Revenue Performance - Total revenues for Q3 2025 were $574.8 million, slightly up from $573.6 million in Q3 2024, while total revenues for the nine months ended September 30, 2025, were $1,685.4 million, down from $1,783.9 million in the same period of 2024[124]. - Harsco Environmental segment revenues decreased to $261.1 million in Q3 2025 from $279.1 million in Q3 2024, and for the nine months, revenues fell to $762.2 million from $871.2 million[124]. - Clean Earth segment revenues increased to $250.1 million in Q3 2025 from $236.8 million in Q3 2024, and for the nine months, revenues rose to $731.6 million from $698.9 million[124]. - Harsco Rail segment revenues grew to $63.6 million in Q3 2025 from $57.7 million in Q3 2024, while for the nine months, revenues decreased to $191.5 million from $213.8 million[124]. - Total revenues for the three months ended September 30, 2025 increased by $1.2 million, or 0.2%, while revenues for the nine months decreased by $98.6 million, or 5.5%, compared to the same periods in 2024[139]. Operating Income and Expenses - Consolidated operating income for Q3 2025 was $16.5 million, down from $37.4 million in Q3 2024, and for the nine months, operating income decreased to $39.9 million from $94.4 million[124]. - The Company reported a $2.5 million decrease in operating income due to unfavorable net effects from new and lost contracts in Q3 2025 compared to Q3 2024[127]. - A decrease in sales from ecoproducts led to a decline in operating income of $4.9 million for the nine months ended September 30, 2025 compared to the same period in 2024[131]. - The divestitures of Performix and Reed negatively impacted operating income by $2.7 million and $7.9 million during the three and nine months ended September 30, 2025, respectively[131]. - A decrease of $5.0 million and $12.1 million in operating income from lower equipment revenue and higher manufacturing costs was reported for the three and nine months ended September 30, 2025, respectively[137]. Financial Position and Cash Flow - For the nine months ended September 30, 2025, net cash provided by operating activities was $63.0 million, an increase of $21.2 million from $41.8 million in the same period of 2024[157]. - Net cash used by investing activities during the nine months ended September 30, 2025 was $91.0 million, an increase of $68.8 million from $22.2 million in the same period of 2024[158]. - Net cash provided by financing activities increased by $88.9 million during the nine months ended September 30, 2025, primarily due to an increase in net borrowings of $70.1 million[159]. - The total net debt to Consolidated Adjusted EBITDA ratio was 4.82x as of September 30, 2025, compared to the permitted maximum ratio of 5.00x[164]. - As of September 30, 2025, the Company held $114.7 million in consolidated cash and cash equivalents, with approximately 9.3% subject to regulatory restrictions[169]. Strategic Initiatives and Changes - The Company initiated a review of strategic alternatives in August 2025, including a potential tax-efficient sale or separation of the Clean Earth business[121]. - An amendment to the Credit Agreement was made on November 5, 2025, adjusting the total Net Debt to Consolidated Adjusted EBITDA ratio covenant to 5.25x for Q4 2025 and 5.50x for the first three quarters of 2026[122]. - The Company updated its advance payment guarantee with Deutsche Bahn, requiring $14.5 million in cash collateral classified as Restricted Cash[170]. Income and Expenses - Net income for the nine months ended September 30, 2025 was $(80.1) million, compared to $(40.2) million for the same period in 2024[138]. - Defined benefit pension expense increased to $5.3 million and $15.7 million for the three and nine months ended September 30, 2025, respectively, from $4.3 million and $12.6 million in the same periods of 2024[151]. - The Company recognized interest income of $0.6 million and $1.5 million for the three and nine months ended September 30, 2025, respectively, down from $1.0 million and $6.1 million in the same periods of 2024[148]. - Interest expense decreased by $0.5 million and $2.3 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[149]. - Total other comprehensive income was $1.6 million and $20.4 million for the three and nine months ended September 30, 2025, compared to $8.2 million and $(5.7) million in the same periods of 2024[154]. Market and Risk Factors - Market risks have not changed significantly from those disclosed in the Company's Annual Report for the fiscal year ended December 31, 2024[172].

