Hyster-Yale (NYSE: HY) details Q2 2026 loss, bookings growth and 2026 outlook
Rhea-AI Filing Summary
Hyster-Yale, Inc. reported Q2 2026 consolidated revenue of $813M, 2% higher than Q1 2026, as stronger bookings translated into higher shipments and favorable pricing. The company recorded an operating loss of $18M, an adjusted operating loss of $17M, a net loss of $32M and adjusted EBITDA of -$5M, all showing sequential improvement but remaining negative.
Liquidity totaled $689M, including $73M of cash, with total debt of $500M and net debt of $427.4M. Q2 2026 unit bookings reached $680M, up 17% from Q1 2026 and about twice Q2 2025, and backlog was about $1.6B, or roughly five months of production. Management expects first-half 2026 to mark the bottom of the current lift truck market cycle, anticipates a second-half recovery supported by improved demand and pricing actions, but still projects a moderate full-year operating loss as tariff costs remain elevated. A 2025 restructuring program is expected to deliver $40–$45M of annualized benefits, with about half realized in the remainder of 2026.
Positive
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Filing Explained
The $223 million of unused borrowing capacity supplements $73 million of cash; it is capacity, not additional cash raised.
This Form 8-K furnishes an updated investor presentation under Items 2.02 and 7.01, so its current state is an information update rather than a completed financing; it adds detail on reported liquidity and longer-term objectives.
At
The presentation also states long-term objectives of revenue above
Its appendix defines adjusted operating profit, adjusted net income, adjusted EBITDA, net debt, and ROTCE as supplemental or otherwise non-GAAP measures. A specific watch item is the estimated
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $813M
Operating loss: ($18M)
Net loss: ($32M)
+5 more
8 metrics
Revenue
$813M
Q2 2026 consolidated revenue, 2% improvement vs Q1 2026
Operating loss
($18M)
Q2 2026 consolidated operating loss
Net loss
($32M)
Q2 2026 consolidated net income (loss)
Liquidity
$689M
Total liquidity highlighted for Q2 2026
Total debt
$500M
Debt balance in Q2 2026 debt composition
Cash on hand
$73M
Cash on hand in Q2 2026 overview
Unit bookings
$680M
Q2 2026 unit bookings, 17% above Q1 2026 and about twice Q2 2025
Backlog
$1.6B
Q2 2026 unit value backlog, about five months of production
Key Terms
Adjusted EBITDA, Net working capital, Return on total capital employed, Uyghur Forced Labor Prevention Act, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA in this investor presentation is provided solely as a supplemental disclosure"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net working capital financial
"Net working capital is defined as accounts receivable, net, plus inventories, net, less accounts payable"
Net working capital is the amount left when you subtract a company’s short-term bills (like accounts payable and short-term loans) from its short-term assets (cash, money owed to it, and inventory). Think of it as the cash cushion a business has to keep daily operations running — a bigger cushion means fewer short-term funding worries, while a small or negative number can signal pressure to raise cash or cut activity, which matters to investors assessing stability and short-term risk.
Return on total capital employed financial
"Return on total capital employed (“ROTCE”) is defined as net income (loss), as reported, plus interest expense"
Uyghur Forced Labor Prevention Act regulatory
"including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact Hyster-Yale's imports from China"
lift truck technical
"reduction in demand for lift trucks, attachments and related parts and service on a global basis"
Earnings Snapshot
Revenue: $813M · Guidance included
Q2 2026
Revenue
$813M
Up 2% vs Q1 2026
Operating profit (loss)
($18M)
Operating loss improved by $10M vs Q1 2026
Net income (loss)
($32M)
Net loss widened by $1M vs Q1 2026
Adjusted operating profit (loss)
($17M)
Adjusted operating loss improved by $9M vs Q1 2026
Adjusted net income (loss)
($30M)
Adjusted net loss widened by $1M vs Q1 2026
Adjusted EBITDA
($5M)
Improved by $8M vs Q1 2026
Guidance
Management expects a moderate full-year 2026 operating loss but anticipates a second-half recovery with the strongest improvement in the latter part of 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Hyster-Yale (HY)'s key Q2 2026 financial results?
