Ameresco, Inc. · NYSE:AMRC
Ameresco — Q3 2026 Earnings Presentation
14 slides from Ameresco's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Supplemental Information
Q3 2026 Supplemental Information November 9, 2026 © 2026 Ameresco, Inc. All rights reserved. ameresco.com
Slide 2: Safe Harbor
Safe Harbor Forward Looking Statements This presentation contains 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 limiting the g
Slide 3: Integrated Platform: Three Lines of Business
Integrated Platform: Three Lines of Business A differentiated model combining project growth, recurring services and long-term asset ownership Projects O&M Energy Assets Large-scale customer solutions Recurring revenue Owned infrastructure converts create growth, revenue complements the full lifecyc
Slide 4: Diversified Total Project Backlog of $7.2B
Diversified Total Project Backlog of $7.2B As of 9/30/2026 Total Project Backlog Total Project Backlog by Solution by Customer Segment Domestic Solar + BESS Public Sector MUSH 7% Defense Dept. and Related 11% 16% 22% Building & International K-12 Public Solar + BESS 3% Higher Ed. 9% U.S. Federal Inf
Slide 5: Project Backlog Funnel with Recurring Revenue Foundation
Project Backlog Funnel with Recurring Revenue Foundation As of 9/30/2026 Total Project Backlog Funnel $11.9B Revenue Visibility = Pipeline / Awarded Backlog Contracted Backlog $7.2B Sales Cycle $4.6B $2.6B Total Project Backlog • Qualify opportunity • Detailed design • Construction & installation •
Slide 6: Energy Asset Portfolio – Ameresco's Ownership
Energy Asset Portfolio – Ameresco’s Ownership As of 9/30/2026 Energy Assets in Energy Assets in Operation Development & Construction 827 MWe 500 MWe Other Battery Solar Biogas: Biogas: Firm Generation Battery Solar Biogas 1% 31% 55% RNG Non-RNG 28% 39% 23% 10% 7% 6% 827 MWe of Energy Assets in Opera
Slide 7: Disciplined Use of Debt
Disciplined Use of Debt As of 9/30/2026 Total Debt Energy Asset Debt by Stage Energy Asset Debt • Debt amortizes through Energy Asset energy asset cash generation Debt $1.60B • Conservative underwriting based on a debt service coverage ratio Operating $1.87B Total to contracted cash flows Debt • Und
Slide 8: Durable Growth, Expanding Profit, Strong Revenue Visibility
Durable Growth, Expanding Profit, Strong Revenue Visibility Projects create scale and backlog, O&M strengthens customer continuity, and Energy Assets drive Adjusted EBITDA Revenue ($M) Adjusted EBITDA ($M) Total Revenue Visibility ($B) 15.9% CAGR 22.3% CAGR (as adjusted2) 17.0% CAGR 2023-20261 2023-
Slide 9: Adjusted Cash from Operations Better Reflects Underlying Cash Generation
Adjusted Cash from Operations Better Reflects Underlying Cash Generation As of 09/30/2026 The Challenge The Adjustment • Federal ESPC financing is key to our project • Adjust for financing and monetization proceeds directly tied to project economics economics but is classified outside GAAP Cash from
Slide 10: FY 2026 Guidance
FY 2026 Guidance Published 11/09/26 Guidance Low High Revenue $2.13 billion $2.15 billion Gross Margin 17% 18% Adjusted EBITDA1 $295 million $305 million Depreciation & Amortization $115 million $116 million Interest Expense & Other $105 million $110 million Effective Tax Rate Approximately (50%) No
Slide 11: Non-GAAP Financial Measures
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
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2026 2025 As Adjusted (1) (Unaudited) (Unaudited) Adjusted EBITDA: Net Income (2) 46,802 77,283 Less: Income tax benefit (12,255) (61,150) Plus: Interest and other expenses, net 26,712 24,188 Plus: Depreciation and amortization 25,969
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Nine Months Ended September 30, 2026 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: (1) Net income (loss) $ 43,705 $ (14,308) $ 18,002 $ 371 $ 47,770 Plus (less): Income tax provision (benefit) $ (562) $ (15,783) $ (34) $ (21) $ (16,400) Pl
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in Thousands) 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Cash Flow from Operations (1) (276,122) (31,722) 34,674 (65,118) 58,772 (92,621) (6,572) (29,570) 20,817 53,314 25,091 18,376 (28,304) 43,914 17,712 18,690 35,396 (86,79