Ameresco, Inc. · NYSE:AMRC
Ameresco — Q1 2026 Earnings Presentation
19 slides from Ameresco's earnings presentation, May 4, 2026
Slide 1: Q1 2026 Supplemental Information
Q1 2026 Supplemental Information May 4, 2026 ameresco.com © 2026 Ameresco, Inc. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiti
Slide 3: Sources of Revenue – Q1 2026
Sources of Revenue – Q1 2026 $290.5M $90.9M $20.0M Projects Recurring Other Energy efficiency and Energy & incentive revenue Services, software and renewable energy projects from owned energy assets; plus integrated PV recurring O&M from projects 3
Slide 4: 80% of Adjusted EBITDA Came From Recurring Lines of Business
80% of Adjusted EBITDA Came From Recurring Lines of Business Q1 2026 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other 5% Other 23% O&M 5% 80% O&M Projects 6% 15% Recurring 8% Recurring Assets 15% $401M $40M Revenue Adjusted EBITDA* Projects 72% Assets 74% 4
Slide 5: Energy Asset Portfolio – 3/31/2026
Energy Asset Portfolio – 3/31/2026 Ameresco’s Ownership Biogas: Non-RNG, 8% Biogas, 13% Biogas: RNG, 10% Solar, 24% Operating Energy Assets Energy Solar, 53% in Development Assets, & Construction, Battery, 39% 839 MWe 568 MWe1 Battery, 27% Firm Generation2, 24% Other, 1% 839 MWe of Energy Assets in
Slide 6: Energy Asset Balance Sheet – 3/31/2026
Energy Asset Balance Sheet – 3/31/2026 Energy Asset Debt $1.58B Operating $1.65B Total $1.22B Debt 74% advance rate $1.99B Non-Core Debt, International JVs1 $0.03B ▼ Corporate Debt Development & $0.51B 70% advance rate $0.38B $0.36B 3.2x2 leverage Construction Energy Asset Book Value Energy Asset De
Slide 7: Diversified Total Project Backlog of $5.3B
Diversified Total Project Backlog of $5.3B As of 3/31/2026 Total Project Backlog Total Project Backlog by Solution by Customer Segment Defense Dept. and Related 24% Public Sector Domestic Solar + BESS 16% Energy 9% U.S. Federal Efficiency1 MUSH Government 48% 29% 35% International Solar + BESS K-12
Slide 8: Non-GAAP Adjusted Cash from Operations Trend
Non-GAAP Adjusted Cash from Operations Trend 8
Slide 9: Tremendous Forward Visibility: Backlog & Recurring Revenue Business
Tremendous Forward Visibility: Backlog & Recurring Revenue Business Awarded Project ~ 12-24 months to contract $2.77 billion Backlog Contracted Project ~ 12-36 months of revenue $2.50 billion Backlog Operating Energy 14.8 year weighted average Additional estimated revenue from PPA remaining 1 $2.06B
Slide 10: Introducing: Neogenyx Fuels
Introducing: Neogenyx Fuels Ameresco and HASI – a leading investor in sustainable infrastructure assets – announced their agreement to spin-off Ameresco’s biofuels business into a newly formed joint venture: Neogenyx Fuels • Neogenyx Fuels will be a premier developer, owner, and operator of advanced
Slide 11: Unlocking Embedded Value: Neogenyx Fuels
Unlocking Embedded Value: Neogenyx Fuels • Neogenyx Fuels will be owned 70% by Ameresco and 30% by HASI Neogenyx Fuels Enterprise Value $2,000 $490 • Ameresco will contribute its biofuels $1,800 $1,823 business into the joint venture and HASI $1,600 will invest $400 million $1,400 $300 $1,200 (milli
Slide 12: Updated Ameresco Guidance
Updated Ameresco Guidance • Ameresco plans to consolidate Neogenyx Fuels, and therefore FY 2026 Guidance Bridge: revenue will remain largely unchanged on a consolidated basis Impact of Neogenyx Fuels Minority Sale ADJUSTED EBITDA ($000s) Low Range High Range • However, 30% of Neogenyx net income wil
Slide 13: Destination: Net Zero
Destination: Net Zero Since 2010, Ameresco’s renewable energy assets & customer projects delivered a Carbon Emission Reduction equivalent to: 140+ Million Metric Tons of CO 2 Ameresco’s 2025 Carbon Emission Reduction of approximately 18M Metric Tons of CO2 is equal to one of… Carbon dioxide emission
Slide 14: Doing Well by Doing Good: Committed to a Lasting Impact
Doing Well by Doing Good: Committed to a Lasting Impact • Company culture focused on the lasting impact of our business across employees, customers, partners, communities, planet, industry & beyond • Commitment to bring our vision to “energize a sustainable world” to life across 1,500+ employees and
Slide 15: Thank You
Thank You to Our Customers, Employees, and Shareholders ameresco.com © 2026 Ameresco, Inc. All rights reserved.
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended March 31, 2026 2025 (Unaudited) (Unaudited) Adjusted EBITDA: Net loss attributable to common shareholders (18,283) (5,483) Impact from redeemable non-controlling interests - (525) (Less) plus: Income tax (benefit) provision (3,184) 1,188 Plus: Inter
Slide 18: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Three Months Ended March 31, 2026 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net (loss) income attributable to common shareholders $ (4,290) $ (16,669) $ 1,579 $ 1,097 $ (18,283) Less: Income tax benefit $ (1,634) $ (1,098)
Slide 19: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2017 2018 2019 2020 2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Cash Flow from Operations (24,653) (7,654) (10,696) (31,786) (19,633) (39,337) (45,803) (37,071) (20,066) 25,097 (21,160) (58,094) (51,160) (11,471) (75,5