Hyster-Yale (HY) generated $813M of Q2 2026 revenue, with an operating loss of $18M and a net loss of $32M. Adjusted operating loss was $17M and adjusted EBITDA -$5M, all improving sequentially but still negative.
How did bookings and backlog trend for Hyster-Yale (HY) in Q2 2026?
HY reported Q2 2026 unit bookings of $680M, up 17% versus Q1 2026 and about twice Q2 2025. Unit value backlog reached about $1.6B, representing roughly five months of production, supporting expectations for higher future shipments.
What was Hyster-Yale (HY)'s liquidity and debt position in Q2 2026?
In Q2 2026, HY had total liquidity of $689M, including $73M of cash on hand. Total debt was $500M, with net debt of $427.4M and unused borrowing capacity of $223M, providing financial flexibility despite current losses.
What 2026 outlook did Hyster-Yale (HY) provide for the lift truck business?
HY expects the first half of 2026 to be the bottom of the current lift truck market cycle. Management anticipates a second-half recovery with the strongest improvement later in 2026, but still projects a moderate full-year operating loss as tariff costs remain elevated.
What restructuring benefits does Hyster-Yale (HY) expect from its 2025 program?
The 2025 restructuring program is expected to provide an annualized benefit of $40–$45M. Approximately half of this benefit is anticipated in the remainder of 2026, supporting margin improvement and lower break-even levels over time.
What are Hyster-Yale (HY)'s long-term financial objectives?
HY targets revenue of >$5B, adjusted operating profit of $350M with a 7% margin, and cash from operations of >$300M. The long-term framework aims to deliver a return on total capital employed (ROTCE) of >20% through cycles.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
| CURRENT REPORT | ||
| Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 | ||
| Date of Report (Date of earliest event reported): | ||||||||
| (Exact name of registrant as specified in its charter) | ||||||||
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| (Address of principal executive offices) | (Registrant's telephone number, including area code) | (Zip code) | ||||||
| N/A | ||||||||
| (Former name or former address, if changed since last report) | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
On August 5, 2026, Hyster-Yale, Inc. (the “Company”) posted on its website, hyster-yale.com, an updated investor presentation. A copy of which is attached as Exhibit 99 to this Current Report on Form 8-K.
The information disclosed above under Item 2.02 with respect to the investor presentation is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99, is furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly stated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits | ||||||||
| 99 | Hyster-Yale, Inc. Investor Presentation. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | August 5, 2026 | HYSTER-YALE, INC. | |||||||||
| By: | /s/ Dena R. McKee | ||||||||||
| Dena R. McKee | |||||||||||
| Title: Vice President, Controller and Chief Accounting Officer | |||||||||||
Q2 2026 INVESTOR PRESENTATION Exhibit 99 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 presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the effects of tariffs on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) impacts resulting from sustained or 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) the Company's ability to recover previously paid IEEPA tariffs, (4) delays in manufacturing and delivery schedules, (5) reduction in demand for lift trucks, attachments and related parts and service on a global basis, including any cyclical reduction in demand in the lift truck industry, (6) customer acceptance of pricing, (7) customer acceptance of, changes in the costs of, or delays in the development of new products, (8) the ability of Hyster-Yale 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, (9) 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 Hyster-Yale's imports from China, as well as armed conflicts, including the Iran conflict, the