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Here are 1-3 brief analogies for Hyster-Yale:

• The Caterpillar of industrial material handling equipment.

• PACCAR for warehouse trucks.

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• Lift Trucks: Hyster-Yale designs, manufactures, sells, and services a comprehensive line of lift trucks under the Hyster and Yale brand names.
• Attachments and Forks: The company produces and distributes various attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names.
• Aftermarket Parts: It sells a wide range of aftermarket parts under Hyster, Yale, UNISOURCE, and PREMIER brands for the service of both its own and competitor lift trucks.
• Port Equipment: Hyster-Yale designs and produces specialized equipment for port operations.
• Rough Terrain Forklifts: The company manufactures forklifts specifically designed for use in challenging off-road or uneven terrain environments.
• Hydrogen Fuel-Cell Technology: Hyster-Yale designs, manufactures, and sells hydrogen fuel-cell stacks and engines.

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Major Customers of Hyster-Yale (HY)

Hyster-Yale Materials Handling, Inc. (HY) sells primarily to other companies.

Its primary direct customers are independent Hyster and Yale retail dealerships, to whom it markets its lift trucks and sells aftermarket parts. The provided background information does not list specific names of these dealerships, nor does it indicate if they are public companies with symbols.

Beyond its direct dealership network, Hyster-Yale's products are ultimately used by a diverse range of business-to-business (B2B) and governmental customers. These represent the major end-user categories that the company serves indirectly through its dealerships, and potentially directly for specialized products or services. These end-user customer categories include:

• Industrial and Manufacturing Sector: This category encompasses light and heavy manufacturers, building materials and paper suppliers, lumber, and metal product companies that utilize lift trucks and material handling equipment in their production and operational processes.
• Logistics, Warehousing, and Rental Services: This includes trucking and automotive companies, rental companies (which provide equipment to various industries), warehouses, food distributors, and container handling companies, all relying on material handling solutions for storage, movement, and distribution.
• Retail and Public Sector: Retailers use Hyster-Yale's products for managing inventory and logistics within their stores and distribution centers. Additionally, the company serves U.S. and non-U.S. governmental agencies for various operational needs requiring material handling equipment.

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Alfred M. Rankin, Jr. Executive Chairman of the Board

Mr. Rankin became Executive Chairman of the Board of Hyster-Yale, Inc. in May 2023. Previously, he served as Chairman and Chief Executive Officer of Hyster-Yale from February 2021, and prior to that, as Chairman, President, and Chief Executive Officer since Hyster-Yale was spun off as an independent company from NACCO Industries, Inc. in September 2012. He joined NACCO as President and Chief Operating Officer in April 1989, becoming President and Chief Executive Officer in May 1991, and Chairman, President, and Chief Executive Officer in May 1994. Before joining NACCO, Mr. Rankin was Vice Chairman, Chief Operating Officer, and a Director of Eaton Corporation, where he had also served as President of Eaton's Materials Handling and Industrial Groups, and Executive Vice President - Operations. He also worked for McKinsey and Company, a management consulting firm. The Rankin family maintains controlling influence over Hyster-Yale through a dual-class share structure.

Rajiv K. Prasad President and Chief Executive Officer, Hyster-Yale, Inc., and interim Principal Financial Officer

Mr. Prasad is the President and Chief Executive Officer of Hyster-Yale, Inc. He also serves as the company's principal financial officer starting January 1, 2026, following the resignation of the previous CFO. His role includes oversight responsibilities for all of Hyster-Yale's subsidiaries, including its forklift truck business (Hyster-Yale Group, Inc.), attachment business (Bolzoni, S.p.A.), and fuel cell business (Nuvera Fuel Cells, LLC). Previously, Mr. Prasad held the position of Chief Product and Operations Officer.

