Hyster-yale, Inc. · NYSE:HY
Hyster-yale — Hyster-Yale Materials Handling — Q4 2025 Earnings Presentation
67 slides from Hyster-yale's earnings presentation, Mar 4, 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 INVESTOR PRESENTATION
Slide 2: Safe Harbor Statement and Disclosure
Safe Harbor Statement and Disclosure This presentation includes forward-looking comments subject to important risks and uncertainties. The statements contained in this news release that are not historical facts are “forward-looking statements.” These forward-looking statements are made subject to ce
Slide 3: Q4 2025 Quarterly Overview
Q4 2025 QUARTERLY OVERVIEW
Slide 4: Hyster-Yale (NYSE: HY)
Hyster-Yale (NYSE: HY) One company with two businesses, each offering a full line of products and services 1 LIFT TRUCKS – Core Business 2 BOLZONI – Attachment Business Provide essential transport solutions for Enable lift truck versatility for handling industrial and warehouse applications. unique
Slide 5: Hyster-Yale at a Glance – Q4 2025 Consolidated Results
Hyster-Yale at a Glance – Q4 2025 Consolidated Results $923M ($37.2)M ($15.7)M ($52.5)M ($36.6)M REVENUES OPERATING ADJUSTED NET LOSS ADJUSTED NET LOSS OPERATING LOSS(1) LOSS(1) _____________________ (1) Adjusted Operating (Loss) and Adjusted Net (Loss) are supplemental measures and should not be co
Slide 6: Results for Q4 2025 Vs. Prior Year
Results for Q4 2025 Vs. Prior Year Reflects significant customer order deferrals HY CONSOLIDATED LIFT TRUCK(1) BOLZONI(1) ($M) Q4 2025 Q4 2024 VARIANCE Q4 2025 Q4 2025 Revenues $923 $1,068 ($145) $871 $75 Adjusted Operating Profit (Loss)(2) ($16) $54 ($70) ($15) ($2) Adjusted Net Income (Loss)(2) ($
Slide 7: Key Takeaways – Q4 2025
Key Takeaways – Q4 2025 Solid cash generation despite lower volumes and higher tariff costs BOOKINGS FINANCIAL RESULTS SOLID LIQUIDITY FINANCIAL OUTLOOK IMPROVEMENT $923M 19% $540M Expected revenue growth in 2026 as bookings REVENUE WORKING CAPITAL UNIT BOOKINGS VALUE strengthen while backlog -14% v
Slide 8: Debt Overview
Debt Overview Q4 2025 DEBT COMPOSITION NET DEBT / ADJUSTED EBITDA ($M) Net Debt Net Debt / Adjusted EBITDA 8 500 7 Net Debt / Adjusted EBITDA $1 $21 400 6 $53 $103 Leverage negatively impacted 5 Net Debt 300 by supply chain constraints 4 post-COVID Leverage increase due to lower earnings 3 $102 $494
Slide 9: Quarterly Cash Activity
Quarterly Cash Activity OPERATING CASH FLOW & CAPEX AS OF 12/31/25 180 2.0% • $123M of Cash on hand 160 1.8% • Working Capital improved y/y and vs. Q3 ‘25 1.6% ‒ Inventory improved by $185M y/y and 140 1.4% $105M vs. Q3 ’25 (ex. FX and tariffs) 120 ‒ A/R improved $30M vs. Q3 ’25 due to 1.2% reduced
Slide 10: 2026 Outlook
2026 Outlook Moderate 2026 operating profit driven by strong revenue growth in second-half LIFT TRUCK BOLZONI HYSTER-YALE • Gradual market improvement • Slight revenue decline due to • Higher revenue, primarily due to expected in 2026 reduced volumes strong shipment volumes in • Moderate full-year o
Slide 11: 2026 Outlook: Key Drivers
2026 Outlook: Key Drivers Moderate 2026 operating profit driven by strong revenue growth in second-half MARKET CONDITIONS & TARIFFS & COSTS FULL YEAR VIEW DEMAND OUTLOOK • Q4 2025 bookings strengthened, • Tariffs remain a substantial • Production expected to improve led by Americas headwind alongsid
Slide 12: Company Overview & Strategy
COMPANY OVERVIEW & STRATEGY
Slide 13: Hyster-Yale (NYSE: HY)
Hyster-Yale (NYSE: HY) One company with two businesses, each offering a full line of products and services 1 LIFT TRUCKS – Core Business CONSOLIDATED FINANCIALS 2025 ($M) Revenues $3,769 Adjusted Operating Profit(1) $16 Adjusted Net Loss(1) $37 2 BOLZONI – Attachment Business SALES BY SEGMENT Americ
Slide 14: 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 TRUCKS BUSINESS ATTACHMENT BUSINESS 14
Slide 15: Mission: We Make Our Customers Two Promises
Mission: We Make Our Customers Two Promises Providing optimal solutions and excellent customer care OPTIMAL SOLUTIONS CUSTOMER CARE • Understand customers’ applications and • Never let customers down needs for equipment/power options • Engagement and solutions through • Provide optimal solutions lif
Slide 16: A Market That Mirrors Global Growth
A Market That Mirrors Global Growth 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 . . . 16