Russia/Ukraine conflict, the Israel and Gaza conflict and/or the conflict in the Red Sea, and their regional effects, (10) 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, (11) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives and restructuring programs, (12) the successful commercialization of products and technology related to the energy solutions program, (13) political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (14) bankruptcy of or loss of major dealers, retail customers or suppliers, (15) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (16) product liability or other litigation, warranty claims or returns of products, (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (18) the ability to attract, retain, and replace workforce and administrative employees, (19) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (20) the ability to protect the Company’s information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Refer to Hyster-Yale’s reports filed on Forms 8-K (current), 10-Q (quarterly), and 10-K (annual) for information on factors that could cause actual results to differ materially from information in this presentation. Past performance may not be representative of future results. Forward-looking information noted in the following slides is effective as of August 5, 2026. Nothing in this presentation should be construed as reaffirming or disaffirming the outlook provided as of that date. This presentation is not an offer to sell or a solicitation of offers to buy any of Hyster-Yale’s securities. Q2 2026 QUARTERLY OVERVIEW HY CONSOLIDATED ($M) Q2 2026 Q1 2026 VARIANCE Revenues $813 $795 $18 Operating Profit (Loss) ($18) ($28) $10 Net Income (Loss) ($32) ($31) ($1) Adjusted Operating Profit (Loss)(1) ($17) ($26) $9 Adjusted Net Income (Loss)(1) ($30) ($29) ($1) Adjusted EBITDA(1) ($5) ($13) $8 Q2 2026 FINANCIAL PERFORMANCE Sequential improvement as stronger bookings began to translate into higher shipments (1) Adjusted Operating Profit (Loss). Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations of adjusted results to the most directly comparable GAAP measures in the Appendix starting on page 27. Revenue: $813M, 2% Higher QoQ • Improved bookings began to translate into higher shipments • Improved volumes and favorable pricing Adjusted Operating Loss: $17M • Operating loss improved $10M QoQ • Gross profit above Q1 2026 ‒ Higher volumes, favorable pricing ‒ Tariff refund of $35M offset by unfavorable capitalized material costs and $10M higher gross tariff costs • Lower employee-related expenses, including incentive compensation 4
5 LIQUIDITY $689M WORKING CAPITAL Inventory down $149M YoY $17M CASH PROVIDED BY OPERATIONS $50M improvement vs. Q1’26 $500M DEBT Decreased $5M vs. Q1‘26 FINANCIAL RESULTS $813M REVENUE 2% improvement vs. Q1’26 $16.7M ADJUSTED OPERATING LOSS(1) $10M improvement vs. Q1’26 BOOKING IMPROVEMENTS $680M UNIT BOOKINGS VOLUME 17% vs. Q1’26 & twice Q2’25 $1.6B UNIT VALUE BACKLOG Sequential increase with ~5 months of production FINANCIAL SUMMARY Fourth consecutive quarter of booking growth 1H 2026 expected to be bottom of current lift truck market cycle Q2 showed sequential improvement in revenue, operating results and cash flow from operations KEY TAKEAWAYS – Q2 2026 Fourth consecutive quarter of bookings growth; sequential improvement in key financial metrics (1) Adjusted Operating (Loss) is a supplemental measure and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations of adjusted results to the most directly comparable GAAP measures in the Appendix starting on page 27. QUARTERLY LIQUIDITY, CASH & BALANCE SHEET Q2 2026 Overview • $73M of Cash on hand • Working Capital improved $125M YoY ‒ Inventory improved $149M ‒ YoY eight-day reduction of days inventory outstanding • Dividends paid: ‒ Q2 2026 YTD : $13M ‒ Q2 2025 YTD: $12M Continue to adhere to long-term capital allocation priorities: • Reduce debt • Reinvest cash for profitable growth • Shareholder return Q2 2026 DEBT COMPOSITION ($M) $96 $213 $114 $47 $20 $10 ABL Term Loan Working Capital