Anthony J. Salgado President and Chief Executive Officer, Hyster-Yale Materials Handling

Mr. Salgado became President and Chief Executive Officer of Hyster-Yale Materials Handling in January 2025. In this role, he is responsible for the overall performance of the company's lift truck business and global growth strategy. He has over 28 years of experience in the materials handling industry. Mr. Salgado joined Hyster-Yale Materials Handling in 2016 as Senior Vice President, Japan, Asia-Pacific, India and China, and then served as Chief Operating Officer before being promoted to his current role. Prior to Hyster-Yale, he was Vice President and Corporate Officer of UniCarriers Corporation (formerly Nissan Forklift) and President of its Americas Division for 15 years, where his experience included leadership roles in quality, manufacturing, and aftermarket operations. He also held Six Sigma and Quality leadership roles at GE Appliances and GE Capital, and served as a Lieutenant in the United States Navy.

Dena R. McKee Vice President, Controller and Chief Accounting Officer

Ms. McKee serves as the Vice President, Controller and Chief Accounting Officer for Hyster-Yale, Inc.

Suzanne S. Taylor Senior Vice President, General Counsel and Secretary

Ms. Taylor is the Senior Vice President, General Counsel and Secretary for Hyster-Yale, Inc.

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The key risks to Hyster-Yale Materials Handling, Inc.'s business include intense competition and a lag in adopting new technologies, significant macroeconomic headwinds leading to volatile demand and increased costs, and persistent profitability challenges.

The most significant risk stems from intense competition and Hyster-Yale's slower adaptation to the industry's shift towards electric vehicles (EVs) and automation. Major global competitors such as Toyota Material Handling and KION Group are reportedly outpacing Hyster-Yale in these crucial technological transitions, challenging Hyster-Yale's market share and product relevance. The expansion of low-cost foreign manufacturers, including Chinese OEMs, further pressures Hyster-Yale's pricing and gross margins.

Secondly, the company faces substantial macroeconomic headwinds, which have contributed to volatile and weakening market demand. This has led to lower production rates, declines in order backlogs, and overall reduced revenue. Compounding these demand issues are persistent cost pressures, including significant tariff costs and supply chain disruptions, which have directly impacted the company's expenses and squeezed profit margins.

Finally, Hyster-Yale has experienced ongoing profitability challenges, reflected in stalled earnings per share growth and a non-competitive cost structure compared to its rivals. Its subsidiary, Nuvera Fuel Cells, LLC, which focuses on hydrogen fuel cell technology, has also contributed to operating losses due to increased research and development expenses and reduced government funding, acting as a cash drain on the company. In late 2025, the company reported adjusted operating losses and a net loss for the full year, underscoring these margin and cost headwinds.

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The accelerating adoption of autonomous mobile robots (AMRs) and automated guided vehicles (AGVs) in warehouses, manufacturing facilities, and logistics operations, which can perform many material handling tasks traditionally requiring human-operated lift trucks.

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Hyster-Yale Materials Handling, Inc. (HY) operates in several addressable markets related to material handling equipment, port equipment, and hydrogen fuel cell technology. The market sizes for their main products and services are as follows:

Lift Trucks (Forklifts)

• The global forklift trucks market size was valued at approximately USD 86.57 billion in 2025 and is projected to grow to USD 229.17 billion by 2034. Other estimates for the global forklift market size in 2025 range from USD 70.9 billion to USD 90.97 billion.
• In North America, the forklift market was estimated at USD 11,942.7 million in 2025 and is projected to reach USD 30,502.0 million by 2033. Another source indicates a market size of USD 13.2 billion in 2025, expected to reach USD 25.4 billion by 2034.
• The Europe forklift market was valued at USD 25.40 billion in 2025 and is projected to reach USD 72.84 billion by 2034.
• The Asia Pacific forklift market generated a revenue of USD 39,910.6 million in 2025 and is expected to reach USD 108,119.0 million by 2033. This region dominated the global market with a 48.60% share in 2025.

Material Handling Equipment (includes lift trucks, attachments, and aftermarket parts)

• The global material handling equipment market was estimated at USD 189.6 billion in 2025 and is expected to grow to USD 372.6 billion by 2035. Other estimates place the global market size at USD 261.71 billion in 2025, projected to reach USD 489.65 billion by 2034, and USD 259.44 billion in 2025, anticipated to hit USD 470.82 billion by 2035.

Port Equipment

• The global port equipment market was valued at USD 19.3 billion in 2024 and is estimated to grow to USD 33.1 billion by 2034. Another report indicates a market size of USD 20.4 billion in 2025, projected to reach USD 35.5 billion by 2035.
• The U.S. port equipment market was worth over USD 3.5 billion in 2024.

