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1 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q3 2025 Quarterly Results and Outlook Conference Call November 10, 2025
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2 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 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 Company's financial performance during a conference call today at 9:00 a.m. (ET). Both the presentation and access to the call are available at http://investors.enviri.com. Forward-Looking Statements The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the Company’s exploration of strategic alternatives; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms. Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) any delay to the Company’s review of strategic alternatives; (2) the Company’s inability to successfully secure a transaction as part of such review; (3) if such a transaction is entered into, the failure to consummate such transaction; (4) the possibility that any such transaction may not ultimately achieve the expected benefits; (5) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (6) the Company’s inability to comply with applicable environmental laws and regulations; (7) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (8) various economic, business, and regulatory risks associated with the waste management industry; (9) the seasonal nature of the Company's business; (10) risks caused by customer concentration, the fixed price and long-term customer contracts, especially those related to complex engineered equipment, and the competitive nature of the industries in which the Company operates; (11) the outcome of any disputes with customers, contractors and subcontractors; (12) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (13) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (14) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (15) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (16) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (17) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (18) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (19) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (20) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (21) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (22) liability for and implementation of environmental remediation matters; (23) product liability and warranty claims associated with the Company’s operations; (24) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (25) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (26) tax liabilities and changes in tax laws; (27) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (28) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law. Non-GAAP Measures Throughout this presentation, the Company refers to certain non-GAAP measures, including without limitation, Adjusted EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) from continuing operations, Adjusted EBITDA margin, adjusted diluted earnings (loss) per share from continuing operations, adjusted free cash flow and organic growth. For a reconciliation of non-GAAP measures to GAAP results and the Company’s rationale for its usage of non-GAAP measures, see the Appendix in this presentation. ADMINISTRATIVE ITEMS
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3 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. CEO PERSPECTIVE • Clean Earth achieved record quarterly earnings • Harsco Environmental results highest for the year, although new-site delays and higher opex weighed on performance • Harsco Rail impacted by weak demand for standard products • Revised 2025 guidance reflects mixed performance • Businesses remain well positioned to see earnings and cash flow growth • Strategic alternatives evaluation ongoing; optimistic that can conclude process by year-end
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4 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. (1) Amounts are rounded and recalculation may not yield precise results (2) Excludes unusual items; see tables at end of presentation for GAAP to non-GAAP reconciliations. (3) See tables at end of presentation for GAAP to non-GAAP reconciliations. nmf = not meaningful Q3 2025 FINANCIAL SUMMARY • Revenues unchanged with higher revenues in Clean Earth and Harsco Rail offset by Harsco Environmental • Revenues +1% YoY on organic basis • Adjusted EBITDA below prior-year quarter, as anticipated • Adjusted EBITDA YoY change includes $3M impact from divestitures • Adjusted diluted loss per share of $0.08; excludes project costs and other unusual items • FCF in-line with internal forecast KEY PERFORMANCE INDICATORS $ In millions except EPS; Continuing Operations1 Q3 2025 Q3 2024 CHANGE Revenues, as reported 575 574 nmf Income (loss) from Continuing Operations - GAAP (20) (11) (82)% Adjusted EBITDA2 74 85 (12)% % of Sales2 12.9% 14.8% (190) bps GAAP Diluted Earnings (Loss) Per Share from Continuing Operations $(0.26) $(0.15) (73)% Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations2 $(0.08) $(0.01) nmf Cash (Used) Provided by Operating Activities - GAAP 34 1 nmf Adjusted Free Cash Flow3 6 (34) nmf
