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Enviri Corporation Reports Second Quarter 2025 Results

1. NVRI's Q2 2025 revenue decreased to $562 million, an 8% drop YoY. 2. The company reported a GAAP loss from operations of $46 million for Q2. 3. Harsco Rail's revenues fell by 28%, affected by weak demand. 4. Adjusted EBITDA for 2025 now forecasts $290-$310 million, lower than expected. 5. Management is exploring strategic alternatives to unlock shareholder value.

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$8.6308/05 07:08 AM EDTEvent Start
$8.2708/06 01:58 PM EDTLatest Updated
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FAQ

Why Bearish?

The significant loss and updated guidance reflect continuing operational challenges, especially in the Harsco Rail segment, which could signal longer-term issues affecting investor confidence. Historically, similar reports of revenue declines and losses have led to bearish sentiments, such as in Q2 2020 for many industrial companies during initial pandemic impacts.

How important is it?

The bearish financial outlook and exploration of strategic alternatives indicate potential significant shifts in company's market strategy, which could affect the stock price directly. Market reactions to guidance revisions are often pronounced, suggesting a high likelihood of impact on NVRI's price.

Why Long Term?

While immediate revenue impacts may be felt, the strategic review could lead to structural changes that affect the company's value long-term. Companies embarking on strategic alternatives typically need time to execute these plans effectively, as seen with other firms in similar positions in the past.

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HSCAROCHCCI
Second quarter revenues totaled $562 millionSecond quarter GAAP consolidated loss from continuing operations of $46 millionAdjusted EBITDA in Q2 totaled $65 million2025 Adjusted EBITDA now expected to be within a range of $290 million to $310 million and free cash flow expected to be within a range of $15 million to $35 million; updated guidance ranges reflect revised outlook for Harsco RailAnnounces formal process to evaluate strategic alternatives PHILADELPHIA, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported second quarter 2025 results. Revenues in the second quarter of 2025 totaled $562 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $46 million. Adjusted EBITDA was $65 million. On a GAAP basis, the second quarter of 2025 diluted loss per share from continuing operations was $0.58, including contract adjustments in Harsco Rail, an asset impairment and site exit costs in Harsco Environmental, and strategic expenses. The adjusted diluted loss per share from continuing operations in the second quarter of 2025 was $0.22. These figures compare with a second quarter of 2024 GAAP diluted loss per share from continuing operations of $0.16, which included certain contract adjustments in Harsco Rail, and adjusted diluted earnings per share from continuing operations of $0.02. “Our environmental businesses performed well in the quarter and in line with our expectations,” said Enviri Chairman and CEO Nick Grasberger. “Clean Earth achieved record Q2 earnings while continuing to generate strong free cash flow, and Harsco Environmental again delivered consistent performance despite steel-industry volumes remaining subdued. Rail results were below our expectations and negatively impacted by weak demand and ongoing operating challenges.” “The second quarter began with significant economic uncertainty, and our forward-looking outlook is mixed. Fundamentals for Clean Earth and Harsco Environmental remain stable, while market conditions for Harsco Rail have weakened due to slowing global demand. This weakness can be partially attributed to global trade tensions, and our revised 2025 guidance reflects a more cautious view on Rail. Looking into the second half of the year, we intend to continue executing on our strategic priorities with discipline, while concurrently reviewing strategic alternatives available to the Company to unlock the significant value inherent in our businesses.” Enviri