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Hamilton Beach Brands Holding Company | 2025 Annual Report
OVERVIEW About The Company Hamilton Beach Brands Holding Company is a leading designer, marketer, and distributor of a wide range of brand name small electronic household and specialty housewares appliances, commercial products for restaurants, fast food chains, bars, and hotels, and a provider of connected devices and software for home healthcare management. Our owned consumer brands include Hamilton Beach , Proctor Silex , and Weston , as well as premium brands Hamilton Beach Professional and Lotus . Our owned commercial brands include Hamilton Beach Commercial and Proctor Silex Commercial . We license brands for CHI premium garment care products and Clorox home appliances. We have multiyear agreements to design, sell, market, and distribute Numilk plant-based milk makers and Sunkist commercial juicers and sectionizers. Our Hamilton Beach Health subsidiary, which owns HealthBeacon, is expanding the Company s presence in the home health and medical market. HealthBeacon develops connected devices that enable patients with chronic conditions to manage their injectable medication regimens at home, and it provides other health services. Our leading portfolio of iconic consumer brands offers good, better, best product OUR PORTFOLIO OF LEADING BRANDS LOTUS assortments across a wide range of price points. We participate in more than 50 product categories. Our brands have a strong presence in all the retail channels where consumers buy small kitchen appliances, including the fast-growing ecommerce channel. The principal market for our consumer products is North America, including the United States, Canada, Mexico, and Latin America. Our commercial products are sold globally to food service and hospitality customers around the world. Our home healthcare products are sold globally. OUR VISION Achieve leadership positions in consumer, commercial and health appliances with our preferred portfolio of brands and products. OUR MISSION 'HOLYHU SUR WDEOH growth from innovative solutions that improve everyday living. Registered Trademarks: Sunkist Sunkist Growers, Inc.; CHI - Farouk Systems, Inc.; Clorox The Clorox Company; Numilk - Plant Tap, Inc. Annual Report 2025 | Hamilton Beach Brands Holding Company
FROM OUR CEO To Our Shareholders $V , ORRN EDFN RQ , P SURXG RI how we performed in a year that tested XV LQ ZD\V ZH KDYHQ W VHHQ EHIRUH ,W ZDV RQH RI WKH PRVW FRPSOLFDWHG operating environments in our history. 7DULII GLVUXSWLRQV ZHUH VLJQL FDQW DQG unpredictable, and retailer purchasing patterns shifted quickly. Despite these conditions, Hamilton Beach Brands remained disciplined, showing resilience and agility, absorbing what we had to, cutting what we should, and continuing to invest in our long-term strategy. The work our team did this year strengthened the business and positions us for a return WR SUR WDEOH JURZWK LQ 2025 Performance Overview 7KH \HDU EHJDQ ZLWK VLJQL FDQW KHDGZLQGV Tariffs moved quickly and sharply, at one SRLQW UHDFKLQJ LQ WKH VHFRQG TXDUWHU ,Q UHVSRQVH PDQ\ 8 6 UHWDLOHUV SDXVHG ordering, particularly in April and May. Even so, full-year revenue declined only FRPSDUHG WR UH HFWLQJ VWURQJ EUDQGV D PRUH GLYHUVL HG VXSSO\ FKDLQ and disciplined execution. We entered the year prepared. By early 2025, we had already mitigated approximately 35% of our annual tariff exposure. As conditions evolved, we continued diversifying manufacturing, adjusted prices where necessary, activated a foreign trade zone at our Byhalia distribution center, and managed costs with focus, demonstrating our commitment to operational rigor and proactive risk management. 