CUSTOMER
FOCUSED
Optimal
Solutions
• Modular, Scalable
• Operator Assist
• Automation
• Telemetry
• Dual-Brand Dealer Network
• Efficient Product Movement
• Product Damage Prevention
• Clean Mobile Power
• Financial Solutions
Customer Care
Our strategy is to develop our
people, processes and systems so
that we can deliver on our mission
to never let our customers down.
Transforming the way the world moves materials from Port to Home
About The Company
Selected Financial Highlights
Letter To Our Stockholders
Form 10-K
2024 ANNUAL REPORT
HYSTER-YALE
H Y S T E R - Y A L E , I N C .
CUSTOMER
FOCUSED
Optimal
Solutions
• Modular, Scalable
• Operator Assist
• Automation
• Telemetry
• Dual-Brand Dealer Network
• Efficient Product Movement
• Product Damage Prevention
• Clean Mobile Power
• Financial Solutions
Customer Care
Our strategy is to develop our
people, processes and systems so
that we can deliver on our mission
to never let our customers down.
Transforming the way the world moves materials from Port to Home
About The Company
Selected Financial Highlights
Letter To Our Stockholders
Form 10-K
2024 ANNUAL REPORT
HYSTER-YALE
A highly configurable Hyster® H3.5A internal combustion engine forklift moves pallets outside a manufacturing plant. The H2.0-3.5A series of trucks can
be designed by the customer to get the comfort, cost and performance benefits that suit the operation and operator’s needs.
Selected Financial Highlights. . . . 02
Letter to Stockholders. . . . . . . . . . 04
Corporate Responsibility. . . . . . . . 18
Form 10-K. . . . . . . . . . . . . . . . . . . . 19
Hyster-Yale Leadership. . . . . . . . 104
Inside Back Cover
Corporate Information
Contents
About the Cover
Hyster-Yale’s vision is to transform the way
the world moves materials from Port to
Home. Underlying the Company’s vision is
a mission defined by two promises:
The first promise is to deliver optimal
solutions to meet the specific materials
handling needs of customers at the lowest
cost of ownership through a portfolio of
exceptional brands.
The second promise is to deliver these
optimal solutions with exceptional customer
care by never letting the customer down and by creating increasing
value from initial engagement through the product lifecycle and on to
the next ownership experience.
A B O U T T H E C O M P A N Y
2 0 2 4 A N N U A L R E P O R T | 1
About the
COMPANY
Above: A Hyster® J1150XD-CH, 52-ton electrified top-pick laden container handler, powered by two 45kW Nuvera® hydrogen fuel cells, is shown working
at Fenix Marine Services in the Port of Los Angeles.
CORE STRATEGIES
The Company is working to accomplish its vision and mission through its core strategies:
• Provide the lowest cost of ownership while enhancing
productivity for customers
• Be the leader in the delivery of industry- and
customer-focused solutions
• Be the leader in independent distribution
• Be the leader in the attachments business
• Be a leader in fuel cells and their applications
LIFT TRUCKS: HYSTER®, YALE®,
MAXIMAL®, SUMITOMO NACCO
The Company’s operating subsidiary,
Hyster-Yale Materials Handling, Inc.,
designs, engineers, manufactures, sells
and services a comprehensive line of lift
trucks, attachments and aftermarket
parts marketed globally, primarily under
the Hyster® and Yale® brand names,
mainly to independent, exclusive
Hyster® and Yale® retail dealerships.
The Company owns a majority interest
in Hyster-Yale Maximal Forklift
(Zhejiang) Co., Ltd., a manufacturer of
H
yster-Yale, Inc., headquartered
in Cleveland, Ohio, is a globally
integrated company offering
a full line of high-quality, application-
tailored lift trucks and solutions. These
solutions include attachments and
hydrogen fuel cell power products, as
well as a variety of other lift truck power
options and telematics, automation
and other technology-driven services.
The Company provides value creation
through a synergistic portfolio of brands.
low-intensity and standard lift trucks
and specialized materials handling
equipment. In addition, Hyster-Yale
Maximal designs and produces
specialized products in the port
equipment and rough terrain forklift
markets. Hyster-Yale also has a joint
venture in Japan (Sumitomo NACCO).
Lift truck unit volume drives the
Company’s economic engine, and
its worldwide distribution strength
drives volume, economies of scale
and installed truck population. Higher
volumes will help to generate cash and
the resources to grow the Company’s
global market coverage and strengthen
its solutions set, which will drive market
share growth. Hyster-Yale had an
estimated installed population base of
over one million lift trucks in operation in
approximately 700 industries worldwide
at the end of 2024. This population, in
turn, generates high-margin aftermarket
parts and ancillary services revenue for
both Hyster-Yale and its dealers.
ATTACHMENTS, FORKS AND
LIFT TABLES: BOLZONI®,
AURAMO®, MEYER®
Bolzoni S.p.A. is a leading worldwide
producer and distributor of attachments,
forks and lift tables marketed under
the Bolzoni®, Auramo® and Meyer®
brand names. Bolzoni also produces
components for lift truck manufacturers.
Through the design, production and
distribution of a wide range of attach-
ments, Bolzoni has a strong presence in
the market niche of lift truck attachments
and industrial materials handling.
HYDROGEN POWER: NUVERA®
FUEL CELLS
The Company’s hydrogen power
business, Nuvera Fuel Cells, LLC, is an
alternative-power, technology company
focused on the design, manufacture and
sale of hydrogen fuel cell stacks and
engines. Nuvera supplies fuel cell engines
to the Company's Lift Truck business
for integrated lift truck engines. It also
supplies fuel cell stacks and engines
to external customers, integrators and
partners who use them to develop clean-
energy power solutions.
Hyster-Yale’s vision is to transform the way the
world moves materials from Port to Home.
H Y S T E R - Y A L E , I N C .
2
Year Ended December 31
(In millions, except per share, percentage and employee data)
$ 2,812.1
$
49.9
$
38.5
(1.4)
$
37.1
$
2.21
$
2.21
$ 151.4
$ 1,859.5
$ 206.1
$ 616.9
$
493.4
17.5%
$ 166.9
$
(43.7)
$
123.2
$
(40.6)
$ 1.2700
$ 59.55
$ 36.71
16.805
16.775
16.799
7,600
$ 3,075.7
$ (152.3)
$ (183.2)
10.2
$ (173.0)
$ (10.29)
$ (10.29)
$
65.5
$ 1,970.1
$ 261.7
$ 357.1
$
697.0
22.7%
$ (253.5)
$
(24.5)
$ (278.0)
$
193.6
$ 1.2850
$ 41.10
$ 21.22
16.827
16.818
16.818
8,100
$ 3,548.3
$
(39.1)
$
(71.6)
(2.5)
$
(74.1)
$
(4.38)
$
(4.38)
$
59.0
$ 2,026.2
$ 267.0
$ 204.4
$
715.7
20.2%
$
40.6
$
(35.4)
$
5.2
$
(10.9)
$ 1.2900
$ 25.31
$ 12.07
16.939
16.901
16.901
8,200
$ 4,118.3
$ 208.7
$ 128.1
(2.2)
$ 125.9
$
7.35
$
7.24
$
78.8
$ 2,079.1
$ 241.3
$ 389.9
$
783.0
19.0%
$
150.7
$
(34.5)
$ 116.2
$ (100.5)
$ 1.2975
$ 62.19
$ 22.69
17.186
17.137
17.385
8,600
$ 4,308.2
$ 244.8
$ 144.2
(1.9)
$ 142.3
$
8.16
$
8.04
$
96.6
$ 2,029.2
$ 241.9
$ 475.1
$
787.2
18.3%
$
170.7
$
(47.6)
$ 123.1
$ (100.1)
$ 1.3750
$ 50.93
$ 27.27
17.419
17.442
17.710
8,600
Operating Statement Data:
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating profit (loss) . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interest . . . . . . . . . . . . . . . . . . . . .
