Forward-Looking Statements Q4 2025 Quarterly Results and Outlook Conference Call February 24, 2026 © 2026 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 1 ADMINISTRATIVE ITEMS Conference Call and Access to Information More information on Enviri's quarterly earnings, including the Company's earnings press release issued today and this presentation, is available on the Investor Relations portion of Enviri's website. Company m ...

Core Insights - Enviri reported a better than expected end to the year, with Q4 revenue of $556 million, down 0.5% year over year, and full year revenue of $2.24 billion, down 4.4% year over year [1] - The sale of Clean Earth to Veolia is a significant step towards realizing the value of Enviri's portfolio, with expectations for the deal to close by mid-year following the Hart-Scott-Rodino waiting period [1] Financial Performance - Clean Earth Q4 revenue was $244 million, up 1.2% year over year, driven by growth in hazardous waste services revenue [1] - Harsco Environmental segment recorded revenues of $257 million, a 7% increase year over year, attributed to higher service demand and favorable foreign currency translation [1] - Harsco Rail segment saw a revenue decline of 28% to $56 million, with an operating income loss of $36 million, and is not expected to return to positive cash flow until 2027 [1] Management Changes - CFO Tom Vadaketh announced retirement effective after the Clean Earth sale, with Pete Minan returning as CFO [1] Deal Update - Enviri incurred $15 million in costs related to the sale process in Q4, along with $7 million in stock compensation costs [1] - The company will provide transition services to Veolia for Clean Earth through the remainder of 2026 [1] Segment Performance - Clean Earth experienced 3% growth in hazardous waste services revenue, despite some offsetting factors [1] - Harsco Rail continues to face cash burn on major European contracts, impacting overall financial performance [1]

Core Insights - Enviri Corporation reported a consolidated loss from continuing operations of $86 million in Q4 2025, with revenues totaling $556 million, reflecting a slight decrease from $559 million in Q4 2024 [1][4][5] - The company experienced a full-year revenue of $2.24 billion in 2025, down from $2.34 billion in 2024, with a GAAP consolidated loss from continuing operations of $160 million [8][10][9] - The company is on track to complete the $3 billion sale of Clean Earth in mid-2026, which is expected to unlock significant value for shareholders [3][19] Financial Performance - Q4 2025 adjusted EBITDA was $70 million, consistent with Q4 2024, while the adjusted diluted loss per share from continuing operations was $0.17 compared to $0.04 in Q4 2024 [2][4][5] - For the full year 2025, adjusted EBITDA totaled $275 million, down from $318 million in 2024, with the adjusted diluted loss per share increasing to $0.60 from $0.09 [10][11][8] - The company’s operating income from continuing operations was a loss of $33 million in Q4 2025, an improvement from a loss of $62 million in Q4 2024 [4][7] Segment Performance - Harsco Environmental reported revenues of $257 million in Q4 2025, a 7% increase from Q4 2024, with an adjusted EBITDA margin of 18.7% [12][13] - Clean Earth generated $244 million in revenues in Q4 2025, a slight increase from $241 million in Q4 2024, with an adjusted EBITDA margin of 15.6% [14][13] - Harsco Rail saw a significant revenue decline of 28% to $56 million in Q4 2025, with an adjusted EBITDA loss of $4 million [15][13] Cash Flow and Outlook - Net cash provided by operating activities was $38 million in Q4 2025, slightly up from $36 million in Q4 2024, while adjusted free cash flow decreased to $6 million from $8 million [16][17] - The 2026 outlook anticipates adjusted EBITDA for New Enviri to be approximately $140 million, modestly below 2025 levels due to weaker demand in Harsco Rail [19][20] - Harsco Environmental's adjusted EBITDA is expected to improve slightly, while Harsco Rail's adjusted EBITDA is projected to be negative due to lower demand and manufacturing inefficiencies [21][20]