2XU SHUIRUPDQFH UH HFWHG ERWK WKH challenges we faced and the effectiveness of our response. After steep declines in the second and third quarters, we delivered a meaningful recovery in the fourth quarter. Fourth-quarter revenue declined by 0.3% year-over-year, and we achieved a 220-basis point expansion in gross margin, driven by new, innovative products, favorable customer mix, and contributions from our Commercial and Health businesses. We closed the year with operating SUR W RI PLOOLRQ RU RI VDOHV FRPSDUHG WR PLOOLRQ RU RI VDOHV LQ ,I \RX H[FOXGH D RQH time incremental tariff expense and the accelerated depreciation and write-off related to our enterprise software transition, RSHUDWLQJ SUR W LQFUHDVHG WR million, or 7.2% of sales. During the year, ZH LQWURGXFHG QHZ SURGXFW SODWIRUPV and shipped more than 25 million DSSOLDQFHV D WHVWDPHQW WR RXU WHDP V execution, determination, and focus on long-term value creation despite nearterm adversity. Strategic Progress Across Our Growth Initiatives Even with persistent external pressures, we made meaningful strides across our strategic initiatives, which are designed to expand margins and create sustainable growth. These priorities remain unchanged DV ZH HQWHU HOME HEALTH PRODUCTS The Smart Sharps Bin and its companion app track patient adherence. The system provides secure injector storage. The system enables safe disposal through a mail-back service. Hamilton Beach Brands Holding Company | Annual Report 2025 1
STRATEGIC PROGRESS Driving Growth in Our Core Business Our core business remained stable and improved as retailer purchasing patterns began to normalize. During 2025, we advanced a robust pipeline of new products across high growth categories, including blender systems, single serve coffee, and garment care. These innovations reinforce our position as the #2 VPDOO NLWFKHQ DSSOLDQFH FRPSDQ\ LQ WKH 8 6 by units sold. Guided by our Good Thinking philosophy, our product innovations are grounded in deep consumer insight and focused on solving everyday needs with thoughtful, differentiated solutions. CORE PRODUCTS Expanding in the Premium Market FlexBrew Advanced 5-in-1 Coffee Maker, Thermal Carafe Ready, Set, Dinner Slow Cooker 6 Slice Sure-Crisp Air Fry Oven with Easy-View Window Durathon 3-in-1 Steamer/Iron 2025 was a pivotal year for our premium strategy. We launched Lotus Professional, our new chef-inspired premium brand, and early sell-through exceeded expectations by strong double digits, validating both product design and brand positioning. We plan to build on that momentum with the introduction of Lotus 6LJQDWXUH LQ 7KHVH RIIHULQJV SRVLWLRQ XV for growth within the premium market, where our share is modest, but our opportunity is substantial. The premium consumer has remained resilient despite economic uncertainty, and the premium market carries structurally higher margins. Leading in the Global Commercial Market 2XU 6XPPLW Edge high-performance commercial blender remains a cornerstone ZLWKLQ RXU JURZLQJ &RPPHUFLDO EXVLQHVV ,W continues to gain traction among foodservice customers and builds on our long-standing strength, expertise and reliability in blending and mixing technologies. We continue investing in products built for durability and consistency in demanding commercial environments. As a result, in 2025, our Commercial business represented approximately 10% of total revenue and GHOLYHUHG VWURQJ SUR WDEOH UHVXOWV $ highlight was entering our long-term strategic SDUWQHUVKLS ZLWK 6XQNLVW to develop and market branded commercial juicers and sectionizers that have long been embraced by restaurants, schools, and hospitality chains. As our Commercial portfolio expands, we remain focused on deepening relationships 2 Annual Report 2025 | Hamilton Beach Brands Holding Company
