-- Fourth quarter revenues totaled $556 million
-- Fourth quarter GAAP consolidated loss from continuing operations of $86
million, including expenses related to the pending sale of Clean Earth
and spin-off of Harsco Environmental and Harsco Rail as well as certain
contract adjustments in Harsco Rail
-- Adjusted EBITDA in Q4 totaled $70 million
-- Full year 2025 revenue totaled $2.2 billion; GAAP consolidated loss from
continuing operations was $160 million; and Adjusted EBITDA totaled $275
million
-- 2026 outlook: Adjusted EBITDA for Harsco Environmental and Harsco Rail
("New Enviri") expected to be modestly below 2025 at guidance mid-point,
as improvement in Harsco Environmental to be offset by Harsco Rail
PHILADELPHIA, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported fourth quarter and full year 2025 results. Revenues in the fourth quarter of 2025 totaled $556 million, and on a U.S. GAAP ("GAAP") basis, the consolidated loss from continuing operations was $86 million. Adjusted EBITDA was $70 million in the fourth quarter of 2025.
On a GAAP basis, the fourth quarter of 2025 diluted loss per share from continuing operations was $1.07, including expenses related to the sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail as well as contract adjustments in Harsco Rail and other unusual items. The adjusted diluted loss per share from continuing operations in the fourth quarter of 2025 was $0.17. These figures compare with a fourth quarter of 2024 GAAP diluted loss per share from continuing operations of $1.03, which included an asset impairment for an underperforming site and anticipated costs to address an environmental matter in Harsco Environmental as well as contract adjustments and a goodwill impairment in Harsco Rail, and an adjusted diluted loss per share from continuing operations of $0.04.
"2025 was a transformative year for Enviri, culminating in solid financial performance in the fourth quarter," said Enviri Chairman and CEO Nick Grasberger. "Clean Earth finished another record year, with strong execution across the organization as it delivered on its growth and operational goals. Harsco Environmental realized its highest quarterly earnings of the year in Q4 while continuing to navigate challenges within the global steel industry. In Rail, we're continuing to take actions to address supply-chain and manufacturing pressures and right-size the organization, while remaining focused on efforts to further manage the segment's ETO exposure."
"We remain on track to close our $3 billion sale of Clean Earth in mid-2026, which will unlock significant sum-of-the-parts value in the Company when completed. Harsco Environmental and Harsco Rail, together known as New Enviri, are expected to be well-capitalized with an improving cash flow outlook and significant earnings potential following the close of the transaction. While both businesses continue to navigate near-term market pressures, their attractive fundamentals combined with our internal actions to reduce complexity and drive operational excellence are expected to further boost margins for New Enviri and enhance value for shareholders in the coming years."
Enviri Corporation--Selected Fourth Quarter Results
($ in millions, except per share amounts) Q4 2025 Q4 2024
---------- ----------
Revenues $ 556 $ 559
Operating income/(loss) from continuing
operations - GAAP $ (33) $ (62)
Income (loss) from continuing operations $ (86) $ (82)
Diluted EPS from continuing operations - GAAP $(1.07) $(1.03)
Adjusted EBITDA - non-GAAP $ 70 $ 70
Adjusted EBITDA margin - non-GAAP 12.6% 12.6%
Adjusted diluted EPS from continuing
operations - non-GAAP $(0.17) $(0.04)
---------------------------------------------- ----- -----
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 Fourth Quarter Operating Results
Consolidated revenues from continuing operations were $556 million, or similar to the prior-year quarter. Clean Earth and Harsco Environmental realized an increase in revenues compared with the fourth quarter of 2024, while revenues for Harsco Rail were lower year-on-year, as anticipated. Foreign currency ("FX") translation positively impacted fourth quarter 2025 revenues by approximately $13 million, compared with the same quarter in 2024.
The Company's GAAP consolidated loss from continuing operations was $86 million for the fourth quarter of 2025, compared with a GAAP consolidated loss of $82 million in the same quarter of 2024. Meanwhile, Adjusted EBITDA totaled $70 million in the fourth quarter of 2025 versus $70 million in the fourth quarter of the prior year. Higher Adjusted EBITDA in Clean Earth and Harsco Environmental was offset by lower contributions from Harsco Rail and higher Corporate costs. The year-over-year change in Corporate costs is largely attributable to stock-based compensation and expenses, much of which was not considered within prior Q4 guidance.
Enviri Corporation--Selected 2025 Results
($ in millions, except per share amounts) 2025 2024
----- -----
Revenues $2,240 $2,343
Operating income (loss) from continuing
operations - GAAP $ 4 $ 31
Income (loss) from continuing operations $ (160) $ (120)
Diluted EPS from continuing operations - GAAP $(2.03) $(1.57)
Adjusted EBITDA - excluding unusual items $ 275 $ 318
Adjusted EBITDA margin - excluding unusual
items 12.3% 13.6%
Adjusted diluted EPS from continuing
operations - excluding unusual items $(0.60) $(0.09)
---------------------------------------------- ----- -----
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 Full Year 2025 Operating Results
Consolidated revenues were $2.24 billion in 2025, compared to $2.34 billion in 2024. Clean Earth revenues increased for the year while revenues in Harsco Environmental and Harsco Rail were lower year-over-year. The 2025 change in revenues includes the impact of business divestitures during 2024 in Harsco Environmental, which negatively impacted 2025 revenues by approximately $60 million when compared with the prior year.
