Enviri Corporation · NYSE:NVRI

Enviri — Investor Presentation (June 2019)

70 slides from Enviri's investor presentation, June 2019

1. Slide 1: Investor Presentation May-June 2019

   Investor Presentation May-June 2019 © 2019 Harsco Corporation. All Rights Reserved. This document and the information set forth herein are the property of Harsco Corporation.

2. Slide 2: Safe Harbor Statement

   SAFE HARBOR STATEMENT This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Forward-Looking Statements The Com

3. Slide 3: Acquisition of Clean Earth, Divestiture of Air-X-Changers

   Acquisition of Clean Earth Divestiture of Air-X-Changers © 2019 Harsco Corporation. All Rights Reserved. This document and the information set forth herein are the property of Harsco Corporation.

4. Slide 4: Two Transactions That Position Harsco as Leading Global Provider of Environmental Solutions

   TWO TRANSACTIONS THAT POSITION HARSCO AS LEADING GLOBAL PROVIDER OF ENVIRONMENTAL SOLUTIONS Accelerates Harsco’s environmental strategy and transformation to single thesis company Optimizes the portfolio with a focus on value creation Decreases complexity and earnings volatility with focus on high g

5. Slide 5: Clean Earth Is a Strong Fit and Logical Expansion of Harsco's Portfolio

   CLEAN EARTH IS A STRONG FIT AND LOGICAL EXPANSION OF HARSCO’S PORTFOLIO Key Facts and Figures(1) Provides entry into adjacent, high-margin 2019E 2019E Synergy Adj. environmental services markets with significant Revenue ($MM) ~$300 EBITDA ~$75 regulatory barriers of entry ($MM) Diverse industrial cu

6. Slide 6: Summary of Transaction: Clean Earth Acquisition

   SUMMARY OF TRANSACTION: CLEAN EARTH ACQUISITION  $625 million purchase consideration, all cash Purchase Price  Subject to post-closing adjustments Expected Full  Revenue: ~$300 million Year 2019 Impact  Adjusted EBITDA: ~$65 million Synergies  Harsco expects to achieve up to $10 million in annu

7. Slide 7: Clean Earth: Diverse Customer Base and Industry Exposure, with Operational Expertise

   CLEAN EARTH: DIVERSE CUSTOMER BASE AND INDUSTRY EXPOSURE, WITH OPERATIONAL EXPERTISE CUSTOMER CLEAN EARTH VALUE WASTE STREAMS (WASTE GENERATOR) TREATMENT CAPABILITIES PROPOSITION Contaminated Industrial Infrastructure Materials Solvents Thermal Desorption Power & Manufactured Dredged Utilities Gas P

8. Slide 8: Clean Earth: Business Line Overview

   CLEAN EARTH: BUSINESS LINE OVERVIEW Contaminated Materials Hazardous Waste Dredge % of Revenue ~50% ~40% ~10% Provides tracking, testing, processing, Treats dredge material from both Treats contaminated soil generated Description recycling, and disposal services for maintenance and environmental-dri

9. Slide 9: Attractive Market Fundamentals

   ATTRACTIVE MARKET FUNDAMENTALS Large Addressable Market Diverse Customers and Industry Exposures U.S. Addressable Market: Limited Customer ~$8 billion Concentration Widely diversified base of customers Highly fragmented industry provides across a variety of industries ample runway for growth Provide

10. Slide 10: Growth Opportunities

    GROWTH OPPORTUNITIES Recent Examples by Business Line Continued market Growing list of Permit Modifications: 220 active permits penetration through materials designated Hazardous with 14+ permit modifications pending new permits and Materials approval and a 100% success rate on as Hazardous and trea

11. Slide 11: Summary of Transaction: Air-X-Changers Divestiture

    SUMMARY OF TRANSACTION: AIR-X-CHANGERS DIVESTITURE  $592 million all cash, subject to post-closing adjustments Purchase Price  Translates to 12x TTM EBITDA, including value for acquired tax attributes  Proceeds will be used to repay debt to maintain a conservative, flexible and low-cost capital s

12. Slide 12: Pro Forma Financial Overview

    PRO FORMA FINANCIAL OVERVIEW Harsco Harsco + Clean Earth Harsco + Clean Earth - Air-X-Changers 2018A Sales by Segment 2018A Sales by Geography 2019E $1.9 bn $2.2 bn $2.0 bn Sales 2019E $350 mm(1) $425 mm(2) $365 mm Adj. EBITDA 2019E 1.5x 2.7x 1.9x Net Leverage(3) 1. Reflects midpoint of most recent

13. Slide 13: Q1 2019 Results & Outlook

    Q1 2019 Results & Outlook © 2019 Harsco Corporation. All Rights Reserved. This document and the information set forth herein are the property of Harsco Corporation.

