Onterris, Inc. · NYSE:ONT
Onterris — Montrose Environmental Group — Q4 2025 Earnings Presentation
25 slides from Onterris's earnings presentation, Feb 26, 2026
Slide 1: 2025 Earnings: Full Year and 4Q Results
2025 EARNINGS: FULL YEAR and 4Q RESULTS FEBRUARY 26, 2026 © Montrose Environmental Group, Inc. 1
Slide 2: Disclosures: Safe Harbor
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 6) MONTROSE
Slide 4: 2025 Record Results: Full Year Highlights
2025 RECORD RESULTS: FULL YEAR HIGHLIGHTS Revenue Growth Consolidated Adjusted Consecutive Margin 2025 vs 2024 EBITDA1 Growth Improvement 2025 vs 2024 2025 vs 2024 +19.3% +21.3% 3rd Year • Record revenue of $830.5M, well • Record Consolidated Adj. • Consolidated Adj. EBITDA1 as % above initial guida
Slide 5: 2025 Exceeded All Key Objectives
2025 EXCEEDED ALL KEY OBJECTIVES +12.7% 92.5% 2.5x Focus on Organic Growth Improve Cash Flow Simplify Balance Sheet • 2025 Objective: 7% to 9% • 2025 Objective: Convert >50% • 2025 Objective: Redeem • Execution: 12.7% 2025 vs 2024, operating cash flow as a % of remaining Series A-2 Preferred consist
Slide 6: 2025 Strong Outperformance Set To Persist
2025 STRONG OUTPERFORMANCE SET TO PERSIST Montrose delivered ~20% revenue CAGR from 2020 through 2025, outpacing the Russell 2000 constituent average of 13%1, driven by ~13% average annual organic growth2 and resilient demand tailwinds across our diversified end markets. Key Tailwinds Underpin Confi
Slide 7: 2026 Outlook Builds Upon Record 2025
2026 OUTLOOK BUILDS UPON RECORD 2025 $840M TO $900M $125M TO $130M 60%+ 2026 REVENUE RANGE 2026 CONSOLIDATED 2026 CASH FLOW OUTLOOK ADJ. EBITDA1 RANGE • Strong broad-based demand • Expect to achieve Consolidated • Targeting OCF as a % of outlook, particularly for Adj. EBITDA1 as a percentage of Cons
Slide 8: Strong Demand Driver For Our Services: Private-Industry Clients Remain Committed
STRONG DEMAND DRIVER FOR OUR SERVICES: PRIVATE-INDUSTRY CLIENTS REMAIN COMMITTED Pulse Check - Understanding Our Clients: • From 4Q25 through 1Q26, in collaboration with the Financial Times’ research team1, Montrose surveyed 500 senior decision makers and interviewed environmental and sustainability
Slide 9: Key Long-Term Priorities
KEY LONG-TERM PRIORITIES 1 Organic Growth & Margin Expansion 2 Strong Cash Flow Generation 3 Strategic Capital Allocation Integrated platform driving resilient Prioritize working capital optimization Strategically allocate capital to high- demand given recurring revenue, cross- and margin improvemen
Slide 10: $300M Of Cash Flow Generation Expected 2022-2026
$300M OF CASH FLOW GENERATION EXPECTED 2022 - 20262 Consolidated Adj. EBITDA1 Operating Cash Flow1 (OCF) OCF as a % of Consolidated Adj. EBITDA1 93% 23% $140 72% $125 to $130 61% $116 $120 $100 $96 +60% $79 $107 Historical $80 $66 Avg $60 $40 $57 $40 $20 $22 $- 2022 2023 2024 2025 2026E Strong 2025
Slide 11: Strategic Capital Framework
STRATEGIC CAPITAL FRAMEWORK Organic Investments Maintain Balance Sheet Strength • Prioritize high-return investments in proprietary • Strong liquidity provides flexibility for strategic initiatives technology, patents, and R&D to expand applications and • Balanced approach to growth investments and
Slide 12: Investment Highlights
INVESTMENT HIGHLIGHTS Global reach and diverse customer base Uniquely integrated across environmental support recurring revenue and cross-selling services consulting, testing, and treatment upside Large TAM and secular tailwinds backed by Strong organic growth coupled with regulatory and corporate i
Slide 13: 4Q25 Results & Segment Overview
4Q25 RESULTS & SEGMENT OVERVIEW Photo from “Employees in Action” Photo Contest
