Enviri (NYSE:NVRI) Q4 2025 Earnings call February 24, 2026 09:00 AM ET Company ParticipantsDave Martin - VP of Investor RelationsLarry Solow - Managing DirectorNick Grasberger - CEORussell Hochman - COOTom Vadaketh - CFOConference Call ParticipantsDevin Dodge - AnalystRob Brown - Senior Research AnalystOperatorAlso, this telephone conference presentation and accompanying webcast made on behalf of Enviri Corporation are subject to copyright by Enviri Corporation, and all rights are reserved. No recordings or ...

Enviri (NYSE:NVRI) Q4 2025 Earnings call February 24, 2026 09:00 AM ET Speaker4Also, this telephone conference presentation and accompanying webcast made on behalf of Enviri Corporation are subject to copyright by Enviri Corporation, and all rights are reserved. No recordings or redistributions of this telephone conference by any other party are permitted without the express written consent of Enviri Corporation. Your participation indicates your agreement. I would now like to introduce Dave Martin of Envir ...

Core Insights - The most delayed airline in 2025 is Ryanair, which shares the top spot with easyJet and Air France, each having 29% of their flights delayed [3][12]. Flight Data Overview - In 2025, Flighty users took over 22 million flights, resulting in a total of 78 million flying hours [2]. - Passengers lost approximately 3.9 million hours due to delays in 2025 [2]. Delay Rankings - Frontier Airlines ranked fourth with 28% of its flights delayed, making it the worst airline for delays in the United States [3][15]. - Lufthansa and Qantas tied for fifth place, each with 26% of flights delayed [3][15]. - KLM Royal Dutch, Air Canada, JetBlue Airways, and Southwest Airlines tied for tenth place, each with 25% of flights delayed [4][15]. Lost Time Metrics - Flighty introduced a "lost time" measure, indicating the time between a plane's scheduled arrival and when passengers exit the aircraft, affected by factors like runway congestion and taxi times [4][15]. - In 2025, about 30% of flights tracked were extended after landing, impacting around six million flights and resulting in an additional 1.4 million hours of waiting time [5][15]. - On average, passengers experienced an extra wait of 14 minutes per flight to reach the gate [5][15]. Upcoming Travel Disruptions - Major delays are anticipated during the festive travel period, with estimates suggesting one in three passengers may face flight delays [6][8]. - Strikes by airport workers, particularly at London Luton Airport, are expected to disrupt flight schedules [8][9]. - National Rail has confirmed planned engineering works during the festive season, which may also affect train passengers [10][15].

Core Insights - Arriva Group is enhancing its UK rail portfolio by acquiring Leeds-based RTS Infrastructure, marking its entry into the UK rail infrastructure construction sector [1][5] - The acquisition includes a lease for a rail maintenance facility near Leeds Station, which will be integrated into Arriva's national depot network to increase overnight servicing capacity for rail vehicles [2] - RTS Infrastructure provides rail depot services and infrastructure projects, holding a Network Rail Principal Contractor Licence, which will allow Arriva to expand its service offerings [3] Company Strategy - The acquisition is part of Arriva's strategy to broaden service provision and diversify revenue streams within its UK Trains division [5] - Arriva's European growth strategy includes investments in fleet, infrastructure, and digital technologies [6] - The managing director of Arriva Rail Services emphasized that RTS Infrastructure will enhance the UK rail business by expanding depot footprint and providing new design and construction service opportunities [6] Operational Impact - All roles for RTS Infrastructure employees and customer contracts will remain unchanged following the acquisition [5] - RTS Infrastructure has a strong order book and a skilled team, which will help Arriva better serve both new and existing clients [6] - The acquisition aligns with Arriva's recent €300 million ($349.3 million) contract with Škoda for electric multiple units in Czechia, reinforcing its commitment to sustainable passenger transport [6]

