Enviri (NVRI) investor presentation summary

Strategic overview and business highlights

• Operates in over 30 countries with more than 12,000 employees and over 170 years in business, generating $2.2B in 2025 revenue across environmental, waste, and rail segments.

• Harsco Environmental leads in global environmental services, processing 18M+ tons of slag and recycling 80% of processed steel slag in 2024.

• Clean Earth manages one of the largest U.S. networks for waste treatment and recycling, with 91% of specialty waste recycled and 3.6M metric tons of waste reused in 2024.

• Harsco Rail supplies railway maintenance equipment globally, with a strong North American presence and over 125 railway customers in 70+ countries.

• Recurring revenue streams are supported by long-term contracts, high renewal rates, and valuable, hard-to-replicate permits.

Financial performance and outlook

• Q4 2025 revenues were $556M, unchanged year-over-year, with stable adjusted EBITDA at $70M and adjusted diluted loss per share of $0.17.

• Harsco Environmental Q4 2025 revenues rose 7% to $257M, with adjusted EBITDA up 17% to $48M, driven by higher service demand and FX benefits.

• Clean Earth Q4 2025 revenues increased 1% to $244M, with adjusted EBITDA up 5% to $38M, reflecting higher pricing and volumes in hazardous materials.

• Harsco Rail Q4 2025 revenues declined 28% to $56M, with adjusted EBITDA dropping to -$4M due to lower equipment and aftermarket volumes.

• 2026 segment outlook projects comparable revenues to 2025, with Harsco Environmental adjusted EBITDA of $170M–$180M and Harsco Rail adjusted EBITDA of $(26)M to $(19)M.

Growth strategy and innovation

• Focused on expanding through new contracts, geographic growth, permit modifications, and innovative products such as carbon-negative asphalt and electronic waste recycling.

• Recent contract wins and regulatory changes (e.g., PFAS) present further growth opportunities.

• Investment in technology and aftermarket services aims to capture increased infrastructure spending and improve customer productivity.