14. Slide 14: Q1 2019 Financial Summary

    Q1 2019 FINANCIAL SUMMARY KEY PERFORMANCE INDICATORS CHANGE VS. 2018 $ in millions except EPS Q1 2019 $ % or bps Q1 adjusted operating income at high-end of guidance range ($36-43 million) Revenues 447 39 10% Industrial and Rail segments achieved strong GAAP Operating Income 38 2 5% earnings growth

15. Slide 15: 2019 Outlook – Consolidated

    2019 OUTLOOK – CONSOLIDATED 2019 Outlook 2019 Prior 2018 Actual ADJUSTED OPERATING INCOME1 $207 to $222M $200 to $220M $187M ADJUSTED OPERATING INCOME MARGIN1 11.0% to 11.5% 10.5% to 11.5% 10.8% ADJUSTED DILUTED EARNINGS PER SHARE1 $1.35 to $1.53 $1.29 to $1.47 $1.31 FREE CASH FLOW BEFORE GROWTH CAP

16. Slide 16: Q2 2019 Outlook

    Q2 2019 OUTLOOK YEAR-OVER-YEAR CONSIDERATIONS INCLUDE: Adjusted operating income1 is expected to be between $53M–$58M versus $52M in Q2 2018 Increased services demand and site growth, offset by SG&A investments, FX translation, exits and commodity prices Adjusted diluted earnings per share1 of $0.35

17. Slide 17: Harsco Overview

    Harsco Overview © 2019 Harsco Corporation. All Rights Reserved. This document and the information set forth herein are the property of Harsco Corporation.

18. Slide 18: Harsco Today

    HARSCO TODAY Market leading provider of environmental services and manufacturer of engineered products, serving industries that are fundamental to global growth. FY 2018 Revenue 2018 EBITDA (Adjusted)1 Industrial Industrial Environmental Environmental $375M $62M $1.1B $231M (22%) (19%) (62%) (69%) R

19. Slide 19: Mega Trends Play to Our Strengths

    MEGA TRENDS PLAY TO OUR STRENGTHS 1 2 NATURAL ENERGY RESOURCE INDEPENDENCE CONSERVATION 3 4 5 GLOBAL SAFETY INFRASTRUCTURE TRADE INVESTMENTS POLICY 6 ENVIRONMENTAL POLICY CHANGES 7 NATURAL GAS GLOBALIZATION 19 © 2019 Harsco Corporation. All Rights Reserved. This document and the information set fort

20. Slide 20: Investment Highlights

    INVESTMENTS HIGHLIGHTS STRONG FOUNDATION ATTRACTIVE MARKET ENVIRONMENT POSITIONED FOR GROWTH • High-performing businesses • Serving critical industries with • Accelerated innovation driven by • Diversified portfolio, customers, underlying growth customer needs geographies and markets • Positive secu

21. Slide 21: Poised for Long-Term Growth with Improving Performance

    POISED FOR LONG-TERM GROWTH WITH IMPROVING PERFORMANCE ADJUSTED OPERATING INCOME1 ADJUSTED OPERATING INCOME MARGIN1 ($ Millions) 12.0% 11.0%-11.5% 250 207-222 200 10.8% 9.0% 150 187 9.3% 150 187 100 8.1% 117 50 6.0% 2016 2017 2018 2019* 2016 2017 2018 2019* FREE CASH FLOW BEFORE GROWTH CAPEX1 ROIC1

22. Slide 22: Harsco Environmental $1.1B

    HARSCO ENVIRONMENTAL $1.1B 2018 Revenue Serving 70 30+ ~145 30% Customers Countries Sites of global LST1 MAKING A WORLD OF DIFFERENCE™ (1) Excludes China, CIS, Iran, Japan, South Korea, Taiwan and Vietnam steel output. 22 © 2019 Harsco Corporation. All Rights Reserved. This document and the informat

23. Slide 23: Harsco Environmental – A Global Market Leader

    HARSCO ENVIRONMENTAL – A GLOBAL MARKET LEADER Transformation Initiatives SIGNIFICANTLY IMPROVED RESOURCE RECOVERY Return Profile VALUE DRIVERS Critical services for metal production and environmental solutions that create value from waste MATERIALS MANAGEMENT & SERVICES Differentiated operational ex

