Earnings release
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Enviri Corporation Reports Third Quarter 2026 Results November 5, 2026 Revenues from Continuing Operations totaled $325 million, with strong growth at Harsco Environmental GAAP consolidated income from continuing operations of $6 million, including additional restructuring charges related to the Company's internal improvement program Adjusted EBITDA totaled $47 million, an increase of 21% YoY, with Harsco Environmental and Rail both exceeding expectations in the quarter GAAP diluted earnings per share from continuing operations of $0.16 and adjusted diluted loss per share of $0.16 Internal improvement program underway, targeting $40 million in earnings benefits over the next two years Harsco Rail executes agreement with Deutsche Bahn that releases it from all obligations under ETO contract and Harsco Rail repaid prior customer advances of $73 million as anticipated; also, Harsco Rail received initial payment of $8 million from GBM for project assets under a previously disclosed agreement and Harsco Rail expects to receive up to an additional $34 million from GBM as part of this agreement in the coming quarters (see separate news release) Raises 2026 Adjusted EBITDA outlook for Harsco Environmental and Harsco Rail PHILADELPHIA, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) (the "Company") today reported third quarter 2026 results. On a GAAP basis, the third quarter of 2026 diluted earnings per share from continuing operations was $0.16, including restructuring costs in Harsco Environmental, a gain related to the initial payment received from GBM for project-related assets following Rail's Deutsche Bahn contract exit, a favorable adjustment to the exit reserve for the Deutsche Bahn contract due to the release of performance bonds, and additional expenses related to the sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail. The adjusted diluted loss per share from continuing operations in the third quarter of 2026 was $0.16. These figures compare with a third quarter 2025 GAAP diluted loss per share from continuing operations of $0.82, which included strategic expenses and restructuring costs, and an adjusted diluted loss per share from continuing operations of $0.59. The GAAP consolidated earnings from continuing operations for the third quarter of 2026 was $6 million, while Adjusted EBITDA excluding unusual items totaled $47 million in the quarter. “We experienced continued momentum across both of our businesses in the third quarter, with Enviri delivering adjusted earnings growth of more than 20% for the second consecutive quarter and achieving better than anticipated results,” said Enviri President and CEO Russell Hochman. “Both businesses, in fact, reported their highest quarterly earnings in approximately two years, with this performance supported by strong operational execution. Based on these results, we have raised our full-year Adjusted EBITDA outlook.” “In the third quarter, we completed the final assessment phase of our internal improvement program,” continued Hochman. “Based on our assessment, we expect to deliver approximately $40 million in earnings growth over the next two years through actions already underway and additional measures planned for the coming quarters as part of the program. These initiatives are designed to improve underlying performance across market cycles, while positioning the Company to deliver additional upside in healthier demand environments. Together, we believe these actions provide a strong foundation for sustainable earnings growth, cash flow generation and long-term shareholder value creation.” Enviri Corporation—Selected Third Quarter Results ($ in millions, except per share amounts) Q3 2026 Q3 2025 Revenues - GAAP $ 325 $ 325 Operating income/(loss) from continuing operations - GAAP $ 24 $ (8) Income (loss) from continuing operations - GAAP $ 6 $ (21) Diluted EPS from continuing operations - GAAP $ 0.16 $ (0.82) Adjusted EBITDA $ 47 $ 39 Adjusted EBITDA margin 14.4% 11.9% Adjusted diluted EPS from continuing operations $ (0.16) $ (0.59) Note: Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA and Adjusted EBITDA margin presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition- related amortization expense. See below for definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures. Consolidated Third Quarter Operating Results Consolidated revenues from continuing operations were $325 million. Harsco Environmental realized an increase in revenues compared with the third quarter of 2025, while revenues for Harsco Rail were lower year-over-year as anticipated. The Company's GAAP consolidated earnings from continuing operations was $6 million for the third quarter of 2026, compared with a GAAP consolidated loss of $21 million in the same quarter of 2025. Meanwhile, Adjusted EBITDA totaled $47 million in the third quarter of 2026 versus $39 million in the third quarter of the prior year, with both segments realizing an improvement in results.