Corporation—Selected Second Quarter Results ($ in millions, except per share amounts) Q2 2025 Q2 2024Revenues $562  $610 Operating income/(loss) from continuing operations - GAAP $(7) $31 Income (loss) from continuing operations $(46) $(10)Diluted EPS from continuing operations - GAAP $(0.58) $(0.16)Adjusted EBITDA - non-GAAP $65  $86 Adjusted EBITDA margin - non-GAAP  11.5%  14.1%Adjusted diluted EPS from continuing operations - non-GAAP $(0.22) $0.02  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 Second Quarter Operating ResultsConsolidated revenues from continuing operations were $562 million, or 8% below the prior-year quarter. Clean Earth realized an increase in revenues compared with the second quarter of 2024, while revenues for the Company's other business segments were lower year-on-year. Business divestitures during 2024 in Harsco Environmental negatively impacted second quarter 2025 revenues by approximately $22 million, compared with the same quarter in 2024. The Company's GAAP consolidated loss from continuing operations was $46 million for the second quarter of 2025, compared with a GAAP consolidated loss of $10 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $65 million in the second quarter of 2025 versus $86 million in the second quarter of the prior year. An increase in Adjusted EBITDA from Clean Earth compared with the prior-year quarter was offset by lower contributions from the Company's other business segments, as anticipated. Divestitures negatively impacted second quarter 2025 Adjusted EBITDA by approximately $3 million, compared with the prior-year period. Second Quarter Business Review Harsco Environmental ($ in millions) Q2 2025 Q2 2024Revenues $258  $293 Operating income (loss) - GAAP $4  $20 Adjusted EBITDA - non-GAAP $40  $49 Adjusted EBITDA margin - non-GAAP  15.5%  16.8% Harsco Environmental revenues totaled $258 million in the second quarter of 2025, a decrease compared with the prior-year quarter. The year-over-year revenue change is attributable to business divestitures, lower service levels due to site closures and contract exits, and lower eco-products volumes. Excluding divestiture impacts, revenues declined 5%. The segment's GAAP operating income was $4 million and Adjusted EBITDA totaled $40 million in the second quarter of 2025. These figures compare with GAAP operating income of $20 million and Adjusted EBITDA of $49 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned impacts. As a result, Harsco Environmental's Adjusted EBITDA margin was 15.5% in the second quarter of 2025 versus 16.8% in the comparable quarter of 2024. Clean Earth ($ in millions) Q2 2025 Q2 2024Revenues $246  $236 Operating income (loss) - GAAP $25  $24 Adjusted EBITDA - non-GAAP $40  $38 Adjusted EBITDA margin - non-GAAP  16.3%  16.1% Clean Earth revenues totaled $246 million in the second 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 $25 million and Adjusted EBITDA was $40 million in the second quarter of 2025. These figures compare with GAAP operating income of $24 million and Adjusted EBITDA of $38 million in the prior-year period. The year-on-year improvement in adjusted earnings is attributable to the above-mentioned factors and efficiency improvements, partially offset by higher operating expenses, including the impact of temporary outages at primary disposal outlets, resulting in usage of higher costs alternatives. As a result, Clean Earth's Adjusted EBITDA margin increased to 16.3% in the second quarter of 2025 versus 16.1% in the comparable quarter of 2024. Harsco Rail ($ in millions) Q2 2025 Q2 2024Revenues $58  $81 Operating income (loss) - GAAP $(20) $(3)Adjusted EBITDA - non-GAAP $(3) $7 Adjusted EBITDA margin - non-GAAP (5.7)%  9.1% Harsco Rail revenues totaled $58 million in the second quarter of 2025, a 28% decrease over the prior-year quarter. This change reflects lower volumes for equipment, aftermarket parts, and technology products. The segment's GAAP operating loss was $20 million and Adjusted EBITDA loss was $3 million in the second quarter of 2025. These figures compare with a GAAP operating loss of $3 million and Adjusted EBITDA of $7 million in the prior-year period. The