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PHILADELPHIA (Aug. 11, 2026) - Enviri Corporation (NYSE: NVRI) (the "Company") today reported second quarter 2026 results. On a GAAP basis, the second quarter of 2026 diluted loss per share from continuing operations was $10.70, including expenses related to the sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail, adjustments related to the termination of certain Harsco Rail contracts, and restructuring costs. Adjusted diluted loss per share from continuing operations in the second quarter of 2026 was $0.63. These figures compare with a second quarter 2025 GAAP diluted loss per share from continuing operations of $1.70, which included contract adjustments in Harsco Rail, an asset impairment and site exit costs in Harsco Environmental, and strategic expenses, and an adjusted diluted loss per share from continuing operations of $0.84.

"In addition, we took meaningful action to advance our strategic priorities that improve our financial profile and earnings potential while strengthening Enviri’s position as a leader in our markets. These actions include the strategic decision to exit two European Rail ETO contracts, removing a source of business uncertainty and financial volatility, including cash flows related to performance under these contracts. We also concluded the initial stage of our comprehensive business review, aimed at reducing our business complexity and driving operational excellence, and we have recently begun implementing broad restructuring actions across the Company. Lastly, we are reaffirming our 2026 outlook and will continue to prioritize initiatives that will drive sustainable value creation for shareholders."

Harsco Environmental revenues totaled $266 million in the second quarter of 2026, an increase of 3% compared with the prior-year quarter. This revenue increase is attributable to higher volumes (services and ecoproducts) and higher services pricing. The segment's GAAP operating income was $13 million, and Adjusted EBITDA totaled $46 million in the second quarter of 2026. These figures compare with GAAP operating income of $4 million and Adjusted EBITDA of $40 million in the prior-year period. The year-on-year change in adjusted earnings reflects the above-mentioned factors as well as internal improvement actions. As a result, Harsco Environmental's Adjusted EBITDA margin increased to 17.2% in the second quarter of 2026 versus 15.5% in the comparable quarter of 2025.

Net cash used by operating activities was $297 million in the second quarter of 2026, compared with net cash provided by operating activities of $22 million in the prior-year period. Adjusted free cash flow was $(9) million in the second quarter of 2026, compared with $(39) million in the prior-year period (excluding Clean Earth and any transaction-related expenditures, which include the repayment of the Company's accounts receivable securitization facility). The change in adjusted free cash flow compared with the prior-year quarter is attributable to higher cash earnings (adjusted for unusual items), working capital improvements, and lower net capital expenditures in Harsco Environmental and Rail.

The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements regarding the expected timing, completion and effects of the transactions contemplated by the Merger Agreement and the Separation Agreement, including the sale of Clean Earth and the spin-off of New Enviri; statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings, including those under "2026 Outlook". Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.

Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the possibility that the Merger and Separation may not ultimately achieve the expected benefits; (2) the Company's ability to effectively implement its business strategy and improvement initiatives and realize the expected benefits therefrom; (3) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all; (4) the Company’s inability to comply with applicable environmental and safety laws and regulations; (5) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (6) various economic, business, and regulatory risks associated with the industries in which the Company operates; (7) the seasonal nature of the Company's business; (8) risks caused by customer concentration, fixed-price and long-term customer contracts, especially those related to complex engineered equipment and the competitive nature of the industries in which the Company operates; (9) the outcome of any disputes with customers, contractors and subcontractors; (10) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (11) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (12) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (13) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (14) the Company’s ability to attract and effectively retain key

management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (15) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (16) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (17) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries; (18) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (19) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (20) liability for and implementation of environmental remediation matters; (21) product liability and warranty claims associated with the Company’s operations; (22) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (23) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (24) tax liabilities and changes in tax laws; (25) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (26) risk and uncertainty associated with intangible assets; and (27) the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found under the heading, "Risk Factors," of the Company's Information Statement, dated May 8, 2026, and attached as Exhibit 99.1 to the Company's Current Report on Form 8-K furnished to the SEC on May 11, 2026. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.