Net income (loss) attributable
to stockholders . . . . . . . . . . . . . . . . . . . . . . . . . .
Basic earnings (loss) per share
attributable to stockholders . . . . . . . . . . . . . . .
Diluted earnings (loss) per share
attributable to stockholders . . . . . . . . . . . . . . .
Balance Sheet Data at December 31:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . .
Working capital(3). . . . . . . . . . . . . . . . . . . . . . . . . . .
Working capital as a percentage of sales(4) . . . .
Cash Flow Data:
Provided by (used for) operating activities . . . . .
Used for investing activities . . . . . . . . . . . . . . . . . .
Cash flow before financing activities(5) . . . . . . .
Provided by (used for) financing activities . . . . . .
Per Share Data:
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market value at December 31 . . . . . . . . . . . . . . . .
Stockholders’ equity at December 31 . . . . . . . . .
Other:
Actual shares outstanding at December 31 . . . .
Basic weighted average shares outstanding . . .
Diluted weighted average shares outstanding . .
Total employees at December 31(6) . . . . . . . . . . .
2024(1)
2023
2022
2021(2)
2020
Selected Financial
HIGHLIGHTS
S E L E C T E D F I N A N C I A L H I G H L I G H T S
2 0 2 4 A N N U A L R E P O R T | 3
(1) During 2024, Hyster-Yale recognized $22.6 million of manufacturing footprint improvement and operational
optimization charges.
(2) During 2021, Hyster-Yale recognized $26.1 million of non-cash adjustments to inventory and property, plant and
equipment at Nuvera, a non-cash goodwill impairment charge of $55.6 million, which includes $11.7 million for
the noncontrolling interest share and resulted in a net $43.9 million impact on the net loss, and a $58.6 million
non-cash charge for additional valuation allowances primarily on certain U.S. and U.K. deferred tax assets.
(3) Working capital is equal to accounts receivable, net, plus inventories, net, less accounts payable.
(4) Working capital as a percentage of sales is equal to working capital divided by annual revenues.
(5) Cash flow before financing activities is equal to net cash provided by (used for) operating activities less net cash
used for investing activities.
(6) Excludes temporary employees.
(7) 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.
** 2024 Average stockholders’ equity, debt and cash are calculated using 12/31/23 and each of 2024’s quarter ends.
** 2023 Average stockholders’ equity, debt and cash are calculated using 12/31/22 and each of 2023’s quarter ends.
*** Tax rates of 26% for 2024 and 25% for 2023 represent the Company’s target U.S. marginal tax rate compared
with the effective income tax rates of 34.2% and 29.2% in 2024 and 2023, respectively.
Year Ended December 31
(In millions, except percentage data)
$
288.9
532.2
(69.3)
$
751.8
$
125.9
34.7
–
–
(8.7)
$
151.9
20.2%
Calculation of Return on Total
Capital Employed(7)
Average stockholders’ equity . . . . . . . . . . . . . . . .
Average debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average cash . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average capital employed . . . . . . . . . . . . . . . . . .
Net income attributable to
stockholders, as reported . . . . . . . . . . . . . . . . .
Plus: Interest expense, net, as reported . . . . . . .
Plus: Restructuring and impairment charges(1) . .
Less: Income taxes on adjustment(1),
net of tax***. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Income taxes on interest expense,
net of tax*** . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on total capital employed =
actual net income before interest
expense, net, after tax . . . . . . . . . . . . . . . . . . .
Actual return on total capital employed
percentage(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
454.4
476.0
(75.9)
$
854.5
$
142.3
31.0
22.6
(5.9)
(8.1)
$
181.9
21.3%
2024*
Consolidated
2023**
Consolidated
>$4 BILLION
REVENUES
>1 MILLION
INSTALLED LIFT TRUCK
UNITS WORLDWIDE
~700
INDUSTRIES SERVED
WORLDWIDE
8,600
EMPLOYEES
Shown above is the main assembly
line at the Company’s Berea
plant. Using a modular, scalable
production approach and kitting
system, under its HYPull process,
lift truck production at the plant
has become more efficient.
The integration of both internal
combustion engine and electric
trucks on common production
lines, as well as use of the new
HYPull system, has allowed for
improvements to the plant’s
manufacturing footprint and the
optimization of other operations.
H Y S T E R - Y A L E , I N C .
4
To Our
STOCKHOLDERS
Rajiv K. Prasad
President and Chief Executive Officer,
Hyster-Yale, Inc.
Chairman,
Hyster-Yale Materials Handling, Inc.
Alfred M. Rankin, Jr.
Executive Chairman,
Hyster-Yale, Inc.
H
yster-Yale’s vision is to transform
the way the world moves
materials from Port to Home.
This transformation includes engaging
the imagination and creativity of the
Company’s employees to lessen the
impact of material movement on people,
the economy and the environment.
Underlying the Company’s vision is a
mission defined by two promises:
1. Thoroughly understand customer
applications and offer optimal solutions
that improve productivity at the lowest
cost of ownership, and
2. Provide exceptional customer care
by never letting the customer down
and creating increased value from
initial engagement, through the product
lifecycle, and on to the next ownership
experience.
The Company’s strong 2024 financial
performance was, in part, the result of
actions taken to deliver on its customer-
centric promises.
To achieve its vision and mission,
Hyster-Yale is creating a more efficient
and flexible organization through the
execution of its key strategies and
related projects. The Company’s product
development and process improvement
efforts began generating positive
momentum in late 2022, which carried
through 2023 and into 2024. As a result
of these efforts, Hyster-Yale’s 2024
financial results eclipsed the previously
unseen levels attained in 2023, with
2024 profits exceeding expectations.
In 2024, the Company generated
revenues of $4.3 billion, a 5%
improvement over 2023. Net income
increased 13% to $142.3 million
despite including pre-tax charges
totaling $23 million for additional cost-
saving manufacturing and operational
optimization programs. Much of the
Company’s robust 2024 performance
was built on its solid backlog foundation
that represented almost ten months
of revenues coming into 2024. The
additional programs initiated in late 2024
to lower costs, optimize the Company’s
manufacturing footprint and reduce lead
times are expected to better position the
Hyster-Yale is creating a more efficient and
flexible organization through the execution
of its key strategies.
T O O U R S T O C K H O L D E R S
2 0 2 4 A N N U A L R E P O R T | 5
Company for further profitable growth
over the lift truck business cycle.