year-on-year change in adjusted earnings resulted from lower volumes as well as higher manufacturing costs and a less favorable business mix. Cash FlowNet cash provided by operating activities was $22 million in the second quarter of 2025, compared with $39 million in the prior-year period. Adjusted free cash flow was $(14) million in the second quarter of 2025, compared with $9 million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to lower cash earnings and higher capital spending, as anticipated, partially offset by working capital and lower pension contributions. Exploration of Strategic AlternativesIn a separate press release today, the Company announced that its Board of Directors has authorized management to conduct a formal process to evaluate and explore strategic alternatives aimed at unlocking shareholder value. The Company is evaluating a wide range of value creation alternatives including but not limited to a tax-efficient sale or separation of the Clean Earth business, along with the continued execution of the Company’s business plan. There can be no assurances regarding any specific outcome or transaction resulting from this review. The Company has not established a timetable for completion of the review and does not intend to provide additional updates unless and until it determines further disclosure is appropriate or necessary. The release can be viewed on the Company's Investor Relations page at investors.enviri.com. 2025 OutlookThe Company's outlook for Adjusted EBITDA and Free Cash Flow is revised to reflect current expectations for Harsco Rail, where lower global demand for standard products and higher manufacturing costs are impacting performance. Rail orders throughout North America and Asia have been weak in the first-half of 2025 and the Company anticipates this softness will persist for the balance of the year, resulting in lower shipments than previously forecasted. Guidance for Harsco Environmental and Clean Earth are unchanged from the prior quarter. 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 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 the normalization of incentive compensation as well as non-cash equity compensation. 2025 Full Year OutlookCurrentPriorGAAP Loss From Continuing Operations$(74) - $(56) million$(36) - $(17) millionAdjusted EBITDA$290 - $310 million$305 - $325 millionGAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.97) - $(0.75)$(0.50) - $(0.26)Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.52) - $(0.30)$(0.34) - $(0.11)Net Cash Provided By Operating Activities$141 - $171 million$156 - $186 millionAdjusted Free Cash Flow$15 - $35 million$30 - $50 millionNet Interest Expense, Excluding Any Unusual Items$107 - $110 million$105 - $109 millionAccount Receivable Securitization Fees~$10 million$10 millionPension Expense (Non-Operating)~$21 million$20 millionTax Expense, Excluding Any Unusual Items$26 - $31 million$28 - $33 millionNet Capital Expenditures$130 - $140 million$130 - $140 million   Q3 2025 Outlook   GAAP Loss From Continuing Operations$(12) - $(3) million Adjusted EBITDA$76 - $86 million GAAP Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.16) - $(0.05) Adjusted Diluted Earnings/(Loss) Per Share from Continuing Operations$(0.10) - $0.01  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 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 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. 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. 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 Six Months Ended   June 30 June 30 (In thousands, except per share amounts)  2025   2024   2025   2024  Revenues from continuing operations:         Service revenues $505,241  $505,283  $982,081  $1,004,437  Product revenues  57,013   104,710   128,457   205,873  Total revenues  562,254   609,993   1,110,538   1,210,310  Costs and expenses from continuing operations:         Cost of services sold  394,811   388,222   767,213   781,074  Cost of products sold  68,339   91,996   119,700   177,406  Cost of services and products sold  463,150   480,218   886,913   958,480  Selling, general and administrative expenses  95,503   