# EDGAR Filing Document

**Accession Number:** 0001488139
**File Stem:** 0001488139-25-000134
**Filing Date:** 2025-8
**Character Count:** 68789
**Document Hash:** 5b571b2a3b2cc2762deca99bb09dc1e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001488139-25-000134.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001488139-25-000134

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ameresco, Inc.
- **CENTRAL INDEX KEY:** 0001488139
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 043512838
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34811
- **FILM NUMBER:** 251180266

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SPEEN STREET
- **CITY:** FRAMINGHAM
- **STATE:** MA
- **ZIP:** 01701
- **BUSINESS PHONE:** 508-661-2200

**MAIL ADDRESS:**
- **STREET 1:** 111 SPEEN STREET
- **CITY:** FRAMINGHAM
- **STATE:** MA
- **ZIP:** 01701

?xml version='1.0' encoding='ASCII'? amrc-20250804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 4, 2025**

**Ameresco, Inc.**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-34811** | **04-3512838** |
| (State or Other Juris-<br>diction of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **111 Speen Street,** | **Suite 410,** | **Framingham,** | **MA** | **1701** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(508) 661-2200**

    

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of exchange on which registered** |
| Class A Common Stock, par value $0.0001 per share | AMRC | New York Stock Exchange |

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| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1033 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

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**Item 2.02. Results of Operations and Financial Condition.**

On August 4, 2025, Ameresco, Inc. ("we" or the "Company") announced its financial results for the quarter ended June 30, 2025. The Company also posted supplemental information with respect to its quarter ended June 30, 2025 results on the Investor Relations section of its website at www.ameresco.com. The press release and the supplemental information issued in connection with the announcement are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit Index** | **Exhibit Index** |
| Exhibit No. | Description |
| 99.1 | <u>[Press Release issued by Ameresco on August 4, 2025](amrc_20250630x8-kxexx991.htm)</u> |
| 99.2 | <u>[Supplemental Information dated as of August 4, 2025](a2025q2supplementalslide.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
| # | Certain portions of this exhibit are considered confidential and have been omitted as permitted under SEC rules and regulations. Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | AMERESCO, INC. | AMERESCO, INC. |
| August 4, 2025 | By: | /s/ Mark Chiplock |
|  |  | **Mark Chiplock** |
|  |  | **Executive Vice President, Chief Financial Officer and Chief Accounting Officer <br>(duly authorized and principal financial officer)** |

---

## Exhibit 99.1

**Exhibit 99.1**

![imagea.jpg](imagea.jpg)

**Ameresco Reports Second Quarter 2025 Financial Results**

***Ameresco Delivered Strong Q2 Results***

***Total Revenue and Adj. EBITDA Growth of* 8% and 24%, Respectively**

***Energy Infrastructure Opportunities Drive Total Project Backlog Above $5 billion***

***Reiterates 2025 Guidance***

**Second Quarter 2025 Financial Highlights:**

• Revenues of $472.3 million

• Net income attributable to common shareholders of $12.9 million

• GAAP EPS of $0.24

• Non-GAAP EPS of $0.27

• Adjusted EBITDA of $56.1 million

FRAMINGHAM, MA – August 4, 2025 – Ameresco, Inc. (NYSE:AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition, today announced financial results for the second quarter ended June 30, 2025. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the "Investors" section of the Company's website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein. All financial result comparisons made are against the prior year period unless otherwise noted.

CEO George Sakellaris commented, "This was another strong quarter for Ameresco as the team continued its excellent execution across our broad operating footprint. Revenue growth of 8% exceeded our expectations, particularly considering the strong first quarter results during which we executed on projects worth approximately $30 million faster than anticipated. Second quarter revenue performance reflected strength across our business lines and was driven by continued growth in Europe and our Energy Asset business. Adjusted EBITDA increased 24%, demonstrating the significant operating leverage we believe is inherent in our Company's unique business model, while Non-GAAP EPS was $0.17 higher from a year ago. In the second quarter, we also continued to further strengthen our foundation for future profitable growth with successful business development activities. The Company added over $550.0 million of new

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project awards during the quarter. Total Project Backlog stands at a record of $5.1 billion, with Energy Infrastructure and resiliency projects accounting for almost half.

