0000076282FALSE2025FYP5YP3Yhttp://www.pkoh.com/20251231#RestructuringAndOtherSpecialChargeshttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#DebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#DebtAndCapitalLeaseObligationsiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:purepkoh:segmentpkoh:customerpkoh:operatingLocationpkoh:claimpkoh:plaintiffpkoh:building00000762822025-01-012025-12-3100000762822025-06-3000000762822026-02-2700000762822025-12-3100000762822024-12-3100000762822024-01-012024-12-3100000762822023-01-012023-12-310000076282us-gaap:CommonStockMember2022-12-310000076282us-gaap:AdditionalPaidInCapitalMember2022-12-310000076282us-gaap:RetainedEarningsMember2022-12-310000076282us-gaap:TreasuryStockCommonMember2022-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000076282us-gaap:NoncontrollingInterestMember2022-12-3100000762822022-12-310000076282us-gaap:RetainedEarningsMember2023-01-012023-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000076282us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000076282us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000076282us-gaap:CommonStockMember2023-01-012023-12-310000076282us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000076282us-gaap:CommonStockMember2023-12-310000076282us-gaap:AdditionalPaidInCapitalMember2023-12-310000076282us-gaap:RetainedEarningsMember2023-12-310000076282us-gaap:TreasuryStockCommonMember2023-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000076282us-gaap:NoncontrollingInterestMember2023-12-3100000762822023-12-310000076282us-gaap:RetainedEarningsMember2024-01-012024-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000076282us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000076282us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000076282us-gaap:CommonStockMember2024-01-012024-12-310000076282us-gaap:TreasuryStockCommonMember2024-01-012024-12-310000076282us-gaap:CommonStockMember2024-12-310000076282us-gaap:AdditionalPaidInCapitalMember2024-12-310000076282us-gaap:RetainedEarningsMember2024-12-310000076282us-gaap:TreasuryStockCommonMember2024-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000076282us-gaap:NoncontrollingInterestMember2024-12-310000076282us-gaap:RetainedEarningsMember2025-01-012025-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000076282us-gaap:NoncontrollingInterestMember2025-01-012025-12-310000076282us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310000076282us-gaap:CommonStockMember2025-01-012025-12-310000076282us-gaap:TreasuryStockCommonMember2025-01-012025-12-310000076282us-gaap:CommonStockMember2025-12-310000076282us-gaap:AdditionalPaidInCapitalMember2025-12-310000076282us-gaap:RetainedEarningsMember2025-12-310000076282us-gaap:TreasuryStockCommonMember2025-12-310000076282us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000076282us-gaap:NoncontrollingInterestMember2025-12-310000076282pkoh:SeniorNotes8.500Due2030Memberus-gaap:SeniorNotesMember2025-12-310000076282pkoh:SeniorNotes6.625Due2027Memberus-gaap:SeniorNotesMember2025-12-310000076282srt:MinimumMemberus-gaap:BuildingMember2025-12-310000076282srt:MaximumMemberus-gaap:BuildingMember2025-12-310000076282srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2025-12-310000076282srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2025-12-310000076282us-gaap:LandAndLandImprovementsMember2025-12-310000076282us-gaap:LandAndLandImprovementsMember2024-12-310000076282us-gaap:BuildingMember2025-12-310000076282us-gaap:BuildingMember2024-12-310000076282us-gaap:MachineryAndEquipmentMember2025-12-310000076282us-gaap:MachineryAndEquipmentMember2024-12-310000076282pkoh:AssetsHeldUnderFinanceLeasesMember2025-12-310000076282pkoh:AssetsHeldUnderFinanceLeasesMember2024-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMember2024-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMember2025-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310000076282pkoh:FiveCustomersInAutomotiveIndustryMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-01-012024-12-310000076282srt:MinimumMember2025-01-012025-12-310000076282srt:MaximumMember2025-01-012025-12-310000076282us-gaap:TransferredOverTimeMember2025-01-012025-12-310000076282us-gaap:TransferredOverTimeMember2025-12-310000076282us-gaap:TransferredOverTimeMember2024-12-310000076282pkoh:SupplyTechnologiesProductMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282pkoh:SupplyTechnologiesProductMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282pkoh:SupplyTechnologiesProductMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282pkoh:EngineeredSpecialtyProductsMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282pkoh:EngineeredSpecialtyProductsMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282pkoh:EngineeredSpecialtyProductsMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282pkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282pkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282pkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282pkoh:FuelRubberAndPlasticProductsMemberpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282pkoh:FuelRubberAndPlasticProductsMemberpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282pkoh:FuelRubberAndPlasticProductsMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282pkoh:AssemblyComponentsMember2025-01-012025-12-310000076282pkoh:AssemblyComponentsMember2024-01-012024-12-310000076282pkoh:AssemblyComponentsMember2023-01-012023-12-310000076282pkoh:IndustrialEquipmentAndAftermarketMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282pkoh:IndustrialEquipmentAndAftermarketMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282pkoh:IndustrialEquipmentAndAftermarketMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282pkoh:ForgedAndMachinedProductsMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282pkoh:ForgedAndMachinedProductsMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282pkoh:ForgedAndMachinedProductsMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282pkoh:EngineeredProductsMember2025-01-012025-12-310000076282pkoh:EngineeredProductsMember2024-01-012024-12-310000076282pkoh:EngineeredProductsMember2023-01-012023-12-310000076282country:USpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282country:USpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282country:USpkoh:EngineeredProductsMember2025-01-012025-12-310000076282country:US2025-01-012025-12-310000076282srt:EuropeMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282srt:EuropeMemberpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282srt:EuropeMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282srt:EuropeMember2025-01-012025-12-310000076282srt:AsiaMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282srt:AsiaMemberpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282srt:AsiaMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282srt:AsiaMember2025-01-012025-12-310000076282country:MXpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282country:MXpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282country:MXpkoh:EngineeredProductsMember2025-01-012025-12-310000076282country:MX2025-01-012025-12-310000076282country:CApkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282country:CApkoh:AssemblyComponentsMember2025-01-012025-12-310000076282country:CApkoh:EngineeredProductsMember2025-01-012025-12-310000076282country:CA2025-01-012025-12-310000076282pkoh:OtherCountriesMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282pkoh:OtherCountriesMemberpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282pkoh:OtherCountriesMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282pkoh:OtherCountriesMember2025-01-012025-12-310000076282country:USpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282country:USpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282country:USpkoh:EngineeredProductsMember2024-01-012024-12-310000076282country:US2024-01-012024-12-310000076282srt:EuropeMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282srt:EuropeMemberpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282srt:EuropeMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282srt:EuropeMember2024-01-012024-12-310000076282srt:AsiaMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282srt:AsiaMemberpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282srt:AsiaMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282srt:AsiaMember2024-01-012024-12-310000076282country:MXpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282country:MXpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282country:MXpkoh:EngineeredProductsMember2024-01-012024-12-310000076282country:MX2024-01-012024-12-310000076282country:CApkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282country:CApkoh:AssemblyComponentsMember2024-01-012024-12-310000076282country:CApkoh:EngineeredProductsMember2024-01-012024-12-310000076282country:CA2024-01-012024-12-310000076282pkoh:OtherCountriesMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282pkoh:OtherCountriesMemberpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282pkoh:OtherCountriesMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282pkoh:OtherCountriesMember2024-01-012024-12-310000076282country:USpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282country:USpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282country:USpkoh:EngineeredProductsMember2023-01-012023-12-310000076282country:US2023-01-012023-12-310000076282srt:EuropeMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282srt:EuropeMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282srt:EuropeMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282srt:EuropeMember2023-01-012023-12-310000076282srt:AsiaMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282srt:AsiaMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282srt:AsiaMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282srt:AsiaMember2023-01-012023-12-310000076282country:MXpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282country:MXpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282country:MXpkoh:EngineeredProductsMember2023-01-012023-12-310000076282country:MX2023-01-012023-12-310000076282country:CApkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282country:CApkoh:AssemblyComponentsMember2023-01-012023-12-310000076282country:CApkoh:EngineeredProductsMember2023-01-012023-12-310000076282country:CA2023-01-012023-12-310000076282pkoh:OtherCountriesMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282pkoh:OtherCountriesMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282pkoh:OtherCountriesMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282pkoh:OtherCountriesMember2023-01-012023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2025-01-012025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2025-01-012025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2025-01-012025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2024-01-012024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2024-01-012024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2024-01-012024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2023-01-012023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282us-gaap:CorporateNonSegmentMember2025-01-012025-12-310000076282us-gaap:CorporateNonSegmentMember2024-01-012024-12-310000076282us-gaap:CorporateNonSegmentMember2023-01-012023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:SupplyTechnologiesMember2023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:AssemblyComponentsMember2023-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2025-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2024-12-310000076282us-gaap:OperatingSegmentsMemberpkoh:EngineeredProductsMember2023-12-310000076282us-gaap:CorporateNonSegmentMember2025-12-310000076282us-gaap:CorporateNonSegmentMember2024-12-310000076282us-gaap:CorporateNonSegmentMember2023-12-310000076282country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2025-01-012025-12-310000076282country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2024-01-012024-12-310000076282country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2023-01-012023-12-310000076282us-gaap:FacilityClosingMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282us-gaap:EmployeeSeveranceMemberpkoh:AssemblyComponentsMember2023-01-012023-12-310000076282us-gaap:FacilityClosingMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282us-gaap:EmployeeSeveranceMemberpkoh:EngineeredProductsMember2023-01-012023-12-310000076282us-gaap:FacilityClosingMember2023-01-012023-12-310000076282us-gaap:EmployeeSeveranceMember2023-01-012023-12-310000076282pkoh:EMAIndutecGmbHMember2024-02-290000076282pkoh:EMAIndutecGmbHMember2024-02-012024-02-290000076282pkoh:EMAIndutecGmbHMember2024-02-290000076282pkoh:A2022AcquisitionsMember2024-01-012024-12-310000076282pkoh:A2022AcquisitionsMember2023-01-012023-12-310000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2023-12-290000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2022-12-012022-12-310000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2023-12-292023-12-290000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2024-12-310000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2024-01-012024-12-310000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2025-01-012025-12-310000076282us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberpkoh:AluminumProductsBusinessMember2023-01-012023-12-310000076282pkoh:SupplyTechnologiesMember2023-12-310000076282pkoh:AssemblyComponentsMember2023-12-310000076282pkoh:EngineeredProductsMember2023-12-310000076282pkoh:SupplyTechnologiesMember2024-12-310000076282pkoh:AssemblyComponentsMember2024-12-310000076282pkoh:EngineeredProductsMember2024-12-310000076282pkoh:SupplyTechnologiesMember2025-12-310000076282pkoh:AssemblyComponentsMember2025-12-310000076282pkoh:EngineeredProductsMember2025-12-310000076282us-gaap:CustomerRelationshipsMember2025-12-310000076282us-gaap:CustomerRelationshipsMember2024-12-310000076282us-gaap:TradeNamesMember2025-12-310000076282us-gaap:TradeNamesMember2024-12-310000076282us-gaap:TechnologyBasedIntangibleAssetsMember2025-12-310000076282us-gaap:TechnologyBasedIntangibleAssetsMember2024-12-310000076282us-gaap:OtherIntangibleAssetsMember2025-12-310000076282us-gaap:OtherIntangibleAssetsMember2024-12-310000076282pkoh:SeniorNotes8.500Due2030Memberus-gaap:SeniorNotesMember2024-12-310000076282pkoh:SeniorNotes6.625Due2027Memberus-gaap:SeniorNotesMember2024-12-310000076282us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-12-310000076282us-gaap:RevolvingCreditFacilityMember2025-12-310000076282us-gaap:RevolvingCreditFacilityMember2024-12-310000076282pkoh:SeniorNotes8.500Due2030Memberus-gaap:SeniorNotesMember2025-07-310000076282pkoh:SeniorNotes8.500Due2030Memberus-gaap:SeniorNotesMember2025-07-312025-07-310000076282pkoh:SeniorNotes6.625Due2027Memberus-gaap:SeniorNotesMember2025-07-3100000762822025-07-172025-07-170000076282us-gaap:RevolvingCreditFacilityMemberpkoh:EighthAmendedAndRestatedCreditAgreementMember2025-07-170000076282pkoh:RevolvingCreditFacilityCanadianSubLimitMemberpkoh:EighthAmendedAndRestatedCreditAgreementMember2025-07-170000076282pkoh:RevolvingCreditFacilityEuropeanSubLimitMemberpkoh:SeventhAmendedAndRestatedCreditAgreementMember2025-07-170000076282us-gaap:RevolvingCreditFacilityMemberpkoh:EighthAmendedAndRestatedCreditAgreementMember2025-12-310000076282us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:StateAndLocalJurisdictionMember2025-01-012025-12-310000076282country:MX2025-01-012025-12-310000076282us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310000076282us-gaap:ForeignCountryMember2025-12-310000076282us-gaap:StateAndLocalJurisdictionMember2025-12-310000076282us-gaap:DomesticCountryMember2025-12-310000076282us-gaap:ResearchMember2025-12-310000076282country:CA2025-01-012025-12-310000076282country:CN2025-01-012025-12-310000076282country:DE2025-01-012025-12-310000076282country:GB2025-01-012025-12-310000076282pkoh:RestrictedShareTimeBasedMember2024-12-310000076282pkoh:RestrictedShareTimeBasedMember2025-01-012025-12-310000076282pkoh:RestrictedShareTimeBasedMember2025-12-310000076282us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000076282pkoh:RestrictedStockAndPerformanceSharesMember2025-01-012025-12-310000076282pkoh:RestrictedStockAndPerformanceSharesMember2024-01-012024-12-310000076282pkoh:RestrictedStockAndPerformanceSharesMember2023-01-012023-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2024-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2023-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2025-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000076282srt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000076282srt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000076282us-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000076282us-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-12-310000076282srt:MinimumMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000076282srt:MaximumMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000076282us-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000076282us-gaap:DefinedBenefitPlanDebtSecurityMember2024-12-310000076282srt:MinimumMemberpkoh:OtherSecuritiesMember2025-12-310000076282srt:MaximumMemberpkoh:OtherSecuritiesMember2025-12-310000076282pkoh:OtherSecuritiesMember2025-12-310000076282pkoh:OtherSecuritiesMember2024-12-310000076282us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:CommonStockMember2025-12-310000076282us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:CommonStockMember2024-12-310000076282us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282pkoh:DefinedBenefitPlanForeignStockMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282pkoh:DefinedBenefitPlanForeignStockMember2025-12-310000076282pkoh:DefinedBenefitPlanForeignStockMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282pkoh:DefinedBenefitPlanForeignStockMember2024-12-310000076282us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-310000076282us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000076282us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:FixedIncomeSecuritiesMember2025-12-310000076282us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:FixedIncomeSecuritiesMember2024-12-310000076282us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:CorporateDebtSecuritiesMember2025-12-310000076282us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:CorporateDebtSecuritiesMember2024-12-310000076282us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2025-12-310000076282us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310000076282us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2024-12-310000076282us-gaap:FairValueInputsLevel1Member2025-12-310000076282us-gaap:FairValueInputsLevel1Member2024-12-310000076282pkoh:CommonCollectiveTrustMember2025-12-310000076282pkoh:CommonCollectiveTrustMember2024-12-310000076282us-gaap:HedgeFundsMember2025-12-310000076282us-gaap:HedgeFundsMember2024-12-310000076282pkoh:PostretirementBenefitAssetsMember2025-12-310000076282pkoh:PostretirementBenefitAssetsMember2024-12-310000076282srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000076282srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000076282srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000076282srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000076282us-gaap:PensionPlansDefinedBenefitMember2022-12-310000076282us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000076282pkoh:OtherPostretirementBenefitsIncludingMedicareSubsidyMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000076282pkoh:MedicareSubsidyMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000076282us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2025-01-012025-12-310000076282us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2025-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-310000076282us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000076282us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000076282us-gaap:SubsequentEventMember2026-01-262026-01-2600000762822025-10-012025-12-310000076282us-gaap:AllowanceForCreditLossMember2024-12-310000076282us-gaap:AllowanceForCreditLossMember2025-01-012025-12-310000076282us-gaap:AllowanceForCreditLossMember2025-12-310000076282us-gaap:InventoryValuationReserveMember2024-12-310000076282us-gaap:InventoryValuationReserveMember2025-01-012025-12-310000076282us-gaap:InventoryValuationReserveMember2025-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-310000076282us-gaap:AllowanceForCreditLossMember2023-12-310000076282us-gaap:AllowanceForCreditLossMember2024-01-012024-12-310000076282us-gaap:InventoryValuationReserveMember2023-12-310000076282us-gaap:InventoryValuationReserveMember2024-01-012024-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310000076282us-gaap:AllowanceForCreditLossMember2022-12-310000076282us-gaap:AllowanceForCreditLossMember2023-01-012023-12-310000076282us-gaap:InventoryValuationReserveMember2022-12-310000076282us-gaap:InventoryValuationReserveMember2023-01-012023-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000076282us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-31
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 000-03134
PARK-OHIO HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Ohio34-1867219
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
6065 Parkland Boulevard,Cleveland,Ohio44124
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (440) 947-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $1.00 Per SharePKOHThe NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:
None
Park-Ohio Holdings Corp. is a successor issuer to Park-Ohio Industries, Inc.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ¨  No  þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  ¨ No  þ
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨


Table of Contents
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerþ
Non-accelerated filer¨ Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by checkmark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness         of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☑ No
Aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant: Approximately $272,035,804 based on the closing price of $17.86 per share of the registrant’s Common Stock on June 30, 2025.

Number of shares outstanding of registrant’s Common Stock, par value $1.00 per share, as of February 27, 2026: 14,399,130.

DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for the Annual Meeting of Shareholders to be held on or about May 14, 2026 are incorporated by reference into Part III of this Annual Report on Form 10-K.

Table of Contents
PARK-OHIO HOLDINGS CORP.
FORM 10-K ANNUAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS

 
Item No.Page
1.
1A.
1B.
1C.
2.
3.
4.
5.
6.
7.
7A.
8.
9.
9A.
9B.
9C.
10.
11.
12
13.
14.
15.

16.


1
Table of Contents
Part I

2
Table of Contents
Item 1.     Business
Overview
Park-Ohio Holdings Corp. (“Holdings” or “ParkOhio”), incorporated in Ohio since 1998, is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products.
References herein to “we” or “the Company” include, where applicable, Holdings and Park-Ohio Industries, Inc. and Holdings’ other direct and indirect subsidiaries.
The Company operates through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. As of December 31, 2025, we employed approximately 6,300 people.
The following table summarizes the key attributes of each of our business segments:
 
 Supply TechnologiesAssembly ComponentsEngineered Products
NET SALES FOR 2025$747.5 million$380.6 million$471.0 million
SELECTED PRODUCTS
Sourcing, planning and procurement of over 280,000 production components, including:
• Fasteners
• Pins
• Valves
• Hoses
• Wire harnesses
• Clamps and fittings
• Rubber and plastic components
• Other Class C and MRO products

• Fuel rails
• Fuel filler assemblies
• Extruded rubber and plastics
• Molded rubber and plastics



• Induction heating and melting systems
• Pipe threading systems
• Industrial oven systems
• Forging presses
• Forged steel and machined products
• Generators and transformers
• Forming machines
• Inverters

SELECTED INDUSTRIES SERVED• Heavy-duty truck
• Power sports and recreational equipment
• Aerospace and defense
• Semiconductor equipment
• Electrical distribution and controls
• Consumer electronics
• Bus and coaches
• Automotive
• Agricultural and construction equipment
• HVAC
• Lawn and garden
• Plumbing
• Medical devices		• Automotive and light vehicle
• Agricultural equipment
• Construction equipment
• Heavy-duty truck
• Bus
• Ferrous and non-ferrous metals
• Coatings
• Forging
• Foundry
• Heavy-duty truck
• Construction equipment
• Automotive
• Oil and gas
• Rail
• Aerospace and defense
• Power generation

