Onterris, Inc. · NYSE:ONT
Onterris — Montrose Environmental Group — Investor Presentation (December 2025)
37 slides from Onterris's investor presentation, December 2025
Slide 1: December Investor Presentation
DECEMBER INVESTOR PRESENTATION DECEMBER 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: Montrose is a Pure-Play Environmental Science & Technology Company
Montrose is a Pure-Play Environmental Science & Technology Company For Planet and Progress: On a Mission to Protect the Air We Breathe, the Water We Drink & the Soil that Feeds Us Unwavering commitment to safety, Integrated Platform innovation and excellence Consulting | Testing | Treatment Tech-Ena
Slide 4: Positioned To Grow With Structural Demand Drivers
Positioned To Grow Global Market Unique $1.8T With Structural Demand Drivers Integrated Model $1.8T $650B+ Consulting + Testing + Treatment integration supports scalability and cross- global addressable selling upside environmental environmental industry1 services market1 • Clients prefer integrated
Slide 5: Innovation Edge Supports Shareholder Value Proposition
Innovation Edge Supports Shareholder Value Proposition Differentiated by Technology Delivering Shareholder Value Strong historical performance • Since 2019, 24% revenue CAGR2, 13% average organic revenue growth3, and 25% Consolidated Adj. EBITDA CAGR2 Confident outlook • Continued focus on 7-9% annu
Slide 6: Global Market, Structural Drivers
GLOBAL MARKET, STRUCTURAL DRIVERS
Slide 7: Durable Business Model With Expanding End Market Opportunities
Durable Business Model With Expanding End Market Opportunities Diversified Customer Base & End Markets Strong Client Retention Drives Recurring Revenue 2024 Top Customer Revenue by End Market1 • Percentage of recurring revenue1 has increased Renewable Chemicals Other • Expect continued, stable recur
Slide 8: Environmental Services Tailwinds
Environmental Services Tailwinds Energy Development and Industrial Demand for consulting & testing & Activity remediation services Power, Infrastructure and Defense Demand for consulting (permitting & Spending compliance), testing, and treatment services Demand for environmental emergency Industrial
Slide 9: Unique Integration Model Supports Scalability
UNIQUE INTEGRATION MODEL SUPPORTS SCALABILITY
Slide 10: Unique Integration Model: The Montrose Flywheel
Assessment Permitting & Response Measurement & Analysis Remediation & Reuse Unique Water Treatment Integration Technology Model: Environmental The Montrose Consulting Laboratory Flywheel Analysis Montrose fills a gap in the market — as few firms provide integrated Environmental Air Quality Complianc
Slide 11: Integrated Offerings Support Strong Organic Growth Outlook
Integrated Offerings Support Strong Organic Growth Outlook Integrated Environmental Solutions Survey Differentiated by design Driven by intentional leadership, dedicated sector leads, key A third-party study1 of 500+ companies indicated that account program, employee incentive programs, operating th
Slide 12: Cross-Selling Case Study: 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, Labor
Slide 13: Cross-Selling Case Study: 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 compliance
Slide 14: Differentiated by Technology
DIFFERENTIATED BY TECHNOLOGY
Slide 15: Our Approach to Innovation
Our Approach to Innovation Remediation & Reuse Our Sustainable Innovation Strategy Targets Technology Applications 1 Driven by client needs Delivering superior efficacy & 2 compelling lifecycle cost Biosolids Groundwater Surface Drinking 3 Achieving genuine technology innovation Water Water The Team
Slide 16: Across the R&D Continuum: Tying research to commercialization
Across the R&D Continuum: Tying research to commercialization Remediation & Reuse Explore Commercialize Optimize Respond Tracking tomorrow’s From concept to Incorporating know- Leveraging expertise challenges today commercialization how into continuous for immediate needs improvement Solutions are q
Slide 17: Patented FOAM-X for landfill leachate
Patented Remediation & Reuse Client Challenge Landfill operators face increasing challenges from leachate contamination. These persistent chemicals are difficult to capture from leachate, and upcoming EPA regulations classifying PFAS as hazardous substances will add further compliance pressures. App
Slide 18: Patented NanoSORB for PFAS