"Rapidly increasing demand for electricity, rising utility rates and growing grid instability continue to drive tremendous interest and demand for our broad portfolio of Energy Infrastructure solutions. Our diverse portfolio of solutions includes natural gas-powered engines, co-gen equipment, hydroelectric power, other power generation technologies, as well as renewables, BESS and microgrid offerings. And to ensure we are active participants in the evolving Small Modular Reactor, or SMR market, we recently added a seasoned executive to lead the development of our Nuclear Partner Program. Our significant growth in Europe furthered our ongoing geographic diversification. To support this growth, we hired a key executive in Continental Europe. We believe this diversification and our continued investments in executive talent and leading-edge technologies allow us to thrive," Mr. Sakellaris concluded.

**Second Quarter Financial Results**

(All financial result comparisons made are against the prior year period unless otherwise noted.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **Q2 2024** |
| | **Revenue** | **Net Income** <sup>(1)</sup> | **Adj. EBITDA** | **Revenue** | **Net (Loss) Income** <sup>(1)</sup> | **Adj. EBITDA** |
| Projects | $358.1 | $4.9 | $16.3 | $330.8 | ($2.5) | $7.1 |
| Energy Assets | $62.9 | $3.4 | $33.8 | $53.4 | $2.9 | $31.2 |
| O&M | $28.0 | $2.6 | $3.4 | $26.2 | $3.1 | $3.9 |
| Other | $23.3 | $1.9 | $2.6 | $27.6 | $1.5 | $2.9 |
| **Total** <sup>(2)</sup> | **$472.3** | **$12.9** | **$56.1** | **$438.0** | **$5.0** | **$45.1** |
| <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. | <sup>(1)</sup> Net Income represents net income attributable to common shareholders. |
| <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. | <sup>(2)</sup> Numbers in table may not sum due to rounding. |

---

Total revenue of $472.3 million increased 8%. Continued growth in Europe combined with our focus on project execution and the conversion of our backlog drove solid growth of 8% in our Projects revenue to $358.1 million. Energy Asset revenue grew 18% to $62.9 million, continuing to benefit from the cumulative impact of long-term contracts associated with our growing portfolio of operating Energy Assets. O&M revenue increased 7%, and Other revenue of $23.3 million was lower due to the sale of AEG at the end of 2024. Gross margin of 15.5% was in line with expectations. Net income attributable to common shareholders was $12.9 million with EPS and Non-GAAP EPS of $0.24 and $0.27, respectively. Q2 net income and EPS were positively impacted by $4.3 million in non-cash, mark-to-market gains on certain unhedged derivatives, and $3.0 million of fx translation gains. Adjusted EBITDA increased 24% to $56.1 million.

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**Project and Asset Highlights**

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| | |
|:---|:---|
| **($ in millions)** | **At June 30, 2025** |
| Awarded Project Backlog <sup>(1)</sup> | $2689 |
| Contracted Project Backlog | $2415 |
| **Total Project Backlog** | $5104 |
| 12-month Contracted Backlog <sup>(2)</sup> | $1219 |
| O&M Revenue Backlog | $1346 |
| 12-month O&M Backlog | $101 |
| Energy Asset Visibility <sup>(3)</sup> | $3317 |
| Total Revenue Visibility | $9767 |
| Operating Energy Assets | 749 MWe |
| Ameresco's Net Assets in Development <sup>(4)</sup> | 615 MWe |
| <sup>(1)</sup> Customer contracts that have not been signed yet | <sup>(1)</sup> Customer contracts that have not been signed yet |
| <sup>(2)</sup> We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog | <sup>(2)</sup> We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog |
| <sup>(3)</sup> Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects | <sup>(3)</sup> Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects |
| <sup>(4)</sup> Net MWe capacity includes only our share of any jointly owned assets | <sup>(4)</sup> Net MWe capacity includes only our share of any jointly owned assets |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ameresco brought 7 MWe of Energy Assets into operation

