Hyster-Yale Inc (HY) 2026 Q1 法說會逐字稿

Good day and welcome to the Heister Yale Inc. first quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Heister Yale Inc. 2026 年第一季財報電話會議。(接線員指示)

Please note, this event is being recorded.

請注意，本活動將被錄音。

I would now like to turn the conference over to Andrea Saba, Director, Investor Relations and Treasury. Please go ahead.

現在我想把會議交給投資人關係與財務部總監 Andrea Saba。請開始。

Good morning, and thank you for joining us for HyperYale's first-quarter 2026 earnings call. I'm Andrea Saba, Director of Investor Relations and Treasury.

各位早安，感謝各位參加 HyperYale 2026 年第一季財報電話會議。我是投資人關係與財務部總監 Andrea Saba。

Joining me today are Al Rankin, Executive Chairman, and Rajiv Prasad, President and Chief Executive Officer.

今天與我一同出席的有執行董事長 Al Rankin，以及總裁兼執行長 Rajiv Prasad。

Yesterday, we filed our first-quarter 2026 earnings release, which provides a detailed overview of our financial results and performance.

昨天，我們已提交 2026 年第一季財報新聞稿，其中提供了我們財務結果與營運表現的詳細概述。

Today's discussion is intended to supplement that release by offering additional insights and context.

今天的討論旨在補充該新聞稿，提供更多洞見與背景說明。

The earnings release, along with a replay of this webcast, is available on the Heister-Yale website, where the replay will remain accessible for approximately 12 months.

財報新聞稿以及本次網路直播的重播可於 Heister-Yale 官網取得，重播將可供存取約 12 個月。

Before we begin, I would like to remind you that today's call includes forward-looking statements. That are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied.

在開始之前，我想提醒各位，今天的電話會議包含前瞻性陳述。此類陳述受風險與不確定性影響，可能導致實際結果與明示或暗示者有重大差異。

These risks are described in our earnings release and SEC filings.

這些風險已在我們的財報新聞稿與 SEC 申報文件中說明。

We will also reference adjusted financial measures, which we believe provide useful supplemental information to GAAP results.

我們也將提及調整後財務衡量指標，我們相信其可為 GAAP 結果提供有用的補充資訊。

Reconciliations to the most directly comparable GAAP measures are included in our earnings release and investor presentation.

與最直接可比的 GAAP 指標之調節表已包含在我們的財報新聞稿與投資人簡報中。

I will start with a brief overview of our first quarter performance and outlook, then turn the call over to Rajiv to discuss the operations with the strategic update for the business.

我將先簡要概述第一季的表現與展望，接著把電話會議交給 Rajiv，說明營運狀況並提供業務的策略更新。

During the first quarter.

在第一季期間。

Bookings improved sequentially, increasing 7% from the fourth quarter as we moved from the cyclical low reached in the third quarter of 2025.

訂單量較前一季改善，較第四季成長 7%，因我們已自 2025 年第三季觸及的景氣循環低點回升。

Backlog increased modestly, although shipments have not yet reflected this improvement.

在手訂單小幅增加，儘管出貨量尚未反映此一改善。

From a cash perspective, operating cash flow followed typical seasonal patterns. With $33 million of cash used in operations, representing a slight improvement compared to the same period of last year.

就現金面而言，營運現金流遵循典型的季節性型態。營運使用現金 3,300 萬美元，較去年同期略有改善。

Inventory management continued to improve with meaningful year-over-year reductions from better alignment of production with demand.

庫存管理持續改善，透過更佳的產銷與需求對齊，年對年出現顯著下降。

Finished goods inventory declined compared to last year, improving efficiency and positioning us for higher production later in 2026.

成品庫存較去年下降，提升效率，並使我們能在 2026 年稍後提高產量。

Revenue declined to $795 million, driven primarily by the normalization of excess backlog. And a shift towards lighter-duty, lower-priced trucks.

營收下滑至 7.95 億美元，主要受超額在手訂單正常化影響。以及產品組合轉向較輕型、單價較低的卡車。

This shift reflects a broader and more persistent change in purchasing behavior. Customers increasingly select the right truck for their specific application, prioritizing standard configurations, near-term affordability, and fit-for-purpose solutions.

此一轉變反映更廣泛且更持久的採購行為改變。客戶愈來愈傾向依其特定應用選擇合適的車型，優先考量標準配置、短期可負擔性與符合用途的解決方案。

In response, we have introduced new core counterbalance models. Built on our modular and scalable platform to address growing demand for standard and value offerings.

為此，我們推出新的核心平衡重式車型。以我們的模組化與可擴充平台為基礎，以因應對標準化與高性價比產品日益成長的需求。

While these actions strengthen our competitive position, the transition reduced shipments of higher-priced traditional models and contributed to the year-over-year revenue decline in the quarter.

雖然這些行動強化了我們的競爭地位，但轉型使較高單價的傳統機型出貨減少，並導致本季營收年對年下滑。

Tariffs also remained a significant headwind, affecting profitability.

關稅仍是重大逆風，影響獲利能力。

In the first quarter, we reported an adjusted operating loss of $26 million, which included approximately $30 million of gross tariff costs.

第一季我們報告調整後營業損失 2,600 萬美元，其中包含約 3,000 萬美元的關稅毛成本。

While pricing and cost actions provided partial offsets, tariffs and the shift to lighter-duty, lower-priced trucks more than impacted results.

雖然定價與成本行動提供部分抵銷，但關稅以及轉向較輕型、單價較低的卡車對結果的負面影響更大。

Looking ahead, we expect 2026 to improve compared to 2025 with profitability in the second-half of the year.

展望未來，我們預期 2026 年將較 2025 年改善，並在下半年恢復獲利。

We anticipate the second quarter to represent the low point for both operating profit and net income.

