Hyster-yale, Inc. · NYSE:HY
Hyster-yale — Q1 2026 Earnings Presentation
44 slides from Hyster-yale's earnings presentation, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 INVESTOR PRESENTATION
Slide 2: Safe Harbor Statement and Disclosure
SAFE HARBOR STATEMENT AND DISCLOSURE The statements contained in this presentation 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. Any and all statements regarding t
Slide 3: Q1 2026 Quarterly Overview
Q1 2026 QUARTERLY OVERVIEW
Slide 4: Q1 2026 Financial Performance
Q1 2026 FINANCIAL PERFORMANCE Earnings pressured by shift of mix to lighter-duty, lower priced trucks and tariffs HY CONSOLIDATED • Revenue: $795M, 13% lower y/y ‒ Customer shift towards lighter-duty, lower ($M) Q1 2026 Q1 2025 VARIANCE priced configurations Revenues $795 $910 ($115) ‒ Reduced shipm
Slide 5: Key Takeaways – Q1 2026
KEY TAKEAWAYS – Q1 2026 Seasonally higher Q1 cash usage; inventory efficiency improving BOOKINGS FINANCIAL RESULTS LIQUIDITY FINANCIAL OUTLOOK IMPROVEMENT $795M $706M $580M WORKING CAPITAL 2026 expected to show REVENUE UNIT BOOKINGS VOLUME -13% vs. prior year Inventory down $126M YoY sequential 7% v
Slide 6: Quarterly Liquidity, Cash & Balance Sheet
QUARTERLY LIQUIDITY, CASH & BALANCE SHEET Q1 2026 OVERVIEW Q1 2026 DEBT COMPOSITION ($M) • $82M of Cash on hand $21 $6 ABL • Working Capital improved $99M y/y $54 $99 Term Loan ‒ Inventory improved by $126M Working Capital Facilities ‒ A/R improved due to lower sales $111 $505 Wholesale Financing Le
Slide 7: 2026 Outlook: Key Drivers
2026 OUTLOOK: KEY DRIVERS Improved YoY operating profit driven by expected strong revenue growth in second-half MARKET CONDITIONS & TARIFFS & COSTS FULL YEAR REVIEW DEMAND OUTLOOK • Q1 2026 bookings strengthened • Tariffs, including additional Section • Second-half improvement • Stabilization after
Slide 8: Company Overview & Strategy
COMPANY OVERVIEW & STRATEGY
Slide 9: Vision
VISION Transforming the way the world moves materials from Port to Home Transformation focused on reducing the impact of material movement on people, the environment and the economy driven by the imagination and creativity of our team. LIFT TRUCK BUSINESS ATTACHMENT BUSINESS 9
Slide 10: Mission
MISSION We make our customers two promises: Providing optimal solutions & excellent customer care OPTIMAL SOLUTIONS CUSTOMER CARE • Understand customers’ applications and needs for • Never let customers down equipment/power options • Engagement and solutions through lifecycle • Provide optimal solut
Slide 11: The Lift Truck Industry Powers the Global Flow of Goods
THE LIFT TRUCK INDUSTRY POWERS THE GLOBAL FLOW OF GOODS The more the economy grows The more people spend The more the lift truck market grows . . . 11
Slide 12: Lift Trucks Are Integral to Our Lives
LIFT TRUCKS ARE INTEGRAL TO OUR LIVES Products are handled numerous times by a forklift before they reach the end customer 12
Slide 13: Global Lift Truck Industry
GLOBAL LIFT TRUCK INDUSTRY Market linked to worldwide movement of all goods Industry Units by Class Global Lift Truck Industry Size* including China 6% 18% Americas EMEA Asia-Pacific China Class 2 Electric Class 1 Electric (units in thousands) Significantly above trend ’21-’22 Estimate** 2,341 2,396
Slide 14: 100+ Years of Excellence & Innovation
100+ YEARS OF EXCELLENCE & INNOVATION Full range of solutions designed to increase customer value & productivity 1-3.5T & 4-9T CB WAREHOUSE TRUCKS 1-3.5T & 4-9T COUNTERBALANCED BIG TRUCKS (8-48T) CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 5 CLASS 1 CLASS 5 Class 1 Electric TECHNOLOGY SOLUTIONS ENERGY SOL
Slide 15: Counterbalanced at the Core & Transforming for What's Next
COUNTERBALANCED AT THE CORE & TRANSFORMING FOR WHAT’S NEXT Full range of products with expansion of complementary growth-engine accelerators CORE BUSINESS GROWTH ACCELERATORS • 1-3.5T Counterbalanced Lift Trucks • Warehouse Solutions • 4-9T Counterbalanced Lift Trucks • Technology Solutions High Pot
Slide 16: A Comprehensive Transformation Underway
A COMPREHENSIVE TRANSFORMATION UNDERWAY Actions will translate into operational improvements and tangible value creation OPERATIONAL & COST END-TO-END DIGITAL COMMERCIAL & GO-TO PRODUCT EVOLUTION MARKET ENHANCEMENTS STRUCTURE ENABLEMENT • Modular, scalable • Manufacturing • Single, integrated IT • E
