What Hyster-Yale, Inc. told the SEC could break it.

Hyster-Yale's globally sourced, multi-country manufacturing makes it highly exposed to trade policy: tariffs implemented in 2025 caused it to incur approximately $100 million of various tariff-related costs on inventory purchases, and its outlook assumes Chinese tariffs at 10%, the Section 232 steel/steel-derivatives tariff, and a Section 301 lift-truck-parts exemption that is not assumed to extend beyond November 10, 2026; escalating and uncertain tariffs among the U.S., Brazil, China, Europe and India (and a February 2026 Supreme Court tariff ruling) could further materially increase its costs and pressure margins.

“operating results were unfavorably affected by tariffs implemented in 2025 which led to the Company incurring approximately $100 million of various tariff-related costs on inventory purchases.”

Hyster-Yale depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and fuel-cell engines and cast-iron counterweights used in some lift trucks, certain of which are imported and subject to inspection/regulation; a disruption, quality failure or price increase from these few critical-component suppliers (or import/customs delays) could interrupt production and materially reduce profitability.

“The Company depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and fuel cell engines and cast-iron counterweights used in some lift trucks.”

Hyster-Yale's products and purchased parts are made from commodity raw materials — steel, rubber, copper, lead, castings and counterweights — and the cost of the parts it buys is affected by the same economic conditions that drive its own input costs; if prices for these raw materials increase, its profitability could be materially reduced, particularly in a subdued-demand environment where it cannot fully pass costs through.

“The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights.”

Hyster-Yale has a dual-class capital structure: Class A common stock (one vote per share) represented approximately 29% of voting power at December 31, 2025, while Class B common stock (ten votes per share) holds the remaining majority of voting power, much of it held by certain members of the Company's extended founding family; this concentrates control over significant corporate actions in a small group whose interests may diverge from those of public Class A stockholders, limiting other shareholders' influence.

“Holders of Class B common stock are entitled to cast ten votes per share and, as of December 31, 2025, accounted for the remaining voting power of the Company.”