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5 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q3 2025 HARSCO ENVIRONMENTAL (1) Excludes unusual items; see tables at end of presentation for GAAP to non-GAAP reconciliations. (2) The Other total includes divestiture impacts of $3M and the EcoproductsTM total includes the financial impact of ALTEK. SUMMARY RESULTS ($ MILLIONS) Q3 2025 Q3 2024 % Revenues, as reported 261 279 (6)% Operating Income – GAAP 13 33 (60)% Adjusted EBITDA1 - Non GAAP 44 53 (17)% Adjusted EBITDA1 Margin - Non GAAP 17.0% 19.0% ADJUSTED EBITDA BRIDGE1,2 $ in millions • Revenue and Adjusted EBITDA change YoY reflect the impact of business divestitures, site curtailments and exits, and lower eco-product volumes 53.1 (3.8) (1.3) (3.7) 44.3 Q3 2024 LST/Services Eco- products Other Q3 2025 0 35 70
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6 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q3 2025 CLEAN EARTH ADJUSTED EBITDA BRIDGE1,2 $ in millions • Revenue and Adjusted EBITDA increase YoY due to higher volumes and services pricing • Revenue growth balanced between price and volume, with strong volume growth across end- markets in Hazardous Waste 41.5 8.1 (6.2) (0.2) 43.2 Q3 2024 Hazardous Waste Soil-Dredge Materials Other Q3 2025 0 30 60 (1) Excludes unusual items; see tables at end of presentation for GAAP to non-GAAP reconciliations. (2) Line of business details include SG&A cost impacts. nmf = not meaningful SUMMARY RESULTS ($ MILLIONS) Q3 2025 Q3 2024 % Revenues, as reported 250 237 6% Operating Income – GAAP 27 27 nmf Adjusted EBITDA1 - Non GAAP 43 42 4% Adjusted EBITDA1 Margin - Non GAAP 17.3% 17.5%
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7 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q3 2025 HARSCO RAIL ADJUSTED EBITDA BRIDGE1 $ in millions • Revenue change YoY reflects higher aftermarket volumes and PY contract adjustments, partially offset by lower equipment and contracted services sales • Adjusted EBITDA change YoY due to the above factors as well as higher manufacturing costs and a less favorable business mix (2.5) (4.0) 2.7 (1.6) 1.6 (3.8) Q3 2024 EquipmentAftermarket & Technology Contracting Other Q3 2025 -10 0 10 (1) Excludes unusual items; see tables at end of presentation for GAAP to non-GAAP reconciliations. nmf = not meaningful SUMMARY RESULTS ($ MILLIONS) Q3 2025 Q3 2024 % Revenues, as reported 64 58 10% Operating Income – GAAP (9) (14) 39% Adjusted EBITDA1 - Non GAAP (4) (2) (48)% Adjusted EBITDA1 Margin - Non GAAP (5.7)% (4.3)%
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8 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. (1) Excludes unusual items. Adjusted diluted earnings per share from continuing operations excludes acquisition amortization expense. See tables at end of presentation for GAAP to non-GAAP reconciliations. (2) See tables at end of presentation for GAAP to non-GAAP reconciliations. Current 2025 Outlook Prior 2025 Outlook GAAP LOSS FROM CONTINUING OPERATIONS $(103) - $(93) million $(74) - $(56) million ADJUSTED EBITDA1 $268 - $278 million $290 - $310 million GAAP DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS $(1.32) - $(1.20) $(0.97) - $(0.75) ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS1 $(0.74) - $(0.62) $(0.52) - $(0.30) ADJUSTED FREE CASH FLOW2 $(30) - $(20) million $15 - $35 million 2025 OUTLOOK – CONSOLIDATED
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9 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q4 2025 OUTLOOK YEAR-OVER-YEAR CONSIDERATIONS INCLUDE: Adjusted EBITDA1 expected to be between Corporate costs of approximately $10 million Adjusted diluted earnings per share from continuing operations1 is expected to be between (1) Adjusted EBITDA and adjusted diluted earnings per share from continuing operations are non-GAAP numbers. Adjusted diluted earnings per share from continuing operations exclude acquisition amortization. See tables at end of presentation for GAAP to non-GAAP reconciliations. Adjusted EBITDA modestly below prior- year quarter due to contract exits and product volumes Adjusted EBITDA above prior-year quarter due to higher prices and volumes in Haz Waste $62 - 72 million Adjusted EBITDA below prior-year quarter due to volumes, sales mix and manufacturing costs $(0.26) - $(0.13)
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10© 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. Q&A
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11© 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. APPENDIX
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12 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 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-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below and reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in this Appendix. Adjusted diluted earnings (loss) per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies. Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA equals Consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance. Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction- related / debt-refinancing expenditures. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. This presentation provides a basis for comparison of ongoing operations and prospects. Organic growth: Organic growth is a non-GAAP financial measure that calculates the change in total revenue, excluding the impacts resulting from foreign currency translation, acquisitions, divestitures and certain unusual items. The Company believes this measure provides investors with a supplemental understanding of underlying revenue trends by providing revenue growth on a consistent basis.