Adjusted diluted earnings (loss) per share from continuing operations: Adjusted diluted earnings (loss) per share from continuing operations is a non-GAAP financial measure and consists of diluted earnings (loss) per share from continuing operations adjusted for unusual items and acquisition-related intangible asset amortization expense. It is important to note that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. The Company’s management believes Adjusted diluted earnings (loss) per share from continuing operations is useful to investors because it provides an overall understanding of the Company’s historical and future prospects. Exclusion of unusual items permits evaluation and comparison of results for the Company’s core business operations, and it is on this basis that management internally assesses the Company’s performance. Exclusion of acquisition-related intangible asset amortization expense, the amount of which can vary by the timing, size, and nature of the Company’s acquisitions, facilitates more consistent internal comparisons of operating results over time between the Company’s newly acquired and long-held businesses, and comparisons with both acquisitive and non-acquisitive peer companies.

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial measure and consists of income (loss) from continuing operations adjusted to add back income tax expense; equity income of unconsolidated entities, net; net interest expense; defined benefit pension income (expense); facility fees and debt-related income (expense); stock-based compensation expense; and depreciation and amortization (excluding amortization of deferred financing costs); and excludes unusual items. Segment Adjusted EBITDA consists of operating income from continuing operations adjusted to exclude unusual items and add back depreciation and amortization (excluding amortization of deferred financing costs). The sum of the Segments’ Adjusted EBITDA and Corporate Adjusted EBITDA (which is adjusted for all stock-based compensation expense) equals consolidated Adjusted EBITDA. The Company‘s management believes Adjusted EBITDA is meaningful to investors because management reviews Adjusted EBITDA in assessing and evaluating performance.

Adjusted free cash flow: Adjusted free cash flow is a non-GAAP financial measure and consists of net cash provided (used) by operating activities less capital expenditures and expenditures for intangible assets; and plus capital expenditures for strategic ventures, total proceeds from sales of assets and certain transaction-related / debt-refinancing expenditures. Adjusted free cash flow also excludes the impact of the Clean Earth business. The Company's management believes that Adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, repay debt obligations, invest in future growth through new business development activities, conduct strategic acquisitions or other uses of cash. It is important to note that Adjusted free cash flow does not represent the total residual cash flow


ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended				Six Months Ended
	June 30				June 30
(In thousands, except per share amounts)	2026		2025		2026		2025
Revenues from continuing operations:
Service revenues	$	257,856	$	258,959	$	516,126	$	500,568
Product revenues	65,985		57,013		131,763		128,457
Product revenues - Rail contract exit-related adjustments	(136,499)		—		(136,499)		—
Total revenues	187,342		315,972		511,390		629,025
Costs and expenses from continuing operations:
Cost of services sold	214,536		214,903		427,723		413,714
Cost of products sold	60,139		68,339		122,403		120,717
Cost of products sold - Rail contract exit-related adjustments	70,890		—		70,890		—

Selling, general and administrative expenses	49,062		53,773		101,430		105,844
Research and development expenses	654		775		1,072		1,309
Property, plant and equipment impairment charge	—		7,386		—		7,386



Other expense (income), net	36,484		2,379		38,180		6,590
Total costs and expenses	431,765		347,555		761,698		655,560
Operating income (loss) from continuing operations	(244,423)		(31,583)		(250,308)		(26,535)
Interest income	580		414		1,038		868
Interest expense	(8,239)		(8,739)		(16,766)		(17,445)
Facility fees and debt-related income (expense)	(318)		(154)		(538)		(570)

Defined benefit pension income (expense)	(3,918)		(5,555)		(7,854)		(10,756)
Income (loss) from continuing operations before income taxes and equity in income	(256,318)		(45,617)		(274,428)		(54,438)
Income tax benefit (expense) from continuing operations	(40,548)		905		(45,694)		4,325
Equity in income (loss) of unconsolidated entities, net	50		44		73		72
Income (loss) from continuing operations	(296,816)		(44,668)		(320,049)		(50,041)
Discontinued operations:

Income (loss) from discontinued operations	(91,927)		2,182		(108,172)		4,753
Income tax benefit (expense) from discontinued operations	(5,767)		(4,269)		24,173		(9,278)
Income (loss) from discontinued operations, net of tax	(97,694)		(2,087)		(83,999)		(4,525)
Net income (loss)	(394,510)		(46,755)		(404,048)		(54,566)
Less: Net loss (income) attributable to noncontrolling interests	(1,485)		(1,058)		(2,612)		(2,259)
Net income (loss) attributable to Enviri Corporation	$	(395,995)	$	(47,813)	$	(406,660)	$	(56,825)
Amounts attributable to Enviri Corporation common stockholders:
Income (loss) from continuing operations, net of tax	$	(298,301)	$	(45,726)	$	(322,661)	$	(52,300)
Income (loss) from discontinued operations, net of tax	(97,694)		(2,087)		(83,999)		(4,525)
Net income (loss) attributable to Enviri Corporation common stockholders	$	(395,995)	$	(47,813)	$	(406,660)	$	(56,825)

Weighted-average shares of common stock outstanding (a)	27,877		26,876		27,655		26,827
Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations	$	(10.70)	$	(1.70)	$	(11.67)	$	(1.95)
Discontinued operations	$	(3.50)	$	(0.08)	(3.04)		(0.17)
Basic earnings (loss) per share attributable to Enviri Corporation common stockholders (b)	$	(14.21)	$	(1.78)	$	(14.70)	$	(2.12)

Diluted weighted-average shares of common stock outstanding (a)	27,877		26,876		27,655		26,827
Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders:
Continuing operations	$	(10.70)	$	(1.70)	$	(11.67)	$	(1.95)
Discontinued operations	$	(3.50)	$	(0.08)	(3.04)		(0.17)
Diluted earnings (loss) per share attributable to Enviri Corporation common stockholders (b)	$	(14.21)	$	(1.78)	$	(14.70)	$	(2.12)


ENVIRI CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)	June 30 2026		December 31 2025
ASSETS
Current assets:
Cash and cash equivalents	$	253,427	$	103,487
Restricted cash	49,915		21,677
Trade accounts receivable, net	249,730		267,439
Other receivables	28,938		43,627
Inventories	134,094		171,718
Current portion of contract assets	28,277		26,968
Prepaid expenses	30,636		52,521
Current portion of assets held-for-sale	—		24,173
Other current assets	15,852		9,256
Total current assets	790,869		720,866
Property, plant and equipment, net	405,394		424,099
Right-of-use assets, net	30,043		34,267
Goodwill	374,579		379,381
Intangible assets, net	14,723		16,095
Retirement plan assets	56,764		55,743
Deferred income tax assets	10,078		45,352
Assets held-for-sale	—		1,013,055
Other assets	40,336		53,931
Total assets	$	1,722,786	$	2,742,789
LIABILITIES
Current liabilities:
Short-term borrowings	$	79	$	11,490
Current maturities of long-term debt	8,469		14,373
Accounts payable	154,917		163,989
Accrued compensation	41,055		43,130
Income taxes payable	5,845		4,268
Reserve for contracts	189,525		61,037

Current portion of advances on contracts	8,763		7,982
Current portion of operating lease liabilities	10,551		11,654
Derivative liabilities	12,757		20,839
Current portion of liabilities held-for-sale	—		174,265
Other current liabilities	119,237		121,182
Total current liabilities	551,198		634,209
Long-term debt	380,539		1,480,072

Retirement plan liabilities	23,732		26,208

Operating lease liabilities	20,626		23,373
Environmental liabilities	19,105		19,105
Deferred tax liabilities	5,976		5,766
Liabilities held-for-sale	—		214,314
Other liabilities	38,923		44,155
Total liabilities	1,040,099		2,447,202
ENVIRI CORPORATION STOCKHOLDERS’ EQUITY
Common stock	—		149,519
Additional paid-in capital	680		273,436
Accumulated other comprehensive loss	(495,267)		(514,481)


ENVIRI CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2026		2025		2026		2025
Cash flows from operating activities:
Net income (loss)	$	(394,510)	$	(46,755)	$	(404,048)	$	(54,566)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	36,410		37,901		76,838		74,343
Amortization	5,809		7,561		13,653		14,964

Deferred income tax (benefit) expense	40,580		(5,176)		10,419		(7,999)
Equity in (income) loss of unconsolidated entities, net	(50)		(44)		(73)		(72)