24. Slide 24: Harsco Environmental – Applied Products

    HARSCO ENVIRONMENTAL – APPLIED PRODUCTS ADVANCED MATERIAL TECHNOLOGIES DELIVERING ZERO WASTE SOLUTIONS 20% OF ENVIRONMENTAL’S REVENUES ATTRACTIVE MARGIN PROFILE ROOFING ROAD METALLURGICAL SOIL CEMENT SLAG ABRASIVES FERTILIZER ASPHALT GRANULES ADDITIVES CONDITIONER PRODUCTION CONSTRUCTION CONDITIONER

25. Slide 25: Harsco Environmental – Applied Products Global Presence

    HARSCO ENVIRONMENTAL – APPLIED PRODUCTS GLOBAL PRESENCE WITH EXPANSION POTENTIAL Performix, US Steelphalt, UK ALTEK Group, UK • Specialty additives used by • Asphalt for road construction • Productivity and environmental solutions, steelmakers in ladle refining mainly for the aluminum industry Excel

26. Slide 26: Harsco Rail

    HARSCO RAIL A CAPITAL-LIGHT BUSINESS REVENUE MIX BY BUSINESS WITH HIGH RETURNS … 3% CONTRACTING SOLUTIONS AFTERMARKET 10% Yearly CapEx 45% 3% of revenue (2018)1 40% ~$279M 2 ORIGINAL PROTRAN TECHNOLOGY … 38.1% EQUIPMENT SALES 5% (SAFETY & DIAGNOSTIC) PRODUCTS ROIC ~ 38.1% (2018)1 (1) Segment ROIC fo

27. Slide 27: Harsco Rail – Leader in North America Rail Maintenance Equipment

    HARSCO RAIL – LEADER IN NORTH AMERICA RAIL MAINTENANCE EQUIPMENT WITH GROWING PRESENCE IN ASIA & EUROPE VALUE DRIVERS Growing demand for increased safety and track condition awareness Large and growing aftermarket opportunity -Original Equipment Breadth of products and services, that support -Afterm

28. Slide 28: Harsco Industrial

    HARSCO INDUSTRIAL A CAPITAL-LIGHT BUSINESS REVENUE MIX BY BUSINESS WITH HIGH RETURNS … Patterson-Kelley 2% IKG Industries Ai r - X - C h a n g e r s 11% Yearly CapEx 2% of revenue (2018)1 55% ~$375M2 34% … 39.1% ROIC ~ 39.1% (2018)1 (1) Segment ROIC for 2018 = segment net operating profit after tax

29. Slide 29: Harsco Industrial – Premium Quality Products and Trusted Brands

    HARSCO INDUSTRIAL – PREMIUM QUALITY PRODUCTS AND TRUSTED BRANDS VALUE DRIVERS Ai r - X - C h a n g e r s A leader in high quality air- Broad, attractive and strengthening end-markets cooled heat exchangers, sold to energy markets Unique design, engineering and service support Products support: • Ene

30. Slide 30: Innovation Driven Growth

    INNOVATION DRIVEN GROWTH A CULTURE GROUNDED IN SOLVING CUSTOMER NEED SUPPORTED BY BUSINESS DEVELOPMENT AND HOME-GROWN TECHNOLOGIES INSIGHT IDEA FILTERING & EVALUATION DEVELOPMENT EXECUTION • Solving environmental challenges & preserving natural resources • Achieving productivity & cost improvements

31. Slide 31: Growth Opportunities – Environmental

    GROWTH OPPORTUNITIES – ENVIRONMENTAL Considerable White Space at Existing Sites (average less than 5 services per RECENT CONTRACT WINS1 site relative to 40+ service offerings) Targeted Pursuit of New Sites (large opportunity given unique position in growth markets) 30 # of Contract wins 1.1 Addition

32. Slide 32: Growth Opportunities – Environmental: India and China

    GROWTH OPPORTUNITIES – ENVIRONMENTAL CHINA: SIGNIFICANT OPPORTUNITIES FROM INDIA STEEL PRODUCTION: ONLY GLOBAL STEEL MILL OUTSOURCING STEEL MILL SERVICES SERVICES COMPANY WITH FULL-SCALE OPERATIONS IN GROWING INDIAN MARKET SOUTH AMERICA NORTH AMERICA 160 15% 16% 140 12% 14% 120 12% EU-28 2% 10% 7% 1