我們預期第二季將是營業利益與淨利的低點。

Tariff costs are expected to increase in the second quarter before mitigation actions take effect.

在緩解措施生效前，第二季關稅成本預期將上升。

At the same time, stronger bookings, backlog growth, and ongoing cost reductions are expected to drive meaningful improvement in the second-half of the year.

同時，更強勁的訂單、在手訂單成長，以及持續的成本降低，預期將推動下半年出現顯著改善。

Based on this progression, we expect to deliver a modest consolidated operating profit for the full year, despite a loss in the first half.

基於此一走勢，我們預期全年可達成小幅的合併營業獲利，儘管上半年仍為虧損。

With that overview, I will now turn the call over to Brigitte.

以上為概述，接下來我把電話會議交給 Brigitte。

Thank you, Andrea, and good morning, everyone.

謝謝你，Andrea，各位早安。

With that context on our first quarter performance and near-term outlook, I would like to step back and focus on how we are positioning the business and the progress we are making on our transformation as we navigate this phase of the cycle.

在了解第一季表現與短期展望的背景後，我想退一步，聚焦於我們如何在景氣循環的此一階段中定位業務，以及我們在轉型上所取得的進展。

I'll begin with tariffs.

我先從關稅談起。

Given recent legal and policy developments, tariffs have already had a significant impact on our cost structure.

鑑於近期法律與政策發展，關稅已對我們的成本結構造成重大影響。

Since Liberation Day in 2025, we have incurred approximately $130 million of direct tariff-related costs, excluding indirect effects such as supplier price increases and higher steel costs.

自 2025 年「解放日」以來，我們已承擔約 1.30 億美元的直接關稅相關成本，不含供應商漲價與鋼材成本上升等間接影響。

With a predominantly built-to-order manufacturing model, there is an inherent lag between tariff implementation and corresponding price realization.

由於我們主要採按單生產（built-to-order）的製造模式，關稅實施與相應價格落地之間存在固有的時間落差。

As a result, cost recovery occurs over the order and delivery cycle, not immediately.

因此，成本回收會在接單與交付週期中逐步發生，而非立即反映。

In February 2026, the U.S. Supreme Court invalidated tariffs imposed under the IEPA tariff regime.

2026 年 2 月，美國最高法院宣告依 IEPA 關稅制度所課徵的關稅無效。

While that decision created a pathway to pursue refunds, it did not reduce the overall tariff burden on our business.

雖然該裁決為申請退稅提供了途徑，但並未降低我們業務所承受的整體關稅負擔。

Subsequent action by the administration introduced new higher tariffs, including a 10% global tariff under Section 122 and expanded tariffs under Section 232 that now apply to the full import value of certain steel derivative products, including finished forklifts and components.

其後，政府採取行動引入新的更高關稅，包括依第 122 條課徵的 10% 全球關稅，以及依第 232 條擴大課徵的關稅；該等關稅現已適用於某些鋼鐵衍生產品的全部進口價值，包括成品堆高機與零組件。

Based on current conditions, we expect our. Effective tariff rate in 2026 to increase by approximately 6% compared with 2025.

在目前條件下，我們預期。2026 年的有效關稅稅率將較 2025 年提高約 6%。

With respect to refunds, we have applied for approximately $40 million related to previously paid IEPA tariffs through the U.S.

就退稅而言，我們已透過美國。

Customs and Border Protection CAPE process.

這一轉變已經發生。相較於先前的週期，這次更為明顯且持續時間更長。

We also plan to seek approximately $15 million to $20 million in reimbursements from suppliers.

我們不將其僅視為短期逆風，而是將其視為市場演變方式的明確訊號。

These potential refunds were not included in our first quarter results or reflected in our outlook.

我們的轉型是有意設計的，旨在強化我們在這些以價值為導向的細分市場中的地位，同時保留在出貨量回升時擴大利潤率與獲利的能力。

The timing and ultimate amount of any recovery remains uncertain.

在此背景下，我們的重點仍是落實轉型計畫，以降低成本基礎、提升彈性，並在整個週期中降低獲利波動。

Even if recovered in full, these refunds. Would represent only a portion of the tariff costs we have incurred.

這些並非對當前情勢的短期回應，而是旨在於市場狀況正常化時提升績效的結構性變革。

Consistent with our prior communication, we expect any refunds ultimately received would be used to mitigate ongoing and future tariff impacts.

我們的轉型聚焦於四項優先事項。第一，產品演進：隨著客戶偏好持續轉向標準與價值配置，我們已開始在核心1至3.5噸平衡重式產品線中導入這些產品，該產品線對較輕負載應用的需求正在增加。

Turning to the broader operating environment, the lift truck market continues to favor lighter-duty, lower-priced equipment.

這些產品建立在我們模組化、可擴展的平台之上，可實現共通架構、共享零組件與彈性製造。

This shift has been. Both more pronounced and longer-lasting than in prior cycles.

這提升了成本效率，支援具競爭力的價格帶，並使我們能在需求持續演變時更快速回應。

Rather than viewing this solely as a near-term headwind, we see it as a clear signal of how the market is evolving.

雖然這項轉型在短期內降低了較高售價的傳統機型出貨量。

Our transformation is intentionally designed to strengthen our position in these value-oriented segments while preserving the ability to scale margins and earnings as volume recover.

但我們的新產品正逐步獲得市場動能。隨著我們使產品組合更貼近客戶需求並支援未來出貨量成長，我們預期將持續朝此方向前進，並規劃推出更多新產品。

Against that backdrop, our focus remains on executing our transformation initiatives to lower our cost base, improve flexibility, and reduce earnings volatility across the cycle.

第二，營運與成本結構轉型。第一季營運成本較去年同期下降。

These are not short-term responses to current conditions, but structural changes intended to improve performance as market conditions normalize.

