Q4 2024 Investor Presentation EXHIBIT 99 This presentation includes forward-looking comments subject to important risks and uncertainties. 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 and for information reconciling financial measures to GAAP. Past performance may not be representative of future results. Forward-looking information noted in the following slides is effective as February 25, 2025. 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. Safe Harbor Statement and Disclosure 2 Q4 2024 Quarterly Overview 4 One company with three businesses, each offering a full line of products and services Hyster-Yale (NYSE: HY) LIFT TRUCK Core Business 1 BOLZONI Attachment Business 2 NUVERA Fuel Cell Business 3 FOR EACH BUSINESS Board of Directors ● CEO ● P&L and balance sheet ● Tailored incentive plans
REVENUES OPERATING PROFIT ADJUSTED OPERATING PROFIT(2) NET INCOME ADJUSTED NET INCOME(2) 5 Hyster-Yale at a Glance – Q4 2024 $1.1B $32M $54M $10M $26M CONSOLIDATED SEGMENTS $M LIFT TRUCK(1) BOLZONI(1) NUVERA(1) Operating Profit (Loss) $45 $(4) $(8) Adjusted Operating Profit (Loss)(2) $62 $(0) $(8) ________ (1) These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information. (2) Adjusted operating profit (loss) 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 67. Key Takeaways – Q4 2024 6 2025 FINANCIAL OUTLOOK IMPROVING FINANCIAL LEVERAGE 47% DEBT TO TOTAL CAPITAL down 800 Bps* vs. prior year 18% WORKING CAPITAL PERCENTAGE OF SALES improved 300 Bps* vs. Q3 ‘24 INCREASED BOOKINGS $400M UNIT BOOKINGS VALUE +8% vs. Q3 ‘24 $1.9B UNIT VALUE BACKLOG ~5-month production foundation SOLID EXECUTION AGAINST STRONG PY $1.1B REVENUE +4% vs. prior year $54M ADJUSTED OPERATING PROFIT(1) +10% vs. prior year $26M ADJUSTED NET INCOME(1) +4% vs. prior year *Bps: Basis points (1) Adjusted Operating Profit (Loss) 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 67. Year-over-year revenues and profits expected to significantly decline vs. robust 2024 results Strong cash flow from operations comparable to 2024 Inventory efficiency improvements expected HY CONSOLIDATED LIFT TRUCK(1) BOLZONI(1) NUVERA(1) Q4 2024 Q3 2023 VARIANCE Q4 2024 Q4 2024 Q4 2024) Revenues $1,068 $1,027 $41 $1,022 $83 $0 Adjusted Operating Profit (Loss)(2) $54 $49 $5 $62 $0 $(8) Adjusted Net Income (Loss)(2) $26 $25 $1 Adjusted EBITDA(2) $65 $61 $4 $70 $3 $(7) ($M) Results for Q4 2024 vs. Prior Year 7 ________ (1) These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information. (2) 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 67. • Revenue: $1B, +4% y/y ‒ Favorable sales mix ‒ Americas pivot toward higher-value Class 4 and 5 offset by EMEA shift to lower average revenue Class 3 • Adj. operating profit: $62M, +15% y/y ‒ Gross profit decline y/y due to cost inflation-related variances and warranty cost increases ‒ Decreased SG&A from lower employee- related expenses LIFT TRUCK • Revenue: $83M, 5% lower y/y ‒ Lower-margin sales mix and decreased volumes • Adj. operating loss: $0.1M, +104% y/y ‒ Lower-margin sales mix and manufacturing inefficiencies ‒ Loss on sale of non-core business. BOLZONI • Revenue: $0.4M; higher y/y ‒ Ongoing hydrogen supply constraints and heavy-duty electric vehicle development program delays restrained growth • Adj. operating loss: flat y/y ‒ Improved margin from cost reduction actions offset by higher product development and facility lease costs NUVERA FUEL CELLS Quarterly Cash and Debt Positions 8 As of 12/31/24: • ~$97M of Cash on hand • Unused Borrowing Capacity ~$290M • Working Capital to Sales ratio: 18%; Target 15% ‒ Inventory lower ~$100M vs. Q3 ‘24 ‒ Inventory efficiency improvements remain a key priority • Dividends paid: ‒ FY 2024: $24M • Stock repurchases: Q4 ’24 ~$5M Q4 2024 CASH FLOW ACTIVITY 344 47% 30% 40% 50% 60% 70% 80% 100 200 300 400 500 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Net Debt Debt to Total Capital % CONTINUED DEBT TO TOTAL CAPITAL IMPROVEMENT ($M) 90 0 50 100 150 200 250 300 350 2025 2026 2027 2028 US EMEA ABL & TLB MATURITIES 300 225 15(1) ABL(2) TLB(3) ($M) (1) Amortizing principal: ~$2.2M per year (2) ABL: Asset Backed Loan expires June 2026 (3) TLB: Term Loan, final payment due May 2028
9 Significant revenue and profit decline from robust prior year FY 2025 Outlook • Lower revenue compared to 2024 due to legacy product phase out • Operating profit improvement vs. 2024 ‒ Improved product margins largely due to legacy phase-out ‒ Reduced operating costs BOLZONI • Revenues significantly lower vs. 2024 ‒ Lower 2024 bookings market driving lower 2025 production ‒ Qtrly. production cadence increases across 2025 • Substantial operating profit decrease vs. 2024 ‒ Margins impacted by increased competitive dynamics ‒ Higher costs to propel strategic initiatives LIFT TRUCK NUVERA • Revenue above 2024 ‒ Higher shipments incl. new products • Operating results improve vs. 2024 ‒ Lower costs stemming from reduction in force ‒ Increased product development costs including for mobile charging products HYSTER-YALE, INC. • Significant decreases in revenues, production levels and profits vs. 2024 • Strong cash flow from operations comparable to 2024 level ‒ Working capital efficiencies, focused on inventory management Company Overview & Strategy Image Placeholder Use same image as slide 1; blend of all brands/solutions REVENUES OPERATING PROFIT ADJUSTED OPERATING PROFIT(2) NET INCOME ADJUSTED NET INCOME(2) 11 Hyster-Yale at a Glance – Full Year 2024 $4.3B $245M $267M $142M $159M CONSOLIDATED SEGMENTS $M LIFT TRUCK(1) BOLZONI(1) NUVERA(1) Operating Profit (Loss) $277 $9 $(41) Adjusted Operating Profit (Loss)(2) $295 $13 $(41) ________ (1) These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information. (2) Adjusted operating profit (loss) and Adjusted net income (loss) are supplemental measures and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations to the most directly comparable GAAP measures in the Appendix starting on page 67. 12 One company with three businesses, each offering a full line of products and services Hyster-Yale (NYSE: HY) LIFT TRUCK Core Business 1 BOLZONI Attachment Business 2 EMEA 16.4% Americas 74.8% Bolzoni 4.5% NUVERA Fuel Cell Business 3 2024 *JAPIC: Japan, Asia Pacific, India, China ~0% Nuvera ($M) CONSOLIDATED FINANCIALS Revenues Adjusted Operating Profit(1) Adjusted Net Income(1) SALES BY SEGMENT JAPIC* 4.3% (1) Adjusted operating profit (loss) and Adjusted net income (loss) are supplemental measures and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations to the most directly comparable GAAP measures in the Appendix starting on page 67. 2024 $4,308 $267 $159