Slide 17: 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 17
Slide 18: Global Leader of Material Handling Solutions
Global Leader of Material Handling 7,500 GLOBAL EMPLOYEES Solutions Serving customers globally, regionally and locally using an GLOBAL INDUSTRY COVERAGE industry and customer-focused approach • Industry application focus • Full-range of class 1 to 5 lift trucks • Integrated technologies to reduce co
Slide 19: Global Mega Trends Accelerate Growth
Global Mega Trends Accelerate Growth Long-term growth rates supported by market shifts and HY’s unique capabilities PRODUCTIVITY ELECTRIFICATION Technology Solving Challenges Industry-specific approach Batteries and fuel cells to application challenges EMPLOYEE SAFETY INFORMATION AS A Operator Assis
Slide 20: 100+ Years of Leading Innovations and Operational Excellence
100+ Years of Leading Innovations and Operational Excellence Full range of products, power options and solutions CAPACITY RANGE: ~2,500 lbs to 100,000+ lbs ELECTRIC INTERNAL COMBUSTION (ICE) CLASS 1 CLASS 5 CB* WAREHOUSE COUNTERBALANCED BATTERY/FUEL CELL ICE CLASS 1 CLASS 2 CLASS 3 CLASS 4 CLASS 5 B
Slide 21: Unique Business Model
Unique Business Model Efficient capital deployment targeting high returns INVESTMENT PRACTICES Focus on investments that enhance core lift truck business and drives strong ROTCE* CAPITAL EFFICIENT INVESTMENTS OPTIMIZE CAPITAL DEPLOYED • Modular, scalable product platforms • Independent dealer networ
Slide 22: A Comprehensive Transformation Underway
A Comprehensive Transformation Underway Translating into operational improvements and tangible value creation OPERATIONAL & COST END-TO-END DIGITAL COMMERCIAL & GO-TO PRODUCT EVOLUTION STRUCTURE ENABLEMENT MARKET ENHANCEMENTS • Modular, scalable • Manufacturing footprint • Single, integrated IT • Ex
Slide 23: Integrated Product Line Execution, Leveraging Transformed Capabilities
Integrated Product Line Execution, Leveraging Transformed Capabilities Complementing geographic segments with enterprise-wide product ownership COMPLIMENTING GEOGRAPHIC SEGMENTS WITH ENGINES OF GROWTH & VALUE CREATION ENTERPRISE-WIDE PRODUCT OVERSIGHT • Four operating segments remain geographically
Slide 24: Our Economic Engine Drives Compounding Growth
Our Economic Engine Drives Compounding Growth Five core strategies to transform HY’s competitiveness, market position and economic performance over time, each supported by strategic projects Worldwide Distribution Geographic & Volume Strength to Drive Product Balance ECONOMIES OF SCALE MARKET SHARE
Slide 25: Long-Term Financial Objectives
LONG-TERM FINANCIAL OBJECTIVES
Slide 26: Strategy Execution Accelerating Progress
Strategy Execution Accelerating Progress Progress toward Lift Truck & Bolzoni long-term targets key to long-term HY results REVENUE GROWTH OPERATING PROFIT WORKING CAPITAL ROTCE MARGINS GDP ++ 7% Sales 15% Sales >20% • Global market expansion • Modular and • Supply chain and • Increased and consiste
Slide 27: 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 ($M) 6,000 GDP++ 8% 7% Target • Modular, scalable products 6% • Industry-specific solutions 4,000 4% • Pricing agility and c
Slide 28: Accretive Capital Allocation Framework
Accretive Capital Allocation Framework Generating consistent cash flows and making disciplined investments Efficient Fixed Cost Effective Working Capital Productivity Utilization Capital Management Strong Operating Cash Flow Maintenance CapEx Routine Debt Service Focus on ~ equal to depreciation Con
Slide 29: Our Path to Long-Term Value Creation
Our Path to Long-Term Value Creation Transformation of core business for sustainable financial improvement ACHIEVING LONG-TERM FINANCIAL OBJECTIVES Revenue >$5B 2025 Operating Profit Working & Margin Capital = >$350M / 7% Revenue Operating Profit + 15% Sales $3.8B Revenue Growth + 7% Sales Cash from
Slide 30: A Solid Long-Term Investment Option
A Solid Long-Term Investment Option Our investment thesis in three pillars STABILITY GROWTH LONG-TERM VALUE Lift truck industry tied to Expansion to correlated Reduce cyclicality with the movement of goods & growth markets to solve business changes GDP customers needs Strong operating Strength in Co
Slide 31: Lift Truck Business
LIFT TRUCK BUSINESS Transforming the way the world moves materials from Port to Home.
