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Investor ContactMedia Contact
David MartinKaren Tognarelli
+1.267.946.1407+1.717.480.6145
dmartin@enviri.comktognarelli@enviri.com

FOR IMMEDIATE RELEASE


Enviri Corporation Reports Third Quarter 2025 Results


•Third quarter revenues totaled $575 million

•Third quarter GAAP consolidated loss from continuing operations of $20 million

•Adjusted EBITDA in Q3 totaled $74 million

•Entered into amended credit agreement that enables the Company to potentially execute certain strategic alternatives and strengthens the Company’s financial flexibility

•2025 Adjusted EBITDA now expected to be within a range of $268 million to $278 million and free cash flow expected to be within a range of $(30) million to $(20) million


PHILADELPHIA (Nov. 10, 2025) - Enviri Corporation (NYSE: NVRI) (the "Company") today reported third quarter 2025 results. Revenues in the third quarter of 2025 totaled $575 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $20 million. Adjusted EBITDA was $74 million in the third quarter of 2025.

On a GAAP basis, the third quarter of 2025 diluted loss per share from continuing operations was $0.26, including strategic expenses and restructuring costs as well as other unusual items. The adjusted diluted loss per share from continuing operations in the third quarter of 2025 was $0.08.


These figures compare with a third quarter of 2024 GAAP diluted loss per share from continuing operations of $0.15, which included the impact of a business divestiture, certain Harsco Rail contract adjustments and other unusual items, and adjusted diluted loss per share from continuing operations of $0.01.

“Clean Earth delivered another record quarter with strong cash flow generation, driven by higher volumes and services pricing, ” said Enviri Chairman and CEO Nick Grasberger. “On a consolidated basis, our results were impacted primarily by Harsco Rail, due to weak demand. Harsco Environmental delivered a stronger quarter sequentially, although its results were affected by higher operating costs and project delays. Given the mixed performance in the quarter, we’ve lowered our full year outlook.”

“Despite these near-term pressures, our businesses remain well positioned within their respective markets and are poised to see earnings and cash flow growth as end-markets strengthen and strategic improvement initiatives are realized. We continue to make progress on our strategic alternatives process aimed at unlocking the inherent value of our portfolio, and are optimistic that we will conclude the process by the end of the year.”

Enviri Corporation—Selected Third Quarter Results
($ in millions, except per share amounts)Q3 2025Q3 2024
Revenues$575 $574 
Operating income/(loss) from continuing operations - GAAP$16 $37 
Income (loss) from continuing operations$(20)$(11)
Diluted EPS from continuing operations - GAAP$(0.26)$(0.15)
Adjusted EBITDA - non-GAAP$74 $85 
Adjusted EBITDA margin - non-GAAP12.9 %14.8 %
Adjusted diluted EPS from continuing operations - non-GAAP $(0.08)$(0.01)
Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures.

Consolidated Third Quarter Operating Results
Consolidated revenues from continuing operations were $575 million, or unchanged from the prior-year quarter. Clean Earth and Harsco Rail realized an increase in revenues compared with the third quarter of 2024, while revenues for Harsco Environmental were lower year-on-year, as anticipated. Business divestitures during 2024 in Harsco Environmental negatively impacted third quarter 2025 revenues by approximately $13 million, compared with the same quarter in 2024.
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The Company's GAAP consolidated loss from continuing operations was $20 million for the third quarter of 2025, compared with a GAAP consolidated loss of $11 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $74 million in the third quarter of 2025 versus $85 million in the third quarter of the prior year. Higher Adjusted EBITDA in Clean Earth was offset by lower contributions from the Company's other business segments. Divestitures negatively impacted third quarter 2025 Adjusted EBITDA by approximately $3 million, compared with the prior-year period.

Third Quarter Business Review

Harsco Environmental
($ in millions)Q3 2025Q3 2024
Revenues$261 $279 
Operating income (loss) - GAAP$13 $33 
Adjusted EBITDA - non-GAAP$44 $53 
Adjusted EBITDA margin - non-GAAP17.0 %19.0 %

Harsco Environmental revenues totaled $261 million in the third quarter of 2025, a decrease compared with the prior-year quarter. The year-over-year revenue change is attributable to business divestitures, lower eco-product sales, and site closures and contract exits. The segment's GAAP operating income was $13 million and Adjusted EBITDA totaled $44 million in the third quarter of 2025. These figures compare with GAAP operating income of $33 million and Adjusted EBITDA of $53 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors. As a result, Harsco Environmental's Adjusted EBITDA margin was 17.0% in the third quarter of 2025 versus 19.0% in the comparable quarter of 2024.