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Note that prior period results exclude Clean Earth (reported as Discontinued Operations) and reflect that central costs previously allocated to Clean Earth ($1.9 million per quarter) are included in the Corporate segment. Third Quarter Business Review Harsco Environmental ($ in millions) Q3 2026 Q3 2025 Revenues $ 273 $ 261 Operating income (loss) - GAAP $ 20 $ 13 Adjusted EBITDA $ 50 $ 44 Adjusted EBITDA margin 18.2% 17.0% Harsco Environmental revenues totaled $273 million in the third quarter of 2026, an increase of 5% compared with the prior-year quarter. This revenue increase is attributable to higher volumes and services pricing. The segment's GAAP operating income was $20 million, and Adjusted EBITDA totaled $50 million in the third quarter of 2026. These figures compare with GAAP operating income of $13 million and Adjusted EBITDA of $44 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors as well as internal improvement actions. As a result, Harsco Environmental's Adjusted EBITDA margin increased to 18.2% in the third quarter of 2026 versus 17.0% in the comparable quarter of 2025. Harsco Rail ($ in millions) Q3 2026 Q3 2025 Revenues - GAAP $ 52 $ 64 Operating income (loss) - GAAP $ 19 $ (9) Adjusted EBITDA $ 1 $ (4) Adjusted EBITDA margin 1.6% (5.7 )% Harsco Rail revenues in the third quarter of 2026 totaled $52 million. The change in revenues compared with the prior-year period is attributable to lower volumes, including equipment volumes as a result of Rail exiting its contracts with Network Rail and Deutsche Bahn. The segment's GAAP operating income was $19 million, and Adjusted EBITDA was $1 million in the third quarter of 2026. These figures compare with a GAAP operating loss of $9 million and an Adjusted EBITDA loss of $4 million in the prior-year period. The year-on-year change in adjusted earnings is attributable to lower operating costs (including the impact of lower cost of sales using LIFO) and a more favorable business mix. Cash Flow Net cash used by operating activities was $7 million in the third quarter of 2026, compared with net cash provided by operating activities of $34 million in the prior-year period. Adjusted free cash flow was $(18) million in the third quarter of 2026, compared with $(41) million in the prior-year period (excluding Clean Earth and any transaction-related expenditures). The change in adjusted free cash flow compared with the prior-year quarter is attributable to lower working capital in Harsco Rail (including the impact of exiting two ETO contracts) and lower financing costs, partially offset by working capital timing in Harsco Environmental. 2026 Outlook The Company has increased its Adjusted EBITDA outlook for Harsco Environmental and Rail, reflecting higher volume expectations (including for services in HE and aftermarket in Rail) as well as business improvements. These improvements include cost benefits from structural cost optimization and productivity initiatives implemented in recent months. Key business drivers for each segment in 2026 are as follows: Harsco Environmental Adjusted EBITDA of $180 million to $184 million, which is above prior-year results. Higher demand for services and products, along with new sites and improvement initiatives, are expected to be partially offset by site exits and certain 2025 items that are not anticipated to repeat in 2026, such as the recovery of certain sales tax expenses in Brazil. Harsco Rail Adjusted EBITDA of $(7) million to $(10) million, which is above 2025 as a result of higher aftermarket contributions as well as cost optimization and productivity initiatives, partially offset by lower standard equipment and contracted services demand. Conference Call The Company will hold a conference call today at 9.00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit investors.enviri.com, or by dialing (800) 715-9871 or (646) 307-1963 for international callers. Please ask to join the Enviri Corporation call or Conference ID 1227167. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website. 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 expected effects of the transactions consummated under the Merger Agreement and the Separation Agreement; 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, including those under "2026 Outlook". 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.
