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Published: 2025-05-06 20:55:27 ET
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EX-99 2 hydataschedule33125ex99.htm EX-99 Document

EXHIBIT 99
Hyster-Yale, Inc.
(in millions of $, except percentage data)
Revenues - Consolidated
Revenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021732.2 765.6 748.2 829.7 3,075.7 2021-6.8 %17.0 %14.7 %15.3 %9.4 %
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 2025-13.8 %
Gross Profit (6)
Gross Profit % (6)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021118.4 116.4 65.1 63.5 363.4 202116.2 %15.2 %8.7 %7.7 %11.8 %
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 %
2025177.7202519.5 %
Operating Expenses (7)(8)(10)(11)
Operating Expenses as a % of Revenue (7)(8)(10)(11)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021115.3 110.5 119.4 170.5 515.7 202115.7 %14.4 %16.0 %20.5 %16.8 %
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 202517.2 %
Restructuring & Impairment Charges (6)(7)(8)(10)(11)(12)(13)
Q1Q2Q3Q4FY
2021— — 24.8 56.9 81.7 
2024— — 1.2 21.4 22.6 
20250.2 
Operating Profit (Loss) (6)(7)(8)(10)(11)
Operating Profit (Loss) % (6)(7)(8)(10)(11)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20213.1 5.9 (54.3)(107.0)(152.3)20210.4 %0.8 %-7.3 %-12.9 %-5.0 %
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 20252.3 %
Interest (Income) Expense
Q1Q2Q3Q4FY
20212.7 3.7 4.0 4.5 14.9 
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 
Income (Loss) Before Taxes
Effective Income Tax Rate (9)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20218.5 (0.1)(56.3)(107.0)(154.9)202128.2 %n.m.-36.4 %-7.3 %-18.3 %
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 202548.2 %


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders (8)(9)
Q1Q2Q3Q4FY
20215.6 1.9 (77.2)(103.3)(173.0)
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 
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
202111.7 11.6 11.4 11.5 46.2 
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 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021539.7 645.9 692.4 697.0 697.0 202118.4 %21.1 %23.1 %22.7 %22.7 %
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 202522.1 %
Capital Expenditures
Q1Q2Q3Q4FY
20217.7 10.4 11.4 14.8 44.3 
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 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
2021(47.1)(53.6)(91.1)(61.7)(253.5)
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)
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
20219.5 (8.7)(10.9)(14.4)(24.5)
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)
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)


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
2021(8.0)45.5 77.2 78.9 193.6 
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 
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
20215.3 5.4 5.5 5.4 21.6 
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 
Total Debt
Debt to Total Capitalization (4)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021285.4 345.7 428.0 518.5 518.5 202131.7 %35.4 %45.6 %57.5 %57.5 %
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 202547.8 %
Total Equity
Return on Equity (5)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021615.8 630.0 510.2 382.9 382.9 20214.6 %4.2 %-9.4 %-31.0 %-31.0 %
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 202520.0 %
(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 and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by $14.8 million and $1.3 million, respectively.
(7)During the third quarter of 2021, Nuvera recognized a $10.0 million impairment charge of property, plant and equipment.
(8)During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(9)During the third and fourth quarters of 2021, the Company recognized a valuation allowance of $38.4 million and $20.2 million, respectively, provided against deferred tax assets.
(10)During the third quarter of 2024, JAPIC recognized $1.0 million and Nuvera recognized $0.2 million in restructuring & impairment charges.
(11)During the fourth quarter of 2024, the Company recognized $16.8 million ($6.8 million in the Americas, $2.4 million in EMEA and $7.6 million in JAPIC), Bolzoni recognized $4.3 million and Nuvera recognized $0.3 million of restructuring & impairment charges
(12)Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.
(13)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.