The Company consists of the following segments:
Supply Technologies
3
Table of Contents
Our Supply Technologies business provides our customers with Total Supply Management™, a proactive solutions approach that manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation. Total Supply Management™ includes engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. We operate approximately 80 logistics service centers in the United States, Mexico, Canada, Czech Republic, Puerto Rico, Scotland, Hungary, China, Taiwan, Singapore, India, England, France, Spain, Poland, Wales, Northern Ireland and Ireland, including production sourcing and support centers in the United States and Asia. Through our supply chain management programs, we supply more than 280,000 globally-sourced production components, many of which are specialized and customized to meet individual customers’ needs.
Total Supply Management™ provides our customers with an expert partner in strategic planning, global sourcing, technical services, parts and materials, logistics, distribution and inventory management of production components. Some production components are characterized by low per-unit supplier prices relative to the indirect costs of supplier management, quality assurance, inventory management and delivery to the production line. In addition, Supply Technologies delivers an increasingly broad range of higher-value production components including valves, fuel hose assemblies, electro-mechanical hardware, labels, fittings, steering components and many others. Applications engineering specialists and the direct sales force work closely with the engineering staff of original equipment manufacturer (“OEM”) customers to recommend the appropriate production components for a new product or to suggest alternative components that reduce overall production costs, streamline assembly or enhance the appearance or performance of the end product. Supply Technologies also provides spare parts and aftermarket products to end users of its customers’ products.
Total Supply Management™ is typically provided to customers pursuant to sole-source arrangements. We believe our approach distinguishes us from traditional buy/sell distributors, as well as manufacturers who supply products directly to customers, because we provide the supply chain management of our customers’ high-volume production components. We administer the processes customized to each customer’s needs by replacing numerous current suppliers with a sole-source relationship with Supply Technologies. Our highly-developed, customized information systems provide global transparency and flexibility through the complete supply chain. This enables our customers to: (1) significantly reduce the direct and indirect cost of production component processes by outsourcing internal purchasing, quality assurance and inventory fulfillment responsibilities; (2) reduce the amount of working capital invested in inventory and floor space; (3) reduce component costs through purchasing efficiencies, including bulk buying and supplier consolidation; and (4) receive technical expertise in production component selection, design and engineering. Our sole-source arrangements foster long-term, entrenched supply relationships with our customers and, as a result, the average tenure of service for our top 50 Supply Technologies clients exceeds ten years. Supply Technologies also supplies wholesale industrial products to other manufacturers and distributors pursuant to master or authorized distributor relationships.
The Supply Technologies segment also engineers and manufactures precision cold-formed and cold-extruded fasteners and other products, including locknuts, SPAC® nuts, SPAC® bolts and wheel hardware, which are principally used in applications where controlled tightening is required due to high vibration. Supply Technologies produces both standard items and specialty products to customer specifications, which are used in large volumes by customers in the automotive, heavy-duty truck and aerospace industries.
Markets and Customers.    For the year ended December 31, 2025, approximately 56% of Supply Technologies’ net sales were to domestic customers. Remaining sales were primarily to manufacturing facilities of large, multinational customers located in Europe, Mexico, Asia and Canada. Total Supply Management™ is used extensively in a variety of industries, and demand is generally related to the state of the economy and to the overall level of manufacturing activity.
Supply Technologies markets and sells to over 7,000 customers domestically and internationally. The five largest customers, to which Supply Technologies sells through sole-source contracts to multiple operating divisions or locations, accounted for approximately 36% and 34% of the sales of Supply Technologies in 2025 and 2024, respectively. The loss of any two or more of its top five customers could have a material adverse effect on the results of operations and financial condition of this segment.
Competition.    A limited number of companies compete with Supply Technologies to provide supply management services for production parts and materials. Supply Technologies competes primarily on the basis of its Total Supply
4
Table of Contents
Management™ approach, including engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support, and its geographic reach, extensive product selection, price and reputation for high service levels. Numerous U.S. and foreign companies compete with Supply Technologies in manufacturing cold-formed and cold-extruded products.
Assembly Components
Assembly Components manufactures products oriented towards fuel efficiency, reduced emissions and vehicle electrification. Assembly Components designs, develops and manufactures: highly efficient, high pressure direct fuel injection fuel rails and pipes; fuel filler pipes that route fuel from the gas cap to the gas tank; and flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles. These advanced products, coupled with Turbo Enabled engines, make up large and growing engine architecture for all worldwide car manufacturers. Assembly Components also designs and manufactures Turbo Charging hoses along with Turbo Coolant hoses that will be required as engines get downsized to 3 or 4 cylinders from 6 or 8 cylinders. This engine downsizing increases efficiency, while dramatically decreasing pollution levels.
Assembly Components operates 11 manufacturing facilities and three technical offices in the United States, Mexico, China, the United Kingdom and the Czech Republic. In addition, we also provide value-added services such as design engineering, machining and parts assembly.
Markets and Customers.    For the year ended December 31, 2025, approximately 61% of Assembly Components’ net sales were to domestic customers. The five largest customers of Assembly Components accounted for approximately 53% and 55% of segment sales for 2025 and 2024, respectively. These sales, across multiple operating divisions, are through sole-source contracts. The loss of any one of these customers could have a material adverse effect on the results of operations and financial condition of this segment.
Competition.    Assembly Components competes principally on the basis of its ability to: (1) engineer and manufacture high-quality, cost-effective assemblies utilizing multiple technologies in large volumes; (2) provide timely delivery; and (3) retain the manufacturing flexibility necessary to quickly adjust to the needs of its customers. There are few domestic suppliers with the capabilities to meet customers’ stringent quality and service standards and lean manufacturing techniques. As one of these suppliers, Assembly Components is well-positioned to benefit as customers continue to consolidate their supplier base.
Engineered Products
Our Engineered Products segment operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of highly engineered products, including induction heating and melting systems, pipe threading systems and forged and machined products. We manufacture these products in 13 domestic facilities throughout the United States and 19 international facilities in Canada, Mexico, the United Kingdom, Belgium, Germany, China, Italy, India, Japan, Spain, France and Brazil.
Our induction heating and melting business utilizes proprietary technology and specializes in the engineering, construction, service and repair of induction heating and melting systems, primarily for the ferrous and non-ferrous metals, silicon, coatings, forging, foundry, automotive and construction equipment industries. Our induction heating and melting systems are engineered and built to customer specifications and are used primarily for melting, heating, and surface hardening of metals and curing of coatings. Approximately 49% of our induction heating and melting systems’ revenues are derived from the sale of replacement parts and provision of field service, primarily for the installed base of our own products. Our pipe threading business serves the oil and gas industry. We also engineer and install mechanical forging presses, sell spare parts and provide field service for the large existing base of mechanical forging presses and hammers in North America. We machine, induction harden and surface finish crankshafts and camshafts, used primarily in locomotives. We forge aerospace and defense structural components such as landing gears and struts, as well as rail products such as railcar center plates and draft lugs.

Markets and Customers.    For the year ended December 31, 2025, approximately 57% of Engineered Products’ net sales were to domestic customers. We sell induction heating and other capital equipment to component manufacturers and OEMs in
5
Table of Contents
the ferrous and non-ferrous metals, silicon, coatings, forging, foundry, automotive, truck, construction equipment and oil and gas industries. We sell forged and machined products to locomotive manufacturers, machining companies and sub-assemblers who finish aerospace and defense products for OEMs, and railcar builders and maintenance providers.
Competition.    We compete with small-to medium-sized domestic and international equipment manufacturers on the basis of service capability, ability to meet customer specifications, delivery performance and engineering expertise. We compete domestically and internationally with small-to medium-sized forging and machining businesses on the basis of product quality and precision.
Sales and Marketing
Supply Technologies markets its products and services in the United States, Mexico, Canada, Europe and Asia primarily through its direct sales force, which is assisted by applications engineers who provide the technical expertise necessary to assist the engineering staff of OEM customers in designing new products and improving existing products. Assembly Components primarily markets and sells its products in North America through internal sales personnel and independent sales representatives. Engineered Products primarily markets and sells its products in North America through both internal sales personnel and independent sales representatives. Induction heating and pipe threading equipment is also marketed and sold in Europe, Asia, Latin America and Africa through both internal sales personnel and independent sales representatives. In some instances, the internal engineering staff assists in the sales and marketing effort through joint design and applications-engineering efforts with major customers.
Raw Materials and Suppliers
Supply Technologies purchases substantially all of its production components from third-party suppliers. Supply Technologies has multiple sources of supply for its components. An increasing portion of Supply Technologies’ production components are purchased from suppliers in foreign countries, primarily Canada, Taiwan, China, South Korea, Singapore, India and multiple European countries. Supply Technologies is dependent upon the ability of such suppliers to meet stringent quality and performance standards and to conform to delivery schedules. Assembly Components and Engineered Products purchase substantially all of their raw materials, principally certain component parts incorporated into their products, from third-party suppliers and manufacturers. Most raw materials required by Assembly Components and Engineered Products are commodity products available from several domestic suppliers. Management believes that raw materials and component parts other than certain specialty products are available from alternative sources.
Our suppliers of raw materials and component parts may significantly and quickly increase their prices in response to increases in the cost of the raw materials, such as steel, that they supply to us or use to manufacture our component parts. While we generally attempt to pass along increased raw material prices to our customers in the form of price increases, there may be a time delay between the increased raw material prices and our ability to increase the price of our products, or we may be unable to increase the prices of our products due to various factors. See the discussion of risks associated with raw material supply and costs in Item 1A "Risk Factors".
Compliance with Government Regulations
We are subject to numerous federal, state and local laws and regulations designed to protect public health and the environment, particularly with regard to discharges and emissions, as well as handling, storage, treatment and disposal of various substances and wastes. Failure to comply with applicable environmental laws and regulations and permit requirements could result in civil and criminal fines or penalties or enforcement actions, including regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures. Pursuant to certain environmental laws, owners or operators of facilities may be liable for the costs of response or other corrective actions for contamination identified at or emanating from current or former locations, without regard to whether the owner or operator knew of, or was responsible for, the presence of any such contamination, and for related damages to natural resources. Additionally, persons who arrange for the disposal or treatment of hazardous substances or materials may be liable for costs of response at sites where such substances or materials are located, whether or not the site is owned or operated by such person.
We have incurred from time to time, and are presently incurring, costs and obligations for correcting environmental noncompliance and remediating environmental conditions at certain of our properties. In general, we have not experienced difficulty in complying with environmental laws in the past, and compliance with environmental laws has not had a material
6
Table of Contents
adverse effect on our financial condition, liquidity and results of operations. Our capital expenditures on environmental control facilities were not material during the past five years and such expenditures are not expected to be material to us in the foreseeable future.
We are currently, and may in the future be, required to incur costs relating to the investigation or remediation of property, including property where we have disposed of our waste, and for addressing environmental conditions. For instance, we have been identified as a potentially responsible party at third-party sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or comparable state laws, which provide for strict and, under certain circumstances, joint and several liability. We are participating in the cost of certain clean-up efforts at several of these sites. The availability of third-party payments or insurance for environmental remediation activities is subject to risks associated with the willingness and ability of the third party to make payments. However, our share of such costs has not been material and, based on available information, we do not expect our exposure at any of these locations to have a material adverse effect on our results of operations, liquidity or financial condition.
In addition to environmental laws and regulations, our operations are governed by a variety of laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations thereunder. We believe that we are in material compliance with these laws and regulations and do not believe that future compliance with such laws and regulations will have a material adverse effect on our business, financial condition, results of operations and cash flows.
Human Capital Resources
As of December 31, 2025, we employed approximately 6,300 employees in our operations around the world. Approximately 2,400 of these employees are in the United States, while the remaining 3,900 are employed in other countries. Approximately 20% of our employees are covered by a collective bargaining agreement.

The attraction, retention and development of employees is critical to the successful execution of the Company’s strategy. The Company works diligently to attract the best talent from a diverse range of resources to meet current and future demands of our businesses. Hiring the right people for the long term and developing them for future roles is an important process across the overall organization. To support these objectives, the Company’s human resource programs are designed to develop, reward and support employees through competitive compensation, internal advancement, comprehensive flexible benefit programs and a safe and healthy work environment.

Key areas of focus include:

Health & Safety: The success of our business is fundamentally connected to the well-being of our employees; accordingly, we are committed to their health, safety, and wellness. Our global health and safety programs are designed around dedicated environmental, health and safety standards and procedures specifically tailored at the facility level to address different jurisdiction and regulations, specific operating hazards, and unique working environments. The Company’s objectives include a focus on regulatory compliance and protection of people and the environment.

Ethics & Compliance: Our Company is committed to values of honesty, integrity, respect and responsibility that foster high ethical standards in our relationships with each other, our customers and suppliers, and all those we do business with. Our Code of Business Conduct and Ethics (the “Code”), along with the policies and procedures referenced in the Code, provide guidance for all employees on topics such as anti-corruption and bribery, anti-trust and competition law, discrimination including our policy on harassment and retaliation, privacy, appropriate use of company assets, protection of confidential information and reporting concerns and violations. Should potential violations of the Code, our policies and procedures, or the law occur, employees are encouraged to notify our Chief Compliance Officer through our Ethics Hotline. We do not tolerate retaliation against anyone who reports a potential violation in good faith. The Chief Compliance Officer reports matters related to the Code to the Audit Committee of the Board of Directors on a quarterly basis.

Compensation & Benefits: Our policy is to competitively compensate our employees. The compensation philosophy is to align both short-term and long-term incentives with our strategic objectives and to consider market forces and the performance of our Company and the employee. We offer comprehensive employee benefits that vary by country and are competitive in the marketplace. Examples of benefits offered in the U.S. include a 401(k) plan, defined benefit - cash balance plan,
7
Table of Contents
comprehensive health benefits, employee assistance programs, business travel, life/disability insurance and supplemental voluntary insurance.

Training & Talent Development: The Company is committed to continued development of our workforce. Training is provided in several formats. In addition, various internship programs and informal mentoring demonstrate the Company’s ongoing commitment and initiatives toward accelerating our future leaders.

Available Information
We file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements and other information with the Securities and Exchange Commission (“SEC”). The public can obtain copies of these materials by accessing the SEC’s website at http://www.sec.gov. In addition, as soon as reasonably practicable after such materials are filed with or furnished to the SEC, we make such materials available on our website free of charge at http://www.pkoh.com. The information on our website is not a part of this Annual Report on Form 10-K.
Information About our Executive Officers
Information with respect to our executive officers as of March 5, 2026, is as follows:
NameAgePosition
Matthew V. Crawford56 Chairman of the Board, Chief Executive Officer and President
Patrick W. Fogarty64 Vice President and Chief Financial Officer
Robert D. Vilsack65 Chief Legal and Administrative Officer, Corporate Secretary
Mr. Crawford was elected President in 2019 and Chairman of the Board and Chief Executive Officer in 2018. Prior to that, he served as President and Chief Operating Officer from 2003 to 2018. Mr. Crawford became one of our directors in August 1997 and has served as President of Crawford Group, Inc. since 1995.
Mr. Fogarty has been Vice President and Chief Financial Officer since 2015. Prior to that, Mr. Fogarty was Director of Corporate Development since 1997 and served as Director of Finance from 1995 to 1997.
Mr. Vilsack has been Secretary and Chief Legal Officer since joining us in 2002 and has served as Chief Administration Officer since 2020.
Item 1A.    Risk Factors
The following risk factors set forth below and elsewhere in this Form 10-K could materially and adversely affect our business, results of operations and financial condition. These risks are not the only ones we may face. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. If any of the following risks occur, our business, results of operations or financial condition could be adversely affected.
Risks Relating to Economic Conditions

The industries in which we operate are cyclical and are affected by the economy in general.

We sell products to customers in industries that experience cyclicality (expectancy of recurring periods of economic growth and slowdown) in demand for products and may experience substantial increases and decreases in business volume throughout economic cycles. Industries we serve, including the automotive and vehicle parts, heavy-duty truck, industrial equipment, steel, rail, oil and gas, electrical distribution and controls, aerospace and defense, recreational equipment, HVAC, electrical components, appliance and semiconductor equipment industries, are affected by consumer spending, general economic conditions and the impact of international trade, which have been adversely affected by inflation and could be adversely affected by tariffs and the renegotiation of trade agreements. A downturn in any of the industries we serve could have a material adverse effect on our financial condition, liquidity and results of operations.
8
Table of Contents
Adverse credit market conditions may significantly affect our access to capital, cost of capital and ability to meet liquidity needs.
Disruptions, uncertainty or volatility in the credit markets, including as a result of a recession, may adversely impact our ability to access credit already arranged and the availability and cost of credit to us in the future. These market conditions may limit our ability to replace, in a timely manner, maturing liabilities and access the capital necessary to grow and maintain our business. Accordingly, we may be forced to delay raising capital or pay unattractive interest rates, which could increase our interest expense, decrease our profitability and significantly reduce our financial flexibility. Longer-term disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation, reduced alternatives or failures of significant financial institutions could adversely affect our access to liquidity needed for our business. Any disruption could require us to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other funding for our business needs can be arranged. Such measures could include deferring capital expenditures and reducing or eliminating future share repurchases or other discretionary uses of cash. Overall, our results of operations, financial condition and cash flows could be materially adversely affected by disruptions in the credit markets.
Adverse global economic conditions may have significant effects on our customers and suppliers that could result in material adverse effects on our business and operating results.
Significant reductions in available capital and liquidity from banks and other providers of credit, substantial reductions and fluctuations in equity and currency values worldwide, volatility in commodity prices for such items as crude oil, and concerns that the worldwide economy may enter into a prolonged recessionary period, may materially adversely affect our customers’ access to capital or willingness to spend capital on our products or their ability to pay for products that they will order or have already ordered from us. In addition, unfavorable global economic conditions may materially adversely affect our suppliers’ access to capital and liquidity with which they maintain their inventories, production levels and product quality, which could cause them to raise prices or lower production levels.
These potential effects of adverse global economic conditions are difficult to forecast and mitigate. As a consequence, our operating results for a particular period are difficult to predict, and, therefore, prior results are not necessarily indicative of results to be expected in future periods. Any of the foregoing effects could have a material adverse effect on our business, results of operations and financial condition.
Inflation may continue to have a significant effect on labor and raw material costs, which could result in material adverse effects on our business and operating results.
Given the high rates of inflation in the recent past and the possibility of rising inflation rates in the future, we may face raw material price increases and higher labor costs, which could adversely affect our business and operating results, particularly in the Assembly Components segment.
The U.S. continues to impose tariffs on goods manufactured abroad, including goods manufactured in China, Mexico and Canada, as well as on steel and aluminum. These tariffs increase costs for certain goods imported into the United States, including certain of our raw materials and components, which increases our costs. Our inability to pass along our increased costs to our customers, in whole or in part, could have a material adverse effect on our business and results of operations.
Risks Relating to Our Business and Operations
Because a significant portion of our sales is to the automotive and heavy-duty truck industries, a decrease in the demand of these industries or the loss of any of our major customers in these industries could adversely affect our financial health.
Demand for certain of our products is affected by, among other things, the relative strength or weakness of the automotive and heavy-duty truck industries. The domestic automotive and heavy-duty truck industries are also highly cyclical and may be adversely affected by international competition. In addition, the automotive and heavy-duty truck industries are significantly unionized and subject to work slowdowns and stoppages resulting from labor disputes, such as the United Auto Workers strike in 2023. We derived 32% and 7% of our net sales during the year ended December 31, 2025 from the automotive and heavy-duty truck industries, respectively.
9
Table of Contents
The loss of a portion of business to any of our major automotive or heavy-duty truck customers could have a material adverse effect on our financial condition, cash flow and results of operations. We cannot assure you that we will maintain or improve our relationships in these industries or that we will continue to supply these customers at current levels.
Our Supply Technologies customers are generally not contractually obligated to purchase products and services from us.
We generally supply products and services to our Supply Technologies customers under purchase orders as opposed to long-term contracts. When we do enter into long-term contracts with our Supply Technologies customers, many of the contracts only establish pricing terms and do not require our customers to buy minimum amounts from us or to buy from us exclusively. Accordingly, many of our Supply Technologies customers may abruptly decrease the number of products and services that they purchase from us or even stop purchasing from us altogether, either of which could have a material adverse effect on our net sales and profitability.
We are dependent on key customers.
We rely on several key customers. For the year ended December 31, 2025, our ten largest customers accounted for approximately 25% of our net sales. Many of our customers place orders for products on an as-needed basis and operate in cyclical industries and, as a result, their order levels have varied from period to period in the past and may vary significantly in the future. Due to competitive issues, we have lost key customers in the past and may again in the future. Customer orders are dependent upon their markets and may be subject to delays or cancellations. As a result of dependence on our key customers, we could experience a material adverse effect on our business and results of operations if any of the following were to occur:

•the loss of any key customer, in whole or in part;
•the insolvency or bankruptcy of any key customer;
•a declining market in which customers reduce orders or demand reduced prices; or
•a strike or work stoppage at a key customer facility, which could affect both their suppliers and customers.
If any of our key customers become insolvent or file for bankruptcy, our ability to recover accounts receivable from that customer would be adversely affected and any payments we received in the preference period prior to a bankruptcy filing may be potentially forfeitable, which could adversely impact our results of operations.
We operate in highly competitive industries.
The markets in which all three of our segments sell their products are highly competitive. Some of our competitors are large companies that have greater financial resources than we have. We believe that the principal competitive factors for our Supply Technologies segment are an approach reflecting long-term business partnership and reliability, sourced product quality and conformity to customer specifications, timeliness of delivery, price and design and engineering capabilities. We believe that the principal competitive factors for our Assembly Components and Engineered Products segments are product quality and conformity to customer specifications, design and engineering capabilities, product development, timeliness of delivery and price. The rapidly evolving nature of the markets in which we compete may attract new entrants as they perceive opportunities, and our competitors may foresee the course of market development more accurately than we do. In addition, our competitors may develop products that are superior to our products or may adapt more quickly than we do to new technologies or evolving customer requirements.
We expect competitive pressures in our markets to remain strong. These pressures arise from existing competitors, other companies that may enter our existing or future markets and, in some cases, our customers, which may decide to internally produce items we sell. We cannot assure you that we will be able to compete successfully with our competitors. Failure to compete successfully could have a material adverse effect on our financial condition, liquidity and results of operations.
Our Supply Technologies business depends upon third parties for substantially all of our component parts.
Our Supply Technologies business purchases substantially all of its component parts from third-party suppliers and manufacturers. As such, it is subject to the risk of price fluctuations and periodic delays in the delivery of component parts. The price for our component parts could increase as a result of the tariffs imposed by the U.S. government as well as retaliatory tariffs implemented by other governments. Additionally, failure by suppliers to continue to supply us with these component
10
Table of Contents
parts on commercially reasonable terms, or at all, could have a material adverse effect on us. We depend upon the ability of these suppliers, among other things, to meet stringent performance and quality specifications and to conform to delivery schedules. Failure by third-party suppliers to comply with these and other requirements could have a material adverse effect on our financial condition, liquidity and results of operations.
The raw materials used in our production processes and by our suppliers of component parts are subject to price and supply fluctuations that could continue to increase our costs of production and adversely affect our results of operations.
Our supply of raw materials for our Assembly Components and Engineered Products businesses could continue to be interrupted or adversely affected for a variety of reasons, including supply chain constraints and price increases, tariffs, raw material price inflation, supplier delays that increase lead times and higher freight costs, among other factors, may continue to have an adverse effect on our results of operations and profit margins. While we generally attempt to pass along increased raw materials prices to our customers in the form of price increases, there may be a time delay between the increased raw materials prices and our ability to increase the price of our products, or we may be unable to increase the prices of our products due to various factors.
Our suppliers of component parts, particularly in our Supply Technologies business, may continue to significantly and quickly increase their prices in response to increases in costs of the raw materials, such as steel, that they use to manufacture our component parts. We may not be able to increase our prices commensurate with our increased costs. Consequently, our results of operations and financial condition may be materially adversely affected.
The energy costs involved in our production processes and transportation are subject to fluctuations that are beyond our control and could significantly increase our costs of production.
Our manufacturing process and the transportation of raw materials, components and finished goods are energy intensive. Our manufacturing processes are dependent on adequate supplies of electricity and natural gas. A substantial increase in the cost of transportation fuel, natural gas or electricity could have a material adverse effect on our margins. We may experience higher than anticipated gas costs in the future, which could adversely affect our results of operations. In addition, a disruption or curtailment in supply could have a material adverse effect on our production and sales levels. Geopolitical and macroeconomic developments such as global or regional conflicts, instability and disruptions may adversely affect energy costs and supply.