Right-of-use assets	6,724		7,711		15,067		15,127
Property, plant and equipment impairment charge	—		7,386		—		7,386




Stock-based compensation	9,144		5,716		11,473		9,760
Contract exit charges	74,969		—		74,969		—
Other, net	2,852		(2,512)		1,177		(3,149)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable	(153,786)		(763)		(170,120)		(13,887)


Inventories	9,239		695		16,626		(7,283)
Contract assets	2,046		5,957		(4,517)		12,413
Accounts payable	(36,652)		1,578		(20,356)		10,716
Accrued interest payable	(4,695)		7,470		(11,423)		539
Accrued compensation	(24,765)		3,672		(16,717)		(11,433)
Advances on contracts and other customer advances	(154)		(3,554)		534		(18,324)
Operating lease liabilities	(6,307)		(7,643)		(14,630)		(15,078)

Retirement plan liabilities, net	3,536		5,061		7,066		9,717
Reserve for contracts	132,923		2,570		129,519		(6,477)
Other assets and liabilities	(251)		(4,858)		9,141		11,876
Net cash (used) provided by operating activities	(296,938)		21,973		(275,402)		28,573
Cash flows from investing activities:
Purchases of property, plant and equipment	(34,660)		(39,035)		(68,387)		(60,659)

Proceeds from CE Holdings Note	1,724,804		—		1,724,804		—
Deposit for commercial commitments	(25,000)		—		(25,000)		—
Proceeds from sales of assets	5,069		2,317		7,019		3,764
Expenditures for intangible assets	(23)		(44)		(208)		(51)


Net proceeds (payments) from settlement of foreign currency forward exchange contracts	(442)		(6,033)		852		(4,296)


Net cash (used) provided by investing activities	1,669,748		(42,795)		1,639,080		(61,242)
Cash flows from financing activities:
Short-term borrowings, net	(7,847)		3,019		(7,738)		5,831
Borrowings and repayments under Revolving Credit Facility, net	(557,000)		32,000		(526,000)		62,000


Repayments of Term Loan	(105,556)		(1,250)		(106,806)		(2,500)
Repayments of Senior Notes	(475,000)		—		(475,000)		—
Cash paid for finance leases and other long-term debt	(5,059)		(5,511)		(10,607)		(9,669)







Settlement of stock appreciation rights	(16,529)		—		(16,529)		—
Stock-based compensation - Employee taxes paid	(21,857)		(257)		(38,109)		(1,534)


Other financing activities, net	(2,802)		—		(2,802)		—
Net cash (used) provided by financing activities	(1,191,650)		28,001		(1,183,591)		54,128
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	706		1,927		(2,093)		1,918
Net increase (decrease) in cash and cash equivalents, including restricted cash	181,866		9,106		177,994		23,377
Cash and cash equivalents, including restricted cash and cash included in Current portion of assets held-for-sale, at beginning of period	121,476		104,429		125,348		90,158
Cash and cash equivalents, including restricted cash, at end of period	$	303,342	$	113,535	$	303,342	$	113,535


ENVIRI CORPORATION REVIEW OF OPERATIONS BY SEGMENT (Unaudited)
	Three Months Ended
	June 30, 2026				June 30, 2025
(In thousands)	Revenues		Operating Income (Loss)		Revenues		Operating Income (Loss)
Harsco Environmental	$	266,160	$	12,976	$	258,009	$	4,251

Harsco Rail	(78,818)		(220,846)		57,963		(20,325)
Corporate	—		(36,553)		—		(15,509)
Consolidated Totals	$	187,342	$	(244,423)	$	315,972	$	(31,583)



	Six Months Ended
	June 30, 2026				June 30, 2025
(In thousands)	Revenues		Operating Income (Loss)		Revenues		Operating Income (Loss)
Harsco Environmental	$	522,877	$	23,005	$	501,115	$	14,324

Harsco Rail	(11,487)		(224,043)		127,910		(13,187)
Corporate	—		(49,270)		—		(27,672)
Consolidated Totals	$	511,390	$	(250,308)	$	629,025	$	(26,535)