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**Balance Sheet and Cash Flow Metrics**

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| | |
|:---|:---|
| **($ in millions)** | **June 30, 2025** |
| Total Corporate Debt <sup>(1)</sup> | $294.1 |
| Corporate Debt Leverage Ratio <sup>(2)</sup> | 3.4X |
| Total Energy Asset Debt <sup>(3)</sup> | $1502.6 |
| Non-Core Debt, International JVs <sup>(4)</sup> | $25.8 |
| Energy Asset Book Value <sup>(5)</sup> | $2041.3 |
| Energy Debt Advance Rate <sup>(6)</sup> | 74% |
| Q2 Cash Flows from Operating Activities | $(26.9) |
| Plus: Q2 proceeds from Sales of ITC | $70.8 |
| <u>Plus: Q2 Proceeds from Federal ESPC Projects</u> | <u>$5.7</u> |
| Equals: Q2 Adjusted Cash from Operations | $49.6 |
| 8-quarter rolling average Cash Flows from Operating Activities | $3.3 |
| Plus: 8-quarter rolling average Proceeds from Sales of ITC | $8.8 |
| <u>Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects</u> | <u>$34.7</u> |
| Equals: 8-quarter rolling average Adjusted Cash from Operations | $46.9 |
| <sup>(1)</sup> Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs | <sup>(1)</sup> Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs |
| <sup>(2)</sup> Debt to EBITDA, as calculated under our Sr. Secured Credit Facility | <sup>(2)</sup> Debt to EBITDA, as calculated under our Sr. Secured Credit Facility |
| <sup>(3)</sup> Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development | <sup>(3)</sup> Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development |
| <sup>(4)</sup> Non-Core Debt associated with our international joint ventures, net of $58K unamortized debt discount | <sup>(4)</sup> Non-Core Debt associated with our international joint ventures, net of $58K unamortized debt discount |
| <sup>(5)</sup> Book Value of our Energy Assets in operations and in-construction and development | <sup>(5)</sup> Book Value of our Energy Assets in operations and in-construction and development |
| <sup>(6)</sup> Total Energy Asset Debt divided by Energy Asset Book Value | <sup>(6)</sup> Total Energy Asset Debt divided by Energy Asset Book Value |

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The Company ended the quarter with $81.6 million in unrestricted cash with total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit increasing to $294.1 million. Corporate debt increased in order to support our working capital needs given the continued growth of our business. During the quarter the Company successfully executed approximately $175.0 million in project financing commitments and the sale of over $70.0 million in RNG-related tax credits. Our Energy Asset Debt was $1.5 billion with an Energy Debt Advance rate of 74% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $49.6 million. Our 8-quarter rolling average Adjusted Cash from Operations was $46.9 million.

**Outlook**

"We are pleased to note that our business with the Federal Government is returning to a more normalized cadence, and while we continue to evaluate the industry changes brought about by the OBBB Act, we do not believe that these changes will have a material impact on Ameresco in the short term. With our strong first half results together with our visibility into the remainder of the year, we are pleased to reiterate our 2025 revenue and adjusted EBITDA guidance of $1.9 billion and $235 million at the midpoints of our ranges, respectively."

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Our 2025 guidance does not include the potential impact of a change in accounting principle related to sale-leaseback arrangements that continues to be assessed.

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| | | |
|:---|:---|:---|
| **FY 2025 Guidance Ranges** | **FY 2025 Guidance Ranges** | **FY 2025 Guidance Ranges** |
| Revenue | $1.85 billion | $1.95 billion |
| Gross Margin | 15.5% | 16.0% |
| Adjusted EBITDA | $225 million | $245 million |
| Depreciation & Amortization | $103 million | $105 million |
| Interest Expense & Other | $85 million | $90 million |
| Effective Tax Rate | (50)% | (35)% |
| Income Attributable to Non-Controlling Interest | $(5) million | $(8) million |
| Non-GAAP EPS | $0.70 | $0.90 |

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The Company's Adjusted EBITDA and Non-GAAP EPS guidance excludes the impact of redeemable non-controlling interest activity, one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.