Clean Earth
($ in millions)Q3 2025Q3 2024
Revenues$250 $237 
Operating income (loss) - GAAP$27 $27 
Adjusted EBITDA - non-GAAP$43 $42 
Adjusted EBITDA margin - non-GAAP17.3 %17.5 %

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Clean Earth revenues totaled $250 million in the third quarter of 2025, a 6% increase over the prior-year quarter due to higher volumes and services pricing. The segment's GAAP operating income was $27 million and Adjusted EBITDA was $43 million in the third quarter of 2025. These figures compare with GAAP operating income of $27 million and Adjusted EBITDA of $42 million in the prior-year period. The year-on-year improvement in adjusted earnings is attributable to the above-mentioned factors. As a result, Clean Earth's Adjusted EBITDA margin was 17.3% in the third quarter of 2025 versus 17.5% in the comparable quarter of 2024.

Harsco Rail
($ in millions)Q3 2025Q3 2024
Revenues$64 $58 
Operating income (loss) - GAAP$(9)$(14)
Adjusted EBITDA - non-GAAP$(4)$(2)
Adjusted EBITDA margin - non-GAAP(5.7)%(4.3)%

Harsco Rail revenues totaled $64 million in the third quarter of 2025, a 10% increase over the prior-year quarter. This change reflects higher aftermarket parts volumes and certain contract loss adjustments in the prior-year quarter, partially offset by lower equipment and contracted services sales. The segment's GAAP operating loss was $9 million and Adjusted EBITDA loss was $4 million in the third quarter of 2025. These figures compare with a GAAP operating loss of $14 million and an Adjusted EBITDA loss of $2 million in the prior-year period. The year-on-year change in adjusted earnings is attributable to the above-mentioned factors as well as higher manufacturing costs and a less favorable business mix.

Cash Flow
Net cash provided by operating activities was $34 million in the third quarter of 2025, compared with $1 million in the prior-year period. Adjusted free cash flow was $6 million in the third quarter of 2025, compared with $(34) million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to lower capital spending and changes in working capital.

2025 Outlook
The Company has revised its outlook for Adjusted EBITDA and Free Cash Flow with the expectation that the volume and other headwinds experienced in the third-quarter for Harsco Rail and Harsco Environmental will persist through year-end. Additionally, free cash flow guidance is impacted by the timing of certain working capital items including previously anticipated milestone payments in Harsco Rail.

Key business drivers for each segment as well as other 2025 guidance details are below.
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Harsco Environmental Adjusted EBITDA is projected to be below prior-year results. Currency impacts, business divestitures, exited contracts and a less favorable services mix are expected to be partially offset by improvement initiatives and new contracts.

Clean Earth Adjusted EBITDA is expected to increase versus 2024 as a result of volume growth, efficiency initiatives and net higher pricing, offsetting the impact of investments and certain items not repeating in 2025 (such as the benefit in 2024 from the reduction in bad debt reserves).

Harsco Rail Adjusted EBITDA is expected to decline versus 2024 as a result of lower shipments, a less favorable business mix and higher manufacturing costs.

Corporate spending is anticipated to increase when compared with 2024 mainly as a result of incentive compensation including the impact of non-cash equity compensation.

