Services-Services, NECIFRS · EUR

Enviri LLC

ENVIRI LLC is a U.S.-based industrial services company organized around environmental solutions for metal producers and rail technology for infrastructure customers. Its business has historically been structured into Harsco Environmental, Clean Earth, and Harsco Rail, combining onsite industrial recycling and material processing, waste handling, and rail equipment and systems.

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Revenue2,240m EUR
−4.4 %y/y
Operating profit (EBIT)4.2m EUR
−86.2 %y/y
EBIT margin0.2%
−1.1 ppy/y
Net income-168m EUR
−29.3 %y/y
Free cash flow-39.9m EUR
+31.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,5002,0002,500m EUR2020: 1,534 m EUR2020: EBIT -3.3 m EUR20202021: 1,848 m EUR2021: EBIT 88 m EUR20212022: 2,134 m EUR2022: EBIT -101 m EUR20222023: 2,366 m EUR2023: EBIT 111 m EUR20232024: 2,343 m EUR2024: EBIT 31 m EUR20242025: 2,240 m EUR2025: EBIT 4.2 m EUR20252,2404.2
RevenueOperating profit (EBIT)
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Business

Share of revenue
Harsco Environmental services55 %

Onsite industrial environmental services, waste handling, and material processing for metals producers.

Clean Earth waste solutions25 %

Environmental services for industrial, retail, and medical waste streams.

Harsco Rail systems15 %

Rail equipment, safety, diagnostics, and related technology systems.

Ecoproducts and downstream materials5 %

Recovered and repurposed materials sold into road materials, agricultural, and aggregate markets.

Products

Reported · share of revenue
42.4%36.8%FY2025100 %
  • Products and Services Onsite Services and Material Logistics Product Quality Improvement and Resource Recovery42.4 %
  • Waste Processing and Reuse Solutions36.8 %
  • Soil and Dredged Material6.7 %
  • After Market Parts and Services Safety and Diagnostic Technology4.5 %
  • Railway Track Maintenance Equipment3.7 %
  • Other5.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves industrial customers that outsource environmental handling, recycling, and byproduct processing at their operating sites, especially steel and metals producers. It also serves waste generators and rail infrastructure operators that need specialized treatment, disposal, or equipment solutions. Customers buy these services to reduce operational burden, comply with environmental requirements, and access technical expertise and long-term site support.

Global steel and metals producers

Buy onsite environmental services, waste handling, and resource recovery to support production-critical operations.

Industrial waste generators

Use waste management and treatment services for hazardous and non-hazardous streams.

Rail infrastructure operators

Purchase rail equipment, safety, and diagnostics systems for maintenance and network operations.

Retail and medical waste customers

Buy specialized waste collection, treatment, and disposal services.

Downstream materials buyers

Purchase repurposed road materials, aggregates, and agricultural products from recovered streams.

Strategy

The company’s strategy centers on positioning environmental services as a core industrial offering, with emphasis on recycling, beneficial reuse, and downstream product applications. It also seeks to deepen customer relationships through long-term contracts, innovation, and customized solutions that address both business and environmental needs. The portfolio has been organized around distinct businesses with different end markets, allowing capital and operating focus by segment.

Expand downstream products and resource recoveryMedium term

Recovered materials can create additional value beyond service fees and improve customer economics.

Strengthen long-term customer contractsShort term

Fixed fees, minimum billings, and renewal rates support site economics and reduce volatility.

Innovate around environmental compliance needsMedium term

New technologies and solutions help customers meet tightening environmental regulation.

Geography

ENVIRI operates across approximately 30 countries, with a broad footprint in the Americas, Europe, and other international markets. Its Harsco Environmental business serves customers at roughly 120 sites in about 30 countries, and the company notes that revenues and operating costs are often denominated in local currencies. This geographic spread diversifies customer exposure but also creates foreign exchange, trade, and regulatory complexity.

Risks

The business is exposed to regulatory, permitting, and environmental-liability risk because many operations depend on licenses, site approvals, and compliance with waste-handling rules. It also faces customer concentration, contract-performance, and international exposure risks, including tariffs, trade tensions, foreign exchange, and the possibility that large industrial customers reduce outsourced volumes. Rail and waste operations add estimate risk through long-term contracts, forward-loss provisions, and impairment testing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Environmental liability and contamination claims1Contract estimate and forward-loss risk2Permit and license renewal risk3International trade and tariff exposure4Customer concentration and industrial demand cycles5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Environmental liability and contamination claimsImpact: HighLikelihood: High

    Waste handling and treatment can create legal exposure for contamination or mishandling.

    Exposure: Clean Earth and waste-related operations

  2. Contract estimate and forward-loss riskImpact: HighLikelihood: High

    Rail and service contracts require cost estimates that can change reported results.

    Exposure: Harsco Rail and long-term service contracts

  3. Permit and license renewal riskImpact: HighLikelihood: Medium

    Facilities depend on timely approvals and compliance with local, state, and federal rules.

    Exposure: Environmental services and waste facilities

  4. International trade and tariff exposureImpact: MediumLikelihood: Medium

    Operations span many countries and can be affected by tariffs and political tensions.

    Exposure: Global operations

  5. Customer concentration and industrial demand cyclesImpact: MediumLikelihood: Low

    Large steel and metals customers can reduce volumes during downturns or site changes.

    Exposure: Harsco Environmental

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Accounting

Judgemental items
Cost-to-cost revenue recognition

Revenue and profit depend on estimated costs and progress on long-term contracts.

Impact: Can shift revenue and margin timing between periods

Forward-loss provisions on rail contracts

Expected losses on fixed-price or long-duration contracts must be recognized when identified.

Impact: Can materially reduce current-period earnings

Goodwill impairment testing

Reporting unit fair values are sensitive to discount rates and cash flow assumptions.

Impact: Can create non-cash impairment charges

Environmental and legal provisions

Waste operations can generate remediation, compliance, and dispute-related liabilities.

Impact: Affects operating expenses and balance-sheet reserves

Pension and tax estimates

Multi-country operations require judgment on benefit obligations and tax positions.

Impact: Can move earnings and equity through actuarial and tax adjustments

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Last updated: 24/09/2026