Slide 14: 4Q25 Consolidated Financial Summary
4Q25 CONSOLIDATED FINANCIAL SUMMARY Revenue Consolidated Adj. EBITDA1 4Q25 vs 4Q24 4Q25 vs 4Q24 • 2.2% increase in total revenue to $193.3M • 4Q25 Consolidated Adjusted EBITDA1 of $23.9M • Organic growth of $9.1 million • 4Q25 Consolidated Adjusted EBITDA1 as a • Included $12.8M organic growth in pe
Slide 15: Assessment, Permitting & Response Segment Performance
ASSESSMENT, PERMITTING & RESPONSE SEGMENT PERFORMANCE (Compared to Prior Year Period) Significant Revenue Growth Q4 Revenue And Segment Adj. EBITDA ($ In Millions, % As A Percent Of Segment Revenue) • 4Q25: Organic growth of $12.8M in non-response consulting and advisory services, partially offset b
Slide 16: Measurement & Analysis Segment Performance
MEASUREMENT & ANALYSIS SEGMENT PERFORMANCE (Compared to Prior Year Period) Strong Revenue Growth Q4 Revenue and Segment Adj. EBITDA • 4Q25: revenue lower primarily due to project timing ($ In Millions, % as a Percent of Segment Revenue) REVENUE • FY25: Organic growth of $12.0M, driven by increased d
Slide 17: Remediation & Reuse Segment Performance
REMEDIATION & REUSE SEGMENT PERFORMANCE (Compared to Prior Year Period) Solid Revenue Growth Q4 Revenue and Segment Adj. EBITDA • 4Q25: Organic growth of $0.2M in 4Q25 ($ In Millions, % as a Percent of Segment Revenue) REVENUE • FY25: Organic growth of $12.0M, primarily driven by water $72.9 treatme
Slide 18: Appendix
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Slide 19: 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 20: Non-GAAP Financial Information (Continued)
NON-GAAP FINANCIAL INFORMATION (CONTINUED) Additionally, we have provided estimates regarding Consolidated Adjusted EBITDA for 2026. These projections account for estimates of revenue, operating margins and corporate and other costs. However, we cannot reconcile our projection of Consolidated Adjust
Slide 21: Reconciliation Of Net Loss To Adjusted Net Income
MONTROSE ENVIRONMENTAL GROUP, INC. RECONCILIATION OF NET LOSS TO ADJUSTED NET INCOME Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net loss $ (8,218) $ (28,225) $ (843) $ (62,314) (1) Amortization of intangible assets 6,938 10,322 29,929 34,943 (2) Stock-based compensat
Slide 22: Reconciliation Of Net Loss And Consolidated Adjusted EBITDA
MONTROSE ENVIRONMENTAL GROUP, INC. RECONCILIATION OF NET LOSS AND CONSOLIDATED ADJUSTED EBITDA Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net loss $ (8,218) $ (28,225) $ (843) $ (62,314) Interest expense 4,695 4,442 19,567 15,862 Income tax expense 924 3,516 12,064 7
Slide 23: Reconciliation Of Operating Activities To Free Cash Flow
MONTROSE ENVIRONMENTAL GROUP, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Year Ended December 31, 2025 2024 Net cash provided by operating activities $ 107,476 $ 22,235 Net cash used in investing activities (15,842) (138,045) Adjustments to Net cash used in inv
Slide 24: Reconciliation Of Net Loss To Adjusted Operating Cash Flow
MONTROSE ENVIRONMENTAL GROUP, INC. RECONCILIATION OF NET LOSS TO ADJUSTED OPERATING CASH FLOW Year Ended December 31, 2025 2024 2023 2022 Operating activities: Net loss $ (843) $ (62,314) $ (30,859) $ (31,819) Adjustments to reconcile net loss to net cash provided by operating activities: Provision
Slide 25: Reconciliation Of Revenue To Net Service Revenue
MONTROSE ENVIRONMENTAL GROUP, INC. RECONCILIATION OF REVENUE TO NET SERVICE REVENUE Year Ended December 31, 2025 2024 2023 Revenue $ 830,538 $ 696,395 $ 624,208 Subconsultants and non-labor direct costs (219,836) (166,606) (170,623) Net Service Revenue $ 610,702 $ 529,789 $ 453,585 © Montrose Enviro
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