**Conference Call/Webcast Information** <br> The Company will host a conference call today at 4:30 p.m. ET to discuss second quarter 2025 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 2087771, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the "Investors" section of the Company's website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company's website for one year.

**Use of Non-GAAP Financial Measures** 

This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled "Exhibit A: Non-GAAP Financial Measures". For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.

**About Ameresco, Inc.** 

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more

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than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

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| | | |
|:---|:---|:---|
| Contact: | Media Relations | Leila Dillon, 508.661.2264, news@ameresco.com |
| | Investor Relations | Eric Prouty, AdvisIRy Partners, 212.750.5800,<br>eric.prouty@advisiry.com |
| | | Lynn Morgen, AdvisIRy Partners, 212.750.5800,<br>lynn.morgen@advisiry.com |

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**Safe Harbor Statement**

Any statements in this press release 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 income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments, as well as statements about our financing plans, the impact of the OBBB Act, the impact of other policies and regulatory changes implemented by the new U.S. administration, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges; the impact from a possible change in accounting principle; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, and other statements containing the words "projects," "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns and reductions in the federal workforce; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers' ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer's decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on

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Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

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**AMERESCO, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share amounts)**

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| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| | **(Unaudited)** | |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $81633 | $108516 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 88808 | 69706 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 245852 | 256961 |
| &nbsp;&nbsp;&nbsp;Accounts receivable retainage, net | 47826 | 39843 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | 592871 | 644105 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 12389 | 11556 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 182885 | 145906 |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 2868 | 1685 |
| &nbsp;&nbsp;&nbsp;Project development costs, net | 25298 | 22856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1280430 | 1301134 |
| Federal ESPC receivable | 609066 | 609128 |
| Property and equipment, net | 10775 | 11040 |
| Energy assets, net | 2041247 | 1915311 |
| Deferred income tax assets, net | 70794 | 56523 |
| Goodwill, net | 69443 | 66305 |
| Intangible assets, net | 8745 | 8814 |
| Right-of-use assets, net | 77181 | 80149 |
| Restricted cash, non-current portion | 21576 | 20156 |
| Other assets | 106023 | 89948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4295280 | $4158508 |
| **LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY** | **LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY** | **LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current portions of long-term debt and financing lease liabilities, net | $160578 | $149363 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 451571 | 529338 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 105305 | 107293 |
| &nbsp;&nbsp;&nbsp;Current portions of operating lease liabilities | 7616 | 10536 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 96448 | 91734 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 557 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 822075 | 889008 |
| Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | 1661839 | 1483900 |
| Federal ESPC liabilities | 550631 | 555396 |
| Deferred income tax liabilities, net | 2178 | 2223 |
| Deferred grant income | 5682 | 6436 |
| Long-term operating lease liabilities, net of current portion | 57547 | 59479 |
| Other liabilities | 122914 | 114454 |

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| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Redeemable non-controlling interests, net | $1543 | $2463 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,805,494 shares issued and 34,703,659 shares outstanding at June 30, 2025, 36,603,048 shares issued and 34,501,213 shares outstanding at December 31, 2024 | 3 | 3 |
| &nbsp;&nbsp;Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at June 30, 2025 and December 31, 2024 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 386214 | 378321 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 659888 | 652561 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss), net | 240 | (5874) |
| &nbsp;&nbsp;Treasury stock, at cost, 2,101,835 shares at June 30, 2025 and December 31, 2024 | (11788) | (11788) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity before non-controlling interest | 1034559 | 1013225 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 36312 | 31924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1070871 | 1045149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable non-controlling interests and stockholders' equity | $4295280 | $4158508 |

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**AMERESCO, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