這反映了2025年啟動的重整措施，包括Novara的策略性調整以及更廣泛的人力縮減。我們在本季已開始看到初步效益，並預期隨著出貨量回升，利潤率將有顯著改善。

Our transformation is centered on four priorities. First, product evolution, as customer preferences continue to shift towards standard and value configurations, we have begun introducing these offerings within our core 1 to 3.5 ton counterbalance product line, where demand for lighter duty application is increasing.

同時，我們持續推進較長期的製造據點（footprint）最佳化，預期最大的財務效益將在較後期的期間顯現。

These products are built on our modular, scalable platforms, enabling commons architecture, shared components, and flexible manufacturing.

第三，端到端的數位化賦能。

This improves cost efficiency, supports competitive price points, and allows us to respond more quickly as demand continues to evolve.

我們持續透過更整合的系統與流程，使產品開發、製造與商業執行更緊密對齊。

While this transition has reduced shipments of higher-priced traditional.

這正在提升全組織的決策品質、執行速度與產品生命週期管理。

Models in the near term, our new products are gaining traction. We expect to continue moving in this direction with additional product introductions planned as we align our portfolio to customer needs and support future volume growth.

第四，商業與市場進入（go-to-market）執行。

Second, operational and cost structure transformation. Operating costs declined year-over-year in the first quarter.

我們仍專注於紀律、定價、經銷商執行，並隨時間推進提升售後綁定率與服務滲透率，以強化產品組合、因應關稅並改善全生命週期經濟性。

Reflecting restructuring actions initiated in 2025, including Novara's strategic realignment and broader workforce reductions. We began to see early benefits in the quarter with meaningful margin improvement expected as volumes recover.

支撐上述四項優先事項的關鍵推動力，是我們整合式的單一產品線管理模式，將產品、工程、營運與商業團隊整合在一起，並建立清晰的責任歸屬。此模式旨在強化決策，並在市場狀況正常化時，將策略轉化為可衡量的財務成果。

In parallel, our longer-term manufacturing footprint optimization continues with the largest financial benefits expected in later periods.

在這個基礎到位後，我想說明這些。努力如何轉化為早期的客戶動能，以及市場對我們策略的接受度。

Third, end-to-end digital enablement.

其中一個例子來自一項新的搶單（conquest）機會：一位大型倉儲會員制零售客戶，對於夜間補貨期間的行人安全有所疑慮。

We continue to better align product development, manufacturing, and commercial execution through more integrated systems and processes.

我們展示了近距離偵測及相關安全技術，強調其在視線死角與高人流環境中的有效性。

This is improving decision-making, execution speed, and lifecycle management across the organization.

在這些討論之後，該客戶直接與我們的創新團隊接洽，並決定先在一個綠地（Greenfield）據點進行初始採購，作為測試部署。

Fourth, commercial and go-to-market execution.

除了安全之外，我們也看到市場對我們新產品平台的接受度提升，這些平台旨在提高生產力並因應勞動力限制。在倉儲車方面，我們推出一款新的三輪站立式平衡重車，具備以技術驅動的人因與生產力提升功能，正獲得客戶共鳴。

We remain focused on discipline, pricing, dealer execution and improving aftermarket attachment and service penetration over time to strengthen mix, cover tariffs and life cycle economics.

在直送門市（direct store delivery）方面，客戶對Hyster與Yale Route Runner的評估。一款可巢狀堆疊的棧板車，搭配可拆卸的電動牽引滑板（sled），展現了營運效率提升，包括配送效率提高、降低對人力的依賴，以及改善路線時間。我們將其視為一項差異化解決方案，可滿足一個服務不足的市場。

A key enabler across all four priorities is our integrated individual product line management model, which brings together product, engineering, operations, and commercial teams with clear accountability. This model is designed to sharpen decision-making and translate strategy into measurable financial outcomes as market conditions normalize.

RouteRunner於四月正式商業化上市後，已獲得數家大型飲料經銷商的訂單。

With that foundation in place, I want to outline how these. Efforts are translating into early customer traction and acceptance of our strategy.

綜合而言，這些例子強化了我們策略的方向：提供高價值、具差異化的解決方案，解決客戶的真實需求，並支持成長機會、降低景氣循環性，且隨時間推進改善營運利潤率。

One example comes from a new conquest opportunity with a large warehouse club customer that has concerns about pedestrian safety during after-hour stocking.

基於以上觀點，我將把電話會議交給Al作結語。

We demonstrated our proximity detection and related safety technologies, highlighting their effectiveness in blind corners and high-traffic environments.

Following those discussions, the customer engaged directly with our innovation team and elected to move forward with an initial purchase for a Greenfield site as a test deployment.

Beyond safety, we're also seeing acceptance of our new product platforms designed to improve productivity and address labor constraints. In warehouse trucks, we introduced a new three-wheel stand-up counterbalance truck featuring technology-driven ergonomic and productivity enhancements that are resonating with customers.

In direct store delivery, customer evaluation of the Hyster and Yale route runner. A nested pallet truck with a detachable motorized sled demonstrated operational efficiency gains, including delivery efficiency, reduced labor reliance, and improved route times. We viewed this as a differentiated solution addressing an underserved market.

Commercially launched in April, the RouteRunner has already secured orders from several large beverage distributors.

Taken together, these examples reinforce the direction of our strategy, delivering high-value, differentiated solutions that address real customer needs and support growth opportunities, reduced cyclicality and improved operating margins over time.

With that perspective, I will turn the call over to Al for closing remarks.

Thank you, Rajeev.

謝謝你，Rajeev。

As you have heard today, the industry remains in a difficult phase of the cycle.

