Like **Waste Management (WM)** or **Republic Services (RSG)**, but exclusively focused on industrial and hazardous waste treatment, recycling, and disposal.

• Harsco Environmental Services: Provides onsite environmental and material processing services to the metals industry, including slag management and material recovery.
• Clean Earth Environmental Services: Offers comprehensive waste management solutions, such as hazardous waste disposal, soil remediation, and wastewater treatment.

Enviri (symbol: NVRI) primarily sells its services and solutions to other companies (Business-to-Business or B2B) across a wide range of industries. While Enviri does not publicly disclose the names of its specific major customer companies due to competitive and confidential reasons, it categorizes its customer base by the sectors it serves.

Enviri's operations are generally divided into two main segments, each catering to distinct types of corporate and governmental clients:

1. Harsco Environmental Customers

   This segment provides outsourced environmental solutions, material processing, and resource recovery services, primarily to:

   • Global Steel and Metals Producers: Enviri partners with leading companies in the steel, aluminum, and other metals industries worldwide, providing essential on-site services such as slag management, material handling, and metal recovery from industrial by-products.
   • Other Heavy Industrial Companies: Beyond primary metals, this segment serves other heavy industrial manufacturers that require specialized material processing and environmental support for their operations.

2. Clean Earth Customers

   This segment is a leading provider of environmental services, including hazardous and non-hazardous waste management, soil and dredge material management, and wastewater treatment. Its diverse customer base includes:

   • Industrial and Manufacturing Companies: Clients span a broad array of industrial sectors such as chemicals, energy (oil & gas, power generation), pharmaceuticals, automotive, general manufacturing, and technology, all of whom generate complex or specialized waste streams.
   • Commercial Businesses: Various commercial enterprises, including those in construction, infrastructure development, retail, healthcare, and property management, utilize Clean Earth's services for waste disposal, recycling, and environmental compliance.
   • Government Entities: Federal, state, and local government agencies frequently engage Clean Earth for environmental remediation projects, specialized waste disposal services, and management of contaminated materials from public infrastructure and facilities.

Given the nature of their services, Enviri's customers are typically large to medium-sized enterprises and government organizations that require specialized, outsourced environmental solutions to manage their waste and industrial by-products responsibly and in compliance with regulations.

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F. Nicholas Grasberger III, Chairman and Chief Executive Officer

Mr. Grasberger has served as the Chairman, President, and Chief Executive Officer of Enviri since October 2018. He initially joined Enviri (then Harsco) in 2013 as the Chief Financial Officer and was appointed President and Chief Executive Officer in 2014. Prior to his tenure at Enviri, he was the Managing Director of the multinational Precision Polymers division of Fenner Plc from 2011 to 2013, which was later acquired by Compagnie Générale des Établissements Michelin in 2018. His career also includes serving as Executive Vice President and Chief Executive Officer of Armstrong Building Products, Senior Vice President and Chief Financial Officer of Armstrong World Industries, Inc., Vice President and Chief Financial Officer of Kennametal Inc., and Corporate Treasurer and Director of Corporate Planning at H.J. Heinz Company. He began his career with USX Corporation.

Tom G. Vadaketh, Senior Vice President and Chief Financial Officer

Mr. Vadaketh was appointed as Senior Vice President and Chief Financial Officer of Enviri, effective October 16, 2023. He brings over 30 years of financial experience, most recently as the CFO of Bausch Health Companies Inc. from January 2022 to October 2023. Before Bausch Health, he served as CFO of eResearchTechnology, Inc. (ERT) from 2018 to 2021, and held CFO roles at Cambrex from 2017 to 2018 and The Crosby Group, a KKR Company, from 2014 to 2016. He started his career at Deloitte & Touche LLP and held various senior financial positions at Procter & Gamble Co and Tyco International, Ltd. He has also been CFO for other public and privately held businesses.

Jeff Beswick, Senior Vice President and President, Clean Earth

Mr. Beswick holds the position of Senior Vice President and President of Clean Earth for Enviri.

Russell C. Hochman, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

Mr. Hochman has served as Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary since 2015. He joined Enviri in 2013 as Deputy General Counsel and previously held senior legal roles with Pitney Bowes Inc.

Jennifer O. Kozak, Senior Vice President and Chief Human Resources Officer

Ms. Kozak has been the Senior Vice President and Chief Human Resources Officer of Enviri since 2022. Before this role, she served as the Vice President of Clean Earth Human Resources for the company and also worked at General Electric and SUEZ Water Technologies & Solutions.