We may experience cybersecurity threats and cyber-security incidents, breaches of, or disruptions to, our information technology systems or those of our third-party providers, or other compromises of our data, including the improper disclosure of personal or confidential data, which may adversely affect our operations and reputation.
We utilize information technology systems in connection with our business operations, including processing orders, managing inventory and accounts receivable collections, purchasing products, maintaining cost-effective operations, routing and re-routing orders. We also depend on our information technology systems to maintain confidential, proprietary and personal information relating to our current, former and prospective employees, customers and other third parties in these systems and in systems of third-party providers who we engage in connection with the processing and storage of certain information. Our information technology systems and those of our third-party providers are subject to breaches, disruptions or damage, which may be caused by a wide array of causes, including telecommunications failures, computer failures, power outages, ransomware attacks, the deployment of harmful malware, denial-of-services attacks, computer viruses, cybersecurity incidents and other intrusions, which could result in the disruption of our operations, or information misappropriation, such as theft of intellectual property or inappropriate disclosure of personal and confidential information. Cybersecurity threat actors also may attempt to exploit vulnerabilities through software including software commonly used by companies in cloud-based services and bundled software. In addition, we could also experience data or cybersecurity incidents stemming from the intentional or negligent acts of our employees or other third parties, including fraud, phishing or other social engineering attempts or other methods to cause confidential information, payments account access or access credentials, or other data to be transmitted to an unintended recipient. To the extent our information technology systems or those of our third-party providers are disabled, compromised, or disrupted, key business processes could be interrupted. Any such operational disruptions and/or misappropriation of information, whether in systems we maintain or are maintained by others, could have a material adverse effect on our business. In addition, any such damage, any cybersecurity incident, compromise or breach to our systems or those of our vendors, could result in a violation of privacy and other laws, and expose us to significant legal and financial liability, including costs related to
11
Table of Contents
individual claims or consumer class actions, commercial litigation, administrative, and civil or criminal investigations or actions, regulatory intervention and sanctions or fines, investigation and remediation costs, loss of intellectual property, release of confidential information, and costs related to alteration or corruption of data or systems.
We recognize the ever-present global risk of cybersecurity threats, cybersecurity incidents, and cyberattacks from diverse threat actors, including nation-states, cybercriminals, hacktivists, insiders and organized crime. In spite of our efforts, we (or third parties we rely on) may not be able to fully, continuously and effectively implement security controls as intended. We utilize a risk-based approach and judgment to determine the security controls to implement, but it is possible we may not implement appropriate controls if we do not recognize or we underestimate a particular risk. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks. Further, even events that are detected by security tools or third parties may not always be immediately understood or acted upon. While no organization is immune to attack attempts and we cannot eliminate all risks from cybersecurity threats or provide assurance that we have not experienced an undetected cybersecurity incident, in 2025 we did not identify any material cybersecurity events that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition.
We may be incorporating artificial intelligence (“AI”) technologies into our products, services and processes. These technologies may present business, compliance and reputational risks.
The introduction of AI and machine-learning technologies, particularly generative AI, into internal processes, third-party services and/or new and existing offerings, may result in new or expanded risks and liabilities due to enhanced governmental or regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality or security risks, as well as other factors that could adversely affect our business, reputation and financial results. In addition, our personnel could, unbeknownst to us, improperly utilize AI and machine-learning technology while carrying out their responsibilities. The use of AI in third-party services and the development of our products and services could also cause loss of intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy and cybersecurity. The use of AI can lead to unintended consequences, including generating content that appears correct but is factually inaccurate, misleading or otherwise flawed, or that results in unintended biases and discriminatory outcomes, which could harm our reputation and business and expose us to risks related to inaccuracies or errors in the output of such technologies
Operating problems in our business may materially adversely affect our financial condition and results of operations.
We are subject to the usual hazards associated with manufacturing and the related storage and transportation of raw materials, products and waste, including explosions, fires, leaks, discharges, inclement weather (including that caused by climate change), natural disasters, mechanical failure, unscheduled downtime and transportation interruption or calamities. The occurrence of material operating problems at our facilities may have a material adverse effect on our operations as a whole, both during and after the period of operational difficulties.
We have a significant amount of goodwill, and any future goodwill impairment charges could adversely impact our results of operations.

As of December 31, 2025, we had goodwill of $115.8 million. The future occurrence of a potential indicator of impairment, such as a significant adverse change in legal factors or business climate, unanticipated competition, a material negative change in relationships with significant customers, strategic decisions made in response to economic or competitive conditions, loss of key personnel or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could result in goodwill impairment charges, which could adversely impact our results of operations. For additional information, see Note 8, Goodwill, to the consolidated financial statements included elsewhere herein.
Our business and operating results may be adversely affected by natural disasters, other catastrophic events or public health issues, all of which are beyond our control.
While we have taken precautions to prevent production and service interruptions at our global facilities, severe weather conditions and other conditions, including those that may be caused by climate change, such as hurricanes, tornadoes, and
12
Table of Contents
earthquakes; other natural disasters; or public health issues in areas in which we have manufacturing facilities or from which we obtain products may cause physical damage to our properties, closure of one or more of our business facilities, lack of adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities, or delays in the delivery of products to our customers. Any of these factors may disrupt our operations and adversely affect our financial condition and the results of operations.
The insurance that we maintain may not fully cover all potential expenses.
We maintain property, business interruption and casualty insurance, but such insurance may not cover all risks associated with the hazards of our business and is subject to limitation, including deductible and maximum liabilities covered. We are potentially at risk if one or more of our insurance carriers fail. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the ratings and survival of some insurers. In the future, we may not be able to obtain coverage at current levels, and our premiums may increase significantly on coverage that we maintain.
Risks Relating to Human Capital
Some of our employees belong to labor unions, and strikes or work stoppages could adversely affect our operations.
As of December 31, 2025, we were a party to three collective bargaining agreements with various labor unions that covered approximately 1,200 full-time employees. Our inability to negotiate acceptable contracts with these unions could result in, among other things, strikes, work stoppages or other slowdowns by the affected workers and increased operating costs as a result of higher wages or benefits paid to union members. If the unionized workers were to engage in a strike, work stoppage or other slowdown, or other employees were to become unionized, we could experience a significant disruption of our operations and higher ongoing labor costs, which could have a material adverse effect on our business, financial condition and results of operations.
Labor shortages could continue to adversely affect our business, results of operations and financial condition.
Labor shortages leading to higher labor costs, production inefficiencies and plant downtime have had and could continue to have an adverse effect on our business, results of operations and financial condition. In addition, we have seen a decline in the skilled labor applicant pool and increased competition for skilled labor. In addition, labor disturbances affecting our customers could continue to impact our sales to certain key customers, particularly in the automotive and heavy-duty truck industries, which could continue to have an adverse effect on our business, results of operations and financial condition.
The loss of key executives could adversely impact us.
Our success depends upon the efforts, abilities and expertise of our executive officers and other senior managers, including Matthew Crawford, our Chairman, Chief Executive Officer and President, as well as the president of each of our operating units. Additionally, an event of default occurs under our revolving credit facility if Messrs. M. Crawford and Edward Crawford, our former President, or certain of their related parties own in the aggregate less than 15% of Holdings’ outstanding common stock and, if at such time, neither Mr. M. Crawford nor Mr. E. Crawford holds the office of chairman, chief executive officer or president. The loss of the services of Mr. M. Crawford, senior and executive officers, and/or other key individuals could have a material adverse effect on our financial condition, liquidity and results of operations.
Risks Relating to Legal, Compliance and Regulatory Matters
Potential product liability risks exist from the products that we sell.
Our businesses expose us to potential product liability risks that are inherent in the design, manufacture and sale of our products and products of third-party vendors that we use or resell. While we currently maintain what we believe to be suitable and adequate product liability insurance, we cannot assure you that we will be able to maintain our insurance on acceptable terms or that our insurance will provide adequate protection against potential liabilities. In the event of a claim against us, a lack of sufficient insurance coverage could have a material adverse effect on our financial condition, liquidity and results of
13
Table of Contents
operations. Moreover, even if we maintain adequate insurance, any successful claim could have a material adverse effect on our financial condition, liquidity and results of operations.
We operate and source internationally, which exposes us to the risks of doing business abroad.
Our operations are subject to the risks of doing business abroad, including the following:
•fluctuations in currency exchange rates;
•limitations on ownership and on repatriation of earnings;
•transportation delays and interruptions;
•political, social and economic instability and disruptions, including the conflicts between Russia and Ukraine and in the Middle East, or political unrest, including the rising tension between China and the United States;
•potential disruption that could be caused by the partial or complete reconfiguration of the European Union;
•government embargoes or foreign trade restrictions;
•the imposition of duties and tariffs on both imports and exports and other trade barriers;
•import and export controls;
•labor unrest and current and changing regulatory environments;
•the potential for nationalization of enterprises;
•disadvantages of competing against companies from countries that are not subject to U.S. laws and regulations, including the U.S. Foreign Corrupt Practices Act (“FCPA”);
•increasingly complex laws and regulations concerning privacy and data security, including the European Union's General Data Protection Regulation;
•difficulties in staffing and managing multinational operations;
•limitations on our ability to enforce legal rights and remedies; and
•potentially adverse tax consequences.
We are also exposed to risks relating to U.S. policy with respect to companies doing business in foreign jurisdictions. Changes in tax policy, trade regulations or trade agreements, such as the disallowance of tax deductions on imported merchandise or the imposition of new tariffs on imported or exported products, could have a material adverse effect on our business and results of operations.
Our international sales and operations are also sensitive to changes in foreign national priorities, as well as to political and economic instability. For example, our business in the European Union or elsewhere may be impacted by the conflict between Russia and Ukraine and any economic or trade sanctions enacted in response to the conflict. Any such conflict may also impact our ability to secure raw materials and exacerbate the supply chain disruption we have experienced and further limit our ability to secure certain raw materials or services. Further military action or cyberattacks by Russia to counteract any sanctions may have an impact on demand for our goods and services and adversely impact our results of operation. Our success as a global business will depend, in part, upon our ability to succeed in differing legal, regulatory, economic, social and political conditions by developing, implementing and maintaining policies and strategies that are effective in each location where we do business.
In addition, we could be adversely affected by violations of the FCPA and similar worldwide anti-bribery laws. The FCPA and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials for the purpose of obtaining or retaining business. Our policies mandate compliance with these anti-bribery laws. We operate in many parts of the world that have experienced governmental corruption to some degree and, in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. We cannot assure you that our internal controls and procedures always will protect us from the reckless or criminal acts committed by our employees or agents. If we are found to be liable for FCPA violations (either due to our own acts or our inadvertence or due to the acts or inadvertence of others), we could suffer from criminal or civil penalties or other sanctions, which could have a material adverse effect on our business.
Any of the events enumerated above could have an adverse effect on our operations in the future by reducing the demand for our products and services, decreasing the prices at which we can sell our products or otherwise having an adverse effect on our business, financial condition or results of operations. We cannot assure you that we will continue to operate in compliance
14
Table of Contents
with applicable customs, currency exchange control regulations, transfer pricing regulations or any other laws or regulations to which we may be subject. We also cannot assure you that these laws will not be modified.
We are subject to significant environmental, health and safety laws and regulations and related compliance expenditures and liabilities.
Our businesses are subject to many foreign, federal, state and local environmental, health and safety laws and regulations, particularly with respect to the use, handling, treatment, storage, discharge and disposal of substances and hazardous wastes used or generated in our manufacturing processes. Compliance with these laws and regulations is a significant factor in our business. We have incurred and expect to continue to incur significant expenditures to comply with applicable environmental laws and regulations. Our failure to comply with applicable environmental laws and regulations and permit requirements could result in civil or criminal fines or penalties or enforcement actions, including regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, installation of pollution control equipment or remedial actions.
We are currently, and may in the future be, required to incur costs relating to the investigation or remediation of property, including property where we have disposed of our waste, and for addressing environmental conditions. Some environmental laws and regulations impose liability and responsibility on present and former owners, operators or users of facilities and sites for contamination at such facilities and sites without regard to causation or knowledge of contamination. In addition, we occasionally evaluate various alternatives with respect to our facilities, including possible dispositions or closures. Investigations undertaken in connection with these activities may lead to discoveries of contamination that must be remediated, and closures of facilities may trigger compliance requirements that are not applicable to operating facilities. Consequently, we cannot assure you that existing or future circumstances, the development of new facts or the failure of third parties to address contamination at current or former facilities or properties will not require significant expenditures by us.
We expect to continue to be subject to increasingly stringent environmental and health and safety laws and regulations. It is difficult to predict the future interpretation and development of environmental and health and safety laws and regulations or their impact on our future earnings and operations. We anticipate that compliance will continue to require increased capital expenditures and operating costs. Any increase in these costs, or unanticipated liabilities arising from, among other things, discovery of previously unknown conditions or more aggressive enforcement actions, could adversely affect our results of operations, and there is no assurance that they will not exceed our reserves or have a material adverse effect on our financial condition.
We may be exposed to certain regulatory and financial risks related to climate change.
Concerns about climate change may result in the imposition of additional regulations or restrictions to which we may become subject. A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to climate change, including regulating greenhouse gas emissions. The outcome of new legislation or regulation in the U.S. and other jurisdictions in which we operate may result in new or additional requirements, additional charges to fund energy efficiency activities, and fees or restrictions on certain activities. Compliance with these climate change initiatives may also result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Even without such regulation, increased public awareness and adverse publicity about potential impacts on climate change emanating from us or our industry could harm us. We may not be able to recover the cost of compliance with new or more stringent laws and regulations, which could adversely affect our results of operations, financial position or cash flows. We may also face conflicting regulatory requirements from changes to the rules and rescission of prior rules, which may subject us to conflicting compliance obligations and increased compliance costs.
Risks Relating to Our Debt
Adverse global economic conditions may have significant effects on our customers that would result in our inability to borrow or to meet our debt service coverage ratio in our revolving credit facility.
15
Table of Contents
As of December 31, 2025, we were in compliance with our debt service coverage ratio covenant and other covenants contained in our revolving credit facility. While we expect to remain in compliance throughout 2026, declines in demand in the automotive industry and in sales volumes could adversely impact our ability to remain in compliance with certain of these financial covenants. Additionally, to the extent our customers are adversely affected by a decline in the economy in general, they may not be able to pay their accounts payable to us on a timely basis or at all, which would make the accounts receivable ineligible for purposes of the revolving credit facility and could reduce our borrowing base and our ability to borrow.
Risks Relating to the Execution of our Strategy
We may encounter difficulty in expanding our business through targeted acquisitions.
We have pursued, and may continue to pursue, targeted acquisition opportunities that we believe would complement our business. We cannot assure you that we will be successful in consummating any acquisitions.
Any targeted acquisitions will be accompanied by the risks commonly encountered in acquisitions of businesses. We may not successfully overcome these risks or any other problems encountered in connection with any of our acquisitions, including the possible inability to integrate an acquired business’ operations, information technology, services and products into our business; diversion of management’s attention; the assumption of unknown liabilities; increases in our indebtedness; the failure to achieve the strategic objectives of those acquisitions; and other unanticipated problems, some or all of which could materially and adversely affect us. The process of integrating operations could cause an interruption of, or loss of momentum in, our activities. Any delays or difficulties encountered in connection with any acquisition and the integration of our operations could have a material adverse effect on our business, results of operations, financial condition or prospects of our business.
Risks Relating to Our Common Stock
Our Chairman of the Board, Chief Executive Officer and President and former President collectively beneficially own a significant portion of Holdings’ outstanding common stock and their interests may conflict with yours.
As of December 31, 2025, Matthew Crawford, our Chairman of the Board, Chief Executive Officer and President, and Edward Crawford, our former President, collectively beneficially owned approximately 27% of Holdings’ outstanding common stock. Mr. M. Crawford is Mr. E. Crawford’s son. Their interests could conflict with your interests.
Item 1B.    Unresolved Staff Comments
None.
Item 1C.    Cybersecurity
Management of cybersecurity risks is an integral part of our overall risk management framework. We have developed an information security program designed to assess, identify and manage material risks from cybersecurity threats, which is integrated into our overall risk management program and governance structure. The program includes policies and procedures that identify how security measures and controls drawn from relevant frameworks are developed, implemented and maintained. Our cybersecurity risk management program works to balance critical infrastructure, network, application, cloud and information security objectives with overall business objectives and risk tolerance. Specific controls that are used include endpoint threat detection and response, identity and access management, privileged access management, logging and monitoring involving the use of security information and event management, multi-factor authentication, firewalls, and intrusion detection and prevention, and vulnerability and patch management.

We also use threat intelligence to inform our defensive measures. We use external and internal threat intelligence sources, including information from vendors and Information Sharing and Analysis Centers.

We have the following security processes in place:

16
Table of Contents
•Cybersecurity Awareness Trainings: We educate employees on best practices for online safety and for identifying potential cybersecurity threats, including by initiating quarterly training programs for our non-represented salaried workforce.

•Simulated Cyberattacks: With assistance from third-party providers, we periodically conduct penetration and vulnerability testing to test our technical controls and incident response plans.

•Security Monitoring: We monitor our information technology environment with both our internal cybersecurity resources and third-party service providers. We also have processes in place to monitor the cybersecurity practices of various third-party service providers, including certain vendors that have access to our information systems or sensitive data.

•Proactive Reporting and Investigation: As part of our training initiatives, we educate certain employees depending on their role on how to report any suspicious cyber activity or potential cybersecurity issues, and we investigate reported concerns.

Third-party security firms are used in different capacities to provide or operate some of these programs, controls, and technology systems, including cloud-based platforms and services.

The Audit Committee of our Board of Directors (the “Audit Committee”) has overall oversight responsibility for our enterprise risk management framework and cybersecurity risk management. The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the Company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. Management, including the Vice President of Information Technology with support from our Information Technology Council, updates the Audit Committee on at least an annual basis regarding our cybersecurity programs and material cybersecurity risks and mitigation strategies. Our Vice President of Information Technology, who has more than 30-years of global information technology, systems, and IT audit experience, is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis; establishing processes to ensure that such potential cybersecurity risk exposures are monitored; putting in place appropriate mitigation measures; and maintaining cybersecurity programs. The Vice President of Technology oversees a cybersecurity team that includes experienced cybersecurity professionals with credentials such as CISSP (Certified Information Systems Security Professional), CompTIA Security+, and ISO27001. Our Vice President of Information Technology receives reports from our Information Technology Council and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents. Our Information Technology Council includes experienced information systems security professionals and information security managers. Our Information Technology Council, which is composed of technology leaders from each of our business units, collaborates on a cross-functional basis to identify practices that can counter threats and to monitor our cybersecurity programs and our cybersecurity incident response plans.

In 2025, we did not identify any material cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. For more information about these risks, please see Part I - Item 1A. “Risk Factors - We may experience breaches of, or disruptions to, our information technology systems or those of our third-party providers, or other compromises of our data, including the improper disclosure of personal or confidential data, which may adversely affect our operations and reputation.”

Item 2.    Properties
As of December 31, 2025, our operations included numerous manufacturing and supply chain logistics services facilities located in 28 states in the United States and in Puerto Rico, as well as in Asia, Canada, Europe, Mexico and Brazil. We lease our world headquarters located in Cleveland, Ohio, which also includes the world headquarters for certain of our businesses. We believe our manufacturing, logistics and corporate office facilities are well-maintained and are suitable and adequate, and they have sufficient productive capacity to meet our current needs.
The following table provides information relative to our principal facilities as of December 31, 2025.
17
Table of Contents
Segment(1)
LocationOwned or LeasedUse
SUPPLY Brampton, Ontario, CanadaLeasedManufacturing
TECHNOLOGIES Minneapolis, MNLeasedLogistics
Changzhou, ChinaLeasedManufacturing
Cleveland, OHLeasedSupply Technologies Corporate Office
Dayton, OHLeasedLogistics
Memphis, TNLeasedLogistics
Suwanee, GALeasedLogistics
Streetsboro, OHLeasedManufacturing
Allentown, PALeasedLogistics
Carol Stream, ILLeasedLogistics
Solon, OHLeasedLogistics
Dublin, VALeasedLogistics
Tulsa, OKLeasedLogistics
Winston-Salem, NCLeasedLogistics and Office
ASSEMBLYOcala, FLOwnedManufacturing
COMPONENTSAcuna, MexicoLeasedManufacturing
Lexington, TN OwnedManufacturing
Angola, INOwnedManufacturing
Birmingham, EnglandOwnedManufacturing
ENGINEEREDCanton, OHOwnedManufacturing
PRODUCTSCanton, OHLeasedManufacturing
Newport, AR OwnedManufacturing
Warren, OHOwnedManufacturing
Erie, PAOwnedManufacturing
La Roeulx, BelgiumOwnedManufacturing
Brookfield, WI LeasedManufacturing
Madison Heights, MI LeasedManufacturing
Leini, ItalyOwnedManufacturing
Pune, IndiaOwnedManufacturing
Chennai, IndiaOwnedManufacturing
Cortland, OH OwnedOffice and Manufacturing
Valencia, SpainOwnedManufacturing
(1)Each segment has other facilities, none of which is deemed to be a principal facility.


