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Enviri Corporation Reports First Quarter 2025 Results

1. Q1 2025 revenues were $548 million, down 9% year-on-year. 2. GAAP loss per share improved to $0.15, down from $0.21. 3. Adjusted EBITDA of $67 million exceeded guidance estimates. 4. Clean Earth segment saw revenue growth of 4% despite challenges. 5. Management reaffirms 2025 outlook amidst economic uncertainty.

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Why Bullish?

The company's ability to exceed adjusted EBITDA guidance can instill investor confidence. Historically, outperforming guidance often leads to price increases, as seen in past earnings reports.

How important is it?

These earnings results directly reflect Enviri's financial health and future projections, impacting investor sentiment significantly.

Why Short Term?

Market reactions to earnings releases are immediate, often influencing share prices quickly. Similar cases have shown prices adjusting within days following good earnings results.

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First quarter revenues totaled $548 million GAAP consolidated loss from continuing operations of $11 million Q1 diluted loss per share from continuing operations of $0.15, including favorable impacts resulting from an amendment to a long-term engineered to order contract in Harsco Rail Adjusted EBITDA in Q1 totaled $67 million supported by record first quarter performance at Clean Earth Reaffirms 2025 Adjusted EBITDA guidance range at $305 million to $325 million and free cash flow outlook at range of $30 million to $50 million PHILADELPHIA, May 01, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported first quarter 2025 results. Revenues in the first quarter of 2025 totaled $548 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $11 million. Q1 Adjusted EBITDA was $67 million, compared to the Company's previously provided guidance range of $57 million to $63 million. On a GAAP basis, the first quarter of 2025 diluted loss per share from continuing operations was $0.15, including contract adjustments in Harsco Rail, restructuring costs in Harsco Environmental and strategic expenses. The adjusted diluted loss per share from continuing operations in the first quarter of 2025 was $0.18. These figures compare with a first quarter of 2024 GAAP diluted loss per share from continuing operations of $0.21, which included strategic expenses and a long-lived asset adjustment in Harsco Rail, and an adjusted diluted loss per share from continuing operations of $0.03. "We are pleased to have met our financial goals for the quarter, supported by consistent execution in our business units,” said Enviri Chairman and CEO Nick Grasberger. “Clean Earth continued to perform well, delivering double-digit earnings growth despite some weather-related challenges in the quarter. Notwithstanding persistent pressures in the steel industry, Harsco Environmental performed above our expectations, and at Rail, we strengthened our leadership team and continued to make positive progress on our ETO contracts.” “While we enter the second quarter amidst a backdrop of significant economic uncertainty, we do not expect our direct exposure to tariffs and recent global trade actions to be meaningful, and recent U.S. Dollar weakness is a net positive for Enviri. We are, however, mindful of the potential for slower economic activity due to the global trade environment, and as a result we are maintaining our 2025 outlook despite positive business momentum to start the year. Overall, we remain optimistic about our ability to execute against our organic growth ambitions as economic clarity develops and we remain focused on our goal to deliver sustainable value creation for shareholders.” Enviri Corporation—Selected First Quarter Results ($ in millions, except per share amounts) Q1 2025 Q1 2024Revenues $548  $600 Operating income/(loss) from continuing operations - GAAP $31  $26 Income (loss) from continuing operations $(11) $(16)Diluted EPS from continuing operations - GAAP $(0.15) $(0.21)Adjusted EBITDA - non-GAAP $67  $78 Adjusted EBITDA margin - non-GAAP  12.2%  13.0%Adjusted diluted EPS from continuing operations - non-GAAP $(0.18) $(0.03)          Note: Adjusted diluted earnings (loss) per share from continuing operations and Adjusted EBITDA details 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 First Quarter Operating ResultsConsolidated revenues from continuing operations were $548 million, or 9% below the prior-year quarter. Clean Earth realized an increase in revenues compared with the first quarter of 2024, while revenues for the Company's other business segments were lower year-on-year. Business divestitures and foreign currency ("FX") translation negatively impacted first quarter 2025 revenues by approximately $25 million and $14 million, respectively, compared with the same quarter in 2024. The Company's GAAP consolidated loss from continuing operations was $11 million for the first quarter of 2025, compared with a GAAP consolidated loss of $16 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $67 million in the first quarter of 2025 versus $78 million in the first quarter of the prior year. Increased Adjusted EBITDA from Clean Earth was offset by lower contributions