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13 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. REVENUES Down MSD (mid single digits) % YoY excluding FX & divestitures; Down HSD (high single digits) to LDD (low double digits) % YoY as reported ADJUSTED EBITDA1 Mid-teens % decrease YoY at mid-point, including FX translation & divestitures impacts DRIVERS + - New contracts / sites, improvement initiatives FX impacts, divestitures, services mix, exited contracts / sites REVENUES Up MSD % YoY ADJUSTED EBITDA1 Up LDD % YoY at mid-point DRIVERS + - Services pricing over inflation, volume, cost & efficiency initiatives Investments, 2024 bad debt benefit not repeating REVENUES Down HSD to LDD % YoY ADJUSTED EBITDA1 ~$(15)M at mid-point DRIVERS + - Pricing, SG&A costs Lower shipments, less favorable business mix, manufacturing costs CORPORATE COSTS Approximately $40 million for the full-year 2025 SEGMENT OUTLOOK (1) Excludes unusual items.
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14 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 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 Nine Months Ended September 30 September 30 (in thousands, except per share amounts) 2025 2024 2025 2024 Income (loss) from continuing operations, net of tax, as reported $ (21,133) $ (11,995) $ (80,312) $ (41,556) Adjustments: Change in provision for forward losses and other contract-related costs on certain contracts (a)(b) 1,627 10,539 6,012 19,919 Strategic costs (c)(h) 5,265 1,178 10,258 2,653 Intangible asset impairment charge (d) — — — 2,840 Remeasurement of long-lived assets (f) — — — 10,695 Gain on sale of businesses, net (g) — (8,601) — (10,478) Employee termination benefit and related costs (h) 5,997 — 9,330 — Net gain on sale of assets (h) — — — (3,281) Net gain on lease incentive (h) — — — (451) Adjustment to contract termination charge (c) (1,103) — (3,352) — Site exit costs (e)(h) — — 10,281 — Gain on note receivable (i) — — — (2,686) Income tax impact from adjustments above (j) (2,570) 2,893 (6,373) 4,101 Adjusted income (loss) from continuing operations, including acquisition amortization expense (11,917) (5,986) (54,156) (18,244) Acquisition amortization expense, net of tax (k) 5,197 4,989 15,086 15,977 Adjusted income (loss) from continuing operations, net of tax $ (6,720) $ (997) $ (39,070) $ (2,267) Diluted weighted average shares of common stock outstanding 80,665 80,165 80,543 80,085 Diluted earnings (loss) per share from continuing operations, as reported (l) $ (0.26) $ (0.15) $ (1.00) $ (0.52) Adjusted diluted earnings (loss) per share from continuing operations (l) $ (0.08) $ (0.01) $ (0.49) $ (0.03)
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15 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 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 $12.2 million increase for the nine months ended September 30, 2025 and a $4.7 million and a $7.9 million decrease for the three and nine months ended September 30, 2024, respectively, in adjustments related to adjustments for certain Harsco Rail contracts. (b) Classified in Cost of services and products sold and includes $1.6 million and $18.2 million for the three and nine months ended September 30, 2025, respectively, and $5.9 million and $12.0 million for the three and nine months ended September 30, 2024, respectively, related to adjustments for certain Harsco Rail contracts. (c) Classified in Selling, general and administrative expenses. (d) Classified in Intangible asset impairment charge. (e) Classified in Property, plant and equipment impairment charge. (f) Classified in Remeasurement of long-lived assets. (g) Classified in Gain on sale of businesses, net. (h) Classified in Other expense (income), net. (i) Classified in Interest income within non-operating activities. (j) Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded. (k) Pre-tax acquisition amortization expense was $6.8 million and $19.8 million for the three and nine months ended September 30, 2025, respectively, and $6.6 million and $20.8 million for the three and nine months ended September 30, 2024. (l) Amounts above are rounded and recalculation may not yield precise results.