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
20192021202220232024
LTM 3/31/25 (4)
Average Stockholders' Equity (1)
527.8525.5241.9288.9454.4478.6
Average Debt (1)
324.0373.4535.2532.2476.0474.0
Average Cash (1)
(63.4)(93.8)(66.8)(69.3)(75.9)(75.6)
Average Capital Employed788.4805.1710.3751.8854.5877.0
Net Income (Loss)35.8(173.0)(74.1)125.9142.399.4
Plus: Interest Expense, Net18.014.927.334.731.030.2
Plus: Restructuring and Impairment Charges18.070.0——22.622.8
Plus: Tax Valuation on Deferred Tax Assets58.6————
Less: Income Taxes on Interest Expense, Net (2)
(4.7)(3.9)(6.8)(8.7)(8.1)(7.9)
Less: Income Taxes on Restructuring and Impairment Charges (2)
———(5.9)(5.9)
Actual Return on Capital Employed (3)
67.1(33.4)(53.6)151.9181.9138.6
Actual Return on Total Capital Employed Percentage (3)
8.5%(4.1)%(7.5)%20.2%21.3%15.8%
(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 2021, 2024 and 2025, 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 3/31/25 average stockholders' equity, debt and cash are calculated using the quarters ending 3/31/24, 6/30/24, 9/30/24, 12/31/24 and 3/31/25.



Lift Truck Business
(in millions of $, except percentage data)
Revenues - AmericasRevenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021459.7 479.1 494.3 551.5 1,984.6 2021-16.5 %5.3 %15.8 %20.2 %4.9 %
2022557.7 596.6 571.3 679.8 2,405.4 202221.3 %24.5 %15.6 %23.3 %21.2 %
2023685.9 788.5 716.5 708.4 2,899.3 202323.0 %32.2 %25.4 %4.2 %20.5 %
2024769.7 881.5 771.1 800.2 3,222.5 202412.2 %11.8 %7.6 %13.0 %11.1 %
2025698.9 2025-9.2 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021170.7 175.1 153.4 179.7 678.9 202112.2 %45.8 %6.7 %4.1 %15.3 %
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 2025-40.7 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202160.5 65.0 56.1 52.3 233.9 202135.7 %35.4 %16.9 %-0.4 %21.1 %
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 202525.5 %
Revenues - Lift Truck BusinessRevenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021690.9 719.2 703.8 783.5 2,897.4 2021-7.6 %15.5 %13.8 %14.6 %8.4 %
2022779.1 846.3 796.2 938.0 3,359.6 202212.8 %17.7 %13.1 %19.7 %16.0 %
2023948.7 1,038.7 952.0 981.5 3,920.9 202321.8 %22.7 %19.6 %4.6 %16.7 %
20241,006.8 1,118.0 967.4 1,021.6 4,113.8 20246.1 %7.6 %1.6 %4.1 %4.9 %
2025864.4 2025-14.1 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2021105.4 103.2 66.9 54.4 329.9 202115.3 %14.3 %9.5 %6.9 %11.4 %
202285.9 81.3 74.6 129.2 371.0 202211.0 %9.6 %9.4 %13.8 %11.0 %
2023155.6 177.0 186.0 192.8 711.4 202316.4 %17.0 %19.5 %19.6 %18.1 %
2024215.6 239.4 172.9 191.8 819.7 202421.4 %21.4 %17.9 %18.8 %19.9 %
2025160.8 202518.6 %


Lift Truck Business
(in millions of $, except percentage data)
Operating Expenses(1) (2)
Operating Expenses as a % of revenues(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202193.2 87.8 88.2 147.6 416.8 202113.5 %12.2 %12.5 %18.8 %14.4 %
202296.693.0 89.8 102.0 381.4 202212.4 %11.0 %11.3 %10.9 %11.4 %
2023107.8114.5 120.9 138.6 481.8 202311.4 %11.0 %12.7 %14.1 %12.3 %
2024126.3136.3 133.9 146.5 543.0 202412.5 %12.2 %13.8 %14.3 %13.2 %
2025130.6202515.1 %
Restructuring & Impairment Charges (1)(2)(3)(4)
Q1Q2Q3Q4FY
2021— — — 55.6 55.6 
2024— — 1.0 16.8 17.8 
20250.2 
Operating Profit (Loss)(1) (2)
Operating Profit (Loss) %(1) (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202112.2 15.4 (21.3)(93.2)(86.9)20211.8 %2.1 %-3.0 %-11.9 %-3.0 %
2022(10.7)(11.7)(15.2)27.2 (10.4)2022-1.4 %-1.4 %-1.9 %2.9 %-0.3 %
202347.8 62.5 65.1 54.2 229.6 20235.0 %6.0 %6.8 %5.5 %5.9 %
202489.3 103.1 39.0 45.3 276.7 20248.9 %9.2 %4.0 %4.4 %6.7 %
202530.2 20253.5 %
(1)During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(2)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.
(3)Restructuring and impairment charges are included in Operating Expenses as noted above.
(4)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.