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Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the possibility that the Merger and Separation may not ultimately achieve the expected benefits; (2) the Company's ability to effectively implement its business strategy and improvement initiatives and realize the expected benefits therefrom; (3) 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; (4) the Company’s inability to comply with applicable environmental and safety laws and regulations; (5) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (6) various economic, business, and regulatory risks associated with the industries in which the Company operates; (7) the seasonal nature of the Company's business; (8) risks caused by customer concentration, 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; (9) the outcome of any disputes with customers, contractors and subcontractors; (10) 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; (11) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (12) 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; (13) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (14) the Company’s ability to attract and 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; (15) 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; (16) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (17) 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; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (19) 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; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company’s operations; (22) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (23) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) 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; (26) risk and uncertainty associated with intangible assets; and (27) 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 under the heading, "Risk Factors," of the Company's Information Statement, dated May 8, 2026, and attached as Exhibit 99.1 to the Company's Current Report on Form 8-K furnished to the SEC on May 11, 2026. 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 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 at the end of this press release. 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 (loss) 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); stock-based compensation 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 (which is adjusted for all stock-based compensation expense) 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. Adjusted free cash flow also excludes the impact of the Clean Earth business. 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. About Enviri Enviri is a global market leader providing environmental and operational solutions to the metal and rail industries. Based in Philadelphia, Pennsylvania,
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and operating in more than 30 countries, the company leverages over 170 years of industrial expertise to help customers improve operational performance, recover value from byproducts, enhance sustainability, and maintain critical infrastructure. Enviri's divisions, Harsco Environmental and Harsco Rail, combine deep operational capabilities with innovative technologies and global scale to deliver long-term value for customers, communities, and shareholders. Learn more at enviri.com. ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30 September 30 (In thousands, except per share amounts) 2026 2025 2026 2025 Revenues from continuing operations: Service revenues $ 261,272 $ 255,824 $ 777,398 $ 756,392 Product revenues 63,757 68,940 195,520 197,397 Product revenues - Rail contract exit-related adjustments — — (136,499) — Total revenues 325,029 324,764 836,419 953,789 Costs and expenses from continuing operations: Cost of services sold 211,221 210,894 638,944 624,608 Cost of products sold 49,041 64,026 171,444 184,743 Cost of products sold - Rail contract exit-related adjustments (11,511) — 59,379 — Selling, general and administrative expenses 55,806 51,761 157,236 157,605 Research and development expenses 581 783 1,653 2,092 Property, plant and equipment impairment charge — — — 7,386 Other expense (income), net (3,657) 5,377 34,523 11,967 Total costs and expenses 301,481 332,841 1,063,179 988,401 Operating income (loss) from continuing operations 23,548 (8,077) (226,760) (34,612) Interest income 2,539 552 3,577 1,420 Interest expense (7,796) (8,873) (24,562) (26,318) Facility fees and debt-related income (expense) (162) (133) (700) (703) Defined benefit pension income (expense) (3,919) (5,490) (11,773) (16,246) Income (loss) from continuing operations