Slide 1: Q4 2025 Quarterly Results and Outlook Conference Call
Q4 2025 Quarterly Results and Outlook Conference Call February 24, 2026 © 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 1
Slide 2: Administrative Items
ADMINISTRATIVE ITEMS Conference Call and Access to Information More information on Enviri's quarterly earnings, including the Company’s earnings press release issued today and this presentation, is available on the Investor Relations portion of Enviri’s website. Company management will discuss the C
Slide 3: CEO Perspective
CEO PERSPECTIVE • Transformative year for Enviri, with the team delivering solid financial performance to end the year • Harsco Environmental achieved its highest quarterly earnings in FY 2025 • Clean Earth finished another record year, realizing its growth and operational goals • Harsco Rail focuse
Slide 4: Q4 2025 Financial Summary
Q4 2025 FINANCIAL SUMMARY KEY PERFORMANCE INDICATORS $ In millions except EPS; Continuing Operations1 • Revenues unchanged YoY with Q4 2025 Q4 2024 CHANGE higher revenues in Clean Earth Revenues, as reported 556 559 nmf and Harsco Environmental offset by Harsco Rail Income (loss) from Continuing (86
Slide 5: Q4 2025 Harsco Environmental
Q4 2025 HARSCO ENVIRONMENTAL • Revenues increase of SUMMARY RESULTS ($ MILLIONS) Q4 2025 Q4 2024 % 7% primarily Revenues, as reported 257 240 7% attributable to higher Operating Income – GAAP 15 (41) nmf services demand, Adjusted EBITDA1 - Non GAAP 48 41 17% including at new Adjusted EBITDA1 Margin
Slide 6: Q4 2025 Clean Earth
Q4 2025 CLEAN EARTH • Revenues increase is SUMMARY RESULTS ($ MILLIONS) Q4 2025 Q4 2024 % the result of higher Revenues, as reported 244 241 1% services pricing and Operating Income – GAAP 19 21 (10)% volumes in Hazardous Adjusted EBITDA1 - Non GAAP 38 36 5% materials business Adjusted EBITDA1 Margi
Slide 7: Q4 2025 Harsco Rail
Q4 2025 HARSCO RAIL • Revenue change YoY SUMMARY RESULTS ($ MILLIONS) Q4 2025 Q4 2024 % primarily attributable Revenues, as reported 56 77 (28)% to lower equipment Operating Income – GAAP (36) (32) (12)% and aftermarket Adjusted EBITDA1 - Non GAAP (4) 2 nmf parts volumes Adjusted EBITDA1 Margin - No
Slide 8: 2026 Segment Outlook - Full Year
2026 SEGMENT OUTLOOK - FULL YEAR REVENUES Comparable with 2025 Revenues ADJUSTED EBITDA1 $170M to $180M (before stock compensation adjustment) Services & Products demand, New contracts, Improvement + initiatives DRIVERS - Exited contracts, 2025 items not repeating REVENUES Down High Single-Digit % Y
Slide 9: Q1 2026 Outlook
Q1 2026 OUTLOOK Adjusted EBITDA of $31M to $36M1 YoY Considerations: Contract exits and Less favorable business mix Adjusted EBITDA of $(7.5)M to $(5.0M)1 YoY Considerations: Lower equipment and technology volumes (1) Adjusted EBITDA is non-GAAP number and guidance range is before adjustment for sto
Slide 10: Q&A
Q&A © 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 10
Slide 11: Appendix
APPENDIX © 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 11
Slide 12: Non-GAAP Measures
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-
Slide 13: 2025 Financial Summary
2025 FINANCIAL SUMMARY KEY PERFORMANCE INDICATORS $ In millions except EPS; Continuing Operations 2025 2024 CHANGE • Revenues modestly lower YoY as record revenues in Clean Revenues, as reported 2,240 2,343 (4)% Earth were offset by lower Income (loss) from Continuing revenues in Harsco Operations -
Slide 14: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES 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 a
Slide 15: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED (Unaudited) (Continued from Previous Slide) (a) Classified in Total revenues and includes a $0.4 million dec
Slide 16: Adjusted EBITDA by Segment, Q4 2025
RECONCILIATION OF NON-GAAP MEASURES 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: Operatin
Slide 17: Adjusted EBITDA by Segment, Q4 2024
RECONCILIATION OF NON-GAAP MEASURES 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, 2024: Operatin
Slide 18: Adjusted EBITDA by Segment, Twelve Months 2025
RECONCILIATION OF NON-GAAP MEASURES 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: Operati
Slide 19: Adjusted EBITDA by Segment, Twelve Months 2024
RECONCILIATION OF NON-GAAP MEASURES 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, 2024: Operati
Slide 20: New Enviri Proforma Projected Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES 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
Slide 21: Consolidated Adjusted EBITDA, Three Months
RECONCILIATION OF NON-GAAP MEASURES 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 $ (85,8
Slide 22: Consolidated Adjusted EBITDA, Twelve Months
RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Twelve Months Ended (In thousands) 2025 December 31 2024 Consolidated income (loss) from continuing operations $ (159
Slide 23: Harsco Rail Projected Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF HARSCO RAIL PROJECTED ADJUSTED EBITDA TO HARSCO RAIL PROJECTED OPERATING INCOME (LOSS) (Unaudited) Harsco Rail Projected Three Months Ending March 31 2026 (In millions) Low High Operating income (loss) $ (10) $ (7) Depreciation
Slide 24: Harsco Environmental Projected Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF HARSCO ENVIRONMENTAL PROJECTED ADJUSTED EBITDA TO HARSCO ENVIRONMENTAL PROJECTED OPERATING INCOME (LOSS) (Unaudited) Harsco Environmental Projected Three Months Ending March 31 2026 (In millions) Low High Operating income (loss
Slide 25: Adjusted Free Cash Flow Reconciliation
RECONCILIATION OF NON-GAAP MEASURES 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 act
Slide 26: Adjusted Free Cash Flow by Segment
RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES, BY SEGMENT (Unaudited) Twelve Months Ended December 31, 2025 Harsco Clean Harsco Consolidated (In thousands) Environmental Earth Rail Corporate Totals
Slide 27: © 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth
© 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Any disclosure or copying of this document and its contents without the prior written approval of Enviri Corporation is prohibited. All Rights Reserved.