**(In thousands, except per share amounts) (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $472284 | $437982 | $825113 | $736388 |
| Cost of revenues | 398926 | 372813 | 699836 | 624226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 73358 | 65169 | 125277 | 112162 |
| Earnings from unconsolidated entities | 150 | 10 | 411 | 565 |
| Selling, general and administrative expenses | 45734 | 44226 | 84222 | 83781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 27774 | 20953 | 41466 | 28946 |
| Other expenses, net | 15156 | 15759 | 33266 | 29930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 12618 | 5194 | 8200 | (984) |
| Income tax benefit | (2900) |  | (1712) |  |
| Net income (loss) | 15518 | 5194 | 9912 | (984) |
| Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests | (2654) | (184) | (2531) | 3057 |
| Net income attributable to common shareholders | $12864 | $5010 | $7381 | $2073 |
| Net income per share attributable to common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.24 | $0.10 | $0.14 | $0.04 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.24 | $0.09 | $0.14 | $0.04 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 52638 | 52355 | 52591 | 52322 |
| &nbsp;&nbsp;&nbsp;Diluted | 52821 | 53113 | 52897 | 53016 |

---

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**AMERESCO, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)**

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $9912 | $(984) |
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of energy assets, net | 46839 | 35685 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 1180 | 2452 |
| &nbsp;&nbsp;&nbsp;Increase in contingent consideration | 71 |  |
| &nbsp;&nbsp;&nbsp;Accretion of ARO liabilities | 216 | 154 |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount and debt issuance costs | 2849 | 2322 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1120 | 1076 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 9 | 1211 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of assets | (1343) | 382 |
| &nbsp;&nbsp;&nbsp;Non-cash project revenue related to in-kind leases | (4509) | (2347) |
| &nbsp;&nbsp;&nbsp;Earnings from unconsolidated entities | (411) | (565) |
| &nbsp;&nbsp;&nbsp;Net gain from derivatives | (2967) | (3968) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 6595 | 6704 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | (2916) | 687 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss | (3224) | 1027 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 12721 | 5943 |
| &nbsp;&nbsp;&nbsp;Accounts receivable retainage | (4447) | (5525) |
| &nbsp;&nbsp;&nbsp;Federal ESPC receivable | (36661) | (85788) |
| &nbsp;&nbsp;&nbsp;Inventory, net | (832) | 1153 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | 18479 | (27779) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (17241) | 24698 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable, net | (1314) | 21 |
| &nbsp;&nbsp;&nbsp;Project development costs | (2509) | (3719) |
| &nbsp;&nbsp;&nbsp;Other assets | (4472) | (3118) |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities | (84147) | 72777 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 7207 | 46969 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4618 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities | (55177) | 74131 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (569) | (2066) |
| &nbsp;&nbsp;Capital investments in energy assets | (208126) | (227383) |
| &nbsp;&nbsp;&nbsp;Capital investments in major maintenance of energy assets | (10080) | (10527) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investment tax credits | 70788 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from equity method investments |  | 12956 |
| &nbsp;&nbsp;&nbsp;Contributions to equity method investments | (24074) | (6192) |
| &nbsp;&nbsp;&nbsp;Acquisitions, net of cash received | (3972) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from investing activities | (176033) | (233212) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments on long-term corporate debt financings | (15500) | (67500) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term corporate debt financings | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Payments on senior secured revolving credit facility, net | (32000) | (34900) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term energy asset debt financings | 290159 | 259331 |
| &nbsp;&nbsp;&nbsp;Payments on long-term energy asset debt and financing leases | (154223) | (139474) |
| &nbsp;&nbsp;&nbsp;Proceeds from termination of interest rate swaps | 2808 |  |
| &nbsp;&nbsp;&nbsp;Payment on seller's promissory note |  | (29441) |
| &nbsp;&nbsp;&nbsp;Payments of debt discount and debt issuance costs | (6763) | (6008) |
| &nbsp;&nbsp;&nbsp;Proceeds from Federal ESPC projects | 35415 | 120128 |
| &nbsp;&nbsp;&nbsp;Net (payments) proceeds from energy asset receivable financing arrangements | (207) | 5280 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercises of options and ESPP | 1298 | 1494 |
| &nbsp;&nbsp;&nbsp;Contributions from non-controlling interests | 3799 | 30792 |