如各位今天所聽到的，產業仍處於景氣循環中相當艱難的階段。

Demand has been constrained by macroeconomic uncertainty, including the impact associated with the Iran conflict, the changing mix of trucks which customers want and need, tariffs which continue to be a material headwind, and customers who have remained cautious as they work through receipt of equipment ordered in prior time periods.

需求受到總體經濟不確定性所抑制，包括與伊朗衝突相關的影響、客戶想要且需要的車型組合正在改變、關稅仍持續構成重大逆風，以及客戶在消化先前期間所訂購設備的到貨過程中仍保持審慎。

At the same time, we are beginning to see early signs of improved demand led by enhanced customer engagement and increased focus on fleet replacement.

同時，我們開始看到需求改善的早期跡象，主要由更深入的客戶互動以及對車隊汰換的關注提升所帶動。

Against that backdrop, the actions our HysterYale team has taken and continues to take to transform HysterYale, have the capability of repositioning HysterYale's profit structure and growth prospects.

在此背景下，我們HysterYale團隊為轉型HysterYale所採取並持續採取的行動，有能力重新定位HysterYale的獲利結構與成長前景。

Over the past year, we have focused on strengthening the fundamentals of the business by expanding our product lines, lowering our structural cost base, improving operational flexibility, sharpening our focus on cash generation, and investing in marketing the products and capabilities that matter most to our customers.

過去一年，我們專注於強化業務基本面：擴充產品線、降低結構性成本基礎、提升營運彈性、更加聚焦現金創造，並投資行銷對客戶最重要的產品與能力。

These actions are not short-term responses to a difficult environment. They are deliberate structural changes designed to improve how the company performs as volumes recover and market conditions improve.

這些行動並非對艱困環境的短期回應。它們是刻意的結構性變革，旨在於出貨量回升與市場狀況改善時，提升公司的營運表現。

Importantly, they are consistent with the transformation Rajeev described.

重要的是，這些行動與Rajeev所描述的轉型一致。

We are optimistic that 2026 represents a turning point.

我們樂觀認為，2026年將是一個轉捩點。

We expect bookings to improve, backlog to rebuild a bit, and cost reduction actions to take hold, and we expect all of this to strengthen financial performance significantly in the second-half.

我們預期接單將改善、在手訂單（backlog）將小幅回補，且降成本措施將開始發揮效果；我們也預期這一切將在下半年顯著強化財務表現。

We remain disciplined in our execution activities and prudent in our capital allocation.

我們在執行活動上仍保持紀律，並在資本配置上維持審慎。

ICDL has navigated many cycles over its history, and that experience gives us the confidence of experience, not complacency.

ICDL在其歷史中走過許多景氣循環，而這些經驗帶給我們的是基於經驗的信心，而非自滿。

The actions underway today are designed to transform Hyster Yale to build a higher growth, higher margin, and less cyclical business. As a result, we believe the company will then be well-positioned for significant shareholder returns over time.

目前正在推進的行動，旨在轉型Hyster Yale，打造一個成長更高、利潤率更高、且景氣循環性更低的企業。因此，我們相信公司將能在時間推進下，為股東帶來可觀的報酬。

That concludes our prepared remarks, and we'll now open the call for questions.

以上為我們的事先準備發言，接下來我們將開放提問。

(Operator Instructions) Ted Jackson, Northland Securities.

（接線員指示）Ted Jackson，Northland Securities。

Thank you. Good morning. Excuse me?

謝謝。早安。不好意思？

Hey, Ted.

嗨，Ted。

So I'm going to start, first question, I want to kind of go into unit mix with regards to the modular equipment and the more, I mean, this is the strategy you guys have been going for.

所以我先開始，第一個問題，我想大致深入談一下模組化設備相關的機種組合（unit mix），以及更……我的意思是，這一直是你們在推進的策略。

But could you maybe unpack for me the sort of the mix in the lift truck business between older legacy units and the newer, more modular product? And then maybe talk a bit about where that trend has come from, kind of where was it, say.

但你能否幫我拆解一下，在堆高機業務中，舊有傳統機型與較新的、更加模組化產品之間的組合情況？然後也談談這個趨勢是怎麼形成的，大概之前是什麼狀況，比如說。

As you rolled through last year to where it is now and where you see it's going, and then kind of behind that, maybe some discussion with regards to on a like-for-like basis.

當你們走過去年到現在的變化，以及你們認為接下來會往哪裡走；另外在這背後，也想請你們就同口徑（like-for-like）的基礎上稍微討論一下。

What would be the difference in terms of price point and maybe a discussion on the difference, if there is any, in margin?

在價格帶方面會有什麼差異？以及如果有的話，毛利率（margin）是否也有差異？

I don't want to be a huge multi-point question, and I have a couple more questions.

我不想把它變成一個超多點的問題，我後面還有幾個問題。

Yeah, and they won't be quite I'll ask for some data that we don't typically publish. We certainly don't talk about volumes. So let me just, firstly, the majority of the trucks that are now modular scalable are the one to three and a half ton trucks, especially the internal combustion engine trucks, although we're in the process of launching our electric version.

好的，而且我不會去問一些我們通常不會公開的數據。我們當然也不談出貨量。所以我先說，現在多數已經做到模組化、可擴展（modular scalable）的車型，是1到3.5噸的車，尤其是內燃機車型；不過我們也正在推出電動版本。

Of the one to three and a half trucks. Now a couple of the two most important series have been launched already, what we call our two to three ton DBB and the two to three ton CBB.

針對1到3.5噸車型。目前其中最重要的兩個系列已經推出了，我們稱之為2到3噸的DBB，以及2到3噸的CBB。

The start of production for the DBB has already started in Europe and the CBB will start soon.

DBB在歐洲已經開始投產，CBB也將很快開始。

But the internal. Combustion engine trucks in that range are fully -- now the only thing we're shipping are the modular scalable trucks.