ENVIRI CORPORATION RECONCILIATION OF ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS TO INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF TAX, AS REPORTED (Unaudited)

	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands, except per share amounts)	2026		2025		2026		2025
Income (loss) from continuing operations, net of tax, as reported	$	(298,301)	$	(45,726)	$	(322,661)	$	(52,300)

Adjustments:
Change in provision for forward losses and other contract-related costs on certain contracts (a)	—		15,854		—		5,402
Loss on contract exits (a)	207,390		—		207,390		—


Strategic costs (b)(c)	29,327		1,325		30,773		2,850




Restructuring and related costs (d)	9,911		—		10,559		3,333


Contract termination charge (b)	—		(2,249)		—		(2,249)
Site exit costs (c)	—		10,281		—		10,281


Income tax impact from adjustments above (e)	33,256		(2,649)		33,256		(3,295)
Adjusted income (loss) from continuing operations, including acquisition amortization expense	(18,417)		(23,164)		(40,683)		(35,978)
Acquisition amortization expense, net of tax (f)	804		630		1,652		1,189
Adjusted income (loss) from continuing operations, net of tax	$	(17,613)	$	(22,534)	$	(39,031)	$	(34,789)

Diluted weighted average shares of common stock outstanding	27,877		26,876		27,655		26,827
Diluted earnings (loss) per share from continuing operations, as reported (g)	$	(10.70)	$	(1.70)	$	(11.67)	$	(1.95)

Adjusted diluted earnings (loss) per share from continuing operations (g)	$	(0.63)	$	(0.84)	$	(1.41)	$	(1.30)


(a)						Classified in Total revenues, which included a $136.5 million decrease for the three and six months ended June 30, 2026 and a $12.2 million increase for the six months ended June 30, 2025 related to adjustments for certain Harsco Rail contracts, as well as in Cost of products sold, which included a $70.9 million increase in expense for the three and six months ended June 30, 2026 and a $15.9 million and $17.6 million increase in expense for the three and six months ended June 30, 2025, respectively, related to adjustments for certain Harsco Rail contracts.

(b)						Classified in Selling, general and administrative expenses for costs incurred during the three and six months ended June 30, 2025.




(c)						Classified in Other expense (income), net for costs incurred during the three and six months ended June 30, 2026.

(d)						Classified in Other expense (income), net for costs incurred during the three and six months ended June 30, 2026 and 2025.
(e)						Unusual items are tax-effected at the global effective tax rate before discrete items in effect during the year the unusual item is recorded.
(f)						Pre-tax acquisition amortization expense was $0.8 million and $1.7 million for the three and six months ended June 30, 2026, respectively, and $0.7 million and $1.3 million for the three and six months ended June 30, 2025, respectively.
(g)						Amounts above are rounded and recalculation may not yield precise results.


ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)
(In thousands)	Harsco Environmental			Harsco Rail			Corporate		Consolidated Totals

Three Months Ended June 30, 2026:
Operating income (loss), as reported	$	12,976		$	(220,846)		$	(36,553)	$	(244,423)

Strategic costs	2,265			—			27,062		29,327
Restructuring and related costs	2,485			7,426			—		9,911
Contract exits	—			207,390			—		207,390










Operating income (loss), adjusted	17,726			(6,030)			(9,491)		2,205
Stock-based compensation	—			—			1,652		1,652
Depreciation	27,438			1,185			231		28,854
Amortization	568			245			—		813
Adjusted EBITDA	$	45,732		$	(4,600)		$	(7,608)	$	33,524
Revenues, as reported	$	266,160		$	(78,818)				$	187,342
Contract exits	—			136,499					136,499
Revenues, adjusted	$	266,160		$	57,681				$	323,841
Adjusted EBITDA margin (%)	17.2		%	(8.0)		%			10.4		%

Three Months Ended June 30, 2025:
Operating income (loss), as reported	$	4,251		$	(20,325)		$	(15,509)	$	(31,583)
Strategic costs	—			—			1,325		1,325



Contract termination charge	(2,249)			—			—		(2,249)
Change in provision for forward losses and other contract-related costs on certain contracts	—			15,854			—		15,854