The Company's GAAP consolidated loss from continuing operations was $160 million in 2025, while the GAAP consolidated loss in 2024 was $120 million. Meanwhile, Adjusted EBITDA totaled $275 million in 2025, compared with $318 million in 2024. In 2025, higher adjusted earnings from Clean Earth were offset by lower contributions from Harsco Environmental and Harsco Rail as well as higher Corporate costs. The increase in Corporate costs for the year is again attributable to stock-based compensation and expenses.
On a GAAP basis, the diluted loss per share in 2025 was $2.03, compared with a diluted loss per share in 2024 of $1.57. These figures include various unusual items in each year. The adjusted diluted loss per share was $0.60 in 2025, compared with an adjusted diluted loss per share of $0.09 in 2024.
Fourth Quarter Business Review
Harsco Environmental
($ in millions) Q4 2025 Q4 2024
--------- ---------
Revenues $ 257 $ 240
Operating income (loss) - GAAP $ 15 $ (41)
Adjusted EBITDA - non-GAAP $ 48 $ 41
Adjusted EBITDA margin - non-GAAP 18.7% 17.1%
----------------------------------- ---- ----
Harsco Environmental revenues totaled $257 million in the fourth quarter of 2025, an increase of 7.0% percent compared with the prior-year quarter. This revenue increase is primarily attributable to higher services demand including from new contracts and FX translation impacts, partially offset by lower eco-products revenues. The segment's GAAP operating income was $15 million and Adjusted EBITDA totaled $48 million in the fourth quarter of 2025. These figures compare with a GAAP operating loss of $41 million and Adjusted EBITDA of $41 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors as well as improvement initiatives and the recovery of certain sales tax expenses in Brazil. As a result, Harsco Environmental's Adjusted EBITDA margin was 18.7% in the fourth quarter of 2025 versus 17.1% in the comparable quarter of 2024.
Clean Earth
($ in millions) Q4 2025 Q4 2024
--------- ---------
Revenues $ 244 $ 241
Operating income (loss) - GAAP $ 19 $ 21
Adjusted EBITDA - non-GAAP $ 38 $ 36
Adjusted EBITDA margin - non-GAAP 15.6% 15.1%
----------------------------------- ---- ----
Clean Earth revenues totaled $244 million in the fourth quarter of 2025, a 1% increase over the prior-year quarter primarily as a result of higher services pricing and higher volumes within its hazardous materials business. The segment's GAAP operating income was $19 million and Adjusted EBITDA was $38 million in the fourth quarter of 2025. These figures compare with GAAP operating income of $21 million and Adjusted EBITDA of $36 million in the prior-year period. The year-on-year improvement in adjusted earnings is attributable to the above-mentioned factors, partially offset by lower soil-dredge business contributions and higher incentive compensation. As a result, Clean Earth's Adjusted EBITDA margin was 15.6% in the fourth quarter of 2025 versus 15.1% in the comparable quarter of 2024.
Harsco Rail
($ in millions) Q4 2025 Q4 2024
----------- -----------
Revenues $ 56 $ 77
Operating income (loss) - GAAP $ (36) $ (32)
Adjusted EBITDA - non-GAAP $ (4) $ 2
Adjusted EBITDA margin - non-GAAP (8.1)% 2.4%
----------------------------------- ------- ---
Harsco Rail revenues totaled $56 million in the fourth quarter of 2025, a 28% decrease over the prior-year quarter. This change is primarily attributable to lower equipment and aftermarket parts volumes. The segment's GAAP operating loss was $36 million and Adjusted EBITDA loss was $4 million in the fourth quarter of 2025. These figures compare with a GAAP operating loss of $32 million and Adjusted EBITDA 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 a less favorable business mix.
Cash Flow
Net cash provided by operating activities was $38 million in the fourth quarter of 2025, compared with $36 million in the prior-year period. Adjusted free cash flow was $6 million in the fourth quarter of 2025, compared with $8 million in the prior-year period. The change in adjusted free cash flow compared with the prior-year quarter is attributable to higher capital spending, which was partially offset by favorable changes in working capital.
For the full-year 2025, net cash provided by operating activities totaled $101 million, compared with net cash provided by operating activities of $78 million in 2024. Adjusted free cash flow was $(15) million in 2024, compared with $(34) million in the prior year. The change in full-year adjusted free cash flow can be mainly attributed to lower pension contributions and working capital movements (including proceeds from the Company's accounts receivable facility), partially offset by higher capital spending.
Financial Statement Revision
The Company recently identified historic errors related to the measurement of certain aspects of the pension obligation associated with its U.K. pension plan. The errors were identified during a review of the pension plan in preparation for the potential buy-out of its liabilities by an insurance company. The relevant pension plan had been frozen decades ago and the measurement errors occurred prior to that time. The Company has estimated the cumulative net impact to the pension obligation to be approximately $18 million at the end of 2025. The plan remains fully funded and this additional obligation does not require funding requirements in the future. Additional information on the revision and the related financial impacts can be found in the Company's 2025 Form 10-K.
2026 Outlook
Given the pending sale of Clean Earth, the Company is providing guidance for only Harsco Environmental and Harsco Rail (the two businesses to exist within New Enviri following their spin-off into a new standalone publicly traded company in connection with the Clean Earth sale). Key business drivers for each segment are below, and in total, Proforma Adjusted EBITDA for New Enviri is anticipated to be approximately $140 million (at guidance range mid-point), or modestly below 2025 due to weaker demand in Rail. Cash generation for these businesses is projected to improve in 2026, although overall free cash flow will remain muted given the cash burden of Rail's existing ETO (engineered to order) contracts in the short term. Actions to reduce SG&A and operational expenses as well as manage the Company's ETO risk and exposure in Harsco Rail are ongoing.