但在內燃。機引擎車方面，在那個噸位區間已經完全——現在我們出貨的只剩模組化、可擴展的車型。

That shipment has started this year, especially into our kind of EME -- the territories with emission control, so that's North America and Western and Eastern Europe.

這些出貨從今年開始，特別是進入我們所謂的EME——也就是有排放管制的區域，因此包括北美，以及西歐與東歐。

Now, we've been shipping those trucks for quite a while into Asia Pacific and Middle East and Africa and South Africa, for instance, but now fully implemented globally.

其實我們早就已經把這些車出到亞太、中東與非洲，以及例如南非等地，但現在已在全球全面導入。

And the legacy version of that truck is now out of production, apart from one model that's going into.

而該車型的舊款版本目前已停產，除了有一個型號仍會供應到。

Some of the emerging markets.

部分新興市場。

And the 1 to 3.5-ton truck is the largest part of the market, especially if you take out the small pallet trucks.

而1到3.5噸車是市場中最大的一塊，尤其如果把小型托盤車排除在外。

And for us, typically, it's around a third of our kind of volume, a third of the market, a third of our volume. So.

對我們而言，通常大約占我們的出貨量三分之一，也大約占市場的三分之一、占我們出貨量的三分之一。所以。

That kind of gives an idea of now, for some of the other product lines, what we're introducing are not trucks on the same platform, but trucks that fill that gap. So I'll give you an example. We're going through and introducing for our 4 to 9-ton truck range, a low-intensity product.

這大概能讓你了解目前的狀況。至於其他一些產品線，我們導入的不是同一平台上的車型，而是用來補足空缺的車型。我舉個例子。我們正在為4到9噸車系導入一款低強度（low-intensity）產品。

And then later in the year, we'll be introducing a more standard version of the truck, probably in the early -- in the fourth quarter in North America. Now, in some markets, those are available.

然後在今年稍晚，我們會再導入一個更標準版本的車型，可能在北美的年初——也就是第四季初。目前在某些市場，這些產品已經有了。

So that's how we're covering it. Now, ultimately, we'll have a modular scalable version in the 4 to 9-ton, but that's still.

所以我們就是這樣來覆蓋市場。最終，我們會在4到9噸也推出模組化、可擴展版本，但那還。

A few years away, that's in development, just initiated development right now, but that's how we're covering the market. So I would say that currently somewhere around 40% of the market we've got covered with some level of scalability.

還要幾年時間，目前仍在開發中，剛剛啟動開發，但我們目前就是用這種方式來覆蓋市場。所以我會說，目前大概有約40%的市場，我們已用某種程度的可擴展性來覆蓋。

If you might want to just discuss a little bit the lag between the introduction.

如果你願意的話，也可以稍微談談從導入。

Of the models and the full uptake both with our national accounts and with our dealers and because that really hasn't occurred yet. And so I think that's the other part of your question is where are the shipments today? And I think the bottom line is we're getting ready to really ship lots of these. But they're in the market and they're just getting started as far as looking backwards you're concerned. I think that's correct, Raji.

各機型到在全國性大客戶（national accounts）與經銷商端全面採用之間的時間落差，因為那其實還沒有真正發生。所以我想你問題的另一部分是：目前出貨到哪裡了？我想結論是，我們正準備真正大量出貨。但產品已在市場上，且就回頭看而言，才剛開始起步。我想這是對的，Raji。

That's right. So, yeah, the bookings have been there for, since early part of this year. The shipments are basically happening now onwards. So it's going to, dealers will receive those trucks, customers will get to.

沒錯。所以，是的，從今年年初開始就已經有訂單（bookings）。出貨基本上是從現在開始往後發生。所以接下來，經銷商會收到這些車，客戶也會。

Have demonstrations and try it out in their application, and then more orders will come in. So there is that cycle which seems to take somewhere around four to six months to do, although the feed orders are already there.

進行展示（demonstrations）並在其應用場景中試用，然後會有更多訂單進來。所以確實有這樣一個循環，通常大約需要四到六個月，雖然前端訂單其實已經在那裡了。

Yeah, that's a really important point to me because we have really good dealers, especially in North America and parts of poor Europe.

對我來說這點非常重要，因為我們有非常好的經銷商，特別是在北美以及部分歐洲。

And we have a sound structure in other parts of the world.

而在世界其他地區，我們也有健全的架構。

When they get the product, they will sell it.

當他們拿到產品，就會把它賣出去。

And so...

所以……

It's unrealistic to think that we could get the share we traditionally get before those products really get out there in the marketplace. And so we feel that the strength of our dealership and our own efforts with our national accounts and large accounts as we have these trucks more fully in the pipeline and available for customer application are going to really start to move. Especially in the second-half.

在這些產品真正大量進入市場之前，就期待我們能拿回傳統上能取得的市占，是不切實際的。因此我們認為，隨著這些車型更完整地進入供應管線、並可供客戶實際應用，我們經銷體系的實力，以及我們自己在全國性大客戶與大型客戶上的努力，將會真正開始帶動成長。尤其是在下半年。

And in terms of the margin, we feel we've designed each of these trucks to hit their target margin requirements.

至於毛利率方面，我們認為每一款車在設計時都已對準其目標毛利率要求。

And so we expect that this will have a positive impact on our margin.

因此我們預期這將對我們的毛利率帶來正面影響。

So if I recall, I'm going to kind of just regurgitate just to make sure I understand the whole.

所以如果我沒記錯，我想我只是把你剛才說的再重述一遍，確認我理解整個。

The thing with the modular trucks is that the goal with a key part of the strategy behind this is to be able to produce trucks that you can be more competitive with because, like some of the Asian stuff is coming in and it's just very inexpensive so that you can be price competitive with them and be able to produce them at a.