Slide 17: Modular/Scalable Platforms Key to Growth
MODULAR/SCALABLE PLATFORMS KEY TO GROWTH Modular, scalable design to provide optimal solutions Only Lift Truck Manufacturer with Modular & Scalable Design Modular, Scalable, Truck Shipments Accelerating BENEFITS 2 TO 3.5-TON • Reduce Costs, Lower Working Capital, Increase Margins • Similar productio
Slide 18: Integrated Product Line Execution
INTEGRATED PRODUCT LINE EXECUTION Operating through geographic segments | Transforming through product line teams GEOGRAPHIC SEGMENTS ARE THE OPERATING FOUNDATION | PRODUCT LINE TEAMS ARE THE NEW MODEL DRIVING TRANSFORMATION GEOGRAPHIC OPERATING SEGMENTS PRODUCT LINE TEAMS The Company’s primary oper
Slide 19: Driving Strategic Growth Beyond the Core
DRIVING STRATEGIC GROWTH BEYOND THE CORE Product lines focused on portfolio efficiency & expanding margin potential CORE BUSINESS GROWTH ACCELERATORS Foundational to Success High-Potential Products Optimized Support Services 1-3.5T Counterbalance Lift Trucks Focus*: Warehouse Trucks Focus: Service S
Slide 20: 1-3.5T Core Counterbalanced Lift Trucks
1-3.5T CORE COUNTERBALANCED LIFT TRUCKS Scaling core volumes with disciplined price/mix and structurally lower cost to expand margins & cash generation CORE MARKET SHARE OPTIMIZE COST, MARGIN SHARE EXPANSION LEVERAGE ELECTRIFICATION MANUFACTURING & IMPROVEMENT AFTERMARKET • Lower product cost • Modu
Slide 21: 4-9T Core Counterbalanced Lift Trucks
4-9T CORE COUNTERBALANCED LIFT TRUCKS Protecting the core while expanding demand & generating durable cash Expanding Market Reach • Bringing new standard truck variants to the marketplace to increase market share Defend Existing Customers • Pricing discipline and targeted sales initiatives in core a
Slide 22: Big Trucks
BIG TRUCKS Predictable & durable cash from replacement demand, with targeted levers to expand margins Cost-efficient global scale • Global production of more scalable models • Common platforms driving lower cost, faster delivery, and stronger ROTCE* Selective share gains in high-return markets • Foc
Slide 23: Warehouse Trucks
WAREHOUSE TRUCKS Building a strengthened warehouse business with high-growth & high-returns Yale Lift Truck Technologies • Tech-enabled lift truck solutions for today’s warehouses Product Portfolio • Modular, scalable product investments augmented with productivity and safety-enhancing technologies
Slide 24: Technology Solutions
TECHNOLOGY SOLUTIONS Automation, safety, & software working together to drive profitable, recurring growth SAFETY & AUTOMATION SOFTWARE-LED ANALYTICS & TELEMETRY OPERATOR ASSIST APPLICATIONS SALES Improving equipment Expanding fleet Scaling targeted Monetizing the mix and differentiation visibility
Slide 25: Energy Solutions
ENERGY SOLUTIONS Integrated OEM lithium-ion solutions driving a competitive edge for future growth COUNTERBALANCED TRUCK WAREHOUSE TRUCK BATTERIES & CHARGERS MOBILE CHARGING BATTERIES & CHARGERS • Lithium-ion batteries and • Lithium-ion batteries and • Zero-emission, hydrogen- chargers for Class I e
Slide 26: Parts Solutions
PARTS SOLUTIONS Grow footprint to increase outreach, boost uptime, and customer loyalty Transition to New Parts Distribution Center in Avon, IN • Consolidates shipping, streamlines operations, and reduces supply chain complexity while serving as a showcase for aftermarket parts and services Launch S
Slide 27: Service Solutions
SERVICE SOLUTIONS Integrated service and immediate value customers can depend on HYCARE FOUNDATION Supports HY mission to never let customers down NEAR-TERM EXECUTION MID-TERM GROWTH Standardize service sales process to Energy systems services as improve attach and close rates lithium-ion adoption s
Slide 28: Bolzoni Attachments
BOLZONI ATTACHMENTS Focused growth through deeper customer engagement, product refresh, and differentiated technology Drive Growth with New Customers • Expand demos to increase awareness, adoption, and participation across key markets. Strengthen Core Products • Redesign of products for key markets
Slide 29: Long-Term Financial Objectives
LONG-TERM FINANCIAL OBJECTIVES
Slide 30: Strategy Execution Accelerating Progress
STRATEGY EXECUTION ACCELERATING PROGRESS Progress toward targets key to long-term HY results REVENUE GROWTH OPERATING PROFIT WORKING CAPITAL ROTCE MARGINS Core: GDP 7% Sales 15% Sales >20% Growth: GDP++ • Global market • Modular scalable • Supply chain and • Increased and expansion vehicles operatio
