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Source document· February 28, 2026

Montrose Environmental Group Q4 Earnings Call Highlights

View original at finance.yahoo.com

Montrose Environmental Group Q4 Earnings Call Highlights Montrose Environmental Group logo Key Points Montrose reported a "record" 2025 with revenue of $830.5 million and consolidated adjusted EBITDA of $116.2 million, and set 2026 guidance of $840–$900 million in revenue and $125–$130 million in adjusted EBITDA (imply…

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Montrose is a water technology business with opportunities broader than PFAS
80% confidence
PFAS-related revenue remains about 10% to 15% of the business, with double-digit growth expected into 2026
80% confidence
2025 was the strongest year in the company's history
80% confidence
Company expects to generate approximately $180 million in cumulative operating cash flow across 2025 and 2026
80% confidence
Recent U.S. EPA methane framework changes are not expected to have a material near-term impact on Montrose's services
80% confidence
Fourth-quarter revenue rose to $193.3 million from $189.1 million a year earlier
80% confidence
Quarterly margin decline attributed to lower margins in Measurement and Analysis and Remediation and Reuse, plus expenses tied to winding down renewables business
80% confidence
M&A opportunities identified in testing and consulting across Australia, Canada, and the U.S.
80% confidence
Water treatment total addressable market is more than $250 billion
80% confidence
Company is targeting 60% operating cash conversion in 2026, above long-term 50%+ target
80% confidence
Approximately 90% of Montrose's clients operate in private-sector industries and U.S. federal government exposure is less than 3% of revenue
80% confidence
Remediation and Reuse margins expected to improve in 2026 as water treatment grows and operating leverage increases
80% confidence
Measurement and Analysis margins expected to remain elevated though modestly lower than 2025
80% confidence
Company expects APR segment margins to strengthen in 2026 due to demand, pricing discipline, and operational efficiency
80% confidence
Organic growth of 12.7% exceeded long-term target of 7% to 9%
80% confidence
No M&A deals appear imminent in Q1 or early Q2, with potential bolt-on activity more likely in back half of 2026
80% confidence