90,454   184,611   177,580  Research and development expenses  995   943   1,462   1,804  Property, plant and equipment impairment charge  7,386   —   7,386   —  Intangible asset impairment charge  —   2,840   —   2,840  Remeasurement of long-lived assets  —   —   —   10,695  Gain on sale of businesses, net  —   (1,877)  —   (1,877) Other expense (income), net  2,411   6,160   6,702   3,720  Total costs and expenses  569,445   578,738   1,087,074   1,153,242  Operating income (loss) from continuing operations  (7,191)  31,255   23,464   57,068  Interest income  470   3,435   924   5,132  Interest expense  (27,600)  (27,934)  (54,174)  (56,056) Facility fees and debt-related income (expense)  (2,619)  (2,920)  (5,231)  (5,709) Defined benefit pension income (expense)  (5,387)  (4,166)  (10,420)  (8,342) Income (loss) from continuing operations before income taxes and equity in income  (42,327)  (330)  (45,437)  (7,907) Income tax benefit (expense) from continuing operations  (3,609)  (10,020)  (11,555)  (17,935) Equity in income (loss) of unconsolidated entities, net  44   127   72   (122) Income (loss) from continuing operations  (45,892)  (10,223)  (56,920)  (25,964) Discontinued operations:         Income (loss) from discontinued businesses  (889)  (1,211)  (2,468)  (2,703) Income tax benefit (expense) from discontinued businesses  232   314   644   701  Income (loss) from discontinued operations, net of tax  (657)  (897)  (1,824)  (2,002) Net income (loss)  (46,549)  (11,120)  (58,744)  (27,966) Less: Net loss (income) attributable to noncontrolling interests  (1,058)  (2,481)  (2,259)  (3,597) Net income (loss) attributable to Enviri Corporation $(47,607) $(13,601) $(61,003) $(31,563) Amounts attributable to Enviri Corporation common stockholders:         Income (loss) from continuing operations, net of tax $(46,950) $(12,704) $(59,179) $(29,561) Income (loss) from discontinued operations, net of tax  (657)  (897)  (1,824)  (2,002) Net income (loss) attributable to Enviri Corporation common stockholders $(47,607) $(13,601) $(61,003) $(31,563)           Weighted-average shares of common stock outstanding  80,629   80,146   80,481   80,045  Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $(0.58) $(0.16) $(0.74) $(0.37) Discontinued operations $(0.01) $(0.01)  (0.02)  (0.03) Basic earnings (loss) per share attributable to Enviri Corporation common stockholders $(0.59) $(0.17) $(0.76) $(0.39)(a)          Diluted weighted-average shares of common stock outstanding  80,629   80,146   80,481   80,045  Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $(0.58) $(0.16) $(0.74) $(0.37) Discontinued operations $(0.01) $(0.01)  (0.02)  (0.03) Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders $(0.59) $(0.17) $(0.76) $(0.39)(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) June 302025 December 312024ASSETS    Current assets:    Cash and cash equivalents $97,796  $88,359 Restricted cash  15,739   1,799 Trade accounts receivable, net  287,251   260,690 Other receivables  46,789   40,439 Inventories  195,777   182,042 Current portion of contract assets  44,439   59,881 Prepaid expenses  50,688   62,435 Other current assets  9,402   14,880 Total current assets  747,881   710,525 Property, plant and equipment, net  694,553   664,292 Right-of-use assets, net  124,668   92,153 Goodwill  760,082   739,758 Intangible assets, net  286,512   298,438 Retirement plan assets  79,218   73,745 Deferred income tax assets  20,882   17,578 Other assets  56,515   53,744 Total assets $2,770,311  $2,650,233 LIABILITIES    Current liabilities:    Short-term borrowings $10,575  $8,144 Current maturities of long-term debt  25,227   21,004 Accounts payable  240,747   214,689 Accrued compensation  55,490   63,686 Income taxes payable  4,744   5,747 Reserve for forward losses on contracts  52,187   54,320 Current portion of advances on contracts  6,315   13,265 Current portion of operating lease liabilities  29,753   26,049 Derivative liabilities  38,104   1,284 Other current liabilities  162,922   158,194 Total current liabilities  626,064   566,382 Long-term debt  1,482,138   1,410,718 Retirement plan liabilities  28,651   27,019 