Item 3. Legal Proceedings
We are involved in a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from the ordinary course of business. While any such claims, suits, investigations and proceedings involve an element of uncertainty, in the opinion of management, liabilities, if any, arising from currently pending or threatened claims, suits, investigations and proceedings are not expected to have a material adverse effect on our financial condition, liquidity or results of operations.
In addition to the routine claims, suits, investigations and proceedings noted above, we were a party to the lawsuits and legal proceedings described below as of December 31, 2025:
18
Table of Contents
We were a co-defendant in approximately 116 cases asserting claims on behalf of approximately 160 plaintiffs alleging personal injury as a result of exposure to asbestos. These asbestos cases generally relate to production and sale of asbestos-containing products and allege various theories of liability, including negligence, gross negligence and strict liability, and seek compensatory and, in some cases, punitive damages.
In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. In substantially all of the asbestos cases, the plaintiffs either claim damages in excess of a specified amount, typically a minimum amount sufficient to establish jurisdiction of the court in which the case was filed (jurisdictional minimums generally range from $25,000 to $75,000), or do not specify the monetary damages sought. To the extent that any specific amount of damages is sought, the amount applies to claims against all named defendants.
Historically, we have been dismissed from asbestos cases on the basis that the plaintiff incorrectly sued one of our subsidiaries or because the plaintiff failed to identify any asbestos-containing product manufactured or sold by us or our subsidiaries. We intend to vigorously defend these asbestos cases and believe we will continue to be successful in being dismissed from such cases. However, it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation. Despite this uncertainty, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations. Among the factors management considered in reaching this conclusion were: (a) our historical success in being dismissed from these types of lawsuits on the bases mentioned above; (b) many cases have been improperly filed against one of our subsidiaries; (c) in many cases the plaintiffs have been unable to establish any causal relationship to us or our products or premises; (d) in many cases, the plaintiffs have been unable to demonstrate that they have suffered any identifiable injury or compensable loss at all or that any injuries that they have incurred did in fact result from alleged exposure to asbestos; and (e) the complaints assert claims against multiple defendants and, in most cases, the damages alleged are not attributed to individual defendants. Additionally, we do not believe that the amounts claimed in any of the asbestos cases are meaningful indicators of our potential exposure because the amounts claimed typically bear no relation to the extent of the plaintiff's injury, if any.
Our cost of defending these lawsuits has not been material to date and, based upon available information, our management does not expect its future costs for asbestos-related lawsuits to have a material adverse effect on our results of operations, liquidity or financial position.

Item 4. Mine Safety Disclosures
Not applicable.

19
Table of Contents
Part II
 
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock, par value $1.00 per share, trades on the Nasdaq Global Select Market under the symbol “PKOH”.
The number of shareholders of record of our common stock as of February 27, 2026 was 359.

Issuer Purchases of Equity Securities
Set forth below is information regarding repurchases of our common stock during the fourth quarter of the year ended December 31, 2025.
Period
Total Number of Shares Purchased (1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Program (2)
October 1 — October 31, 20251,580 $20.99 — 443,207 
November 1 — November 30, 20251,102 20.12 — 443,207 
December 1 — December 31, 2025171 21.41 — 443,207 
Total2,853 $20.68 — 443,207 

(1)Consists of an aggregate total of 2,853 shares of common stock we acquired from recipients of restricted stock awards at the time of vesting of such awards in order to settle recipient minimum withholding tax liabilities.
(2)On March 11, 2020, we announced a share repurchase program whereby we may repurchase up to 1.0 million shares of our outstanding common stock. The repurchase program has no expiration date.

Item 6. [Reserved]

20
Table of Contents

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries. All intercompany transactions have been eliminated in consolidation.
EXECUTIVE OVERVIEW
General

We are a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. We operate through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Refer to Part 1, Item 1. Business for descriptions of our business segments.
On December 29, 2023, the Company completed the sale of its Aluminum Products business, which has been classified as a discontinued operation for all periods presented.
Subsequent Events
On January 26, 2026, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 20, 2026, to shareholders of record as of the close of business on February 6, 2026 and resulted in cash payments of $1.8 million.

21
Table of Contents
RESULTS FROM CONTINUING OPERATIONS
This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The amounts below exclude discontinued operations.
2025 Compared with 2024 and 2024 Compared with 2023
2025 vs. 20242024 vs. 2023
202520242023$ Change% Change$ Change% Change
(Dollars in millions, except per share data)
Net sales$1,599.1 $1,656.2 $1,659.7 $(57.1)(3)%$(3.5)— %
Cost of sales1,327.9 1,374.8 1,388.3 (46.9)(3)%(13.5)(1)%
Gross margin17.0 %17.0 %16.4 %
Selling, general and administrative ("SG&A") expenses 189.6 187.4 181.5 2.2 1 %5.9 3 %
SG&A expenses as a percentage of net sales11.9 %11.3 %10.9 %
Restructuring and other special charges6.4 4.9 6.6 1.5 31 %(1.7)(26)%
Asset impairment charges8.9 — — 8.9 *— *
Gains on sales of assets, net— (2.5)(0.8)2.5 *(1.7)*
Other expense— 5.0 — (5.0)*5.0 *
Operating income66.3 86.6 84.1 (20.3)(23)%2.5 3 %
Other components of pension and other postretirement benefits income, net
7.0 5.2 2.5 1.8 35 %2.7 108 %
Interest expense, net(47.5)(47.4)(45.1)(0.1)— %(2.3)5 %
Loss on extinguishment of debt(2.0)— — (2.0)*— *
Income from continuing operations before income taxes23.8 44.4 41.5 (20.6)(46)%2.9 7 %
Income tax expense(2.8)(4.9)(8.5)2.1 (43)%3.6 42 %
Income from continuing operations21.0 39.5 33.0 (18.5)(47)%6.5 20 %
Loss attributable to noncontrolling interests3.8 2.7 1.0 1.1 41 %1.7 (170)%
Income from continuing operations attributable to ParkOhio common shareholders$24.8 $42.2 $34.0 $(17.4)(41)%$8.2 24 %
Earnings from continuing operations per common share attributable to ParkOhio common shareholders:
Basic:
Continuing operations$1.80 $3.27 $2.76 $(1.47)(45)%$0.51 18 %
 Diluted:
Continuing operations$1.77 $3.19 $2.72 $(1.42)(45)%$0.47 17 %
* Calculation not meaningful
2025 Compared with 2024
22
Net Sales

Net sales were $1,599.1 million in 2025 compared to $1,656.2 million in 2024, a decrease of 3.4%. The decrease was primarily due to lower customer demand in each of our business segments.

The factors explaining the changes in segment net sales for the year ended December 31, 2025 compared to the year ended December 31, 2024 are contained in the “Segment Results” section below.
Cost of Sales and Gross Margin

Cost of sales decreased 3.4% to $1,327.9 million in 2025 compared to $1,374.8 million in 2024. The decrease was primarily due to the decrease in net sales in for 2025 compared to 2024 and the impact of ongoing profit improvement initiatives. Gross margin was 17.0% in both periods.
SG&A Expenses

SG&A expenses increased to $189.6 million, or 11.9% of net sales, in 2025 from $187.4 million, or 11.3% of net sales, in 2024. The increases were driven by ongoing inflation, higher employee costs and fixed SG&A costs over lower sales levels.
Restructuring and Other Special Charges

During 2025, the Company recorded restructuring and other special charges of $6.4 million compared to $4.9 million in 2024. The charges in both years relate primarily to plant closure and consolidation activities and other initiatives in each of our business segments.

Asset Impairment Charges

During 2025, the Company recorded non-cash asset impairment charges in its Engineered Products segment totaling $8.9 million to write-down the carrying value of certain assets, primarily at its forging operations in Arkansas.

Gains on Sales of Assets, net

During 2024, the Company sold real estate and other assets within its Engineered Products segment for cash proceeds of $9.3 million, resulting in a net gain of $0.8 million. The Company also sold real estate within its Assembly Components segment for cash proceeds of $2.2 million, resulting in a net gain of $1.7 million. The total net gain of $2.5 million is recorded on a separate line in the Consolidated Statements of Income and is excluded from segment income.

Other Components of Pension and Other Postretirement Benefits (“OPEB”) Income, Net

Other components of pension and OPEB income, net was $7.0 million in 2025 compared to $5.2 million in 2024. The increase in 2025 was due to lower net actuarial losses impacting 2025 compared to 2024.

Interest Expense, Net

Interest expense, net increased to $47.5 million in 2025 compared to $47.4 million in 2024. The increase was due to higher interest on our 8.500% Senior Secured Notes due 2030 (the “2030 Notes”) that were issued in July 2025 compared to the 6.625% Senior Notes due 2027 (the “2027 Notes”), partially offset by lower average outstanding debt balances in 2025 compared to a year ago and lower borrowing rates in 2025 compared to 2024 on its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”).

Loss on Extinguishment of Debt

During 2025, Park-Ohio Industries, Inc. (“Park-Ohio”) issued the 2030 Notes and used the net proceeds, along with cash on hand, to redeem all of the outstanding 2027 Notes. In connection with this transaction, the Company recorded a $2.0 million loss on extinguishment of debt.
23


Income Tax Expense

Income tax expense in 2025 was $2.8 million on pre-tax income of $23.8 million, for an effective tax rate of 11.8%, which was less than the U.S. statutory rate of 21% primarily as a result of the tax benefit of the research and development tax credit.

Income tax expense in 2024 was $4.9 million on pre-tax income of $44.4 million, for an effective tax rate of 11.0%, which was less than the U.S. statutory rate of 21% primarily as a result of the tax benefit of the research and development tax credit and the release of certain valuation allowances.

SEGMENT RESULTS
For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or corporate expenses, which include but are not limited to executive compensation and corporate office expenses. Segment operating income reconciles to consolidated income before income taxes by adjusting for corporate expenses; loss on extinguishment of debt; gains on sales of assets; other unallocated expenses; other components of pension and other postretirement benefits income, net; and interest expense, net.


Supply Technologies Segment
Year Ended December 31,
202520242023
(Dollars in millions)
Net sales$747.5 $775.8 $763.4 
Segment operating income$72.3 $75.0 $59.0 
Segment operating income margin9.7 %9.7 %7.7 %

2025 Compared to 2024

Net sales decreased 3.6% in 2025 compared to 2024 due primarily to lower customer demand in certain end markets in our supply chain business, including power sports, heavy-duty truck and bus, industrial and agricultural equipment and aerospace and defense, partially offset by increases in the electrical and semiconductor end markets. Sales in our fastener manufacturing business were down 9.7% year-over-year, driven by overall market softness.

Segment operating income was $72.3 million in 2025 compared to $75.0 million in 2024. Segment operating income margin was 9.7% in both 2025 and 2024. In 2025, profit-improvement actions, including alignment of variable costs to lower demand levels, partially offset the impact of lower sales levels on profitability. In 2025 and 2024, charges related to restructuring and other special charges were $1.4 million and $0.2 million, respectively.

Assembly Components Segment
Year Ended December 31,
202520242023
(Dollars in millions)
Net sales$380.6 $398.7 $427.8 
Segment operating income$19.1 $25.4 $33.4 
Segment operating income margin5.0 %6.4 %7.8 %
24

2025 Compared to 2024

Net sales decreased 4.5% in 2025 compared to 2024 due primarily to lower unit volumes in our fuel rail and extruded rubber products, customer production delays on new business launches, and favorable pricing that ended in 2024 on certain legacy programs.

Segment operating income was $19.1 million in 2025 compared to $25.4 million in 2024, and segment operating income margin decreased 140 basis points in 2025 compared to a year ago. The decreases were due to lower unit sales volumes. During 2025 and 2024, we incurred $2.8 million and $1.1 million, respectively, of charges related to restructuring activities.

Engineered Products Segment
Year Ended December 31,
202520242023
(Dollars in millions)
Net sales$471.0 $481.7 $468.5 
Segment operating income$6.6 $17.7 $19.1 
Segment operating income margin1.4 %3.7 %4.1 %

2025 Compared to 2024

Net sales decreased 2.2% in 2025 compared to 2024 driven by lower sales in our forged and machined products business, driven by lower orders, order delays and closure of a small manufacturing operation in 2024, partially offset by a $5.8 million increase in sales in our industrial equipment business.

Segment operating income was $6.6 million in 2025 compared to $17.7 million 2024, and segment operating margin decreased 230 basis points in 2025 compared to 2024, driven by lower sales. In addition, restructuring and other special charges were $1.9 million in 2025 and $3.6 million in 2024. During 2025, an $8.9 million non-cash asset impairment charge was recorded to write-down the carrying value of certain assets, primarily at its forging operations in Arkansas.

Liquidity and Capital Resources
The following table summarizes the major components of cash flows:
202520242023
Cash provided (used) by:(In millions)
Operating activities$42.3 $35.0 $53.4 
Investing activities(40.3)(30.9)(11.9)
Financing activities(11.1)1.6 (36.6)
    Discontinued operations(1.0)(5.2)(9.2)
Effect of exchange rate changes on cash1.8 (2.2)0.9 
Decrease in cash and cash equivalents$(8.3)$(1.7)$(3.4)

Operating Activities

In 2025, we generated positive operating cash flow of $42.3 million compared to $35.0 million in 2024. Cash flow from operating activities was higher in 2025 due to lower working capital needs, which more than offset lower profitability in 2025.

25
Investing Activities

Capital expenditures were $40.3 million in 2025 and $31.4 million in 2024. These capital expenditures were primarily for growth initiatives, including information technology investments across all three of our segments, and to maintain existing operations.

In 2024, we sold assets and received aggregate proceeds of $11.5 million. See Note 5 to the consolidated financial statements included elsewhere herein for additional information. In 2024, we spent $11.0 million for the acquisition of EMA Indutec GmbH.

Financing Activities
Cash provided by financing activities in 2025 included net debt borrowings of $6.7 million to fund capital expenditures and working capital needs. In addition, Park-Ohio issued the 2030 Notes and used the net proceeds, along with cash on hand, to redeem all of the outstanding 2027 Notes, which resulted in a cash outlay of $6.5 million for debt refinancing fees and expenses. We also made cash dividend payments totaling $7.8 million.

Cash provided by financing activities in 2024 included debt repayments of $16.0 million, payments related to prior acquisitions of $3.0 million, dividends to shareholders and noncontrolling interest partners totaling $7.2 million, and payments of withholding taxes on share awards of $2.6 million. On June 3, 2024, the Company entered into an agreement providing for an at-the-market (“ATM”) program, authorizing the sale of up to $50.0 million of the Company's common stock.

During the year ended December 31, 2024, the Company sold 550,981 shares of common stock for aggregate net proceeds of $15.9 million under the ATM program. The Company has $34.1 million remaining under the ATM program. In addition, in the third quarter of 2024, the Company sold 341,997 shares of common stock in a public offering to its pension plan for $10.0 million; and 148,612 shares of common stock, for proceeds of $4.5 million, in a private offering to Matthew V. Crawford, our Chairman of the Board, Chief Executive Officer and President, and to Crawford Capital Enterprises, LLC, an entity controlled by Edward F. Crawford, one of our Board members.

Liquidity
See Note 10 to the consolidated financial statements included elsewhere herein for further discussion of our financing arrangements.
The following table summarizes our indicators of liquidity:
20252024
(Dollars in millions)
Cash and cash equivalents$44.8 $53.1 
Gross debt (excluding unamortized debt issuance costs)$635.7 $628.7 
Working capital (excluding cash and cash equivalents)$441.1 $421.8 
Net debt as a % of capitalization58 %60 %

Our liquidity needs are primarily for working capital and capital expenditures. Our primary sources of liquidity have been cash provided by operations, funds available from existing bank credit arrangements and the sale of our debt securities. Our existing financial resources, including working capital, available bank borrowing arrangements and anticipated cash from operations, are expected to be adequate to meet anticipated cash requirements for at least the next twelve months and for the foreseeable future thereafter, including but not limited to our ability to maintain current operations and fund capital expenditure requirements, service our debt and pay dividends.

As of December 31, 2025, we had $257.4 million outstanding under the revolving credit facility, and total liquidity of $204.2 million, which included cash and cash equivalents of $44.8 million and $159.4 million of unused borrowing availability under our credit arrangements.
26

The Company had cash and cash equivalents held by foreign subsidiaries of $34.1 million at December 31, 2025 and $43.4 million at December 31, 2024. We do not expect restrictions on repatriation of cash held outside the U.S. to have a material effect on our overall liquidity, financial condition or results of operations for the foreseeable future.

Senior Notes

On July 31, 2025, Park-Ohio completed the sale, in a private offering, of $350.0 million aggregate principal amount of the 2030 Notes. The net proceeds from the offering of the 2030 Notes, along with cash on hand, were used to redeem in full the 2027 Notes and pay related fees and expenses.

Credit Agreement

On July 17, 2025, Park-Ohio amended its Credit Agreement, in order to, among other things, (a) extend the maturity date to the fifth anniversary from the closing of the amendment, (b) permit the issuance of the 2030 Notes and (c) permit the 2030 Notes to be secured by (i) a first-priority lien on the substantially all of the U.S. equipment (including machinery) of the Park-Ohio and the Park-Ohio’s existing and future domestic subsidiaries (the “Guarantors”) that guarantee debt under the Credit Agreement (the “Notes Priority Collateral”) and (ii) a second-priority lien (junior to the Credit Agreement) on substantially all of the U.S. assets of Park-Ohio and the Guarantors (including the 65% pledge of the foreign equity owned by the Guarantors), other than assets constituting Notes Priority Collateral, securing the revolving credit facility (the “ABL Priority Collateral”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility.

Finance Leases

As of December 31, 2025, the Company had finance leases totaling $16.6 million.

Covenants

The future availability of bank borrowings under the revolving credit facility provided by the Credit Agreement is based on (1) our calculated availability under the Credit Agreement and (2) if such calculated availability decreases below $50.625 million, our ability to meet a debt service ratio covenant. If our calculated availability is less than $50.625 million, our debt service coverage ratio must be greater than 1.0. At December 31, 2025, our calculated availability under the Credit Agreement was $126.1 million; therefore, the debt service ratio covenant did not apply.

Failure to maintain calculated availability of at least $50.625 million and meet the debt service ratio covenant could materially impact the availability and interest rate of future borrowings. Our debt service coverage ratio could be materially impacted by negative economic trends, including inflation and supply chain disruptions. To make certain permitted payments as defined under the Credit Agreement, including but not limited to acquisitions and dividends, we must meet defined availability thresholds ranging from $37.5 million to $50.625 million, and a defined debt service coverage ratio of 1.15.

As our calculated availability under the Credit Agreement was above $50.625 million, we were also in compliance with the other covenants contained in the revolving credit facility as of December 31, 2025. While we expect to remain in compliance throughout 2026, declines in sales volumes in the future could adversely impact our ability to remain in compliance with certain of these financial covenants. Additionally, to the extent our customers are adversely affected by declines in the economy in general, they may be unable to pay their accounts payable to us on a timely basis or at all, which could make our accounts receivable ineligible for purposes of the revolving credit facility and could reduce our borrowing base and our ability to borrow under such facility.

Dividends    

27
The Company paid dividends to shareholders of $7.2 million during 2025. On January 26, 2026, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 20, 2026, to shareholders of record as of the close of business on February 6, 2026 and resulted in cash payments of $1.8 million. Although we currently intend to pay a quarterly dividend on an ongoing basis, all future dividend declarations will be at the discretion of our Board of Directors and dependent upon then-existing conditions, including our operating results and financial condition, capital requirements, contractual restrictions, business prospects and other factors that our Board of Directors may deem relevant.

Contractual and Other Obligations and Commitments

Our material cash commitments from known contractual and other obligations primarily consist of obligations for long-term debt and related interest, leases for properties and equipment and purchase obligations as part of normal operations. See Note 10 to the consolidated financial statements included elsewhere herein for additional information regarding scheduled maturities of our long-term debt. See Note 14 to the consolidated financial statements included elsewhere herein for additional information on leases. See Note 15 to the consolidated financial statements included elsewhere herein for additional information of future pension and postretirement benefit obligations.

Interest payable associated with our 2030 Notes is $29.8 million due in the twelve months following December 31, 2025 and $106.6 million due thereafter.

As of December 31, 2025, our undiscounted purchase obligations were $144.0 million due in the next twelve months and $0.1 million due thereafter under purchase orders and "take or pay" arrangements. These purchase obligations include all enforceable, legally binding agreements to purchase goods or services that specify all significant terms, regardless of the duration of the agreement, and exclude agreements with variable terms for which we are unable to estimate the minimum amounts.


Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements, financing or other relationships with unconsolidated entities or other persons, other than the letters of credit disclosed in Note 9 to the consolidated financial statements, included elsewhere herein.