SUPPLY CHAIN RESILIENCE PREMIUM PRODUCTS Lotus Professional Series The Top Drip Coffee Maker with Grounds Scale with core foodservice customers, strengthening our presence in established categories, and pursuing adjacent opportunities that meet our performance and margin objectives. Accelerating Growth in Home Health Our Hamilton Beach Health business reached a major milestone in 2025: SRVLWLYH RSHUDWLQJ SUR W LQ ERWK WKH WKLUG and fourth quarters, just 18 months after acquiring HealthBeacon. This achievement was fueled by expanded specialty pharmacy partnerships, the launch of our HealthBeacon Harmony software with Novartis, and nearly 50% growth in RXU SDWLHQW VXEVFULSWLRQ EDVH 2XU 6PDUW 6KDUSV %LQ platform continues to perform well, and we are expanding into additional therapy areas. This progress supports our view that connected home healthcare can contribute meaningfully to our business over time. Accelerating Our Digital Transformation Consumer shopping habits continue to evolve, and we are adapting. We continue expanding our digital footprint to ensure our brands are discoverable, relevant and engaging across consumer touchpoints. Lotus Professional Series The Sous Multi-Function Cooker with Tri-Ply Dutch Oven Our ecommerce capabilities remain VWURQJ DQG LQ ZH H[SHFW WR LQFUHDVH LQYHVWPHQW LQ GLJLWDO VRFLDO DQG LQ XHQFHU marketing to deepen brand engagement and improve conversion. :H DUH DOVR XVLQJ DUWL FLDO LQWHOOLJHQFH WR enhance how we connect with consumers, LPSURYH FRQWHQW FUHDWLRQ UH QH WDUJHWLQJ DQG GULYH JUHDWHU HI FLHQF\ DFURVV RXU digital ecosystem. These efforts are supported by strong consumer sentiment, ZLWK RXU EUDQGV DYHUDJLQJ VWDUV DFURVV major platforms. Leveraging Partnerships and Acquisitions We take a disciplined approach to partnerships and acquisitions, pursuing those that expand capabilities and reach. ,Q DGGLWLRQ WR FRPSOHWLQJ WKH LQWHJUDWLRQ of HealthBeacon, we continued to build RQ WKH VXFFHVV RI RXU SUHPLXP &+, licensing program, which has delivered strong performance and boosted our position in higher-margin product categories. Our licensing partnership with Clorox continues to support our presence LQ WKH DGMDFHQW FDWHJRULHV RI DLU SXUL FDWLRQ DQG KXPLGL FDWLRQ ZKHUH FRQVXPHU demand remains steady. During the year, we advanced strategic DOOLDQFHV ZLWK 6XQNLVW and Numilk and Lotus Professional Series The Perfectionist Air Fry and Convection Oven continued to selectively evaluate additional opportunities consistent with our asset-light model and return expectations. Strengthening Supply Chain Resilience 2025 underscored the value of the FDOFXODWHG PDQXIDFWXULQJ GLYHUVL FDWLRQ we have built over time. With tariffs at comparable levels across major Asia3DFL F VRXUFLQJ FRXQWULHV RXU DELOLW\ WR dynamically shift production among China, ,QGRQHVLD 9LHWQDP DQG 7KDLODQG KDV become a competitive advantage. Our dedicated engineering and quality teams in the region have evolved to continue producing high quality products across multiple countries, increasing agility and maintaining reliability while we optimize our margins. Looking Ahead to 2026 $V ZH HQWHU ZH GR VR ZLWK FRQ GHQFH DQG PRPHQWXP 7KH FKDOOHQJHV of 2025 strengthened our organization and reinforced the value of our strategic priorities. We begin the new year with a more agile supply chain, a solid pipeline of innovative products, and opportunities to Hamilton Beach Brands Holding Company | Annual Report 2025 3
 • shareholder letter icon 3/25/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/30/2023 HBB Stockholder Letter
 • stockholder letter icon 4/4/2024 HBB Stockholder Letter
 • stockholder letter icon 3/28/2025 HBB Stockholder Letter
 • stockholder letter icon More "Consumer Goods" Category Stockholder Letters
 • Benford's Law Stocks icon HBB Benford's Law Stock Score = 56


HBB Shareholder/Stockholder Letter Transcript:

Hamilton Beach Brands Holding Company | 2025 Annual Report

OVERVIEW
About The Company
Hamilton Beach Brands Holding Company
is a leading designer, marketer, and
distributor of a wide range of brand name
small electronic household and specialty
housewares appliances, commercial
products for restaurants, fast food chains,
bars, and hotels, and a provider of
connected devices and software for
home healthcare management.