Facilities Wholesale Financing Leases Other Unused Borrowing Capacity of $223M (1) Net Debt and the ratio of Net Debt to Adjusted EBITDA are supplemental measures and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations of adjusted results to the most directly comparable GAAP measures in the Appendix starting on page 27. $500 1 4 7 10 13 16 19 100 200 300 400 500 Q1'23 Q3'23 Q1'24 Q3'24 Q1'25 Q3'25 Q1'26 N et D e b t / A d ju ste d EB ITD A N et D e b t Net Debt Net Debt / Adjusted EBITDA NET DEBT / ADJUSTED EBITDA(1) ($M) Leverage elevated due to lower earnings and tariff impacts 6 7 • Q2 2026 bookings strengthened with fourth consecutive quarter of growth • Bookings in 2026 expected to exceed 2025 • Improved booking market demand • Increased market share from expanded product portfolio • Customer acceptance of new low- intensity products aligned with market shift • Backlog continues to grow; currently ~5 months of production • Tariff-related costs remain elevated • Pricing, sourcing and product-cost actions expected to provide increasing benefit in second-half of 2026 • Tariff costs not expected to be fully- offset by mitigation and pricing actions • 2025 restructuring program: • Expected annualized benefit of $40 - $45M • Approximately half expected in the remainder of 2026 • Moderate full-year operating loss expected • Anticipated second half recovery with strongest improvement expected in latter part of 2026 • Improved demand and higher bookings expected to support increased shipments and revenue • Customer delivery schedules and sourcing transitions have delayed timing of recovery 2026 OUTLOOK: KEY DRIVERS Anticipated second half recovery with moderate full-year operating loss expected MARKET CONDITIONS & DEMAND OUTLOOK TARIFFS & COSTS FULL YEAR REVIEW COMPANY OVERVIEW & STRATEGY
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 revenue and strengthen returns. STRATEGIC PRIORITIES TO CREATE LONG-TERM VALUE 1 2 3 9 10 GLOBAL COMMERCE DRIVING INDUSTRY GROWTH 1,182 1,395 1,538 1,507 1,638 2,341 2,183 2,088 2,160 2,380 2,462 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 – 2025) = 8% Significantly above trend ’21-’22 Units in thousands Americas EMEA Asia-Pacific China Trend line including China represents 7% 11-year CAGR Average Industry Size. Source: WITS* Represents annual order intake through 12/31/25 **Estimate: FY25 based on WITS information through 12/31/25 and company estimates. WITS Industry Data reported one quarter in arrears. Estimate*** * Global Lift Truck Industry Size Including China* An attractive market driven by economic activity. The more the economy grows, the more people spend, the more the lift truck market grows. 11 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 ATTACHMENT BUSINESS LIFT TRUCK BUSINESS 12 VISION Transforming the way the world moves materials from Port to Home. OUR VISION, OUR PURPOSE
13 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 CUSTOMER CARE CLASS 5 BIG TRUCKS: 8 to 52TCLASS 4 CLASS 5CLASS 2 CLASS 3CLASS 1 14 100+ YEARS OF INNOVATION & EXCELLENCE Electric Hydrogen ICE COUNTERBALANCED ELECTRIC COUNTERBALANCED INTERNAL COMBUSTION ENGINE (ICE) ICE & ELECTRIC Automation Operator Assist Telematics TECHNOLOGY SOLUTIONS ENERGY SOLUTIONS LIFT TRUCKS ATTACHMENT SOLUTIONS Masts Clamps Rotators, etc. Full range of optimal solutions designed to increase customer value & productivity Supported by a range of Service & Parts Solutions COUNTERBALANCEDWAREHOUSE (Capacity Ranges: 2,000 – 105,000 lbs.) 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 Trucks (8-48T) High Potential Products Optimized Support Services Expanding margin potential with complimentary growth accelerators 15 16 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 Advantages Support margin expansion and sustainable earnings potential Customer-Focused Product Evolution Strengthen competitive positioning and revenue growth End-to-End Digital Enablement Enhances lifecycle management and customer care Commercial Go-to- Market Strategy Expanded market participation and reoccurring revenue stream