Core Insights - SECURE Energy Services plans to increase its dividend by 5% to CAD 0.42 per share starting in Q2 2026 and will continue share buybacks [1] - The company ended 2025 with a total debt to adjusted EBITDA ratio of 2.1x, or 1.8x excluding leases, and refinanced part of its debt with CAD 300 million of senior unsecured notes due in 2032 [2] - SECURE returned CAD 373 million to shareholders in 2025 through dividends and share buybacks, repurchasing nearly 19 million shares at an average price below CAD 15, representing about 8% of shares outstanding [3] Financial Performance - For 2025, SECURE reported funds flow from operations of CAD 378 million and discretionary free cash flow of CAD 273 million, with a year-over-year decline in discretionary free cash flow primarily due to higher interest expenses and cash taxes [4] - Full-year adjusted EBITDA rose 5% year-over-year to CAD 501 million, supported by infrastructure-backed earnings and pricing discipline [5] - The company achieved higher fourth-quarter profitability and modest full-year growth in 2025 despite weaker commodity prices [6] Growth and Capital Plans - SECURE invested CAD 138 million in organic growth capital in 2025, exceeding its original plan of CAD 75 million, focusing on produced water infrastructure, industrial waste processing, and metal recycling optimization [7] - The company commissioned its first two fully contracted produced water disposal facilities in the Montney, with one facility operational in Q4 2025 and the second expected to be online in March 2026 [8] - For 2026, SECURE plans to allocate CAD 75 million for organic growth projects, with potential increases as projects are sanctioned [9] Operational Metrics - In 2025, SECURE processed approximately 95,000 barrels per day of produced water, 38,000 barrels per day of liquid waste, and disposed of about 3.2 million tons of solid waste [10] - The energy infrastructure segment handled over 133,000 barrels per day of crude oil across 13 terminals and three gathering pipelines, with modest increases in pipeline and terminal volumes [11][12] - Weaker oil prices impacted exploration-linked service lines, leading to a decline in waste processing and oil recovery volumes [13] Metal Recycling and Pricing - The metal recycling segment faced challenges in 2025 due to a 50% U.S. tariff on finished steel, which reduced Canadian domestic demand [14] - SECURE repositioned over 90% of scrap volumes into U.S. markets, with an estimated EBITDA impact of 10% to 15% in 2025 [14] - The company was selective in pricing discussions, with no immediate plans for additional pricing actions [15] Accounting and Future Outlook - A voluntary accounting policy change was made regarding the presentation of oil purchase and resale activities, with no impact on net income or adjusted EBITDA [16] - For 2026, SECURE provided adjusted EBITDA guidance of CAD 520 million to CAD 550 million, with expectations for improvement later in the year [17] - The specialty chemicals business performed well in production chemistry related to paraffins and wax removal, and a potential CAD 100 million claim related to a lawsuit was disclosed [18]

Group 1: Purchase Order and Contract Details - Vow ASA and its subsidiary Scanship received a purchase order from a major European shipyard worth EUR 27 million for equipment for four new build cruise vessels [1] - Deliveries for the equipment will commence in April 2027, with the first vessel expected to enter operation by mid-2029 and the last by 2031 [1] - The contract includes cancellation rights for the third and fourth vessels until September 30, 2026 [1] Group 2: Environmental Commitment and Technology - The vessels will be equipped with Scanship systems, emphasizing a commitment to reliable and sustainable solutions [2] - Scanship technology will ensure wastewater purification according to the highest standards in the Baltic Sea and Alaskan State waters, processing waste through multiple steps [3] - The waste management system promotes a circular economy by recovering valuable materials such as glass and aluminum [4] Group 3: Company Overview and Market Position - Vow ASA is a leader in wastewater purification and waste valorization in the cruise market, providing technology for a transition to a fossil-free future [8] - The company specializes in converting biomass and waste into valuable resources and clean energy, with strong positions in food safety and decarbonization [8] - Vow's advanced technologies support industry decarbonization and material recovery, with proven capabilities in delivering scalable and standardized solutions [7]

Company Overview - Enviri Corporation is a leading provider of environmental and waste management solutions for industrial clients, operating through its Harsco Environmental and Harsco Clean Earth segments [6] - The company generates revenue through long-term contracts for material logistics, resource recovery, and specialty waste management, as well as the sale of value-added downstream products [8] - Enviri serves a broad range of industries, including iron, steel, and metals manufacturers, as well as customers with hazardous and non-hazardous waste processing needs in the United States and internationally [8] Financial Performance - As of February 17, 2026, Enviri's market capitalization is $1.53 billion, with a revenue of $2.24 billion and a net income of -$166.56 million (TTM) [4] - The company's revenue for the third quarter was essentially flat year over year at $575 million, while adjusted EBITDA decreased to $74 million from $85 million a year earlier [7] - Enviri shares were priced at $19.00, reflecting a 120% increase over the past year, significantly outperforming the S&P 500's approximately 13% gain during the same period [7] Recent Developments - Newtyn Management reported an increase in its holding of Enviri Corporation by 2,906,420 shares, valued at an estimated $43.31 million based on average quarterly pricing [2] - The fund's quarter-end position in Enviri rose in value by $60.94 million, which includes both the share purchase and changes in market price [2] - Enviri's Clean Earth segment delivered a record quarter with 6% revenue growth and $43 million in adjusted EBITDA, although Harsco Rail faced challenges, posting a loss at the EBITDA line [9]