Patented Remediation & Reuse Client Challenge Conventional wastewater treatment facilities do not effectively remove PFAS, leaving it in the treated water. Traditional materials like Granular Activated Carbon are less effective and lose adsorption capacity quickly. Captured PFAS also contaminates sl
Slide 19: SORBIX Single-Use Ion Exchange Resin
Single-Use Ion Exchange (IEX) Resin Remediation & Reuse Client Challenge PFAS are extremely resistant to breakdown and are difficult to capture using traditional treatment methods, posing significant health and environmental risks. Applications Contamination is widespread in both groundwater and sur
Slide 20: Patented Regenerable Ion Exchange Resin
Patented Regenerable Ion Exchange (IEX) Resin Remediation & Reuse Client Challenge PFAS are highly resistant to breakdown and are difficult to capture using traditional treatment methods, posing significant health and environmental risks. Contamination is widespread in groundwater and surface water,
Slide 21: Innovation Bolsters Organic Growth and Creates Barrier to Entry
Differentiated by Technology: Innovation Bolsters Organic Measurement & Analysis Growth and Creates Barrier to Entry Real-Time Monitoring and Software Innovation Core To Our Future The scale, complexity and regulatory requirements of the environmental contamination challenges today require real-time
Slide 22: Shareholder Value Creation
SHAREHOLDER VALUE CREATION J ENVIRONMENTAL
Slide 23: Demonstrated Growth and Resiliency During a Decade of Dynamic Change
Demonstrated Growth and Resiliency During a Decade of Dynamic Change Significant Growth During Changing Political Landscape ($ in millions) $810-$830 Revenue $696 Consolidated Adj. EBITDA $624 $546 $544 $112-$118 $96 $328 $73 $79 $66 $234 $52 $30 2019 2020 2021 2022 2023 2024 2025E 1st Trump Adminis
Slide 24: Continuing to Deliver on Strategic Financial Priorities
Continuing to Deliver on Strategic Financial Priorities 1. Achieve Balance Sheet Simplification, Providing Incremental Capital Allocation Options ✓ Redeemed remaining $122.2M Series A-2 Preferred Stock—ahead of plan <3.0x ✓ Exceeded stated leverage objective of below 3.0x leverage by YE25—delivered
Slide 25: Enhancing Profitability – Road to Margin Improvement
Enhancing Profitability – Road to Margin Improvement 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% 1. Operating Leverage Driven by Organic Gr
Slide 26: 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 27: 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 28: Segments Section
SEGMENTS SECTION ENVIRONMENTAL
Slide 29: Assessment, Permitting & Response Segment
Assessment, Permitting & Response Segment 2024 Revenue % of Montrose’s 31% Identify Total Revenue Key Capabilities Highlights 2024 Long Term Margin Margin Target • Environmental Assessments Annual responses 22% 20%-25% by premier • Environmental 200+ response brand Segment Revenue Revenue excludes E
Slide 30: Measurement & Analysis Segment
Measurement & Analysis Segment 2024 Revenue % of Montrose’s 32% Quantify Total Revenue Key Capabilities Highlights 2024 Long Term Margin Margin Target • Multi-Media Laboratory Services One of the largest North American pure- 23% 20%+ play environmental • Data Solutions 1000+ field teams Segment Reve
Slide 31: Remediation & Reuse Segment
Remediation & Reuse Segment 2024 Revenue % of Montrose’s 37% Remediate Total Revenue Key Capabilities Highlights 2024 Long Term Margin Margin Target • Consulting, Patents issued 15% 20%-25% Engineering, Design, for proprietary & Implementation 30 innovations2 Segment Revenue Services 2020-2024 CAGR1
Slide 32: Appendix
APPENDIX J ENVIRONMENTAL
Slide 33: 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 34: 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 35: Reconciliation of Net Income to Consolidated Adjusted EBITDA
Montrose Environmental Group, Inc. Reconciliation of Net Income to 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 expense 7,281
Slide 36: Reconciliation of Net Income to Consolidated Adjusted EBITDA (Annual)
Montrose Environmental Group, Inc. Reconciliation of Net Income to Consolidated Adjusted EBITDA Year Ended December 31, 2024 2023 2022(a) 2021(a) 2020(a) 2019(a) Net loss $(62,314) $(30,859) $(31,819) $(25,325) $(57,949) $(23,557) Interest expense 15,862 7,793 5,239 11,615 13,819 6,755 Income tax ex
Slide 37: Reconciliation of Operating Cash Flow 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 — Investor Presentation (December 2025) on 6ix