模組化卡車的重點在於，這項策略背後的一個關鍵目標，是能夠生產更具競爭力的車型，因為像一些亞洲產品進來，價格非常低廉；因此你們可以在價格上與其競爭，同時也能以。

A comparable margin that you've had in the past, so at a solid margin, and the combination of those two things should enable you to take share because you've been having some competitive issues with regards to pricing. You're going to have, at worst, an equivalent product, probably a better one with a.

維持過去相當的毛利率，也就是穩健的毛利率；而這兩者的結合應該能讓你們取得市占，因為你們先前在定價競爭上遇到一些問題。你們將會有一個至少同等的產品，甚至可能更好，並且具備。

An architecture that allows you to keep your margins and be better competitive, be more competitive within the marketplace. Is that kind of where we're going?

一種架構，讓你能維持毛利並提升競爭力，在市場中更具競爭優勢。這大概就是我們要走的方向嗎？

I would encourage you to think of the market as having three segments in it, if you will, to oversimplify it.

我會建議你把市場想成三個區隔，為了簡化來說。

A value, a standard, and a premium. We've historically had great strength.

價值型、標準型，以及高階型。我們過去一直有很強的優勢。

In the premium, we continue to do that. We've had some entries in the standard, and now we are introducing a full line of standard and value trucks, which are growing segments in the marketplace because customers are looking, because of high prices in general, for more cost-effective solutions. So it's not so much a matter of being directly competitive. With our old trucks with the competition as it is a matter of filling gaps in the product line that have become much more important than they were.

在高階型方面，我們持續維持這樣的表現。我們在標準型也有一些布局，而現在我們正在推出完整的標準型與價值型卡車產品線；這兩個區隔在市場上正在成長，因為客戶在整體價格偏高的情況下，正在尋找更具成本效益的解決方案。所以這與其說是要直接競爭，不如說是補齊產品線中的缺口；這些缺口如今變得比過去重要得多。

And I think the customer's application always really required them to have, I think we've given these examples before, for instance, in retail, these trucks do.

而我認為客戶的應用情境一直都真的需要他們具備——我想我們以前也舉過這些例子——例如在零售業，這些卡車的使用量是。

5 to 750 hours a year. You don't need a very sophisticated truck for that application, and a low-intensity truck is more than capable of handling those applications.

每年 5 到 750 小時。在那種應用下，你不需要非常複雜的車型；低強度車型就完全足以應付那些應用。

Or in light manufacturing, you have more of a standard truck, and that's a pretty big market.

或者在輕工業製造，你會需要更偏標準型的車，而那是一個相當大的市場。

In the past, we sold our premium truck into that market, had lower margins because the customers didn't really need all the capability of.

過去我們把高階車賣到那個市場，毛利較低，因為客戶其實不需要那麼多的能力。

And so that's what gets rectified. And we weren't really participating in any significant way in the value part of the market. So that's how that gets fixed.

所以這就是要被修正的地方。而且我們過去在價值型市場幾乎沒有以任何顯著方式參與。所以這就是我們要如何把它補起來。

And now we can participate across the board and have good margins at each of those.

而現在我們可以全面參與，並且在每個區隔都能維持良好毛利。

Segment.

區隔。

Well, the timing is nice because you're hitting it when the market is going to be coming out of a cycle and I mean, it's good timing. Shifting to the next question, you talked with regards to tariffs and you had a $30 million impact in the quarter, second quarter is going to be something greater than that, and then it will start to.

時機很好，因為你們切入的時間點正好是市場即將走出一個循環的時候；我的意思是，時機不錯。轉到下一個問題，你談到關稅，你們本季影響是 3,000 萬美元，第二季會更高，然後會開始。

Tail off because of mitigation strategies. How do you mitigate the tariffs?

逐步回落，因為有緩解策略。你們如何緩解關稅影響？

What are the strategies? How are you going about that? Just pricing.

策略是什麼？你們怎麼做？就是定價。

There's two primary strategies. The first one is pricing, either embedded in our core price, some of the tariffs, which have been there for a long time, such as the 301.

主要有兩個策略。第一個是定價，把部分關稅納入我們的核心價格；有些關稅已經存在很久了，例如 301 條款。

And now even some of the 232 is in the core price. And then for the others, like the 122 and the IEPA, which we thought was more temporary, we put a surcharge in place.

現在甚至部分 232 條款也已納入核心價格。至於其他的，例如 122 和 IEPA，我們原本認為比較是暫時性的，所以我們加收了附加費。

Now, also, we have to be conscious of the market price. So we have a pretty sophisticated pricing program where we determine.

同時，我們也必須留意市場價格。所以我們有一套相當成熟的定價機制，用來判斷。

How much pricing we can put in and then whatever is remaining, then we have to take action on the cost side, start to go back to our suppliers, work with them to get the components located in regions where the tariff is more manageable and focus on cost reduction. The way I would split it is about two-thirds going to be pricing. And about a third is going to be cost.

我們能加多少價；剩下的部分就必須從成本端採取行動，回頭與供應商協商，與他們合作把零組件移到關稅較可控的地區，並聚焦於降本。如果要拆分的話，大約三分之二會透過定價來吸收。大約三分之一會透過成本端來處理。

So that's how we're managing it, Ted.

Ted，我們就是這樣在管理。

Now the cost, the adjustment takes a little longer, that's why we've got, and so does the pricing, because as we built to order, so we have a backlog, backlog's been somewhere around four to six months, depending on the truck, and that's why, we had a, we've got.

至於成本端的調整需要更長時間，定價也是如此，因為我們是按單生產，所以有在手訂單；在手訂單大概在 4 到 6 個月之間，視車型而定。這也是為什麼——我們有一個——我們已經有。

The first quarter that was from a revenue point of view, there was a reduction because we had a low point in our bookings in the third quarter of 2025, and that flowed through, and now it's going to start building back up.