Slide 31: Accretive Capital Allocation Framework
ACCRETIVE CAPITAL ALLOCATION FRAMEWORK Generating consistent cash flows and making disciplined investments Efficient Fixed Cost Effective Working Capital Capital Productivity Utilization Management Strong Operating Cash Flow Maintenance CapEx Routine Debt Service Focus on ~ equal to depreciation Con
Slide 32: Our Path to Long-Term Value Creation
OUR PATH TO LONG-TERM VALUE CREATION Transformation of business for sustainable financial improvement ACHIEVING LONG-TERM FINANCIAL OBJECTIVES Revenue >$5B Q1 2026 LTM Operating Profit Working = >$350M / 7% & Margin Capital Revenue Operating Profit + 15% Sales $3.7B Revenue Growth + 7% Sales Cash fr
Slide 33: A Solid Long-Term Investment Option
A SOLID LONG-TERM INVESTMENT OPTION Our investment thesis in three pillars STABILITY GROWTH LONG-TERM VALUE Market and industry stability More rapid growth and Reduce cyclicality with business expansion to correlated potential changes Lift truck industry tied to the markets to solve customers moveme
Slide 34: Appendix
APPENDIX
Slide 35: Reconciliations
RECONCILIATIONS Working capital percentage of sales, Return on total capital employed, Adjusted EBITDA, Adjusted operating profit (loss), Adjusted net income (loss), Net Debt and the ratio of Net Debt to Adjusted EBITDA are not measurements under U.S. GAAP, should not be considered in isolation or a
Slide 36: Reconciliations
RECONCILIATIONS ($M) Q1 2026 Q1 2025 Operating profit (loss) (28.0) 21.3 Restructuring and impairment charges 1.6 0.2 Adjusted operating profit ($26.4) $21.5 Net income (loss) (30.5) 8.6 Restructuring and impairment charges 1.6 0.2 Income tax expense adjustment(2) (0.4) (0.1) Adjusted net income (lo
Slide 37: Working Capital Percentage of Sales; Net Debt to Adjusted EBITDA
WORKING CAPITAL PERCENTAGE OF SALES CALCULATION 2022 2023 2024 2025 Q1 2026 LTM* Accounts receivable $523.6 $497.5 $488.4 $489.6 $471.2 Inventory 799.5 815.7 754.3 634.3 643.8 Accounts payable (607.4) (530.2) (455.5) (401.2) (408.9) Net Working Capital(1) $715.7 $783.0 $787.2 $722.7 $706.1 Consolida
Slide 38: Reconciliation of ROTCE
RECONCILIATION OF ROTCE ($M) 2022(1) 2023(1) 2024(1) 2025(1) Q1 2026 LTM(1) Average Stockholders' Equity $241.9 $288.9 $454.4 $507.6 $498.6 Average Debt $535.2 $532.2 $476.0 $472.0 $484.9 Average Cash ($66.8) ($69.3) ($75.9) ($87.0) ($84.0) Average capital employed 710.3 751.8 854.5 892.6 899.5 Net
Slide 39: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 40: Significant Opportunities for Hyster-Yale
SIGNIFICANT OPPORTUNITIES FOR HYSTER-YALE Achieve long-term targets, sustain performance, intensify cash flow focus REVENUE ADJUSTED OPERATING PROFIT MARGIN(1) ACHIEVE TARGETS 7% • Modular, scalable products 6,000 GDP++ 8% Target • Industry-specific solutions 6% • Pricing agility & cost management 4
Slide 41: Disciplined Capital and R&D Expenditures
DISCIPLINED CAPITAL AND R&D EXPENDITURES CAPITAL EXPENDITURES R&D EXPENDITURES ($M) ($M) 80 160 4% Range 60 120 40 80 3% 20 40 Lift Truck 0 2022 2023 2024 2025 Low Est. High Est. Bolzoni 2026 2026 0 2% R&D % of 2022 2023 2024 2025 Est. 2026 Revenues Lift Truck IT Systems Bolzoni • 2025 capital expen
Slide 42: Revenue Diversification
REVENUE DIVERSIFICATION Full-line global lift truck manufacturer serving a broad group of end markets 2025 LIFT TRUCK SALES 2025 RETAIL LIFT TRUCK 2025 LIFT TRUCK BY PRODUCT UNIT REVENUE BY END MARKET(2) DISTRIBUTION CHANNEL MIX 9% 42% 29% 23% 32% 68% Service, Rental ICE(1) Retail & Durable Food & M
Slide 43: Industry & HY Lift Truck Revenue
INDUSTRY & HY LIFT TRUCK REVENUE Diversified across regions and product classes Industry Unit Revenue by Region HY Unit Revenue by Region HY revenue mix weighted ______________________ toward the Americas Estimated Industry Source: Company: FY 2025 19% Revenue Mix Unit Revenue _____________________
Slide 44: HY Dealer Data
HY DEALER DATA As of March 31, 2026 Hyster® Yale® Dual Brand Maximal* Total Dealers Owners Locations Owners Locations Owners Locations Owners Locations Owners Locations Americas 9 79 11 59 30 274 16 16 66 428 EMEA 50 117 36 73 22 35 15 27 123 252 JAPIC 45 91 9 26 5 32 8 21 77 170 Total 104 287 56 15