13 LIFT TRUCKS FUEL CELLSATTACHMENTS Transformation focused on reducing impact of material movement on people, environment and the economy driven by the imagination and creativity of our team Vision: Transforming the way the world moves materials from Port to Home We make our customers two promises Mission: Providing Optimal Solutions & Excellent Customer Care 14 • Understand customers’ applications and needs for equipment/power options • Provide optimal solutions • Enhance customer productivity at lowest cost of ownership OPTIMAL SOLUTIONS • Never let customers down • Engagement and solutions through lifecycle • Increase value in solutions offerings CUSTOMER CARE Integrity • Commitment • Accountability • Respect • ExcellenceICARE Values 15 Products are handled numerous times by a forklift before they reach the end customer Lift Trucks are Integral to Our Lives 8,600 GLOBAL EMPLOYEES GLOBAL INDUSTRY COVERAGE • Industry application focus • Full-range of classes 1 to 5 lift trucks • Integrated technologies to reduce cost of ownership and enhance safety • Full-range of attachments and power options, including fuel cells REGIONAL OPERATIONS • Focused design centers • Regional production and parts centers LOCAL SALES & SERVICE* • HY and capable dual-brand dealers’ business models aligned • Entrepreneurial customer-focused dealers ‒ ~3,200 sales professionals ‒ ~10,200 technicians 16 Serving customers globally, regionally and locally using an industry- and customer-focused approach Global Leader of Material Handling Solutions *Detailed information on number of dealers available in appendix on page 77.
Global Mega Trends Accelerate Growth Long-term growth rates supported by market shifts and HY’s unique capabilities ELECTRIFICATION Fuel cells and smart batteries INFORMATION AS A SERVICE Telemetry and data services LOW-COST COMPETITION Modular, scalable products 17 PRODUCTIVITY Industry-specific approach to application challenges EMPLOYEE SAFETY Operator Assist and AGVs* LABOR SHORTAGES AutomationTe ch no lo gy S ol vi ng C ha lle ng es Lift trucks increasingly impact every aspect of our lives *Automated Guided Vehicles Electric ● Hydrogen ● ICE 18 100+ Years of Leading Innovations and Operational Excellence 18 *CB: Counterbalanced trucks CLASS 1 CLASS 2 CLASS 3 CB* WAREHOUSE ELECTRIC CLASS 4 CLASS 5 COUNTERBALANCED INTERNAL COMBUSTION (ICE) BIG TRUCKS: 8 to 52 TON BATTERY/FUEL CELL ICE CLASS 1 CLASS 5 ~2,500 lbs 100,000+ lbsCAPACITY Clamps ● Rotators ● Multipallets ● ForksAutomation ● Operator Assist ● Telematics TECHNOLOGY SOLUTIONS POWER OPTIONS ATTACHMENTS Full Range of products, power options and solutions Efficient capital deployment targeting high returns Unique Business Model 19 OPTIMIZE CAPITAL DEPLOYED • Independent dealer network • Independent suppliers • Financing arm (joint venture) CAPITAL EFFICIENT INVESTMENTS • Modular, scalable product platforms • Manufacturing footprint optimization • “Center of Gravity” suppliers INVESTMENT PRACTICES Focus on investments in areas of expertise over investments that require high capital carrying costs *ROTCE: Return on Total Capital Employed FINANCIAL TARGETS >20% ROTCE* 7% operating profit margin Lift Truck + Bolzoni 15% Working capital as % of sales 20 Operating Structure Optimized to Deliver Customer-Centric Solutions Through Our 3 Businesses CUSTOMERS • Global • Full product line • Solve biggest pain points • Optimal Solutions • Customer Care Disciplined people, thoughts and actions DISTRIBUTION • Exclusive, independent dealers • Direct sales to major accounts • Focus on: ‒ Share growth ‒ Capturing full customer potential INTERNAL CAPABILITIES • Modular, scalable platforms • “Center of gravity” suppliers • Optimized manufacturing footprint • Customer-focused aftermarket infrastructure
21 Service plus technology capabilities enhance the core and accelerate performance Well-Defined, Long-Term Strategies Across All Businesses ENABLE STAKEHOLDERS’ SUCCESS • Customers • Dealers • Suppliers • Employees • Shareholders Management incentives aligned with long-term value creation and shareholder success GROWTH IN CORE • Growth through our Economic engine - Consistent, pressure tested roadmap for GDP+ increases • Growth through industry expansion ENHANCE COMPETITIVE ADVANTAGE • Evolutionary Service solutions enhance core growth • Revolutionary Technology solutions accelerate growth • Accretive to core GDP+ growth POSITION FOR FUTURE GROWTH • Accretive capital allocation • Investing in strategic initiatives • Commercializing fuel cell technology Geographic and Product Balance Worldwide Distribution Strength to Drive Market Share Be the leader in independent distribution LIFT TRUCK BUSINESS Five core strategies to transform HY’s competitiveness, market position and economic performance over time, each supported by strategic projects Our Economic Engine Drives Compounding Growth 22 Parts and Service Volume Large Lift Truck Population in Service Volume Economies of Scale Provide lowest cost of ownership, while enhancing productivity for customers Be the leader in the delivery of industry- and customer- focused solutions Be a leader in fuel cells and their applications Be the leader in the attachments business NUVERA BOLZONI Adaptable, agile, problem-solving business Specific Corporate, Lift Truck, Bolzoni and Nuvera Projects Commercial Discipline & New Products • Pricing • Technology solutions - Automation - Green energy REVENUE GROWTH Market Growth & Technology Innovation • Modular, scalable products • Solutions-based industry approach 23 Strategically Focused with Disciplined Execution Capital Efficiency & Supplier Optimization • “Center of gravity” suppliers • Manufacturing footprint optimization • WC* efficiency Smart Investments • Independent distribution • Partner collaboration PROFIT GROWTH CAPITAL DEPLOYMENTCASH GENERATION Connecting strategies to key projects within our businesses to achieve growth objectives PROJECTS FOR *WC – Working Capital 24 Sustainable competitive advantage through disciplined, global cross-functional projects Our Superpower, Easy to Understand, Hard to Replicate THICKET OF ACTIVITIES Cross-company projects CULTURE Discipline, problem solving MOMENTUM Synergistically accelerating results ACCOMPLISHMENTS Systematic, mission driven, relentless