Operating lease liabilities  97,198   67,998 Environmental liabilities  43,157   46,585 Deferred tax liabilities  24,090   26,796 Other liabilities  51,182   55,136 Total liabilities  2,352,480   2,200,634 ENVIRI CORPORATION STOCKHOLDERS’ EQUITY     Common stock  147,706   146,844 Additional paid-in capital  264,000   255,102 Accumulated other comprehensive loss  (521,368)  (538,964)Retained earnings  1,339,344   1,400,347 Treasury stock  (853,416)  (851,881)Total Enviri Corporation stockholders’ equity  376,266   411,448 Noncontrolling interests  41,565   38,151 Total equity  417,831   449,599 Total liabilities and equity $2,770,311  $2,650,233   ENVIRI CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)           Three Months Ended June 30 Six Months Ended June 30(In thousands)  2025   2024   2025   2024 Cash flows from operating activities:        Net income (loss) $(46,549) $(11,120) $(58,744) $(27,966)Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation  37,901   37,026   74,343   73,946 Amortization  7,561   8,006   14,964   16,180 Deferred income tax (benefit) expense  (5,163)  2,326   (2,387)  5,771 Equity in (income) loss of unconsolidated entities, net  (44)  (127)  (72)  122 Right-of-use assets  7,711   7,595   15,127   16,194 Property, plant and equipment impairment charge  7,386   —   7,386   — Intangible asset impairment charge  —   2,840   —   2,840 Remeasurement of long-lived assets  —   —   —   10,695 Gain on sale of businesses, net  —   (1,877)  —   (1,877)Stock-based compensation  5,716   4,402   9,760   8,262 Other, net  (2,512)  (5,169)  (3,149)  (8,257)Changes in assets and liabilities, net of acquisitions and dispositions of businesses:      Accounts receivable  (813)  (6,793)  (14,314)  17,633 Inventories  695   1,312   (8,300)  (3,985)Contract assets  5,957   (3,688)  12,413   (12,887)Accounts payable  1,578   7,965   10,716   (5,786)Accrued interest payable  7,470   6,805   539   (15)Accrued compensation  3,672   2,987   (11,433)  (22,544)Advances on contracts and other customer advances  (3,554)  (5,503)  (18,324)  (7,121)Operating lease liabilities  (7,643)  (7,664)  (15,078)  (15,876)Retirement plan liabilities, net  4,893   (598)  9,381   (938)Other assets and liabilities  (2,289)  311   5,745   (4,007)Net cash (used) provided by operating activities  21,973   39,036   28,573   40,384 Cash flows from investing activities:        Purchases of property, plant and equipment  (39,035)  (33,639)  (60,659)  (60,520)Proceeds from sale of businesses, net  —   16,588   —   16,588 Proceeds from sales of assets  2,317   3,271   3,764   7,584 Expenditures for intangible assets  (44)  (407)  (51)  (484)Proceeds from note receivable  —   17,023   —   17,023 Net proceeds (payments) from settlement of foreign currency forward exchange contracts  (6,033)  1,185   (4,296)  584 Net cash (used) provided by investing activities  (42,795)  4,021   (61,242)  (19,225)Cash flows from financing activities:        Short-term borrowings, net  3,019   5,865   5,831   (3,138)Borrowings and repayments under Revolving Credit Facility, net  32,000   (38,000)  62,000   (3,000)Repayments of Term Loan  (1,250)  (1,250)  (2,500)  (2,500)Cash paid for finance leases and other long-term debt  (5,511)  (3,409)  (9,669)  (6,803)Contributions from noncontrolling interests  —   —   —   874 Dividends paid to noncontrolling interests  —   (4,308)  —   (12,551)Stock-based compensation - Employee taxes paid  (257)  (291)  (1,534)  (1,332)Net cash (used) provided by financing activities  28,001   (41,393)  54,128   (28,450)Effect of exchange rate changes on cash and cash equivalents, including restricted cash  1,927   (1,566)  1,918   (9,817)Net increase (decrease) in cash and cash equivalents, including restricted cash  9,106   98   23,377   (17,108)Cash and cash equivalents, including restricted cash, at beginning of period  104,429   107,408   90,158   124,614 Cash and cash equivalents, including restricted cash, at end of period $113,535  $107,506  $113,535  $107,506   ENVIRI CORPORATIONREVIEW OF OPERATIONS BY SEGMENT (Unaudited)  Three Months Ended  June 30, 2025 June 30, 2024(In thousands) Revenues OperatingIncome (Loss) Revenues