from the Company's other business segments, as anticipated. Divestitures and FX translation negatively impacted first quarter 2025 Adjusted EBITDA by approximately $3 million and $4 million, respectively, compared with the prior-year period. First Quarter Business Review Harsco Environmental ($ in millions) Q1 2025 Q1 2024Revenues $243  $299 Operating income (loss) - GAAP $10  $20 Adjusted EBITDA - non-GAAP $39  $49 Adjusted EBITDA margin - non-GAAP  16.2%  16.5%          Harsco Environmental revenues totaled $243 million in the first quarter of 2025, a decrease compared with the prior-year quarter. The year-over-year revenue change is attributable to business divestitures, FX translation, and lower service levels due to site closures and contract exits. Excluding FX and divestiture impacts, revenues declined 6%. The segment's GAAP operating income was $10 million and Adjusted EBITDA totaled $39 million in the first quarter of 2025. These figures compare with GAAP operating income of $20 million and Adjusted EBITDA of $49 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned impacts. As a result, Harsco Environmental's Adjusted EBITDA margin was 16.2% in the first quarter of 2025 versus 16.5% in the comparable quarter of 2024. Clean Earth ($ in millions) Q1 2025 Q1 2024Revenues $235  $226 Operating income (loss) - GAAP $23  $21 Adjusted EBITDA - non-GAAP $38  $34 Adjusted EBITDA margin - non-GAAP  16.2%  15.1%          Clean Earth revenues totaled $235 million in the first quarter of 2025, a 4% increase over the prior-year quarter due to higher volumes and services pricing. The segment's GAAP operating income was $23 million and Adjusted EBITDA was $38 million in the first quarter of 2025. These figures compare with GAAP operating income of $21 million and Adjusted EBITDA of $34 million in the prior-year period. The year-on-year improvement in adjusted earnings is attributable to the above-mentioned factors as well as efficiency improvements. As a result, Clean Earth's Adjusted EBITDA margin increased to 16.2% in the first quarter of 2025 versus 15.1% in the comparable quarter of 2024. Harsco Rail ($ in millions) Q1 2025 Q1 2024Revenues $70  $75 Operating income (loss) - GAAP $8  $(9)Adjusted EBITDA - non-GAAP $(2) $2 Adjusted EBITDA margin - non-GAAP (3.2)%  2.7%        Harsco Rail revenues totaled $70 million in the first quarter of 2025, a 7% decrease over the prior-year quarter. This change reflects lower volumes, mainly for aftermarket parts and technology products. The segment's GAAP operating income was $8 million and Adjusted EBITDA loss was $2 million in the first quarter of 2025. These figures compare with a GAAP operating loss of $9 million and Adjusted EBITDA of $2 million in the prior-year period. The year-on-year change in adjusted earnings resulted from the above items as well as a less favorable business mix. Cash FlowNet cash provided by operating activities was $7 million in the first quarter of 2025, compared with $1 million in the prior-year period. Adjusted free cash flow was $(13) million in the first quarter of 2025, compared with $(17) million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to working capital movements (including $10 million of proceeds from the Company's accounts receivable facility) and reduced capital spending, partially offset by lower cash earnings. 2025 OutlookThe Company is reaffirming its 2025 guidance for Adjusted EBITDA and Free Cash Flow, contemplating that economic conditions will remain mostly stable for the balance of the year. The impact of recent U.S. tariffs and other global trade actions have not had a meaningful impact on the Company's business to date and the direct (net) impacts of such actions in the future are anticipated to be minimal. However, economic uncertainty is elevated and business visibility into the second-half of 2025 is limited. And while first quarter performance and recent U.S. dollar weakness are positives, the Company believes it is prudent to keep its full-year outlook intact. Guidance for each of the Company's business segments is also unchanged, with Adjusted EBITDA  projected to increase at Clean Earth and Harsco Rail and decline in Harsco Environmental as a result of FX translation and business divestitures. Key business drivers for each segment as well as other 2025 guidance details are below. 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, new contracts and product volumes. 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 modestly increase versus 2024 as a result of higher demand and pricing as well as contract cost adjustments in 2024 not repeating, partially offset by a less favorable business mix. Corporate spending is anticipated to increase when compared with 2024 mainly as a result of the normalization of incentive compensation as well as non-cash equity compensation. 