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HY · Current Report (Form 8-K) · Filed May 5, 2026

Hyster-yale Inc — 8-K exhibit

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Hyster-yale Inc on Boardroom Alpha
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EXHIBIT 99
Hyster-Yale, Inc.
(in millions of $, except percentage data)
Revenues - Consolidated
Revenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022827.6 895.4 840.1 985.2 3,548.3 202213.0 %17.0 %12.3 %18.7 %15.4 %
2023999.3 1,090.6 1,001.2 1,027.2 4,118.3 202320.7 %21.8 %19.2 %4.3 %16.1 %
20241,056.5 1,168.1 1,016.1 1,067.5 4,308.2 20245.7 %7.1 %1.5 %3.9 %4.6 %
2025910.4 956.6 979.1 923.2 3,769.3 2025-13.8 %-18.1 %-3.6 %-13.5 %-12.5 %
2026795.2 2026-12.7 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022101.299.186.9146.7433.9 202212.2 %11.1 %10.3 %14.9 %12.2 %
2023174.4197.9203.6209.7785.6 202317.5 %18.1 %20.3 %20.4 %19.1 %
2024235.7259.3192.9207.6895.5 202422.3 %22.2 %19.0 %19.4 %20.8 %
2025177.7168.2 155.9 131.0 632.8 202519.5 %17.6 %15.9 %14.2 %16.8 %
2026124.8202615.7 %
Operating Expenses (6)(7)
Operating Expenses as a % of Revenue (6)(7)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022119.5 114.8 111.8 126.9 473.0 202214.4 %12.8 %13.3 %12.9 %13.3 %
2023131.8 139.1 145.0 161.0 576.9 202313.2 %12.8 %14.5 %15.7 %14.0 %
2024151.9 163.7 159.8 175.3 650.7 202414.4 %14.0 %15.7 %16.4 %15.1 %
2025156.4 176.7 153.6 168.2 654.9 202517.2 %18.5 %15.7 %18.2 %17.4 %
2026152.8 202619.2 %
Restructuring & Impairment Charges (6)(7)(8)(9)(10)(11)(12)(13)
Q1Q2Q3Q4FY
2024— — 1.2 21.4 22.6 
20250.2 15.7 1.0 21.5 38.4 
20261.6 
Operating Profit (Loss) (6)
Operating Profit (Loss) % (6)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(18.3)(15.7)(24.9)19.8 (39.1)2022-2.2 %-1.8 %-3.0 %2.0 %-1.1 %
202342.6 58.8 58.6 48.7 208.7 20234.3 %5.4 %5.9 %4.7 %5.1 %
202483.8 95.6 33.1 32.3 244.8 20247.9 %8.2 %3.3 %3.0 %5.7 %
202521.3 (8.5)2.3 (37.2)(22.1)20252.3 %-0.9 %0.2 %-4.0 %-0.6 %
2026(28.0)2026-3.5 %
Interest (Income) Expense
Q1Q2Q3Q4FY
20224.9 5.9 7.3 9.2 27.3 
20239.6 7.8 8.9 8.4 34.7 
20247.8 8.0 7.9 7.3 31.0 
20257.0 7.1 7.4 7.0 28.5 
20266.6 
Income (Loss) Before Taxes
Effective Income Tax Rate (15)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(21.3)(21.8)(32.4)13.1 (62.4)2022-13.6 %14.2%-13.0 %39.7 %-14.7 %
202335.9 50.8 52.6 41.7 181.0 202324.2 %23.6%30.8 %38.4 %29.2 %
202476.9 90.0 28.1 24.0 219.0 202432.6 %29.0%36.7 %55.4 %34.2 %
202516.8 (13.2)(4.6)(41.9)(42.9)202548.2 %n.m.n.m.-23.2 %-35.2 %
2026(32.1)20265.6 %