Operating Income (Loss)Harsco Environmental $258,009  $4,251  $292,929  $20,286 Clean Earth  246,282   24,610   236,105   23,882 Harsco Rail  57,963   (20,325)  80,959   (3,089)Corporate  —   (15,727)  —   (9,824)Consolidated Totals $562,254  $(7,191) $609,993  $31,255            Six Months Ended  June 30, 2025 June 30, 2024(In thousands) Revenues OperatingIncome (Loss) Revenues Operating Income (Loss)Harsco Environmental $501,115  $14,324  $592,048  $39,874 Clean Earth  481,513   47,275   462,135   44,475 Harsco Rail  127,910   (12,170)  156,127   (12,150)Corporate  —   (25,965)  —   (15,131)Consolidated Totals $1,110,538  $23,464  $1,210,310  $57,068   ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED(Unaudited)           Three Months Ended Six Months Ended  June 30 June 30(in thousands, except per share amounts)  2025   2024   2025   2024 Income (loss) from continuing operations, net of tax, as reported $(46,950) $(12,704) $(59,179) $(29,561)         Adjustments:        Change in provision for forward losses and other contract-related costs on certain contracts   (a)(b)  15,854   9,380   4,385   9,380 Strategic costs (c)(h)  3,468   794   4,993   1,475 Intangible asset impairment charge (d)  —   2,840   —   2,840 Remeasurement of long-lived assets (f)  —   —   —   10,695 Net gain on sale of businesses (g)  —   (1,877)  —   (1,877)Restructuring and related costs (h)  —   —   3,333   — Net gain on sale of assets (h)  —   —   —   (3,281)Net gain on lease incentive (h)  —   (451)  —   (451)Adjustment to contract termination charge (c)  (2,249)  —   (2,249)  — Site exit costs (e)(h)  10,281   —   10,281   — Gain on note receivable (i)  —   (2,686)  —   (2,686)Income tax impact from adjustments above (j)  (3,157)  606   (3,803)  1,208 Adjusted income (loss) from continuing operations, including acquisition amortization expense  (22,753)  (4,098)  (42,239)  (12,258)Acquisition amortization expense, net of tax (k)  5,025   5,432   9,889   10,988 Adjusted income (loss) from continuing operations, net of tax $(17,728) $1,334  $(32,350) $(1,270)         Diluted weighted average shares of common stock outstanding  80,629   80,146   80,481   80,045 Diluted earnings (loss) per share from continuing operations, as reported (l) $(0.58) $(0.16) $(0.74) $(0.37)Adjusted diluted earnings (loss) per share from continuing operations (l) $(0.22) $0.02  $(0.40) $(0.02) (a) Classified in Total revenues and includes a $12.2 million increase for the six months ended June 30, 2025 and a $3.2 million decrease for both the three and six months ended June 30, 2024 in adjustments related to adjustments for certain Harsco Rail contracts.(b) Classified in Cost of services and products sold and includes $15.9 million and $16.6 million for the three and six months ended June 30, 2025 and $6.1 million for both the three and six months ended June 30, 2024 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 $6.6 million and $13.1 million for the three and six months ended June 30, 2025, respectively, and $7.0 million and $14.2 million for the three and six months ended June 30, 2024.(l) Amounts above are rounded and recalculation may not yield precise results.  ENVIRI CORPORATIONRECONCILIATION 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  September 30 December 31   2025   2025 (in millions, except per share amounts) (a) Low High Low HighGAAP income (loss) from continuing operations, net of tax $(13) $(4) $(78) $(60)         Adjustments:        Change in provision for forward losses and other contract-related costs  —   —   4   4 Strategic costs  —   —   5   5 Restructuring and related costs  —   —   3   3 Adjustment to contract termination charge  —   —   (2)  (2)Site exit costs  —   —   10   10 Income tax impact from adjustments above  —   —   (4)  (4)Adjusted income (loss) from continuing operations, including acquisition amortization expense  (13)  (4)  (61)  (44)Estimated acquisition amortization expense, net of tax  5   5   20   20 Adjusted income (loss) from continuing operations, net of tax $(8) $1  $(42) $(24)         Diluted weighted average shares of common stock outstanding  81   81   81   81 GAAP diluted earnings (loss) per