Harsco Environmental Adjusted EBITDA of $170 million to $180 million, which is modestly above prior-year results at the range mid-point. Higher services and products demand, new sites and improvement initiatives are expected to be offset by site exits and the fact that certain 2025 items are not anticipated to repeat in 2026 (such as the recovery of certain sales tax expenses in Brazil).
Harsco Rail Adjusted EBITDA of $(26) million to $(19) million, which is below 2025 results as a result of lower standard equipment and contracted services demand and related manufacturing inefficiencies, partially offset by cost-out activities and benefits.
Beginning with the first quarter of 2026, the Company will revise its calculation of reported Adjusted EBITDA for external reporting to add stock-based compensation costs, a non-cash item, to other items that are added back to GAAP net income for purposes of calculating Adjusted EBITDA. This change better aligns the Company's definition of Adjusted EBITDA with its credit agreement and facilitates comparison with many peers. Guidance provided above for Harsco Environmental and Harsco Rail is on a like-for-like basis and does not consider the impact of this change.
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 expected timing, completion and effects of the transactions contemplated by the Merger Agreement and the Separation Agreement, including the sale of Clean Earth and the spin-off of New Enviri; 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, including those under "2026 Outlook". 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 complete the transactions contemplated by the Merger Agreement and the Separation Agreement on the terms expected, in a timely matter or at all; (2) the possibility that the Merger and the Separation of Clean Earth may not ultimately achieve the expected benefits; (3) 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; (4) the Company's inability to comply with applicable environmental laws and regulations; (5) the Company's inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (6) various economic, business, and regulatory risks associated with the waste management industry; (7) the seasonal nature of the Company's business; (8) 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; (9) the outcome of any disputes with customers, contractors and subcontractors; (10) 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; (11) higher than expected claims under the Company's insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (12) 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; (13) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (14) 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; (15) 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; (16) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (17) 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; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (19) 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; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company's operations; (22) the Company's ability to comply with financial covenants and obligations to financial counterparties; (23) the Company's outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) 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; (26) 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 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 (loss) 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 (loss) 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 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.
Additional Information and Where to Find It
In connection with the proposed sale of Clean Earth and the contemplated spin-off of New Enviri, the Company and New Enviri will be filing documents with the SEC, including preliminary and definitive proxy statements of the Company relating to the proposed transaction and a registration statement relating to the shares of New Enviri. The definitive proxy statement will be mailed to the Company's shareholders in connection with the proposed acquisition. This communication is not a substitute for the proxy statement, the registration statement or any other document that may be filed by the Company or New Enviri with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. Any vote in respect of resolutions to be proposed at the Company's shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in the Company's proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC's website at www.sec.gov or on the Company's website at www.enviri.com.
Participants in Solicitation
The Company, its directors, and certain of its respective executive officers may be deemed to be participants in the solicitation of proxies from shareholders of the Company in connection with the proposed transaction under the rules of the SEC. Information about the interests of the directors and executive officers of the Company and other persons who may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement to be filed with the SEC by the Company related to the proposed transaction. Information about the directors and executive officers of the Company and their ownership of shares of Company common stock and other securities of the Company can be found in the sections entitled "Non-Employee Director Compensation", "Share Ownership of Directors, Management and Certain Beneficial Owners", "Compensation Discussion & Analysis", "Discussion and Analysis of 2024 Compensation", "Termination or Change of Control Arrangements", "Equity Compensation Plan Information as of December 31, 2024" included in the Company's proxy statement in connection with its 2025 Annual Meeting of Stockholders, filed with the SEC on March 12, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by the Company's directors and executive officers; and in other documents subsequently filed
by the Company with the SEC. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC's website at www.sec.gov or on the Company's website at www.enviri.com.
ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- --------------------------
(In thousands,
except per share
amounts) 2025 2024 2025 2024
------- ---------
Revenues from
continuing
operations:
Service revenues $501,565 $477,841 $1,988,144 $1,977,781
Product revenues 54,817 81,084 252,214 365,356
------- ------- --------- ---------
Total revenues 556,382 558,925 2,240,358 2,343,137
------- ------- --------- ---------
Costs and expenses
from continuing
operations:
Cost of services
sold 390,148 400,931 1,547,681 1,563,391
Cost of products
sold 80,831 88,410 265,574 340,719
Selling, general
and
administrative
expenses 104,100 92,625 382,005 359,388
Research and
development
expenses 710 1,269 3,050 3,961
Property, plant
and equipment
impairment
charge 411 23,444 7,797 23,444
Goodwill and
other intangible
asset impairment
charge -- 13,026 -- 15,866
Remeasurement of
long-lived
assets -- -- -- 10,695
Gain on sale of
businesses, net -- -- -- (10,478)
Other expense
(income), net 13,483 1,677 30,002 5,437
------- ------- --------- ---------
Total costs
and expenses 589,683 621,382 2,236,109 2,312,423
------- ------- --------- ---------
Operating
income (loss)
from
continuing
operations (33,301) (62,457) 4,249 30,714
Interest income 715 682 2,191 6,795
Interest expense (28,435) (27,348) (110,962) (112,217)
Facility fees and
debt-related income
(expense) (2,923) (2,578) (10,662) (11,265)
Defined benefit
pension income
(expense) (5,389) (4,349) (21,635) (17,607)
------- ------- --------- ---------
Income (loss)
from
continuing
operations
before income
taxes and
equity in
income (69,333) (96,050) (136,819) (103,580)
Income tax benefit
(expense) from
continuing
operations (16,570) 13,828 (22,986) (16,834)
Equity in income
(loss) of
unconsolidated
entities, net 44 74 155 (10)
------- ------- --------- ---------
Income (loss)
from
continuing
operations (85,859) (82,148) (159,650) (120,424)
------- ------- --------- ---------
Discontinued
operations:
Income (loss)
from
discontinued
businesses (1,429) (1,010) (5,494) (5,297)
Income tax
benefit
(expense) from
discontinued
businesses 374 270 1,435 1,382
------- ------- --------- ---------
Income (loss)
from
discontinued
operations,
net of tax (1,055) (740) (4,059) (3,915)
------- ------- --------- ---------
Net income (loss) (86,914) (82,888) (163,709) (124,339)
Less: Net loss
(income)
attributable to
noncontrolling
interests (678) (814) (3,892) (5,312)
------- ------- --------- ---------
Net income (loss)
attributable to
Enviri Corporation $(87,592) $(83,702) $ (167,601) $ (129,651)
======= ======= ========= =========
Amounts
attributable to
Enviri Corporation
common
stockholders:
Income (loss)
from continuing
operations, net
of tax $(86,537) $(82,962) $ (163,542) $ (125,736)
Income (loss)
from
discontinued
operations, net
of tax (1,055) (740) (4,059) (3,915)
------- ------- --------- ---------
Net income
(loss)
attributable
to Enviri
Corporation
common
stockholders $(87,592) $(83,702) $ (167,601) $ (129,651)
======= ======= ========= =========
Weighted-average
shares of common
stock outstanding 81,216 80,216 80,712 80,118
Basic earnings (loss) per common share attributable
to Enviri Corporation common stockholders:
Continuing
operations $ (1.07) $ (1.03) $ (2.03) $ (1.57)
Discontinued
operations $ (0.01) $ (0.01) (0.05) (0.05)
------- ------- --------- ---------
Basic earnings
(loss) per share
attributable to
Enviri Corporation
common
stockholders(a) $ (1.08) $ (1.04) $ (2.08) $ (1.62)
======= ======= ========= =========
Diluted
weighted-average
shares of common
stock outstanding 81,216 80,216 80,712 80,118
Diluted earnings (loss) per common share attributable
to Enviri Corporation common stockholders:
Continuing
operations $ (1.07) $ (1.03) $ (2.03) $ (1.57)
Discontinued
operations $ (0.01) $ (0.01) (0.05) (0.05)
------- ------- --------- ---------
Diluted earnings
(loss) per share
attributable to
Enviri Corporation
common
stockholders(a) $ (1.08) $ (1.04) $ (2.08) $ (1.62)
======= ======= ========= =========
(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 CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31 December 31
(In thousands) 2025 2024
--------------------------------------- ----------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 103,671 $ 88,359
Restricted cash 21,677 1,799
Trade accounts receivable, net 267,439 262,067
Other receivables 46,930 40,439
Inventories 180,548 183,059
Current portion of contract assets 26,968 59,881
Prepaid expenses 61,996 62,435
Other current assets 11,452 14,880
--------- ---------
Total current assets 720,681 712,919
--------- ---------
Property, plant and equipment, net 699,664 664,292
Right-of-use assets, net 132,323 88,912
Goodwill 758,680 739,758
Intangible assets, net 273,088 298,438
Retirement plan assets 55,743 57,622
Deferred income tax assets 11,419 17,453
Other assets 57,073 55,117
--------- ---------
Total assets $2,708,671 $2,634,511
========= =========
LIABILITIES
Current liabilities:
Short-term borrowings $ 11,490 $ 8,144
Current maturities of long-term debt 25,874 21,004
Accounts payable 239,650 214,689
Accrued compensation 67,331 63,686
Income taxes payable 4,083 6,093
Reserve for forward losses on
contracts 61,037 54,320