before income taxes and equity in income 14,210 (22,021) (260,218) (76,459) Income tax benefit (expense) from continuing operations (7,804) 793 (53,498) 5,118 Equity in income (loss) of unconsolidated entities, net 31 39 104 111 Income (loss) from continuing operations 6,437 (21,189) (313,612) (71,230) Discontinued operations: Income (loss) from discontinued operations (1,396) 155 (109,568) 4,908 Income tax benefit (expense) from discontinued operations (670) (1,196) 23,503 (10,474) Income (loss) from discontinued operations, net of tax (2,066) (1,041) (86,065) (5,566) Net income (loss) 4,371 (22,230) (399,677) (76,796) Less: Net loss (income) attributable to noncontrolling interests (1,904) (955) (4,516) (3,214) Net income (loss) attributable to Enviri Corporation $ 2,467 $ (23,185) $ (404,193) $ (80,010) Amounts attributable to Enviri Corporation common stockholders: Income (loss) from continuing operations, net of tax $ 4,533 $ (22,144) $ (318,128) $ (74,444) Income (loss) from discontinued operations, net of tax (2,066) (1,041) (86,065) (5,566) Net income (loss) attributable to Enviri Corporation common stockholders $ 2,467 $ (23,185) $ (404,193) $ (80,010) Weighted-average shares of common stock outstanding (a) 28,169 26,888 27,828 26,848 Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $ 0.16 $ (0.82) $ (11.43) $ (2.77) Discontinued operations (0.07) (0.04) (3.09) (0.21) Basic earnings (loss) per share attributable to Enviri Corporation common stockholders(b) $ 0.09 $ (0.86) $ (14.52) $ (2.98) Diluted weighted-average shares of common stock outstanding (a) 28,631 26,888 27,828 26,848 Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: Continuing operations $ 0.16 $ (0.82) $ (11.43) $ (2.77) Discontinued operations (0.07) (0.04) (3.09) (0.21) Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders(b) $ 0.09 $ (0.86) $ (14.52) $ (2.98)
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(a) Weighted-average shares outstanding and earnings per share amounts for periods prior to the completion of the spin off have been retrospectively adjusted to reflect the impact of the Transactions on the Company's capital structure. (b) Earnings (loss) per share attributable to Enviri Corporation common stockholders is calculated based on actual amounts. As a result, these per share amounts may not total due to rounding. ENVIRI CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30 2026 December 31 2025 ASSETS Current assets: Cash and cash equivalents $ 226,307 $ 103,487 Restricted cash 50,352 21,677 Trade accounts receivable, net 268,438 267,439 Other receivables 33,865 43,627 Inventories 132,272 171,718 Current portion of contract assets 31,710 26,968 Prepaid expenses 41,323 52,521 Current portion of assets held-for-sale — 24,173 Other current assets 18,576 9,256 Total current assets 802,843 720,866 Property, plant and equipment, net 399,570 424,099 Right-of-use assets, net 33,542 34,267 Goodwill 373,517 379,381 Intangible assets, net 14,102 16,095 Retirement plan assets 57,579 55,743 Deferred income tax assets 9,063 45,352 Assets held-for-sale — 1,013,055 Other assets 40,825 53,931 Total assets $ 1,731,041 $ 2,742,789 LIABILITIES Current liabilities: Short-term borrowings $ 403 $ 11,490 Current maturities of long-term debt 8,202 14,373 Accounts payable 154,048 163,989 Accrued compensation 53,197 43,130 Income taxes payable 7,983 4,268 Reserve for contracts 174,802 61,037 Current portion of advances on contracts 8,376 7,982 Current portion of operating lease liabilities 11,056 11,654 Derivative liabilities 11,398 20,839 Current portion of liabilities held-for-sale — 174,265 Other current liabilities 113,652 121,182 Total current liabilities 543,117 634,209 Long-term debt 381,226 1,480,072 Retirement plan liabilities 23,346 26,208 Operating lease liabilities 23,424 23,373 Environmental liabilities 19,105 19,105 Deferred tax liabilities 6,807 5,766 Liabilities held-for-sale — 214,314 Other liabilities 38,588 44,155 Total liabilities 1,035,613 2,447,202 ENVIRI CORPORATION STOCKHOLDERS’ EQUITY Common stock — 149,519 Additional paid-in capital 4,304 273,436 Accumulated other comprehensive loss (490,483) (514,481) Retained earnings 1,137,131 1,211,234 Treasury stock (1,551) (864,646)