17 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 low-intensity trucks expand reach and build scale RESULTS: Scale and mix support higher volumes, increased share, and accretive margins WHAT HAS CHANGED? • Customers buy only what they need • Unnecessary options are being eliminated • Tighter capital budgets with unchanged demands • Customers pushed to do more with less RESULTS: Demand for value-oriented, application-matched trucks 18 UNLOCKING EFFICIENCY & PROFITABLE GROWTH Flexible lift truck platforms amplify operational performance and drive margin expansion 2025 2026 ESTIMATED 2-3.5T Counterbalanced Trucks(1) Americas EMEA JAPIC 20% 15% Accelerating Shipments of Flexible Lift Truck Portfolio Customer Benefits: Right truck, right price, right application • Common components and manufacturing process drive global efficiencies • Optimized manufacturing footprint enhances capacity utilization and flexibility • Localized sourcing strengthens supply chain resilience and reduces logistics complexity • Just-in-time production lowers inventory requirements and working capital • Market prices with attractive margins for HY _____________________ (1) Shown as percentage of total shipments 19 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 • Expand market reach and optimize manufacturing with flexible portfolio • Defend existing customers with disciplined pricing and targeted initiatives • Strengthen commercial execution through improved sales participation Big Trucks (8-48T) • Achieve global production of flexible portfolio to improve costs • Focus coverage in high-return markets • Use zero-emission product mix to uplift sales • Target global accounts to drive volume, retention and lifetime value 20 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 performance Counterbalanced lift truck product line 1 2 3
21 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 and operator assist solutions • Generate reoccurring revenue through telemetry subscription services Energy Solutions • Capture incremental revenue with HY lithium-ion battery solutions • Advance market adoption of mobile, hydrogen- powered charging solution Attachment Solutions • Increase market penetration in key North American industries • Expand share with Chinese OEMs and dealers through Silver Line value offering 22 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 aftermarket growth through scalable parts portfolio for pre-owned equipment • Strengthen customer reach through digital commerce and streamlined parts sourcing LONG-TERM FINANCIAL OBJECTIVES 24 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 $350M / 7% Cash from Operations >$300M LONG-TERM FINANCIAL OBJECTIVES = >20% ROTCE (1) Adjusted Operating Profit and Adjusted Net Income (Loss) are supplemental measures and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations of adjusted results to the most directly comparable GAAP measures in the Appendix starting on page 27.
25 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 Confidence Consistent use of cash Focus on balance sheet strength and flexibility Additional Shareholder Return ACCRETIVE CAPITAL ALLOCATION FRAMEWORK Generating consistent cash flows and making disciplined investments Strong Operating Cash Flow Excess Free Cash Flow ROTCE Goal: >20% 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 in more segments profitably Core lift truck business tied to global goods movement Large installed base supports aftermarket and service revenue Higher margins, stronger cash flow, disciplined capital allocation Less cyclicality and improved returns through the cycle 26 APPENDIX 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 as a substitute for GAAP measures, and are not necessarily comparable with similarly titled measures of other companies. Hyster-Yale defines each as the following: • Adjusted operating profit (loss) is defined as operating profit (loss) plus restructuring and impairment charges. • Adjusted net Income (loss) is defined as net income (loss) plus restructuring and impairment charges. • Adjusted