---

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---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Distributions to non-controlling interest | (2851) | (1004) |
| &nbsp;&nbsp;&nbsp;Distributions to redeemable non-controlling interests, net |  | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from financing activities | 221935 | 238435 |
| Effect of exchange rate changes on cash | 2914 | 70 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (6361) | 79424 |
| Cash, cash equivalents, and restricted cash, beginning of period | 198378 | 153676 |
| Cash, cash equivalents, and restricted cash, end of period | $192017 | $233100 |

---

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**Non-GAAP Financial Measures (Unaudited, in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **Adjusted EBITDA:** | **Projects** | **Energy Assets** | **O&M** | **Other** | **Consolidated** |
| Net income attributable to common shareholders | $4933 | $3426 | $2647 | $1858 | $12864 |
| Impact from redeemable non-controlling interests |  | (450) |  |  | (450) |
| Plus (less): Income tax provision (benefit) | 415 | (3416) | 54 | 47 | (2900) |
| Plus: Other expenses, net | 4814 | 9722 | 249 | 371 | 15156 |
| Plus: Depreciation and amortization | 977 | 23803 | 260 | 159 | 25199 |
| Plus: Stock-based compensation | 2845 | 499 | 222 | 184 | 3750 |
| Plus: Contingent consideration, restructuring and other charges | 2311 | 203 | 15 | (1) | 2528 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**16295** | $**33787** | $**3447** | $**2618** | $**56147** |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | **4.6%** | **53.7%** | **12.3%** | **11.2%** | **11.9%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **Adjusted EBITDA:** | **Projects** | **Energy Assets** | **O&M** | **Other** | **Consolidated** |
| Net (loss) income attributable to common shareholders | $(2485) | $2892 | $3141 | $1462 | $5010 |
| Plus: Other expenses, net | 5383 | 9590 | 296 | 490 | 15759 |
| Plus: Depreciation and amortization | 1038 | 18242 | 314 | 781 | 20375 |
| Plus: Stock-based compensation | 2799 | 441 | 212 | 226 | 3678 |
| Plus: Contingent consideration, restructuring and other charges | 232 | 68 | 5 | 4 | 309 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**6967** | $**31233** | $**3968** | $**2963** | $**45131** |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | **2.1%** | **58.5%** | **15.2%** | **10.7%** | **10.3%** |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **Adjusted EBITDA:** | **Projects** | **Energy Assets** | **O&M** | **Other** | **Consolidated** |
| Net income (loss) attributable to common shareholders | $5326 | $(2458) | $3380 | $1133 | $7381 |
| Impact from redeemable non-controlling interests |  | (975) |  |  | (975) |
| Plus (less): Income tax provision (benefit) | 1262 | (3225) | 138 | 113 | (1712) |
| Plus: Other expenses, net | 8967 | 22853 | 607 | 839 | 33266 |
| Plus: Depreciation and amortization | 1941 | 46345 | 539 | 314 | 49139 |
| Plus: Stock-based compensation | 4872 | 956 | 422 | 345 | 6595 |
| Plus: Contingent consideration, restructuring and other charges | 2663 | 397 | 23 | 5 | 3088 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**25031** | $**63893** | $**5109** | $**2749** | $**96782** |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | **4.1%** | **53.4%** | **9.7%** | **6.4%** | **11.7%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **Adjusted EBITDA:** | **Projects** | **Energy Assets** | **O&M** | **Other** | **Consolidated** |
| Net (loss) income attributable to common shareholders | $(8450) | $2396 | $6801 | $1326 | $2073 |
| Impact from redeemable non-controlling interests |  | (2855) |  |  | (2855) |
| Plus: Other expenses, net | 11039 | 16835 | 841 | 1215 | 29930 |
| Plus: Depreciation and amortization | 2033 | 35089 | 636 | 1455 | 39213 |
| Plus: Stock-based compensation | 4871 | 879 | 469 | 485 | 6704 |
| Plus: Contingent consideration, restructuring and other charges | 712 | 84 | 10 | 91 | 897 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**10205** | $**52428** | $**8757** | $**4572** | $**75962** |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | **1.9%** | **54.3%** | **17.0%** | **8.6%** | **10.3%** |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Non-GAAP net income (loss) and EPS:** |  |  |  |  |
| Net income attributable to common shareholders | $12864 | $5010 | $7381 | $2073 |
| Adjustment for accretion of tax equity financing fees | (27) | (27) | (54) | (54) |
| Impact from redeemable non-controlling interests | (450) |  | (975) | (2855) |
| Plus: Contingent consideration, restructuring and other charges | 2528 | 309 | 3088 | 897 |
| Less: Income tax effect of Non-GAAP adjustments | (657) | (80) | (657) | (233) |
| &nbsp;&nbsp;Non-GAAP net income (loss) | $14258 | $5212 | $8783 | $(172) |
| Diluted net income per common share | $0.24 | $0.09 | $0.14 | $0.04 |
| Effect of adjustments to net income (loss) | 0.03 | 0.01 | 0.02 | (0.04) |
| &nbsp;&nbsp;Non-GAAP EPS | $0.27 | $0.10 | $0.16 | $— |
| **Adjusted cash from operations:** |  |  |  |  |
| Cash flows from operating activities | $(26874) | $53314 | $(55177) | $74131 |
| Plus: proceeds from sales of ITC | 70788 |  | 70788 |  |
| Plus: proceeds from Federal ESPC projects | 5684 | 100547 | 35415 | 120128 |
| &nbsp;&nbsp;Adjusted cash from operations | $49598 | $153861 | $51026 | $194259 |