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2025 Full Year OutlookCurrentPrior
GAAP Loss From Continuing Operations$(103) - $(93) million$(74) - $(56) million
Adjusted EBITDA$268 - $278 million$290 - $310 million
GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(1.32) - $(1.20)$(0.97) - $(0.75)
Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.74) - $(0.62)$(0.52) - $(0.30)
Net Cash Provided By Operating Activities$98 - $118 million$141 - $171 million
Adjusted Free Cash Flow$(30) - $(20) million$15 - $35 million
Net Interest Expense, Excluding Any Unusual Items$108 - $110 million$107 - $110 million
Account Receivable Securitization Fees~$10 million~$10 million
Pension Expense (Non-Operating)~$21 million~$21 million
Tax Expense, Excluding Any Unusual Items$22 - $24 million$26 - $31 million
Net Capital Expenditures$120 - $130 million$130 - $140 million
Q4 2025 Outlook
GAAP Loss From Continuing Operations$(25) - $(15) million
Adjusted EBITDA$62 - $72 million
GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.32) - $(0.19)
Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.26) - $(0.13)

Credit Agreement
The Company recently (November 2025) successfully amended its Credit Agreement to provide additional financial and strategic flexibility. The changes to the Credit Agreement include revisions to its net leverage ratio, which now ends 2025 at 5.25x and 2026 at 5.00x, before stepping down to 4.00x in the second quarter of 2027. The amendment also now allows the Company to sell Clean Earth and provides a capital structure framework for the surviving company if this occurs. Further details can be found in the Company's Form 10-Q for the quarterly period ended September 30, 2025.



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Conference Call
The Company will hold a conference call today at 9:00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (844) 539-1331 or (412) 652-1264 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the Company’s exploration of strategic alternatives; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.

Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) any delay to the Company’s review of strategic alternatives; (2) the Company’s inability to successfully secure a transaction as part of such review; (3) if such a transaction is entered into, the failure to consummate such transaction; (4) the possibility that any such transaction may not ultimately achieve the expected benefits; (5) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (6) the Company’s inability to comply with applicable environmental laws and regulations; (7) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (8) various economic, business, and regulatory risks associated with the waste management industry; (9) the seasonal nature of the Company's business; (10) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (11) the outcome of any disputes with customers, contractors and subcontractors; (12) the financial condition of the Company's customers, including the ability of
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customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (13) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (14) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (15) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (16) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (17) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (18) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (19) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (20) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (21) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (22) liability for and implementation of environmental remediation matters; (23) product liability and warranty claims associated with the Company’s operations; (24) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (25) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (26) tax liabilities and changes in tax laws; (27) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (28) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.

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Non-GAAP Measures
Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included at the end of this press release.

Adjusted diluted earnings per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies.

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance.

Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible
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assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects.
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About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.
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ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months EndedNine Months Ended
September 30September 30
(In thousands, except per share amounts)2025202420252024
Revenues from continuing operations:
Service revenues$505,875  $488,132 $1,487,956 $1,492,569 
Product revenues68,940  85,495 197,397 291,368 
Total revenues574,815  573,627 1,685,353 1,783,937 
Costs and expenses from continuing operations:   
Cost of services sold390,320  373,924 1,157,533 1,154,998 
Cost of products sold64,026  80,821 183,726 258,227 
Selling, general and administrative expenses93,294  89,183 277,905 266,763 
Research and development expenses878  888 2,340 2,692 
Property, plant and equipment impairment charge— — 7,386 — 
Intangible asset impairment charge— — — 2,840 
Remeasurement of long-lived assets— — — 10,695 
Gain on sale of businesses, net— (8,601)— (10,478)
Other expense (income), net9,817  40 16,519 3,760 
Total costs and expenses558,335  536,255 1,645,409 1,689,497 
Operating income (loss) from continuing operations16,480 37,372 39,944 94,440 
Interest income552  981 1,476 6,113 
Interest expense(28,353)(28,813)(82,527)(84,869)
Facility fees and debt-related income (expense)(2,508)(2,978)(7,739)(8,687)
Defined benefit pension income (expense)(5,322)(4,257)(15,742)(12,599)
Income (loss) from continuing operations before income taxes and equity in income
(19,151)2,305 (64,588)(5,602)
Income tax benefit (expense) from continuing operations(1,066)(13,437)(12,621)(31,372)
Equity in income (loss) of unconsolidated entities, net
39  38 111 (84)
Income (loss) from continuing operations(20,178)(11,094)(77,098)(37,058)
Discontinued operations:
Income (loss) from discontinued businesses(1,597)(1,584)(4,065)(4,287)
Income tax benefit (expense) from discontinued businesses417  411 1,061 1,112 
Income (loss) from discontinued operations, net of tax(1,180)(1,173)(3,004)(3,175)
Net income (loss)(21,358)(12,267)(80,102)(40,233)
Less: Net loss (income) attributable to noncontrolling interests(955) (901)(3,214)(4,498)
Net income (loss) attributable to Enviri Corporation$(22,313)$(13,168)$(83,316)$(44,731)
Amounts attributable to Enviri Corporation common stockholders:
Income (loss) from continuing operations, net of tax$(21,133)$(11,995)$(80,312)$(41,556)
Income (loss) from discontinued operations, net of tax(1,180)(1,173)(3,004)(3,175)
Net income (loss) attributable to Enviri Corporation common stockholders$(22,313)$(13,168)$(83,316)$(44,731)
Weighted-average shares of common stock outstanding80,665  80,165 80,543 80,085 
Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations$(0.26)$(0.15)$(1.00)$(0.52)
Discontinued operations$(0.01)$(0.01)(0.04)(0.04)
Basic earnings (loss) per share attributable to Enviri Corporation common stockholders (a)
$(0.28)$(0.16)$(1.03)$(0.56)
Diluted weighted-average shares of common stock outstanding80,665 80,165 80,543 80,085 
Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations$(0.26)$(0.15)$(1.00)$(0.52)
Discontinued operations$(0.01)$(0.01)(0.04)(0.04)
Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders (a)
$(0.28)$(0.16)$(1.03)$(0.56)
(a)Earnings (loss) per share attributable to Enviri Corporation common stockholders is calculated based on actual amounts. As a result, these per share amounts may not total due to rounding.
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ENVIRI CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)