Fuel Cell Business: NUVERA One Company, Three Synergistic Businesses 25 Executing on growth strategies with a margin and cash emphasis Core Business: LIFT TRUCKS Attachment Business: BOLZONI Central & Regional Structure • Modular, Scalable Platforms • Industry Approach & Solutions Technology to Address Customers’ Challenges • Leverage the HY Distribution Network Long-Term Financial Objectives REVENUE GROWTH GDP ++ • Global market expansion • Solution and asset- based selling • Technology as a service • Fuel cell adoption for electrification OPERATING PROFIT MARGINS 7% Sales • Modular and scalable vehicles • Pricing agility • Technology solutions • Fixed cost optimization WORKING CAPITAL 15% Sales • Supply chain and operations optimization • Advanced information systems • Inventory efficiency focus ROTCE >20% • Increased and consistent operating profits • Accretive capital allocation • Efficient capital base 27 Progress toward Lift Truck & Bolzoni long-term targets key to long-term HY results Strategy Execution Accelerating Progress + + = 28 Achieve long-term targets, sustain performance, intensify cash flow focus Significant Opportunities for Lift Truck & Bolzoni REVENUE WORKING CAPITAL % SALES(1) ADJUSTED OPERATING PROFIT MARGIN(1) ROTCE(1) ACHIEVE TARGETS • Modular, scalable products • Industry-specific solutions • Pricing agility and cost management • Optimized production and supply • Advanced technologies and services SUSTAIN PERFORMANCE • End markets grow with global consumption • Leadership in high-value product automation and fuel cells • Optimized cost structure absorbs business cyclicality • Efficient supply chain minimizes inventory transit • Investment discipline over efficient asset base 0 2,000 4,000 6,000 2020 2021 2022 2023 2024 Future GDP++ $M (4%) (2%) 0% 2% 4% 6% 8% 7% Target (10%) 0% 10% 20% 30% Sustain at 20%+ Note: 2021/2022 results negatively impacted by global supply chain disruptions (1) Refer to definitions and reconciliations to the most directly comparable GAAP measures in the Appendix starting on page 67. 2020 2021 2022 2023 2024 Future 0% 5% 10% 15% 20% 25% 2020 2021 2022 2023 2024 Future 15% Target 2020 2021 2022 2023 2024 Future
29 Generating consistent cash flows at Lift Truck and Bolzoni and making disciplined investments Accretive Capital Allocation Framework Efficient Fixed Cost Utilization Effective Working Capital Management Capital Productivity Reduce Leverage Fuel Growth and Efficiency Acquire Capabilities Routine Debt Service Maintenance CapEx ~ equal to depreciation Research and Development product line evolution Reliable Dividends reflect business confidence Strong Operating Cash Flow Excess Free Cash Flow Consistent use of Cash Focus on balance sheet strength and flexibility ROTCE Goal: >20% Additional Shareholder Return Nuvera Funding Rising core financial performance enhanced by fuel cell growth business Our Path to Long-Term Value Creation Adjusted Operating Profit & Margin(1) $267M / 6.2% Revenue $4.3B Cash from Operations $171M 2024 Operating Profit & Margin >$350M / 7% Revenue >$5B Cash from Operations >$300M FUTURE ROTCE >20% Revenue Growth GDP++ Operating Profit 7% Sales Working Capital 15% Sales is a Valuation Multiplier • A leader in the emerging hydrogen economy • Significant nearer term commercial opportunities in mobile charging energy 30 CORE + (1) Adjusted operating profit is a supplemental measure and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations to the most directly comparable GAAP measures in the Appendix starting on page 67. 31 Innovative, disciplined, long-term focused company HY - A Solid Long-Term Investment Option • Established industry provides consistent growth potential • High barriers to entry • Profit generation from new products / technology and market penetration • Strong operating cash generation potential • Venture / technology industry provides significant growth opportunities • Next generation technology / patents in fuel cell • Building for the future • Focused on increasing revenues near term • Combining innovation and discipline to create strong outcomes INCREASING SHAREHOLDER VALUE FUEL CELL BUSINESS LIFT TRUCK & ATTACHMENT BUSINESS TECHNOLOGY-ENABLED MATERIAL HANDLING SOLUTIONS Solving our customers’ most difficult problems 32 Focused business portfolio and capabilities for long-term growth Overall Investment Thesis ATTRACTIVE GLOBAL MARKETS Support solid long-term growth potential in our 3 businesses STRONG FINANCIAL RESULTS Drive accretive capital allocation HYDROGEN FUEL CELL SOLUTIONS Diverse portfolio of energy efficient products