2025 Full Year Outlook GAAP Loss From Continuing Operations$(36) - $(17) millionAdjusted EBITDA$305 - $325 millionGAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.50) - $(0.26)Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.34) - $(0.11)Net Cash Provided By Operating Activities$156 - $186 millionAdjusted Free Cash Flow$30 - $50 millionNet Interest Expense, Excluding Any Unusual Items$105 - $109 millionAccount Receivable Securitization Fees~$10 millionPension Expense (Non-Operating)~$20 millionTax Expense, Excluding Any Unusual Items$28 - $33 millionNet Capital Expenditures$130 - $140 million  Q2 2025 Outlook  GAAP Loss From Continuing Operations$(17) - $(8) millionAdjusted EBITDA$65 - $75 millionGAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.23) - $(0.11)Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.17) - $(0.05)   Conference CallThe 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 StatementsThe 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 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) 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; (2) the Company’s inability to comply with applicable environmental laws and regulations; (3) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (4) various economic, business, and regulatory risks associated with the waste management industry; (5) the seasonal nature of the Company's business; (6) 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; (7) the outcome of any disputes with customers, contractors and subcontractors; (8) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (9) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (10) 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; (11) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (12) 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; (13) 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; (14) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (15) 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; (16) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (17) 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; (18) liability for and implementation of environmental remediation matters; (19) product liability and warranty claims associated with the Company’s operations; (20) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (21) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (22) tax liabilities and changes in tax laws; (23) 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; (24) 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.  Non-GAAP MeasuresMeasurements 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 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. Organic growth: Organic growth is a non-GAAP financial measure that calculates the change in Total revenue, excluding the impacts resulting from foreign currency translation, acquisitions, divestitures and certain unusual items. The Company believes this measure provides investors with a supplemental understanding of underlying revenue trends by providing revenue growth on a consistent basis. About EnviriEnviri 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. ENVIRI CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)            Three Months Ended   March 31 (In thousands, except per share amounts)  2025   2024  Revenues from continuing operations:     Service revenues $             476,840   $499,154  Product revenues                   71,444    101,163  Total revenues                 548,284    600,317  Costs and expenses from continuing operations:     Cost of services sold                 372,402    392,852  Cost of products sold                   51,361    85,410  Selling, general and administrative expenses                   89,108    87,126  Research and development expenses                        467    861  Remeasurement of long-lived assets                          —    10,695  Other expense (income), net                     4,291    (2,440) Total costs and expenses                 517,629    574,504  Operating income (loss) from continuing operations                   30,655    25,813  Interest income                        454    1,697  Interest expense                 (26,574)  (28,122) Facility fees and debt-related income (expense)                   (2,612)  (2,789) Defined benefit pension income (expense)                   (5,033)  (4,176) Income (loss) from continuing operations before income taxes and equity in income                   (3,110)  (7,577) Income tax benefit (expense) from continuing operations                   (7,946)  (7,915) Equity in income (loss) of unconsolidated entities, net                          28    (249) Income (loss) from continuing operations                 (11,028)  (15,741) Discontinued operations:     Income (loss) from discontinued businesses                   (1,579)  (1,492) Income tax benefit (expense) from discontinued businesses                        412    387  Income (loss) from discontinued operations, net of tax                   (1,167)  (1,105) Net income (loss)                 (12,195)  (16,846) Less: Net loss (income) attributable to noncontrolling interests                   (1,201)  (1,116) Net income (loss) attributable to Enviri Corporation $             (13,396) $(17,962) Amounts attributable to Enviri Corporation common stockholders:     Income (loss) from continuing operations, net of tax $             (12,229) $(16,857) Income (loss) from discontinued operations, net of tax                   (1,167)  (1,105) Net income (loss) attributable to Enviri Corporation common stockholders $             (13,396) $(17,962)       Weighted-average shares of common stock outstanding                   80,331    79,945  Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $                 (0.15) $(0.21) Discontinued operations                     (0.01)  (0.01) Basic earnings (loss) per share attributable to Enviri Corporation common stockholders $                 (0.17) $(0.22)(a)      Diluted weighted-average shares of common stock outstanding                   80,331    79,945  Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $                 (0.15) $(0.21) Discontinued operations                     (0.01)  (0.01) Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders $                 (0.17) $(0.22)(a)           (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.   