(In thousands)		September 30
2025		December 31
2024
ASSETS
Current assets:
Cash and cash equivalents$115,357 $88,359 
Restricted cash15,662 1,799 
Trade accounts receivable, net281,072 260,690 
Other receivables43,035 40,439 
Inventories195,417 182,042 
Current portion of contract assets45,066 59,881 
Prepaid expenses
61,561 62,435 
Other current assets12,070 14,880 
Total current assets769,240 710,525 
Property, plant and equipment, net697,286 664,292 
Right-of-use assets, net
124,648 92,153 
Goodwill757,504 739,758 
Intangible assets, net279,728 298,438 
Retirement plan assets77,600 73,745 
Deferred income tax assets23,823 17,578 
Other assets63,773 53,744 
Total assets$2,793,602 $2,650,233 
LIABILITIES
Current liabilities:
Short-term borrowings$14,496 $8,144 
Current maturities of long-term debt25,711 21,004 
Accounts payable250,638 214,689 
Accrued compensation61,440 63,686 
Income taxes payable4,824 5,747 
Reserve for forward losses on contracts49,141 54,320 
Current portion of advances on contracts7,218 13,265 
Current portion of operating lease liabilities
30,207 26,049 
Derivative liabilities34,029 1,284 
Other current liabilities161,718 158,194 
Total current liabilities639,422 566,382 
Long-term debt1,500,042 1,410,718 
Retirement plan liabilities28,587 27,019 
Operating lease liabilities
96,761 67,998 
Environmental liabilities42,147 46,585 
Deferred tax liabilities23,470 26,796 
Other liabilities59,368 55,136 
Total liabilities2,389,797 2,200,634 
ENVIRI CORPORATION STOCKHOLDERS’ EQUITY
Common stock147,719 146,844 
Additional paid-in capital269,734 255,102 
Accumulated other comprehensive loss(519,961)(538,964)
Retained earnings1,317,031 1,400,347 
Treasury stock(853,438)(851,881)
Total Enviri Corporation stockholders’ equity361,085 411,448 
Noncontrolling interests42,720 38,151 
Total equity403,805 449,599 
Total liabilities and equity$2,793,602 $2,650,233 