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders
Q1Q2Q3Q4FY
2022(25.0)(19.4)(37.3)7.6 (74.1)
202326.6 38.3 35.8 25.2 125.9 
202451.5 63.3 17.2 10.3 142.3 
20258.6 (13.9)(2.3)(52.5)(60.1)
2026(30.5)
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
202211.1 11.0 10.9 10.4 43.4 
202311.2 11.3 11.3 11.3 45.1 
202411.7 12.4 11.7 11.8 47.6 
202511.0 11.8 11.3 11.7 45.8 
202611.3 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022704.7 751.9 686.2 715.7 715.7 202221.3 %21.0 %20.4 %20.2 %20.2 %
2023763.0 809.0 777.8 783.0 783.0 202319.1 %18.5 %19.4 %19.0 %19.0 %
2024789.6 855.9 863.9 787.2 787.2 202418.7 %18.3 %21.3 %18.3 %18.3 %
2025804.7 814.3 784.9 722.7 722.7 202522.1 %21.3 %20.0 %19.2 %19.2 %
2026706.1 202622.2 %
Capital Expenditures
Q1Q2Q3Q4FY
20229.7 5.6 4.4 9.1 28.8 
20233.3 7.3 8.3 16.5 35.4 
20247.5 12.2 10.2 17.9 47.8 
202510.6 13.8 14.5 23.6 62.5 
20269.8 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
202259.1 (58.9)34.1 6.3 40.6 
20239.0 35.8 60.3 45.6 150.7 
2024 22.4 (2.5)70.1 80.7 170.7 
2025(36.4)28.9 37.1 56.5 86.1 
2026(32.9)
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
2022(9.3)(13.6)(4.3)(8.2)(35.4)
2023(5.0)(6.9)(7.9)(14.7)(34.5)
2024(7.0)(11.7)(12.0)(16.9)(47.6)
2025(10.3)(15.3)(14.2)(22.9)(62.7)
2026(9.3)
Cash Flow Before Financing Activities (3)
Q1Q2Q3Q4FY
2021(37.6)(62.3)(102.0)(76.1)(278.0)
202249.8 (72.5)29.8 (1.9)5.2 
20234.0 28.9 52.4 30.9 116.2 
202415.4 (14.2)58.1 63.8 123.1 
2025(46.7)13.6 22.9 33.6 23.4 
2026(42.2)


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
2022(50.9)84.4 (35.4)(9.0)(10.9)
2023(2.5)(26.4)(40.2)(31.4)(100.5)
2024(30.5)19.1 (50.8)(37.9)(100.1)
202525.9 (26.2)(18.1)17.6 (0.8)
20261.3 
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
20225.4 5.5 5.5 5.4 21.8 
20235.6 5.5 5.6 5.6 22.3 
20245.7 6.1 6.1 6.1 24.0 
20256.2 7.7 6.3 6.5 26.7 
20266.4 
Total Debt
Debt to Total Capitalization (4)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022479.0 580.6 545.0 552.9 552.9 202257.7 %72.2 %80.1 %71.1 %71.1 %
2023560.6 542.3 510.6 494.0 494.0 202367.3 %63.9 %61.4 %54.8 %54.8 %
2024474.8 501.9 468.5 440.7 440.7 202452.5 %51.0 %46.0 %47.1 %47.1 %
2025484.0 473.2 467.8 494.3 494.3 202547.8 %46.5 %46.4 %50.9 %50.9 %
2026505.3 202652.8 %
Total Equity
Return on Equity (5)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022351.5 223.4 135.2 225.1 225.1 2022-40.9 %-53.6 %-57.7 %-28.1 %-28.1 %
2023272.3 306.2 320.6 406.8 406.8 2023-9.3 %15.1 %43.0 %41.1 %41.1 %
2024429.3 482.1 549.0 494.1 494.1 202443.5 %45.2 %35.9 %30.1 %30.1 %
2025529.4 563.4 555.4 492.4 492.4 202520.0 %30.2 %35.9 %-11.4 %-11.4 %
2026450.9 2026-19.1 %
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)Net working capital as a percentage of revenue is equal to net working capital divided by annualized revenues for the quarter and the annual revenue at year end.
(3)Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(4)Debt to total capitalization is equal to total debt divided by total debt plus permanent equity.
(5)Return on equity is equal to the sum of the trailing 4 quarters net income divided by average equity calculated over the last 5 quarters.
(6)During the third quarter of 2024, JAPIC recognized $1.0 million and Americas recognized $0.2 million in restructuring & impairment charges.
(7)During the fourth quarter of 2024, the Company recognized $17.1 million ($6.8 million in the Americas, $2.7 million in EMEA and $7.6 million in JAPIC), Bolzoni recognized $4.3 million of restructuring & impairment charges.
(8)During the first quarter of 2025, the Company recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(9)During the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(10)During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas
(11)During the fourth quarter of 2025, the Company recognized $21.5 million ($11.2 million in the Americas, $6.1 million in EMEA and $1.0 million in JAPIC), Bolzoni recognized $3.2 million of restructuring & impairment charges.
(12)During the first quarter of 2026, the Company recognized $1.6 million of restructuring charges in the Americas.
(13)Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.
(14)"n.m." - not meaningful