Current portion of advances on
contracts 7,982 13,265
Current portion of operating lease
liabilities 30,077 26,001
Derivative liabilities 20,839 1,284
Other current liabilities 165,661 158,194
--------- ---------
Total current liabilities 634,024 566,680
--------- ---------
Long-term debt 1,530,309 1,410,718
Retirement plan liabilities 26,208 27,019
Operating lease liabilities 104,654 64,805
Environmental liabilities 38,256 46,585
Deferred tax liabilities 21,689 32,529
Other liabilities 57,944 56,509
--------- ---------
Total liabilities 2,413,084 2,204,845
--------- ---------
ENVIRI CORPORATION STOCKHOLDERS' EQUITY
Common stock 149,519 146,844
Additional paid-in capital 273,436 255,102
Accumulated other comprehensive loss (514,481) (537,385)
Retained earnings 1,211,234 1,378,835
Treasury stock (864,646) (851,881)
--------- ---------
Total Enviri Corporation
stockholders' equity 255,062 391,515
Noncontrolling interests 40,525 38,151
--------- ---------
Total equity 295,587 429,666
--------- ---------
Total liabilities and equity $2,708,671 $2,634,511
========= =========
ENVIRI CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ------------------------
(In thousands) 2025 2024 2025 2024
------- --------
Cash flows from
operating
activities:
Net income (loss) $(86,914) $(82,888) $(163,709) $(124,339)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation 39,681 36,804 153,382 148,329
Amortization 7,854 7,382 30,575 31,471
Deferred income
tax (benefit)
expense 10,374 (17,995) (3,892) (13,153)
Equity in
(income) loss
of
unconsolidated
entities, net (44) (74) (155) 10
Dividends from
unconsolidated
entities 153 117 230 321
Right-of-use
assets 8,022 7,859 31,350 31,546
Property, plant
and equipment
impairment
charge 411 23,444 7,797 23,444
Intangible asset
impairment
charge -- 13,026 -- 15,866
Remeasurement of
long-lived
assets -- -- -- 10,695
Gain on sale of
businesses,
net -- -- -- (10,478)
Stock-based
compensation 5,502 3,610 21,009 16,650
Other, net (2,912) 28 (9,016) (13,924)
Changes in assets and
liabilities, net of
acquisitions and
dispositions of
businesses:
Accounts
receivable 12,876 42,416 10,195 45,372
Inventories 15,731 9,529 8,129 (7,642)
Contract
assets 26,183 3,511 31,551 (11,412)
Accounts
payable (6,408) (22,459) 7,158 (15,038)
Accrued
interest
payable 6,834 4,679 (297) (413)
Accrued
compensation 5,832 935 312 (12,477)
Advances on
contracts and
other
customer
advances 747 (2,764) (16,714) (13,210)
Operating
lease
liabilities (7,894) (7,604) (31,121) (30,945)
Retirement
plan
liabilities,
net 4,066 1,060 18,704 (5,262)
Other assets
and
liabilities (1,695) 15,676 5,919 12,652
------- ------- -------- --------
Net cash (used)
provided by
operating
activities 38,399 36,292 101,407 78,063
------- ------- -------- --------
Cash flows from
investing
activities:
Purchases of
property, plant
and equipment (48,863) (34,497) (141,279) (136,591)
Proceeds from sale
of businesses,
net -- (34) -- 57,633
Proceeds from
sales of assets 3,957 4,578 9,772 17,057
Expenditures for
intangible
assets (67) (128) (181) (1,309)
Proceeds from note
receivable -- -- -- 17,023
Net proceeds
(payments) from
settlement of
foreign currency
forward exchange
contracts (13,870) 18,247 (18,189) 12,114
Net cash (used)
provided by
investing
activities (58,843) (11,834) (149,877) (34,073)
------- ------- -------- --------
Cash flows from
financing
activities:
Short-term
borrowings, net (267) (3,216) 3,189 (6,198)
Borrowings and
repayments under
Revolving Credit
Facility, net 37,000 (30,000) 119,000 (15,000)
Borrowings related
to refinancing of
Revolving Credit
Facility -- -- -- 107,557
Repayments related
to refinancing of
Revolving Credit
Facility -- -- -- (107,557)
Repayments of Term
Loan (1,250) (1,250) (5,000) (5,000)
Cash paid for
finance leases
and other
long-term debt (5,290) (3,337) (19,476) (13,609)
Proceeds from
other long-term
debt -- -- 566 --
Purchase of
noncontrolling
interests -- (1,197) -- (1,197)
Contributions from
noncontrolling
interests -- -- -- 874
Dividends paid to
noncontrolling
interests (3,377) (1,131) (3,377) (17,095)
Stock-based
compensation -
Employee taxes
paid (11,208) (339) (12,764) (1,885)
Deferred financing
costs (1,818) (525) (1,818) (4,290)
Net cash (used)
provided by
financing
activities 13,790 (40,995) 80,320 (63,400)
------- ------- -------- --------
Effect of exchange
rate changes on
cash and cash
equivalents,
including
restricted cash 983 (6,437) 3,340 (15,046)
------- ------- -------- --------
Net increase
(decrease) in cash
and cash
equivalents,
including
restricted cash (5,671) (22,974) 35,190 (34,456)
Cash and cash
equivalents,
including
restricted cash, at
beginning of
period 131,019 113,132 90,158 124,614
------- ------- -------- --------
Cash and cash
equivalents,
including
restricted cash, at
end of period $125,348 $ 90,158 $ 125,348 $ 90,158
======= ======= ======== ========
ENVIRI CORPORATION
REVIEW OF OPERATIONS BY SEGMENT
(Unaudited)
Three Months Ended
December 31, 2025 December 31, 2024
--------------------- -----------------------
Operating Operating
Income Income
(In thousands) Revenues (Loss) Revenues (Loss)
-------------------- ---------- --------- ---------- -----------
Harsco
Environmental $ 257,165 $ 14,619 $ 240,316 $(41,042)