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ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended September 30
Nine Months Ended September 30
(In thousands)2025202420252024
Cash flows from operating activities:
Net income (loss)$(21,358)$(12,267)$(80,102)$(40,233)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation39,358 37,579 113,701 111,525 
Amortization7,757 7,909 22,721 24,089 
Deferred income tax (benefit) expense(6,020)(137)(8,407)5,634 
Equity in (income) loss of unconsolidated entities, net(39)(38)(111)84 
Dividends from unconsolidated entities77 204 77 204 
Right-of-use assets8,201 7,493 23,328 23,687 
Property, plant and equipment impairment charge— — 7,386 — 
Intangible asset impairment charge— — — 2,840 
Remeasurement of long-lived assets— — — 10,695 
Gain on sale of businesses, net— (8,601)— (10,478)
Stock-based compensation5,747 4,778 15,507 13,040 
Other, net(2,955)(5,695)(6,104)(13,952)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable10,256 (14,402)(4,058)3,231 
Inventories(319)(13,099)(8,619)(17,084)
Contract assets(7,045)(2,036)5,368 (14,923)
Accounts payable2,850 13,207 13,566 7,421 
Accrued interest payable(7,670)(5,077)(7,131)(5,092)
Accrued compensation5,913 9,132 (5,520)(13,412)
Advances on contracts and other customer advances863 (3,325)(17,461)(10,446)
Operating lease liabilities(8,149)(7,465)(23,227)(23,341)
Retirement plan liabilities, net4,752 (6,043)14,133 (6,981)
Other assets and liabilities2,216 (730)7,961 (4,737)
Net cash (used) provided by operating activities34,435 1,387 63,008 41,771 
Cash flows from investing activities:
Purchases of property, plant and equipment(31,757)(41,574)(92,416)(102,094)
Proceeds from sale of businesses, net— 41,079 — 57,667 
Proceeds from sales of assets2,051 4,895 5,815 12,479 
Expenditures for intangible assets(63)(697)(114)(1,181)
Proceeds from note receivable— — — 17,023 
Net proceeds (payments) from settlement of foreign currency forward exchange contracts(23)(6,717)(4,319)(6,133)
Net cash (used) provided by investing activities(29,792)(3,014)(91,034)(22,239)
Cash flows from financing activities:
Short-term borrowings, net(2,375)156 3,456 (2,982)
Borrowings and repayments under Revolving Credit Facility, net20,000 18,000 82,000 15,000 
Borrowings related to refinancing of Revolving Credit Facility— 107,557 — 107,557 
Repayments related to refinancing of Revolving Credit Facility— (107,557)— (107,557)
Repayments of Term Loan(1,250)(1,250)(3,750)(3,750)
Cash paid for finance leases and other long-term debt(4,517)(3,469)(14,186)(10,272)
Proceeds from other long-term debt
566 — 566 — 
Contributions from noncontrolling interests— — — 874 
Dividends paid to noncontrolling interests— (3,413)— (15,964)
Stock-based compensation - Employee taxes paid(22)(214)(1,556)(1,546)
Deferred financing costs— (3,765)— (3,765)
Net cash (used) provided by financing activities12,402 6,045 66,530 (22,405)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash439 1,208 2,357 (8,609)
Net increase (decrease) in cash and cash equivalents, including restricted cash17,484 5,626 40,861 (11,482)
Cash and cash equivalents, including restricted cash, at beginning of period113,535 107,506 90,158 124,614 
Cash and cash equivalents, including restricted cash, at end of period$131,019 $113,132 $131,019 $113,132 
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ENVIRI CORPORATION
REVIEW OF OPERATIONS BY SEGMENT
(Unaudited)

Three Months Ended
September 30, 2025September 30, 2024
(In thousands)RevenuesOperating
Income (Loss)		RevenuesOperating Income (Loss)
Harsco Environmental$261,131 $13,234 $279,148 $33,181 
Clean Earth250,051 26,782 236,791 26,833 
Harsco Rail63,633 (8,634)57,688 (14,101)
Corporate— (14,902)— (8,541)
Consolidated Totals$574,815 $16,480 $573,627 $37,372 
Nine Months Ended
September 30, 2025September 30, 2024
(In thousands)RevenuesOperating
Income (Loss)		RevenuesOperating Income (Loss)
Harsco Environmental$762,246 $27,558 $871,196 $73,055 
Clean Earth 731,564 74,057 698,926 71,308 
Harsco Rail191,543 (20,804)213,815 (26,251)
Corporate— (40,867)— (23,672)
Consolidated Totals$1,685,353 $39,944 $1,783,937 $94,440 