The key risks to Enviri (NVRI) primarily revolve around operational challenges within its rail segment, its overall financial health and leverage, and the cyclical nature of the markets served by its environmental division.

1. Challenges in the Harsco Rail Segment: The Harsco Rail segment has faced significant operational issues, primarily stemming from long-term fixed-price contracts that have resulted in losses due to cost overruns and supply chain disruptions. This segment has consistently experienced weak demand, higher manufacturing costs, and an unfavorable business mix, leading to operating losses and reduced Adjusted EBITDA. These "disastrous contracts," particularly the Engineer-To-Order (ETO) agreements, have generated substantial costs and cash outflows and have even hindered past attempts to sell the business. Even with the planned spin-off of Harsco Environmental and Rail into "New Enviri," the issues within the Rail segment are expected to persist, making its future prospects less compelling.
2. Financial Health and High Leverage: Enviri's financial stability presents a significant risk, characterized by a high debt-to-equity ratio of 4.62 and a low current ratio of 1.2, which suggest potential liquidity constraints. The company's Altman Z-Score of 1.73 places it in a "distress zone," indicating a risk of financial instability. Furthermore, an extremely low interest coverage ratio of 0.36 raises concerns about Enviri's ability to meet its interest obligations. While the sale of its Clean Earth division is intended to reduce debt, the "New Enviri" entity is still projected to have a net debt to adjusted EBITDA ratio of approximately 2.0x.
3. Market Volatility and Economic Conditions Affecting Harsco Environmental: The Harsco Environmental segment is susceptible to the inherent volatility and cyclical downturns of the global steel market. This segment faces ongoing challenges from excess steelmaking capacity and diminished demand in key regions. Weak fundamentals within the global steel market are anticipated to continue impacting Harsco Environmental's performance. Revenue and operating income in this segment have also been negatively affected by lower eco-product sales, site exits, and divestitures.

Enviri (NVRI) is poised for future revenue growth over the next 2-3 years, driven by several key factors across its segments and strategic initiatives.

1. Continued Growth in the Clean Earth Segment: Enviri's Clean Earth segment is a significant driver of anticipated revenue growth. This segment is expected to benefit from increased pricing, ongoing efficiency improvements, and volume growth, particularly as it capitalizes on sustainability initiatives from customers. Expansion into new markets, such as those related to PFAS remediation, also presents a growth opportunity for Clean Earth.
2. New Contracts and Enhanced Service Levels within Harsco Environmental: Despite facing some market challenges, the Harsco Environmental segment is projected to achieve organic growth through securing new contracts and delivering higher service levels. The company aims for stable underlying profitability in this segment while anticipating a recovery in the global steel market.
3. Strength of Harsco Rail's Base Business and Resolution of Legacy Contracts: The core "base business" of Harsco Rail, encompassing standard equipment, parts, and adjacent services, continues to demonstrate healthy demand and strong bookings. Furthermore, the company expects to see improved financial performance as net outflows on its Engineering-to-Order (ETO) contracts decrease and these legacy contracts are completed.
4. Leveraging a Dedicated Environmental Solutions Focus and Sustainability Initiatives: Enviri's strategic shift to derive 100% of its revenue from environmental solutions positions it favorably to capture growth from increasing global demand for sustainable waste management and recycling. This overarching focus supports the growth objectives of its Clean Earth and Harsco Environmental divisions by aligning with broader environmental trends and customer needs.

Share Issuance

• Enviri's outstanding shares increased by 0.48% in one year.

Inbound Investments

• FUND 1 INVESTMENTS, LLC added an estimated $30,235,174 in Enviri shares to its portfolio in Q2 2025.
• ANGELO GORDON & CO., L.P. added an estimated $10,706,215 in Enviri shares to its portfolio in Q2 2025.
• NEWTYN MANAGEMENT, LLC added an estimated $8,688,836 in Enviri shares to its portfolio in Q2 2025.

Outbound Investments

• In April 2020, Enviri (then Harsco Corporation) acquired Stericycle, Inc.'s Environmental Solutions business (ESOL), expanding its geographic reach and establishing a leading national hazardous waste management platform.
• In January 2020, Enviri divested its Industrial division to focus entirely on environmental solutions.
• The company's management views strategic acquisitions as a means to invest in future growth.

Capital Expenditures

• Net capital expenditures are projected to be between $21 million and $26 million for 2025.
• Capital expenditures amounted to -$136.73 million over the last 12 months (as of November 2025).
• The company reported reduced capital spending partially offsetting changes in adjusted free cash flow in Q4 2024 and Q1 2025.