Site exit costs	10,281			—			—		10,281
Operating income (loss), excluding unusual items	12,283			(4,471)			(14,184)		(6,372)
Stock-based compensation	—			—			4,736		4,736
Depreciation	27,046			1,051			255		28,352
Amortization	571			106			—		677
Adjusted EBITDA	$	39,900		$	(3,314)		$	(9,193)	$	27,393
Revenues, as reported	$	258,009		$	57,963				$	315,972
Adjusted EBITDA margin (%)	15.5		%	(5.7)		%			8.7		%


ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO OPERATING INCOME (LOSS), AS REPORTED, BY SEGMENT (Unaudited)

(In thousands)	Harsco Environmental			Harsco Rail			Corporate		Consolidated Totals

Six Months Ended June 30, 2026:
Operating income (loss), as reported	$	23,005		$	(224,043)		$	(49,270)	$	(250,308)

Strategic costs	2,265			—			28,508		30,773
Restructuring and related costs	2,485			8,074			—		10,559
Contract exits	—			207,390			—		207,390









Operating income (loss), adjusted	27,755			(8,579)			(20,762)		(1,586)
Stock-based compensation	—			—			4,174		4,174
Depreciation	55,334			2,381			464		58,179
Amortization	1,140			530			—		1,670
Adjusted EBITDA	$	84,229		$	(5,668)		$	(16,124)	$	62,437
Revenues, as reported	$	522,877		$	(11,487)				$	511,390
Contract exits	—			136,499					136,499
Revenues, adjusted	$	522,877		$	125,012				$	647,889
Adjusted EBITDA margin (%)	16.1		%	(4.5)		%			9.6		%

Six Months Ended June 30, 2025:
Operating income (loss), as reported	$	14,324		$	(13,187)		$	(27,672)	$	(26,535)

Change in provision for forward losses and other contract-related costs on certain contracts	—			5,402			—		5,402
Strategic costs	—			—			2,850		2,850

Contract termination charge	(2,249)			—			—		(2,249)

Site exit costs	10,281			—			—		10,281


Restructuring and related costs	3,333			—			—		3,333




Operating income (loss), adjusted	25,689			(7,785)			(24,822)		(6,918)
Stock-based compensation	—			—			7,971		7,971
Depreciation	52,555			2,083			536		55,174
Amortization	1,111			173			—		1,284
Adjusted EBITDA	$	79,355		$	(5,529)		$	(16,315)	$	57,511
Revenues, as reported	$	501,115		$	127,910				$	629,025
Adjusted EBITDA margin (%)	15.8		%	(4.3)		%			9.1		%


ENVIRI CORPORATION RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)
	Three Months Ended June 30
(In thousands)	2026		2025
Consolidated income (loss) from continuing operations	$	(296,816)	$	(44,668)

Add back (deduct):
Equity in (income) loss of unconsolidated entities, net	(50)		(44)
Income tax expense (benefit) from continuing operations	40,548		(905)
Defined benefit pension expense (income)	3,918		5,555
Facility fees and debt-related expense (income)	318		154
Interest expense	8,239		8,739
Interest income	(580)		(414)
Depreciation	28,854		28,352
Amortization	813		677
Stock-based compensation	1,652		4,736

Unusual items:
Change in provision for forward losses and other contract-related costs on certain contracts	—		15,854
Strategic costs	29,327		1,325
Restructuring and related costs	9,911		—



Contract exits	207,390		—
Contract termination charge	—		(2,249)
Site exit costs	—		10,281















Consolidated Adjusted EBITDA	$	33,524	$	27,393


ENVIRI CORPORATION RECONCILIATION OF ADJUSTED EBITDA TO CONSOLIDATED INCOME (LOSS) FROM CONTINUING OPERATIONS AS REPORTED (Unaudited)

	Six Months Ended June 30
(In thousands)	2026		2025
Consolidated income (loss) from continuing operations	$	(320,049)	$	(50,041)

Add back (deduct):
Equity in (income) loss of unconsolidated entities, net	(73)		(72)
Income tax expense (benefit) from continuing operations	45,694		(4,325)
Defined benefit pension expense	7,854		10,756
Facility fee and debt-related expense	538		570
Interest expense	16,766		17,445
Interest income	(1,038)		(868)
Depreciation	58,179		55,174
Amortization	1,670		1,284
Stock-based compensation	4,174		7,971