Hydrogen Fuel-Cell Stacks and Engines (specifically for forklifts)

• The global hydrogen fuel cell forklift market size was valued at USD 2.57 billion in 2024 and is poised to grow to USD 10.56 billion by 2033. Other estimates for the global hydrogen fuel cell forklift market size in 2024 are around USD 1.4 billion to USD 1.6152 billion.
• In North America, the hydrogen fuel cell forklift market had a size of USD 646.08 million in 2024, holding over 40% of the global revenue. North America leads this market with a 36% share.
• Europe's hydrogen fuel cell forklift market accounted for a share of over 30% of the global market size, with a value of USD 484.56 million in 2024.

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Hyster-Yale Materials Handling, Inc. (HY) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market developments:

• Recovery in Market Demand and Increased Bookings: After a period of customer caution and deferred purchases, Hyster-Yale has observed a significant strengthening in bookings, particularly in the Americas, during the fourth quarter of 2025 and continuing into early 2026. This upward trend signals the potential beginning of a demand recovery, which is expected to translate into higher shipment volumes and stronger revenue in the latter half of 2026 and beyond.
• Expansion of Product Portfolio with Modular, Electrified, and Automated Solutions: Hyster-Yale is strategically focusing on developing and launching new products based on a modular architecture, which enhances cost efficiency and scalability. Key areas of innovation include an emphasis on electrification, offering lithium-ion and hydrogen fuel cell options through its Nuvera business, and expanding into automation with warehouse-specific robotics and new reach truck lines designed to meet the growing demands of the e-commerce sector. New modular, scalable electric counterbalanced trucks were also anticipated for launch in the first half of 2025.
• Growth in Aftermarket Parts and Bolzoni Attachments: The company is actively working to enhance its aftermarket business by refining its dealer network to achieve higher service density globally. This initiative aims to increase parts penetration, with a goal of 20% by the end of 2025, thereby generating recurring, high-margin revenue. Additionally, the Bolzoni attachments business is being expanded to offer specialized solutions in sectors such as paper, recycling, and automotive, helping to diversify revenue streams away from the cyclicality of truck sales.
• Geographic Expansion, particularly into Emerging Markets: Hyster-Yale's growth strategy includes targeting new and emerging markets, such as the JAPIC region. The company is leveraging its modular product architectures to offer competitive solutions and is making international manufacturing investments in locations like Vietnam and India to support its global market penetration strategy and to cater to the growing logistics demand in Southeast Asia.

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Share Repurchases

• Hyster-Yale's Board of Directors authorized a stock repurchase program in November 2024, for up to $50 million or 1.5 million shares of its outstanding Class A Common Stock, whichever comes first.
• Annual share buybacks for HY stock were reported at -$14 million in 2024, indicating a net issuance of shares rather than repurchases for that year.
• The trailing twelve-month (TTM) annual share buybacks for HY stock were approximately $1.5 million as of March 2026.

Share Issuance

• Hyster-Yale has diluted its shareholders over the last five years, with its share count increasing by 5.5%.
• The total number of Class A Common Stock shares outstanding increased from 12.97 million in February 2021 to 14.24 million in February 2025.
• Share issuances have occurred through equity compensation plans for non-employee directors, such as awards granted on July 1, 2025.

Inbound Investments

• No significant inbound investments by third parties (such as strategic partners or private equity firms) in Hyster-Yale were identified within the last 3-5 years.

Outbound Investments

• No significant outbound strategic investments or acquisitions by Hyster-Yale were identified within the last 3-5 years. The acquisition of Zhejiang Maximal Forklift Co., Ltd. occurred in 2018.

Capital Expenditures

• For 2025, Hyster-Yale's capital expenditures were forecasted to range between $50 million and $60 million.
• Management has stated a commitment to monitoring market conditions and adjusting investment levels and timing as market visibility improves, as part of its disciplined capital allocation framework that includes executing strategic investments to support profitable growth.
• The industrial sector, including Hyster-Yale, has shown an increased willingness to proceed with capital spending that was previously on hold during much of 2025.