share from continuing operations $(0.16) $(0.05) $(0.97) $(0.75)Adjusted diluted earnings (loss) per share from continuing operations $(0.10) $0.01  $(0.52) $(0.30) (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 June 30, 2025:        Operating income (loss), as reported $4,251  $24,610  $(20,325) $(15,727) $(7,191)Change in provision for forward losses and other contract-related costs  —   —   15,854   —   15,854 Strategic costs  —   —   —   3,468   3,468 Adjustment to contract termination charge  (2,249)  —   —   —   (2,249)Site exit costs  10,281   —   —   —   10,281 Operating income (loss), excluding unusual items  12,283   24,610   (4,471)  (12,259)  20,163 Depreciation  27,046   9,549   1,051   255   37,901 Amortization  571   5,926   106   —   6,603 Adjusted EBITDA $39,900  $40,085  $(3,314) $(12,004) $64,667 Revenues, as reported $258,009  $246,282  $57,963    $562,254 Adjusted EBITDA margin (%)  15.5%  16.3% (5.7)%    11.5%           Three Months Ended June 30, 2024:        Operating income (loss), as reported $20,286  $23,882  $(3,089) $(9,824) $31,255 Strategic costs  —   —   —   794   794 Adjustment to net gain on lease incentive  (451)  —   —   —   (451)Change in provision for forward losses and other contract costs  —   —   9,380   —   9,380 Net gain on sale of assets  —   —   —   —   0 Intangible asset impairment charge  2,840   —   —   —   2,840 Gain on sale of businesses, net  (1,877)  —   —   —   (1,877)Operating income (loss), excluding unusual items  20,798   23,882   6,291   (9,030)  41,941 Depreciation  27,450   8,249   1,023   304   37,026 Amortization  975   5,989   67   —   7,031 Adjusted EBITDA $49,223  $38,120  $7,381  $(8,726) $85,998 Revenues, as reported $292,929  $236,105  $80,959    $609,993 Adjusted EBITDA margin (%)  16.8%  16.1%  9.1%    14.1%  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           Six Months Ended June 30, 2025:          Operating income (loss), as reported $14,324  $47,275  $(12,170) $(25,965) $23,464 Change in provision for forward losses on certain contracts and related costs  —   —   4,385   —   4,385 Strategic costs  —   —   —   4,993   4,993 Restructuring and related costs  3,333   —   —   —   3,333 Adjustment to contract termination charge  (2,249)  —   —   —   (2,249)Site exit costs  10,281   —   —   —   10,281 Operating income (loss), excluding unusual items  25,689   47,275   (7,785)  (20,972)  44,207 Depreciation  52,555   19,169   2,083   536   74,343 Amortization  1,111   11,771   173   —   13,055 Adjusted EBITDA $79,355  $78,215  $(5,529) $(20,436) $131,605 Revenues, as reported $501,115  $481,513  $127,910    $1,110,538 Adjusted EBITDA margin (%)  15.8%  16.2% (4.3)%    11.9%           Six Months Ended June 30, 2024:        Operating income (loss), as reported $39,874  $44,475  $(12,150) $(15,131) $57,068 Remeasurement of long-lived assets  —   —   10,695   —   10,695 Change in provision for forward losses and other contract-related costs on certain contracts  —   —   9,380   —   9,380 Strategic costs  —   —   —   1,475   1,475 Net gain on sale of assets  —   —   —   (3,281)  (3,281)Intangible asset impairment charge  2,840   —   —   —   2,840 Adjustment to net gain on lease incentive  (451)  —   —   —   (451)Gain on sale of businesses, net  (1,877)  —   —   —   (1,877)Operating income (loss), excluding unusual items  40,386   44,475   7,925   (16,937)  75,849 Depreciation  56,239   15,662   1,384   661   73,946 Amortization  1,993   12,156   89   —   14,238 Adjusted EBITDA $98,618  $72,293  $9,398  $(16,276) $164,033 Revenues, as reported $592,048  $462,135  $156,127    $1,210,310 Adjusted EBITDA margin (%)  16.7%  15.6%  6.0%    13.6%  ENVIRI CORPORATIONRECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)   Three Months EndedJune 30(In thousands)  2025   2024 Consolidated income (loss) from continuing operations $(45,892) $(10,223)     Add back (deduct):    Equity in (income) loss of unconsolidated entities, net  (44)  (127)Income tax expense (benefit) from continuing operations  3,609   10,020 Defined benefit pension expense (income)  5,387   4,166 Facility fees and debt-related expense (income)  2,619   2,920 Interest expense  