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
20192022202320242025
2026 (4)
Average Stockholders' Equity (1)
527.8241.9288.9454.4507.6498.6
Average Debt (1)
324.0535.2532.2476.0472.0484.9
Average Cash (1)
(63.4)(66.8)(69.3)(75.9)(87.0)(84.0)
Average Capital Employed788.4710.3751.8854.5892.6899.5
Net Income (Loss)35.8(74.1)125.9142.3(60.1)(99.2)
Plus: Interest Expense, Net18.027.334.731.028.528.1
Plus: Restructuring and Impairment Charges18.0——22.638.439.8
Less: Income Taxes on Interest Expense, Net (2)
(4.7)(6.8)(8.7)(8.1)(10.0)(10.4)
Less: Income Taxes on Restructuring and Impairment Charges (2)
——(5.9)(7.4)(7.3)
Actual Return on Capital Employed (3)
67.1(53.6)151.9181.9(10.6)(49.0)
Actual Return on Total Capital Employed Percentage (3)
8.5%(7.5)%20.2%21.3%(1.2)%(5.4)%
(1)Average stockholder's 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, 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.
(4)LTM 3/31/26 average stockholders' equity, debt and cash are calculated using the quarters ending 3/31/25, 6/30/25, 9/30/25, 12/31/2025 and 3/31/2026.




Lift Truck Business
(in millions of $, except percentage data)
Revenues - Americas (8)
Revenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022558.3 596.9 571.4 680.1 2,406.7 202221.4 %24.6 %15.6 %23.3 %21.3 %
2023686.3 788.5 717.5 708.3 2,900.6 202322.9 %32.1 %25.6 %4.1 %20.5 %
2024770.2 881.7 771.4 800.6 3,223.9 202412.2 %11.8 %7.5 %13.0 %11.1 %
2025698.9 707.5 732.7 676.8 2,815.9 2025-9.3 %-19.8 %-5.0 %-15.5 %-12.7 %
2026578.4 2026-17.2 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022169.7 184.8 159.4 190.3 704.2 2022-0.6 %5.5 %3.9 %5.9 %3.7 %
2023214.9 200.6 183.9 221.1 820.5 202326.6 %8.5 %15.4 %16.2 %16.5 %
2024199.4 187.8 145.0 175.4 707.6 2024-7.2 %-6.4 %-21.2 %-20.7 %-13.8 %
2025118.2 148.3 150.1 153.3 569.9 2025-40.7 %-21.0 %3.5 %-12.6 %-19.5 %
2026126.0 20266.6 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202251.7 64.9 65.5 67.9 250.0 2022-14.5 %-0.2 %16.8 %29.8 %6.9 %
202347.9 49.6 51.6 52.0 201.1 2023-7.4 %-23.6 %-21.2 %-23.4 %-19.6 %
202437.7 48.7 51.3 46.0 183.7 2024-21.3 %-1.8 %-0.6 %-11.5 %-8.7 %
202547.3 48.4 46.5 41.3 183.5 202525.5 %-0.6 %-9.4 %-10.2 %-0.1 %
202635.3 2026-25.4 %
Revenues - Lift Truck Business (8)
Revenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022779.7 846.6 796.3 938.3 3,360.9 202212.9 %17.7 %13.1 %19.7 %16.0 %
2023949.1 1,038.7 953.0 981.4 3,922.2 202321.7 %22.7 %19.7 %4.6 %16.7 %
20241,007.3 1,118.2 967.7 1,022.0 4,115.2 20246.1 %7.7 %1.5 %4.1 %4.9 %
2025864.4 904.2 929.3 871.4 3,569.3 2025-14.2 %-19.1 %-4.0 %-14.7 %-13.3 %
2026739.7 2026-14.4 %
Gross Profit - Lift Truck Business (8)
Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202284.0 79.7 72.6 127.5 363.8 202210.8 %9.4 %9.1 %13.6 %10.8 %
2023153.5 175.2 184.1 190.4 703.2 202316.2 %16.9 %19.3 %19.4 %17.9 %
2024213.3 236.9 169.9 190.0 810.1 202421.2 %21.2 %17.6 %18.6 %19.7 %
2025158.8 146.8 134.3 111.8 551.7 202518.4 %16.2 %14.5 %12.8 %15.5 %
2026104.3 202614.1 %
Operating Expenses(1) (2) (8)
Operating Expenses as a % of revenues(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022102.899.3 96.8 109.6 305.7 2022— %11.7 %12.2 %11.7 %9.1 %
2023115.5121.9 128.4 144.2 510.0 202312.2 %11.7 %13.5 %14.7 %13.0 %
2024133.4145.3 142.7 153.0 574.4 202413.2 %13.0 %14.7 %15.0 %14.0 %
2025138.5157.7 134.3 145.3 575.8 202516.0 %17.4 %14.5 %16.7 %16.1 %
2026132.2202617.9 %