Unusual items:
Change in provision for forward losses and other contract-related costs	—		5,402

Strategic costs	30,773		2,850







Restructuring and related costs	10,559		3,333
Contract exits	207,390		—
Contract termination charge	—		(2,249)
Site exit costs	—		10,281


Adjusted EBITDA	$	62,437	$	57,511


ENVIRI CORPORATION RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (Unaudited)

	Three Months Ended				Six Months Ended
	June 30				June 30
(In thousands)	2026		2025		2026		2025
Net cash provided (used) by operating activities	$	(296,938)	$	21,973	$	(275,402)	$	28,573
Less capital expenditures	(34,660)		(39,035)		(68,387)		(60,659)
Less expenditures for intangible assets	(23)		(44)		(208)		(51)
Plus capital expenditures for strategic ventures (a)	193		786		340		1,135
Plus total proceeds from sales of assets (b)	5,069		2,317		7,019		3,764
Plus transaction-related expenditures (c)	131,943		—		136,268		—
Plus repayment of revolving trade receivables securitization facility (d)	160,000		—		160,000		—
Clean Earth free cash flow deficit (benefit)	25,547		(25,226)		8,089		(45,069)
Adjusted free cash flow	$	(8,869)	$	(39,229)	$	(32,281)	$	(72,307)


(a)						Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s consolidated financial statements.
(b)						Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment.
(c)						Includes expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate, including payments made to certain employees as part of the Company's long-term incentive plan.
(d)						Includes the repurchase of accounts receivable related to the Company's revolving trade receivables securitization facility that was required to be terminated with the sale of Clean Earth.


Investor Contact			Media Contact
David Martin			Karen Tognarelli
+1.267.946.1407			+1.717.480.6145
dmartin@enviri.com			ktognarelli@enviri.com


($ in millions, except per share amounts)	Q2 2026			Q2 2025
Revenues - GAAP	$	187		$	316
Adjusted revenues	$	324		$	316
Operating income/(loss) from continuing operations - GAAP	$	(244)		$	(32)

Income (loss) from continuing operations - GAAP	$	(297)		$	(45)
Diluted EPS from continuing operations - GAAP	$	(10.70)		$	(1.70)
Adjusted EBITDA	$	34		$	27

Adjusted EBITDA margin	10.4		%	8.7		%
Adjusted diluted EPS from continuing operations	$	(0.63)		$	(0.84)


Retained earnings	1,133,668		1,211,234
Treasury stock	—		(864,646)
Total Enviri Corporation stockholders’ equity	639,081		255,062
Noncontrolling interests	43,606		40,525
Total equity	682,687		295,587
Total liabilities and equity	$	1,722,786	$	2,742,789


($ in millions)	Q2 2026			Q2 2025
Revenues	$	266		$	258
Operating income (loss) - GAAP	$	13		$	4

Adjusted EBITDA	$	46		$	40
Adjusted EBITDA margin	17.2		%	15.5		%


(a)						Weighted-average shares outstanding and earnings per share amounts for periods prior to the completion of the spin off have been retrospectively adjusted to reflect the impact of the Transactions on the Company's capital structure.
(b)						Earnings (loss) per share attributable to Enviri Corporation common stockholders is calculated based on actual amounts. As a result, these per share amounts may not total due to rounding.


ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED EBITDA BY SEGMENT USING MID-RANGE POINTS FOR EACH TO PROJECTED OPERATING INCOME (LOSS) BY SEGMENT (Unaudited)

(Amounts in millions)	Harsco Environmental			Harsco Rail












Projected Twelve Months Ending December 31, 2026
Projected operating income (loss)	$	54		$	(244)
Strategic costs	2			—
Restructuring and related costs	2			8
Contract exits	—			207

Operating income (loss), adjusted	59			(28)

Depreciation	114			5
Amortization	2			1

Projected adjusted EBITDA	$	175		$	(23)
Adjusted revenues	$	1,018		$	227
Adjusted EBITDA margin (%)	17.2		%	(9.9)		%