27,600   27,934 Interest income  (470)  (3,435)Depreciation  37,901   37,026 Amortization  6,603   7,031      Unusual items:    Change in provision for forward losses and other contract-related costs on certain contracts  15,854   9,380 Strategic costs  3,468   794 Adjustment to net gain on lease incentive  —   (451)Intangible asset impairment charge  —   2,840 Gain on sale of business, net  —   (1,877)Adjustment to contract termination charge  (2,249)  — Site exit costs  10,281   — Consolidated Adjusted EBITDA $64,667  $85,998   ENVIRI CORPORATIONRECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED(Unaudited)       Six Months EndedJune 30(In thousands)  2025   2024 Consolidated income (loss) from continuing operations $(56,920) $(25,964)     Add back (deduct):    Equity in (income) loss of unconsolidated entities, net  (72)  122 Income tax expense (benefit) from continuing operations  11,555   17,935 Defined benefit pension expense  10,420   8,342 Facility fee and debt-related expense  5,231   5,709 Interest expense  54,174   56,056 Interest income  (924)  (5,132)Depreciation  74,343   73,946 Amortization  13,055   14,238      Unusual items:    Change in provision for forward losses and other contract-related costs  4,385   9,380 Remeasurement of long-lived assets  —   10,695 Strategic costs  4,993   1,475 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  —   (1,877)Restructuring and related costs  3,333   — Adjustment to contract termination charge  (2,249)  — Site exit costs  10,281   — Adjusted EBITDA $131,605  $164,033   ENVIRI CORPORATIONRECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS(Unaudited)           Projected  Three Months Ending Twelve Months Ending  September 30 December 31   2025   2025 (In millions) (a) Low High Low HighConsolidated loss from continuing operations $(12) $(3) $(74) $(56)         Add back (deduct):        Income tax expense (benefit) from continuing operations  6   8   22   27 Facility fees and debt-related (income) expense  3   2   10   10 Net interest  28   27   110   107 Defined benefit pension (income) expense  5   5   21   21 Depreciation and amortization  47   47   181   181          Unusual items:        Change in provision for forward losses and other contract-related costs  —   —   4   4 Strategic costs  —   —   5   5 Restructuring and related costs  —   —   3   3 Adjustment to contract termination charge  —   —   (2)  (2)Site exit costs  —   —   10   10 Consolidated Adjusted EBITDA $76  $86  $290  $310  (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 Six Months Ended  June 30 June 30(In thousands)  2025   2024   2025   2024 Net cash provided (used) by operating activities $21,973  $39,036  $28,573  $40,384 Less capital expenditures  (39,035)  (33,639)  (60,659)  (60,520)Less expenditures for intangible assets  (44)  (407)  (51)  (484)Plus capital expenditures for strategic ventures (a)  778   297   1,127   1,450 Plus total proceeds from sales of assets (b)  2,317   3,271   3,764   7,584 Plus transaction-related expenditures (c)  —   940   —   4,440 Adjusted free cash flow $(14,011) $9,498  $(27,246) $(7,146) (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 six months ended June 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.  ENVIRI CORPORATIONRECONCILIATION 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 $141  $171 Less net capital / intangible asset expenditures  (130)  (140)Plus capital expenditures for strategic ventures  4   4 Adjusted free cash flow $15  $35   ENVIRI CORPORATIONHARSCO ENVIRONMENTAL SEGMENTCHANGES IN TOTAL REVENUES, EXCLUDING DIVESTITURES (Unaudited)   (in millions) Three Months EndedHarsco Environmental segment revenues - June 30, 2024 $292.9    Effects on revenues:  Price/volume changes (a)  (16.9)Foreign currency translation  3.6 Divestitures (b)  (21.6)Total change  (34.9)Harsco Environmental segment revenues - June 30, 2025 $258.0 Total change %  (11.9)%   Total % change from divestitures  (7.4)%Total % change, excluding divestitures  (4.5)% (a) Includes the net impact of new and lost contracts.(b) Includes the sale of Reed Minerals in August 2024.

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