第一季從營收角度來看會有下滑，因為 2025 年第三季的接單處於低點，影響一路傳導到現在；接下來就會開始回升。

Okay, that was great. My last question is pretty simple. It's just maybe an update on where you are in the CFO search.

好的，這很棒。我最後一個問題很簡單。想請你更新一下 CFO 招募目前進度。

Yeah, so we're talking to our board about the type of person we're going to look for, and then we'll launch it immediately after our board meeting in a couple of weeks.

是的，我們正在和董事會討論要找什麼樣的人選，然後會在幾週後的董事會會議結束後立刻啟動。

Okay, so you haven't even begun that process yet.

好的，所以你們其實還沒開始那個流程。

Okay, thank you very much.

好的，非常感謝。

We're a full evaluation of our finance team and we're rearranging a few things and that's given us a better idea of the type of capability we need in our new CFO.

我們正在對財務團隊做全面評估，也在重新調整一些安排，這讓我們更清楚新任 CFO 需要具備哪一類的能力。

Well, don't rearrange Andrea too much because I like working with her.

嗯，別把 Andrea 調整太多，因為我喜歡跟她合作。

Thank you.

謝謝。

Chip Moore, Roth.

Chip Moore，Roth。

Hey, good morning. Thanks for taking the question and like working with you too, Andrea.

嗨，早安。謝謝讓我提問，我也很喜歡跟你們合作，Andrea。

Thank you. Maybe for me, maybe you could just expand a bit on some of the dynamics you're seeing around this pent-up demand out there with aging fleets and. Need to replace. Just talk about the conversations you're having. It sounds like you've got a fair degree of confidence that things improve here in the back half. And of course, you've got some new products coming out that align with some of the inflationary pressures out there. But maybe just dive in there.

謝謝。對我來說，也許你可以再多談一點你們看到的動態：外面有這種因車隊老化而累積的需求，以及。需要汰換。請談談你們正在進行的對話。聽起來你們對下半年改善有相當程度的信心。當然，你們也有一些新產品即將推出，能呼應外部的通膨壓力。但也許請你深入談談。

Yes, maybe at the high level.

是的，也許先從較高層次來看。

Chip, I can give you -- and then we will dig in. But at a high level, if you look at the profile, like we've talked -- I just said we had a low point in bookings in the third quarter. Let's say that was $380 million, right?

Chip，我可以先給你——然後我們再深入。但從高層次來看，如果你看我們的走勢，就像我們談過的——我剛才說我們在第三季接單處於低點。假設那是 3.8 億美元，對吧？

That was very low for us. It was a really tough quarter for us and everyone else.

那對我們來說非常低。那一季對我們和其他人都非常艱難。

Then we grew -- kind of rose. To 540 in the fourth quarter of 2025.

接著我們成長——有點回升。在 2025 年第四季到 5.4 億。

First quarter was around 585, something like that, close to that. I'm just talking units, not parts, not other sales, not our technology stuff, just units because that is the driver for our business. All the other stuff comes from that.

第一季大約是 5.85 億左右，差不多接近那個數字。我只在談整車（units），不含零件、不含其他銷售、不含我們的技術相關業務，只談整車，因為那是我們業務的驅動因素。其他所有項目都是由此帶動的。

And then we expect that to continue going up.

然後我們預期這個趨勢會持續上升。

And that's been in conversation with our customers.

而這也一直在與我們客戶的討論之中。

So a few dynamics are going on. I think as we've talked over the last couple of years, we did a lot of deliveries in 2023 and 2024 to our customers who'd been waiting, some of these orders were put in. 2022 that we delivered in '23 and some orders that were put in '23 that we delivered in '24.

所以目前有幾個動態正在發生。我想如同我們過去幾年所談到的，我們在2023年和2024年對那些一直在等待的客戶做了大量交付；其中有些訂單是在2022年下的、我們在2023年交付，還有一些訂單是在2023年下的、我們在2024年交付。

So that's kind of stabilized. Now, as we talk to customers, their average age of the fleet is a little higher than we would like or they would like.

所以這部分已經算是穩定下來了。現在，當我們與客戶交流時，他們的車隊平均車齡比我們希望的、或他們希望的都要高一些。

But utilization is also down a little bit because manufacturing is in North America and in Europe is down because of just the economy for things is down.

但由於製造業在北美以及歐洲都因整體經濟走弱而下滑，設備利用率也略有下降。

But we expect that to build back up.

不過我們預期這會回升。

The conversations we're having with customers, there is no.

我們與客戶的對話中，並沒有。

We've seen increasing RFQs going out to the field, quoting activities are going up, engagement with our customers are going up, which are leading indicators.

我們看到發往市場端的RFQ（詢價需求）在增加、報價活動在上升、與客戶的互動也在增加，這些都是領先指標。

We're seeing the same thing from our dealers.

我們也從經銷商那邊看到同樣的情況。

Dealer inventories are back in normal conditions.

經銷商庫存已回到正常水準。

So those are all good indicators for what's coming. More stock orders come in from our dealers. So for our high-flow business, these are ready to kind of stock units, ready to sell units.

所以這些都是對未來走勢的良好指標。經銷商下的備貨訂單也增加了。因此對我們的高周轉業務而言，這些是可用於備貨、可立即銷售的機型。

We're seeing our dealers more confident.

我們看到經銷商更有信心。

And Alta, who is one of our dealers, who is a public company, if you look at their report, they're talking that as well. So it's not just one of our dealers.

而Alta是我們的經銷商之一，也是一家上市公司；如果你看他們的報告，他們也在談同樣的事情。所以不只是我們某一家經銷商。

Who publishes things, kind of earnings is also essentially compatible with the story I'm talking about. So we're seeing all of that.