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Total Enviri Corporation stockholders’ equity 649,401 255,062 Noncontrolling interests 46,027 40,525 Total equity 695,428 295,587 Total liabilities and equity $ 1,731,041 $ 2,742,789 ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 (In thousands) 2026 2025 2026 2025 Cash flows from operating activities: Net income (loss) $ 4,371 $ (22,230) $ (399,677) $ (76,796) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 28,105 39,358 104,943 113,701 Amortization 1,089 7,757 14,742 22,721 Deferred income tax (benefit) expense 2,720 (6,267) 13,139 (14,266) Equity in (income) loss of unconsolidated entities, net (31) (39) (104) (111) Dividends from unconsolidated entities — 77 — 77 Right-of-use assets 2,459 8,201 17,526 23,328 Property, plant and equipment impairment charge — — — 7,386 Stock-based compensation 3,624 5,747 15,097 15,507 Contract exit charges — — 74,969 — Other, net (2,172) (2,955) (995) (6,104) Changes in assets and liabilities, net of acquisitions and dispositions of businesses: Accounts receivable (27,852) 11,206 (197,972) (2,681) Inventories 1,366 (319) 17,992 (7,602) Contract assets (4,337) (7,045) (8,854) 5,368 Accounts payable (1,662) 2,850 (22,018) 13,566 Accrued interest payable 4 (7,670) (11,419) (7,131) Accrued compensation 12,433 5,913 (4,284) (5,520) Advances on contracts and other customer advances (419) 863 115 (17,461) Operating lease liabilities (2,616) (8,149) (17,246) (23,227) Retirement plan liabilities, net 3,384 4,920 10,450 14,637 Reserve for contracts (13,987) (3,089) 115,532 (9,566) Other assets and liabilities (13,389) 5,306 (4,248) 17,182 Net cash (used) provided by operating activities (6,910) 34,435 (282,312) 63,008 Cash flows from investing activities: Purchases of property, plant and equipment (21,289) (31,757) (89,676) (92,416) Proceeds from CE Holdings Note — — 1,724,804 — Deposit for commercial commitments — — (25,000) — Proceeds from sales of assets 4,459 2,051 11,478 5,815 Expenditures for intangible assets — (63) (208) (114) Net proceeds (payments) from settlement of foreign currency forward exchange contracts 552 (23) 1,404 (4,319) Net cash (used) provided by investing activities (16,278) (29,792) 1,622,802 (91,034) Cash flows from financing activities: Short-term borrowings, net 300 (2,375) (7,438) 3,456 Borrowings and repayments under Revolving Credit Facility, net — 20,000 (526,000) 82,000 Repayments of Term Loan — (1,250) (106,806) (3,750) Repayments of Senior Notes — — (475,000) — Cash paid for finance leases and other long-term debt (2,269) (4,517) (12,876) (14,186) Proceeds from other long-term debt — 566 — 566 Contributions from noncontrolling interests 186 — 186 — Settlement of stock appreciation rights — — (16,529) — Stock-based compensation - Employee taxes paid (1,949) (22) (40,058) (1,556) Other financing activities, net — — (2,802) — Net cash (used) provided by financing activities (3,732) 12,402 (1,187,323) 66,530 Effect of exchange rate changes on cash and cash equivalents, including restricted cash 237 439 (1,856) 2,357
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Net increase (decrease) in cash and cash equivalents, including restricted cash (26,683) 17,484 151,311 40,861 Cash and cash equivalents, including restricted cash and cash included in Current portion of assets held-for-sale, at beginning of period 303,342 113,535 125,348 90,158 Cash and cash equivalents, including restricted cash, at end of period $ 276,659 $ 131,019 $ 276,659 $ 131,019 ENVIRI CORPORATION REVIEW OF OPERATIONS BY SEGMENT (Unaudited) Three Months Ended September 30, 2026 September 30, 2025 (In thousands) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Harsco Environmental $ 273,377 $ 19,519 $ 261,131 $ 13,234 Harsco Rail 51,652 18,605 63,633 (8,634) Corporate — (14,576) — (12,677) Consolidated Totals $ 325,029 $ 23,548 $ 324,764 $ (8,077) Nine Months Ended September 30, 2026 September 30, 2025 (In thousands) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Harsco Environmental $ 796,254 $ 42,524 $ 762,246 $ 27,558 Harsco Rail 40,165 (205,438) 191,543 (21,821) Corporate — (63,846) — (40,349) Consolidated Totals $ 836,419 $ (226,760) $ 953,789 $ (34,612) 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) 2026 2025 2026 2025 Income (loss) from continuing operations, net of tax, as reported $ 4,533 $ (22,144) $ (318,128) $ (74,444) Adjustments: Change in provision for forward losses and other contract-related costs on certain contracts (a) — 1,627 — 7,029 Contract exits and GBM gain (a)(e) (19,106) — 188,284 — Strategic costs (b)(g) 3,876 1,115 34,649 3,965 Restructuring and related costs (d)(g) 6,412 5,435 16,971 8,768 Adjustment to contract termination charge (c) — (1,103) — (3,352) Site exit costs (f)(h) — — — 10,281 Income tax impact from adjustments above (i) (916) (1,553) 32,340 (4,848) Adjusted income (loss) from continuing operations, including acquisition amortization expense (5,201) (16,623) (45,884) (52,601) Acquisition amortization expense, net of tax (j) 614 819 2,266 2,008 Adjusted income (loss) from continuing operations, net of tax $ (4,587) $ (15,804) $ (43,618) $ (50,593) Diluted weighted average shares of common stock outstanding 28,631 26,888 27,828 26,848 Diluted earnings (loss) per share from continuing operations, as reported (k) $ 0.16 $ (0.82) $ (11.43) $ (2.77) Adjusted diluted earnings (loss) per share from continuing operations (k)(m) $ (0.16) $ (0.59) $ (1.57) $ (1.88)
