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Investor Contact			Media Contact
David Martin			Jay Cooney
+1.267.946.1407			+1.267.857.8017
dmartin@enviri.com			jcooney@enviri.com

•Third Quarter Revenues from Continuing Operations Totaled $525 Million, an Increase of 8 Percent Over the Prior-Year Quarter

•Q3 GAAP Operating Income from Continuing Operations of $30 Million

•Adjusted EBITDA from Continuing Operations in Q3 Totaled $79 million, an Increase of 12 Percent Over the Prior-Year Quarter

•Credit Agreement Net Leverage Ratio Declined Further, to 4.5x at Quarter-End

•Full Year 2023 Adjusted EBITDA Guidance Range Increased to Between $282 Million and $289 Million; From Prior Range of $270 Million to $285 Million

PHILADELPHIA (November 2, 2023) - Enviri Corporation (NYSE: NVRI) today reported third quarter 2023 results. On a U.S. GAAP ("GAAP") basis, the third quarter of 2023 diluted loss per share from continuing operations was $0.11, after strategic expenses, an accounts receivable provision (linked to an idled steel mill) and other unusual items. Adjusted diluted earnings per share from continuing operations in the third quarter of 2023 was $0.05. These figures compare with third quarter of 2022 GAAP diluted earnings per share from continuing operations of $0.01 and adjusted diluted earnings per share from continuing operations of $0.10.

GAAP operating income from continuing operations for the third quarter of 2023 was $30 million. Adjusted EBITDA was $79 million in the quarter, compared to the Company's previously provided guidance range of $67 million to $74 million.

“Enviri again delivered strong results in the third quarter, with both Clean Earth and Harsco Environmental realizing meaningful year-on-year earnings growth thanks to solid execution across the Company,” said Enviri Chairman and CEO Nick Grasberger. “Our adjusted EBITDA margin in the third quarter was the highest since early 2020, reflecting strong operational and cost performance, successful improvement initiatives, and the continued recognition of our value-proposition by customers. We also made further progress on our ongoing objective to reduce leverage, supported by healthy cash flow generated by CE and HE.

"Looking ahead, our outlook for Q4 is positive and we’re optimistic about further business growth into 2024. Our competitive position is strong and internal initiatives will continue to further solidify our strong foundation. Lastly, the sale process for our Rail business is ongoing, and we are confident that an agreement will be signed in the coming months.”

Note: Adjusted diluted earnings (loss) per share from continuing operations and adjusted EBITDA details presented throughout this release are adjusted for unusual items; in addition, adjusted diluted earnings per share from continuing operations is adjusted for acquisition-related amortization expense. See below for definition of these non-GAAP measures.

Consolidated revenues from continuing operations were $525 million, an increase of 8 percent compared with the prior-year quarter. Both Harsco Environmental and Clean Earth realized an increase in revenues compared to the third quarter of 2022 due to higher services pricing and demand. Foreign currency translation positively impacted third quarter 2023 revenues by approximately $5 million (1 percent), compared with the prior-year period.

The Company's GAAP operating income from continuing operations was $30 million for the third quarter of 2023, compared with a GAAP operating income of $30 million in the same quarter of 2022. Meanwhile, adjusted EBITDA totaled $79 million in the third quarter of 2023 versus $70 million in the third quarter of the prior year. Both Harsco Environmental and Clean Earth achieved higher adjusted EBITDA versus the comparable quarter of 2022.

Harsco Environmental revenues totaled $286 million in the third quarter of 2023, an increase of 8 percent compared with the prior-year quarter. This increase is attributable to higher services and products demand and price increases as well as the impact of FX translation. The segment's GAAP operating income and adjusted EBITDA totaled $18 million and $54 million, respectively, in the third quarter of 2023. These figures compare with GAAP operating income of $22 million and adjusted EBITDA of $51 million in the prior-year period. The year-on-year change in adjusted earnings reflects the impact of higher prices and demand as well as cost improvement initiatives.

Clean Earth revenues totaled $239 million in the third quarter of 2023, a 7 percent increase over the prior-year quarter as a result of higher services pricing and increased volumes. The segment's GAAP operating income was $21 million and adjusted EBITDA was $34 million in the third quarter of 2023. These figures compare with GAAP operating income of $17 million and adjusted EBITDA of $28 million in the prior-year period. The year-on-year improvement in adjusted earnings reflects the above mentioned factors as well as efficiency initiatives, cost decreases and favorable business mix. As a result, Clean Earth's adjusted EBITDA margin increased to 14.2 percent in the third quarter of 2023 versus 12.7 percent in the comparable quarter of 2022.

Net cash provided by operating activities was $18 million in the third quarter of 2023, compared with net cash provided by operating activities of $13 million in the prior-year period. Free cash flow (excluding Rail) was $10 million in the third quarter of 2023, compared with $(31) million in the prior-year period. The change in free cash flow compared with the prior-year quarter is attributable to higher cash earnings, working capital changes (net of the accounts receivable securitization benefit of $25 million in the prior-year quarter) and lower net capital spending.

