Enviri (NVRI) Q2 2026 earnings summary

Executive summary

• Clean Earth sale to Veolia for $3.0B and separation of Environmental and Rail businesses closed June 1; Clean Earth is reported as discontinued operations.

• Harsco Environmental and Rail both exceeded expectations, with adjusted EBITDA up 22% year over year to $34M.

• Exits from Deutsche Bahn and Network Rail ETO contracts reduced future operating risk but generated a $207.4M loss.

• Restructuring and efficiency initiatives continued, including closure of Ludington and changes to European and South Carolina operations; ~300 positions were eliminated, with expected annual margin uplift above $15M.

Financial highlights

• Adjusted revenues were $324M, up 2% year over year after adjusting for Rail contract exits; continuing-operations revenue was $187.3M versus $316.0M.

• Adjusted EBITDA was $34M, up 22% year over year from $27M; adjusted diluted loss per share was $0.63 versus $0.84.

• GAAP loss from continuing operations was $297M; total net loss was $394.5M, including discontinued operations and significant contract-exit and transaction costs.

• Adjusted free cash flow was negative $9M, improved from negative $39M in Q2 2025.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: Harsco Environmental adjusted EBITDA of $170M–$180M; Harsco Rail adjusted EBITDA loss of $19M–$26M.

• Q3 adjusted EBITDA guidance: Harsco Environmental $43M–$47M, modestly above Q3 2025; Harsco Rail loss of $7M–$10M, below prior year.

• Adjusted free cash flow expected to be modestly negative in Q3; forecasts indicate continued covenant compliance, subject to market, rate and working-capital risks.