Our owned consumer brands include
Hamilton Beach  , Proctor Silex   , and
Weston  , as well as premium brands
Hamilton Beach Professional   and Lotus  .
Our owned commercial brands include
Hamilton Beach Commercial   and Proctor
Silex Commercial  .
We license brands for CHI   premium
garment care products and Clorox    home
appliances. We have multiyear agreements
to design, sell, market, and distribute Numilk  
plant-based milk makers and Sunkist  
commercial juicers and sectionizers.
Our Hamilton Beach Health   subsidiary,
which owns HealthBeacon, is expanding
the Company   s presence in the home
health and medical market. HealthBeacon
develops connected devices that enable
patients with chronic conditions to manage
their injectable medication regimens at
home, and it provides other health services.
Our leading portfolio of iconic consumer
brands offers good, better, best product
OUR PORTFOLIO OF LEADING BRANDS
LOTUS
assortments across a wide range of price
points. We participate in more than 50
product categories. Our brands have a
strong presence in all the retail channels
where consumers buy small kitchen
appliances, including the fast-growing
ecommerce channel.
The principal market for our consumer
products is North America, including the
United States, Canada, Mexico, and Latin
America. Our commercial products are
sold globally to food service and hospitality
customers around the world. Our home
healthcare products are sold globally.
OUR VISION
Achieve leadership
positions in consumer,
commercial and health
appliances with our
preferred portfolio of
brands and products.
OUR MISSION
'HOLYHU SUR  WDEOH 
growth from innovative
solutions that improve
everyday living.
Registered Trademarks: Sunkist       Sunkist Growers, Inc.; CHI    - Farouk Systems,
Inc.; Clorox       The Clorox Company; Numilk   - Plant Tap, Inc.
Annual Report 2025 | Hamilton Beach Brands Holding Company

FROM OUR CEO
To Our Shareholders
$V , ORRN EDFN RQ       ,  P SURXG RI 
how we performed in a year that tested
XV LQ ZD\V ZH KDYHQ  W VHHQ EHIRUH  
,W ZDV RQH RI WKH PRVW FRPSOLFDWHG 
operating environments in our history.
7DULII GLVUXSWLRQV ZHUH VLJQL  FDQW DQG 
unpredictable, and retailer purchasing
patterns shifted quickly. Despite these
conditions, Hamilton Beach Brands
remained disciplined, showing resilience
and agility, absorbing what we had to,
cutting what we should, and continuing
to invest in our long-term strategy. The
work our team did this year strengthened
the business and positions us for a return
WR SUR  WDEOH JURZWK LQ       
2025 Performance
Overview
7KH \HDU EHJDQ ZLWK VLJQL  FDQW KHDGZLQGV  
Tariffs moved quickly and sharply, at one
SRLQW UHDFKLQJ      LQ WKH VHFRQG TXDUWHU  
,Q UHVSRQVH  PDQ\ 8 6  UHWDLOHUV SDXVHG 
ordering, particularly in April and May.
Even so, full-year revenue declined only
     FRPSDUHG WR       UH  HFWLQJ VWURQJ 
EUDQGV  D PRUH GLYHUVL  HG VXSSO\ FKDLQ  
and disciplined execution.
We entered the year prepared. By
early 2025, we had already mitigated
approximately 35% of our annual tariff
exposure. As conditions evolved, we
continued diversifying manufacturing,
adjusted prices where necessary,
activated a foreign trade zone at our
Byhalia distribution center, and managed
costs with focus, demonstrating our
commitment to operational rigor and
proactive risk management.
2XU      SHUIRUPDQFH UH  HFWHG ERWK WKH 
challenges we faced and the effectiveness
of our response. After steep declines in the
second and third quarters, we delivered a
meaningful recovery in the fourth quarter.
Fourth-quarter revenue declined by 0.3%
year-over-year, and we achieved a 220-basis
point expansion in gross margin, driven by
new, innovative products, favorable customer
mix, and contributions from our Commercial
and Health businesses.