Bolzoni
(in millions of $, except percentage data)
RevenuesRevenues - Bolzoni - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202179.5 84.8 90.0 93.5 347.8 2021-9.6 %32.1 %42.2 %36.9 %22.6 %
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 2025-16.5 %
Gross Profit (Loss)Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202116.4 15.8 15.2 14.1 61.5 202120.6 %18.6 %16.9 %15.1 %17.7 %
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 202523.0 %
Operating Expenses (1)
Operating Expenses as a % of revenues(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
202115.6 16.2 15.2 16.3 63.3 202119.6 %19.1 %16.9 %17.4 %18.2 %
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 202522.3 %
Restructuring & Impairment Charges (1) (2)
Q1Q2Q3Q4FY
2024— — — 4.3 4.3 
Operating Profit (Loss) (1)
Operating Profit (Loss) %(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20210.8 (0.4)— (2.2)(1.8)20211.0 %-0.5 %— %-2.4 %-0.5 %
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 20250.7 %
(1)During the fourth quarter of 2024, Bolzoni recognized a $4.3 million restructuring & impairment charge.
(2)Restructuring and impairment charges are included in Operating Expenses as noted above.



Nuvera
(in millions of $, except percentage data)
Revenues
Q1Q2Q3Q4FY
2021— 0.3 0.2 0.2 0.7 
20220.6 0.3 1.2 1.3 3.4 
20231.6 1.0 1.5 0.2 4.3 
20240.5 0.2 0.3 0.4 1.4 
2025— 
Gross Profit (Loss) (1)
Q1Q2Q3Q4FY
2021(3.3)(2.5)(16.5)(4.4)(26.7)
2022(1.9)(1.6)(2.0)(1.7)(7.2)
2023(2.1)(1.8)(1.9)(2.4)(8.2)
2024(2.3)(2.5)(3.0)(1.8)(9.6)
2025(2.0)
Operating Expenses (2) (3)
Q1Q2Q3Q4FY
20216.5 6.5 16.0 6.6 35.6 
20226.2 6.3 7.0 7.6 27.1 
20237.7 7.4 7.5 5.6 28.2 
20247.1 9.0 8.8 6.5 31.4 
20257.9 
Restructuring & Impairment Charges (1) (2) (3) (4)
Q1Q2Q3Q4FY
2021— — 24.8 1.3 26.1 
2024— — 0.2 0.3 0.5 
Operating Profit (Loss) (1) (2) (3)
Q1Q2Q3Q4FY
2021(9.8)(9.0)(32.5)(11.0)(62.3)
2022(8.1)(7.9)(9.0)(9.3)(34.3)
2023(9.8)(9.2)(9.4)(8.0)(36.4)
2024(9.4)(11.5)(11.8)(8.3)(41.0)
2025(9.9)
(1)During the third and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by $14.8 million and $1.3 million, respectively.
(2)During the third quarter of 2021, Nuvera recognized a $10.0 million impairment charge of property, plant and equipment.
(3)During the third and fourth quarters of 2024, Nuvera recognized $0.2 million and $0.3 million of restructuring charges, respectively.
(4)Restructuring and impairment charges are included in Gross Profit (Loss) and Operating Expenses as noted above.