Ameresco, Inc. · NYSE:AMRC
Ameresco — Q4 2025 Earnings Presentation
16 slides from Ameresco's earnings presentation, Mar 2, 2026
Slide 1: Q4 2025 Supplemental Information
Q4 2025 Supplemental Information March 2, 2026 ameresco.com © 2025 Ameresco, Inc. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor Forward Looking Statements Any statements in this presentation about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility, backlog, pending agreements, new and expanding market opportunities, financial guidance in
Slide 3: Sources of Revenue – Q4 2025
Sources of Revenue – Q4 2025 $465.9M $90.2M $24.9M 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: 64% of Adjusted EBITDA Came From Recurring Lines of Business
64% of Adjusted EBITDA Came From Recurring Lines of Business Fiscal Year 2025 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other 3% Other O&M 18% O&M 5% 64% 4% Recurring 6% Recurring Projects Assets 33% 12% $1.9B $237M Revenue Adjusted EBITDA* Assets Projects
Slide 5: Energy Asset Portfolio – 12/31/2025
Energy Asset Portfolio – 12/31/2025 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% 838 MWe 570 MWe1 Battery, 27% Firm Generation2, 24% Other, 1% 838 MWe of Energy Assets in
Slide 6: Energy Asset Balance Sheet – 12/31/2025
Energy Asset Balance Sheet – 12/31/2025 Energy Asset Debt $1.52B Operating $1.55B Total $1.12B Debt 73% advance rate $1.88B Non-Core Debt, International JVs1 $0.03B ▼ Corporate Debt Development & $0.54B 74% advance rate $0.40B $0.34B 2.7x2 leverage Construction Energy Asset Book Value Energy Asset D
Slide 7: Diversified Total Project Backlog of $5B
Diversified Total Project Backlog of $5B As of 12/31/2025 Total Project Backlog Total Project Backlog by Solution by Customer Segment Domestic Defense Dept. Solar + BESS and Related 9% 26% Public Sector 16% U.S. Federal MUSH Energy Government 29% Efficiency1 International 34% 44% Solar + BESS 13% K-
Slide 8: Adjusted Cash from Operations Trend
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 $2.57 billion Backlog Contracted Project ~ 12-36 months of revenue $2.47 billion Backlog Operating Energy 14.9 year weighted average Additional estimated revenue from PPA remaining 1 $2.1B
Slide 10: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue FY 2026 guidance, as released Mar 2, 2025 2026 Guidance Adjusted EBITDA ($M) 2025 Guidance Revenue ($M) • High-End 14.2% 7 - Year CAGR • High-End 18.3% 5 - Year CAGR • Low-End 12.7% 7 - Year CAGR • Low-
Slide 11: Destination: Net Zero
Destination: Net Zero Since 20 10, A meres co’s renew able energy assets & cu sto mer projects deliv ered a Carbon E mission Red uctio n e quivalent to: 140+ Million Metric Tons of CO 2 Ameresco’s 2025 Carbon Emission Reduction of approximately 18M Metric Tons of CO 2 is equal to one of… Carbon diox
Slide 12: Thank You
Thank You to Our Cu sto mers, Em plo yees, and Sha re holders ameresco.com © 2025 Ameresco, Inc. All rights reserved.
Slide 13: 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 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 18,371 $ 37,085 $ 44,284 $ 56,757 Impact from redeemable non-controll
Slide 15: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Twelve Months Ended December 31, 2025 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders $ 29,581 $ 4,934 $ 6,610 $ 3,159 $ 44,284 Impact from redeemable non-controlling interests $ 1,1
Slide 16: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cash Flow from Operations (15,069) (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) (11,4