Core Insights - Clean Harbors Inc. is a leading provider of environmental, energy, and industrial services in North America, specializing in hazardous waste management and industrial cleaning, competing with major players like Waste Management and Republic Services [1] Financial Performance - Clean Harbors reported earnings per share of $1.62 for the quarter, exceeding analysts' expectations of $1.61, with a return on equity of 14.61% and a net margin of 6.51% [3][6] - The company's revenue for the quarter was $1.5 billion, surpassing forecasts of $1.46 billion, representing a 4.8% increase from the same quarter last year [3] Stock Performance - The stock recently reached a 52-week high of $284.57, with the last traded price at $281.45, indicating strong investor interest and confidence [2][6] - The trading volume was 62,414 shares, up from a previous close of $269.08, reflecting positive market sentiment [2] Valuation Metrics - Clean Harbors has a price-to-earnings (P/E) ratio of approximately 38.74, indicating that investors are willing to pay a premium for its earnings [4] - The price-to-sales ratio is about 2.53, and the enterprise value to sales ratio is around 2.97, reflecting the company's market value relative to its sales [4] - The enterprise value to operating cash flow ratio is approximately 20.65, showing the company's valuation in relation to its cash flow from operations [4] Financial Health - The company maintains a debt-to-equity ratio of approximately 1.26, indicating a balanced approach to financing its assets [5] - A current ratio of around 2.33 suggests a strong ability to cover short-term liabilities with short-term assets [5]

So every every year more than half a billion Hindus we go to temples and we worship. We offer nature in its purest form that is flowers to our gods. But hardly does anyone think what happens to these flowers afterwards.Sadly, these sacred flowers are dumped into water bodies like the river Ganges. Every year we Indians put in about 8 million metric tons of waste flowers in the river Ganges. Flowers that are loaded with pesticides and insecticides. Flowers that rot.flowers that create a havoc in the fragile ...

Core Viewpoint - The London Company Large Cap Strategy's fourth-quarter 2025 investor letter indicates a mixed market environment with US equities showing higher returns, while the portfolio underperformed compared to the Russell 1000 Index due to volatility and concentrated market leadership [1]. Group 1: Market Performance - In Q4 2025, US equities experienced a 2.4% increase in the Russell 3000 Index, marking the third consecutive quarter of higher returns [1]. - The London Company Large Cap portfolio returned 0.4% (0.2% net), underperforming the Russell 1000 Index's 2.4% increase [1]. Group 2: Economic Outlook - The economic and policy backdrop heading into 2026 presents a mix of confidence and doubt, with the portfolio aiming to support long-term wealth creation while managing downside risk [1]. Group 3: Republic Services, Inc. (NYSE:RSG) - Republic Services, Inc. is highlighted as a leading environmental services company with a market capitalization of $67.701 billion [2]. - The stock closed at $216.84 per share on February 18, 2026, with a one-month return of -0.51% and a 12-month increase of 6.07% [2]. - The London Company increased its exposure to Republic Services, citing its defensive and resilient business model despite short-term headwinds in the waste management industry [3]. - Operational strength through pricing power and cost controls has led to stronger margins for Republic Services [3]. - Recent insider buying is viewed as a positive indicator of the company's attractive valuation [3]. Group 4: Hedge Fund Interest - Republic Services is not among the 30 most popular stocks among hedge funds, with 51 hedge fund portfolios holding the stock at the end of Q3 2025, down from 60 in the previous quarter [4]. - While acknowledging Republic Services' potential, the company believes certain AI stocks may offer greater upside potential and less downside risk [4].

Core Viewpoint - Republic Services Inc reported disappointing fourth-quarter sales results and provided FY26 guidance that fell short of market expectations [1][2] Financial Performance - The company reported quarterly earnings of $1.76 per share, exceeding the analyst consensus estimate of $1.62 per share [1] - Quarterly sales amounted to $4.136 billion, which was below the analyst consensus estimate of $4.207 billion [1] FY26 Guidance - Republic Services projected FY2026 adjusted EPS in the range of $7.20 to $7.28, compared to market estimates of $7.31 [2] - The company anticipates sales between $17.050 billion and $17.150 billion, while expectations were for $17.328 billion [2] Market Reaction - Following the earnings announcement, Republic Services shares declined by 4.9%, trading at $210.30 [2] Analyst Ratings and Price Targets - BMO Capital analyst Devin Dodge maintained an Outperform rating but reduced the price target from $251 to $248 [3] - Morgan Stanley analyst Toni Kaplan kept an Equal-Weight rating and lowered the price target from $230 to $225 [3]