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ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED
(Unaudited)
Three Months EndedNine Months Ended
September 30September 30
(in thousands, except per share amounts)2025202420252024
Income (loss) from continuing operations, net of tax, as reported$(21,133)$(11,995)$(80,312)$(41,556)
Adjustments:
Change in provision for forward losses and other contract-related costs on certain contracts (a)(b)
1,627 10,539 6,012 19,919 
Strategic costs (c)(h)
5,265 1,178 10,258 2,653 
Intangible asset impairment charge (d)
— — — 2,840 
Remeasurement of long-lived assets (f)
— — — 10,695 
Gain on sale of businesses, net (g)
— (8,601)— (10,478)
Employee termination benefit and related costs (h)
5,997 — 9,330 — 
Net gain on sale of assets (h)
— — — (3,281)
Net gain on lease incentive (h)
— — — (451)
Adjustment to contract termination charge (c)
(1,103)— (3,352)— 
Site exit costs (e)(h)
— — 10,281 — 
Gain on note receivable (i)
— — — (2,686)
Income tax impact from adjustments above (j)
(2,570)2,893 (6,373)4,101 
Adjusted income (loss) from continuing operations, including acquisition amortization expense(11,917)(5,986)(54,156)(18,244)
Acquisition amortization expense, net of tax (k)
5,197 4,989 15,086 15,977 
Adjusted income (loss) from continuing operations, net of tax$(6,720)$(997)$(39,070)$(2,267)
Diluted weighted average shares of common stock outstanding80,66580,16580,54380,085
Diluted earnings (loss) per share from continuing operations, as reported (l)
$(0.26)$(0.15)$(1.00)$(0.52)
Adjusted diluted earnings (loss) per share from continuing operations (l)
$(0.08)$(0.01)$(0.49)$(0.03)

(a)
Classified in Total revenues and includes a $12.2 million increase for the nine months ended September 30, 2025 and a $4.7 million and a $7.9 million decrease for the three and nine months ended September 30, 2024, respectively, in adjustments related to adjustments for certain Harsco Rail contracts.
(b)
Classified in Cost of services and products sold and includes $1.6 million and $18.2 million for the three and nine months ended September 30, 2025, respectively, and $5.9 million and $12.0 million for the three and nine months ended September 30, 2024, respectively, related to adjustments for certain Harsco Rail contracts.
(c)Classified in Selling, general and administrative expenses.
(d)
Classified in Intangible asset impairment charge.
(e)
Classified in Property, plant and equipment impairment charge.
(f)
Classified in Remeasurement of long-lived assets.
(g)
Classified in Gain on sale of businesses, net.
(h)
Classified in Other expense (income), net.
(i)
Classified in Interest income within non-operating activities.
(j)Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded.
(k)
Pre-tax acquisition amortization expense was $6.8 million and $19.8 million for the three and nine months ended September 30, 2025, respectively, and $6.6 million and $20.8 million for the three and nine months ended September 30, 2024.
(l)Amounts above are rounded and recalculation may not yield precise results.

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ENVIRI CORPORATION
RECONCILIATION OF PROJECTED ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX
(Unaudited)


Projected
Three Months EndingTwelve Months
Ending
December 31December 31
20252025
(in millions, except per share amounts) (a)
LowHighLowHigh
GAAP income (loss) from continuing operations, net of tax$(26)$(16)$(107)$(97)
Adjustments:
Change in provision for forward losses and other contract-related costs on certain contracts— — 6 6 
Strategic costs— — 10 10 
Employee termination and related costs— — 9 9 
Adjustment to contract termination charge— — (3)(3)
Site exit costs— — 10 10 
Income tax impact from adjustments above— — (6)(6)
Adjusted income (loss) from continuing operations, including acquisition amortization expense (a)
(26)(16)(80)(71)
Estimated acquisition amortization expense, net of tax5 5 20 20 
Adjusted income (loss) from continuing operations, net of tax$(21)$(11)$(61)$(51)
Diluted weighted average shares of common stock outstanding81818181
GAAP diluted earnings (loss) per share from continuing operations (a)
$(0.32)$(0.19)$(1.32)$(1.20)
Adjusted diluted earnings (loss) per share from continuing operations (a)
$(0.26)$(0.13)$(0.74)$(0.62)

(a)Amounts above are rounded and recalculation may not yield precise results.



