Hyster-Yale (HY) investor relations material

Executive summary

• Bookings reached $680 million, up 17% sequentially and more than double the prior year, marking the fourth consecutive quarter of growth.

• Revenue increased 2% sequentially to $813 million, but declined 15% year-over-year due to lower shipment volumes and a shift to lower-priced models.

• Operating loss narrowed to $18.4 million from $28 million in Q1 2026, but was higher than the $8.5 million loss in Q2 2025, driven by lower volumes, unfavorable mix, and higher tariff costs, partially offset by cost reductions.

• Net loss attributable to stockholders was $32 million, including a $3 million non-cash valuation allowance for Brazilian deferred tax assets.

• Operating cash flow improved to $17 million, a $50 million sequential improvement, driven by lower inventory and favorable changes in accrued liabilities.

Financial highlights

• Bookings up 17% sequentially and more than double year-over-year to $680 million.

• Revenue up 2% sequentially to $813 million, but down 15% year-over-year.

• Adjusted operating loss improved to $16.7 million, a $10 million sequential improvement.

• Net loss of $32 million, including a $3 million non-cash tax item.

• Operating cash flow positive at $17 million, up $50 million from Q1.

Outlook and guidance

• Moderate full-year operating loss expected for 2026, with strongest improvement anticipated in late 2026 as production and shipments rise.

• Bookings in 2026 are expected to exceed 2025, with backlog at approximately five months of production.

• Tariff-related costs remain elevated, but pricing and sourcing actions and restructuring are expected to provide increasing benefit in the second half of 2026.

• Trailing 12-month EBITDA projected to exceed pre-COVID levels in H2 2027.

• Capital expenditures for 2026 are projected at $50–$60 million, focused on manufacturing, product development, and IT.