfolio to scale profitability • Capture replacement demand and industry shifts using electrification 4-9T Counterbalance Lift Trucks • Expan
Slide 21: Growth Potential Beyond GDP+
21 GROWTH POTENTIAL BEYOND GDP+ Evolving capabilities align with market growth elements CORE BUSINESS CORE BUSINESS HIGH POTENTIAL PRODUCTS OPTIMIZED SUPPORT STRATEGY Innovative technologies to enhance safety, efficiency & productivity Programs and solutions to strengthen user experience and product
Slide 22: Growth Accelerators: High Potential Products
22 GROWTH ACCELERATORS HIGH POTENTIAL PRODUCTS Warehouse Trucks • Strengthen product portfolio and commercial execution to accelerate growth • Leverage flexible product platform methodology to enhance margin performance Technology Solutions • Unlock growth opportunities through automated lift truck
Slide 23: Growth Accelerators: Optimized Support Services
23 GROWTH ACCELERATORS OPTIMIZED SUPPORT SERVICES Service Solutions • Increase service penetration and margins through disciplined commercial execution and lifetime customer value • Strengthen HYCare post-purchase customer experience and fleet efficiency programs Parts Solutions • Capture aftermarke
Slide 24: Long-Term Financial Objectives
LONG-TERM FINANCIAL OBJECTIVES
Slide 25: Our Path to Long-Term Value Creation
25 OUR PATH TO LONG-TERM VALUE CREATION Demand shift creates opportunities for next-generation lift truck portfolio PROFITABLE GROWTH → FREE CASH FLOW GENERATION Revenue Growth GDP++ Operating Profit 7% Sales Working Capital 15% Revenue >$5B Adjusted Operating Profit & Margin (1) $350M / 7% Cash fro
Slide 26: Accretive Capital Allocation Framework
26 Efficient Fixed Cost Utilization Effective Working Capital Management Capital Productivity Reduce Leverage Fuel Growth & Efficiency Acquire Capabilities Routine Debt Service Maintenance CapEx ~Equal to Depreciation Research & Development Product Line Evolution Reliable Dividends Reflect Business
Slide 27: A Solid Long-Term Investment Option
A SOLID LONG-TERM INVESTMENT OPTION Our investment thesis in three pillars Lower cyclicality, higher margin & growth → stronger operating profit STABILITY GROWTH LONG-TERM VALUE Electrification, automation, and solutions expand addressable market Flexible product portfolio allows for participation i
Slide 28: Appendix
APPENDIX lax
Slide 29: Reconciliations
RECONCILIATIONS Working capital percentage of sales, Return on total capital employed, Adjusted EBITDA, Adjusted operating profit (loss), Adjusted net income (loss), Net Debt and the ratio of Net Debt to Adjusted EBITDA are not measurements under U.S. GAAP, should not be considered in isolation or a
Slide 30: Reconciliations
RECONCILIATIONS Q3 2026 Q2 2026 Q3 2025 Operating profit (loss) (9.1) (18.4) 2.3 Restructuring and impairment charges 1.5 1.7 1.0 Adjusted operating profit (loss) ($7.6) ($16.7) $3.3 Net income (loss) (14.9) (31.6) (2.3) Restructuring and impairment charges 1.5 1.7 1.0 Income tax expense adjustment(
Slide 31: Working Capital Percentage of Sales Calculation
WORKING CAPITAL PERCENTAGE OF SALES CALCULATION 2022 2023 2024 2025 LTM Q3 2026* Accounts receivable $523.6 $497.5 $488.4 $489.6 $469.2 Inventory 799.5 815.7 754.3 634.3 664.8 Accounts payable (607.4) (530.2) (455.5) (401.2) (472.2) Working Capital(1) $715.7 $783.0 $787.2 $722.7 $661.8 Consolidated
Slide 32: Quarterly Reconciliation of Net Debt to Adjusted EBITDA
QUARTERLY RECONCILIATION OF NET DEBT TO ADJUSTED EBITDA ($M) 32 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Debt 560.6 542.3 510.6 494.0 474.8 501.9 468.5 440.7 484.0 473.2 467.8 494.3 505.3 500.0 484.7 Cash 64.6 65.7 78.2 78.8 62.2 66.5 75.6 96.6 77.2 6
Slide 33: Reconciliation of ROTCE
RECONCILIATION OF ROTCE ($M) 2022(1) 2023(1) 2024(1) 2025(1) Q3 2026 LTM(1) Average Stockholders' Equity $241.9 $288.9 $454.4 $507.6 $439.8 Average Debt $535.2 $532.2 $476.0 $472.0 $490.4 Average Cash ($66.8) ($69.3) ($75.9) ($87.0) ($81.4) Average capital employed 710.3 751.8 854.5 892.6 848.8 Net
Slide 34: Supplemental Information
SUPPLEMENTAL INFORMATION lax
Slide 35: Significant Opportunities for Hyster-Yale
SIGNIFICANT OPPORTUNITIES FOR HYSTER-YALE Achieve long-term targets, sustain performance, intensify cash flow focus WORKING CAPITAL % SALES(1) 0 2,000 4,000 6,000 2022 2023 2024 2025 Q3 2026 LTM* Future GDP++ ($M) 0% 5% 10% 15% 20% 25% 2022 2023 2024 2025 Q3 2026 Future 15% Target REVENUE *Q3 2026 L
Slide 36: Disciplined Capital and R&D Expenditures
0 20 40 60 2022 2023 2024 2025 Low Est. 2026 High Est. 2026 Lift Truck IT Systems Bolzoni CAPITAL EXPENDITURES R&D EXPENDITURES 2% 3% 4% 0 40 80 120 160 2022 2023 2024 2025 Est. 2026 Lift Truck Bolzoni ($M) ($M) • ~39% of total HY revenues come from new products released in the past 5 years R&D % of
Slide 37: Revenue Diversification
REVENUE DIVERSIFICATION Full-line global lift truck manufacturer serving a broad group of end markets Large installed lift truck base drives parts sales ~ 1,006K units @ 12/31/25 2025 LIFT TRUCK SALES BY PRODUCT 2025 RETAIL LIFT TRUCK UNIT REVENUE BY END MARKET(2) 2025 LIFT TRUCK DISTRIBUTION CHANNE
Slide 38: Industry & HY Lift Truck Revenue
INDUSTRY & HY LIFT TRUCK REVENUE Industry Unit Revenue by Region EMEA, 30% Americas, 29% China, 22% _____________________ Source: Internal Company estimates through 12/31/2025 Estimated Industry Revenue Mix19% Asia-Pacific/ Japan HY Unit Revenue by Region Americas, 77% EMEA, 16% ____________________
Slide 39: HY Dealer Data
HY DEALER DATA As of September 30, 2026 Dealers Hyster® Yale® Dual Brand Maximal* Total Owners Locations Owners Locations Owners Locations Owners Locations Owners Locations Americas 10 78 16 73 29 274 13 28 68 453 EMEA 47 101 35 60 26 55 14 40 122 256 JAPIC 44 99 8 25 5 33 7 17 64 174 Total 101 278