Slide 32: Lift Truck Business Financial Performance
Lift Truck Business Financial Performance Diversified across regions and product classes LIFT TRUCK REVENUES REVENUE BY CLASS ADJUSTED OPERATING PROFIT MARGIN(1) ($B) 4.1 3.9 3.6 3.4 26% Target 7% 2.9 Class 1 Electric 8% 6% 6.1% 4% 4.9% 11% Class 2 Electric 2% 2021 2022 2023 2024 2025 6% 0% 0.4% Cla
Slide 33: 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% 23% 29% 32% 68% Service, Rental ICE (1) Food and Retail and Majo
Slide 34: 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 Estimate** 2,341 2,400 CAGR (2015 –
Slide 35: Industry and HY Lift Truck Revenue
Industry and HY Lift Truck Revenue Diversified across regions and product classes Industry Unit Revenue by Region HY Unit Revenue by Region _____________________ Source: Company: FY 2025 Unit Estimated Industry Revenue 19% Revenue Mix EMEA Note: Units sold direct by SN JV _____________________ 5% ar
Slide 36: Potential Beyond GDP+ Market Growth Rate
Potential Beyond GDP+ Market Growth Rate Advancing capabilities that align with key market growth priorities HY COMPETITIVE ADVANTAGES Evolution strengthens the core • Revolution unlocks next-level performance Technology to Enhance User Outcomes Revolutionary Automation Modular, Scalable GDP++ Opera
Slide 37: Key Opportunities for Market Share Growth
Key Opportunities for Market Share Growth Leverage global capabilities to achieve share potential across markets LIFT TRUCK MARKET PENETRATION AMERICAS WAREHOUSE VS. INDUSTRIALS Total Market Size Total Market Size China(1) Market Growth Growth Opportunity Opportunity Americas EMEA JAPIC Warehouse In
Slide 38: Expanding Solutions to Meet Industry Needs
Expanding Solutions to Meet Industry Needs Strengthening global competitive positioning through product breadth, scalability, and technology MODULAR / TECHNOLOGY BREADTH ELECTRIFICATION SCALABLE PLATFORM SOLUTIONS Image Extensive product coverage Simplifies operations; Scaling electrification across
Slide 39: A Scalable Growth Engine Powered By:
A Scalable Growth Engine Powered By: Modular, Scalable Design, Fueled by Commonality CUSTOMER BENEFITS Modular, Scalable, Truck Shipments Accelerating • Right truck, Right Price, Right Application • Scale trucks up or down to meet customer needs 2 TO 3.5-TON • Price the customer wants to pay with fa
Slide 40: Next-Gen Technology Solving Real Challenges
Next-Gen Technology Solving Real Challenges Harnessing next-gen technology enabled solutions to deliver real operational results ANALYTICS & INSIGHTS INTELLIGENT AUTOMATION ELECTRIFICATION Telemetry insights help boost EQUIPMENT Automated lift trucks Lithium-ion batteries & operator safety, producti
Slide 41: SUCCESS STORY: Chiquita Italy
SUCCESS STORY: Chiquita Italy Efficient Yale fleet helps keep fruit fresh at Chiquita APPLICATION-TAILORED PERFORMANCE Product line with customized trucks for customer’s application and needs CUSTOMER • Large, banana ripening operations in Italy PROJECT "The primary challenge we face is maneuvering
Slide 42: SUCCESS STORY: Electrification
SUCCESS STORY: Electrification High performance. Low impact. ELECTRIC FORKLIFTS WITH ICE-LIKE POWER CUSTOMER • 44,000 sq. ft. drive-through indoor lumberyard PROJECT • Challenge: Upgrade aging lead-acid battery forklifts to zero-emission models for tall racks and high- volume use. • Solution: Hyster
Slide 43: Major Electrification Projects
Major Electrification Projects Capitalizing on electric truck advancements where ICE* has traditionally dominated KEY PROJECTS Projects are helping customers meet port-equipment decarbonization regulations/requirements: • Currently operating electrified fuel cell materials handling equipment: ‒ Reac
Slide 44: Upcoming Product Launches