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ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)

(In thousands)Harsco
Environmental		 Clean
Earth		Harsco
Rail		CorporateConsolidated Totals
Three Months Ended September 30, 2025:
Operating income (loss), as reported$13,234 $26,782 $(8,634)$(14,902)$16,480 
Change in provision for forward losses and other contract-related costs on certain contracts— — 1,627 — 1,627 
Strategic costs— — — 5,265 5,265 
Employee termination and related costs3,519 562 1,916 — 5,997 
Adjustment to contract termination charge(1,103)— — — (1,103)
Operating income (loss), excluding unusual items 15,650 27,344 (5,091)(9,637)28,266 
Depreciation28,047 9,935 1,151 225 39,358 
Amortization567 5,924 299 — 6,790 
Adjusted EBITDA$44,264 $43,203 $(3,641)$(9,412)$74,414 
Revenues, as reported$261,131 $250,051 $63,633 $574,815 
Adjusted EBITDA margin (%) 17.0 %17.3 %(5.7)%12.9 %
Three Months Ended September 30, 2024:
Operating income (loss), as reported$33,181 $26,833 $(14,101)$(8,541)$37,372 
Strategic costs— — — 1,178 1,178 
Change in provision for forward losses and other contract-related costs on certain contracts— — 10,539 — 10,539 
Gain on sale of businesses, net(8,152)— — (449)(8,601)
Operating income (loss), excluding unusual items25,029 26,833 (3,562)(7,812)40,488 
Depreciation27,554 8,685 1,040 300 37,579 
Amortization532 5,991 68 — 6,591 
Adjusted EBITDA$53,115 $41,509 $(2,454)$(7,512)$84,658 
Revenues, as reported$279,148 $236,791 $57,688 $573,627 
Adjusted EBITDA margin (%) 19.0 %17.5 %(4.3)%14.8 %





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ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT
(Unaudited)

(In thousands)Harsco EnvironmentalClean
Earth		Harsco
Rail		CorporateConsolidated Totals
Nine Months Ended September 30, 2025:
Operating income (loss), as reported$27,558 $74,057 $(20,804)$(40,867)$39,944 
Change in provision for forward losses and other contract-related costs on certain contracts— — 6,012 — 6,012 
Strategic costs— — — 10,258 10,258 
Employee termination and related costs6,852 562 1,916 — 9,330 
Adjustment to contract termination charge(3,352)— — — (3,352)
Site exit costs10,281 — — — 10,281 
Operating income (loss), excluding unusual items41,339 74,619 (12,876)(30,609)72,473 
Depreciation80,602 29,104 3,234 761 113,701 
Amortization1,678 17,695 472 — 19,845 
Adjusted EBITDA$123,619 $121,418 $(9,170)$(29,848)$206,019 
Revenues, as reported$762,246 $731,564 $191,543 $1,685,353 
Adjusted EBITDA margin (%)16.2 %16.6 %(4.8)%12.2 %
Nine Months Ended September 30, 2024:
Operating income (loss), as reported$73,055 $71,308 $(26,251)$(23,672)$94,440 
Remeasurement of long-lived assets— — 10,695 — 10,695 
Change in provision for forward losses and other contract-related costs on certain contracts— — 19,919 — 19,919 
Strategic costs— — — 2,653 2,653 
Net gain on sale of assets— — — (3,281)(3,281)
Intangible asset impairment charge2,840 — — — 2,840 
Adjustment to net gain on lease incentive(451)— — — (451)
Gain on sale of businesses, net(10,029)— — (449)(10,478)
Operating income (loss), excluding unusual items65,415 71,308 4,363 (24,749)116,337 
Depreciation83,793 24,347 2,424 961 111,525 
Amortization2,525 18,147 157 — 20,829 
Adjusted EBITDA$151,733 $113,802 $6,944 $(23,788)$248,691 
Revenues, as reported$871,196 $698,926 $213,815 $1,783,937 
Adjusted EBITDA margin (%) 17.4 %16.3 %3.2 %13.9 %
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ENVIRI CORPORATION
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)