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16 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX (Unaudited) Projected Three Months Ending Twelve Months Ending December 31 December 31 2025 2025 (in millions, except per share amounts) (a) Low High Low High GAAP income (loss) from continuing operations, net of tax $ (26) $ (16) $ (107) $ (97) Adjustments: Change in provision for forward losses and other contract-related costs on certain contracts — — 6 6 Strategic costs — — 10 10 Employee termination and related costs — — 9 9 Adjustment to contract termination charge — — (3) (3) Site exit costs — — 10 10 Income tax impact from adjustments above — — (6) (6) Adjusted income (loss) from continuing operations, including acquisition amortization expense (a) (26) (16) (80) (71) Estimated acquisition amortization expense, net of tax 5 5 20 20 Adjusted income (loss) from continuing operations, net of tax $ (21) $ (11) $ (61) $ (51) Diluted weighted average shares of common stock outstanding 81 81 81 81 GAAP diluted earnings (loss) per share from continuing operations (a) $ (0.32) $ (0.19) $ (1.32) $ (1.20) Adjusted diluted earnings (loss) per share from continuing operations (a) $ (0.26) $ (0.13) $ (0.74) $ (0.62) (a) Amounts above are rounded and recalculation may not yield precise results.
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17 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) (In thousands) Harsco Environmental Clean Earth Harsco Rail Corporate Consolidated Totals Three Months Ended September 30, 2025: Operating income (loss), as reported $ 13,234 $ 26,782 $ (8,634) $ (14,902) $ 16,480 Change in provision for forward losses and other contract-related costs on certain contracts — — 1,627 — 1,627 Strategic costs — — — 5,265 5,265 Employee termination and related costs 3,519 562 1,916 — 5,997 Adjustment to contract termination charge (1,103) — — — (1,103) Operating income (loss), excluding unusual items 15,650 27,344 (5,091) (9,637) 28,266 Depreciation 28,047 9,935 1,151 225 39,358 Amortization 567 5,924 299 — 6,790 Adjusted EBITDA $ 44,264 $ 43,203 $ (3,641) $ (9,412) $ 74,414 Revenues, as reported $ 261,131 $ 250,051 $ 63,633 $ 574,815 Adjusted EBITDA margin (%) 17.0 % 17.3 % (5.7) % 12.9 % RECONCILIATION OF NON-GAAP MEASURES
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18 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) (In thousands) Harsco Environmental Clean Earth Harsco Rail Corporate Consolidated Totals Three Months Ended September 30, 2024: Operating income (loss), as reported $ 33,181 $ 26,833 $ (14,101) $ (8,541) $ 37,372 Strategic costs — — — 1,178 1,178 Change in provision for forward losses and other contract-related costs on certain contracts — — 10,539 — 10,539 Gain on sale of businesses, net (8,152) — — (449) (8,601) Operating income (loss), excluding unusual items 25,029 26,833 (3,562) (7,812) 40,488 Depreciation 27,554 8,685 1,040 300 37,579 Amortization 532 5,991 68 — 6,591 Adjusted EBITDA $ 53,115 $ 41,509 $ (2,454) $ (7,512) $ 84,658 Revenues, as reported $ 279,148 $ 236,791 $ 57,688 $ 573,627 Adjusted EBITDA margin (%) 19.0 % 17.5 % (4.3) % 14.8 % RECONCILIATION OF NON-GAAP MEASURES
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19 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) (In thousands) Harsco Environmental Clean Earth Harsco Rail Corporate Consolidated Totals Nine Months Ended September 30, 2025: Operating income (loss), as reported $ 27,558 $ 74,057 $ (20,804) $ (40,867) $ 39,944 Change in provision for forward losses and other contract-related costs on certain contracts — — 6,012 — 6,012 Strategic costs — — — 10,258 10,258 Employee termination and related costs 6,852 562 1,916 — 9,330 Adjustment to contract termination charge (3,352) — — — (3,352) Site exit costs 10,281 — — — 10,281 Operating income (loss), excluding unusual items 41,339 74,619 (12,876) (30,609) 72,473 Depreciation 80,602 29,104 3,234 761 113,701 Amortization 1,678 17,695 472 — 19,845 Adjusted EBITDA $ 123,619 $ 121,418 $ (9,170) $ (29,848) $ 206,019 Revenues, as reported $ 762,246 $ 731,564 $ 191,543 $ 1,685,353 Adjusted EBITDA margin (%) 16.2 % 16.6 % (4.8) % 12.2 % RECONCILIATION OF NON-GAAP MEASURES
