Slide 1: Q2 2025 Supplemental Information
Q2 2025 Supplemental Information August 4, 2025 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, financial guidance including estimated future revenues, net i
Slide 3: Sources of Revenue – Q2 2025
Sources of Revenue – Q2 2025 $358.1M $90.9M $23.3M 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: 71% of Adjusted EBITDA Came From Recurring Lines of Business
71% of Adjusted EBITDA Came From Recurring Lines of Business Year to Date 2025 * Adjusted EBITDA percentages allocate corporate expenses according to revenue share Other 3% Other O&M 21% O&M 5% 71% 5% Recurring 6% Recurring Projects 26% Assets 15% $825M $97M Revenue Adjusted EBITDA* Projects 74% Ass
Slide 5: Energy Asset Portfolio – 6/30/2025
Energy Asset Portfolio – 6/30/2025 Ameresco’s Ownership Biogas: Non-RNG, 11% Biogas, 15% Biogas: RNG, 9% Solar, 22% Operating Energy Assets Energy Solar, 56% in Development Assets, & Construction, Battery, 40% 749 MWe 615 MWe Battery, 22% Firm Generation*, Other, 1% 23% 749 MWe of Energy Assets in O
Slide 6: Energy Asset Balance Sheet – 6/30/2025
Energy Asset Balance Sheet – 6/30/2025 Energy Asset Debt $1.50B Operating $1.41B Total $0.99B Debt 70% advance rate $1.82B Non-Core Debt, International JVs1 $0.03B ▼ $0.63B $0.51B Corporate Debt Development & 82% advance rate $0.29B 3.4x2 leverage Construction Energy Asset Book Value Energy Asset De
Slide 7: Adjusted Cash from Operations Trend
Adjusted Cash from Operations Trend 7
Slide 8: Tremendous Forward Visibility: Backlog & Recurring Revenue Business
Tremendous Forward Visibility: Backlog & Recurring Revenue Business Awarded Project ~ 12-24 months to contract $2.7 billion Backlog Contracted Project $2.4 billion ~ 12-36 months of revenue Backlog Operating Energy 15.1 year weighted average Additional estimated revenue from $3.3 billion Assets PPA
Slide 9: Diversified Total Project Backlog of $5.1B
Diversified Total Project Backlog of $5.1B As of 06/30/2025 Total Project Backlog Total Project Backlog by Solution by Customer Segment Domestic Defense Dept. Public Sector Solar + BESS and Related 15% 10% 23% Energy U.S. Federal MUSH Efficiency1 Government 30% 46% 32% K-12 Schools International 4%
Slide 10: Sustainable & Profitable Business Model
Sustainable & Profitable Business Model Expected to Expand Earnings at a Faster Rate than Revenue FY 2025 guidance, as reaffirmed August 4, 2025 2025 Guidance Adjusted EBITDA ($M) 2025 Guidance Revenue ($M) • High-End 13.6% 5 - Year CAGR • High-End 15.7% 5 - Year CAGR • Low-End 12.4% 5 - Year CAGR •
Slide 11: Destination: Net Zero
Destination: Net Zero Since 2010, Ameresco’s renewable energy assets & customer projects delivered a Carbon Emission Reduction equivalent to: 125+ Million Metric Tons of CO 2 Ameresco’s 2024 Carbon Emission Reduction of approximately 17M Metric Tons of CO2 is equal to one of… Carbon dioxide emission
Slide 12: Thank You
Thank You to Our Customers, Employees, and Shareholders 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Adjusted EBITDA: Net income attributable to common shareholders $ 12,864 $ 5,010 $ 7,381 $ 2,073 Impact from redeemable non-controlling interests
Slide 15: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) Six Months Ended June 30, 2025 Operating $000 USD Projects Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders $ 5,326 $ (2,458) $ 3,380 $ 1,133 $ 7,381 Impact from redeemable non-controlling interests $ - $ (975)
Slide 16: GAAP to Non-GAAP Reconciliation (continued)
GAAP to Non-GAAP Reconciliation (continued) ($ in Thousands) 2016 2017 2018 2019 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cash Flow from Operations 4,341 (16,919) (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)