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(a) Classified in Total revenues, which included a $136.5 million decrease for the nine months ended September 30, 2026 and a $12.2 million increase for the nine months ended September 30, 2025, as well as in Cost of products sold, which included a $11.2 million decrease and a $59.7 million increase in expense for the three and nine months ended September 30, 2026, respectively, and a $1.6 million and $19.2 million increase in expense for the three and nine months ended September 30, 2025, respectively. (b) Classified in Selling, general and administrative expenses for costs incurred during the three and nine months ended September 30, 2026 and 2025. (c) Classified in Selling, general and administrative expenses during the three and nine months ended September 30, 2025 (d) Classified in Selling, general and administrative expenses during the three and nine months ended September 30, 2026. (e) Classified in Other expense (income), net during the three and nine months ended September 30, 2026 for $7.9 million. (f) Classified in Other expense (income), net during the nine months ended September 30, 2025. (g) Classified in Other expense (income), net for costs incurred during the three and nine months ended September 30, 2026 and 2025. (h) Classified in Property, plant and equipment impairment charge during the nine months ended September 30, 2025 (i) Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded. The nine months ended September 30, 2026 includes the $34.0 million deferred tax asset write-off as a result of the sale of Clean Earth. (j) Pre-tax acquisition amortization expense was $0.6 million and $2.3 million for the three and nine months ended September 30, 2026, respectively, and $0.9 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. (k) Amounts above are rounded and recalculation may not yield precise results. (m) The diluted weighted average shares used to calculate Adjusted diluted earnings (loss) per share from continuing operations was 28,169 for the three months ended September 30, 2026, which excludes the dilutive effect of stock-based compensation. ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited) (In thousands) Harsco Environmental Harsco Rail Corporate Consolidated Totals Three Months Ended September 30, 2026: Operating income (loss), as reported $ 19,519 $ 18,605 $ (14,576) $ 23,548 Strategic costs 88 — 3,788 3,876 Restructuring and related costs 3,051 — 3,361 6,412 Contract exits and GBM gain — (19,106) — (19,106) Operating income (loss), adjusted 22,658 (501) (7,427) 14,730 Stock-based compensation — — 3,501 3,501 Depreciation 26,602 1,287 216 28,105 Amortization 569 54 — 623 Adjusted EBITDA $ 49,829 $ 840 $ (3,710) $ 46,959 Revenues, as reported $ 273,377 $ 51,652 $ 325,029 Adjusted EBITDA margin (%) 18.2% 1.6% 14.4% Three Months Ended September 30, 2025: Operating income (loss), as reported $ 13,234 $ (8,634) $ (12,677) $ (8,077) Strategic costs — — 1,115 1,115 Restructuring and related costs 3,519 1,916 — 5,435 Adjustment to contract termination charge (1,103) — — (1,103) Change in provision for forward losses and other contract-related costs on certain contracts — 1,627 — 1,627 Operating income (loss), excluding unusual items 15,650 (5,091) (11,562) (1,003) Stock-based compensation — — 9,420 9,420 Depreciation 28,047 1,151 225 29,423 Amortization 567 299 — 866 Adjusted EBITDA $ 44,264 $ (3,641) $ (1,917) $ 38,706 Revenues, as reported $ 261,131 $ 63,633 $ 324,764 Adjusted EBITDA margin (%) 17.0% (5.7 )% 11.9% ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)