33. Slide 33: Growth Opportunities – Industrial

    GROWTH OPPORTUNITIES – INDUSTRIAL MARKET RECOVERY, INVESTMENTS & INNOVATIONS TO GROW REVENUE AirX: Penetration downstream and market (Annual Revenue $M) adjacencies; new CenterGate facility 500 provides industry-leading manufacturing 400 capacity and efficiencies 300 IKG: New West Coast facility and

34. Slide 34: Growth Opportunities – Rail

    GROWTH OPPORTUNITIES – RAIL STRONG REVENUE GROWTH IN CORE PRODUCTS Protran Technology: Suite of collision (Annual Revenue $M) and advance safety warning systems; 400 China CRC Contract Services Equipment Protran Sales Spare Parts measurement and diagnostic CAGR: 9%1 technologies to monitor track con

35. Slide 35: Growth Opportunities – Shifting Focus to Portfolio Changing M&A

    GROWTH OPPORTUNITIES – SHIFTING FOCUS TO PORTFOLIO CHANGING M&A INVESTMENT CRITERIA ▪ Profitable business model strategically ▪ Attractive characteristics (e.g. reduced cyclicality, aligned with Harsco’s growth objectives unique technology or access to attractive market) ▪ Value-enhancing and earnin

36. Slide 36: Disciplined Financial Strategy

    DISCIPLINED FINANCIAL STRATEGY PRINCIPALS PRIORITIES • Maintain efficient capital structure • Financially driven capital allocation process • Maximize strategic flexibility • Return capital to shareholders through $75M share repurchase • Sustain working capital improvements in each business segment

37. Slide 37: 2019 Outlook – Consolidated

    2019 OUTLOOK – CONSOLIDATED 2019 Outlook 2019 Prior 2018 Actual ADJUSTED OPERATING INCOME1 $207 to $222M $200 to $220M $187M ADJUSTED OPERATING INCOME MARGIN1 11.0% to 11.5% 10.5% to 11.5% 10.8% ADJUSTED DILUTED EARNINGS PER SHARE1 $1.35 to $1.53 $1.29 to $1.47 $1.31 FREE CASH FLOW BEFORE GROWTH CAP

38. Slide 38: Positioned for Long-Term Value Creation

    POSITIONED FOR LONG-TERM VALUE CREATION 2018 LT PLAN1 KEY ASSUMPTIONS Incorporates Altek and one or two other bolt-on REVENUE $1.7B $2.3 - 2.5B acquisitions, with combined total annual revenues of $150-200M (does not reflect Clean Earth and Air-X- ADJUSTED OI $187M $305 - 340M Changers transactions)

39. Slide 39: Positioned to Deliver Sustainable Growth & Value

    POSITIONED TO DELIVER SUSTAINABLE GROWTH & VALUE Significant financial High-performing flexibility and FCF to businesses well- pursue growth positioned to deliver opportunities and enhance earnings growth shareholder returns Positioned to ROIC-focused capitalize on approach favorable market and indu

40. Slide 40: Appendix

    Appendix © 2019 Harsco Corporation. All Rights Reserved. This document and the information set forth herein are the property of Harsco Corporation.

41. Slide 41: 2019 Segment Outlook

    2019 SEGMENT OUTLOOK Excluding unusual items 2019 VERSUS 2018 REVENUES ▲ Mid-single to high-single digits % OPERATING INCOME ▲ High-single digits % at mid-point, excluding unusual items + LST/services demand, new contracts, operational savings, Altek integration DRIVERS - Exited sites, investments,

42. Slide 42: Q1 2019 Environmental

    Q1 2019 ENVIRONMENTAL SUMMARY RESULTS ADJUSTED OPERATING INCOME BRIDGE $ in millions $ in millions 27.7 30 Q1 2019 Q1 2018 % or bps (0.4) 0.6 (0.9) 22.6 25 (4.4) Revenues, as 261 265 (1)% 20 reported 4 Operating Income Q1 2018 New-Exited LST/Services NI & Applied SG&A, FX & Q1 2019 24 28 (12)% Sites