Hyster-Yale is a globally integrated
company, made up of three highly
interrelated, but independently managed
businesses: Lift Truck, Bolzoni and
Nuvera Fuel Cells. The Lift Truck
business, as the core business, was
renamed Hyster-Yale Materials Handling,
Inc. in May 2024, better aligning it with
its foundational materials handling
activities. Now, the Company’s three
businesses operate under the umbrella
of Hyster-Yale, Inc., allowing each to
have a unique identity linked to its
respective brands and solutions.
The Lift Truck business had several
notable achievements in 2024.
• Ongoing succession planning led to
the promotion of Anthony Salgado,
formerly the Chief Operating Officer, to
President and Chief Executive Officer of
Hyster-Yale Materials Handling, effective
January 1, 2025.
• Average sales pricing and unit margins
continued well above target levels,
primarily due to sustained efforts to
maintain pricing discipline; this led
to a 20% Lift Truck operating profit
improvement over 2023, and a 2024
operating profit margin of 6.7%.
These results included $18 million of
manufacturing footprint improvement
and operational optimization charges.
• The full 2- to 3-ton internal combustion
engine (ICE) truck modular, scalable
product line was launched in JAPIC.
These lift trucks are now produced and
available in every major geographic
region and can be configured as
value, standard and premium, or
any combination thereof, to fit each
customer’s specific needs.
• The first customer-facing test of
the Company’s internally developed
automated truck was completed.
Bolzoni, the Company’s attachment
business, executed leadership transitions
in 2024. Roberto Scotti maintained
the title of Chairman, and Marco Rossi
became Chief Executive Officer with
LIFT TRUCKS
NUVERA FUEL CELLS
Efficiency meets innovation for the future of data centers. Smart,
automated Yale® lift trucks equipped with Jtec carts, which can hold two
server racks and a load capacity of up to 7,000 lbs., provide a seamless
and efficient workflow solution.
A Power Pack with twin Nuvera® E-60 engines powers a crane at a marine
construction pilot project in the Netherlands.
BOLZONI
A Hyster® ICE, pneumatic tire truck with a load capacity of up to 23,000 lbs.,
equipped with a Bolzoni tower clamp, moves multiple paper rolls at a Marine
Terminal in Florida. The truck’s robust 2-stage mast and carriage are
designed for a variety of heavy-duty applications.
H Y S T E R - Y A L E , I N C .
6
responsibility for Bolzoni’s financial and
operational performance.
In 2024, Bolzoni revenues improved
over 2023 as its market share,
specifically in North America, rose in
all channels - dealer, major accounts
and aftermarket - despite a declining
lift truck market. Bolzoni’s operating
profit decreased year-over-year primarily
due to a $4 million pre-tax charge for
the planned optimization of Bolzoni's
operational footprint and phase-out
of its lower-margin legacy component
manufacturing.
Nuvera Fuel Cells, the Company’s
hydrogen fuel cell business, increased
demonstrations of fuel cell engines in
various applications. Nuvera introduced
a new portable hydrogen fuel cell-
powered generator, HydroChargeTM,
in May 2024 and tested it on site at
a dealer location in September. The
Company is hopeful that fuel cell power
generation will provide needed nearer-
term sales opportunities.
Hyster-Yale's success revolves around
delivering the customer-centric solutions
that are at the heart of its mission.
2024 was not without challenges.
During the year, the character of the
market changed. After unprecedented
high demand post-pandemic, the
Americas lift truck market, which is the
Company’s largest, took a significant
downturn beginning in the second
quarter that has continued into 2025.
The Company’s strong backlog acted as
a shock absorber to this decline, allowing
it to generate robust 2024 results, but
bookings decreased, and cancellations
increased compared to 2023, especially
in the fourth quarter. A modest
improvement is expected in all markets
in the later part of 2025. The planned
actions taken to restructure and better
optimize the Company’s manufacturing
as it executes on its core strategies are
expected to also help it to offset the
effects of this market softening, and
prepare for the anticipated upturn in
2026 and 2027.
OUR CORE STRATEGIES
Hyster-Yale participates in attractive
global markets that support solid long-
term growth potential. Success in these
markets revolves around delivering the
customer-centric solutions that are at
the heart of the Company’s mission.
Hyster-Yale operates using a distinctive
business model compared to most of its
competitors. This model is built around
investing in areas of its specialized
expertise, while minimizing capital
A Hyster® electric Terminal Tractor, powered by integrated lithium-ion batteries, transports a container in a shipyard.
T O O U R S T O C K H O L D E R S
2 0 2 4 A N N U A L R E P O R T | 7
W
hen it comes to providing exceptional customer care, many boxes
need to be checked to keep customers happy – and their fleets running
smoothly. The logical place to start is at the beginning. The Hyster-Yale Startup
Care process was introduced to make this happen.
The Startup Care team has a simple goal: to ensure the highest level of
customer satisfaction. This means:
• Ensuring the customer receives the
truck they expect,
• Preparing the customer for installation
of its new product solution,
• Customizing settings to fit their
application,
• Providing operator orientation to
maximize operator acceptance, and
• Remaining engaged with the customer
90 days after product installation to
ensure complete satisfaction.
Hyster-Yale is experiencing great success with customers who have worked
with the Startup Care team. One longstanding customer, a Fortune 500 paper
company, with a fleet of over 1,000 Hyster® units, has worked closely with
the Company to develop and deploy innovative solutions to improve safety
and operational efficiency. This customer-centric solution included lift truck
features ranging from operator assistance devices to alternate energy sources.
Challenges can occur when implementing any new solution. How one responds
to those challenges is often what tips the customer satisfaction scale.
The creation and deployment of the Startup Care team identifies concerns
before they become satisfaction issues. This addition to the Company’s
HYCare customer offering is just one step in its ongoing journey to never let
customers down.
HYCare: Startup Care
A technician prepares and calibrates a truck’s Operator Assist System during delivery at the
customer’s facility as part of Hyster-Yale’s new Startup Care process.
deployed through partnering with
exclusive, independent dealers, “center
of gravity” suppliers and financial joint
ventures, to generate high returns on
capital employed.
The Company believes this approach
can generate a sustainable 7% operating
profit margin in its Lift Truck and Bolzoni
businesses, and a targeted consolidated
Return on Total Capital Employed
(ROTCE) of greater than 20% over the
lift truck business cycle. In 2024, the
Company exceeded its capital return
objective, reporting a ROTCE of 21%.
The Company’s 2024 operating profit
margin continued to improve, with
the Lift Truck business exceeding the
target after excluding manufacturing
footprint improvement and operational
optimization charges. Further program
maturity will be needed to achieve 7%
operating profit margin at Bolzoni and
for both businesses to sustain targeted
levels across the business cycle.
The Company is confident that its
structure will allow it to deliver on its
two promises since each business has
strong competitive advantages that
allow each to fully participate in relevant
markets. The Company’s core lift truck
market is generally growing over time at
a rate just above GDP levels. Anticipated
global trends, however, should provide
opportunities for Hyster-Yale to expand
more rapidly and increase market share
with profitable growth. These trends
include productivity improvement,
greater employee safety, labor
shortages, electrification, information
as a service, and low-cost competition.
To address these trends, the Company
has five strategic initiatives focused
on creating a sustainable competitive
advantage over time:
• Provide the lowest cost of ownership
while enhancing productivity for
customers,
• Be the leader in the delivery of industry-
and customer-focused solutions,
• Be the leader in independent
distribution,
• Be the leader in the attachments
business, and
• Be a leader in fuel cells and their
applications.