We closed the year with operating
SUR  W RI       PLOOLRQ  RU      RI VDOHV  
FRPSDUHG WR       PLOOLRQ  RU      RI 
VDOHV  LQ       ,I \RX H[FOXGH D RQH 
time incremental tariff expense and the
accelerated depreciation and write-off
related to our enterprise software transition,
     RSHUDWLQJ SUR  W LQFUHDVHG WR       
million, or 7.2% of sales. During the year,
ZH LQWURGXFHG    QHZ SURGXFW SODWIRUPV 
and shipped more than 25 million
DSSOLDQFHV  D WHVWDPHQW WR RXU WHDP  V 
execution, determination, and focus on
long-term value creation despite nearterm adversity.
Strategic Progress
Across Our Growth
Initiatives
Even with persistent external pressures,
we made meaningful strides across our
strategic initiatives, which are designed to
expand margins and create sustainable
growth. These priorities remain unchanged
DV ZH HQWHU       
HOME HEALTH PRODUCTS
The Smart Sharps Bin and its companion
app track patient adherence.
The system provides
secure injector storage.
The system enables safe disposal
through a mail-back service.
Hamilton Beach Brands Holding Company | Annual Report 2025
1

STRATEGIC PROGRESS
Driving Growth in Our Core Business
Our core business remained stable and
improved as retailer purchasing patterns began
to normalize. During 2025, we advanced a
robust pipeline of new products across high
growth categories, including blender systems,
single serve coffee, and garment care. These
innovations reinforce our position as the #2
VPDOO NLWFKHQ DSSOLDQFH FRPSDQ\ LQ WKH 8 6  
by units sold.
Guided by our Good Thinking   philosophy,
our product innovations are grounded in
deep consumer insight and focused on
solving everyday needs with thoughtful,
differentiated solutions.
CORE PRODUCTS
Expanding in the Premium Market
FlexBrew    Advanced 5-in-1
Coffee Maker, Thermal Carafe
Ready, Set, Dinner
Slow Cooker
6 Slice Sure-Crisp   Air Fry Oven
with Easy-View Window
Durathon   3-in-1
Steamer/Iron
2025 was a pivotal year for our premium
strategy. We launched Lotus   Professional,
our new chef-inspired premium brand, and early
sell-through exceeded expectations by strong
double digits, validating both product design
and brand positioning. We plan to build on
that momentum with the introduction of Lotus  
6LJQDWXUH LQ       7KHVH RIIHULQJV SRVLWLRQ XV 
for growth within the premium market, where
our share is modest, but our opportunity
is substantial. The premium consumer
has remained resilient despite economic
uncertainty, and the premium market carries
structurally higher margins.
Leading in the Global
Commercial Market
2XU 6XPPLW   Edge high-performance
commercial blender remains a cornerstone
ZLWKLQ RXU JURZLQJ &RPPHUFLDO EXVLQHVV  ,W 
continues to gain traction among foodservice
customers and builds on our long-standing
strength, expertise and reliability in blending
and mixing technologies.
We continue investing in products built
for durability and consistency in demanding
commercial environments. As a result, in
2025, our Commercial business represented
approximately 10% of total revenue and
GHOLYHUHG VWURQJ  SUR  WDEOH UHVXOWV  $      
highlight was entering our long-term strategic
SDUWQHUVKLS ZLWK 6XQNLVW   to develop and market
branded commercial juicers and sectionizers
that have long been embraced by restaurants,
schools, and hospitality chains.
As our Commercial portfolio expands, we
remain focused on deepening relationships
2
Annual Report 2025 | Hamilton Beach Brands Holding Company

SUPPLY CHAIN RESILIENCE
PREMIUM PRODUCTS
Lotus Professional Series The Top Drip   
Coffee Maker with Grounds Scale
with core foodservice customers,
strengthening our presence in established
categories, and pursuing adjacent
opportunities that meet our performance
and margin objectives.