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**Other Financial Measures (Unaudited, in thousands)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **New contracts and awards:** |  |  |  |  |
| New contracts | $177132 | $513583 | $510866 | $848116 |
| New awards <sup>(1)</sup> | $558102 | $715601 | $925390 | $1055399 |

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(1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed

**Non-GAAP Financial Guidance**

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| | | |
|:---|:---|:---|
| **Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):** | **Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):** | **Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):** |
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Low** | **High** |
| Operating income <sup>(1)</sup> | $113 million | $132 million |
| Depreciation and amortization | $103 million | $105 million |
| Stock-based compensation | $14 million | $16 million |
| Restructuring and other charges | $(5) million | $(8) million |
| &nbsp;&nbsp;Adjusted EBITDA | $225 million | $245 million |

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(1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes.

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**Exhibit A: 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 to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above.

We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business.

**Adjusted EBITDA and Adjusted EBITDA Margin**

We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue.

Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.

**Non-GAAP Net Income and EPS**

We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other

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charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.

**Adjusted Cash from Operations**

We define adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as a financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations.

## Exhibit 99.2

![](a2025q2supplementalslide001.jpg)© 2025 Ameresco, Inc. All rights reserved. ameresco.com Q2 2025 Supplemental Information August 4, 2025

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![](a2025q2supplementalslide002.jpg)

2 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 income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments, as well as statements about our financing plans, the impact of the OBBB Act, the impact of other policies and regulatory changes implemented by the new U.S. administration, supply chain disruptions, shortage and cost of materials and labor, and other macroeconomic and geopolitical challenges, the impact from a possible change in accounting principle; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, and other statements containing the words "projects," "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns and reductions in the federal workforce; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers' ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer's decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation. Use of Non-GAAP Financial Measures This presentation and the accompanying tables include references to adjusted EBITDA, Non-GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section in the back of this presentation titled "Non-GAAP Financial Measures". For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table at the end of this presentation titled "GAAP to Non-GAAP Reconciliation."