Critical Accounting Policies and Estimates
Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions which affect amounts reported in our consolidated financial statements. On an ongoing basis, we evaluate the accounting policies and estimates that are used to prepare financial statements. Management has made their best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. We do not believe that there is great likelihood that materially different amounts would be reported under different conditions or using different assumptions related to the accounting policies described below. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates.
Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed below. On a regular basis, critical accounting policies are reviewed with the Audit Committee of the Board of Directors.
Revenue Recognition: We recognize revenue, other than from long-term contracts, when our obligations under the contact terms are satisfied and control transfers to the customer, typically upon shipment. Revenue from certain long-term contracts is accounted for over time, when products are manufactured or services are performed, as control transfers under these arrangements. We follow the input method since reasonably reliable estimates of revenue and costs of a contract can be made. See Note 2 of the consolidated financial statements included elsewhere herein for additional disclosures on revenue.
28
Allowance for Obsolete and Slow-Moving Inventory: Inventories are valued using first-in, first-out or the weighted-average inventory method; stated at the lower of cost or net realizable value; and have been reduced by an allowance for obsolete and slow-moving inventories. The estimated allowance is based on management’s review of inventories on hand with minimal sales activity, which is compared to estimated future usage and sales. Inventories identified by management as slow-moving or obsolete are reserved for based on estimated selling prices less disposal costs. Though we consider these allowances adequate and proper, changes in economic conditions in specific markets in which we operate could have a material effect on allowances required.
Business Combinations: Business combinations are accounted for using the purchase method of accounting under Accounting Standards Codification (“ASC”) 805, "Business Combinations." This method requires the Company to record assets and liabilities of the business acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company uses valuation specialists to perform appraisals and assist in the determination of the fair values of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions including discount rates, rates of return on assets, long-term sales growth rates, and royalty rates.
Goodwill and Indefinite-Lived Intangible Assets: As required by ASC 350, “Intangibles - Goodwill and Other” (“ASC 350”), management performs impairment testing of goodwill at least annually, as of October 1 of each year, or more frequently if impairment indicators arise. Management tests goodwill for impairment at the reporting unit level. A reporting unit is an operating segment pursuant to ASC 280, “Segment Reporting”, or one level below the operating segment (component level) as determined by the availability of discrete financial information that is regularly reviewed by operating segment management. Our reporting units have been identified at the component level. For 2025, 2024 and 2023, we performed quantitative testing for each reporting unit with a goodwill balance.
Our annual goodwill impairment analysis utilizes a quantitative approach comparing the carrying amount of the reporting unit to its estimated fair value. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, an impairment charge is recorded. In applying the quantitative approach, we use the discounted cash flow method, a form of income approach, and the guideline public company method, a form of the market approach to estimate the fair value of the reporting unit. The income approach uses a number of factors, including future business plans, actual and forecasted operating results, and market data. The significant assumptions employed under this method include the weighted average cost of capital (“WACC”); revenue growth rates; and operating margins used to project future cash flows for a reporting unit. The WACCs utilized reflect market-based estimates of capital costs and discount rates adjusted for management’s assessment of a market participant’s view with respect to other risks associated with the projected cash flows of the individual reporting unit. Our estimates are based upon assumptions we believe to be reasonable, but which by nature are uncertain and unpredictable. We believe we incorporate ample sensitivity ranges into our analysis of goodwill impairment testing for a reporting unit, such that actual experience would need to be materially out of the range of expected assumptions in order for an impairment to remain undetected. We validate our estimates of fair value under the income approach by considering the implied control premium and conclude whether that premium is reasonable based on recent market transactions.
The results of testing as of October 1, 2025, 2024 and 2023 for all reporting units confirmed that the estimated fair values exceeded carrying values, and no impairment existed as of those dates. Based on our 2025 annual impairment test, we determined that the fair value of our Forged and Machined Products Group reporting unit, which is included in our Engineered Products segment, exceeded its carrying value by approximately 15% as of the testing date. As such, we concluded that the goodwill of this reporting unit of $8.2 million as of that date was not impaired. This reporting unit was negatively impacted by equipment downtime and labor challenges, and while we believe that the current assumptions and estimates used in our goodwill testing are reasonable, supportable and appropriate, there can be no assurance that such assumptions and estimates will prove to be accurate predictions of future performance.

Additionally, we test all indefinite-lived intangible assets for impairment at least annually, as of October 1 of each year, or more frequently if impairment indicators arise. In 2025, 2024 and 2023, we utilized a quantitative approach using the royalty relief method. The significant assumptions employed under this method include discount rates, revenue growth rates, including assumed terminal growth rates, and royalty rates. The discount rates utilized reflect market-based estimates of capital costs and discount rates adjusted for management’s assessment of a market participant’s view with respect to other risks associated with the projected cash flows of the individual reporting unit. Our estimates are based upon assumptions we believe to be reasonable, but which by nature are uncertain and unpredictable. We believe we incorporate ample sensitivity ranges into our analysis of
29
intangible impairment testing, such that actual experience would need to be materially out of the range of expected assumptions in order for an impairment to remain undetected.

The results of testing as of October 1, 2025, 2024 and 2023 for all indefinite-lived intangible assets confirmed that the estimated fair value exceeded carrying values, and no impairment existed as of those dates.
See Notes 8 and 9 of the consolidated financial statements included elsewhere herein for additional disclosure on goodwill and indefinite-lived intangibles.
Income Taxes: In accordance with ASC 740, “Income Taxes” (“ASC 740”), we account for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax bases of assets and liabilities and are measured using the currently enacted tax rates. Specifically, we measure gross deferred tax assets for deductible temporary differences and carryforwards, such as operating losses and tax credits, using the applicable enacted tax rates and apply the more likely than not measurement criterion.
In determining if it is more likely than not that all or some portion of a deferred tax asset will be realized, we consider the following factors: future reversals of existing taxable temporary differences; taxable income in prior years if carryback is permitted under the tax law; tax planning strategies that could accelerate taxable income; and future taxable income. Based on these factors, when we have determined that the realizability of certain domestic and foreign deferred tax assets is more likely than not to not be realized, a valuation allowance has been established.
Further, at each interim reporting period, we estimate an effective income tax rate that is expected to be applicable for the full year. Significant judgment is involved regarding the application of global income tax laws and regulations and when projecting the jurisdictional mix of income. Additionally, interpretation of tax laws, court decisions or other guidance provided by taxing authorities influences our estimate of the effective income tax rates. As a result, our actual annual effective income tax rates and related income tax liabilities may differ materially from our interim estimated effective tax rates and related income tax liabilities. Any resulting differences are recorded in the period they become known.
Pension Plans: We and our subsidiaries have pension plans, principally noncontributory defined benefit or noncontributory defined contribution plans covering substantially all employees. The measurement of liabilities related to these plans is based on management’s assumptions related to future events, including interest rates, return on pension plan assets, rate of compensation increases, and health care cost trends. Pension plan asset performance in the future will directly impact our net income. We have evaluated our pension assumptions, considering current trends in interest rates and market conditions and believe our assumptions are appropriate.
We consult with our actuaries at least annually when reviewing and selecting the discount rates to be used. The discount rates used by the Company are based on yields of various corporate and governmental bond indices with actual maturity dates that approximate the estimated benefit payment streams of the related pension plans. The discount rates are also reviewed in comparison with current benchmark indices, economic market conditions and the movement in the benchmark yield since the previous fiscal year. The liability weighted-average discount rate for the defined benefit pension plan is 5.24% for 2025, compared with 5.55% in 2024. For the other postretirement benefit plan, the rate is 4.87% for 2025 and 5.43% for 2024. This rate represents the interest rates generally available in the United States, which is the Company’s only country with other postretirement benefit liabilities. Another assumption that affects the Company’s pension expense is the expected long-term rate of return on assets. The Company’s pension plans are funded. The weighted-average expected long-term rate of return on assets assumption is 7.50% for both 2025 and 2024, respectively. In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plan. We consult with and consider opinions of financial and actuarial experts in developing appropriate return assumptions.
Legal Contingencies: We are involved in a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from the ordinary course of business. We accrue reserves for legal contingencies, on an undiscounted basis, when it is probable that we have incurred a liability, and we can reasonably estimate an amount. When a single amount cannot be reasonably estimated, but the cost can be estimated within a range and no amount within the range is a better estimate than any other amount, we accrue the minimum amount in the range. Based upon facts and information currently available, we believe the amounts
30
reserved are adequate for such pending matters. We monitor the development of legal proceedings on a regular basis and will adjust our reserves when, and to the extent, additional information becomes available.

Environmental

We have been identified as a potentially responsible party at third-party sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or comparable state laws, which provide for strict and, under certain circumstances, joint and several liability. We are participating in the cost of certain clean-up efforts at several of these sites. However, our share of such costs has not been material and based on available information, management does not expect our exposure at any of these locations to have a material adverse effect on our results of operations, liquidity or financial condition.
We have been named as one of many defendants in a number of asbestos-related personal injury lawsuits. Our cost of defending such lawsuits has not been material to date and, based upon available information, management does not expect our future costs for asbestos-related lawsuits to have a material adverse effect on our results of operations, liquidity or financial condition. We caution, however, that inherent in management’s estimates of our exposure are expected trends in claims severity, frequency and other factors that may materially vary as claims are filed and settled or otherwise resolved.

Seasonality; Variability of Operating Results
The timing of orders placed by our customers has varied with, among other factors, orders for customers’ finished goods, customer production schedules, competitive conditions and general economic conditions. The variability of the level and timing of orders has, from time to time, resulted in significant periodic and quarterly fluctuations in the operations of our business units. Such variability is particularly evident in the industrial equipment business unit included in the Engineered Products segment, which typically ships a few large systems per year.
31
Forward-Looking Statements
This Annual Report on Form 10-K contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The words “believes”, “anticipates”, “plans”, “expects”, “intends”, “estimates” and similar expressions are intended to identify forward-looking statements.

These forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: the impact supply chain and logistic issues have on our business, results of operations, financial position and liquidity; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; the amounts and timing, if any, of purchases of our common stock; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities, including the conflicts between Russia and Ukraine and in the Middle East, or political unrest, including the rising tension between China and the United States; public health issues, including the outbreak of infectious diseases and any impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; our ability to continue to pay cash dividends, and the timing and amount of any such dividends; and the other factors we describe under “Item 1A. Risk Factors” included in this Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved.
32
Item 7A.  Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk, including changes in interest rates. As of December 31, 2025, we are subject to interest rate risk on borrowings under the floating rate revolving credit facility provided by our Credit Agreement, which consisted of borrowings of $257.4 million at December 31, 2025. A 100-basis point increase in the interest rate would have resulted in an increase in interest expense on these borrowings of approximately $2.6 million for the year ended December 31, 2025.
We are exposed to changes in foreign currency exchange rates. Our foreign subsidiaries generally conduct business in local currencies. We face translation risks related to changes in foreign currency exchange rates. Amounts invested in our foreign operations are translated in U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting translation adjustments are recorded as a component of Accumulated other comprehensive loss in the Shareholders' equity section of the accompanying Consolidated Balance Sheets. Sales and expenses at our foreign operations are translated into U.S. dollars at the applicable monthly average exchange rates. Therefore, changes in exchange rates may either positively or negatively affect our net sales and expenses from foreign operations as expressed in U.S. dollars.
Our largest exposures to commodity prices relate to metal and rubber compounds, which have fluctuated widely in recent years. In 2025 and 2024, we entered into agreements to hedge foreign currency. These agreements did not have a material impact on the results of the Company. We have no other commodity swap agreements or forward purchase contracts.

33
Table of Contents
Item 8.  Financial Statements and Supplementary Data

Index to Consolidated Financial Statements and Supplementary Financial Data

 Page
Supplementary Financial Data


34
Table of Contents
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Park-Ohio Holdings Corp.
Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Park-Ohio Holdings Corp. and Subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 5, 2026 expressed an unqualified opinion thereon.
Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.
35
  Quantitative Impairment Assessment of Goodwill
Description of the Matter



















How We Addressed the Matter in Our Audit

At December 31, 2025, the Company’s goodwill was $115.8 million. As discussed in Note 1 to the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level or more frequently if impairment indicators arise. Goodwill is tested at the reporting unit level for impairment utilizing a combination of valuation techniques including the discounted cash flow method, a form of the income approach, and the guideline public company method, a form of the market approach.

Auditing management’s quantitative goodwill impairment assessment for certain of its reporting units was complex due to the use of a valuation methodology in the determination of the estimated fair values of the reporting units. In particular, the fair value estimates are impacted by the weighted average cost of capital (WACC) which is a significant assumption used in the discounted cash flow method for certain reporting units.



We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment process. This included controls over management’s review of the methodology and model, including sensitivities performed on the related inputs, including the WACC, to understand their impact on the related fair value estimates.

To test the estimated fair value of the Company’s reporting units, we performed audit procedures that included, among others, assessing the valuation methodology and testing the completeness and accuracy of the underlying data used by the Company in its model. For example, we compared certain inputs used by management to current industry and economic trends and to historical results. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of inputs to the model, such as inputs to the WACC to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. We also involved our specialists to review the fair value methodology and the WACC. In addition, we tested management’s reconciliation of the fair value of the reporting units to the market capitalization of the Company.


  
 

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1967.

Cleveland, Ohio
March 5, 2026
36
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Park-Ohio Holdings Corp.

Opinion on Internal Control Over Financial Reporting

We have audited Park-Ohio Holdings Corp. and Subsidiaries’ internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Park-Ohio Holdings Corp. and Subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated March 5, 2026 expressed an unqualified opinion thereon.

Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP
Cleveland, Ohio
March 5, 2026
37
Park-Ohio Holdings Corp. and Subsidiaries
Consolidated Balance Sheets
December 31, 2025December 31, 2024
(In millions, except share data)
ASSETS
Current assets:
Cash and cash equivalents$44.8 $53.1 
Accounts receivable, net265.0 249.5 
Inventories, net420.9 422.9 
Other current assets121.8 110.5 
Total current assets852.5 836.0 
Property, plant and equipment, net198.5 182.9 
Operating lease right-of-use assets41.2 40.3 
Goodwill115.8 111.7 
Pension assets93.3 85.3 
Other long-term assets118.3 108.9 
Total assets$1,419.6 $1,365.1 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable$199.8 $194.8 
Current portion of long-term debt and short-term debt8.3 8.4 
Current portion of operating lease liabilities10.9 10.7 
Accrued expenses147.6 147.2 
Total current liabilities366.6 361.1 
Long-term liabilities, less current portion:
Long-term debt620.7 618.3 
Long-term operating lease liabilities30.4 29.8 
Other long-term liabilities19.1 18.8 
Total long-term liabilities670.2 666.9 
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity:
Capital stock, par value $1 a share
Serial preferred stock: Authorized -- 632,470 shares: Issued and outstanding -- none
— — 
Common stock: Authorized - 40,000,000 shares; Issued - 18,559,230 shares in 2025 and 18,292,490 in 2024
18.6 18.3 
Additional paid-in capital195.8 190.6 
Retained earnings281.8 265.2 
Treasury stock, at cost, 4,157,153 shares in 2025 and 4,059,619 shares in 2024
(93.3)(91.5)
Accumulated other comprehensive loss(22.0)(51.8)
Total Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity380.9 330.8 
Noncontrolling interests1.9 6.3 
Total equity382.8 337.1 
Total liabilities and shareholders' equity$1,419.6 $1,365.1 
The accompanying notes are an integral part of these consolidated financial statements.
38
Table of Contents
Park-Ohio Holdings Corp. and Subsidiaries
Consolidated Statements of Income
 
Year Ended December 31,
 202520242023
 
(In millions, except per share data)
Net sales$1,599.1 $1,656.2 $1,659.7 
Cost of sales1,327.9 1,374.8 1,388.3 
Selling, general and administrative expenses189.6 187.4 181.5 
Restructuring and other special charges6.4 4.9 6.6 
Asset impairment charges8.9 — — 
Gains on sales of assets, net— (2.5)(0.8)
Other expense— 5.0 — 
Operating income66.3 86.6 84.1 
Other components of pension and other postretirement benefits income, net
7.0 5.2 2.5 
Interest expense, net(47.5)(47.4)(45.1)
Loss on extinguishment of debt(2.0)— — 
Income from continuing operations before income taxes23.8 44.4 41.5 
Income tax expense(2.8)(4.9)(8.5)
Income from continuing operations21.0 39.5 33.0 
Loss attributable to noncontrolling interests3.8 2.7 1.0 
Income from continuing operations attributable to ParkOhio common shareholders24.8 42.2 34.0 
Loss from discontinued operations, net of tax (Note 7)(1.0)(10.4)(26.2)
Net income attributable to ParkOhio common shareholders$23.8 $31.8 $7.8 
Earnings (loss) per common share attributable to ParkOhio common shareholders:
Basic:
Continuing operations$1.80 $3.27 $2.76 
Discontinued operations(0.07)(0.81)(2.13)
Total$1.73 $2.46 $0.63 
 Diluted:
Continuing operations$1.77 $3.19 $2.72 
Discontinued operations(0.07)(0.79)(2.10)
Total$1.70 $2.40 $0.62 
Weighted-average shares used to compute earnings (loss) per share:
Basic13.8 12.9 12.3 
Diluted14.0 13.2 12.5 
The accompanying notes are an integral part of these consolidated financial statements.

39
Table of Contents
Park-Ohio Holdings Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)

Year Ended December 31,
 202520242023
 (In millions)
Net income attributable to ParkOhio common shareholders before noncontrolling interests$20.0 $29.1 $6.8 
Other comprehensive income (loss):
Currency translation26.1 (15.9)7.7 
Pensions and other postretirement benefits, net of tax3.7 7.8 10.4 
Total other comprehensive income (loss)29.8 (8.1)18.1 
Total comprehensive income, net of tax49.8 21.0 24.9 
Comprehensive loss attributable to noncontrolling interests3.8 2.7 1.0 
Comprehensive income attributable to ParkOhio common shareholders$53.6 $23.7 $25.9 
The accompanying notes are an integral part of these consolidated financial statements.

40
Table of Contents
Park-Ohio Holdings Corp. and Subsidiaries
Consolidated Statements of Shareholders’ Equity
 
Common Stock
SharesAmountAdditional
Paid-In
Capital		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
(Loss) Income		Noncontrolling InterestTotal
 (In whole shares)(In millions)
Balance at January 1, 202316,653,928 $16.6 $149.8 $238.8 $(86.9)$(61.8)$11.4 $267.9 
Comprehensive income (loss)— — — 7.8 — 18.1 (1.0)24.9 
Stock-based compensation— — 6.5 — — — — 6.5 
Restricted stock awards issued386,983 0.4 (0.4)— — — — — 
Restricted stock cancelled(10,973)— — — — — — — 
Dividends— — — (6.5)— — (0.9)(7.4)
Payments of withholding taxes on share awards— — — — (2.0)— — (2.0)
Balance at December 31, 202317,029,938 17.0 155.9 240.1 (88.9)(43.7)9.5 289.9 
Comprehensive income (loss)— — — 31.8 — (8.1)(2.7)21.0 
Stock-based compensation— — 5.6 — — — — 5.6 
Restricted stock awards issued257,660 0.3 (0.3)— — — — — 
Restricted stock cancelled(36,698)— — — — — — — 
Issuances of common stock1,041,590 1.0 29.4 — — — — 30.4 
Dividends— — — (6.7)— — (0.5)(7.2)
Payments of withholding taxes on share awards— — — — (2.6)— — (2.6)
Balance at December 31, 202418,292,490 18.3 190.6 265.2 (91.5)(51.8)6.3 337.1 
Comprehensive income (loss)— — — 23.8 — 29.8 (3.8)49.8 
Stock-based compensation— — 5.5 — — — — 5.5 
Restricted stock awards issued288,260 0.3 (0.3)— — — — — 
Restricted stock cancelled(21,520)— — — — — — — 
Dividends— — — (7.2)— — (0.6)(7.8)
Payments of withholding taxes on share awards— — — — (1.8)— — (1.8)
Balance at December 31, 202518,559,230 $18.6 $195.8 $281.8 $(93.3)$(22.0)$1.9 $382.8 
Year Ended December 31,
 202520242023
Cash dividends per common share$0.50 $0.50 $0.50 
The accompanying notes are an integral part of these consolidated financial statements.
41
Park-Ohio Holdings Corp. and Subsidiaries
Consolidated Statements of Cash Flows
 Year Ended December 31,
 202520242023
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS(In millions)
Income from continuing operations$21.0 $39.5 $33.0 
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization33.0 33.6 31.7 
Stock-based compensation5.5 5.6 6.5 
Loss on extinguishment of debt2.0 — — 
Asset impairment charges8.9 — — 
Gains on sales of assets, net— (2.5)(0.8)
Deferred income taxes(13.9)(14.6)(7.2)
Changes in operating assets and liabilities:
Accounts receivable(4.9)12.1 (14.1)
Inventories2.8 (14.8)(1.3)
Prepaid and other current assets(9.3)(14.1)(1.2)
Accounts payable and accrued expenses(1.4)(2.7)3.3 
Other(1.4)(7.1)3.5 
Net cash provided by operating activities from continuing operations42.3 35.0 53.4 
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Purchases of property, plant and equipment(40.3)(31.4)(28.2)
Proceeds from sales of assets— 11.5 2.0 
Proceeds from sale of discontinued operations— — 15.5 
Business acquisitions, net of cash acquired— (11.0)(1.2)
Net cash used in investing activities from continuing operations(40.3)(30.9)(11.9)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
(Payments on) proceeds from revolving credit facility, net8.5 (15.0)(22.3)
Payments on term loans and other debt(2.1)(7.5)(7.2)
Proceeds from other long-term debt0.8 5.8 4.3 
(Payments on) proceeds from finance lease facilities, net(0.5)0.7 0.9 
Issuance of 8.5% Senior Notes due 2030, net of discount
348.3 — — 
Redemption of 6.625% Senior Notes due 2027
(350.0)— — 
Payments of debt refinancing fees and expenses(6.5)— — 
Net proceeds from common stock issuances— 30.4 — 
Payments related to prior acquisitions— (3.0)(2.9)
Dividends(7.8)(7.2)(7.4)
Payments of withholding taxes on share awards(1.8)(2.6)(2.0)
Net cash provided by (used in) financing activities from continuing operations(11.1)1.6 (36.6)
DISCONTINUED OPERATIONS:
Total used in operating activities(1.0)(5.2)(2.9)
Total used in investing activities— — (3.9)
Total used in financing activities— — (2.4)
Decrease in cash and cash equivalents from discontinued operations(1.0)(5.2)(9.2)
Effect of exchange rate changes on cash1.8 (2.2)0.9 
Decrease in cash and cash equivalents(8.3)(1.7)(3.4)
Cash and cash equivalents at beginning of year53.1 54.8 58.2 
Cash and cash equivalents at end of year$44.8 $53.1 $54.8 
Income taxes paid, net$24.3 $14.5 $7.3 
Interest paid$40.3 $47.0 $47.6 
The accompanying notes are an integral part of these consolidated financial statements.
42
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data.)
NOTE 1 — Summary of Significant Accounting Policies
Consolidation and Basis of Presentation:    Park-Ohio Holdings Corp. (“ParkOhio,” “we” or the “Company”) is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company does not have off-balance sheet arrangements or financing with unconsolidated entities or other persons, other than the letters of credit disclosed in Note 10. The Company leases certain real properties owned by related parties as described in Note 14. Transactions with related parties are not material to the Company’s financial position, results of operations or cash flows.
Accounting Estimates:    The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Actual results could differ from those estimates.
Cash Equivalents:    The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts:    Accounts receivable are recorded at net realizable value and reduced by an allowance for amounts that may become uncollectible in the future. The allowance for doubtful accounts was $4.2 million and $3.9 million at December 31, 2025 and 2024, respectively. The Company’s policy is to measure expected credit losses on accounts receivable based on historical experience, current conditions and reasonable forecasts. During 2025 and 2024, we sold, without recourse, $147.5 million and $129.3 million, respectively, of accounts receivable to mitigate accounts receivable concentration risk and to increase working capital efficiency. Sales of accounts receivable are reflected as a reduction of accounts receivable in the Consolidated Balance Sheets, and the proceeds are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Expense in the amount of $2.0 million and $2.4 million in 2025 and 2024, respectively, related to the discount on sale of accounts receivable is recorded in the Consolidated Statements of Income.
Inventories:    Inventories are valued using first-in, first-out or the weighted-average inventory method and stated at the lower of cost or net realizable value. 
Major Classes of InventoriesDecember 31, 2025December 31, 2024
Raw materials and supplies$107.5 $108.8 
Work in process53.3 53.5 
Finished goods260.1 260.6 
Inventories, net$420.9 $422.9 
Other Inventory Items
Inventory reserves$(44.8)$(42.7)
Consigned inventory$5.5 $8.1 
Property, Plant and Equipment:    Property, plant and equipment is carried at cost. Additions and improvements that extend the lives of assets are capitalized, and expenditures for repairs and maintenance are charged to operations as incurred. Depreciation of fixed assets, including amounts capitalized under finance leases, is computed by the straight-line method based on the estimated useful lives of the assets ranging from five to 40 years for buildings, and three to 20 years for machinery and equipment.
43
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes property, plant and equipment:
December 31, 2025December 31, 2024
Land and land improvements$8.5 $8.1 
Buildings62.1 54.1 
Machinery and equipment382.3 356.3 
Leased property under finance leases32.3 31.7 
Total property, plant and equipment485.2 450.2 
Less: Accumulated depreciation286.7 267.3 
Property, plant and equipment, net$198.5 $182.9 
Year Ended December 31,
202520242023
Depreciation expense$26.1 $26.8 $25.0 
Goodwill and Indefinite-Lived Assets: In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other” (“ASC 350”), goodwill and indefinite life intangible assets are not amortized but rather are tested annually for impairment as of October 1, or whenever events or changes in circumstances indicate there may be an indicator of impairment in accordance with ASC 350. Goodwill is tested for impairment at the reporting unit level and is based on the net assets of each reporting unit, including goodwill and intangible assets, compared to its fair value. Our reporting units have been identified one level below the operating segment level. The Company completed its annual goodwill and indefinite-lived intangibles impairment testing as of October 1 of each year, noting no impairment. To determine fair value for goodwill testing purposes, the Company uses an income approach, utilizing a discounted cash flow model based on forecasted cash flows and weighted average cost of capital, and a market multiple approach. To determine fair value for indefinite-lived intangibles testing, the Company uses a relief-of-royalty method.