ENVIRI CORPORATIONCONSOLIDATED BALANCE SHEETS(Unaudited)          (In thousands) March 31 2025 December 31 2024ASSETS    Current assets:    Cash and cash equivalents $             102,471   $88,359 Restricted cash                     1,958    1,799 Trade accounts receivable, net                 280,965    260,690 Other receivables                   39,032    40,439 Inventories                 193,207    182,042 Current portion of contract assets                   50,179    59,881 Prepaid expenses                   51,712    62,435 Other current assets                     7,716    14,880 Total current assets                 727,240    710,525 Property, plant and equipment, net                 669,224    664,292 Right-of-use assets, net                 102,873    92,153 Goodwill                 747,338    739,758 Intangible assets, net                 292,277    298,438 Retirement plan assets                   75,584    73,745 Deferred income tax assets                   19,376    17,578 Other assets                   55,096    53,744 Total assets $          2,689,008   $2,650,233 LIABILITIES    Current liabilities:    Short-term borrowings $                 8,730   $8,144 Current maturities of long-term debt                   21,895    21,004 Accounts payable                 232,259    214,689 Accrued compensation                   49,760    63,686 Income taxes payable                     2,177    5,747 Reserve for forward losses on contracts                   46,945    54,320 Current portion of advances on contracts                     7,298    13,265 Current portion of operating lease liabilities                   26,182    26,049 Other current liabilities                 173,508    159,478 Total current liabilities                 568,754    566,382 Long-term debt              1,442,196    1,410,718 Retirement plan liabilities                   27,450    27,019 Operating lease liabilities                   78,889    67,998 Environmental liabilities                   43,591    46,585 Deferred tax liabilities                   32,673    26,796 Other liabilities                   46,768    55,136 Total liabilities              2,240,321    2,200,634 ENVIRI CORPORATION STOCKHOLDERS’ EQUITY     Common stock                 147,515    146,844 Additional paid-in capital                 258,475    255,102 Accumulated other comprehensive loss               (530,613)  (538,964)Retained earnings              1,386,951    1,400,347 Treasury stock               (853,360)  (851,881)Total Enviri Corporation stockholders’ equity                 408,968    411,448 Noncontrolling interests                   39,719    38,151 Total equity                 448,687    449,599 Total liabilities and equity $          2,689,008   $2,650,233           ENVIRI CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)       Three Months Ended March 31(In thousands)  2025   2024 Cash flows from operating activities:    Net income (loss) $             (12,195) $(16,846)Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation                   36,442    36,920 Amortization                     7,403    8,174 Deferred income tax (benefit) expense                     2,776    3,445 Equity (income) loss of unconsolidated entities, net                        (28)  249 Right-of-use assets                     7,416    8,599 Remeasurement of long-lived assets                          —    10,695 Stock-based compensation                     4,044    3,860 Other, net                      (637)  (3,088)Changes in assets and liabilities, net of acquisitions and dispositions of businesses:   Accounts receivable                 (13,501)  24,426 Inventories                   (8,995)  (5,297)Contract assets                     6,456    (9,199)Accounts payable                     9,138    (13,751)Accrued interest payable                   (6,931)  (6,820)Accrued compensation                 (15,105)  (25,531)Advances on contracts and other customer advances                 (14,770)  (1,618)Operating lease liabilities                   (7,435)  (8,212)Retirement plan liabilities, net                     4,488    (340)Other assets and liabilities                     8,034    (4,318)Net cash (used) provided by operating activities                     6,600    1,348 Cash flows from investing activities:    Purchases of property, plant and equipment                 (21,624)  (26,881)Proceeds from sales of assets                     1,447    4,313 Expenditures for intangible assets                          (7)  (77)Net proceeds (payments) from settlement of foreign currency forward exchange contracts                     1,737    (601)Net