他們所發布的內容、包括財報表現，也基本上與我所描述的情況一致。所以我們正看到所有這些跡象。

As we look at some of our large customers and their plans, we're seeing that they have plans for third and fourth quarter that are significant.

當我們看一些大型客戶及其計畫時，我們看到他們在第三季與第四季有相當可觀的計畫。

That's what gives us the confidence to say that we do expect both shipments and bookings to continue rising into the second-half of the year.

這也是讓我們有信心表示，我們確實預期出貨與接單都將在下半年持續上升的原因。

Very helpful caller, Prasheev. And maybe for my follow-up, talk a bit around.

非常有幫助，提問者Prasheev。那我接著追問一下，談談。

Automation, I think you highlighted a few things already, but are you gaining share in warehouse and the role there? And then lastly, just an update on the battery strategy. Thanks.

自動化方面，我想你已經提到幾點，但你們在倉儲領域是否正在提升市占、以及在那裡扮演的角色？最後，請更新一下電池策略。謝謝。

Yeah, sure. So actually, we are doing well in the warehouse, especially with our reach truck, and we've just launched the new product that I talked about, the three-wheel stand.

好的，當然。其實我們在倉儲領域表現不錯，特別是我們的前移式叉車（reach truck）；而且我們剛推出我提到的新產品——三輪站駕式。

Which is getting excellent feedback from especially our large customers.

尤其是大型客戶給了非常好的回饋。

And then we continue to demonstrate our automation solution.

此外，我們也持續展示我們的自動化解決方案。

As since April, we've been out there selling the and and really we're renting it, it's more a material handling as a service model for our automated trucks.

自4月以來，我們一直在市場上銷售——其實我們是以租賃為主，對我們的自動化車輛而言，這更像是「物料搬運即服務」（Material Handling as a Service）的模式。

And we've had a couple of really good wins with that. But in MODEX, we introduced an early version of our kind of stacker.

而我們在這方面已拿下幾個非常不錯的案子。另外在MODEX展會上，我們推出了我們某種堆高車（stacker）的早期版本。

So this tow tractor obviously pulls trailers, but this is a version of the trucks and lifts products to.

所以牽引車（tow tractor）顯然是用來拖曳拖車，但這個版本則是車輛的一種，可將產品舉升到。

Typically second level and first level can also pull things off production lines or set things on distribution lines. And we had very positive response to that at MODEX.

通常是第二層與第一層；也可以從生產線取下物品，或把物品放到配送線上。而我們在MODEX上對此獲得非常正面的回應。

We'll start demoing that with what we call friendly, our core customer base in the third quarter.

我們將在第三季開始向我們所稱的「友好客戶」——也就是我們的核心客戶群——進行示範。

And then.

然後。

Release it for sale in the fourth quarter.

在第四季正式上市銷售。

And then in the background, there's work going on in automating some of the other warehouse products, especially the reach trucks and also our counterbalance trucks, which will come in '27 and '28.

同時在背景端，我們也在推進其他倉儲產品的自動化工作，特別是前移式叉車以及我們的平衡重式叉車（counterbalance trucks），預計會在2027年與2028年推出。

So we're building up our automation product line, but also.

所以我們正在擴充自動化產品線，但同時。

We're seeing success, early success with key customers that we've targeted initially.

我們也看到初期的成功，來自我們一開始鎖定的關鍵客戶。

In terms of the batteries, we're starting to ship now our own lithium-ion batteries to customers, especially in Europe.

至於電池方面，我們現在開始向客戶出貨自有的鋰離子電池，尤其是在歐洲。

And we'll initiate that in North America in the third quarter, right at the beginning of the third quarter.

而我們將在第三季於北美啟動，正好在第三季一開始。

And we have pretty large growth plans for it in the second-half of the year, and then it'll be a significant part of our business in 2027.

我們在下半年對此有相當大的成長計畫，並且它將在2027年成為我們業務中相當重要的一部分。

And we'll talk more about that at our Investor Day that we're planning for the fourth quarter, get into a lot more detail and probably bring along some of the.

我們會在預計於第四季舉辦的投資人日上進一步談更多內容，提供更詳細的說明，並且可能也會帶來一些。

Things we're doing on the energy side and the technology side as well.

我們在能源端與技術端所做的事情。

Great. Yeah, I look forward to that in November, I think. Great. So, yeah, thanks very much.

很好。是的，我期待11月的活動，我想是那時候。很好。那就非常感謝。

And ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Andrew Saba for any closing remarks.

各位女士、先生，本次問答環節到此結束。我想把會議交回Andrew Saba，請他做結語。

Thank you, Chad.

謝謝你，Chad。

Thank you for your questions. A replay of our call will be available online later today, and the transcript will be posted on the Hyster Yale website. If you have any follow-up questions, please feel free to reach out to me directly. My contact information is included in the press release.

謝謝各位的提問。本次電話會議的重播將於今日稍晚在網路上提供，逐字稿也將發布於Hyster Yale網站。若您有任何後續問題，歡迎直接與我聯繫。我的聯絡資訊已包含在新聞稿中。

Thank you again for joining us today.

再次感謝各位今天的參與。

To access the digital replay of this conference, you may dial 1-855-669-9658 or 1-412-317-0088.

如需收聽本次會議的數位重播，您可撥打1-855-669-9658或1-412-317-0088。

Replay beginning at 2 p.m. Eastern Time today. You will be prompted to enter a conference number which will be 938-7098.

重播將於今日美東時間下午2點開始。系統將提示您輸入會議號碼：938-7098。

Please record your name and company when joining.

加入時請錄下您的姓名與公司。

The conference has now concluded.

本次會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。