See Notes 8 and 9 for additional disclosures about goodwill and indefinite-lived intangibles.
Impairment of Other Long-Lived Assets: Other long-lived assets, including operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired if the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value.
Fair Values of Financial Instruments: Certain financial instruments are required to be recorded at fair value. The Company measures financial assets and liabilities at fair value in three levels of inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows:
Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
Changes in assumptions or estimation methods could affect the fair value estimates; however, we do not believe any such changes would have a material impact on our financial condition, results of operations or cash flows. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value at December 31, 2025 and 2024 because
44
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
of the short-term nature of these instruments. The fair values of long-term debt and pension plan assets are disclosed in Note 10 and Note 15, respectively.
The Company has not changed its valuation techniques for measuring fair value during 2025, and there were no transfers between levels during the periods presented.
Pensions: We account for our pensions in accordance with ASC Topic 715, "Compensation — Retirement Benefits." Net actuarial gains and losses are amortized to expense when they exceed the 10% accounting corridor, based on the greater of the plan assets or benefit obligations, over an average employee's future service period. Refer to Note 15 for more information.
Income Taxes:    The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and the tax bases of assets and liabilities and are measured using the current enacted tax rates. In determining these amounts, management determined the probability of realizing deferred tax assets, taking into consideration factors including historical operating results, cumulative earnings and losses, expectations of future earnings, taxable income and the extended period of time over which the postretirement benefits will be paid. As required by ASC 740, “Income Taxes” (“ASC 740”), the Company records valuation allowances if, based on the weight of available evidence, it is more likely than not that all or some portion of our deferred tax assets will not be realized.

We have elected to account for global intangible low-taxed income (“GILTI”) as a current period expense. The impact of GILTI for the years ended December 31, 2025, 2024 and 2023 was tax expense of $0.6 million, $1.5 million and $2.4 million, respectively.
Revenue Recognition:    The Company recognizes revenue, other than from long-term contracts within the Engineered Products segment, when its obligations under the contract terms are satisfied and control transfers to the customer, typically upon shipment. Revenue from certain long-term contracts is accounted for over time, as products are manufactured or services are performed, as control transfers over time under these arrangements. We follow this method since reasonably reliable estimates of revenue and costs of a contract can be made. See Note 2 for additional disclosures regarding revenue.
Cost of Sales: Cost of sales is primarily comprised of direct materials and supplies consumed in the manufacture of product, manufacturing labor, depreciation expense, direct overhead expense, and shipping and handling costs.
Concentration of Credit Risk:    The Company sells its products to customers in diversified industries. The Company performs ongoing credit evaluations of its customers’ financial condition but does not require collateral to support customer receivables. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, current conditions and reasonable forecasts. As of December 31, 2025 and 2024, the Company had uncollateralized receivables with five customers in the automotive industry, each with several locations, aggregating $30.4 million and $22.1 million, respectively, which represented approximately 11% and 9%, respectively, of the Company’s trade accounts receivable. During 2025 and 2024, sales to these customers amounted to approximately $200.4 million and $235.9 million, respectively, which represented approximately 13% and 14%, respectively, of the Company’s net sales.
Environmental:    The Company expenses environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Costs that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company records a liability when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. The estimated liability of the Company is not reduced for possible recoveries from insurance carriers and is undiscounted.
Foreign Currency Translation:    The functional currency of the Company's subsidiaries outside the United States is the local currency. Financial statements are translated into U.S. dollars at year-end exchange rates for assets and liabilities and weighted-average exchange rates during the period for revenues and expenses. The resulting translation adjustments are recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Gains and losses resulting from foreign currency transactions, including intercompany transactions that are not considered long-term investments, are included in the Consolidated Statements of Income.
45
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Discontinued Operations:     During the fourth quarter of 2022, we determined that our Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the held-for-sale assets and liabilities, the operating results and the cash flows of Aluminum Products in discontinued operations for all periods presented throughout this Annual Report on Form 10-K. On December 29, 2023, the Company sold this business to Angstrom Automotive Group (“Angstrom”). Unless otherwise indicated, amounts and activity in this Annual Report on Form 10-K are presented on a continuing operations basis. See Note 7, “Discontinued Operations,” for further information.
Warranties: The Company estimates the amount of warranty claims on sold products that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents the changes in the Company’s product warranty liability:
Year Ended December 31,
202520242023
Balance at January 1$5.3 $5.5 $5.2 
Claims paid during the year(2.5)(1.8)(2.1)
Warranty expense1.5 1.4 2.2 
Acquisition— 0.6 — 
Foreign currency translation and other(0.3)(0.4)0.2 
Balance at December 31$4.0 $5.3 $5.5 
Weighted-Average Number of Shares Used in Computing Earnings (Loss) Per Share: The following table sets forth the weighted-average number of shares used in the computation of earnings (loss) per share:
 Year Ended December 31,
 202520242023
(In whole shares)
Weighted average basic shares outstanding13,768,371 12,902,490 12,295,999 
Dilutive impact of employee stock awards204,754 337,118 214,902 
Weighted average diluted shares outstanding13,973,125 13,239,608 12,510,901 
Outstanding stock awards with exercise prices greater than the average price of the common shares are anti-dilutive and are not included in the computation of diluted earnings per share. For the years ended December 31, 2025, 2024 and 2023, the anti-dilutive shares were 0.0 million, 0.0 million and 0.1 million, respectively.
Accounting Standards Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual disclosures for income taxes. This guidance will not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024. Refer to Note 11 for the additional disclosures.
Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance requires tabular footnote disclosure of certain operating expenses disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement’s expense caption, as applicable. The effective date of this guidance is for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this guidance on our consolidated financial statement disclosures.

46
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
No other recently issued ASUs are expected to have a material impact on our results of operations, financial condition or liquidity.

NOTE 2 — Revenue

Substantially all of the Company’s contracts have a single performance obligation to transfer products to or, in limited cases, perform services for the customer. Accordingly, the Company recognizes revenue when its obligations under the contract terms are satisfied and control transfers to the customer. Revenue is recognized at an amount that reflects the consideration the Company expects to receive in exchange for the good or service, including estimated provisions for rebates, discounts, returns and allowances. The Company sells its products both directly to customers, and in limited cases, through distributors, generally under agreements with payment terms between 30-90 days. The Company has no financing components.

The majority of the Company’s revenue is derived from contracts (i) with an original contract length of one year or less, or (ii) for which it recognizes revenue at the amount at which it has the right to invoice as products or services are delivered. The Company has elected the practical expedient not to disclose the value of remaining performance obligations associated with these types of contracts.

The Company also has certain contracts which contain performance obligations that are immaterial in the context of the contract with the customer. The Company has elected the practical expedient not to assess whether these promised goods or services are performance obligations.

Supply Technologies provides our customers with Total Supply Management™, a proactive solutions approach that manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is the shipping point, as that is when control transfers to the customer.

Assembly Components designs, develops and manufactures highly efficient, high pressure direct fuel injection fuel rails and pipes; fuel filler pipes that route fuel from the gas cap to the gas tank; and flexible multi-layer plastic and rubber assemblies used to transport fuel from the vehicle's gas tank and then, at extreme high pressure, to the engine's fuel injector nozzles. Within this segment, contracts routinely consist of a long-term agreement or master service agreement with quantity and pricing specified through individual purchase orders. Revenue is recognized at a point in time, which is at the shipping point, as that is when control transfers to the customer.

Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of highly-engineered products, including induction heating and melting systems, pipe threading systems and forged and machined products. Engineered Products also produces and provides services and spare parts for the equipment it manufactures. In this segment, revenue is recognized for certain revenue streams at a point in time, and over time for other revenue streams. For point in time arrangements, revenue is recognized at the shipping point, as that is when control transfers to the customer. For over time arrangements, revenue is recognized over the time during which products are manufactured or services are performed, as control transfers under these arrangements over a period of time. Over time arrangements represented approximately 19% of the Company's total consolidated sales for the year ended December 31, 2025. The Company uses the input method to calculate the contract revenues to be recognized, which utilizes costs incurred to date in relation to total expected costs to satisfy the Company’s performance obligation under the contract. Incurred costs represent work performed and therefore best depict the transfer of control to the customer.

For over time arrangements, contract assets relate to revenue recognized in advance of billings to customers under long-term contracts accounted for under percentage of completion. These amounts, which totaled $49.4 million and $45.3 million at December 31, 2025 and December 31, 2024, respectively, are recorded as Other current assets in the Consolidated Balance Sheets.
47
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
For over time arrangements, contract liabilities relate to advances or deposits received from the Company’s customers before revenue is recognized. These amounts, which totaled $56.9 million and $53.1 million at December 31, 2025 and December 31, 2024, respectively, are recorded as Other accrued expenses in the Consolidated Balance Sheets.

The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer its products. As such, shipping and handling fees billed to customers in a sales transaction are recorded in Net sales, and shipping and handling costs incurred are recorded in Cost of sales. The Company has elected to exclude from Net sales any value-added, sales or other taxes which it collects concurrent with revenue-producing activities.

We disaggregate our revenue by product line and geographic region of our customer, as we believe these criteria best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. See details in the tables below.
Year Ended December 31,
202520242023
PRODUCT LINE
Supply Technologies$645.9 $663.3 $661.7 
Engineered specialty fasteners and other products101.6 112.5 101.7 
Supply Technologies Segment747.5 775.8 763.4 
Fuel, rubber and plastic products380.6 398.7 427.8 
Assembly Components Segment380.6 398.7 427.8 
Industrial equipment and aftermarket359.7 353.9 335.1 
Forged and machined products111.3 127.8 133.4 
Engineered Products Segment471.0 481.7 468.5 
Total revenues$1,599.1 $1,656.2 $1,659.7 

48
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Supply Technologies SegmentAssembly Components SegmentEngineered Products SegmentTotal Revenues
Year Ended December 31, 2025
GEOGRAPHIC REGION
United States$417.1 $231.9 $268.0 $917.0 
Europe167.3 15.9 76.7 259.9 
Asia77.0 32.5 69.9 179.4 
Mexico70.9 60.3 16.3 147.5 
Canada12.1 32.6 29.7 74.4 
Other3.1 7.4 10.4 20.9 
Total$747.5 $380.6 $471.0 $1,599.1 
Year Ended December 31, 2024
GEOGRAPHIC REGION
United States$444.8 $262.0 $259.0 $965.8 
Europe159.4 17.3 94.8 271.5 
Asia80.7 32.7 63.3 176.7 
Mexico74.1 51.9 20.0 146.0 
Canada14.3 30.3 30.0 74.6 
Other2.5 4.5 14.6 21.6 
Total$775.8 $398.7 $481.7 $1,656.2 
Year Ended December 31, 2023
GEOGRAPHIC REGION
United States$458.8 $300.3 $264.7 $1,023.8 
Europe151.9 17.6 68.0 237.5 
Asia64.9 30.1 69.4 164.4 
Mexico71.9 45.1 15.6 132.6 
Canada13.2 30.2 35.2 78.6 
Other2.7 4.5 15.6 22.8 
Total$763.4 $427.8 $468.5 $1,659.7 

NOTE 3 — Segments
The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The chief operating decision maker is the Company's Chief Executive Officer. For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or corporate expenses. Segment operating income reconciles to consolidated income before income taxes by adjusting for corporate expenses; loss on extinguishment of debt; gains on sales of assets; other unallocated expenses; other components of pension and other postretirement benefits income, net; and interest expense, net.

Results by business segment were as follows:
49
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Year Ended December 31, 2025
Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
(In millions)
Net sales$747.5 $380.6 $471.0 $1,599.1 
Cost of sales605.9 338.8 383.2 1,327.9 
Selling, general and administrative expenses67.9 19.9 70.5 158.3 
Restructuring and other special charges1.4 2.8 1.8 6.0 
Asset impairment charges— — 8.9 8.9 
Segment operating income$72.3 $19.1 $6.6 98.0 
Corporate expenses(31.3)
Corporate restructuring and other special charges(0.4)
Operating income66.3 
Other components of pension and other postretirement benefits income, net7.0 
Interest expense, net(47.5)
Loss on extinguishment of debt(2.0)
Income from continuing operations before income taxes$23.8 
Year Ended December 31, 2024
Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
(In millions)
Net sales$775.8 $398.7 $481.7 $1,656.2 
Cost of sales631.5 353.6 389.7 1,374.8 
Selling, general and administrative expenses69.1 18.6 70.7 158.4 
Restructuring and other special charges0.2 1.1 3.6 4.9 
Segment operating income$75.0 $25.4 $17.7 118.1 
Corporate expenses(29.0)
Gains on sales of assets, net2.5 
Other expense(5.0)
Operating income86.6 
Other components of pension and other postretirement benefits income, net5.2 
Interest expense, net(47.4)
Income from continuing operations before income taxes$44.4 
Year Ended December 31, 2023
Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
(In millions)
Net sales$763.4 $427.8 $468.5 $1,659.7 
Cost of sales639.1 369.5 379.7 1,388.3 
Selling, general and administrative expenses65.1 23.4 64.8 153.3 
Restructuring, acquisition-related and other special charges0.2 1.5 4.9 6.6 
Segment operating income$59.0 $33.4 $19.1 111.5 
50
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Corporate expenses(28.2)
Gains on sales of assets, net0.8 
Operating income84.1 
Other components of pension and other postretirement benefits income, net2.5 
Interest expense, net(45.1)
Income from continuing operations before income taxes$41.5 
Year Ended December 31,
202520242023
Capital expenditures:
Supply Technologies$17.4 $10.5 $6.3 
Assembly Components6.9 8.8 8.4 
Engineered Products12.8 10.1 12.7 
Corporate3.2 2.0 0.8 
$40.3 $31.4 $28.2 
Depreciation and amortization:
Supply Technologies$6.7 $6.7 $6.6 
Assembly Components13.0 13.8 13.4 
Engineered Products12.6 12.8 11.5 
Corporate0.7 0.3 0.2 
$33.0 $33.6 $31.7 
Identifiable assets:
Supply Technologies$489.4 $465.6 $462.8 
Assembly Components293.3 284.3 289.5 
Engineered Products465.9 468.8 462.0 
Corporate171.0 146.4 126.4 
$1,419.6 $1,365.1 $1,340.7 
At December 31, 2025, 2024 and 2023, approximately 66%, 66% and 67%, respectively, of the Company’s assets were located in the United States.

NOTE 4 — Asset Impairment Charges

During 2025, the Company recorded non-cash asset impairment charges in its Engineered Products segment totaling $8.9 million to write-down the carrying value of certain assets, primarily at its forging operations in Arkansas. The impairment charges, which included obsolete tooling and inventory as well as charges related to property, plant and equipment, are recorded on a separate line in the Consolidated Statements of Income.

NOTE 5 — Plant Closure and Consolidation

During 2025, in connection with its ongoing profit-improvement actions, the Company recorded plant closure and consolidation costs totaling $2.6 million across all three of its segments.

51
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
During 2024, the Company consolidated an Assembly Components facility and closed an Engineered Products operation in Ohio. In connection with these actions, the Company received cash proceeds of $11.5 million and recorded a gain on sale of assets of $2.5 million, which is included on a separate line in the Consolidated Statements of Income.

During 2023, the Company incurred the following expenses related to plant closure and consolidation in connection with its profit-improvement actions across its businesses. The actions in the Assembly Components segment were primarily in connection with actions taken to close and consolidate its extrusion operations in Ohio, to relocate certain production to lower-cost facilities with open capacity, and to complete other cost-reduction actions.

The actions in the Engineered Product segment were primarily in connection with plant closure and consolidation of a facility in Ohio, and to complete other cost-reduction actions in this segment.

 Facility Related CostsSeverance and Other Total
2023:
Assembly Components$0.5 $— $0.5 
Engineered Products2.7 1.9 4.6 
Total$3.2 $1.9 $5.1 

The Company sold certain real estate for cash proceeds and gains on sales as follows. Gains are recorded on a separate line in the Consolidated Statements of Income and are excluded from segment operating income.

 Cash Proceeds from Sales of AssetsGains on Sales of Assets
2024$11.5 $2.5 
2023$2.0 $0.8 

NOTE 6 — Acquisitions

In February 2024, the Company acquired all of the outstanding shares of EMA Indutec GmbH (“EMA”), headquartered in Meckesheim, Germany, from the Aichelin Group, headquartered in Modling, Austria. EMA, which is included in our Engineered Products segment, is a leading manufacturer of induction heating equipment and converters and operates through its two locations in Meckesheim, Germany and Beijing, China. The purchase price, net of cash acquired, was $11.0 million.

The allocation of the purchase price of EMA is summarized as follows:

(In millions)
Accounts receivable$6.0 
Inventories4.7 
Other current assets0.5 
Property, plant and equipment1.3 
Goodwill3.9 
Intangibles6.8 
Other assets0.1 
Accounts payable and accrued expenses(10.0)
Deferred income tax liability(2.3)
Total purchase price, net of cash acquired$11.0 

52
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
During 2024 and 2023, the Company paid $3.0 million and $2.9 million, respectively, as scheduled, related to deferred purchase price for the 2022 acquisitions of Charter Automotive (Changzhou) Co. Ltd. and Southern Fasteners & Supply, Inc.

NOTE 7 — Discontinued Operations
On December 29, 2023, the Company completed the sale of its Aluminum Products business to Angstrom for approximately $50 million in cash and promissory notes, plus the assumption of approximately $3 million of finance lease obligations. The total purchase price consisted of a cash down payment of $20.0 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling $15.0 million payable to the Company on December 31, 2024, of which $10.0 million were contingent on the Aluminum Products business attaining certain purchase commitments during 2024. The Company determined that the purchase commitments were not attained during 2024 and subsequently wrote-off the $10.0 million contingent notes during 2024.

Year Ended December 31,
 202520242023
Net sales$— $— $180.6 
Cost of sales— — 164.9 
Selling, general and administrative— — 15.8 
Operating loss— — (0.1)
Interest expense— — (3.3)
Loss from operation of discontinued operations— — (3.4)
Loss on sale of discontinued operations(1.3)(12.9)(28.3)
Loss on classification as held-for-sale— — — 
Income tax benefit0.3 2.5 5.5 
Loss from discontinued operations, net of tax$(1.0)$(10.4)$(26.2)

NOTE 8 — Goodwill
The changes in the carrying amount of goodwill by reportable segment are as follows:
Supply TechnologiesAssembly ComponentsEngineered ProductsTotal
Balance at January 1, 2024$21.8 $51.4 $37.0 $110.2 
Acquisition— — 3.9 3.9 
Disposal— — (0.5)(0.5)
Currency translation(0.2)0.1 (1.8)(1.9)
Balance at December 31, 202421.6 51.5 38.6 111.7 
Currency translation1.0 — 3.1 4.1 
Balance at December 31, 2025$22.6 $51.5 $41.7 $115.8 

53
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
NOTE 9 — Other Intangible Assets

 December 31, 2025December 31, 2024
 Weighted Average Remaining Useful Life (Years)Gross ValueAccumulated
Amortization		Net ValueGross ValueAccumulated
Amortization		Net Value
Customer relationships9.5$98.9 $71.0 $27.9 $96.9 $65.8 $31.1 
Indefinite-lived tradenames*27.3 *27.3 26.6 *26.6 
Technology9.826.4 12.7 13.7 25.1 11.3 13.8 
Other3.44.9 4.6 0.3 4.8 4.4 0.4 
Total$157.5 $88.3 $69.2 $153.4 $81.5 $71.9 
* Not applicable, as these tradenames have an indefinite life.