Collectively, execution of these
strategies is projected to increase
market share and generate profitable
growth, resulting in higher volume and
operating margins at the Lift Truck
and Bolzoni businesses and increased
bookings and shipments at Nuvera. Each
business has key projects to execute
these strategies and, as a result, achieve
the Company’s growth objectives.
“We applaud Hyster-Yale for their
commitment to solving our
most challenging problems and
ensuring we meet our goals. The
organization is clearly focused
on providing solutions to quickly
address our needs.”
- Senior Purchasing Manager
at Fortune 500 paper company
H Y S T E R - Y A L E , I N C .
8
Our Core Business
LIFT
TRUCKS
T
he Lift Truck business has more than 100 years of history through its legacy
brands, Hyster® and Yale®. The Hyster® brand has a strong position in
industrial and port markets while the Yale® brand has a strong position in
the warehouse category. Each brand has increasingly focused on applications
specific to its primary market segment. In addition, Hyster-Yale distributes
products under the low-intensity Maximal® brand, manufactured in China, and
under the Sumitomo NACCO brand through an over 50-year joint venture with
Sumitomo Heavy Industries in Japan. Over this long history, the Company has
developed an extensive knowledge of the global lift truck markets, as well as
deep and lasting relationships with a significant number of its customers.
PRODUCTS/SOLUTIONS
The Lift Truck business has three core strategies that focus on providing products
that improve customer productivity at the lowest total cost of ownership and on
delivering industry- and customer-focused solutions. Over 2025 and 2026, the
Company expects to continue to concentrate on three key projects supporting
these strategies.
Expand the lineup of modular, scalable products
The Company’s modular, scalable products are built using nine component modules
with a commonality that enables design, assembly and parts synergies. With
interchangeable components, modules can be scaled up or down in functionality.
Scalability is a tool that allows Hyster-Yale to offer market-leading configurability
through scalable options on standardized truck platforms, so each customer
gets a customized application-driven solution at the right price. The scalable
design methodology embodies the Company’s promise to understand customer
applications and provide optimal solutions. These capabilities are allowing
Hyster-Yale to compete more effectively
across a broader set of industry
applications and regions than in the past.
The Lift Truck business introduced its
modular, scalable products beginning
with its heart-of-the-line 2- to 3-ton ICE
trucks. In 2024, the full range of 2- to
3-ton modular, scalable pneumatic tire
ICE products became available in all
markets, and shipments continued to
accelerate. The counterbalanced lineup
is expected to expand in availability, with
cushion tire ICE and electrified, scalable
platforms planned for introduction in
2025 and 2026. Using this modular,
scalable approach, lift truck production
has become more efficient through the
integration of both ICE and electric trucks
on common production lines, which is
allowing the Company to further optimize
its manufacturing footprint. Importantly,
by leveraging these modular, scalable
product designs to produce similar high-
volume trucks globally, the Company can
meet customer demand while minimizing
operational costs and improving working
capital levels.
Enhance warehouse products and
technology solutions
The warehouse segment continues to
have attractive growth opportunities.
The Lift Truck business has created a
strong package of capabilities geared
toward warehouse solutions under its
Yale® Lift Truck Technologies brand.
The Yale® J2.0-3.5MXLG is the new 2- to 3-ton modular, scalable electrified lift truck solution
that provides greater flexibility to meet the demands for indoor and outdoor applications.
The scalable design methodology embodies the
Company’s promise to understand customer
applications and provide optimal solutions.
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This includes an enhanced product
lineup, combined with emerging
technology solutions, such as operator
assist systems (OAS), advanced
dynamic stability (ADS), telemetry
and on-truck robotics. In March 2024,
Hyster-Yale announced the standalone
availability of its ADS offering to provide
customers more options.
The Company continues to focus on
automated lift trucks. During 2024, the
Lift Truck business began its first on-
site customer testing of its Yale RelayTM
and Hyster AtlasTM automated forklifts.
In early 2025, the Company expects to
launch a new overarching platform for all
newly developed automated lift trucks
going forward and an intuitive portal that
replaces the complex software coding
requirements typically associated with
automation. The new portal enables
easy set-up and quick changes without
the need for custom programming,
allowing warehouses to reduce their
dependence on scarce warehouse labor
and expensive software engineering
resources.
Overall, the enhanced lift truck lineup
and technology products are creating
strong, differentiated value propositions
for warehouse customers. The Company
has worked diligently to create strong
technology adoption strategies and
specialized training so its dealers can
grow in this market. The Lift Truck
business realized modest warehouse
market share gains in 2024. Management
believes that the business is positioned to
expand share by scaling these solutions
at above market growth rates.
Electrifying traditional ICE trucks
Hyster-Yale continues expanding the
electrification of its ICE counterbalanced
products using both lithium-ion batteries
and fuel cell engines for certain specific
applications. These projects capitalize
on the Company’s long history of
developing electric powertrains and
expanding solutions for customers who
want the benefits of electrification. These
benefits include improved operator
control and comfort, such as lower
vibration and noise, and allow for easier
integration of emerging technologies like
OAS, as well as a lower carbon footprint.
Testing continues on an electrified
B
everage bottling companies
have many business challenges:
moving an increasing number of
SKUs cost-effectively and addressing
labor shortages and high employee
turnover, while providing a safe
operating environment with easy-to-
use equipment.
The Company was approached by
one of the world’s largest bottling
companies, which has approximately
300 locations, 3 distribution centers
and a roughly 3,000-unit forklift fleet
in Latin America, to provide a cost-
effective product solution to address
its challenges. This new customer
needed equipment that could utilize
easy-to-operate, pallet-handling
attachments with options to enhance
operator safety. Their original supplier
could not deliver what was needed
without unnecessary and costly
extra features.
Hyster-Yale’s modular, scalable design
platform allowed the Company to
configure the optimal lift truck solution
for the customer. Starting with a
standard truck cabin, the Company
customized the transmission and
other features, including addition of
a robust mast to handle multi-pallet
attachments. The truck was outfitted
with the Dynamic Stability System
to minimize the risk of tip-overs and
help operators of all experience levels
feel more secure, resulting in higher
productivity.
Without expensive and undesired
options, Hyster-Yale provided a
customized solution at what it
believes to be the lowest total cost of
ownership for the customer. Prior to
the Company’s new modular, scalable
design platforms, such a highly
tailored solution wouldn’t have
been available.
Hyster’s new 2- to 3-ton modular, scalable ICE truck with a Powershift transmission, touch-
screen display, Dynamic Stability System and Bolzoni load stabilizer is shown operating at a
bottling company in Latin America. The Hyster® A Series is designed with a fully integrated
set of scalable and adjustable features that allows the customer to easily fine-tune the right
solution for their specific application.
Winning Customers
with Modular,
Scalable
Forklifts
"Safety issues are a
priority, and we like
that your equipment
has the technology to
reduce the likelihood of
accidents, including the
Yale® Dynamic Stability
System, blue light and
perimeter light."
– Customer statement
H Y S T E R - Y A L E , I N C .