The Company has again increased its 2023 guidance for Adjusted EBITDA, reflecting the Company's positive third quarter performance and business momentum. In total, this change relative to the Company's prior outlook can be attributed to improved volumes and margin performance in Clean Earth as well as modestly lower Corporate spending.

For the full year 2023, key business drivers for each segment as well as other guidance details are as follows:

Harsco Environmental adjusted EBITDA is projected to be modestly above prior-year results. For the year, higher services pricing, restructuring benefits, site improvement initiatives and new contracts are expected to be partially offset by FX translation impacts and lower commodity prices.

Clean Earth adjusted EBITDA is expected to significantly increase versus 2022, as a result of higher services pricing and volumes as well as cost reduction and operational improvement actions, offsetting the impacts of continued labor-market and supply-chain (disposal) tightness.

Corporate spending is anticipated to be higher relative to the prior year due to the normalization of certain expenditures, including travel and higher planned incentive compensation.

The Company will hold a conference call today at 9:00 a.m. Eastern Time to discuss its results and respond to questions from the investment community. Those who wish to listen to the conference call webcast should visit the Investor Relations section of the Company’s website at www.enviri.com. The live call also can be accessed by dialing (833) 630-1956, or (412) 317-1837 for international callers. Please ask to join the Enviri Corporation call. Listeners are advised to dial in approximately ten minutes prior to the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

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 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. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan" 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) changes in the worldwide business environment in which the Company operates, including changes in general economic conditions or health conditions; (2) changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (3) 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; (4) changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; (5) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; (6) 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; (7) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (8) unforeseen business disruptions in one or more of the many countries in which the Company operates due to political instability, civil disobedience, armed hostilities, public health issues or other calamities; (9) disruptions associated with labor disputes and increased operating costs associated with union organization; (10) the seasonal nature of the Company's business; (11) the Company's ability to successfully enter into new contracts and complete new acquisitions or strategic ventures in the time-frame contemplated, or at all; (12) the Company's ability to negotiate, complete, and integrate strategic transactions; (13) failure to complete a process for the divestiture of the Rail segment on satisfactory terms, or at all; (14) potential severe volatility in the capital or commodity markets; (15) failure to retain key management and employees; (16) the outcome of any disputes with customers, contractors and subcontractors; (17) 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; (18)

implementation of environmental remediation matters; (19) risk and uncertainty associated with intangible assets; (20) the risk that the Company may be unable to implement fully and successfully the expected incremental actions at the Clean Earth segment due to market conditions or otherwise and may fail to deliver the expected resulting benefits; and (21) 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 in Part II, Item 1A, "Risk Factors," of the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2023, and Part I, Item 1A, "Risk Factors," of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which are filed with the Securities and Exchange Commission. 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.

Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. The most comparable GAAP measures are included within the definitions below.

Adjusted diluted earnings 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 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); 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 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.

Free cash flow: 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. The Company's management believes that Free cash flow is meaningful to investors because management reviews Free cash flow for planning and performance evaluation purposes. It is important to note that Free cash flow does not represent the total residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements and settlements of foreign currency forward exchange contracts, are not deducted from this measure. Free cash flow excludes the former Harsco Rail Segment since the segment is reported as discontinued operations. This presentation provides a basis for comparison of ongoing operations and prospects.

Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.

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(a) Does not total due to rounding

ENVIRI CORPORATION CONSOLIDATED BALANCE SHEETS
(In thousands)						September 30 2023						December 31 2022
ASSETS
Current assets:
Cash and cash equivalents						$	95,592					$	81,332
Restricted cash						3,095						3,762
Trade accounts receivable, net						288,030						264,428
Other receivables						29,557						25,379
Inventories						84,569						81,375
Prepaid expenses						33,941						30,583
Current portion of assets held-for-sale						268,993						266,335
Other current assets						27,620						14,541
Total current assets						831,397						767,735
Property, plant and equipment, net						641,434						656,875
Right-of-use assets, net						98,624						101,253
Goodwill						759,027						759,253
Intangible assets, net						331,246						352,160
Deferred income tax assets						14,784						17,489
Assets held-for-sale						89,986						70,105
Other assets						70,937						65,984
Total assets						$	2,837,435					$	2,790,854
LIABILITIES
Current liabilities:
Short-term borrowings						$	14,006					$	7,751
Current maturities of long-term debt						14,990						11,994
Accounts payable						202,067						205,577
Accrued compensation						59,224						43,595
Income taxes payable						7,654						3,640
Current portion of operating lease liabilities						25,434						25,521
Current portion of liabilities of assets held-for-sale						139,219						159,004
Other current liabilities						130,295						140,199
Total current liabilities						592,889						597,281
Long-term debt						1,400,428						1,336,995
Retirement plan liabilities						48,593						46,601
Operating lease liabilities						74,305						75,246
Liabilities of assets held-for-sale						4,400						9,463
Environmental liabilities						25,309						26,880
Deferred tax liabilities						31,349						30,069
Other liabilities						46,397						45,277
Total liabilities						2,223,670						2,167,812
ENVIRI CORPORATION STOCKHOLDERS’ EQUITY
Common stock						146,079						145,448
Additional paid-in capital						235,245						225,759
Accumulated other comprehensive loss						(550,334)						(567,636)
Retained earnings						1,582,675						1,614,441
Treasury stock						(849,944)						(848,570)
Total Enviri Corporation stockholders’ equity						563,721						569,442
Noncontrolling interests						50,044						53,600
Total equity						613,765						623,042
Total liabilities and equity						$	2,837,435					$	2,790,854