Lift Truck Business
(in millions of $, except percentage data)
Restructuring & Impairment Charges (1)(2)(3)(4)(5)(6)(7)(8)
Q1Q2Q3Q4FY
2024— — 1.2 17.1 18.3 
20250.2 15.7 1.0 18.3 35.2 
20261.6 
Operating Profit (Loss)(1) (2) (8)
Operating Profit (Loss) %(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2022(18.8)(19.6)(24.2)17.9 (44.7)2022-2.4 %-2.3 %-3.0 %1.9 %-1.3 %
202338.4 51.0 53.3 45.9 188.6 20234.0 %4.9 %5.6 %4.7 %4.8 %
202479.9 91.6 27.2 37.0 235.7 20247.9 %8.2 %2.8 %3.6 %5.7 %
202520.3 (10.9)— (33.5)(24.1)20252.3 %-1.2 %— %-3.8 %-0.7 %
2026(27.9)2026-3.8 %
(1)During the third quarter and fourth quarter of 2024, Lift Truck recognized restructuring & impairment charges of $1.0 million ($1.0 million in the JAPIC segment) and $16.8 million ($6.8 million in the Americas, $2.4 million in EMEA and $7.6 million in JAPIC), respectively.
(2)During the first quarter of 2025, Lift Truck recognized $0.2 million ($0.7 million in the Americas, ($1.3 million) reversal in EMEA and $0.8 million in JAPIC) of restructuring charges.
(3)During the second quarter of 2025, the Company recognized restructuring and impairment charges of $15.7 million ($15.9 million in the Americas, $(0.3) million in EMEA and $0.1 million in JAPIC).
(4)During the third quarter of 2025, the Company recognized restructuring and impairment charges of $1.0 million in the Americas.
(5)During the fourth quarter of 2025, the Company recognized restructuring and impairment charges of $18.3 million ($11.2 million in the Americas, $6.1 million in EMEA and $1.0 million in JAPIC).
(6)During the first quarter of 2026, the Company recognized $1.6 million of restructuring charges in the Americas.
(7)Restructuring and impairment charges are included in Operating Expenses as noted above.
(8)The historical and current results of the former Nuvera segment are now presented within the Americas operating segment.





Bolzoni
(in millions of $, except percentage data)
RevenuesRevenues - Bolzoni - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202295.1 86.4 82.2 92.0 355.7 202219.6 %1.9 %-8.7 %-1.6 %2.3 %
202398.6 96.6 92.8 87.3 375.3 20233.7 %11.8 %12.9 %-5.1 %5.5 %
202496.2 102.4 97.6 82.9 379.1 2024-2.4 %6.0 %5.2 %-5.0 %1.0 %
202580.3 90.6 87.0 75.2 333.1 2025-16.5 %-11.5 %-10.9 %-9.3 %-12.1 %
202682.9 20263.2 %
Gross Profit (Loss)Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202218.8 18.9 13.7 19.3 70.7 202219.8 %21.9 %16.7 %21.0 %19.9 %
202320.7 22.6 19.5 19.4 82.2 202321.0 %23.4 %21.0 %22.2 %21.9 %
202421.8 22.4 23.3 17.9 85.4 202422.7 %21.9 %23.9 %21.6 %22.5 %
202518.5 21.4 21.4 18.1 79.4 202523.0 %23.6 %24.6 %24.1 %23.8 %
202620.5 202624.7 %
Operating Expenses (1) (2)
Operating Expenses as a % of revenues(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202216.7 15.5 15.0 17.3 64.5 202217.6 %17.9 %18.2 %18.8 %18.1 %
202316.3 17.2 16.6 16.8 66.9 202316.5 %17.8 %17.9 %19.2 %17.8 %
202418.5 18.4 17.1 22.3 76.3 202419.2 %18.0 %17.5 %26.9 %20.1 %
202517.9 19.0 19.3 22.9 79.1 202522.3 %21.0 %22.2 %30.5 %23.7 %
202620.6 202624.8 %
Restructuring & Impairment Charges (1) (2) (3)
Q1Q2Q3Q4FY
2024— — — 4.3 4.3 
2025— — — 3.2 3.2 
Operating Profit (Loss) (1) (2)
Operating Profit (Loss) %(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20222.1 3.4 (1.3)2.0 6.2 20222.2 %3.9 %-1.6 %2.2 %1.7 %
20234.4 5.4 2.9 2.6 15.3 20234.5 %5.6 %3.1 %3.0 %4.1 %
20243.3 4.0 6.2 (4.4)9.1 20243.4 %3.9 %6.4 %-5.3 %2.4 %
20250.6 2.4 2.1 (4.8)0.3 20250.7 %2.6 %2.4 %-6.4 %0.1 %
2026(0.1)2026-0.1 %
(1)During the fourth quarter of 2024, Bolzoni recognized a $4.3 million restructuring & impairment charge.
(2)During the fourth quarter of 2025, Bolzoni recognized a $3.2 million restructuring & impairment charge.
(3)Restructuring and impairment charges are included in Operating Expenses as noted above.


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The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

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