Investment Rating - The report indicates a muted investment activity in the office market, with prime office yields remaining stable at 6.50% across the UK cities [6][18]. Core Insights - The leasing market remains resilient, with occupier activity reaching 1.4 million sq ft in Q1 2025, reflecting a 27% increase compared to the same period in 2024 [9][10]. - Larger requirements are driving occupier demand, with three leasing transactions exceeding 100,000 sq ft, the highest since Q4 2020 [11][12]. - The technology, media, and telecommunications (TMT) sector accounted for 20% of space leased, representing the highest proportion of occupier demand [13]. - A 'fight for quality' is evident, with 52% of total space leased being new and grade A, and a vacancy rate of just 3.0% for this segment [14]. - Investment volumes fell significantly, reaching £151.8 million, a 71% decline quarter-on-quarter and 38% below the 5-year Q1 average [15][16]. - The absence of high-value sales is noted, with 95% of transactions below £20 million, indicating limited liquidity at the upper end of the market [17]. - Prime pricing has stabilized, with yields remaining at 6.50%, reflecting a 25 basis points compression year-on-year [18][19]. Summary by Sections Aberdeen - Occupier take-up increased by 94% year-on-year to 61,942 sq ft, although 16% below the 5-year average [26]. - Grade A availability fell by 6% quarter-on-quarter to 122,134 sq ft, reflecting a 32% decline over the past year [26]. - Investment activity reached £7.7 million, 37% below the 5-year average [26]. Birmingham - Occupier take-up totaled 75,522 sq ft, a 45% fall quarter-on-quarter and 60% below the 10-year average [34]. - New and grade A space accounted for 81% of leasing activity [34]. - Investment activity reached £27.1 million, 40% less than the previous quarter [34]. Bristol - Occupier take-up was 92,995 sq ft, reflecting an 8% fall from the previous quarter [42]. - Grade A availability stood at 304,347 sq ft, stable quarter-on-quarter but 142% above the 5-year average [42]. - Investment activity totaled £35.8 million, 52% below the 10-year average [42]. Cardiff - Take-up reached 94,068 sq ft, 5% above the 5-year average [50]. - Grade A availability dipped to 291,760 sq ft, a 7% fall from the previous quarter [50]. - Investment activity reached £24.6 million, 77% above the equivalent period in 2024 [50]. Edinburgh - Leasing volumes reached 99,373 sq ft, 12% above the 5-year Q1 average [58]. - Grade A availability increased to 700,435 sq ft, 19% above the equivalent point in 2024 [58]. - Investment activity was £3.3 million, following the sale of 48-50 Melville Street [58]. Glasgow - Occupier take-up totaled 158,567 sq ft, 79% above the equivalent period in 2024 [66]. - The total market vacancy rate stood at 9.3%, down from 10.3% a year earlier [64]. - No office investment transactions occurred in Q1 2025 [66]. Leeds - Take-up reached 241,282 sq ft, a 53% increase quarter-on-quarter [73]. - Grade A availability fell to 140,362 sq ft, 48% below the 5-year average [73]. - Investment activity was £16 million, solely from the sale of the Mint Building [73]. Manchester - Leasing activity totaled 319,995 sq ft, a 14% increase from the previous quarter [81]. - Grade A availability fell by 9% quarter-on-quarter to 549,245 sq ft [81]. - Investment activity was £13.6 million, reflecting a 66% year-on-year fall [81]. Newcastle - Occupier take-up rose to 257,476 sq ft, 292% above the 10-year quarterly average [88]. - Grade A availability stood at 221,528 sq ft, a 17% fall compared to the previous quarter [86]. - Prime rents remained stable at £32.00 per sq ft, with a 31% increase since the pandemic [88]. Sheffield - Take-up reached 39,992 sq ft, 51% below the previous quarter [95]. - Grade A availability rose to 307,300 sq ft, 121% above the 5-year average [95]. - Investment activity reached £23.8 million, 76% above the 10-year quarterly average [96].