Onterris, Inc. · NYSE:ONT
Onterris — Montrose Environmental Group — Q3 2025 Earnings Presentation
27 slides from Onterris's earnings presentation, Nov 5, 2025
Slide 1: 3Q 2025 Earnings
3Q 2025 EARNINGS November 5, 2025
Slide 2: Disclosures
Disclosures Safe Harbor Statements contained herein and in the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements
Slide 3: Key Updates
» Key Updates
Slide 4: Consistent Execution, Increased FY25 Guidance & Introduced Strong FY26 Outlook
Consistent Execution, Increased FY25 Guidance & Introduced Strong FY26 Outlook Another very Delivering on strategic Increasing FY25 Guidance strong quarter priorities Introducing FY26 Outlook 3Q25 compared to 3Q24 • Strong & accelerated organic • Increased expected FY25 Revenue revenue and Consolida
Slide 5: Continued Demand Tailwinds Across Geographies
Continued Demand Tailwinds Across Geographies Continued strong customer demand given US State regulations and international MEG’s private sector focus commercial requirements are more than • Increased domestic industrial activity in core markets offsetting US Federal regulatory pullback is creating
Slide 6: Continued Revenue Growth: 3Q and YTD
Continued Revenue Growth: 3Q and YTD 25.9% increase in revenue, compared to 25.6% increase in YTD25 revenue, over 3Q24, to $224.9M YTD24 period, to $637.3M 3Q 2025 Revenue YTD 2025 Revenue ($ in millions) ($ in millions) $507.3 $637.3 $224.9 $178.7 3Q24 3Q25 YTD24 YTD25 Key drivers Strong organic gr
Slide 7: Delivered Positive GAAP Net Income and EPS for 2nd Consecutive Quarter
Delivered Positive GAAP Net Income and EPS for 2nd Consecutive Quarter 3Q25 compared to 3Q24 YTD25 compared to YTD24 • Net income increased $18.9M to $8.4M, from a net • Net income increased $41.5M to $7.4M, from a net loss of $10.6M in the prior year period, due to loss of $34.1M in the prior year
Slide 8: Strong Consolidated Adjusted EBITDA Growth: 3Q and YTD 2025
Strong Consolidated Adjusted EBITDA1 Growth: 3Q and YTD 2025 3Q25 compared to 3Q24 YTD25 compared to YTD24 • 18.9% increase in Consolidated Adjusted EBITDA1 • 34.6% increase in Consolidated Adjusted EBITDA1 to $33.7M, due to strong revenue growth to $92.3M, due to strong revenue growth • Delivered 1
Slide 9: Continuing to Deliver on Strategic Financial Priorities
Continuing to Deliver on Strategic Financial Priorities 1. Achieve Balance Sheet Simplification, Providing Incremental Capital Allocation Options ü Redeemed remaining $122.2M Series A-2 Preferred Stock—ahead of plan <3.0x ü Exceeded stated leverage objective of below 3.0x leverage by YE25—delivered
Slide 10: Full-Year 2025 Guidance Increased, Full-Year 2026 Guidance Introduced
Full-Year 2025 Guidance Increased, Full-Year 2026 Guidance Introduced 2025 Revenue range of $810M to $830M, 2025 Consolidated Adjusted EBITDA3 range from $795M to $835M of $112M to $118M, from $111M to $117M • Strong broad-based demand outlook, particularly for • Expect year-over-year expansion in C
Slide 11: Creating Long-term Shareholder Value
Creating Long-term Shareholder Value Ø Strategically allocate capital Ø Continue increasing cash flow generation • Invest in organic growth (growth capex, R&D, patents, • Target 50%+ of Operating Cash Flow as a % of technology/software) Consolidated Adjusted EBITDA2 on an annual basis • Evaluate str
Slide 12: Investment Highlights
Investment Highlights Uniquely integrated across Global scale and diverse recurring environmental consulting, testing, and customer base supports cross- treatment science selling upside Large TAM and secular tailwinds Strong organic growth coupled backed by regulatory and corporate with opportunisti
Slide 13: Segment Overview
Segment Overview
Slide 14: Assessment, Permitting & Response Segment Performance
Assessment, Significant revenue growth: • 3Q25: Organic growth of $39.6M in non-response consulting and advisory services, with Permitting & environmental emergency response of $11.5M as compared to $12.0M in 3Q24 Response Segment • YTD25: Organic growth of $45.0M in non-response consulting and advi
Slide 15: Measurement & Analysis Segment Performance