Amortization expense of other intangible assets was as follows:
Year Ended December 31,
202520242023
Amortization expense$6.9 $6.8 $6.7 

We estimate amortization expense for the five years subsequent to 2025 as follows:
2026$6.5 
2027$6.4 
2028$5.5 
2029$3.8 
2030$2.5 
NOTE 10 — Financing Arrangements
Debt consists of the following:
Carrying Value at
Maturity DateInterest Rate at
December 31, 2025		December 31, 2025December 31, 2024
Senior Secured NotesJuly 31, 20308.500%$348.4 $— 
Senior NotesApril 15, 20276.625%— 350.0 
Revolving credit facilityJuly 17, 2030
5.19%
257.4 248.6 
Finance leasesVariousVarious16.6 17.0 
OtherVariousVarious13.3 13.1 
Total debt635.7 628.7 
Less: Current portion of long-term debt and short-term debt(8.3)(8.4)
Less: Unamortized debt issuance costs(6.7)(2.0)
Total long-term debt, net
$620.7 $618.3 
On July 31, 2025, Park-Ohio Industries, Inc. (“Park-Ohio”) completed the issuance of $350 million aggregate principal amount of 8.500% Senior Secured Notes due 2030 (the “2030 Notes”), in a private offering. The 2030 Notes were priced at 99.50% of par. The 2030 Notes are senior secured obligations of Park-Ohio and are guaranteed (with certain exceptions) by Park-Ohio's domestic subsidiaries that guarantee the debt under the Credit Agreement on a senior secured basis. Park-Ohio used
54
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
the net proceeds from the offering of the 2030 Notes, along with cash on hand, to redeem all $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “2027 Notes”) and pay related fees and expenses.
On July 17, 2025, Park-Ohio amended its Seventh Amended and Restated Credit Agreement (the “Credit Agreement”), in order to, among other things, (a) extend the maturity date to the fifth anniversary from the closing of the amendment, (b) permit the issuance of the 2030 Notes and (c) permit the 2030 Notes to be secured by (i) a first-priority lien on the substantially all of the U.S. equipment (including machinery) of the Park-Ohio and the Park-Ohio’s existing and future domestic subsidiaries (the “Guarantors”) that guarantee debt under the Credit Agreement (the “Notes Priority Collateral”) and (ii) a second-priority lien (junior to the Credit Agreement) on substantially all of the U.S. assets of Park-Ohio and the Guarantors (including the 65% pledge of the foreign equity owned by the Guarantors), other than assets constituting Notes Priority Collateral, securing the revolving credit facility (the “ABL Priority Collateral”). The Credit Agreement provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility. As of December 31, 2025, we had borrowing availability of $126.1 million under the Credit Agreement.
The following table represents fair value information of the Notes, classified as Level 1, at December 31, 2025 and 2024. The fair value was estimated using quoted market prices.

2030 Notes2027 Notes
December 31, 2025December 31, 2024
Carrying amount$348.4 $350.0 
Fair value$360.8 $344.3 
Maturities of short-term and long-term debt, excluding finance leases, during each of the five years subsequent to December 31, 2025 are as follows:
2026$5.1 
2027$2.9 
2028$2.7 
2029$0.7 
2030$608.0 
Foreign subsidiaries of the Company had $52.1 million of borrowings at December 31, 2025, which included $40.5 million under our Credit Agreement, and $10.3 million at December 31, 2024.
We had outstanding bank guarantees and letters of credit under our credit arrangements of approximately $32.7 million at December 31, 2025 and $38.5 million at December 31, 2024.
The weighted average interest rate on all debt was approximately 7.1% in 2025, 7.0% in 2024 and 6.6% in 2023.
NOTE 11 — Income Taxes
(Loss) income from continuing operations before income taxes consists of the following:
 Year Ended December 31,
 202520242023
United States$(21.3)$(5.9)$0.2 
Outside the United States45.1 50.3 41.3 
$23.8 $44.4 $41.5 
55
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Income tax expense consists of the following:
 Year Ended December 31,
 202520242023
Current expense:
Federal$0.3 $2.8 $1.7 
State1.0 1.1 0.1 
Foreign15.4 15.6 13.9 
16.7 19.5 15.7 
Deferred (benefit) expense:
Federal(9.1)(11.9)(7.1)
State(0.7)(1.8)(1.2)
Foreign(4.1)(0.9)1.1 
(13.9)(14.6)(7.2)
Income tax expense$2.8 $4.9 $8.5 
 
In 2025, the effective income tax rate of 11.8% was less than the U.S. statutory rate of 21%, primarily as a result of the tax benefit of the research and development tax credit partially offset by the impact of non-deductible expenses

Several countries in which Park-Ohio Holdings does business have proposed or enacted new tax laws or are actively considering changes to their tax laws to align with the Organization for Economic Co-operation and Development (“OECD”) proposals. For tax year 2025, the impact for those countries in which Park-Ohio Holdings operates who have enacted Pillar Two laws was not material to income tax expense. We will continue to monitor and reflect the impact of such legislative changes in future financial statements as appropriate.

In 2024, the effective tax rate of 11.0% was less than the U.S. statutory rate of 21%, primarily as a result of the tax benefit of the research and development tax credit and the release of certain valuation allowances.

In 2023, the effective tax rate of 20.5% approximated the U.S. statutory rate of 21%, as the tax benefits of the foreign tax credit and research and development tax credit were offset by the tax expense of foreign earnings, GILTI and non-deductible expenses.

The provision (benefit) for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before incomes taxes, as follows:
Year Ended December 31, 2025
AmountPercent
US federal statutory income tax$5.0 21.0 %
State and local income taxes, net of federal effect1
Changes in valuation allowance0.8 3.3 %
Other(0.7)(2.7)%
Foreign tax effects
Mexico
Foreign rate differential1.0 4.0 %
Prior period adjustment(0.7)(2.8)%
Other(0.8)(3.3)%
Other jurisdictions1.6 6.8 %
Effect of cross-border tax laws
Global intangible low-taxed income0.6 2.5 %
56
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Other(0.3)(1.4)%
Income tax credits
Research and development(4.9)(20.6)%
Foreign tax credits - general(0.9)(3.7)%
Nontaxable or nondeductible items
Effect of non-controlling interest1.0 4.2 %
Officers' compensation1.0 4.3 %
Other0.3 1.2 %
Changes in unrecognized tax benefits(0.3)(1.4)%
Other adjustments0.1 0.4 %
Effective tax rate$2.8 11.8 %
(1) State taxes in Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ending December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differed from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Income tax expense at U.S. statutory rate$9.3 $8.7 
Effect of state income taxes, net(0.9)(1.1)
Effect of foreign operations5.7 4.4 
Valuation allowance(2.3)(1.3)
Uncertain tax positions0.7 0.3 
Non-deductible items1.2 2.3 
Equity compensation0.8 1.4 
Foreign tax credit(4.7)(4.3)
Other tax credits(7.0)(3.3)
GILTI1.5 2.4 
FDII(0.5)(0.8)
Other, net1.1 (0.2)
Income tax expense as recorded$4.9 $8.5 
57
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Significant components of the Company’s net deferred income tax assets and liabilities are as follows:
 Year Ended December 31,
 20252024
Deferred income tax assets:
Postretirement benefit obligation$0.3 $0.2 
Inventory11.3 12.5 
Net operating loss and credit carryforwards26.5 17.9 
Operating lease liabilities10.6 10.1 
Compensation2.1 3.3 
Capitalized research and development expenditures34.5 29.6 
Disallowed interest5.9 7.6 
Other8.8 5.8 
Total deferred income tax assets100.0 87.0 
Deferred income tax liabilities:
Depreciation12.5 14.7 
Pension20.9 19.0 
Intangible assets16.9 16.8 
Lease right-of-use assets10.6 10.1 
Other5.2 5.5 
Total deferred income tax liabilities66.1 66.1 
Net deferred income tax assets prior to valuation allowances33.9 20.9 
Valuation allowances(5.5)(4.9)
Net deferred income tax asset$28.4 $16.0 

At December 31, 2025, the Company has U.S., state and foreign net operating loss carryforwards as well as U.S. foreign tax credit carryforwards and research and development tax credit carryforwards for income tax purposes. The foreign net operating loss carryforward is $16.7 million, of which $9.5 million expires between 2026 and 2043 and the remainder has no expiration date. The Company has a tax benefit from a state net operating loss carryforward of $4.9 million, of which $4.1 million expires between 2026 and 2045 and the remainder has no expiration date. The Company also has a non-consolidated U.S. net operating loss carryforward of $1.1 million that expires between 2035 and 2036. The Company has recorded a valuation allowance of $5.5 million against these net operating loss carryforwards in jurisdictions where those losses are not expected to be realized. The foreign tax credit carryforward is $4.0 million and expires between 2032 and 2035. The U.S. research and development tax credit carryforward is $10.6 million and expires between 2031 and 2045.
 
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
202520242023
Unrecognized Tax Benefit — January 1$1.2 $0.5 $0.8 
Gross Increases to Tax Positions Related to Prior Years— 0.8 — 
Gross Decreases related to settlements with taxing authorities— — — 
Expiration of Statute of Limitations(0.4)(0.1)(0.3)
Unrecognized Tax Benefit — December 31$0.8 $1.2 $0.5 
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $0.8 million at both December 31, 2025 and December 31, 2024, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During 2025 and 2024, the Company recognized a tax benefit of
58
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
approximately $0.1 million in net interest and penalties due to the expiration of various uncertain tax positions. The Company had approximately $0.1 million for the payment of interest and penalties accrued at December 31, 2025.
The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company’s tax years for 2015 through 2025 remain open for examination by the Internal Revenue Service and 2019 through 2025 remain open for examination by various state and foreign taxing authorities.
As of December 31, 2025, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $272.8 million. We intend to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs.
Income taxes paid, net of refunds, were as follows:
Year Ended December 31, 2025
U.S. Federal$1.4 
U.S. State0.8 
Foreign
Canada1.4 
China3.1 
Germany2.6 
Mexico5.9 
United Kingdom3.2 
Other5.9 
Total income taxes paid, net of refunds$24.3 
NOTE 12 — Stock-Based Compensation
The Company follows the provisions of ASC 718, “Compensation — Stock Compensation” (“ASC 718”), which requires all share-based payments to employees to be recognized in the income statement based on their grant date fair values. Compensation expense for awards with service conditions only that are subject to graded vesting is recognized on a straight-line basis over the term of the vesting period.
A summary of activity for the year ended December 31, 2025 is as follows:
Time-Based
 Number of
Shares		Weighted Average
Grant Date Fair Value
(in whole shares)
Outstanding — beginning of year675,727 $21.07 
Granted(a)
288,260 17.84 
Vested(292,855)19.55 
Cancelled or expired(21,520)19.12 
Outstanding — end of year649,612 $20.39 
(a) Included in the granted amount are 2,422 restricted share units.
The Company recognized compensation expense of $5.5 million, $5.6 million and $6.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to stock-based awards.
The total fair value of restricted shares and share units that vested during the years ended December 31, 2025, 2024 and 2023 was $5.7 million, $5.9 million and $6.9 million, respectively.
59
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
As of December 31, 2025, the Company had unrecognized compensation expense of $7.3 million related to restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 1.9 years.

NOTE 13 — Commitments and Contingencies

The Company is subject to a variety of claims, suits, investigations and administrative proceedings with respect to commercial, premises liability, product liability, employment, personal injury and environmental matters arising from the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements.

Our subsidiaries are involved in a number of contractual and warranty-related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates.

In addition to the routine claims, suits, investigations and proceedings and asserted claims noted above, we are also a co-defendant in approximately 116 cases asserting claims on behalf of approximately 160 plaintiffs alleging personal injury as a result of exposure to asbestos. These asbestos cases generally relate to production and sale of asbestos-containing products and allege various theories of liability, including negligence, gross negligence and strict liability, and seek compensatory and, in some cases, punitive damages. In every asbestos case in which we are named as a party, the complaints are filed against multiple named defendants. To the extent that any specific amount of damages is sought, the amount applies to claims against all named defendants.

Historically, we have been dismissed from asbestos cases on the basis that the plaintiff incorrectly sued one of our subsidiaries or because the plaintiff failed to identify any asbestos-containing product manufactured or sold by us or our subsidiaries. We intend to vigorously defend these asbestos cases and believe we will continue to be successful in being dismissed from such cases. However, it is not possible to predict the ultimate outcome of asbestos-related lawsuits, claims and proceedings due to the unpredictable nature of personal injury litigation.

Despite this uncertainty, and although our results of operations and cash flows for a particular period could be adversely affected by asbestos-related lawsuits, claims and proceedings, management believes that the ultimate resolution of these matters will not have a material adverse effect on our financial condition, liquidity or results of operations. Among the factors management considered in reaching this conclusion were: (a) our historical success in being dismissed from these types of lawsuits on the bases mentioned above; (b) many cases have been improperly filed against one of our subsidiaries; (c) in many cases the plaintiffs have been unable to establish any causal relationship to us or our products or premises; (d) in many cases, the plaintiffs have been unable to demonstrate that they have suffered any identifiable injury or compensable loss at all or that any injuries that they have incurred did in fact result from alleged exposure to asbestos; and (e) the complaints assert claims against multiple defendants and, in most cases, the damages alleged are not attributed to individual defendants. Additionally, we do not believe that the amounts claimed in any of the asbestos cases are meaningful indicators of our potential exposure because the amounts claimed typically bear no relation to the extent of the plaintiff's injury, if any.


NOTE 14 - Lease Arrangements

We lease manufacturing facilities, warehouse space, office space, machinery and equipment, information technology equipment and vehicles under operating leases. We also lease one building and numerous machinery and equipment under finance leases. For operating leases with terms greater than 12 months, we record the operating right-of-use asset and related lease liability at the present value of lease payments over the lease term. In certain real estate leases, we have options to renew
60
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
lease terms, generally at our sole discretion. We evaluate renewal options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors.

The discount rate implicit in our operating leases is generally not determinable, and therefore the Company determines the discount rate for each lease based on its incremental borrowing rate. The incremental borrowing rate is calculated based on lease term, currency and collateral adjustments.

During 2025, the Company obtained right-of-use assets in exchange for new operating lease liabilities of $12.2 million.

Balance Sheet as of December 31, 2025 and 2024
Classification on the Balance SheetDecember 31, 2025December 31, 2024
Assets
Operating lease assetsOperating lease right-of-use assets$41.2 $40.3 
Finance lease assetsProperty, plant and equipment, net20.8 22.1 
Total lease assets$62.0 $62.4 
Liabilities
Current
OperatingCurrent portion of operating lease liabilities$10.9 $10.7 
FinanceCurrent portion of long-term debt and short-term debt3.2 3.3 
Noncurrent
OperatingLong-term operating lease liabilities30.4 29.8 
FinanceLong-term debt13.4 13.7 
Total lease liabilities$57.9 $57.5 
Weighted-average remaining lease term (in years)
Operating leases4.74.9
Finance leases4.15.0
Weighted-average discount rate
Operating leases5.5 %5.2 %
Finance leases6.2 %6.1 %

Lease Expense for 2025, 2024 and 2023

Operating lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred.
61
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
202520242023
Finance lease expense
Amortization of right-of-use assets$1.9 $2.9 $1.7 
Interest on lease liabilities0.9 0.9 1.0 
Operating lease expense15.1 15.5 14.8 
Other lease expense(1)
10.4 7.6 9.6 
Total lease expense$28.3 $26.9 $27.1 
(1) - Other lease expense includes variable lease costs and short-term lease costs.

Cash Flow Information for 2025, 2024 and 2023
202520242023
Amounts included in the Consolidated Statements of Cash Flows:
Operating cash outflows for operating leases$(14.8)$(15.1)$(14.3)
Operating cash outflows for finance leases$(0.9)$(0.9)$(1.0)
Financing cash (outflows) inflows for finance leases$(0.5)$0.7 $0.9 

Maturities of Lease Liabilities as of December 31, 2025, were as follows:
Operating LeasesFinance Leases
2026$12.8 $3.3 
202710.1 3.1 
20288.2 3.1 
20296.2 5.3 
20304.3 3.2 
Thereafter5.2 0.8 
Total lease payments46.8 18.8 
Less: amount of lease payments representing interest(5.5)(2.2)
Total present value of future lease payments$41.3 $16.6 

Certain of the Company’s leases are with related parties at an annual rental expense of approximately $5.1 million. Transactions with related parties are not material to the Company’s financial position, results of operations or cash flows.

NOTE 15 — Pensions and Postretirement Benefits
The Company and its subsidiaries have pension plans, principally noncontributory defined benefit or noncontributory defined contribution plans, covering substantially all employees. In addition, the Company has an unfunded postretirement benefit plan. One of its defined benefit plans, covering most U.S. employees not covered by collective bargaining agreements, utilizes a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits that are based upon a percentage of current eligible earnings and current interest credits. For the remaining defined benefit plans, benefits are based on the employee’s years of service. For the defined contribution plans, the costs charged to operations and the amount funded are based upon a percentage of the covered employees’ compensation.
The Company's objectives for the pension plan are to monitor the funded ratio; create general investment goals with regard to acceptable risk and liquidity needs ensuring the long-term interests of participants and beneficiaries are considered; and manage risk by minimizing the short-term and long-term risk of actual expenses and contribution requirements.
62
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following tables set forth the changes in benefit obligation, plan assets, funded status and amounts recognized in the consolidated balance sheet for the defined benefit pension and postretirement benefit plans as of December 31, 2025 and 2024:
 Pension BenefitsPostretirement Benefits
 2025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$70.8 $72.8 $4.0 $5.0 
Service cost4.2 4.3 — — 
Interest cost3.5 3.4 0.2 0.2 
Actuarial (gain) loss4.7 (1.2)0.6 (0.5)
Benefits and expenses paid(7.5)(8.5)(0.7)(0.7)
Curtailment loss - discontinued operations— — — — 
Benefit obligation at end of year$75.7 $70.8 $4.1 $4.0 
Change in plan assets
Fair value of plan assets at beginning of year$156.1 $147.9 $3.1 $3.4 
Actual return on plan assets20.4 16.7 0.4 0.4 
Benefits and expenses paid(7.5)(8.5)(0.7)(0.7)
Fair value of plan assets at end of year$169.0 $156.1 $2.8 $3.1 
Funded (underfunded) status of the plans$93.3 $85.3 $(1.3)$(0.9)
 
Amounts recognized in the consolidated balance sheets consist of:
 Pension BenefitsPostretirement Benefits
 2025202420252024
Pension assets$93.3 $85.3 $— $— 
Other long-term liabilities— — 1.3 0.9 
$93.3 $85.3 $1.3 $0.9 
Amounts recognized in Accumulated other comprehensive loss
Net actuarial loss$12.6 $17.7 $1.4 $1.0 
Net prior service cost0.1 0.1 — — 
Accumulated other comprehensive loss$12.7 $17.8 $1.4 $1.0 
The pension plan weighted-average asset allocation at December 31, 2025 and 2024 and target allocation for 2026 are as follows:
  Plan Assets
 Target 202520252024
Asset Category
Equity securities
45-75%
53.0 %55.0 %
Debt securities
15-35%
17.0 %17.0 %
Other
    0-30%
30.0 %28.0 %
100%100 %100 %

The following table sets forth, by level within the fair value hierarchy, the pension plans assets:
63
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 20252024
 Level 1TotalLevel 1Total
Common stock$28.3 $28.3 $30.6 $30.6 
Equity securities57.7 57.7 51.7 51.7 
Foreign stock4.6 4.6 4.7 4.7 
U.S. Government obligations10.3 10.3 9.0 9.0 
Fixed income securities6.0 6.0 7.0 7.0 
Corporate bonds12.8 12.8 11.5 11.5 
Cash and cash equivalents8.0 8.0 6.4 6.4 
Total$127.7 $120.9 
Investments measured at net asset value:
Common collective trusts5.2 4.6 
Hedge funds39.0 33.7 
Postretirement benefit assets(2.9)(3.1)
Total assets at fair value$169.0 $156.1 
 
Valuation Methodologies: Following is a description of the valuation methodologies used for pension plan assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.

Common stock, equity securities and foreign stock - These securities consist of direct investments in the stock of publicly-traded companies. Such investments are valued based on the closing price reported in an active market on which the individual securities are traded. As such, the direct investments are classified as Level 1.

U.S. Government obligations, fixed income securities and corporate bonds - Valued at the closing price of each security.

Cash equivalents - Consists of primarily money market funds and certificates of deposit, for which book value equals fair value.

Common collective trusts - Valued at the net unit value of units held by the trust at year end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned. The equity investments in collective trusts are predominantly in index funds for which the underlying securities are actively traded in public markets based upon readily measurable prices. Common collective trusts are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the total plan assets.

Hedge funds - Consists of direct investments in hedge funds through limited partnership interests. Net asset values are based on the estimated fair value of the ownership interest in the investment as determined by the general partner. The majority of the holdings of the hedge funds are in equity securities traded on public exchanges. The investment terms of the hedge funds allow capital to be redeemed quarterly given prior notice with certain limitations. Hedge funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the total plan assets.

For additional information regarding fair value measurements, see Note 1.