Lift Truck Business Transforming the way the world moves materials from Port to Home. 34 Diversified across regions and product classes Improved Lift Truck Business Financial Performance 2.7 2.9 3.4 3.9 4.1 2020 2021 2022 2023 2024 LIFT TRUCK REVENUES • Solid growth trend • Significantly improved margins • Improving cash flow trend UNIT REVENUE BY CLASS 25% Class 1 Electric 9% Class 2 Electric 6% Class 3 Electric 14% Class 4 ICE Class 5 ICE 46% ADJUSTED OPERATING PROFIT MARGIN(1) 3.2% (1.1%) (0.3%) 5.9% 7.2% (4%) (2%) 0% 2% 4% 6% 8% 2020 2021 2022 2023 2024 Target 7% Source: Company FY 12/31/24 Unit Revenues ($B) (1) Adjusted Operating Profit Margin is a supplemental measure and should not be considered in isolation or as a substitute for GAAP measures. See reconciliations to the most directly comparable GAAP measures in the Appendix starting on page 67. 22% Industrials Full-line global lift truck manufacturer serving a broad group of end markets 14% Service, Rental & Other Electric Units Aftermarket 7% Independent Dealers 35 Revenue Diversification 2024 LIFT TRUCK SALES BY PRODUCT _____________________ (1) Includes Big Truck sales that represent 12% of total sales. (2) Represents Hyster-Yale North American Lift Truck unit revenue by industry. 2024 RETAIL LIFT TRUCK UNIT REVENUE BY END MARKET(2) (1) 2024 LIFT TRUCK DISTRIBUTION CHANNEL MIX 77%23% Major Accounts Food and Beverage 23%27% Retail and Durable Goods Logistics 27% ICE 47% 32% Large installed lift truck base drives parts sales ~ 1,014K units @ 12/31/24 1,094 1,100 1,182 1,395 1,538 1,507 1,638 2,341 2,183 2,088 2,132 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Est. FY24 CAGR (2014 – 2024) = 7% (units in thousands) Global Lift Truck Industry Size* including China _____________________ Trend line including China represents 7% 11-year CAGR Average Industry Size. Trend line excluding China represents 5% 11-year CAGR Average Industry Size. Market linked to worldwide movement of all goods Global Lift Truck Industry Industry Units by Class 18% Class 1 Electric 6% Class 2 Electric 52% Class 3 Electric 1% Class 4 ICE Class 5 ICE 23% _____________________ Source: WITS*. 9/30/24 Orders Reports ICE = Internal Combustion Engine Americas EMEA Asia-Pacific China 36 Estimate** 820 858 905 1,010 1,095 1,027 982 1,499 1,427 1,252 1,267 0 300 600 900 1,200 1,500 1,800 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Est. FY24 Global Lift Truck Industry Size* excluding China Estimate**(units in thousands) CAGR (2014 – 2024) = 5% Right: chart excludes Chinese market, which consists largely of Chinese OEMs that do not reflect HY’s primary customer base. Significantly above trend ’21-’22 Significantly above trend ’21-’22 Source: WITS*. Represents annual order intake through 9/30/24. ** Estimate: FY24 based on WITS information through 9/30/24 and company estimates. WITS Industry Data reported one quarter in arrears.
Diversified across regions and product classes Industry and HY Lift Truck Revenue 37 *Note: Class 1, 2, 3 – Electric; Class 4, 5 – ICE (Internal Combustion Engine) Class 1* 33% Class 2* 12%Class 3* 10% Class 5* 43% ________________ Source: Internal Company estimates through 12/31/2024 Estimated Industry Revenue Mix Industry Unit Revenue by Class Class 4 2% Class 1* 25% Class 2* 9% Class 4* 14% Class 5* 46% HY Unit Revenue by Class _____________________ Source: Company: FY 2024 Unit Revenues 6% Class 3* HY Unit Revenue by Region Americas 76% EMEA 19% _____________________ Source: Company: FY 2024 Unit Revenue Note: Units sold direct by SN JV are not included China 1% 4% Asia-Pacific / JapanEMEA 34% Americas 29% China 16% _____________________ Source: Internal Company estimates through 12/31/2024 Estimated Industry Revenue Mix Industry Unit Revenue by Region 21% Asia-Pacific / Japan HY revenue mix weighted toward the Americas HY revenue mix weighted toward higher-value Class 4 & 5 units Takeaway 38 Growth Potential On Top of GDP+ Market Robotics Modular, Scalable Operator Assist Installation, Commissioning Telematics Electrification Warehouse Engineered Solutions Independent Dealers Fleet & Consulting Connected Lift Trucks Customer Care (HYCare) Subscription Support Breadth Exclusive Features Scalability Integrated Solutions Modular Design HY COMPETITIVE ADVANTAGES Evolutionary advantages enhance the core • Revolutionary shifts accelerate performance Evolving capabilities align with market growth elements Lift Trucks (Core Products) Economic Engine GDP+ Revolutionary GDP++ Core Lift Truck Products Technology to Enhance User Outcomes Services Provided to Customers Evolutionary LIFT TRUCK MARKET PENETRATION Americas EMEA JAPIC To ta l M ar ke t S ize AMERICAS WAREHOUSE VS. INDUSTRIALS Key Opportunities for Market Share Growth 39 Growth Opportunity • Modular, scalable products fit for region • Globally enhanced sales process & capabilities • Strengthening AsOne distribution • Focused leadership, talent and organization REGIONAL GROWTH POTENTIAL • New warehouse-focused Yale® branding • Specialization + emerging technology solutions • Evolving electrification capabilities • Enhanced industry focused coverage INDUSTRY GROWTH POTENTIAL Warehouse Industrials To ta l M ar ke t S ize Hyster-Yale Others Hyster-Yale Others Leverage global capabilities to achieve share potential across markets (1) Majority of China market dominated by Chinese OEMs – not readily accessible to non-Chinese OEMs China(1) Market Growth Opportunity Source: WITS shipments* data LTM 12/31/23 and Company shipments LTM 12/31/23 *WITS shipments* data available 6 mos. in arrears. 40 Expanding Solutions Address Global Industry Requirements Enhancing competitive capabilities through product breadth, scalability and technology MODULAR / SCALABLE PLATFORMBREADTH Simplifies operations; maximizes configurability; generates enhanced profits Complete product range to serve nearly every application EMERGING TECHNOLOGIES Practical innovations across platforms simplify adoption Image ELECTRIFICATION Rapidly adding electrification power options for all models to support zero emissions