43. Slide 43: Q1 2019 Industrial

    Q1 2019 INDUSTRIAL SUMMARY RESULTS OPERATING INCOME BRIDGE $ in millions $ in millions 7.8 21 Q1 2019 Q1 2018 % or bps 17.0 (0.1) 17 (3.1) 12.4 13 Revenues, as 117 84 40% reported 9 5 Operating Income Q1 2018 Volume Price/Mix SG&A/Other Q1 2019 17 12 37% – GAAP Operating Margin 14.5% 14.9% – GAAP Re

44. Slide 44: Q1 2019 Rail

    Q1 2019 RAIL OPERATING INCOME BRIDGE SUMMARY RESULTS $ in millions $ in millions 12 Q1 Q1 2.2 % or bps 6.9 2019 2018 8.0 8 (1.6) (1.5) Revenues, as 4 69 60 15% 2.0 reported 0 Q1 2018 Machine Aftermarket Protran/Contract SG&A/ Q1 2019 Operating Income Sales Parts Services Other 5.4 2.0 176% – GAAP Ad

45. Slide 45: Experienced Management Team

    EXPERIENCED MANAGEMENT TEAM NICHOLAS TRACEY SCOTT JESWANT GRASBERGER MCKENZIE GERSON GILL Chairman and SVP & Chief HR Officer President of Industrial President of Rail Chief Executive Officer PETER RUSS RUSSELL MINAN MITCHELL HOCHMAN SVP & Chief Financial Officer VP & Chief Operating Officer SVP, Ge

46. Slide 46: Experienced Board of Directors

    EXPERIENCED BOARD OF DIRECTORS JAMES F. EARL KATHY G. EDDY DAVID C. EVERITT F. NICHOLAS GRASBERGER • Retired Executive Vice President of • Founding partner of McDonough, Eddy, • Lead Independent Director • Chairman of Board of Directors and Chief GATX Corporation Parsons & Baylous, A.C., a public ac

47. Slide 47: Business Sensitive to Macro Drivers

    BUSINESS SENSITIVE TO MACRO DRIVERS MANY BUSINESS DRIVERS BUSINESS VARIABLES IMPACT TO BOTTOM LINE MATERIALS • Liquid steel Liquid Steel Production1 Within current scope of operations... MANAGEMENT production +3% AND MELTSHOP • Fixed fees • Equipment / labor 1000 ~1% ~$2.2M SERVICES rental demand mm

48. Slide 48: Revenue Mix by Geography

    REVENUE MIX BY GEOGRAPHY COMPANY APAC 14% Europe 39% ME & Africa 5% Latin America APAC 14% Europe 10% 27% North America ME & Africa 28% 3% Latin America 5% Latin America 10% North America 95% North America ME & Africa 53% 1% South America 2% North America 50% Europe 20% Asia 24% (1) Revenue mix by l

49. Slide 49: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS EXCLUDING UNUSUAL ITEMS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Three Months Ended Mar 31 2019 2018 (a) Diluted earnings pe

50. Slide 50: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS EXCLUDING UNUSUAL ITEMS TO DILUTED LOSS PER SHARE FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Three Months Ended June 30 2018 Diluted earnings per share from

51. Slide 51: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS EXCLUDING UNUSUAL ITEMS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Twelve Months Ended December 31 2018 Diluted earnings per s

52. Slide 52: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION HARSCO CORPORATIONRECONCILIATION OF PROJECTED ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS EXCLUDING UNUSUAL ITEMS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (Unaudited) Projected Three Months Ending June 30 2019

53. Slide 53: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED OPERATING INCOME (LOSS) EXCLUDING UNUSUAL ITEMS BY SEGMENT TO OPERATING INCOME (LOSS) AS REPORTED BY SEGMENT (Unaudited) Harsco Harsco Harsco Consolidated (In thousands) Environmental Industrial Rail Corporate Totals T

54. Slide 54: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED OPERATING INCOME (LOSS) EXCLUDING UNUSUAL ITEMS BY SEGMENT TO OPERATING INCOME (LOSS) AS REPORTED BY SEGMENT (Unaudited) Harsco Harsco Harsco Consolidated (In thousands) Environmental Industrial Rail Corporate Totals T

55. Slide 55: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED OPERATING INCOME (LOSS) EXCLUDING UNUSUAL ITEMS BY SEGMENT TO OPERATING INCOME (LOSS) AS REPORTED BY SEGMENT (Unaudited) Harsco Harsco Harsco Consolidated (In thousands) Environmental Industrial Rail Corporate Totals T