Upcoming Product Launches EXPECTED LAUNCHES IN H1 2026 • New modular 2 to 3.5-ton electric counterbalance product • Expansion of the scalable Lithium-Ion batteries and chargers • New Direct Store Delivery system for the beverage industry • Updated 7 to 9-ton electric counterbalanced product for Amer
Slide 45: HY Intelligent Lift Truck Automation
HY Intelligent Lift Truck Automation Flexible technology that cuts labor and ownership costs THE NEXT GENERATION OF KEY BENEFITS AUTOMATED LIFT TRUCKS • Backed by HY and its dealer network for full service and support • Easy to install and simple to use, with quick route adjustments • Delivers lower
Slide 46: Powering Performance: Energy Solutions as Competitive Edge
Powering Performance: Energy Solutions as Competitive Edge Solving customers’ electrification problems with reliable, integrated OEM lithium-ion solution CURRENT: Multi-Source Solution FUTURE: Single-Source Solution HY BENEFITS Truck Battery Charger Truck Battery Charger • Increasingly significant v
Slide 47: Leveraging Independent Distribution to Win
Leveraging Independent Distribution to Win Delivering exceptional customer experience while increasing capital efficiency • Differentiated AsOne value to customer • OEM and dealer aligned business models Independent • Optimizes long-term strategy and agility DISTRIBUTION SYNERGY Model • Exclusive, i
Slide 48: Bolzoni Attachments
Bolzoni Attachments Transforming the way the world moves materials from Port to Home. Need a good Bolzoni photo on a Hyster truck
Slide 49: Bolzoni Attachments Are Critical to Productivity Solutions
Bolzoni Attachments Are Critical to Productivity Solutions Award-winning Attachment Business makes HY leading industry player Focused on serving lift truck OEMs* and other attachment customers using an industry approach and dealer collaboration *OEM: Original Equipment Manufacturer 49
Slide 50: Accelerating Financial Performance
Accelerating Financial Performance Diversified across regions and product classes NET SALES NET SALES BY PRODUCT LINE ADJUSTED OPERATING PROFIT MARGIN(1) ($M) 375 379 348 356 333 2% Target 7% Lift Tables 8% 6% 63% 4.1% Attachments 4% 3.5% 2% 1.1% 2021 2022 2023 2024 2025 1.7% 0% (0.5%) 9% (2%) 2021
Slide 51: Significant Global Growth Opportunities
Significant Global Growth Opportunities Leveraging high-quality products and deep industry experience GROWTH BOLZONI ATTACHMENT MARKET PENETRATION* AREAS OF FOCUS EXPANDING MARKET SHARE • Americas and JAPIC markets • Products well aligned with market segment needs Total Market Size • Increased sales
Slide 52: SUCCESS STORY: Bolzoni Telescopic Home Appliances Clamp
SUCCESS STORY: Bolzoni Telescopic Home Appliances Clamp Smart handling solutions for high-performance e-commerce logistics TELESCOPIC CARTON CLAMPS Fast, synchronized and space-optimized handling of large and varied loads, with maximum efficiency and minimal product damage CUSTOMER • A leading e-com
Slide 53: Driving Growth, Industry By Industry
Driving Growth, Industry By Industry Leveraging high-quality, respected brands and products in growth industries BEVERAGE HOME APPLIANCES PULP & PAPER AUTOMOTIVE & 3PL* Meyer Bolzoni Auramo Preferred supplier of high- Innovative double-pallet High-tech carton clamp helps Paper roll clamps performanc
Slide 54: Clear Path to Achieving Profitability Goals
Clear Path to Achieving Profitability Goals Substantial opportunities to reach consistent profitability at target margin ADDRESSABLE MARKET PRODUCT MARGIN EXPANSION OEM TOP CUSTOMERS GROWTH • New attachment products • Increase in higher-margin, 5% • Increase Americas and JAPIC technologically-advanc
Slide 55: Product Development Focus Feeds Growth