10
Container Handler and a ReachStacker
operating in the Port of Los Angeles
in the United States and at the Port of
Valencia in Spain, respectively. Both
trucks are powered with Nuvera® Fuel
Cells. Installations in 2024 of additional
electrified products included:
• The delivery of lithium-ion-powered
7- to 9-ton and 10- to 18-ton lift
trucks to customers in Nijmegen, the
Netherlands, and
• A fuel cell-powered Terminal Tractor to
a customer in Hamburg, Germany.
A fuel cell-powered Container Handler
is expected to be delivered to Hamburg
in mid-2025. In addition, Hyster-Yale is
currently developing battery-powered
Terminal Tractors for APM Terminals
in Mobile, Alabama, with anticipated
delivery in mid-2025, as well as fuel cell
Terminal Tractors.
To further its commitment to electric-
powered systems, in 2024, the Lift
Truck business began developing,
producing and commercializing lithium-
ion batteries and battery management
systems, including cooling and charging
systems, initially at its Fuyang, China
facility. The Company is in the process
of making these batteries available
for sale with its XT/MX 2- to 3.5-ton
lithium-ion trucks and expects to expand
to a full range of battery offerings for
Hyster®- and Yale®-branded forklifts.
The Company believes this is another
way to provide full support to its
customers, while optimizing both cost
and performance.
MARKET PARTICIPATION
The Lift Truck business sells products
through two channels: first, by working
directly with major accounts – large
customers often with centralized
purchasing and geographically dispersed
operations across several dealer
the Lift Truck business continues to
invest in additional resources to expand
these programs across all regions and
a broader population of potential key
accounts.
The Company is committed to being
a leader in exclusive, independent
and dual-brand distribution through a
dealer network representing both the
Hyster® and Yale® products in assigned
territories. Dual-brand representation
The Company continues to enhance its
customer care program to deliver on the
customer experience promise.
"Going electric with Hyster® Big
Trucks has given our customer
the ICE-like forklift performance
and reliability they need to
maintain high productivity levels
while working towards their
sustainability goals.”
– Ad Duijnhoven, Key Account
Manager, Heffiq B.V.
A Hyster® J16XD12 lift truck powered by integrated lithium-ion batteries is shown here loading materials into a lorry at Schiphol Airport, the
Netherlands. This series features a 350-volt high voltage system that delivers performance comparable to traditional diesel power in 10- to 18-ton
load capacities, helping heavy-duty applications achieve emissions goals without compromising performance.
territories – and second, by selling
through the Company’s exclusive,
independent dealer network. The major
accounts team works in cooperation
with dealers to gain success across
regions, which offers a significant
opportunity for share growth.
The Company works diligently to
develop business with major accounts
and continues to increase direct
engagement with these customers.
In 2024, major account sales grew to
23% of lift truck unit volumes, up from
19% in 2023. To facilitate this growth,
in exclusive territories results in greater
market focus, operating efficiency,
productivity and profitability, which
enables increased investment in assets,
business systems and people, with
reduced leverage and lower cost of
capital for both the Company and its
dual-brand dealer ownership groups.
Significant progress has been made
in consolidating the network and
increasing dual-brand representation.
In 2024, 59% of the Americas dealers
were dual-brand compared to 38% in
2019. EMEA dual-brand coverage has
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expected to lead to better quality, faster
response times and increased customer
satisfaction.
Hyster-Yale is optimistic about prospects
for its emerging technologies in 2025
and beyond. In warehouse applications,
the Company continues to make inroads
with its advanced technologies and
strong product lineup. In addition, the
Company expects to commercialize its
automated trucks, expand its battery
manufacturing and commercialize
additional electrified Big Trucks.
The Lift Truck business continues to
enhance its customer care program to
combine the strengths of Hyster-Yale and
its dealers to deliver on its full ownership
cycle customer experience promise.
increased to 14% from 2% five years
ago. The evolution of the Company’s
dealer network has helped facilitate the
brand positioning of Hyster® products
for industrial applications and Yale®
products for warehouse and technology-
centric applications.
The Company is also working with its
dealer partners, through systematic
collaboration, to maximize its
participation in all market segments.
Hyster-Yale is implementing a unified
customer experience platform, OneXP,
which is designed to support the
Company and its dealer partners
globally by creating a more efficient and
seamless customer-facing experience.
The first phase of this implementation
is expected to be rolled out in 2025.
The expansion of global sourcing for
Big Trucks is helping Hyster-Yale better
meet customer needs. In early 2024, the
Company announced the completion
of a new facility in China for Big Truck
production and testing. The Company
also recently announced plans to
manufacture Big Trucks in the Americas
by the end of 2026.
COMPETITIVE ADVANTAGES
The Company believes that its innovative
product and solution offerings, its
distinct sales structure and its innovative
manufacturing and supply chain
processes provide a differentiated
competitive advantage over its
competitors. Its scalable products and
technology solutions provide customers
with the right product at the right
price for the right application, while its
industry- and customer-focused sales
process connects customers’ needs
to the solutions that will solve their
toughest challenges. The Company’s
manufacturing optimization plans include
the integration of previous demand flow
technology with other systems and
techniques to create a system through
which customer demand will drive the
production process more closely. This
process, named HYPull, represents the
Company’s commitment to aligning
production with customer needs, and is
In March 2025, Hyster-Yale announced the expansion of its Hyster® A and Yale® N modular, scalable
Series with the launch of their new 2- to 3-ton electric counterbalanced models.
O
ne of the Company’s customers,
through its Heffiq Hyster® dealer,
offers premium cargo handling services
within challenging airport environments.
At Schiphol Airport, the Netherlands,
this customer depends on Hyster®
trucks to transport a variety of loads,
from medicines to animals to engines,
between warehouses and aircraft.
Committed to sustainability, this cargo
handler had already integrated a fleet of
33 electric Hyster® forklifts, powered by
lithium-ion batteries, with capacities of
1.8 to 5.5 tons, into their operations. To
The cargo handler uses this new
Hyster forklift in its 24/7 operations.
Having the ability to charge the
battery at optimal times throughout
shifts allows the customer to
maximize productivity and minimize
emissions. In addition, the switch
from lead acid to lithium-ion power
in the smaller capacity trucks has
helped reduce truck wear and
damage that was previously caused
by battery changeouts.
The electrification of this customer’s
lift truck fleet continues to provide a
reliable and sustainable solution.
Electrified Big Truck at Schiphol Airport
meet its environmental objectives, the
customer needed an electrified product
for higher capacity loads and turned to
Hyster and Heffiq for a solution.
Having already assisted this customer
with lithium-ion charging infrastructure,
the dealer recommended the Hyster
J16XD12 integrated lithium-ion-
powered lift truck. This model delivers
ICE-like performance with zero tailpipe
emissions. Capable of lifting up to 16
tons (36,000 lbs), this truck was an ideal
fit for helping the customer transition
from ICE to electric power.
H Y S T E R - Y A L E , I N C .
12
B
olzoni's strategy is to be the leader
in the attachments business by
supplying innovative customized
solutions that solve customers' specific
material handling issues. The business
focuses on several core projects to
drive growth beyond lift truck market
growth rates.
PRODUCTS/SOLUTIONS
Bolzoni is committed to designing
products that meet customer needs
for enhanced safety features, reduce
damage associated with incorrect
product handling and improve efficiency.
To achieve these goals, Bolzoni is
focusing on the use of technological
components, such as sensors, lasers,
cameras and optical readers mounted
on equipment to facilitate better
performance of the driver and the
attachment.