2021 2022 2023 2024 Americas EMEA JAPIC (1) 0.3%(2) 2% 6% 11% The Right Truck, at the Right Price for the Right Application • 9 component modules; commonality enables design, assembly and parts synergies • Modules scale up/down with interchangeable price/function/value components Supply Chain & Manufacturing Optimization • Concentration/growth of global sourcing partners ‒ Goal: ~70% supplier reduction over next 4 years • Transition to localized supplier production and managed inventory ‒ JIT* sequenced assemblies reduce working capital • Standardized global tools/processes drive manufacturing agility/configurability • Technology/automation optimize labor, safety and performance • Global core production capabilities/capacity optimize cost Core Product Strategy – Modular & Scalable Platforms 41 (1) Shipments began late Q1 ‘24; 146 trucks shipped as of 12/31/24. Product line available in value/standard/premium configurations. (2) Percentages represent modular, scalable shipments as % of total unit shipments. *JIT: Just in Time **ICE: Internal Combustion Engine Modular, Scalable, 2- to 3.5-ton ICE** Truck Shipments Accelerating Provides increased market share, profitability, cash efficiency & improved working capital levels Solving Customers’ Problems with Emerging Technologies 42 Innovations driving breakthrough results DATA ANALYTICS Telemetry data helps improve operator safety, TCO* and productivity 81,000+ Active units Projected Growth 7%+ per year** SMART MACHINES Operator assist systems help reduce incidents and damage; lowers TCO 8,300+ HY units in field Projected Growth 20%+ (7-year CAGR)** FULL AUTOMATION Robotic lift trucks lower labor costs, product damage and TCO 700+ HY units in field Projected Growth 25%+ (7-year CAGR)** ZERO EMISSIONS (ZE) Lithium-ion & hydrogen fuel cells open path to decarbonization < 100 units ZE Heavy-Vehicle units in field Projected Growth 50%+ (7-year CAGR)** Digitization • Automation • Decarbonization *TCO: Total Cost of Ownership. **Source: Internal company estimate. WIN: Operator Assist Systems with Object Detection 43 TARGETED CONQUEST CUSTOMER • Membership-only warehouse club store • ~ 600 stores in the U.S. and Puerto Rico • Customer serviced by competitor • Greenfield site looking to reduce costly incidents CUSTOMER'S BIGGEST CHALLENGES • Pedestrian safety concerns during busy times • Costly safety incidents • High product damage and costs HY WINNING PACKAGE 12 Operator Assist Units + Object Detection • Knowledge and understanding of customer’s facilities and needs leads to new business win • Proven technology helps promote enhanced reaction time between operator and pedestrians, helping reduce incidents • Ability to increase efficiency/reduce damages Ideal solution leads to new customer and business growth Capitalizing on electric truck advancements where ICE* has traditionally dominated Major Electrification Projects 44 *ICE: Internal Combustion Engine List is based on current information and subject to change. KEY PROJECTS Projects are helping customers meet port-equipment decarbonization regulations/requirements: • Currently operating electrified fuel cell materials handling equipment: ‒ Container Handler at Port of Los Angeles, USA ‒ Reach Stacker at Port of Valencia, Spain ‒ Terminal Tractor at Port of Hamburg, Germany • Expected delivery of electrified fuel cell Empty Container Handler at Port of Hamburg, Germany • Expected delivery of 10 zero-emission battery-powered terminal tractors to APM Terminals for Port of Mobile, USA • Exploring options for additional electrification projects in European Union and United States
EXPECTED LAUNCHES IN H1 2025 • New modular 2- to 3.5-ton Pneumatic ICE* Standard & Value Configurations for Americas & EMEA regions • New modular 1-2.0 ton pneumatic and 1-3.5-ton cushion products for Americas & EMEA regions • New modular 2- to 3.5-ton electric counterbalance product • Localization of 10-18 Ton CB** ICE truck for China and AP regions • New 2-ton Platform Pallet Truck Standard Configuration for AP region • New entry level stacker 1.2 ton for all regions • New modular 1-2.0 ton 3 Wheel Stand up CB products for Americas region • Targeted introductions of internally developed, modular automated trucks for Americas region • Expand options for Hyster® UT, Yale® UX, and Maximal-branded lift trucks for global regions 45 Upcoming Product Launches *ICE: Internal Combustion Engine; **CB: Counterbalanced List is based on current information, actual launch timing dependent on markets and customers. HY’s Automation Journey 46 Flexible solution to reduce labor costs and total cost of ownership CUSTOMER SUCCESSORIGINAL SOLUTIONS INTERNALLY DEVELOPED AUTOMATION Generation 2 automated lift trucks, Hyster Atlas™ and Yale Relay™, testing at customer locations; co- developing automation software with 3rd party technology provider Generation 1 automated truck options launched in 2016 2 3 1 Generation 1 successful installation at large consumer goods customer site • 505 trucks delivered • 83 units on current order • 8 locations fully installed • 2 international locations to be added in 2025 KEY BENEFITS • Technology full supported by HY and its dealer network • HY automated lift truck portal is simple, adaptable and easy-to use • Lower total cost of ownership and clearer return on investment DETAILS Independent DISTRIBUTION Model 47 Leveraging Independent Distribution to Win Delivering exceptional customer experience while increasing capital efficiency • Exclusive, independent distributors worldwide ‒ Working to increase dual-branded dealerships as markets mature • Entrepreneurial customer focus • Investment in dealer/retail excellence • Coordination of dealer and major account coverage • Commercial leadership and enablement • Solution-focused capital investments • High return on total capital employed • Differentiated AsOne value to customer • OEM and dealer aligned business models • Optimizes long-term strategy and agilitySYNERGY DEALER HYSTER-YALE Lift Truck Business is the Core Platform for Delivering Value 48 Vehicle for high-margin solutions and service growth KEY TAKEAWAYS • Experienced, global market leader • Mature lift truck industry provides core platform for growth • GDP+ market growth with HY share upside potential • Strategically positioned for profit expansion across business