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20 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) (In thousands) Harsco Environmental Clean Earth Harsco Rail Corporate Consolidated Totals Nine Months Ended September 30, 2024: Operating income (loss), as reported $ 73,055 $ 71,308 $ (26,251) $ (23,672) $ 94,440 Remeasurement of long-lived assets — — 10,695 — 10,695 Change in provision for forward losses and other contract-related costs on certain contracts — — 19,919 — 19,919 Strategic costs — — — 2,653 2,653 Net gain on sale of assets — — — (3,281) (3,281) Intangible asset impairment charge 2,840 — — — 2,840 Adjustment to net gain on lease incentive (451) — — — (451) Gain on sale of businesses, net (10,029) — — (449) (10,478) Operating income (loss), excluding unusual items 65,415 71,308 4,363 (24,749) 116,337 Depreciation 83,793 24,347 2,424 961 111,525 Amortization 2,525 18,147 157 — 20,829 Adjusted EBITDA $ 151,733 $ 113,802 $ 6,944 $ (23,788) $ 248,691 Revenues, as reported $ 871,196 $ 698,926 $ 213,815 $ 1,783,937 Adjusted EBITDA margin (%) 17.4 % 16.3 % 3.2 % 13.9 % RECONCILIATION OF NON-GAAP MEASURES
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21 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Three Months Ended September 30 (In thousands) 2025 2024 Consolidated income (loss) from continuing operations $ (20,178) $ (11,094) Add back (deduct): Equity in (income) loss of unconsolidated entities, net (39) (38) Income tax expense (benefit) from continuing operations 1,066 13,437 Defined benefit pension expense (income) 5,322 4,257 Facility fees and debt-related expense (income) 2,508 2,978 Interest expense 28,353 28,813 Interest income (552) (981) Depreciation 39,358 37,579 Amortization 6,790 6,591 Unusual items: Change in provision for forward losses and other contract-related costs on certain contracts 1,627 10,539 Strategic costs 5,265 1,178 Employee termination and related costs 5,997 — Gain on sale of businesses, net — (8,601) Adjustment to contract termination charge (1,103) — Consolidated Adjusted EBITDA $ 74,414 $ 84,658 RECONCILIATION OF NON-GAAP MEASURES
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22 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Nine Months Ended (In thousands) 2025 2024 Consolidated income (loss) from continuing operations $ (77,098) $ (37,058) Add back (deduct): Equity in (income) loss of unconsolidated entities, net (111) 84 Income tax expense (benefit) from continuing operations 12,621 31,372 Defined benefit pension expense 15,742 12,599 Facility fee and debt-related expense 7,739 8,687 Interest expense 82,527 84,869 Interest income (1,476) (6,113) Depreciation 113,701 111,525 Amortization 19,845 20,829 Unusual items: Change in provision for forward losses and other contract-related costs 6,012 19,919 Remeasurement of long-lived assets — 10,695 Strategic costs 10,258 2,653 Net gain on sale of assets — (3,281) Adjustment to net gain on lease incentive — (451) Intangible asset impairment charge — 2,840 Gain on sale of businesses, net — (10,478) Employee termination and related costs 9,330 — Adjustment to contract termination charge (3,352) — Site exit costs 10,281 — Adjusted EBITDA $ 206,019 $ 248,691 RECONCILIATION OF NON-GAAP MEASURES