Product Development Focus Feeds Growth Solving customers’ challenges through product and technological development FUTURE DEVELOPMENT Customer • AGVs growing in specific industries input: new handling- • Collaborating with AGV application manufacturers for integrated needs attachments Research & REC
Slide 56: Appendix
APPENDIX
Slide 57: Reconciliations
Reconciliations Working capital percentage of sales, Return on total capital employed, Adjusted EBITDA, Adjusted operating profit (loss) and Adjusted net income (loss) are not measurements under U.S. GAAP, should not be considered in isolation or as a substitute for GAAP measures, and are not necess
Slide 58: Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss)
Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss) ($M) Lift Truck(1) Bolzoni(1) Consolidated Operating profit (loss) ($33.5) ($4.8) ($37.2) Restructuring and impairment charges $18.3 3.2 $21.5 Adjusted operating profit ($15.2) ($1.6) ($15.7) Q4 Net income (loss) — —
Slide 59: Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss) Continued
Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss) Continued HY LIFT TRUCK 2021 2021 Operating profit (loss) ($152.3) ($149.2) Impairment charges(1) $81.7 $81.7 Adjusted operating profit (loss) ($70.6) ($67.5) Net income (loss) ($173.0) Impairment charges(1) $70.0 Tax
Slide 60: Working Capital Percentage of Sales Calculation
Working Capital Percentage of Sales Calculation 2021 2022 2023 2024 2025 Accounts receivable $457.4 $523.6 $497.5 $488.4 $489.6 Inventory 781 799.5 815.7 754.3 634.3 Accounts payable (541.4) (607.4) (530.2) (455.5) (401.2) Net Working Capital(1) $697.0 $715.7 $783.0 $787.2 $722.7 Consolidated Revenu
Slide 61: Reconciliation of ROTCE
Reconciliation of ROTCE ($M) 2021(1) 2022(1) 2023(1) 2024(1) 2025(1) Average Stockholders' Equity $525.5 $241.9 $288.9 $454.4 $507.6 Average Debt $373.4 $535.2 $532.2 $476.0 $472.0 Average Cash ($93.8) ($66.8) ($69.3) ($75.9) ($87.0) Average capital employed 805.1 710.3 751.8 854.5 892.6 Net Income
Slide 62: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($M) Year Ended December 31 Qtr. Qtr. Consolidated 2021 2022 2023 2024 2025 12/31/2025 12/31/2024 Reconciliation of Adjusted EBITDA Net income (loss) attributable to stockholders ($173.0) ($74.1) $125.9 $142.3 ($60.1) ($52.5) $10.3 Noncontrolling interest income (lo
Slide 63: Reconciliation of Adjusted EBITDA Continued
Reconciliation of Adjusted EBITDA Continued ($M) Year Ended December 31 Qtr. Bolzoni 2021 2022 2023 2024 2025 12/31/2025 Reconciliation of Adjusted EBITDA Operating profit (loss) ($1.8) $6.2 $15.3 $9.1 $0.3 ($4.8) Other income (expense) 0.5 0.3 (0.5) — 0.4 — Depreciation and amortization expense 12.
Slide 64: Supplemental Information
SUPPLEMENTAL INFORMATION (rvsensmie
Slide 65: Disciplined Capital and R&D Expenditures
Disciplined Capital and R&D Expenditures C A P I TA L E X P E N D I T U R E S R&D EXPENDITURES ($M) ($M) Lift Truck IT Systems Bolzoni 160 4% 80 Range 120 Lift Truck 60 40 80 3% Bolzoni 20 40 R&D % of 0 Revenues 2021 2022 2023 2024 2025 Low Est. High Est. 0 2% 2026 2026 2021 2022 2023 2024 2025 Est.
Slide 66: HY Lift Truck Revenue by Geography & Class – Quarter & FY 12/31/25
HY Lift Truck Revenue by Geography & Class – Quarter & FY 12/31/25 HY Q4 ’25 Lift Truck Unit Revenue by Geography HY Q4 ‘25 Lift Truck Unit Revenue by Class EMEA Class 1* 5% 18% Class 5* 25% Asia-Pacific / Japan 44% 1% China Class 2* 11% Americas _____________________ 76% _____________________ Class
Slide 67: HY Dealer Data
HY Dealer Data Hyster® Yale® Dual Brand Maximal* Total Dealers Owners Locations Owners Locations Owners Locations Owners Locations Owners Locations December 31, 2025 Americas 9 80 11 59 30 274 16 16 66 429 EMEA 50 117 37 74 22 35 15 26 124 252 JAPIC 44 86 9 28 5 32 19 21 58 167 Total 103 283 57 161
Hyster-Yale Materials Handling — Q4 2025 Earnings Presentation on 6ix