Three Months Ended September 30
(In thousands)20252024
Consolidated income (loss) from continuing operations$(20,178)$(11,094)
Add back (deduct):
Equity in (income) loss of unconsolidated entities, net(39)(38)
Income tax expense (benefit) from continuing operations1,066 13,437 
Defined benefit pension expense (income)5,322 4,257 
Facility fees and debt-related expense (income)2,508 2,978 
Interest expense28,353 28,813 
Interest income(552)(981)
Depreciation39,358 37,579 
Amortization6,790 6,591 
Unusual items:
Change in provision for forward losses and other contract-related costs on certain contracts1,627 10,539 
Strategic costs5,265 1,178 
Employee termination and related costs5,997 — 
Gain on sale of businesses, net— (8,601)
Adjustment to contract termination charge(1,103)— 
Consolidated Adjusted EBITDA$74,414 $84,658 


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ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED
(Unaudited)

Nine Months Ended
September 30
(In thousands)20252024
Consolidated income (loss) from continuing operations$(77,098)$(37,058)
Add back (deduct):
Equity in (income) loss of unconsolidated entities, net(111)84 
Income tax expense (benefit) from continuing operations12,621 31,372 
Defined benefit pension expense15,742 12,599 
Facility fee and debt-related expense7,739 8,687 
Interest expense82,527 84,869 
Interest income(1,476)(6,113)
Depreciation113,701 111,525 
Amortization19,845 20,829 
Unusual items:
Change in provision for forward losses and other contract-related costs6,012 19,919 
Remeasurement of long-lived assets— 10,695 
Strategic costs10,258 2,653 
Net gain on sale of assets— (3,281)
Adjustment to net gain on lease incentive— (451)
Intangible asset impairment charge— 2,840 
Gain on sale of businesses, net— (10,478)
Employee termination and related costs9,330 — 
Adjustment to contract termination charge(3,352)— 
Site exit costs10,281 — 
Adjusted EBITDA$206,019 $248,691 



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ENVIRI CORPORATION
RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS
(Unaudited)
Projected
Three Months EndingTwelve Months Ending
December 31December 31
20252025
(In millions) (a)
LowHighLowHigh
Consolidated loss from continuing operations$(25)$(15)$(103)$(93)
Add back (deduct):
Income tax expense (benefit) from continuing operations3 5 1618
Facility fees and debt-related (income) expense3 3 10 10 
Net interest29 27 110 108 
Defined benefit pension (income) expense5 5 21 21 
Depreciation and amortization48 48 181 181 
Unusual items:
Change in provision for forward losses and other contract-related costs on certain contracts— — 6 6 
Strategic costs— — 10 10 
Employee termination and related costs— — 9 9 
Adjustment to contract termination charge— — (3)(3)
Site exit costs— — 10 10 
Consolidated Adjusted EBITDA (a)
$62 $72 $268 $278 
(a)Amounts above are rounded and may not total.


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ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(Unaudited)
Three Months EndedNine Months Ended
September 30September 30
(In thousands)2025202420252024
Net cash provided (used) by operating activities$34,435 $1,387 $63,008 $41,771 
Less capital expenditures(31,757)(41,574)(92,416)(102,094)
Less expenditures for intangible assets(63)(697)(114)(1,181)
Plus capital expenditures for strategic ventures (a)202 727 1,329 2,177 
Plus total proceeds from sales of assets (b)2,051 4,895 5,815 12,479 
Plus transaction-related expenditures (c)741 1,038 741 5,478 
Adjusted free cash flow$5,609 $(34,224)$(21,637)$(41,370)
(a)Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements.
(b)
Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment. The nine months ended September 30, 2024 also included asset sales by Corporate.
(c)Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.




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ENVIRI CORPORATION
RECONCILIATION OF PROJECTED ADJUSTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(Unaudited)
Projected
Twelve Months Ending
December 31
2025
(In millions)LowHigh
Net cash provided by operating activities$87 $107 
Less net capital / intangible asset expenditures(120)(130)
Plus capital expenditures for strategic ventures2 2 
Plus transaction-related expenditures1 1 
Adjusted free cash flow$(30)$(20)




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