(a)Costs incurred at Corporate to amend the Company's Senior Secured Credit Facilities, partially offset by a gain on the repurchase of $25.0 million of Senior Notes (Q3 2022 $1.1 million pre-tax expense; nine months 2022 $0.5 million pre-tax income).

(b)Certain strategic costs incurred at Corporate associated with supporting and executing the Company's long-term strategies (Q3 2023 $1.0 million pre-tax expense; nine months ended 2023 $2.3 million pre-tax expense). 2022 included the relocation of the Company's headquarters, in addition to other certain strategic costs incurred at Corporate (Q3 2022 $0.3 million pre-tax expense; nine months 2022 $0.1 million pre-tax expense).

(c)Adjustment related to a previously recorded liability related to a contingent consideration from the Company's acquisition of Clean Earth (Q3 2023 and nine months ended 2023 $0.8 million pre-tax income).

(d)Severance and related costs incurred in the Harsco Environmental segment (Q3 2023 and nine months ended 2023 $1.1 million pre-tax expense).

(e)Net gain recognized for a lease modification that resulted in a lease incentive for the Company for a site relocation prior the end of the expected lease term (nine months ended 2023 $9.8 million pre-tax income).

(f)Non-cash property, plant and equipment impairment charge related to abandoned equipment at a Harsco Environmental site, net of noncontrolling interest impact (nine months ended 2023 net $7.9 million, which includes $14.1 million pre-tax expense, net of $6.2 million that represents the noncontrolling partner's share of the impairment charge).

(g)Accounts receivable provision related to a customer in the Middle East (Q3 2023 and nine months ended 2023 $5.3 million pre-tax expense).

(h)Non-cash goodwill impairment charge in the Clean Earth segment (nine months 2022 $104.6 million pre-tax expense).

(i)Severance and related costs incurred in the Clean Earth segment (Q3 2022 $1.1 million pre-tax expense; nine months 2022 $2.5 million pre-tax expense).

(j)Adjustment to a contingent consideration related to an acquisition in the Clean Earth segment (Q3 2022 and nine months 2022 $0.8 million pre-tax income).

(k)Unusual items are tax-effected at the global effective tax rate, before discrete items, in effect at the time the unusual item is recorded.

(l)Pre-tax acquisition amortization expense was $7.4 million and $7.7 million in Q3 2023 and 2022, respectively, and after-tax was $5.7 million and $6.0 million in Q3 2023 and 2022, respectively. Pre-tax acquisition amortization expense was $21.5 million and $23.4 million for the nine months ended 2023 and 2022, respectively, and after-tax was $16.6 million and $18.4 million for the nine months ended 2023 and 2022, respectively.

(m)Does not total due to rounding.

ENVIRI CORPORATION RECONCILIATION OF PROJECTED ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS TO DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (a) (Unaudited)
						Projected												Projected
						Three Months Ending												Twelve Months Ending
						December 31												December 31
						2023												2023
						Low						High						Low						High
Diluted earnings (loss) per share from continuing operations						$	(0.19)					$	(0.10)					$	(0.59)					$	(0.50)
Corporate strategic costs						—						—						0.03						0.03
Corporate contingent consideration adjustment						—						—						(0.01)						(0.01)
Harsco Environmental segment severance costs						—						—						0.01						0.01
Harsco Environmental segment net gain on lease incentive						—						—						(0.12)						(0.12)
Harsco Environmental property, plant and equipment impairment charge, net of noncontrolling interest						—						—						0.10						0.10
Harsco Environmental accounts receivable provision						—						—						0.07						0.07
Taxes on above unusual items						—						—						0.07						0.07
Adjusted diluted earnings (loss) per share from continuing operations, including acquisition amortization expense						(0.19)						(0.10)						(0.45)			(b)			(0.36)			(b)
Estimated acquisition amortization expense, net of tax						0.07						0.07						0.28						0.28
Adjusted diluted earnings (loss) per share from continuing operations						$	(0.12)					$	(0.03)					$	(0.17)		(b)			$	(0.08)

(a) Excludes Harsco Rail Segment.

(a)Capital expenditures for strategic ventures represent the partner’s share of capital expenditures in certain ventures consolidated in the Company’s condensed consolidated financial statements.

(b)Asset sales are a normal part of the business model, primarily for the Harsco Environmental segment.

(c)Expenditures directly related to the Company's divestiture transactions and other strategic costs incurred at Corporate.