Financial Performance - Third quarter 2025 revenues totaled $575 million, unchanged from the prior-year quarter[8]. - GAAP consolidated loss from continuing operations was $20 million in Q3 2025, compared to a loss of $11 million in Q3 2024[10]. - Adjusted EBITDA for Q3 2025 was $74 million, down from $85 million in Q3 2024, with a margin of 12.9%[7][10]. - Total revenues for Q3 2025 were $574.8 million, slightly up from $573.6 million in Q3 2024, while total revenues for the nine months ended September 30, 2025, were $1.685 billion, down from $1.784 billion in the same period of 2024[40]. - Operating income from continuing operations for Q3 2025 was $16.5 million, down from $37.4 million in Q3 2024, and for the nine months ended September 30, 2025, it was $39.9 million compared to $94.4 million in 2024[40]. - Net loss attributable to Enviri Corporation for Q3 2025 was $22.3 million, compared to a net loss of $13.2 million in Q3 2024, and for the nine months ended September 30, 2025, the net loss was $83.3 million versus $44.7 million in 2024[40]. - Basic earnings per share from continuing operations for Q3 2025 was $(0.26), compared to $(0.15) in Q3 2024, and for the nine months ended September 30, 2025, it was $(1.00) versus $(0.52) in 2024[40]. - The net loss for the three months ended September 30, 2025, was $21.4 million, compared to a net loss of $12.3 million for the same period in 2024[44]. - The consolidated income (loss) from continuing operations for the three months ended September 30, 2025, was $(20.178) million, compared to $(11.094) million in 2024, reflecting a worsening of approximately 81%[55]. Revenue Breakdown - Clean Earth revenues increased by 6% year-over-year to $250 million, driven by higher volumes and services pricing[14]. - Harsco Environmental revenues decreased to $261 million, impacted by business divestitures and lower eco-product sales[11]. - Harsco Rail revenues rose by 10% to $64 million, reflecting higher aftermarket parts volumes[15]. - Service revenues increased to $505.9 million in Q3 2025 from $488.1 million in Q3 2024, while product revenues decreased to $68.9 million from $85.5 million in the same period[40]. - The operating income for the Harsco Environmental segment for the three months ended September 30, 2025, was $13.2 million, while the Clean Earth segment reported $26.8 million[51]. - For the nine months ended September 30, 2025, Enviri Corporation reported consolidated revenues of $1,685.353 million, a decrease from $1,783.937 million in the same period of 2024, representing a decline of approximately 5.5%[53]. Cash Flow and Expenses - Free cash flow for 2025 is now expected to be between $(30) million and $(20) million[4]. - Total cash provided by operating activities for the nine months ended September 30, 2025, was $63.0 million, up from $41.8 million in the same period of 2024[44]. - The adjusted free cash flow for the three months ended September 30, 2025, was $5.609 million, a significant improvement from $(34.224) million in the same period of 2024[61]. - The company incurred employee termination benefits and related costs of $6.0 million for the three months ended September 30, 2025[51]. - Strategic costs for the three months ended September 30, 2025, amounted to $5.3 million, up from $1.2 million in the same period in 2024[51]. - Strategic costs, including employee termination and related costs, totaled $10.258 million for the nine months ended September 30, 2025[57]. - The company reported a net interest expense of $28.353 million for the three months ended September 30, 2025, slightly down from $28.813 million in 2024[55]. - Capital expenditures for the nine months ended September 30, 2025, were $92.416 million, compared to $102.094 million in the same period of 2024[61]. Balance Sheet and Assets - Total assets increased to $2,793,602 thousand in September 2025, up from $2,650,233 thousand in December 2024, representing a growth of approximately 5.4%[42]. - Current liabilities rose to $639,422 thousand in September 2025, compared to $566,382 thousand in December 2024, indicating an increase of about 12.9%[42]. - Long-term debt increased to $1,500,042 thousand in September 2025, up from $1,410,718 thousand in December 2024, reflecting a growth of approximately 6.3%[42]. - Total liabilities reached $2,389,797 thousand in September 2025, compared to $2,200,634 thousand in December 2024, marking an increase of around 8.6%[42]. - Cash and cash equivalents stood at $115,357 thousand in September 2025, up from $88,359 thousand in December 2024, showing a growth of approximately 30.5%[42]. - Inventories increased to $195,417 thousand in September 2025, compared to $182,042 thousand in December 2024, representing a rise of about 7.4%[42]. - Goodwill decreased to $757,504 thousand in September 2025 from $758,958 thousand in December 2024, indicating a slight decline of approximately 0.2%[42]. - Intangible assets, net decreased to $279,728 thousand in September 2025 from $298,438 thousand in December 2024, reflecting a decline of about 6.3%[42]. - Current portion of operating lease liabilities increased to $30,207 thousand in September 2025 from $26,049 thousand in December 2024, showing a growth of approximately 16.5%[42]. - Total current assets rose to $769,240 thousand in September 2025, compared to $710,525 thousand in December 2024, indicating an increase of about 8.2%[42]. Future Projections - The company revised its full-year 2025 Adjusted EBITDA outlook to a range of $268 million to $278 million[4]. - Projected adjusted income from continuing operations for the twelve months ending December 31, 2025, is estimated to be between a loss of $61 million and a loss of $51 million[49]. - The projected consolidated adjusted EBITDA for the three months ending December 31, 2025, is estimated to be between $62 million and $72 million[59]. - The projected consolidated loss from continuing operations for the twelve months ending December 31, 2025, is expected to range from $(103) million to $(93) million[59]. - Enviri Corporation's projected acquisition amortization expense for the twelve months ending December 31, 2025, is estimated at $20 million[49].