EBITDA in this investor presentation is provided solely as a supplemental disclosure with respect to operating results. Adjusted EBITDA does not represent net income (loss) or operating income (loss), as defined by U.S. GAAP, and should not be considered as a substitute for net income or net loss or operating profit or loss, or as an indicator of operating performance. The Company defines Consolidated Adjusted EBITDA as income (loss) before income taxes and noncontrolling interest plus net interest expense, depreciation and amortization expense and restructuring and impairment charges. The Company defines Adjusted EBITDA for the segments as operating profit (loss) plus, other income (expense), depreciation and amortization expense and restructuring and impairment charges. • Working capital percentage of sales is defined as net working capital divided by annualized revenues for the quarter and the annual revenue at year end. Net working capital is defined as accounts receivable, net, plus inventories, net, less accounts payable. • Return on total capital employed (“ROTCE”) is defined as net income (loss), as reported, plus interest expense, restructuring and impairment charges, after tax, divided by average capital employed. Average capital employed is defined as average stockholders’ equity plus average debt less average cash. • Net Debt is defined as debt less cash. Reconciliations to the most directly comparable U.S. GAAP measures are included in the following pages. 28
RECONCILIATIONS Q2 2026 Q2 2025 Operating profit (loss) (18.4) (8.5) Restructuring and impairment charges 1.7 15.7 Adjusted operating profit ($16.7) $7.2 Net income (loss) (31.6) (13.9) Restructuring and impairment charges 1.7 15.7 Income tax expense adjustment(1) (0.4) (4.1) Adjusted net income (loss) (29.5) (2.3) ($M) ($M) Year Ended December 31 Qtr. Qtr. Consolidated 2022 2023 2024 2025 Q2 2026 LTM* 6/30/2026 6/30/2025 Reconciliation of Adjusted EBITDA Net income (loss) attributable to stockholders ($74.1) $125.9 $142.3 ($60.1) ($116.9) ($31.6) ($13.9) Noncontrolling interest income (loss) and dividends 2.5 2.2 1.9 2.1 2.0 0.3 0.5 Income tax expense 9.2 52.9 74.8 15.1 13.1 8.1 0.2 Interest expense 28.4 37.3 33.8 31.2 30.6 7.8 7.9 Interest income (1.1) (2.6) (2.8) (2.7) (3.9) (2.1) (0.8) Depreciation and amortization expense 43.4 45.1 47.6 45.8 45.2 10.9 11.8 Restructuring and impairment charges(1) — — 22.6 38.4 25.8 1.7 15.7 Adjusted EBITDA $8.3 $260.8 $320.2 $69.8 ($4.1) ($4.9) $21.4 *Q2 2026 LTM: Last Twelve Months as of 6/30/26. _____________________ (1) Tax adjustment at statutory rate of 26%. 29 WORKING CAPITAL PERCENTAGE OF SALES CALCULATION 2022 2023 2024 2025 Q2 2026 LTM* Accounts receivable $523.6 $497.5 $488.4 $489.6 $484.8 Inventory 799.5 815.7 754.3 634.3 627.5 Accounts payable (607.4) (530.2) (455.5) (401.2) (423.4) Net Working Capital(1) $715.7 $783.0 $787.2 $722.7 $688.9 Consolidated Revenue** $3,548.3 $4,118.3 $4,308.2 $3,769.3 $3,251.6 Net Working Capital as % of Sales 20% 19% 18% 19% 21% Consolidated ($M) 2022 2023 2024 2025 Q2 2026 LTM* Q2 2025 LTM* Reconciliation of Adjusted EBITDA Debt $552.9 $494.0 $440.7 $494.3 $500 $473.2 Cash 59.0 78.8 96.6 123.2 72.6 66.9 Net Debt $493.9 $415.2 $344.1 $371.1 $427.4 $406.3 LTM Net Income (Loss) ($74.1) $125.9 $142.3 ($60.1) ($116.9) $22.2 LTM Adjusted EBITDA $8.3 $260.8 $320.2 $69.8 ($4.1) $169.8 Debt/Net Income (Loss) (7.5) 3.9 3.1 (8.2) (4.3) 21.3 Net Debt/Adjusted EBITDA 59.5 1.6 1.1 5.3 (104.2) 2.4 RECONCILIATION OF NET DEBT TO ADJUSTED EBITDA *Q2 2026 LTM: Last Twelve Months as of 6/30/26; Q2 2025 LTM: Last Twelve Months as of 6/30/25. **Revenue for Q2 2026 is annualized _____________________ (1) Net working capital is equal to accounts receivable, net, plus inventories, net, less accounts payable 30 RECONCILIATION OF ROTCE ($M) 2022(1) 2023(1) 2024(1) 2025(1) Q2 2026 LTM(1) Average Stockholders' Equity $241.9 $288.9 $454.4 $507.6 $474.6 Average Debt $535.2 $532.2 $476.0 $472.0 $488.1 Average Cash ($66.8) ($69.3) ($75.9) ($87.0) ($83.1) Average capital employed 710.3 751.8 854.5 