A Bolzoni Auramo® multiple pallet handler, which is often used for handling single or double loads of
food or beverage products, is shown on an electric Yale® lift truck.
Our Attachment Business
BOLZONI
complete the range, such as a telescopic
carton clamp, with an easy-move version
for clamping force control, and a revised
paper roll clamp that adapts to different
paper roll dimensions and weights.
of labor shortages. Bolzoni is working
with leading companies in the AGV
sector to offer customized attachments
that meet application-specific customer
requirements. Bolzoni’s investments in
these technologies are expected to help
the business expand its product offering
in coming years.
Bolzoni has developed the Silver
Line product solution for customers
demanding simple, yet high-performing
attachments at a low cost. These highly
standardized products meet the needs
for several specific common material
handling applications.
Bolzoni is focused on optimization of its
U.S. manufacturing space. The business
is phasing out its lower-margin legacy
component manufacturing, which will
create space for production of additional,
more profitable attachments and
accommodate market and share growth.
In 2024, Bolzoni introduced the new
Home Appliance Telescopic Clamp,
designed to handle home appliances
and other pallet-less loads with optimal
operator visibility. Bolzoni expects to
introduce new products in 2025 to
Interest in automating processes and
products, including Automated Guided
Vehicles (AGVs) with attachments,
continues to grow as customers want
to manufacture and move goods more
cost-effectively and reduce the impact
Bolzoni is committed to designing
products that meet customer needs for
enhanced safety features, reduce damage
associated with incorrect product handling
and improve efficiency.
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2 0 2 4 A N N U A L R E P O R T | 13
MARKET PARTICIPATION
Bolzoni continues to maintain a strong
market presence in EMEA and has
plans for further market share gains
through a customer-focused solutions
strategy, effective aftermarket care
and widespread coverage of its main
markets through owned companies
and independent dealers.
Bolzoni’s American market share is
growing significantly due to detailed
commercial action plans and
collaboration with the Americas Lift
Truck business. Further goals are to
expand the business in Latin America
and Brazil.
The business is focused on
strengthening market share in JAPIC
by leveraging its Chinese plants to
supply Bolzoni’s entire product range,
including Silver Line, to the region and
by strengthening sales and after-sales
networks, especially in the growing
India and Southeast Asia regions.
COMPETITIVE ADVANTAGES
Bolzoni believes its industry-specific
sales strategy is a competitive
advantage. This strategy targets
customers within the beverage, home
appliance, paper, automotive and third-
party logistics industries by providing
focused solutions to meet specific
industry needs. Deep knowledge of
each market and a focus on innovation
have strengthened Bolzoni’s position
within these industries and are
expected to continue to do so in
the future.
Bolzoni’s unique position of having
both premium and value products also
provides further market advantage. In
addition, an extensive global network
and its deep after-sales organization
provide full localized service support,
fast response times and high-quality
maintenance services, all in order to
provide exceptional customer care.
B
olzoni has joined forces with key
players in the Laser/Automated
Guided Vehicle (LGV/AGV) industry
to design and produce customized
attachments that have the power to
revolutionize material handling in the
logistics sector. Bolzoni’s range of
solutions includes standard equipment
and custom solutions that use smart
features, including hydraulic and electric-
driven options with sensors that help
reduce damage during movement.
Recently, Bolzoni collaborated with
Ognibene Power, a leading producer of
components for power steering systems.
Faced with the challenge of optimizing
storage capacity and enhancing safety,
Ognibene Power turned to Bolzoni for a
material handling solution.
Bolzoni designed electric-powered,
trilateral head attachments for
Ognibene’s AGVs so they could maximize
space in very narrow aisles. The new
attachments allow AGVs to travel straight
down the narrow aisles and seamlessly
handle loads from both sides of the
vehicle. This reduced operating time and
improved productivity. The all-electric
Bolzoni attachments also provided the
customer with high fork positioning
precision, cleaner handling operations
and reliable and repeatable movement,
all resulting in lower total costs.
This collaboration exemplifies Bolzoni’s
ability to provide innovative and efficient
solutions, and it reinforces Bolzoni’s
position as a leader in the attachment
industry.
“Our dedication to this
initiative has resulted in the
full automation of logistics
management at our Reggio
Emilia plant in Northern Italy,
thanks to LGVs equipped with
Bolzoni attachments.”
- Stefano Cappelletto,
Production Planner Manager
at Ognibene Power
Providing AGV
Attachments that Deliver
An AGV equipped with a Bolzoni electric-driven trilateral head, allowing for 180-degree head
rotation, fork positioner and forks, is shown operating in Ognibene Power’s very narrow
aisle warehouse application.
Nuvera plans to release a new, higher
power 125kW fuel cell engine for
heavy-duty applications. This engine is
expected to begin customer field testing
by mid-2025 and be available for sale
later in the year.
MARKET PARTICIPATION
The hydrogen fuel cell industry continues
to face slow customer adoption rates
due to ongoing hydrogen supply
H Y S T E R - Y A L E , I N C .
14
Our Hydrogen Fuel Cell Business
Nuvera Fuel
Cells
Nuvera’s engine
technology is scalable
across all models,
allowing customization
for different applications.
A prototype race car powered by Nuvera’s E-60 engine has successfully completed demonstrations
at the MIRA test facility in the UK and is fully operational.
N
uvera's core strategy is to be
a leader in fuel cells and their
applications. Focus remains
on placing 45kW and 60kW fuel cell
engines into a targeted set of heavy
vehicle and power generation system
segments where batteries alone
cannot meet market needs. These
early adopter applications are expected
to have the most significant, nearer-
term fuel cell adoption potential.
PRODUCTS/SOLUTIONS
In 2024, Nuvera engaged in several
projects with various third parties
to test Nuvera® engines in targeted
applications, including the Ports of Los
Angeles, Valencia, Spain, and Hamburg,
Germany. These projects, which
are centered on container handling
equipment and terminal tractors,
are being executed jointly with the
Company’s Lift Truck business.
In addition, Nuvera is working with
vehicle integrator partners to power
Class 6 to Class 8 vehicles, such as
refuse and refrigerated box trucks and
trailers. Product testing of these vehicles
is expected to begin in 2025, joining
the port vehicle and bus applications
already in the testing phase worldwide.
However, and very importantly, in 2024,
Nuvera introduced the HydroChargeTM,
a mobile fuel cell power product that
provides clean, off-grid power for
fast-charging electric vehicles and
clean energy genset applications. This
product was developed in collaboration
with a major power management
services provider to help meet the
growing market need for clean energy
solutions, and fill a gap for on-site
rapid recharging of electric vehicles
in challenging environments. Sales
of the HydroChargeTM are expected
to help build more robust customer
adoption of hydrogen fuel cells. Nuvera
expects demand for this generator from
businesses looking for sustainable, off-
grid power solutions, and it believes this
application of fuel cells may have the
greatest nearer-term sales opportunities
in the industry. Detailed market studies
and strategic plans for this application
are expected to be completed in
mid-2025.
O U R H Y D R O G E N F U E L C E L L B U S I N E S S N U V E R A F U E L C E L L S
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HydroCharge
TM –
Mobile Charger
Solution
A HydroChargeTM unit is shown charging an
automobile at a location in Portland, Oregon.