Core Insights - Enviri Corporation reported third quarter 2025 revenues of $575 million, with a GAAP loss from continuing operations of $20 million and an adjusted EBITDA of $74 million [1][6][7] Financial Performance - Revenues remained stable at $575 million compared to Q3 2024, with Clean Earth and Harsco Rail showing revenue increases, while Harsco Environmental experienced a decline [5][6] - The GAAP diluted loss per share from continuing operations was $0.26, compared to a loss of $0.15 in Q3 2024, while the adjusted diluted loss per share was $0.08, compared to $0.01 in the prior year [2][4] - Adjusted EBITDA decreased to $74 million from $85 million in Q3 2024, with Clean Earth contributing positively but offset by lower performance in other segments [7][8] Segment Performance - Harsco Environmental reported revenues of $261 million, down from $279 million in Q3 2024, with an adjusted EBITDA of $44 million compared to $53 million [8] - Clean Earth achieved revenues of $250 million, a 6% increase from $237 million in Q3 2024, with adjusted EBITDA of $43 million, slightly up from $42 million [9] - Harsco Rail's revenues increased to $64 million from $58 million, but it still reported an adjusted EBITDA loss of $4 million, worsening from a loss of $2 million in the prior year [10][11] Cash Flow and Outlook - Net cash provided by operating activities was $34 million, significantly up from $1 million in the prior year, while adjusted free cash flow improved to $6 million from a negative $34 million [12] - The company revised its full-year outlook for adjusted EBITDA to a range of $268 million to $278 million, down from previous estimates, and free cash flow is now expected to be negative [13][17] - The company amended its credit agreement to enhance financial flexibility, allowing for potential strategic alternatives [18] Strategic Initiatives - The company is focused on strategic improvement initiatives and exploring strategic alternatives to unlock portfolio value, with expectations to conclude this process by year-end [3][18]

Core Insights - Enviri is set to report earnings soon, having missed revenue expectations in the previous quarter by 2.5% with revenues of $562.3 million, a decline of 7.8% year on year [1] - Analysts expect Enviri's revenue to remain flat year on year at $573.2 million for the upcoming quarter, an improvement from a 3.9% decrease in the same quarter last year [2] - The company has missed Wall Street's revenue estimates twice since going public, but analysts have generally reconfirmed their estimates over the last 30 days, indicating a stable outlook [3] Industry Context - Peers in the waste management segment have shown positive results, with Montrose reporting a year-on-year revenue growth of 25.9% and Waste Connections reporting a 5.1% increase, both exceeding analysts' expectations [4] - The waste management sector has seen positive investor sentiment, with average share prices up 2.2% over the last month, while Enviri's shares increased by 6.1% during the same period [5] - Enviri's average analyst price target is $15.67, compared to its current share price of $12.19, suggesting potential upside [5]

Core Insights - Clean Earth, a division of Enviri Corporation, has opened a new service center in Syracuse, New York, enhancing its capabilities in environmental and regulated waste management services [2] - The new 18,400-square-foot facility features 42 dock spaces and aims to serve a growing customer base in retail, healthcare, and education sectors [2][3] - This strategic expansion is expected to improve lab packing services and routing efficiencies for both hazardous and non-hazardous waste transportation [3] Operational Enhancements - The new location will act as a logistics hub, connecting customers to Clean Earth's nearby recycling, treatment, and disposal facilities [3] - The company is committed to delivering innovative, efficient, and sustainability-focused solutions, leveraging advanced routing technology to optimize transportation [4] - Clean Earth has introduced a new transportation fleet to enhance network logistics and operations, aiming to reduce transit times and improve service delivery [4] Company Overview - Clean Earth operates a network of 93 locations across the United States, providing a wide range of waste management services [5] - The company focuses on navigating both simple and complex environmental waste challenges, offering one of the largest networks of treatment, recycling, and sustainability services [5]

Core Thesis - Enviri Corporation (NVRI) is exploring strategic alternatives to unlock shareholder value, particularly focusing on its Clean Earth business, with options including a tax-efficient sale or spin-off, strategic merger, or other value-accretive transactions [2][4] Financial Metrics - Enviri's market capitalization is approximately $950 million, with an enterprise value of around $2.4 billion, resulting in an EV/EBITDA multiple of 9.2× and a P/B ratio of 0.8× [3] - A successful separation or sale of Clean Earth could potentially increase total equity value by 50-100% [3] Investment Case - NVRI presents a compelling investment opportunity with multiple catalysts, including the ongoing review of Clean Earth, which could lead to significant rerating, while the core business continues to perform steadily [4] - The risk/reward profile is skewed toward upside if management successfully executes a divestiture or merger, while downside risk is limited by the company's resilient operations and attractive valuation metrics [4]