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(In thousands) Harsco Environmental Harsco Rail Corporate Consolidated Totals Nine Months Ended September 30, 2026: Operating income (loss), as reported $ 42,524 $ (205,438) $ (63,846) $ (226,760) Strategic costs 2,353 — 32,296 34,649 Restructuring and related costs 5,536 8,074 3,361 16,971 Contract exits and GBM gain — 188,284 — 188,284 Operating income (loss), adjusted 50,413 (9,080) (28,189) 13,144 Stock-based compensation — — 7,675 7,675 Depreciation 81,936 3,668 680 86,284 Amortization 1,709 584 — 2,293 Adjusted EBITDA $ 134,058 $ (4,828) $ (19,834) $ 109,396 Revenues, as reported $ 796,254 $ 40,165 $ 836,419 Contract exits — 136,499 136,499 Revenues, adjusted $ 796,254 $ 176,664 $ 972,918 Adjusted EBITDA margin (%) 16.8% (2.7 )% 11.2% Nine Months Ended September 30, 2025: Operating income (loss), as reported $ 27,558 $ (21,821) $ (40,349) $ (34,612) Change in provision for forward losses and other contract- related costs on certain contracts — 7,029 — 7,029 Strategic costs — — 3,965 3,965 Adjustment to contract termination charge (3,352) — — (3,352) Site exit costs 10,281 — — 10,281 Restructuring and related costs 6,852 1,916 — 8,768 Operating income (loss), adjusted 41,339 (12,876) (36,384) (7,921) Stock-based compensation — — 17,391 17,391 Depreciation 80,602 3,234 761 84,597 Amortization 1,678 472 — 2,150 Adjusted EBITDA $ 123,619 $ (9,170) $ (18,232) $ 96,217 Revenues, as reported $ 762,246 $ 191,543 $ 953,789 Adjusted EBITDA margin (%) 16.2% (4.8 )% 10.1% ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Three Months Ended September 30 (In thousands) 2026 2025 Consolidated income (loss) from continuing operations $ 6,437 $ (21,189) Add back (deduct): Equity in (income) loss of unconsolidated entities, net (31) (39) Income tax expense (benefit) from continuing operations 7,804 (793) Defined benefit pension expense (income) 3,919 5,490 Facility fees and debt-related expense (income) 162 133 Interest expense 7,796 8,873 Interest income (2,539) (552) Depreciation 28,105 29,423 Amortization 623 866 Stock-based compensation 3,501 9,420 Unusual items: Change in provision for forward losses and other contract-related costs on certain contracts — 1,627 Strategic costs 3,876 1,115 Restructuring and related costs 6,412 5,435 Contract exits and GBM gain (19,106) —
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Adjustment to contract termination charge — (1,103) Consolidated Adjusted EBITDA $ 46,959 $ 38,706 ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited) Nine Months Ended September 30 (In thousands) 2026 2025 Consolidated income (loss) from continuing operations $ (313,612) $ (71,230) Add back (deduct): Equity in (income) loss of unconsolidated entities, net (104) (111) Income tax expense (benefit) from continuing operations 53,498 (5,118) Defined benefit pension expense 11,773 16,246 Facility fee and debt-related expense 700 703 Interest expense 24,562 26,318 Interest income (3,577) (1,420) Depreciation 86,284 84,597 Amortization 2,293 2,150 Stock-based compensation 7,675 17,391 Unusual items: Change in provision for forward losses and other contract-related costs — 7,029 Strategic costs 34,649 3,965 Restructuring and related costs 16,971 8,768 Contract exits and GBM gain 188,284 — Adjustment to contract termination charge — (3,352) Site exit costs — 10,281 Adjusted EBITDA $ 109,396 $ 96,217 ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED EBITDA BY SEGMENT USING MID-RANGE POINTS FOR EACH TO PROJECTED OPERATING INCOME (LOSS) BY SEGMENT (Unaudited) (Amounts in millions) (a) Harsco Environmental Harsco Rail Projected Twelve Months Ending December 31, 2026 Projected operating income (loss) $ 63 $ (210) Strategic costs 2 — Restructuring and related costs 6 8 Contract exits and GBM gain — 188 Operating income (loss), adjusted 71 (14) Depreciation 109 5 Amortization 2 1 Projected adjusted EBITDA $ 182 $ (8) Adjusted revenues $ 1,037 $ 231
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Adjusted EBITDA margin (%) 17.6% (3.6 )% (a) Amounts are presented above rounded in millions. As a result, minor differences may exist due to rounding. 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) 2026 2025 2026 2025 Net cash provided (used) by operating activities $ (6,910) $ 34,435 $ (282,312) $ 63,008 Less capital expenditures (21,289) (31,757) (89,676) (92,416) Less expenditures for intangible assets — (63) (208) (114) Plus capital expenditures for strategic ventures (a) 347 194 687 1,329 Plus total proceeds from sales of assets (b) 4,459 2,051 11,478 5,815 Plus transaction-related expenditures (c) 5,680 741 141,948 741 Plus repayment of revolving trade receivables securitization facility (d) — — 160,000 — Clean Earth free cash flow deficit (benefit) — (46,653) 8,089 (91,722) Adjusted free cash flow $ (17,713) $ (41,052) $ (49,994) $ (113,359) (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. (c) Includes expenditures directly associated with the Company's divestiture of Clean Earth. (d) Includes the repurchase of accounts receivable related to the Company's revolving trade receivables securitization facility that was required to be terminated with the sale of Clean Earth. Investor Contact Media Contact David Martin Karen Tognarelli +1.267.946.1407 +1.717.480.6145 dmartin@enviri.com ktognarelli@enviri.com