HydroCharge™ offers a clean,
scalable, and transportable
power solution. It provides
reliable AC and DC power
for EV charging, critical
infrastructure, and off-grid
operations with rapid refueling
and high energy efficiency.
constraints and delays in fuel cell
development programs for heavy-duty
electric vehicles. Despite these factors,
Nuvera remains focused on expanding its
reach in various geographic regions and
applications where it has the strongest
competitive advantage. To achieve
this, Nuvera works with the Lift Truck
business to leverage the Company’s
global footprint, specifically in the
Americas and Europe.
Nuvera expects its market participation
to expand as its customer base and
customers grow. The business is working
closely with customers to ensure that
current successful demonstrations,
especially in power generation, are
converted to larger demonstrations
and then to full production fleets. Given
the current climate, progress in some
applications is likely to be slower than
originally expected.
COMPETITIVE ADVANTAGES
The Company believes Nuvera has
unique competitive advantages. The
latest Nuvera® stack technology
provides higher levels of power density
and fuel efficiency than the previous
industry-leading generations. Higher
power density reduces material intensity
and drives down cost, while higher fuel
efficiency extends run time and provides
Right: The Nuvera® 60kW fuel cell engine is used to power Nuvera’s newly developed HydroChargeTM
unit, a mobile hydrogen powered generator.
a lower total cost of ownership for
customers. Nuvera’s engine technology
is also scalable across all models,
allowing the business to tailor its fuel
cell portfolio for different applications
efficiently.
To help drive fuel cell technology
adoption and give Nuvera the agility
to respond quickly to its customers’
needs, the business expects to leverage
Hyster-Yale’s service network to provide
customer care throughout the testing,
launch and full commercial phases of
fuel cell application development.
T
he first HydroChargeTM unit is
currently undergoing internal
validation. In February 2025, it
successfully charged a variety of
electric vehicles (EVs) from different
automotive OEMs. HydroChargeTM has
been tested in multiple configurations,
showcasing its versatility and
performance. It is now undergoing
further validation at Hyster-Yale’s
testing center in Portland, Oregon
and is anticipated to be ready
for customer demonstrations
starting in mid-March.
16
H Y S T E R - Y A L E , I N C .
Looking
FORWARD
A Hyster® four-wheel electric counterbalanced lift truck, with a load capacity of up to 2 tons, equipped
with a Bolzoni® clamp with manually rotating forks, is shown operating in a tire yard in EMEA.
T
he Company’s strategies are
maturing, and progress continues
in laying the groundwork for
achieving the financial targets of a
greater than 20% ROTCE and 7%
operating profit margins across a
business cycle in the Lift Truck and
Bolzoni businesses. In periods of robust
demand and backlog, as experienced
in 2024, the Lift Truck business
exceeded its target margin level.
However, with softer market demand,
lower backlog at year-end 2024 and
the resulting significantly reduced
2025 production levels, consolidated
revenues and profits are expected
to decline significantly compared to
cyclical-peak 2024 results. This aligns
with the Company's view of the forklift
truck business cycle, which is expected
to be at its lowest point by mid-2025,
after peaking during the prior two
years. Until bookings and production
levels turn up, strategic actions taken to
reduce costs, improve productivity and
deliver high-quality, highly customizable
products made consistently around
the globe should enable the Company
to have a lower break-even point in the
current downturn than in past cycles.
LIFT TRUCKS:
The Lift Truck business had an exceptional year, achieving a full-year operating profit
margin of 6.7%. If not for the manufacturing footprint improvement and operational
optimization charges, it would have exceeded its operating profit margin target. For
much of the past two years, the Lift Truck business has benefited from the tailwinds
of strong pricing and a significant order backlog. This supported robust production
levels in 2023 and 2024 with product margins well above targeted levels. Effects of
the 2024 market decline have led to a reduced, but more normalized, backlog entering
2025. To maintain a consistent backlog level, while balancing market share and
industry demand, production rates are expected to be lower in the first half of 2025
and increase in the latter half, setting the stage for expected accelerated growth in
2026. As a result of lower 2025 production levels, year-over-year Lift Truck revenue
is expected to decrease significantly. This, combined with anticipated lower unit
margins from the competitive dynamics of a market downturn, and potentially from
tariff changes, as well as increased operating expenses, is expected to generate a
significantly lower 2025 operating profit than the exceptional 2024 performance.
BOLZONI:
Bolzoni has significant long-term upside sales and profit potential. Its operating profit
margin was 2.4% in 2024 and is expected to improve toward the 7% goal over the next
several years. In 2025, operating profit is expected to improve year-over-year, despite
lower sales volumes from the continued phase-out of low-margin component sales.
A Yale® NDR045EC narrow
aisle Reach truck, designed to
help enhance forward visibility
when picking at height, is
shown operating at a food
distribution center.
L O O K I N G F O R W A R D
2 0 2 4 A N N U A L R E P O R T | 17
LIQUIDITY AND CASH FLOW
Hyster-Yale continued to reduce its
financial leverage and debt-to-total
capital ratio in 2024, and it is committed
to enhancing cash generation, with
improving working capital efficiency
central to these efforts. The current
focus is on reducing the current
18% of sales working capital level
to be at or below 15%. Intense
efforts to accelerate working capital
efficiency improvements, particularly
in inventories, are underway and are
expected to continue in 2025. Overall,
2025 cash flow from operations
is expected to remain strong and
comparable to 2024 levels, despite
significantly lower earnings.
As cash is generated, the Company will
continue to follow its disciplined capital
allocation framework to further reduce
leverage, make strategic investments to
support profitable business growth and
continue to generate strong returns for
its shareholders.
VALUATION
The overall objective of the Company’s
strategic programs is to create long-
term shareholder value. Management is
optimistic about the Company’s future
and believes that Hyster-Yale offers
a compelling, long-term investment
opportunity. Hyster-Yale has two strong
and mature businesses with outsized
NUVERA:
Nuvera continues to focus on increasing customer product demonstrations and
orders in 2025, especially for its new portable generator, HydroChargeTM. Nuvera
expects a year-over-year revenue increase largely due to new HydroChargeTM sales.
The benefits of these higher sales are expected to be tempered by a modest increase
in product development costs. Overall, Nuvera’s 2025 operating results should
improve modestly year-over-year, in part due to benefits realized from the 2024
reduction in force action.
A Nuvera® HydroChargeTM unit is shown at a location in Utah.
opportunities in their markets, and a
fuel cell business with demonstrated
technologies and customer applications.
This potential, combined with innovation
and disciplined execution, is expected
to drive strong business outcomes
and increasing shareholder returns. As
part of the Company’s commitment to
stockholders, it expects to continue
its long-standing dividend payout
practices, coupled with a $50 million
stock repurchase plan authorized
by Hyster-Yale’s Board of Directors
in 2024 to return additional value to
shareholders.
In conclusion, our exceptional 2023
and 2024 financial performance was
largely due to a strong post-Covid-era
market and strategic actions taken in
recent years. These efforts focused
on strengthening our ability to deliver
Market opportunities for the Company’s
businesses, combined with innovation and
disciplined execution, are expected to drive
strong business outcomes and increasing
shareholder returns.
H Y S T E R - Y A L E , I N C .