cash (used) provided by investing activities                 (18,447)  (23,246)Cash flows from financing activities:    Short-term borrowings, net                     2,812    (9,003)Borrowings and repayments under Revolving Credit Facility, net                   30,000    35,000 Repayments of Term Loan                   (1,250)  (1,250)Cash paid for finance leases and other long-term debt                   (4,158)  (3,394)Contributions from noncontrolling interests                          —    874 Dividends paid to noncontrolling interests                          —    (8,243)Stock-based compensation - Employee taxes paid                   (1,277)  (1,041)Net cash (used) provided by financing activities                   26,127    12,943 Effect of exchange rate changes on cash and cash equivalents, including restricted cash                          (9)  (8,251)Net increase (decrease) in cash and cash equivalents, including restricted cash                   14,271    (17,206)Cash and cash equivalents, including restricted cash, at beginning of period                   90,158    124,614 Cash and cash equivalents, including restricted cash, at end of period $             104,429   $107,408           ENVIRI CORPORATIONREVIEW OF OPERATIONS BY SEGMENT (Unaudited)                    Three Months Ended  March 31, 2025 March 31, 2024(In thousands) Revenues OperatingIncome (Loss) Revenues Operating Income (Loss)Harsco Environmental $           243,106  $             10,073   $299,119 $19,588 Clean Earth               235,231                  22,665    226,030  20,593 Harsco Rail                 69,947                    8,155    75,168  (9,061)Corporate                         —                 (10,238)  —  (5,307)Consolidated Totals $           548,284  $             30,655   $600,317 $25,813                 ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED(Unaudited)       Three Months Ended  March 31(in thousands, except per share amounts)  2025   2024 Income (loss) from continuing operations, net of tax, as reported $(12,229) $(16,857)     Adjustments:    Change in provision for forward losses and other contract-related costs on certain contracts (a)  (11,469)  — Strategic costs (b)(d)  1,525   681 Remeasurement of long-lived assets (c)  —   10,695 Restructuring and related costs (d)  3,333   — Net gain on sale of assets (d)  —   (3,281)Income tax impact from adjustments above (e)  (646)  602 Adjusted income (loss) from continuing operations, including acquisition amortization expense  (19,486)  (8,160)Acquisition amortization expense, net of tax (f)  4,880   5,555 Adjusted income (loss) from continuing operations, net of tax $(14,606) $(2,605)     Diluted weighted average shares of common stock outstanding  80,331   79,945 Diluted earnings (loss) per share from continuing operations, as reported $(0.15) $(0.21)Adjusted diluted earnings (loss) per share from continuing operations $(0.18) $(0.03)          (a)Classified within Operating income (loss) from continuing operations and includes $12.2 million recorded in Total revenues, net of $0.7 million recorded in Cost of services and products sold.(b)Classified within Operating income (loss) from continuing operations in Selling, general and administrative expenses for strategic costs incurred during the three months ended March 31, 2025.(c)Classified within Operating income (loss) from continuing operations in Remeasurement of long-lived assets.(d)Classified within Operating income (loss) from continuing operations in Other expense (income), net, and included strategic costs incurred during the three months ended March 31, 2024 only.(e)Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded.(f)Pre-tax acquisition amortization expense was $6.5 million and $7.2 million in Q1 2025 and 2024, respectively.   ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX (Unaudited)           Projected  Three Months Ending Twelve Months Ending  June 30 December 31   2025   2025 (in millions, except per share amounts) (a) Low High Low HighGAAP income (loss) from continuing operations, net of tax $(18) $(9) $(40) $(21)         Adjustments:        Change in provision for forward losses and other contract-related costs  —   —   (11)  (11)Strategic costs  —   —   2   2 Restructuring and related costs  —   —   3   3 Income tax impact from adjustments above  —   —   (1)  (1)Adjusted income (loss) from continuing operations, including acquisition amortization expense  (18)  (9)  (47)  (28)Estimated acquisition amortization expense, net of tax  5   5   20   20 Adjusted income (loss) from continuing operations, net of tax $     (13) $       (4) $     (28) $       (9)         Diluted weighted average shares of common stock outstanding  80   80   80   80 GAAP diluted earnings (loss) per share from continuing operations $(0.23) $(0.11) $(0.50) $(0.26)Adjusted diluted earnings (loss) per share from continuing operations $(0.17) $(0.05) $(0.34) $(0.11)                  (a)Amounts above are rounded and recalculation may not yield precise results.   ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)           (In thousands) Harsco Environmental Clean Earth Harsco Rail Corporate Consolidated Totals           Three Months Ended March 31, 2025:          Operating income (loss), as reported $10,073  $22,665  $8,155  $(10,238) $30,655 Provision for forward losses on certain contracts and related costs  —   —   (11,469)  —   (11,469)Strategic costs  —   —   —   1,525   1,525 Restructuring and related costs  3,333   —   —   —   3,333 Operating income (loss), excluding unusual items  13,406   22,665   (3,314)  (8,713)  24,044 Depreciation  25,509   9,620   1,032   281   36,442 Amortization  540   5,845   67   —   6,452 Adjusted EBITDA $39,455  $38,130  $(2,215) $(8,432) $66,938 Revenues, as reported $243,106  $235,231  $69,947    $548,284 Adjusted EBITDA margin (%)  16.2%  16.2% (3.2 )%    12.2%           Three Months Ended March 31, 2024:        Operating income (loss), as reported $19,588  $20,593   (9,061) $(5,307) $25,813 Remeasurement of long-lived assets  —   —   10,695   —   10,695 Strategic costs  —   —   —   681   681 Net gain on sale of assets  —   —   —   (3,281)  (3,281)Operating income (loss), excluding unusual items  19,588   20,593   1,634   (7,907)  33,908 Depreciation  28,789   7,413   361   357   36,920 Amortization  1,018   6,167   22   —   7,207 Adjusted EBITDA  49,395   34,173   2,017   (7,550)  78,035 Revenues, as reported $299,119  $226,030  $75,168    $600,317 Adjusted EBITDA margin (%)  16.5%  15.1%  2.7%    13.0%                    ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED(Unaudited)         Three Months EndedMarch 31(In thousands)  2025   2024 Consolidated income (loss) from continuing operations $                (11,028) $(15,741)     Add back (deduct):    Equity in (income) loss of unconsolidated entities, net                           (28)  249 Income tax expense (benefit) from continuing operations                        7,946    7,915 Defined benefit pension expense                        5,033    4,176 Facility fee and debt-related expense                        2,612    2,789 Interest expense                     26,574    28,122 Interest income                         (454)  (1,697)Depreciation                     36,442    36,920 Amortization                        6,452    7,207      Unusual items:    Change in provision for forward losses and other contract-related costs                    (11,469)  — Strategic costs                        1,525    681 Remeasurement of long-lived assets                             —    10,695 Net gain on sale of assets                             —    (3,281)Restructuring and related costs                        3,333    — Adjusted EBITDA $                 66,938   $78,035           ENVIRI CORPORATION RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS(Unaudited)           Projected  Three Months Ending Twelve Months Ending  June 30 December 31   2025   2025 (In millions) (a) Low High Low HighConsolidated loss from continuing operations $(17) $(8) $(36) $(17)         Add back (deduct):        Income tax expense (benefit) from continuing operations  2   3   28   33 Facility fees and debt-related (income) expense  3   3   10   10 Net interest  27   26   109   105 Defined benefit pension (income) expense  5   5   20   20 Depreciation and amortization  46   46   181   181          Unusual items:        Change in provision for forward losses and other contract-related costs  —   —   (11)  (11)Strategic costs  —   —   2   2 Restructuring and related costs  —   —   3   3 Consolidated Adjusted EBITDA $65  $75  $305  $325                   (a) Amounts above are rounded and may not total.   ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited)       Three Months Ended  March 31(In thousands)  2025   2024 Net cash provided (used) by operating activities $           6,600   $1,348 Less capital expenditures           (21,624)  (26,881)Less expenditures for intangible assets                    (7)  (77)Plus capital expenditures for strategic ventures (a)                  349    1,153 Plus total proceeds from sales of assets (b)               1,447    4,313 Plus transaction-related expenditures (c)                    —    3,500 Adjusted free cash flow $       (13,235) $(16,644)          (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 three months ended March 31, 2024 also included asset sales by Corporate.(c)Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.   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) Low HighNet cash provided by operating activities $156  $186 Less net capital / intangible asset expenditures  (130)  (140)Plus capital expenditures for strategic ventures  4   4 Adjusted free cash flow $30  $50           ENVIRI CORPORATIONHARSCO ENVIRONMENTAL SEGMENT RECONCILIATION OF CHANGES IN REVENUES FROM ORGANIC GROWTH TO CHANGES IN REVENUES, AS REPORTED(Unaudited)                Three Months Ended(in millions) Organic Other TotalHarsco Environmental segment revenues - March 31, 2024     $     299.1         Effects on revenues:      Price/volume changes (a) (17.6) —   (17.6)Foreign currency translation   (13.0)  (13.0)Divestitures (b)   (25.4)  (25.4)Total change (17.6) (38.4)  (56.0)Harsco Environmental segment revenues - March 31, 2025     $     243.1  Total change % (5.9 )% (12.8 )% (18.7 )%        (a)Includes the net impact of new and lost contracts.(b)Includes the sales of Performix Metallurgical Additives, LLC in April 2024 and Reed Minerals in August 2024.

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