Measurement & Strong revenue growth: Analysis Segment • Organic growth of $2.6M in 3Q25 and $16.0M YTD25 Performance • Additional contributions from acquisitions of $2.4M in 3Q25 and $11.6M YTD25 Significant segment adjusted EBITDA margin expansion reflects: • Continued organic revenue growth across
Slide 16: Remediation & Reuse Segment Performance
Remediation & Solid revenue growth driven by: Reuse Segment • Organic growth of $2.8M in 3Q25 and $12.4M YTD25 was primarily driven by water treatment services, partially offset by lower renewable services revenues, which is a service being discontinued Performance • Additional contributions from ac
Slide 17: Unique Integration Model: The Montrose Flywheel
Remediation & Reuse Measurement & Analysis Assessment Permitting & Response Water Treatment Technology Unique Integration Air Quality Model: Testing Laboratory Analysis The Montrose Flywheel Montrose fills a gap Environmental Environmental Consulting Compliance in the market — as few firms can integ
Slide 18: Cross-Selling Case Study: Integrated Services Bring Value in Landfill Remediation
Cross-Selling Case Study: Integrated Services Bring Value in Landfill Remediation It all started with …strategic expansion of Montrose's services, starting an air quality study… with testing and adding services over time, increasing overall client share of wallet Air Quality Emergency Response, Labo
Slide 19: Cross-Selling Case Study: Integrated Services Underpin Scalable, Long-Term Relationship
Cross-Selling Case Study: Integrated Services Underpin Scalable, Long-Term Relationship A long-standing Montrose Flywheel in Action: Compliance support relationship further scaled into a strategic, multi-touchpoint expands with a site- relationship. This case study illustrates how specific complianc
Slide 20: Enhancing Profitability – Road to Margin Improvement Across Segments
Enhancing Profitability – Road to Margin Improvement Across Segments Remediation & Reuse Segment Measurement & Analysis Segment Assessment Permitting & Response Segment Target Long-Term Margins: 20% to 25% Target Long-Term Margins: 20%+ Target Long-Term Margins: 20% to 25% Segment Revenue Mix 1. Ope
Slide 21: Appendix
@&’\ MONTROSE ENVIRONMENTAL
Slide 22: Shareholder Friendly Actions in 2025
Shareholder Friendly Actions in 2025 Board composition changed ü Vincent Colman joined Board of Directors and Audit Committee as an independent director ü Additional industry experts being considered in future Near term focus on simplifying financials to demonstrate underlying strength of business ü
Slide 23: Non-GAAP Financial Information
Non-GAAP Financial Information In addition to our results under GAAP, in this presentation we also present certain other supplemental financial measures of financial performance that are not required by, or presented in accordance with, GAAP, including, Consolidated Adjusted EBITDA, Consolidated Adj
Slide 24: Non-GAAP Financial Information (Continued)
Non-GAAP Financial Information (Continued) Additionally, we have provided estimates regarding Consolidated Adjusted EBITDA for 2025. These projections account for estimates of revenue, operating margins and corporate and other costs. However, we cannot reconcile our projection of Consolidated Adjust
Slide 25: Reconciliation of Net Income (Loss) to Adjusted Net Income
Montrose Environmental Group, Inc. Reconciliation of Net Income (Loss) to Adjusted Net Income Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) $8,378 $(10,564) $7,375 $(34,091) (1) Amortization of intangible assets 7,275 10,055 22,991 24,621 (2)
Slide 26: Reconciliation of Net Income (Loss) and Consolidated Adjusted EBITDA
Montrose Environmental Group, Inc. Reconciliation of Net Income (Loss) and Consolidated Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) $8,378 $(10,564) $7,375 $(34,091) Interest expense 5,039 4,137 14,872 11,420 Income tax expen
Slide 27: Reconciliation of Net Cash from Operating Activities to Free Cash Flow
Montrose Environmental Group, Inc. Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow Nine Months Ended September 30, 2025 2024 Net cash provided by (used in) operating activities $55,548 $(9,721) Net cash used in investing activities (12,604) (137,190) Adjustmen
Montrose Environmental Group — Q3 2025 Earnings Presentation on 6ix