18
This annual report to stockholders contains forward-looking statements. For a discussion of the
factors that may cause the Company’s actual results to differ from these forward-looking statements,
please see page 30 in the attached Form 10-K.
optimal solutions and exceptional
customer care. The team has done an
outstanding job moving the business
forward and laying the foundation for
sustainable and significant profitability
and cash generation over the long term.
We believe we have the right team and
business structure to execute our key
strategic programs, achieve and sustain
long-term competitive advantage and
financial goals, and provide sound total
shareholder returns over time.
We welcomed Gary Collar, Retired Senior
Vice President of AGCO Corporation,
to our board of directors in May, and
Ann O’Hara, President of Huhtamaki
OYJ’s North America business segment,
in December. Both bring a wealth
of knowledge, experience and fresh
perspectives from their long and
successful careers. We are privileged to
have them as directors.
We would like to thank our customers,
dealers, suppliers, lenders and
stockholders for their continued
support. We know we have a
challenging year ahead, but believe we
have the programs in place to allow us
to weather the current downturn and
achieve even better results in the upturn
in future years.
Corporate
RESPONSIBILITY
W
e are clearly focused on strategic projects and financial
results, while embracing a strong corporate responsibility
ethic. Hyster-Yale believes that the long-term best interests of its
stockholders are best served by addressing appropriate health,
safety, social and environmental needs across the organization,
at its customers and in the communities in which we operate.
Through its 2026 Aspirations Program, the Company has
established specific, cost-effective corporate projects that are
expected to address these needs. All of this is carried out in the
context of leadership in the core areas in each of our businesses.
Hyster-Yale’s Corporate Responsibility report,
available at hyster-yale.com, outlines the
Company’s commitment to fostering a
responsible culture throughout its business
and product value chain.
Alfred M. Rankin, Jr.
Rajiv K. Prasad
JUN 2024
H Y S T E R - Y A L E , I N C .
DIRECTORS & OFFICERS
Hyster-Yale, Inc.
LEADERSHIP
Hyster-Yale Materials Handling, Bolzoni and Nuvera Fuel Cells
Directors:
Colleen R. Batcheler
Senior Vice President, External Affairs
and General Counsel of Hormel Foods
Corporation
James B. Bemowski
Retired Vice Chairman of Doosan
Corporation
J.C. Butler, Jr.
President and Chief Executive Officer,
NACCO Industries, Inc.® and NACCO Natural
Resources Corporation®
Gary L. Collar
Retired Senior Vice President and General
Manager at AGCO Corporation
Carolyn Corvi
Retired Vice President and General Manager
–Airplane Programs of The Boeing Company
Edward T. Eliopoulos
Retired Partner, Ernst & Young LLP
John P. Jumper
Retired Chief of Staff, United States
Air Force
Dennis W. LaBarre
Retired Partner, Jones Day
Ann A. O’Hara
President, North America of Huhtamaki OYJ
H. Vincent Poor
Michael Henry Strater University Professor
of Electrical Engineering at Princeton
University
Rajiv K. Prasad
President and Chief Executive Officer of
Hyster-Yale, Inc.
Alfred M. Rankin, Jr.
Executive Chairman of Hyster-Yale, Inc.
Non-Executive Chairman of NACCO
Industries, Inc.
Non-Executive Chairman of Hamilton Beach
Brands Holding Company
Claiborne R. Rankin
Manager of NCAF Management, LLC, the
managing member of North Coast Angel
Fund, LLC
Britton T. Taplin
Self-employed (personal investments)
David B.H. Williams
President and Partner, Williams,
Bax & Saltzman, P.C.
Officers:
Alfred M. Rankin, Jr.
Executive Chairman
Rajiv K. Prasad
President and Chief Executive Officer
Dena R. McKee
Vice President, Controller and
Chief Accounting Officer
Scott A. Minder
Senior Vice President, Chief Financial
Officer and Treasurer
Anthony J. Salgado
President and Chief Executive Officer,
Hyster-Yale Materials Handling, Inc.
Suzanne S. Taylor
Senior Vice President, General Counsel
and Secretary
Hyster-Yale Materials Handling:
Anthony J. Salgado
President and Chief Executive Officer
Charles F. Pascarelli
Senior Vice President, President, Americas
Stewart D. Murdoch
Senior Vice President, Managing Director,
Europe, Middle East and Africa
Matheus de C. Thaumaturgo
President, APIC
Lucien M.J. Robroek
President, Global Technology Solutions
Pankaj P. Shah
Vice President, Chief Information and
Digital Officer
Michele Corini
Vice President, Global Operations
Tracy S. Hixson
Vice President, Global Supply Chain
Brian A. Jennings
Vice President, Associate General Counsel -
Americas, CBDC, APIC
Gopichand Somayajula
Senior Vice President, Global Product
Development
Jon C. Taylor
Chief Financial Officer
Bolzoni:
Roberto Scotti
Chairman
Marco Rossi
Chief Executive Officer
Jon Riley
Chief Operating Officer and President,
Americas
Marco Bisagni
Chief Financial Officer
Vincenzo Gatto
President, APIC
Emanuele Scotti
President, EMEA
Nuvera Fuel Cells:
David M. LeBlanc
President and Chief Executive Officer
Ralph Clague
Chief Development Officer
Neil Gillen
Chief Operations Officer
Kedar Murthy
Chief Commercial Officer
Darwin Scussel
Chief Financial and Administration Officer
C O R P O R AT E I N F O R M AT I O N
CORPORATE
INFORMATION
Annual Meeting
The Annual Meeting of Stockholders of
Hyster-Yale, Inc. will be held on May 13,
2025, at 9:00 a.m. at the corporate office
located at: 5875 Landerbrook Drive
Cleveland, Ohio 44124
Form 10-K
Additional copies of the Company’s
Form 10-K filed with the Securities and
Exchange Commission are available free
of charge through Hyster-Yale’s website
(hyster-yale.com) or by request to
Investor Relations.
Investor Relations Contact
Investor questions may be addressed to:
Investor Relations
Hyster-Yale, Inc.
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124
(440) 449-9611
Stock Transfer Agent
and Registrar
Stockholder Correspondence:
Computershare Investor Services
P.O. Box 43006
Providence, RI 02940-3078
Overnight Correspondence:
Computershare Investor Services
150 Royall Street, Suite 101
Canton, MA 02021
(877) 373-6374 (U.S., Canada and
Puerto Rico)
(781) 575-2879 (International)
Legal Counsel
Jones Day
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Independent Registered
Public Accounting Firm
Ernst & Young LLP
1001 Lakeside Avenue, Suite 1800
Cleveland, Ohio 44114
Stock Exchange Listing
The New York Stock Exchange
Symbol: HY
Company Website
Additional information about Hyster-Yale
may be found on the corporate website,
hyster-yale.com. The Company considers
this website to be one of the primary
sources of information for investors and
other interested parties.
Brand Websites:
Hyster Global: hyster.com
Yale Global: yale.com
Nuvera Fuel Cells: nuvera.com
Bolzoni: bolzonigroup.com
Hyster-Yale Maximal: maxforklift.com
Sumitomo-NACCO:
sumitomonacco.com.jp
5875 Landerbrook Drive, Suite 300
Cleveland, Ohio 44124 | hyster-yale.com
An Equal Opportunity Employer