Core Insights - SteelPhalt, a division of Harsco Environmental, has been recognized by Spain's Ministry for Ecological Transition for its sustainable asphalt production plant, contributing to the Strategic Project for Economic Recovery and Transformation (PERTE) [1][2] - The recognition emphasizes SteelPhalt Euskadi's role in promoting ecological transition and innovation within the asphalt industry [2][3] - SteelPhalt's commitment to circular economy principles and low-carbon solutions supports long-term sustainability goals and industry growth [3] Company Overview - SteelPhalt has been developing high-performance asphalt products for roadmaking in the UK since the 1960s, focusing on sustainability and innovation [4] - The company is strategically located in Rotherham, South Yorkshire, allowing for cost-effective sourcing of slag from the steel industry for sustainable asphalt production [4] - SteelPhalt collaborates with councils, local authorities, and contractors to deliver durable roads, reinforcing its reputation for quality and commitment to sustainability [4] Parent Company Overview - Harsco Environmental, a division of Enviri, is a leading provider of onsite material processing and environmental services to the global metals industry, operating in over 32 countries [5] - The division focuses on delivering cleaner and more efficient metal production solutions, emphasizing the treatment and reuse of production co-products [5]

Core Insights - Harsco Environmental has signed a 15-year, $150 million contract with Jindal Stainless to expand operations in India, processing additional stainless steel slag [1][2][11] - The partnership aims to transform the stainless steel industry with sustainable solutions and is expected to double Harsco Environmental's business in India by 2028 [2][3] Company Overview - Harsco Environmental is a division of Enviri Corporation, providing innovative environmental solutions and operating at over 130 customer sites in more than 32 countries [5] - Jindal Stainless is India's largest stainless steel producer, with a consolidated annual turnover of INR 40,182 crore (approximately $4.75 billion) in FY25 and plans to increase annual melt capacity to 4.2 million tonnes by FY27 [6][8] Contract Details - The contract includes a 10-year extension to process stainless steel slag and the construction of a wet milling plant, the first of its kind in India, to recover metal from waste products [3][11] - The new capabilities are expected to create approximately 140 new jobs in the region [4] Environmental Commitment - Both companies emphasize sustainable practices, with Jindal Stainless using electric arc furnace technology to reduce greenhouse gas emissions and enhance recyclability [8]

Core Viewpoint - Enviri Corporation will release its third quarter 2025 earnings results on November 10, 2025, before the NYSE market opens, and will host a conference call at 9:00 a.m. ET on the same day [1][3]. Company Overview - Enviri is a global leader in providing a wide range of environmental services and innovative solutions, focusing on recycling and reuse solutions for waste streams [3]. - The company operates in over 150 locations across more than 30 countries, helping customers address complex environmental challenges and achieve sustainability goals [3]. Conference Call Details - The conference call for investors and financial analysts is scheduled for November 10, 2025, at 9:00 a.m. ET [3]. - Dial-in numbers are provided for both US (+1 (844) 539-1331) and international (+1 (412) 652-1264) participants [3]. - The call will be accessible via the company's website, and an archived version will be available for those unable to attend live [2]. Investor and Media Contacts - Investor contact is David Martin, reachable at +1.267.946.1407 or dmartin@enviri.com [4]. - Media contact is Karen Tognarelli, available at +1.717.480.6145 or ktognarelli@enviri.com [4].

Core Insights - Clean Earth, a division of Enviri Corporation, has installed a foam fractionation unit at its Detroit facility to enhance its capabilities in removing PFAS from water [1][2]. Technology and Innovation - The newly commissioned foam fractionation unit is designed to efficiently separate PFAS from aqueous materials, addressing a significant environmental challenge [2][3]. - This advanced technology not only targets PFAS but also integrates additional treatment processes to ensure compliance with discharge standards [2][3]. Market Position and Commitment - Clean Earth aims to lead in sustainable remediation technologies as PFAS regulations evolve, positioning itself to help customers manage environmental impacts and compliance [3]. - The company is expanding its portfolio of PFAS remediation solutions, enhancing its capacity to treat more complex contamination levels [3][4]. Research and Development - Clean Earth continues to invest in PFAS research and development, focusing on novel technologies to support future growth and client services [4]. Company Overview - Clean Earth operates a network of 93 locations across the United States, providing a wide range of waste management and environmental services [5].