Clean Earth 243,666 18,982 241,136 21,065
Harsco Rail 55,551 (35,556) 77,473 (31,760)
Corporate -- (31,346) -- (10,720)
--------- ------- --------- -------
Consolidated
Totals $ 556,382 $(33,301) $ 558,925 $(62,457)
========= ======= ========= =======
Twelve Months Ended
December 31, 2025 December 31, 2024
--------------------- -----------------------
Operating Operating
Income Income
(In thousands) Revenues (Loss) Revenues (Loss)
-------------------- ---------- --------- ---------- -----------
Harsco
Environmental $1,019,411 $ 42,177 $1,111,512 $ 32,013
Clean Earth 973,853 91,662 940,337 92,648
Harsco Rail 247,094 (57,377) 291,288 (59,555)
Corporate -- (72,213) -- (34,392)
--------- ------- --------- -------
Consolidated
Totals $2,240,358 $ 4,249 $2,343,137 $ 30,714
========= ======= ========= =======
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING
OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS,
NET OF TAX, AS REPORTED
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ------------------------
(in thousands,
except per share
amounts) 2025 2024 2025 2024
------- --------
Income (loss) from
continuing
operations, net of
tax, as reported $(86,537) $(82,962) $(163,542) $(125,736)
Adjustments:
Change in
provision for
forward losses
and other
contract-related
costs on certain
contracts (a)(b) 25,434 12,814 32,463 32,733
Change in
inventory
provision (b) 4,162 4,716 4,162 4,716
Charge for
environmental
matter (b) 5,000 27,200 5,000 27,200
Strategic costs
(c)(h) 15,064 1,484 25,322 4,137
Goodwill and other
intangible asset
impairment charge
(d) -- 13,026 -- 15,866
Plant, property
and equipment
impairment charge
(e)(h) -- 25,365 -- 25,365
Remeasurement of
long-lived assets
(f) -- -- -- 10,695
Gain on sale of
businesses, net
(g) -- -- -- (10,478)
Employee
termination
benefit and
related costs
(h) -- -- 9,330 --
Net gain on sale
of assets (h) -- -- -- (3,281)
Net gain on lease
incentive (h) -- -- -- (451)
Contract
termination
charge (c) -- 5,049 (3,352) 5,049
Site exit costs
(e)(h) 411 -- 10,692 --
Accelerated
stock-based
compensation
expense (c) 6,922 -- 6,922 --
Gain on note
receivable (i) -- -- -- (2,686)
Income tax impact
from adjustments
above (j) 10,712 (14,952) 4,339 (10,851)
------- ------- -------- --------
Adjusted income
(loss) from
continuing
operations,
including
acquisition
amortization
expense (18,832) (8,260) (68,664) (27,722)
Acquisition
amortization
expense, net of
tax (k) 5,148 4,845 20,234 20,822
------- ------- -------- --------
Adjusted income
(loss) from
continuing
operations, net of
tax $(13,684) $ (3,415) $ (48,430) $ (6,900)
======= ======= ======== ========
Diluted weighted
average shares of
common stock
outstanding 81,216 80,216 80,712 80,118
Diluted earnings
(loss) per share
from continuing
operations, as
reported (l) $ (1.07) $ (1.03) $ (2.03) $ (1.57)
======= ======= ======== ========
Adjusted diluted
earnings (loss)
per share from
continuing
operations (l) $ (0.17) $ (0.04) $ (0.60) $ (0.09)
======= ======= ======== ========
(a) Classified in Total revenues and includes a $0.4 million
decrease and an $11.8 million increase for the three
and twelve months ended December 31, 2025, respectively,
and a $7.9 million decrease for the twelve months
ended December 31, 2024 related to adjustments for
certain Harsco Rail contracts.
(b) Classified in Cost of services and products sold and
includes $25.0 million and $44.3 million for the three
and twelve months ended December 31, 2025, respectively,
and $12.8 million and $24.8 million for the three
and twelve months ended December 31, 2024, respectively,
related to adjustments for certain Harsco Rail contracts.
(c) Classified in Selling, general and administrative
expenses.
(d) Classified in Goodwill and other 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 $26.6 million for the three and twelve
months ended December 31, 2025, respectively, and
$6.4 million and $27.3 million for the three and twelve
months ended December 31, 2024.
(l) Amounts above are rounded and recalculation may not
yield precise results.
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING
INCOME (LOSS), AS REPORTED, BY SEGMENT
(Unaudited)
Harsco Clean Harsco Consolidated
(In thousands) Environmental Earth Rail Corporate Totals
-------------------- ----------------- ------------ ------------ --------- ----------------
Three Months Ended December 31, 2025:
----------------------------------------
Operating income
(loss), as reported $ 14,619 $ 18,982 $(35,556) $(31,346) $ (33,301)
Change in
provision for
forward losses
and other
contract-related
costs on certain
contracts -- -- 25,434 -- 25,434
Strategic costs -- -- -- 15,064 15,064
Charge for
environmental
matter 5,000 -- -- -- 5,000
Accelerated
stock-based
compensation -- 2,473 -- 4,449 6,922
Change in
inventory
provision -- -- 4,162 -- 4,162
Site exit costs 411 -- -- -- 411
Operating income
(loss), excluding
unusual items 20,030 21,455 (5,960) (11,833) 23,692
Depreciation 27,566 10,674 1,230 211 39,681
Amortization 564 5,949 241 -- 6,754
-------- --- ------- ------- ------- ------- ---
Adjusted EBITDA $ 48,160 $ 38,078 $ (4,489) $(11,622) $ 70,127
======== === ======= ======= ======= ======= ===