892.6 879.6 Net Income (Loss) (74.1) 125.9 142.3 (60.1) (116.9) Plus: Interest Expense, net 27.3 34.7 31.0 28.5 26.7 Plus: Restructuring and impairment charges — — 22.6 38.4 25.8 Less: Income taxes on restructuring and impairment charges, net — — (5.9) (10.0) (6.7) Less: Income taxes on interest expense, net(2) (6.8) (8.7) (8.1) (7.4) (6.9) Actual return on capital employed = actual net income (loss) before interest expense, net, after tax ($53.6) $151.9 $181.9 ($10.6) ($78) Actual return on total capital employed percentage(3) (7.5%) 20.2% 21.3% (1.2%) (8.9%) _____________________ (1) Average stockholders' equity, debt and cash are calculated using the quarter ends and year ends of each respective year. (2) Tax rate used is the Company's target U.S. marginal tax rate. Rates used were 26% for 2024, 2025 and 2026 and 25% for 2022 and 2023. (3) Return on total capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the Company's cost of capital employed, which includes both equity and debt securities, net of cash. 31 SUPPLEMENTAL INFORMATION
SIGNIFICANT OPPORTUNITIES FOR HYSTER-YALE Achieve long-term targets, sustain performance, intensify cash flow focus WORKING CAPITAL % SALES(1) 0 2,000 4,000 6,000 2022 2023 2024 2025 Q2 2026 LTM* Future GDP++ ($M) 0% 5% 10% 15% 20% 25% 2022 2023 2024 2025 Q2 2026 LTM* Future 15% Target REVENUE *Q2 2026 LTM: Last Twelve Months as of 6/30/26. _____________________ Note: 2022 results negatively impacted by global supply chain disruptions (1) See reconciliations of adjusted results to the most directly comparable GAAP measures in the Appendix starting on page 27. ADJUSTED OPERATING PROFIT MARGIN(1) ROTCE(1) (20%) (10%) 0% 10% 20% 30% 2022 2023 2024 2025 Q2 2026 LTM* Future Sustain at 20%+ (4%) (2%) 0% 2% 4% 6% 8% 2022 2023 2024 2025 Q2 2026 LTM* Future 7% Target ACHIEVE TARGETS • Modular, scalable products • Customer specific solutions • Expand product portfolio • Pricing agility & cost management • Optimized production & supply • Execute growth accelerators SUSTAIN PERFORMANCE • End markets grow with global consumption • Lead in high-value product automation • Optimized cost structure absorbs business cyclicality • Efficient supply chain minimizes inventory transit • Investment discipline over efficient asset base 33 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) • ~38% of total HY revenues come from new products released in the past 5 years R&D % of Revenues • 2025 capital expenditures of $63M • 2026 total estimated capital expenditures ranges from $50- $60M • Spending is dependent on production requirements and the timing of approved projects. Range DISCIPLINED CAPITAL AND R&D EXPENDITURES 34 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 CHANNEL MIX 32% Major Accounts ICE(1) 42% Electric Units 32% 9% Service, Rental & Other Aftermarket 17% 29% Retail & Durable Goods 23% Food & Beverage 25% Logistics Industrials 23% (1) Includes Big Truck sales that represent 11% of total sales. (2) Represents Hyster-Yale North American Lift Truck unit revenue by industry. Independent Dealers 68% 35 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% ______________________ Source: Company: FY 2025 Unit Revenue Note: Units sold direct by SN JV are not included 5% Asia-Pacific/ Japan China 2% Class 1*, 26% Class 2*, 11% Class 4*, 14% Class 5*, 43% HY Unit Revenue by Class ____________________ Source: Company: FY 2025 Unit Revenues 6% Class 3* Class 1*, 26% Class 2*, 12% Class 3*, 10% Class 5*, 49% _________________________ Source: Internal Company estimates through 12/31/2025 Estimated Industry Revenue Mix Industry Unit Revenue by Class Class 4* 3% Hyster-Yale’s revenue weighted toward higher-value product classes 36
HY DEALER DATA As of June 30, 2026 Dealers Hyster® Yale® Dual Brand Maximal* Total Owners Locations Owners Locations Owners Locations Owners Locations Owners Locations Americas 10 79 16 66 29 274 12 27 67 446 EMEA 50 117 36 69 22 35 14 40 122 261 JAPIC 43 93 8 25 5 33 7 17 63 168 Total 103 289 60 160 56 342 33 84 252 875 *Maximal totals include all brands sold by dealers 37