56. Slide 56: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF ADJUSTED OPERATING INCOME, EXCLUDING UNUSUAL ITEMS TO OPERATING INCOME AS REPORTED AFTER PENSION RECLASSIFICATION (Unaudited) (a) Twelve Months Ended December 31 (In thousands) 2016 Operating income as previously reported $ 63,

57. Slide 57: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF FREE CASH FLOW AND FREE CASH FLOW BEFORE GROWTH CAPITAL EXPENDITURES TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Twelve Months Ended Dec 31 (In thousands) 2018 2017 Net cash used by operating activities $ 192,022 $

58. Slide 58: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF FREE CASH FLOW AND FREE CASH FLOW BEFORE GROWTH CAPITAL EXPENDITURES TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Twelve Months Ended December 31 (In thousands) 2016 Net cash provided by operating activities $ 159,8

59. Slide 59: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF RETURN ON INVESTED CAPITAL EXCLUDING UNUSUAL ITEMS TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (a) (Unaudited) Year Ended December 31 a) Return on invested capital excluding unusual items is net income (loss) (I

60. Slide 60: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF RETURN ON INVESTED CAPITAL EXCLUDING UNUSUAL ITEMS TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (a) (Unaudited) Year Ended December 31 a) Return on invested capital excluding unusual items is net income (loss) fr

61. Slide 61: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF EBITDA BY SEGMENT AND ADJUSTED EBITDA EXCLUDING UNUSUAL ITEMS BY SEGMENT TO OPERATING INCOME (LOSS) AS PREVIOUSLY REPORTED BY SEGMENT (Unaudited) (a) Harsco Harsco Harsco (In thousands) Environmental Industrial Rail Corporate C

62. Slide 62: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF EBITDA; ADJUSTED EBITDA EXCLUDING UNUSUAL ITEMS AND ADJUSTED EBITDA LESS NET MAINTENANCE CAPITAL EXPENDITURES TO NET INCOME FROM CONTINUING OPERATIONS, AS REPORTED (Unaudited) Twelve Months Ended December 31 (In thousands) 2018

63. Slide 63: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF NET MAINTENANCE CAPITAL EXPENDITURES TO PURCHASES OF PROPERTY, PLANT AND EQUIPMENT (Unaudited) Twelve Months Ended December 31 (In thousands) 2018 Maintenance capital expenditures (a) $ 101,513 Growth capital expenditures (b) 3

64. Slide 64: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF PROJECTED ADJUSTED OPERATING INCOME, EXCLUDING UNUSUAL ITEMS TO OPERATING INCOME (Unaudited) Projected Three Months Ending June 30 2019 (In millions) Low High Operating income $ 41 $ 46 Corporate strategic and transaction relat

65. Slide 65: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF FREE CASH FLOW AND FREE CASH FLOW BEFORE GROWTH CAPITAL EXPENDITURES TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Projected Twelve Months Ending December 31 2019 (In millions) Low High Net cash provided by operating

66. Slide 66: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF FREE CASH FLOW AND FREE CASH FLOW BEFORE GROWTH CAPITAL EXPENDITURES TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended Mar 31 (In thousands) 2019 2018 Net cash used by operating activities $ 14,838 $ (

67. Slide 67: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF FREE CASH FLOW AND FREE CASH FLOW BEFORE GROWTH CAPITAL EXPENDITURES TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Twelve Months Ended December 31 (In thousands) 2018 Net cash provided by operating activities $ 192,0

68. Slide 68: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF RETURN ON INVESTED CAPITAL EXCLUDING UNUSUAL ITEMS TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (a) (Unaudited) Trailing Twelve Months for Period Ended March 31 (In thousands) 2019 2018 (a) Return on invested cap

69. Slide 69: Reconciliation of Non-GAAP Measures

    RECONCILIATION OF NON-GAAP MEASURES HARSCO CORPORATION RECONCILIATION OF PROJECTED EBITDA AND PROJECTED ADJUSTED EBITDA EXCLUDING UNUSUAL ITEMS TO OPERATING INCOME (LOSS) (Unaudited) Harsco (-) Corporation - Harsco (+) Clean Earth Harsco Air-X- After (In millions) Corporation (A) Changers Transactio

70. Slide 70: Harsco Corporation Property Notice

    © 2019 Harsco Corporation. This document and its contents remains the property of Harsco Corporation. Any disclosure and/or copying of this document and/or its contents without the prior written approval of Harsco Corporation is prohibited. All Rights Reserved

Enviri — Investor Presentation (June 2019) on 6ix