Revenues, as reported $ 257,165 $243,666 $ 55,551 $ 556,382
======== === ======= ======= ======= ===
Adjusted EBITDA
margin (%) 18.7% 15.6% (8.1)% 12.6%
======== ======= ============ =======
Three Months Ended December 31, 2024:
----------------------------------------
Operating income
(loss), as reported $ (41,042) $ 21,065 $(31,760) $(10,720) $ (62,457)
Strategic costs -- -- -- 1,484 1,484
Charge for
environmental
matter 27,200 -- -- -- 27,200
Property, plant
and equipment
impairment
charge 23,444 -- 1,921 -- 25,365
Contract
termination
charge 5,049 -- -- -- 5,049
Change in
provision for
forward losses
and other
contract-related
costs on certain
contracts -- -- 12,814 -- 12,814
Goodwill and other
intangible asset
impairment
charge -- -- 13,026 -- 13,026
Change in
inventory
provision -- -- 4,716 -- 4,716
Operating income
(loss), excluding
unusual items 14,651 21,065 717 (9,236) 27,197
Depreciation 25,963 9,493 1,054 294 36,804
Amortization 543 5,829 67 -- 6,439
-------- --- ------- ------- ------- ------- ---
Adjusted EBITDA $ 41,157 $ 36,387 $ 1,838 $ (8,942) $ 70,440
======== === ======= ======= ======= ======= ===
Revenues, as reported $ 240,316 $241,136 $ 77,473 $ 558,925
======== === ======= ======= ======= ===
Adjusted EBITDA
margin (%) 17.1% 15.1% 2.4% 12.6%
======== ======= ======= =======
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING
INCOME (LOSS), AS REPORTED, BY SEGMENT
(Unaudited)
Harsco Clean Harsco Consolidated
(In thousands) Environmental Earth Rail Corporate Totals
-------------------- ----------------- ------------ ------------ --------- ---------------
Twelve Months Ended
December 31, 2025:
--------------------
Operating income
(loss), as reported $ 42,177 $ 91,662 $(57,377) $(72,213) $ 4,249
Change in
provision for
forward losses
and other
contract-related
costs on certain
contracts -- -- 32,463 -- 32,463
Strategic costs -- -- -- 25,322 25,322
Employee
termination and
related costs 6,852 562 1,916 -- 9,330
Contract
termination
charge (3,352) -- -- -- (3,352)
Site exit costs 10,692 -- -- -- 10,692
Charge for
environmental
matter 5,000 -- -- -- 5,000
Accelerated
stock-based
compensation -- 2,473 -- 4,449 6,922
Change in
inventory
provision -- -- 4,162 -- 4,162
Operating income
(loss), excluding
unusual items 61,369 94,697 (18,836) (42,442) 94,788
Depreciation 108,168 39,778 4,464 972 153,382
Amortization 2,242 23,644 713 -- 26,599
--------- ------- ------- ------- --------- ---
Adjusted EBITDA $ 171,779 $158,119 $(13,659) $(41,470) $ 274,769
========= ======= ======= ======= ========= ===
Revenues, as reported $ 1,019,411 $973,853 $247,094 $2,240,358
========= ======= ======= ========= ===
Adjusted EBITDA
margin (%) 16.9% 16.2% (5.5)% 12.3%
========= ======= ============ =========
Twelve Months Ended December 31, 2024:
----------------------------------------
Operating income
(loss), as reported $ 32,013 $ 92,648 $(59,555) $(34,392) $ 30,714
Remeasurement of
long-lived
assets -- -- 10,695 -- 10,695
Change in
provision for
forward losses
and other
contract-related
costs on certain
contracts -- -- 32,733 -- 32,733
Strategic costs -- -- -- 4,137 4,137
Property, plant
and equipment
impairment
charge 23,444 -- 1,921 -- 25,365
Contract
termination
charge 5,049 -- -- -- 5,049
Charge for
environmental
matter 27,200 -- -- -- 27,200
Net gain on sale
of assets -- -- -- (3,281) (3,281)
Goodwill and other
intangible asset
impairment
charge 2,840 -- 13,026 -- 15,866
Adjustment to net
gain on lease
incentive (451) -- -- -- (451)
Gain on sale of
businesses, net (10,029) -- -- (449) (10,478)
Change in
inventory
provision -- -- 4,716 -- 4,716
Operating income
(loss), excluding
unusual items 80,066 92,648 3,536 (33,985) 142,265
Depreciation 109,756 33,840 3,478 1,255 148,329
Amortization 3,068 23,976 224 -- 27,268
--------- ------- ------- ------- --------- ---
Adjusted EBITDA $ 192,890 $150,464 $ 7,238 $(32,730) $ 317,862
========= ======= ======= ======= ========= ===
Revenues, as reported $ 1,111,512 $940,337 $291,288 $2,343,137
========= ======= ======= ========= ===
Adjusted EBITDA
margin (%) 17.4% 16.0% 2.5% 13.6%
========= ======= ======= =========
NEW ENVIRI
RECONCILIATION OF PROFORMA PROJECTED ADJUSTED EBITDA
BY SEGMENT USING MID-RANGE POINTS FOR EACH TO PROFORMA
PROJECTED OPERATING INCOME (LOSS) BY SEGMENT (a)
(Unaudited)
Harsco Harsco Consolidated
(Amounts in millions) Environmental Rail Corporate Totals
---------------------- ----------------- --------- ----------- ----------------
Projected Twelve
Months Ending December
31, 2026
----------------------
Proforma operating
income (loss) 52 (29) (17) 6
Depreciation 121 6 1 128
Amortization 2 1 -- 2
Stock-based
compensation -- -- 4 4
------ ----- --- --- --- ----- ------ ----
Proforma adjusted
EBITDA $ 175 $ (23) $ (12) $ 141
====== ===== === === === ===== ====== ====
Proforma revenues $ 1,010 $ 224 $ 1,234
====== ===== === === ====== ====
Adjusted EBITDA margin
(%) 17.3% (10.0)% 11.4%
====== ==== ========= ====== ===
(a) Proforma projections include current expectations
for Harsco Environmental and Harsco Rail in 2026 and
estimated full year Corporate costs, adjusted for
stock-based compensation, assuming the sale of Clean
Earth occurred at the beginning of the year.
