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]