Bolzoni Attachments Need a good Bolzoni photo on a Hyster truck Transforming the way the world moves materials from Port to Home. Award-winning Attachment Business makes HY leading industry player Bolzoni Attachments are Critical to Productivity Solutions 50 Focused on serving lift truck OEMs* and other attachment customers using an industry approach and dealer collaboration *OEM: Original Equipment Manufacturer ADJUSTED OPERATING PROFIT MARGIN(1) 0.4% (0.5%) 1.7% 4.1% 3.5% (2%) 0% 2% 4% 6% 8% 2020 2021 2022 2023 2024 NET SALES BY PRODUCT LINE Diversified across regions and product classes Accelerating Financial Performance 51 NET SALES • Stable net sales despite a decrease in lift truck market Target 7%284 348 356 375 379 2020 2021 2022 2023 2024 54% Attachments 2% Lift Tables 7% Forks 37% Legacy Components Source: Company FY 12/31/24 Unit Revenues ($M) (1) Adjusted operating profit 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 67. BOLZONI ATTACHMENT MARKET PENETRATION* Leveraging high-quality products and deep industry experience Significant Global Growth Opportunities 52 EMEA Americas JAPIC To ta l M ar ke t S ize Bolzoni Others AREAS OF FOCUS EXPANDING MARKET SHARE • Americas and JAPIC markets • Products well aligned with market segment needs • Increased sales and marketing capabilities INDUSTRY FOCUS • One company, 3 brands serving multiple industries • Well-respected brands in many industries • Innovative, high-quality products sold across geographies, major OEMs and industries PRODUCT DEVELOPMENT, NEW TECHNOLOGIES • Economic trends, customer challenges and automation driving need for technology enhancements Growth Opportunity *Internal company estimates GROWTH
AUTOMOTIVE & 3PL* Preferred supplier of high- performance rotating tire clamp in growth industries PULP & PAPER Auramo Paper roll clamps well-respected industry brand HOME APPLIANCES Bolzoni High-tech carton clamp helps reduce product damage BEVERAGE Meyer Innovative double-pallet handler; industry-standard; productivity multiplier Leveraging high-quality, respected brands and products in growth industries 53 Driving Growth, Industry by Industry *3PL: Third-Party Logistics • Easy-Connect Product range introduced with advanced technologies for smart logistics and Internet/Wi-Fi-enabled options • Home Appliance (HA) Telescopic clamp introduced in 2024. Designed to easily handle home appliances and less than one pallet loads in confined spaces. Solving customers’ challenges through product and technological development Product Development Focus Feeds Growth 54 Sales growth Research & Development solving challenges New products / technology developed Customer input: new handling- application needs • AGVs growing in specific industries • Collaborating with AGV manufacturers for integrated attachments FUTURE DEVELOPMENT RECENT PRODUCT LAUNCHES HA Telescopic Clamp Ideal solution leads to 60% reduction in TV damages WIN: Multinational Consumer Electronics Retailer 55 TARGET CUSTOMER • Large consumer electronics retailer • 10 Distribution Centers (DC’s) and 100’s of store locations • Aged 375 carton clamp fleet; replace over 4-year period • Account served by competitor CUSTOMER’S BIGGEST CHALLENGES • Varying product sizes, packaging and weight required multiple carrying configurations • Frequent product damage during transport, • Reduced efficiency for DC’s and retail stores BOLZONI’S WINNING PACKAGE Initial Order of 30 Easy-Move TV Clamps • Customized clamp design based on knowledge and understanding of customer’s needs • On-site demo revealed clamp benefits • Allows for faster product transport and ability to reduce damage • Post clamp installation, customer confirmed 60% reduction in TV damage during transportDC DAMAGE STORE DAMAGECUSTOMER 28% OEM 2 20% OEM 3 9% OEM 4 Substantial opportunities to reach consistent profitability at target margin Clear Path to Achieving Profitability Goals 56 *Excludes cylinder sales to HY ADDRESSABLE MARKET GROWTH PRODUCT MARGIN EXPANSION IMPROVED EFFICIENCIES CREATE SYNERGIES STRONG OEM RELATIONSHIPS DIVERSIFY REVENUE • New attachment products • Increase Americas and JAPIC market participation and share • One company, 3 brands allows for an agile, unified market approach • Sell to HY and other leading OEMs • Increase in higher-margin, technologically-advanced products expected 2024* 5% Other OEM 38% OEM 1 OEM TOP CUSTOMERS
Bolzoni, a Strategic Multiplier for HY 57 KEY TAKEAWAYS • Expanding market presence outside Europe • Investing in customer-driven product innovation • Accelerating financial results with ongoing margin expansion opportunities ENHANCES HY VALUE CREATION Working capital and cash improvements focus Completes HY solution Enhance HY market penetration opportunities in EMEA Developing future talent to sustain business fundamentals Growth and margin expansion support HY goals Sell to Everyone; deepen and diversify relationships Disciplined execution and operational efficiencies Nuvera Fuel Cells Transforming the way the world moves materials from Port to Home. Nuvera Fuel Cells makes HY a leading player in zero-emission power products Hydrogen-Fueled Solutions Are A Competitive Advantage in Key Heavy-Duty Applications 59 Focused on fuel cell engines and systems for high-power, high duty- cycle vehicle applications and energy systems. Fuel cell adoption has high potential to grow where batteries are a sub-optimal solution. Long-Term Market is Immense, Adoption Rate has Slowed • Market growth behind expectations due to hydrogen infrastructure gaps and development timing of electrified heavy- duty vehicles • Nuvera targeting early adopting customers and regions worldwide • Nuvera products’ modularity enables use in new end-markets: − Mobile / Stationary Power − Heavy Duty − Marine Nuvera Fuel Cells focused on scalable products capable of broad market applicability 60 Rail ’25E FC share ’25E FC share ’25E FC share Applications Applications Applications Nuvera Products End-markets (estimated for 2030) Material handling Marine Stationary power Market size $0.3b Automotive Market size $59bn Commercial transport Market size $20b Other heavy-duty vehicles Market size $0.3b Total potential consolidated addressable market: ~$28b Po te nt ia l up si de K ey e nd -m ar ke ts Market size $0.4b Market size $6b Market size $0.3b <3 Wheel Aviation Space
