Macquarie entities exit Montrose Environmental Group (MEG) with 0.00% stake

Rhea-AI Filing Summary

Macquarie Group Limited, together with Macquarie Management Holdings Inc. and Macquarie Investment Management Business Trust, filed an amended Schedule 13G showing they no longer beneficially own any common shares of Montrose Environmental Group Inc. As of the event date, they report 0.00 shares and 0.00% of the class, meaning their holdings have fallen to 5 percent or less.

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Montrose Environmental Group Inc., nor in connection with any transaction intended to have that effect.

Insights

Equity ownership and governance analyst

Macquarie-affiliated entities report a reduced position, now at 0.00% of Montrose Environmental.

The amended Schedule 13G shows Macquarie Group Limited and two related U.S. entities now report 0.00 shares and 0.00% beneficial ownership of Montrose Environmental Group Inc. common stock as of 12/31/2025. This indicates their stake has fallen below the 5 percent reporting threshold.

The certification clarifies the position is held, and was acquired, in the ordinary course of business and not to change or influence control of Montrose Environmental Group Inc. That language suggests a passive investment posture rather than an activist role, consistent with typical institutional holder disclosures.

The change may affect the company’s large-holder mix, but the excerpt does not quantify prior ownership levels or identify any specific transactions. Future company ownership tables and institutional holder data may provide more context on how Montrose Environmental Group Inc.’s shareholder base is evolving after 12/31/2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Montrose Environmental Group Inc

(Name of Issuer)

Common Shares

(Title of Class of Securities)

615111101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 615111101

1

Names of Reporting Persons

Macquarie Group Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.00 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 615111101

1

Names of Reporting Persons

Macquarie Management Holdings Inc

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.00 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 615111101

1

Names of Reporting Persons

Macquarie Investment Management Business Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.00 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Montrose Environmental Group Inc
(b)	Address of issuer's principal executive offices: 5120 Northshore Drive, North Little Rock, AR 72118
Item 2.
(a)	Name of person filing: This Schedule 13G is jointly filed by Macquarie Group Limited, Macquarie Management Holdings Inc, and Macquarie Investment Management Business Trust.
(b)	Address or principal business office or, if none, residence: The principal business address of Macquarie Group Limited is Level 1, 1 Elizabeth Street, Sydney, New South Wales, Australia. The principal business address of Macquarie Management Holdings Inc. and Macquarie Investment Management Business Trust is 610 Market Street, Philadelphia, PA 19106.
(c)	Citizenship: Macquarie Group Limited - Sydney, New South Wales, Australia Corporation. Macquarie Management Holdings Inc., Macquarie Investment Management Business Trust- incorporated or formed under the laws of the State of Delaware.
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 615111101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses on the cover page hereto
(b)	Percent of class: See responses on the cover page hereto
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses on the cover page hereto
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: See responses on the cover page hereto
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit A
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Macquarie Group Limited

Signature:	/s/ Philip Alexander
Name/Title:	Philip Alexander / Associate Director
Date:	02/13/2026

Signature:	/s/ Charles Glorioso
Name/Title:	Charles Glorioso / Division Director
Date:	02/13/2026

Macquarie Management Holdings Inc

Signature:	/s/ Marty Wolin
Name/Title:	Marty Wolin / Chief Compliance Officer
Date:	02/13/2026

Macquarie Investment Management Business Trust

Signature:	/s/ Marty Wolin
Name/Title:	Marty Wolin / Chief Compliance Officer
Date:	02/13/2026

FAQ

What does Macquarie’s amended Schedule 13G/A mean for Montrose Environmental Group (MEG)?

Macquarie-affiliated entities now report 0.00 shares and 0.00% beneficial ownership of Montrose Environmental common stock. This indicates their holdings have fallen to 5 percent or less, changing the composition of MEG’s larger institutional shareholder base.

Which Macquarie entities filed the amended Schedule 13G/A for Montrose Environmental Group (MEG)?

The filing is jointly submitted by Macquarie Group Limited, Macquarie Management Holdings Inc., and Macquarie Investment Management Business Trust. Each reporting person lists 0.00 shares beneficially owned and 0.00% of the Montrose Environmental Group Inc. common share class.

How many Montrose Environmental (MEG) shares does Macquarie now beneficially own?

Each Macquarie reporting entity discloses beneficial ownership of 0.00 Montrose Environmental Group Inc. common shares. They also report 0.00% of the outstanding class, showing they no longer have a reportable ownership position under the Schedule 13G rules.

When did the ownership change triggering this Montrose Environmental (MEG) filing occur?

The date of the event requiring the amended Schedule 13G is listed as 12/31/2025. That date marks when Macquarie-affiliated entities’ beneficial ownership in Montrose Environmental Group Inc. changed enough to require updating their Schedule 13G disclosure.

Does Macquarie seek to influence control of Montrose Environmental Group (MEG) through its holdings?

The certification states the securities were acquired and are held in the ordinary course of business. It also states they were not acquired and are not held to change or influence control of Montrose Environmental Group Inc., aligning with a passive investment stance.

What is Item 5’s significance in Macquarie’s Montrose Environmental (MEG) Schedule 13G/A?

Item 5 notes ownership of 5 percent or less of the class. Combined with the 0.00% figure, it confirms Macquarie-affiliated entities no longer exceed the 5 percent threshold that normally triggers a larger beneficial ownership reporting obligation for Montrose Environmental Group Inc.