Accelerating Growth
in Home Health
Our Hamilton Beach Health   business
reached a major milestone in 2025:
SRVLWLYH RSHUDWLQJ SUR  W LQ ERWK WKH WKLUG 
and fourth quarters, just 18 months after
acquiring HealthBeacon. This achievement
was fueled by expanded specialty
pharmacy partnerships, the launch of
our HealthBeacon Harmony    software
with Novartis, and nearly 50% growth in
RXU SDWLHQW VXEVFULSWLRQ EDVH  2XU 6PDUW 
6KDUSV %LQ   platform continues to perform
well, and we are expanding into additional
therapy areas. This progress supports our
view that connected home healthcare can
contribute meaningfully to our business
over time.
Accelerating Our
Digital Transformation
Consumer shopping habits continue to
evolve, and we are adapting. We continue
expanding our digital footprint to ensure
our brands are discoverable, relevant and
engaging across consumer touchpoints.
Lotus Professional Series The Sous   
Multi-Function Cooker with Tri-Ply Dutch Oven
Our ecommerce capabilities remain
VWURQJ  DQG LQ      ZH H[SHFW WR LQFUHDVH 
LQYHVWPHQW LQ GLJLWDO  VRFLDO  DQG LQ  XHQFHU 
marketing to deepen brand engagement
and improve conversion.
:H DUH DOVR XVLQJ DUWL  FLDO LQWHOOLJHQFH WR 
enhance how we connect with consumers,
LPSURYH FRQWHQW FUHDWLRQ  UH  QH WDUJHWLQJ  
DQG GULYH JUHDWHU HI  FLHQF\ DFURVV RXU 
digital ecosystem. These efforts are
supported by strong consumer sentiment,
ZLWK RXU EUDQGV DYHUDJLQJ     VWDUV DFURVV 
major platforms.
Leveraging Partnerships
and Acquisitions
We take a disciplined approach to
partnerships and acquisitions, pursuing
those that expand capabilities and reach.
,Q DGGLWLRQ WR FRPSOHWLQJ WKH LQWHJUDWLRQ 
of HealthBeacon, we continued to build
RQ WKH VXFFHVV RI RXU SUHPLXP &+,  
licensing program, which has delivered
strong performance and boosted
our position in higher-margin product
categories. Our licensing partnership with
Clorox    continues to support our presence
LQ WKH DGMDFHQW FDWHJRULHV RI DLU SXUL  FDWLRQ 
DQG KXPLGL  FDWLRQ  ZKHUH FRQVXPHU 
demand remains steady.
During the year, we advanced strategic
DOOLDQFHV ZLWK 6XQNLVW   and Numilk   and
Lotus Professional Series The Perfectionist   
Air Fry and Convection Oven
continued to selectively evaluate additional
opportunities consistent with our asset-light
model and return expectations.
Strengthening Supply
Chain Resilience
2025 underscored the value of the
FDOFXODWHG PDQXIDFWXULQJ GLYHUVL  FDWLRQ 
we have built over time. With tariffs at
comparable levels across major Asia3DFL  F VRXUFLQJ FRXQWULHV  RXU DELOLW\ WR 
dynamically shift production among China,
,QGRQHVLD  9LHWQDP  DQG 7KDLODQG KDV 
become a competitive advantage.
Our dedicated engineering and quality
teams in the region have evolved to
continue producing high quality products
across multiple countries, increasing
agility and maintaining reliability while
we optimize our margins.
Looking Ahead to 2026
$V ZH HQWHU       ZH GR VR ZLWK 
FRQ  GHQFH DQG PRPHQWXP  7KH FKDOOHQJHV 
of 2025 strengthened our organization
and reinforced the value of our strategic
priorities. We begin the new year with a
more agile supply chain, a solid pipeline
of innovative products, and opportunities to
Hamilton Beach Brands Holding Company | Annual Report 2025
3


shareholder letter icon 3/25/2026 Letter Continued (Full PDF)
 

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