193 85 75 68 54 35 32 22 Europe Latin America Oceania N. America Middle East China Africa India Rest of Asia 9 61 Hydrogen Availability Increasing; Remains an Industry Bottleneck • Hydrogen / fuel cells seen by governments across the world as key element of path to decarbonization • Hydrogen infrastructure development accelerating globally • Cost and operational challenges decreasing with growing availability ($B) Source: Hydrogen Insights 2023 December Update - latest update on the global hydrogen economy from the Hydrogen Council and McKinsey & Company Demand growth has outpaced current availability ~$570B of projects announced 9 GLOBAL HYDROGEN SUPPLY PROJECTS ANNOUNCED AS OF OCTOBER 2023 62 Increasing number of applications worldwide Focusing on Growth Opportunities in Target Markets STATIONARY & PORTABLE PORT EQUIPMENT MARINE VOCATIONAL TRUCKS OFF-ROAD & SPECIALTY • Refrigerated Delivery Truck • Semi-truck • 10.5m / 9m Bus • Bus Power Pack • Class-7 Work Truck • Wheel Loader • Mining Truck • Shunt Locomotive • Forklift Trucks • Prototype Car • Terminal Tractor • Reach Stackers • Top Loader • Port Cranes • Water Taxi • Marine Power Pack • Modular Power Pack • Auxiliary Power • Stationary Power • Power Generator • Mobile Power Station • Power Pack • EV Rapid Charger PORT EQUIPMENT Top Loader E-45 twin (U.S.) Reachstackers E-45 twin (Germany/Spain) 3rd-Party engine test collaborations in ports: Los Angeles (USA), Valencia (Spain), and Hamburg (Germany) Terminal Tractor E-45 (Germany) STATIONARY & PORTABLE POWER GENERATION Nuvera in the field Nuvera Fuel Cell Engines: Major Engagements/Projects 63 Operational Nuvera® engines Mobile Genset/ EV Rapid Charger E-60 (U.S.) ENGINE 125kW fuel cell engine for heavier- duty applications projected available in 2025 Customer collaboration to develop modular fuel cells for stationary and mobile generator applications Power Pack E-60 (Houston) ON/ OFF-ROAD 10.5m Bus Demonstrations underway in China in 2024 Wheel Loader Marine Power Pack E-60 twin (Netherlands) MARINE Helinor Energy project: energy solutions for maritime applications Nuvera Fuel Cells: Near Term 64 • Mobile power generation appears to have the greatest opportunity for near term commercial application • A number of applications in which diesel or battery power generation will not work effectively • Hydrogen can be available for many of their applications • Local hydrogen available or onsite • Hydrogen tank delivery acceptable • Nuvera is now undertaking focused study of size and timing of a mobile power strategy PATH FORWARD
Nuvera Fuel Cells is a Strategic Multiplier for HY 65 • Clean power source for 20+ applications today • HY Lift Trucks successfully electrified 4 HD models with Nuvera® Fuel Cells • Expanding fuel cell engine portfolio & services • Increasing number of addressable markets • With Nuvera Fuel Cells, HY is a leader in emission- free powertrain solutions • Focus on power generation or key source of near- term commercial opportunities KEY TAKEAWAYS Step change in emission-free powertrain solutions Appendix Reconciliations 67 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 necessarily comparable with similarly titled measures of other companies. Hyster-Yale defines each as the following: Working capital percentage of sales is defined as net working capital divided by revenues for the previous four quarters 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. 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. 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. Reconciliations to the most directly comparable U.S. GAAP measures are included in the following pages. Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss) LIFT TRUCK(1) BOLZONI(1) NUVERA(1) CONSOLIDATED Operating profit (loss) $45.3 $(4.4) $(8.3) $32.3 Restructuring and impairment charges $16.8 $4.3 $0.3 $21.4 Adjusted operating profit (loss) $62.1 $(0.1) $(8.0) $53.7 Net income (loss) -- -- -- $10.3 Restructuring and impairment charges -- -- -- $21.4 Income tax expense adjustment(2) -- -- -- $(5.6) Adjusted net income (loss) -- -- -- $26.1 Operating profit (loss) $276.7 $9.1 $(41.0) $244.8 Restructuring and impairment charges $17.8 $4.3 $0.5 $22.6 Adjusted operating profit (loss) $294.5 $13.4 $(40.5) $267.4 Net income (loss) -- -- -- $142.3 Restructuring and impairment charges -- -- -- $22.6 Income tax expense adjustment(2) -- -- -- $(5.9) Adjusted net income (loss) -- -- -- $159.0 ________ (1) These entities are presented on a stand-alone basis, and as such, do not sum to the Consolidated financial information.. (2) Tax adjustment at statutory rate of 26%. Q4 2024 FY 2024 68 ($M)
69 HY LIFT TRUCK 2021 2021 Operating profit (loss) $(152.3) $(86.9) Impairment charges(1) $81.7 $55.6 Adjusted operating profit (loss) $(70.6) $(31.3) Net income (loss) $(173.0) Impairment charges(1) $70.0 Tax valuation allowance adjustment(2) 58.6 Adjusted net income (loss) $(44.4) ($M) Reconciliations of Adjusted Operating Profit (Loss) and Adjusted Net Income (Loss) continued ________ (1) In 2021, the Company recognized $26.1m of non-cash adjustments to inventory and fixed assets at Nuvera, a non-cash goodwill impairment charge of $55.6 million, which included $11.7 million for the noncontrolling interest share and resulted in a $43.9 million net impact on the net loss. (2) Includes a $58.6 million non-cash charge for additional valuation allowances primarily on certain U.S. and U.K. deferred tax assets. Working Capital Percentage of Sales Calculation 70 2020 2021 2022 2023 2024 Accounts receivable $412.1 $457.4 $523.6 $497.5 $488.4 Inventory 509.4 781.0 799.5 815.7 754.3 Accounts payable (428.1) (541.4) (607.4) (530.2) (455.5) Net Working Capital(1) $493.4 $697.0 $715.7 $783.0 $787.2 Consolidated Revenue* $2,812.1 $3,075.7 $3,548.3 $4,118.3 $4,308.2 Net Working Capital as % of Revenue 18% 23% 20% 19% 18% *Revenue for 2020 – 2024 is actual fiscal year revenue. (1)Net working capital is equal to accounts receivable, net, plus inventories, net, less accounts payable. Reconciliation of ROTCE 71 ($M) 2020(1) 2021(1) 2022(1) 