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23 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF PROJECTED CONSOLIDATED ADJUSTED EBITDA TO PROJECTED CONSOLIDATED INCOME FROM CONTINUING OPERATIONS (Unaudited) Projected Three Months Ending Twelve Months Ending December 31 December 31 2025 2025 (In millions) (a) Low High Low High Consolidated loss from continuing operations $ (25) $ (15) $ (103) $ (93) Add back (deduct): Income tax expense (benefit) from continuing operations 3 5 16 18 Facility fees and debt-related (income) expense 3 3 10 10 Net interest 29 27 110 108 Defined benefit pension (income) expense 5 5 21 21 Depreciation and amortization 48 48 181 181 Unusual items: Change in provision for forward losses and other contract-related costs on certain contracts — — 6 6 Strategic costs — — 10 10 Employee termination and related costs — — 9 9 Adjustment to contract termination charge — — (3) (3) Site exit costs — — 10 10 Consolidated Adjusted EBITDA (a) $ 62 $ 72 $ 268 $ 278 RECONCILIATION OF NON-GAAP MEASURES (a) Amounts above are rounded and may not total.
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24 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. RECONCILIATION OF NON-GAAP MEASURES ENVIRI CORPORATION RECONCILIATION OF CHANGES IN TOTAL REVENUES AS REPORTED, EXCLUDING DIVESTITURES (Unaudited) Three Months Ended (in millions) Organic Other Total Total revenues - September 30, 2024 $ 573.6 Effects on revenues: Price/volume changes (a) 5.9 — 5.9 Foreign currency translation — 3.5 3.5 Harsco Environmental segment divestitures (b) — (12.9) (12.9) Harsco Rail segment adjustments from estimated forward loss provisions on certain contracts (c) — 4.7 4.7 Total change 5.9 (4.7) 1.2 Total revenues - September 30, 2025 $ 574.8 Total change % 1.0 % (0.8) % 0.2 % (a) Includes the net impact of new and lost contracts in the Harsco Environmental segment. (b) Includes the sale of Reed Minerals, LLC in August 2024. (c) Change in revenue adjustments as a result of estimated forward loss provisions recorded by Harsco Rail during the three months ended September 30, 2024, principally for the Network Rail and SBB contracts.
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25 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2025 2024 2025 2024 Net cash provided (used) by operating activities $ 34,435 $ 1,387 $ 63,008 $ 41,771 Less capital expenditures (31,757) (41,574) (92,416) (102,094) Less expenditures for intangible assets (63) (697) (114) (1,181) Plus capital expenditures for strategic ventures (a) 202 727 1,329 2,177 Plus total proceeds from sales of assets (b) 2,051 4,895 5,815 12,479 Plus transaction-related expenditures (c) 741 1,038 741 5,478 Adjusted free cash flow $ 5,609 $ (34,224) $ (21,637) $ (41,370) RECONCILIATION OF NON-GAAP MEASURES (a) Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements. (b) Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment. The nine months ended September 30, 2024 also included asset sales by Corporate. (c) Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.
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26 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED FREE CASH FLOW TO PROJECTED NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited) Projected Twelve Months Ending December 31 2025 (In millions) Low High Net cash provided by operating activities $ 87 $ 107 Less net capital / intangible asset expenditures (120) (130) Plus capital expenditures for strategic ventures 2 2 Plus transaction-related expenditures 1 1 Adjusted free cash flow $ (30) $ (20) RECONCILIATION OF NON-GAAP MEASURES
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