ENVIRI CORPORATION
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO
CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS
AS REPORTED
(Unaudited)
Three Months Ended December 31
----------------------------------------
(In thousands) 2025 2024
-----------
Consolidated income (loss) from
continuing operations $ (85,859) $ (82,148)
Add back (deduct):
Equity in (income) loss of
unconsolidated entities,
net (44) (74)
Income tax expense (benefit)
from continuing operations 16,570 (13,828)
Defined benefit pension
expense (income) 5,389 4,349
Facility fees and
debt-related expense
(income) 2,923 2,578
Interest expense 28,435 27,348
Interest income (715) (682)
Depreciation 39,681 36,804
Amortization 6,754 6,439
Unusual items:
Change in provision for
forward losses and other
contract-related costs on
certain contracts 25,434 12,814
Strategic costs 15,064 1,484
Charge for environmental
matter 5,000 27,200
Goodwill and other
intangible asset impairment
charge -- 13,026
Contract termination charge -- 5,049
Site exit costs 411 --
Change in inventory
provision 4,162 4,716
Plant, property and
equipment impairment
charge -- 25,365
Accelerated stock-based
compensation 6,922 --
Consolidated Adjusted EBITDA $ 70,127 $ 70,440
============ ===========
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED
INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED
(Unaudited)
Twelve Months Ended
December 31
(In thousands) 2025 2024
-------- --------
Consolidated income (loss) from continuing
operations $(159,650) $(120,424)
Add back (deduct):
Equity in (income) loss of
unconsolidated entities, net (155) 10
Income tax expense (benefit) from
continuing operations 22,986 16,834
Defined benefit pension expense 21,635 17,607
Facility fee and debt-related expense 10,662 11,265
Interest expense 110,962 112,217
Interest income (2,191) (6,795)
Depreciation 153,382 148,329
Amortization 26,599 27,268
Unusual items:
Change in provision for forward losses
and other contract-related costs 32,463 32,733
Remeasurement of long-lived assets -- 10,695
Strategic costs 25,322 4,137
Net gain on sale of assets -- (3,281)
Adjustment to net gain on lease
incentive -- (451)
Property, plant and equipment
impairment charge -- 25,365
Change in inventory provision 4,162 4,716
Charge for environmental matter 5,000 27,200
Goodwill and other intangible asset
impairment charge -- 15,866
Gain on sale of businesses, net -- (10,478)
Employee termination and related
costs 9,330 --
Contract termination charge (3,352) 5,049
Site exit costs 10,692 --
Accelerated stock-based compensation 6,922 --
Adjusted EBITDA $ 274,769 $ 317,862
======== ========
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ------------------------
(In thousands) 2025 2024 2025 2024
------- --------
Net cash provided (used)
by operating activities $ 38,399 $ 36,292 $ 101,407 $ 78,063
------- ------- -------- --------
Less capital
expenditures (48,863) (34,497) (141,279) (136,591)
Less expenditures for
intangible assets (67) (128) (181) (1,309)
Plus capital
expenditures for
strategic ventures
(a) 134 918 1,463 3,095
Plus total proceeds
from sales of assets
(b) 3,957 4,578 9,772 17,057
Plus
transaction-related
expenditures and
incremental payments
for long-term
incentive plan (c) 12,855 364 13,596 5,842
Adjusted free cash flow $ 6,415 $ 7,527 $ (15,222) $ (33,843)
======= ======= ======== ========
(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
twelve months ended December 31, 2024 also included
asset sales by Corporate.
(c) Includes expenditures directly related to the Company's
divestiture transactions and other strategic costs
incurred at Corporate, in addition to incremental
payments made to certain employees as part of the
Company's long-term incentive plan.
ENVIRI CORPORATION
RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES, BY SEGMENT
(Unaudited)
Harsco Clean Harsco Consolidated
(In thousands) Environmental Earth Rail Corporate Totals
------------------------ --------------- --------- --------- ---------- ----------------
Twelve Months Ended
December 31, 2025:
Net cash provided (used)
by operating activities $ 124,729 $159,167 $(47,203) $(135,286) $ 101,407
Less capital
expenditures (84,494) (49,459) (7,117) (209) (141,279)
Less expenditures for
intangible assets -- (181) -- -- (181)
Plus capital
expenditures for
strategic ventures
(a) 1,463 -- -- -- 1,463
Plus total proceeds
from sales of assets
(b) 8,547 849 374 2 9,772
Plus
transaction-related
expenditures and
incremental payments
for long-term
incentive plan (c) -- 1,524 -- 12,072 13,596
Adjusted free cash flow $ 50,245 $111,900 $(53,946) $(123,421) $ (15,222)
=== ========= ======= ======= ======== =========
(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
twelve months ended December 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. The twelve months ended December 31, 2025
includes payments made to certain employees as part
of the Company's long-term incentive plan.
Investor Contact Media Contact
David Martin Karen Tognarelli
+1.267.946.1407 +1.717.480.6145
dmartin@enviri.com ktognarelli@enviri.com
(END) Dow Jones Newswires
February 24, 2026 07:00 ET (12:00 GMT)