2023(1) 2024(1) Average Stockholders' Equity $554.5 $525.5 $241.9 $288.9 $454.4 Average Debt 310.3 373.4 535.2 532.2 476.0 Average Cash (83.4) (93.8) (66.8) (69.3) (75.9) Average capital employed 781.4 805.1 710.3 751.8 854.5 Net Income (loss) 37.1 (173.0) (74.1) 125.9 142.3 Plus: Interest Expense, net 12.3 14.9 27.3 34.7 31.0 Plus: Restructuring and impairment charges(2) -- 70.0 -- -- 22.6 Plus: Tax valuation on deferred tax assets(3) -- 58.6 -- -- -- Less: Income taxes on restructuring and impairment charges, net(4) -- -- -- -- (5.9) Less: Income taxes on interest expense, net(4) (3.2) (3.9) (6.8) (8.7) (8.1) Actual return on capital employed = actual net income (loss) before interest expense, net, after tax $46.2 $(33.4) $(53.6) $151.9 $181.9 Actual return on total capital employed percentage(5) 5.9% (4.1%) (7.5%) 20.2% 21.3% (1) Average stockholders' equity, debt and cash are calculated using the quarter ends and year ends of each respective year. (2) In 2021, the Company recognized $26.1m of non-cash adjustments to inventory and fixed assets at Nuvera, a non-cash goodwill impairment charge of $55.6 million, which included $11.7 million for the noncontrolling interest share and resulted in a $43.9 million net impact on the net loss. (3) Includes a $58.6 million non-cash charge for additional valuation allowances primarily on certain U.S. and U.K. deferred tax assets. (4) Tax rate used is the Company's target U.S. marginal tax rate. Rates used were 26% for 2020, 2021 and 2024 and 25% for 2022 and 2023. (5) 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. (1) In 2021, the Company recognized $26.1m of non-cash adjustments to inventory and fixed assets at Nuvera, a non-cash goodwill impairment charge of $55.6 million, which included $11.7 million for the noncontrolling interest share and resulted in a $43.9 million net impact on the net loss. ($M) Year Ended December 31 Qtr. Qtr. Consolidated 2020 2021 2022 2023 2024 12/31/24 12/31/23 Reconciliation of Adjusted EBITDA Net income (loss) attributable to stockholders $37.1 $(173.0) $(74.1) $125.9 $142.3 $10.3 $25.2 Noncontrolling interest income and dividends 1.4 (10.2) 2.5 2.2 1.9 0.4 0.5 Income tax expense 3.7 28.3 9.2 52.9 74.8 13.3 16.0 Interest expense 13.7 15.5 28.4 37.3 33.8 7.7 9.1 Interest income (1.4) (0.6) (1.1) (2.6) (2.8) (0.4) (0.7) Depreciation and amortization expense 42.9 46.2 43.4 45.1 47.6 11.8 11.3 Restructuring and impairment charges(1) - 81.7 - - 22.6 21.4 - Adjusted EBITDA $97.4 $(12.1) $8.3 $260.8 $320.2 $64.5 $61.4 ($M) Year Ended December 31 Qtr. Lift Truck 2020 2021 2022 2023 2024 12/31/24 Reconciliation of Adjusted EBITDA Operating profit (loss) $85.6 $(86.9) $(10.4) $229.6 $276.7 $45.3 Other income (expense) 3.3 7.3 3.7 7.5 5.2 (0.8) Depreciation and amortization expense 30.1 32.3 31.0 32.7 34.5 8.3 Restructuring and impairment charges(1) - 55.6 - - 17.8 16.8 Adjusted EBITDA $119.0 $8.3 $24.3 $269.8 $334.2 $69.6 Reconciliation of Adjusted EBITDA 72
Reconciliation of Adjusted EBITDA continued ($M) Year Ended December 31 Qtr. Bolzoni 2020 2021 2022 2023 2024 12/31/24 Reconciliation of Adjusted EBITDA Operating profit (loss) $1.0 $(1.8) $6.2 $15.3 $9.1 $(4.4) Other income (expense) - 0.5 0.3 (0.5) - (0.2) Depreciation and amortization expense 11.7 12.7 11.7 11.7 11.7 2.9 Restructuring and impairment charges - - - - 4.3 4.3 Adjusted EBITDA $12.7 $11.4 $18.2 $26.5 $25.1 $2.6 ($M) Year Ended December 31 Qtr. Nuvera 2020 2021 2022 2023 2024 12/31/24 Reconciliation of Adjusted EBITDA Operating profit (loss) $(36.1) $(62.3) $(34.3) $(36.4) $(41.0) $(8.3) Other income (expense) 1.3 4.5 - - - - Depreciation and amortization expense 1.1 1.2 0.7 0.7 1.4 0.6 Restructuring and impairment charges(1) - 26.1 - - 0.5 0.3 Adjusted EBITDA $(33.7) $(30.5) $(33.6) $(35.7) $(39.1) $(7.4) 73 (1) In 2021, the Company recognized $26.1m of non-cash adjustments to inventory and fixed assets at Nuvera, a non-cash goodwill impairment charge of $55.6 million, which included $11.7 million for the noncontrolling interest share and resulted in a $43.9 million net impact on the net loss. Supplemental Information Disciplined Capital and R&D Expenditures 75 -15 5 25 45 65 85 2021 2022 2023 2024 Low Est. 2025 High Est. 2025 Lift Truck IT Systems Nuvera Bolzoni C A P I TA L E X P E N D I T U R E S R & D E X P E N D I T U R E S 0% 2% 4% 0 40 80 120 160 2020 2021 2022 2023 2024 Est. 2025 Bolzoni Nuvera Lift Truck ($M) ($M) • ~39% of HY revenues come from new products released in the past 5 years No change from Q3 ’24 R&D % of Revenues • 2024 capital expenditures of $48M • 2025 total estimated capital expenditures ranges from $40-$80M • Wide range due to global economic uncertainty and its impact on HY’s business results Range Americas 76% EMEA 19% Class 1* 26% Class 2* 9% Class 4* 13% Class 5* 46% _____________________ Source: Company: Q4 2024 Unit Revenues Americas 76% EMEA 19% HY Lift Truck Revenue by Geography & Class – Quarter & FY 12/31/24 76 Class 1* 25% Class 2* 9% Class 4* 14% Class 5* 46% 6% Class 3* _____________________ Source: Company: FY 12/31/24 Unit Revenues _____________________ Source: Company: FY 12/31/24 Unit Revenue by Geography Note: Direct Unit Revenue by SN JV is not included HY Q4 ‘24 Lift Truck Unit Revenue by ClassHY Q4 ’24 Lift Truck Unit Revenue by Geography HY FY ’24 Lift Truck Unit Revenue by Geography HY FY ’24 Lift Truck Unit Revenue by Class 4% Asia-Pacific / Japan 4% Asia-Pacific / Japan *Note: Class 1, 2, 3 - Electric Class 4, 5 – ICE (Internal Combustion Engine) 6% Class 3* _____________________ Source: Company: Q4 2024 Unit Revenue by Geography Note: Direct Unit Revenue by SN JV is not included China 1% China 1%
HY Dealer Data 77 Dealers Hyster® Yale® Dual Brand Maximal* Total Owners Locations Owners Locations Owners Locations Owners Locations Owners Locations December 31, 2024 Americas 9 82 12 64 30 263 16 16 67 425 EMEA 59 139 42 85 16 24 18 22 135 270 JAPIC 71 107 9 26 5 20 42 69 127 222 Total 139 328 63 175 51 307 76 107 329 917 *Maximal totals include all brands sold by dealers