The following tables summarize the assumptions used in the valuation of pension and postretirement benefit obligations at December 31 and the measurement of the net periodic benefit cost in the following year. The Company used a spot rate approach by applying the specific spot rates along the yield curve to the relevant projected cash flows in the estimation of the service and interest components of benefit cost.
64
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 Weighted-Average assumptions as of December 31,
 Pension BenefitsPostretirement Benefits
 202520242023202520242023
Assumptions used to determine benefit obligation at year-end
Discount rate5.24 %5.55 %5.14 %4.87 %5.43 %5.06 %
Rate of compensation increase
3.00% to 7.00%
3.00% to 7.00%
3.00 %N/AN/AN/A
Health care cost trend rateN/AN/AN/A6.50 %6.50 %6.75 %
Ultimate health care cost trend rateN/AN/AN/A5.00 %5.00 %5.00 %
Year of ultimate trend rateN/AN/AN/A203120312031
Assumptions used to determine expense
Discount rate for benefit obligations5.59 %5.14 %5.48 %5.40 %5.06 %5.40 %
Discount rate for service costs5.72 %5.16 %5.53 %N/A5.06 %5.42 %
Discount rate for interest costs5.25 %5.09 %5.35 %5.14 %5.03 %5.29 %
Expected return on plan assets7.50 %7.50 %7.75 %7.50 %7.50 %7.75 %
Rate of compensation increase
3.00% to 7.00%
3.00% to 7.00%
3.00 %N/AN/AN/A
Medical health care benefits rate increaseN/AN/AN/A6.50 %6.50 %6.75 %
Medical drug benefits rate increaseN/AN/AN/A6.50 %6.50 %6.75 %
Ultimate health care cost trend rateN/AN/AN/A5.00 %5.00 %5.00 %
Year of ultimate trend rateN/AN/AN/A203120312031
In determining its expected return on plan assets assumption for the year ended December 31, 2025, the Company considered historical experience, its asset allocation, expected future long-term rates of return for each major asset class, and an assumed long-term inflation rate. This assumption was supported by the asset return generation model, which projected future asset returns using simulation and asset class correlation.
 Pension BenefitsPostretirement Benefits
 202520242023202520242023
Components of net periodic benefit cost
Service costs$4.2 $4.3 $4.3 $— $— $— 
Interest costs3.5 3.4 3.5 0.2 0.2 0.3 
Expected return on plan assets(11.3)(10.6)(9.9)(0.2)(0.2)(0.3)
Recognized net actuarial loss0.7 1.8 3.6 0.1 0.2 0.3 
Benefit (income) costs - continuing operations (2.9)(1.1)1.5 0.1 0.2 0.3 
Curtailment loss - discontinued operations— — 0.4 — — — 
Total benefit (income) costs$(2.9)$(1.1)$1.9 $0.1 $0.2 $0.3 
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss (income) (“AOCI”)
AOCI at beginning of year$17.8 $26.9 $40.0 $1.0 $2.0 $2.4 
Net loss amortization(0.7)(1.8)(3.7)(0.1)(0.2)(0.3)
Recognition of actuarial (gain) loss(4.4)(7.3)(9.4)0.5 (0.8)(0.1)
Total recognized in accumulated other comprehensive loss at end of year$12.7 $17.8 $26.9 $1.4 $1.0 $2.0 
65
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Below is a table summarizing the Company’s expected future benefit payments and the expected payments due to Medicare subsidy over the next ten years:
  Postretirement Benefits
 Pension BenefitsGrossExpected
Medicare Subsidy		Net including
Medicare Subsidy
2026$12.6 $0.6 $0.6 $— 
20278.7 0.5 0.5 — 
20288.2 0.5 0.5 — 
20297.7 0.5 0.5 — 
20307.5 0.4 0.4 — 
2031 to 203532.9 1.7 1.6 0.1 
 
The Company expects to make no contributions to its defined benefit plans in 2026 and beyond, as pension and postretirement benefits are expected to be paid out of plan assets.
In January 2008, a Supplemental Executive Retirement Plan (“SERP”) for the Company's former CEO was approved by the Compensation Committee of the Board of Directors. The SERP provides an annual supplemental retirement benefit of up to $0.4 million upon the former CEO’s termination of employment with the Company. The former CEO is fully vested in the SERP, which has a balance of $1.4 million as of December 31, 2025.

NOTE 16 — Accumulated Other Comprehensive Income (Loss)
The components of and changes in accumulated other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023 were as follows:
 Cumulative Translation AdjustmentPension and Postretirement BenefitsTotal
Balance at January 1, 2023$(38.2)$(23.6)$(61.8)
Currency translation7.7 — 7.7 
Pension and OPEB activity, net of tax— 10.4 10.4 
Balance at December 31, 2023(30.5)(13.2)(43.7)
Currency translation(15.9)— (15.9)
Pension and OPEB activity, net of tax— 7.8 7.8 
Balance at December 31, 2024(46.4)(5.4)(51.8)
Currency translation26.1 — 26.1 
Pension and OPEB activity, net of tax— 3.7 3.7 
Balance at December 31, 2025$(20.3)$(1.7)$(22.0)
No income taxes are provided on currency translation as foreign earnings are considered permanently re-invested.

NOTE 17 — Subsequent Events

On January 26, 2026, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 20, 2026, to shareholders of record as of the close of business on February 6, 2026 and resulted in cash payments of $1.8 million.


66
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of disclosure controls and procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chairman and Chief Executive Officer and our Vice President and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(e) and Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Based upon this evaluation, our Chairman and Chief Executive Officer and Vice President and Chief Financial Officer concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our disclosure controls and procedures were effective.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. As required by Rule 13a-15(c) under the Exchange Act, management carried out an evaluation, with participation of our Chairman and Chief Executive Officer and Vice President and Chief Financial Officer, of the effectiveness of our internal control over financial reporting as of December 31, 2025. The framework on which such evaluation was based is contained in the report entitled “Internal Control — Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO Report”). Our management has concluded that our internal control over financial reporting was effective as of December 31, 2025.
Ernst & Young LLP, our independent registered public accounting firm, who audited the consolidated financial statements of the Company for the year ended December 31, 2025, also audited the effectiveness of the Company’s internal control over financial reporting. Their report is set forth on page 37 of this Annual Report on Form 10-K and is incorporated by reference into this Item 9A.
Changes in internal control over financial reporting
There have been no changes in our internal control over financial reporting that occurred during the fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
During the quarter ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
67
Table of Contents
Part III

Item 10.  Directors, Executive Officers and Corporate Governance
The information concerning directors, the identification of the audit committee and the audit committee financial expert and our code of ethics required under this item is incorporated herein by reference from the material contained under the captions “Election of Directors” and “Corporate Governance,” as applicable, in our definitive proxy statement for the 2026 annual meeting of shareholders to be filed with the SEC pursuant to Regulation 14A not later than 120 days after the close of the fiscal year (the “Proxy Statement”). Information relating to executive officers is contained in Part I of this Annual Report on Form 10-K.
The Company has adopted an insider trading policy applicable to its directors, officers and employees, and has implemented procedures for the Company, governing the purchase, sale and other disposition of the Company's securities. The Company believes its insider trading policy and procedures are reasonably designed to promote compliance with insider trading laws, rules, regulations and listing standards applicable to the Company. A copy of the Company's insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.
Item 11.  Executive Compensation
The information relating to executive officer and director compensation and the compensation committee report contained under the heading “Executive Compensation” in the Proxy Statement is incorporated herein by reference. The information relating to compensation committee interlocks contained under the heading “Corporate Governance — Compensation Committee Interlocks and Insider Participation” in the Proxy Statement is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by Item 403 of Regulation S-K is incorporated herein by reference from the material contained under the captions “Principal Shareholders” in the Proxy Statement. Information required by Item 201(d) of Regulation S-K can be found below.
The following table provides information about our common stock that may be issued under our equity compensation plan as of December 31, 2025.
Equity Compensation Plan Information
Plan CategoryNumber of securities to be issued upon exercise price of outstanding options, warrants and rightsWeighted-average exercise price of outstanding options, warrants and rightsNumber of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(a)(b)(c)
Equity compensation plans approved by security holders (1)68,683 $— 660,904 
Equity compensation plans not approved by security holders— — — 
Total68,683 $— 660,904 
(1) Includes our 2021 Equity and Incentive Compensation Plan, as amended and restated
68
Table of Contents
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required under this item is incorporated herein by reference to the material contained under the captions “Corporate Governance Director Independence” and “Transactions With Related Persons” in the Proxy Statement.
Item 14.  Principal Accountant Fees and Services
The information required under this item is incorporated herein by reference to the material contained under the caption “Audit Committee — Independent Auditor Fee Information” in the Proxy Statement.
69
Table of Contents
Part IV

Item 15. Exhibits and Financial Statement Schedules
(a)(1) The following financial statements are included in Part II, Item 8 of this Annual Report on Form 10-K:
 
 Page
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are not applicable and, therefore, have been omitted.
(2) Financial Statement Schedules
Schedule II — Valuation and Qualifying Accounts and Reserves

DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Deductions
and
Other		 Balance at
End of
Period
Year Ended December 31, 2025:
Allowances deducted from assets:
Trade receivable allowances$3.9 2.4 (2.1)(A)$4.2 
Inventory reserves42.7 8.0 (5.9)(B)44.8 
Tax valuation allowances4.9 0.6 — 5.5 
Year Ended December 31, 2024:
Allowances deducted from assets:
Trade receivable allowances$3.6 1.1 (0.8)(A)$3.9 
Inventory reserves42.9 12.7 (12.9)(B)42.7 
Tax valuation allowances7.3 (2.4)— 4.9 
Year Ended December 31, 2023:
Allowances deducted from assets:
Trade receivable allowances$3.8 2.3 (2.5)(A)$3.6 
Inventory reserves38.5 9.2 (4.8)(B)42.9 
Tax valuation allowances8.6 (1.3)— 7.3 
Note (A)- Uncollectible accounts written off, net of recoveries.
Note (B)- Amounts written off.
(3) Exhibits:
Exhibit
  
70
Table of Contents
Exhibit
  
3.1Amended and Restated Articles of Incorporation of Park-Ohio Holdings Corp. (filed as Exhibit 3.1 to the Form 10-K of Park-Ohio Holdings Corp. for the year ended December 31, 1998, SEC File No. 000-03134 and incorporated by reference and made a part hereof)
3.2Code of Regulations of Park-Ohio Holdings Corp. (filed as Exhibit 3.2 to the Form 10-K of Park-Ohio Holdings Corp. for the year ended December 31, 1998, SEC File No. 000-03134 and incorporated by reference and made a part hereof)
4.1
    

4.2
4.3
4.4
4.5
71
Table of Contents
Exhibit
  
4.6
4.7
4.8
4.9
4.10
4.11
72
Table of Contents
Exhibit
  
4.12
    
4.13
10.1Form of Indemnification Agreement entered into between Park-Ohio Holdings Corp. and each of its directors and certain officers (filed as Exhibit 10.1 to the Form 10-K of Park-Ohio Holdings Corp. for the year ended December 31, 1998, SEC File No. 000-03134 and incorporated by reference and made a part hereof)
10.2*
10.3*
10.4*
10.5*
10.6*
10.7*
10.8*
10.9*
10.10*
73
Table of Contents
Exhibit
  
10.11*
10.12*
10.13*
19.1
21.1
23.1
24.1
31.1
31.2
32.1
97.1
101.INSInline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Label Linkbase Document
101.LABInline XBRL Taxonomy Extension Presentation Linkbase Document
101.PREInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Reflects management contract or other compensatory arrangement required to be filed as an exhibit pursuant to Item 15(c) of this Report.
74
Table of Contents
Item 16. Form 10-K Summary

None.
75
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
PARK-OHIO HOLDINGS CORP.
(Registrant)
By:/s/ Patrick W. Fogarty
Name:Patrick W. Fogarty
Title:Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
Date: March 5, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons in the capacities and on the dates indicated.
 
*
Matthew V. Crawford		  
Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer)
   March 5, 2026
*
Patrick W. Fogarty		  Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)		   
*
Patrick V. Auletta		  Director   
*
Andrew C. Clarke		Director
*
Edward F. Crawford		Director
*
John D. Grampa		  Director   
*
Howard W. Hanna, IV		  Director
*
Dan T. Moore, III		  Director   
*
Ronna Romney		  Director   
*
Steven H. Rosen		  Director   
*
James W. Wert		  Director   
 
*The undersigned, pursuant to a Power of Attorney executed by each of the directors and officers identified above and filed with the Securities and Exchange Commission, by signing his name hereto, does hereby sign and execute this report on behalf of each of the persons noted above, in the capacities indicated.
 
March 5, 2026  By: 
/s/    ROBERT D. VILSACK
   Robert D. Vilsack, Chief Legal and Administrative Officer, Corporate Secretary

76

Exhibit 21.1
List of Subsidiaries
 
Company Name  Jurisdiction Organized
Ajax Tocco de Mexico, S.A. de C.V.  Mexico
Ajax Tocco International Limited  England
Ajax Tocco Magnethermic Corporation (1)  Ohio
Ajax Tocco Magnethermic Corporation Canada Limited  Canada
Ajax Tocco Magnethermic GmbH  Germany
Ajax Tocco Magnethermic Japan Co., Ltd.  Japan
Ajax Tocco Magnethermic Limited  Hong Kong
Ajax Tocco Magnethermic (Shanghai) Co., Ltd.  China
Apollo Aerospace Components India Private LimitedIndia
Apollo Aerospace Components LimitedEngland
Apollo Aerospace Components LLC (2)  Ohio
Apollo Aerospace Components Sp.Z.o.o.Poland
Apollo (Chengdu) Aerospace Components Co., Ltd.China
Apollo Group LimitedEngland
Autoform Tool & Manufacturing, LLCIndiana
Bates Rubber, Inc.Ohio
Canton Drop Forge, Inc.Ohio
Chambersburg Acquisition Corp.  Pennsylvania
Control Transformer, Inc.  Ohio
EFCO, Inc. (3)Ohio
Elastomeros Tecnicos Moldeados, LLC (4)  Texas
Elastomeros Tecnicos Moldeados, S. de R. L. de C.V.  Mexico
EMA Indutec GmbHGermany
EMA Induction Technology (Beijing) Co. Ltd.China
Engineering Materials, Inc.Delaware
Europower CR s.r.o.  Czech Republic
Feco, Inc.  Illinois
Fluid Routing Solutions, LLC  Delaware
Foundry Service GmbH  Germany
Gateway Industrial Supply LLC  Ohio
GH Able City Company LimitedChina
GH Electrotermia, S.A.Spain
GH Electrothermie, S.A.S.France
GH Inducao do Brasil Ltda.Brazil
GH Induction Atmospheres, LLCNew York
GH Induction Deutschland GmbhGermany
GH Induction Equipment Shanghai Co. Ltd.China
GH Induction India Pvt. Ltd.India
GH Mexicana, S.A. de C.V.Mexico
Heads & Allthreads Private LimitedIndia
Hydrapower Dynamics LimitedEngland
ILS Supply Technologies SA de CV  Mexico
Induction Equipments (India) Private LimitedIndia
Integrated Holding Company  Ohio
Integrated Logistics Holding Company  Ohio


Company Name  Jurisdiction Organized
Langstone Supplies LimitedEngland
M.P. Colinet S.R.L.Belgium
NABS Supply Technologies S. De R.L. De C.V.  Mexico
NYK Component Solutions (Holdings) LimitedEngland
NYK Component Solutions LimitedEngland
ParkOhio Automotive Components (Changshu) Co., Ltd.China
Park-Ohio Forged & Machined Products LLC (5)  Ohio
Park-Ohio GAMCO, S. de R.L. de C.V.Mexico
ParkOhio Holding GmbHGermany
ParkOhio Industries (Qingdao) Co., Ltd.China
Park-Ohio Industries (Shanghai) Co. Ltd.  China
Park-Ohio Industries Treasury Company, Inc.  New York
Park-Ohio Industries, Inc. (6)  Ohio
Park-Ohio Products, Inc.  Ohio
Park-Ohio U.K. Ltd.England
ParkOhio Worldwide LLCOhio
Pharmacy Wholesale Logistics, Inc.  Ohio
Precision Machining Connection LLC  Ohio
QEF Global Holdings LimitedIreland
QEF (Global) Ireland LimitedIreland
RB&W Corporation of Canada  Canada
RB&W GmbHGermany
RB&W Japan G.K.Japan
RB&W Ltd.  Ohio
RB&W Manufacturing LLC (7)  Ohio
RB&W (Changzhou) Cold Forming Technologies Co., Ltd.China
RB&W (Shanghai) Cold Forming Technologies Co., Ltd.China
Saet S.p.A.Italy
Saet Induction Equipment (Shanghai) Co. Ltd.China
Snow Dragon LLC  Ohio
Southern Fasteners & Supply, LLCNorth Carolina
Southwest Steel Processing LLC  Ohio
STMX Gas, Inc. (8)  Ohio
Supply Technologies Company of Canada  Canada
Supply Technologies Company of Puerto Rico, Inc.  Puerto Rico
Supply Technologies CR s.r.o.Czech Republic
Supply Technologies (India) Private Limited  India
Supply Technologies International Trading (Shanghai) Co., Ltd.  China
Supply Technologies (IRLG) LimitedIreland
Supply Technologies Kft  Hungary
Supply Technologies Limited  Hong Kong
Supply Technologies LLC (9)  Ohio
Supply Technologies Poland Sp.z.o.o.Poland
Supply Technologies Procurement Company, Inc.Delaware
Supply Technologies Pte. Ltd.  Singapore
Supply Technologies (UKGRP) LimitedEngland
The Ajax Manufacturing Company  Ohio
Tocco, Inc.  Alabama


Company Name  Jurisdiction Organized
Trostel Mexico S. de R.L. de C.V.Mexico
Wind Energy, Inc. Ohio

(1) Doing business as PMC-Colinet, PMC Industries, Pines Engineering, Pillar Induction and H&H Tooling
(2) Doing business as Aero-Missile Components
(3) Doing business as Erie Press Systems, Ajax/CECO/Erie Press
(4) Doing business as Trostel
(5) Doing business as Ajax-Ceco; Ajax Technologies; Chambersburg Equipment Company
(6) Doing business as Ohio Crankshaft
(7) Doing business as Delo Screw Products
(8) Doing business as Autumn Ridge Enterprises
(9) Doing business as Supply Technologies of Ohio

EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:
         
(1)Registration Statement (Form S-8 No. 333-287608) pertaining to the Park-Ohio Holdings Corp. 2021 Equity and Incentive Compensation Plan (Amended and Restated Effective May 27, 2025)

(2)Registration Statement (Form S-3 No. 333-279399) pertaining to the registration of debt and equity securities,

(3)Registration Statement (Form S-8 No. 333-272137) pertaining to the Park-Ohio Holdings Corp. 2021 Equity and Incentive Compensation Plan (Amended and Restated Effective May 17, 2023),

(4)Registration Statement (Form S-8 No. 333-256988) pertaining to the Park-Ohio Holdings Corp. 2021 Equity and Incentive Compensation Plan,

(5)Registration Statement (Form S-8 No. 333-225915) pertaining to the Park-Ohio Holdings Corp. 2018 Equity and Incentive Compensation Plan,

(6)Registration Statement (Form S-8 No. 333-204713) pertaining to the Park-Ohio Holdings Corp. 2015 Equity and Incentive Compensation Plan, and

(7)Registration Statement (Form S-8 No. 333-01047) pertaining to the Individual Account Retirement Plan;



of our reports dated March 5, 2026, with respect to the consolidated financial statements of Park-Ohio Holdings Corp. and Subsidiaries and the effectiveness of internal control over financial reporting of Park-Ohio Holdings Corp. and Subsidiaries included in this Annual Report (Form 10-K) of Park-Ohio Holdings Corp. and Subsidiaries for the year ended December 31, 2025, and the financial statement schedule of Park-Ohio Holdings Corp. and Subsidiaries included herein.



/s/ Ernst & Young LLP
Cleveland, Ohio
March 5, 2026


Exhibit 24.1
PARK-OHIO HOLDINGS CORP.
FORM 10-K
POWER OF ATTORNEY
Each of the undersigned officers and directors of Park-Ohio Holdings Corp., an Ohio corporation, hereby constitutes and appoints Patrick W. Fogarty and Robert D. Vilsack, and each of them, as his true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for each of the undersigned and in the name, place and stead of each of the undersigned, to sign on behalf of each of the undersigned an Annual Report on Form 10-K for the fiscal year ended December 31, 2025 pursuant to Section 13 of the Securities Exchange Act of 1934 and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith including, without limitation, a Form 12b-25 with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes may lawfully do or cause to be done by virtue thereof.
This power of attorney may be executed in multiple counterparts, each of which shall be deemed an original with respect to the person executing it.
 
EXECUTED as of February 5, 2026.  
/s/ Matthew V. Crawford /s/ Patrick W. Fogarty
Matthew V. CrawfordPatrick W. Fogarty, Vice President and Chief
Chairman of the Board, Chief Executive Officer and PresidentFinancial Officer
/s/ Patrick V. Auletta   /s/ Dan T. Moore, III
Patrick V. Auletta, Director  Dan T. Moore, III, Director
/s/ Andrew C. Clarke  /s/ Ronna Romney 
Andrew C. Clarke, Director  Ronna Romney, Director
/s/ Edward F Crawford  /s/ Steven H. Rosen 
Edward F. Crawford, Director  Steven H. Rosen, Director
/s/ John D Grampa/s/ James W. Wert
John D. Grampa, DirectorJames W. Wert, Director
/s/ Howard W. Hanna, IV
Howard W. Hanna, IV, Director
Exhibit 31.1
PRINCIPAL EXECUTIVE OFFICER’S CERTIFICATIONS
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew V. Crawford, certify that:
1.I have reviewed this annual report on Form 10-K of Park-Ohio Holdings Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
By:/s/ Matthew V. Crawford
Name:Matthew V. Crawford
Title:
Chairman of the Board, Chief Executive Officer and President
Dated: March 5, 2026


Exhibit 31.2
PRINCIPAL EXECUTIVE OFFICER’S CERTIFICATIONS
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick W. Fogarty, certify that:
1.I have reviewed this annual report on Form 10-K of Park-Ohio Holdings Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
By:/s/ Patrick W. Fogarty
Name:Patrick W. Fogarty
Title:Vice President and Chief Financial Officer
Dated: March 5, 2026


Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Park-Ohio Holdings Corp. (the “Company”) on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
By:/s/ Matthew V. Crawford
Name:Matthew V. Crawford
Title:Chairman of the Board, Chief Executive Officer and President
By:/s/ Patrick W. Fogarty
Name:Patrick W. Fogarty
Title:Vice President and Chief Financial Officer
Dated: March 5, 2026
The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.