Enviri (NVRI) Q3 2026 earnings summary

Executive summary

• Q3 continuing-operations revenue was $325.0m, up 0.1% YoY; Adjusted EBITDA rose 21% to $47m.

• Both segments delivered year-over-year adjusted earnings growth and exceeded expectations; FY26 Adjusted EBITDA guidance increased for both.

• Improvement actions target $40m of earnings benefits over two years, supporting earnings and cash flow growth.

Financial highlights

• GAAP income from continuing operations was $6.4m versus a $21.2m loss; diluted continuing-operations EPS was $0.16 versus a loss of $0.82.

• Adjusted diluted loss per share was $0.16 versus a loss of $0.59; adjusted EBITDA margin was 14.4%, up from 11.9%.

• Adjusted free cash flow was negative $18m versus negative $41m; operating cash flow was negative $7m versus positive $34m.

• Q3 unusual items included restructuring costs, an $8m GBM asset-sale gain and an $11.5m favorable adjustment for released performance-bond obligations.

• 9M continuing operating loss was $226.8m, including $195.9m of net Rail contract-exit losses; 9M net loss was $399.7m.

Outlook and guidance

• FY26 HE Adjusted EBITDA guidance rose to $180m–$184m; Rail guidance improved to an Adjusted EBITDA loss of $7m–$10m.

• Q4 HE Adjusted EBITDA guidance is $46m–$50m; Rail guidance is a loss of $2m–$5m, with the midpoint expected to improve modestly YoY.

• Underlying free cash flow is expected to improve in Q4 versus Q3, excluding the $73m DB payment made in October.

• Improvement initiatives target $40m of benefits over two years, split roughly between HE and Rail and between 2027 and 2028.

• Up to €30.5m of remaining GBM sale consideration is conditional; the second installment was expected in Q4 2026 and the third in H1 2027.