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![](a2025q2supplementalslide003.jpg)

Sources of Revenue – Q2 2025 3 Projects Energy efficiency and renewable energy projects Recurring Energy & incentive revenue from owned energy assets; plus recurring O&M from projects Other Services, software and integrated PV $358.1M $90.9M $23.3M

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![](a2025q2supplementalslide004.jpg)

Projects 74% Assets 15% O&M 6% Other 5% $825M Revenue Projects 26% Assets 66% O&M 5% Other 3% $97M Adjusted EBITDA\* 71% of Adjusted EBITDA Came From Recurring Lines of Business 4 \* Adjusted EBITDA percentages allocate corporate expenses according to revenue shareYear to Date 2025 71% Recurring 21% Recurring

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![](a2025q2supplementalslide005.jpg)

Energy Asset Portfolio – 6/30/2025 5 749 MWe of Energy Assets in Operation: 83 MWe of non-RNG biogas, 70 MWe of RNG, 421 MW of Solar, 166 MW of Battery, 9 MW of Other 615 MWe of Energy Assets in Development; No minority partners in pipeline currently. Operating Energy Assets, 749 MWe Other, 1% Battery, 22% Solar, 56% Biogas: RNG, 9% Biogas: Non-RNG, 11% Energy Assets in Development & Construction, 615 MWe Firm Generation\*, 23% Battery, 40% Solar, 22% Biogas, 15% Numbers may not sum due to rounding \*Energy as a Service renamed to Firm Generation. This metric now only includes Puuloa and Ukiu Energy engine plants Ameresco's Ownership

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![](a2025q2supplementalslide006.jpg)

Energy Asset Balance Sheet – 6/30/2025 6 1 Non-Core Debt associated with our international joint ventures, net of $58K unamortized debt discount 2 Debt to EBITDA, as calculated under our Sr. Secured Credit agreement 3 Net of unamortized debt discount and debt issuance costs of $6.4M on Corporate Debt and $41.7M on Energy Debt $0.99B3 of our Energy Asset Debt is associated with operating energy assets. $0.51B3 of our Energy Asset Debt is associated with energy assets still in development & construction. $1.50B of the $1.82B3 of total debt on our balance sheet is debt associated with our energy assets ("Energy Asset Debt"). Total Debt $1.82B Corporate Debt $0.29B Non-Core Debt, International JVs1 $0.03B ▼ Energy Asset Debt $1.50B 3.4x2 leverage $0.63B $0.51B $1.41B $0.99B Energy Asset Book Value Energy Asset Debt 70% advance rate Operating Development & Construction 82% advance rate

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![](a2025q2supplementalslide007.jpg)

Adjusted Cash from Operations Trend 7

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![](a2025q2supplementalslide008.jpg)

$0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 $3,500,000,000 Awarded Project Backlog Contracted Project Backlog Operating Energy Assets O&M Backlog Tremendous Forward Visibility: Backlog & Recurring Revenue Business 8 $2.4 billion $3.3 billion ~ 12-24 months to contract ~ 12-36 months of revenue 16.4 year weighted average lifetime $2.7 billion $1.3 billion 15.1 year weighted average PPA remaining 1 $1.86B Additional estimated revenue from market price RNG 2 $1.45B 1 Estimated contracted revenue and incentives during PPA period 2 Estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50/gallon and brown gas at $3.50/MMBtu with $3.00/MMBtu for LCFS on certain projects

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![](a2025q2supplementalslide009.jpg)

Diversified Total Project Backlog of $5.1B 9 As of 06/30/2025 1 Energy Efficiency includes solutions such as: Building Envelope, Lighting, HVAC, Controls, Central Plant, etc. 2 Thermal Energy includes solutions such as: Cogeneration (CHP), Natural Gas Power Plant, etc. 3 IPP = Independent Power Producer, or similar Energy Efficiency1 46% Domestic Solar + BESS 10% International Solar + BESS 17% Thermal Energy2 13% Hydropower 4% Microgrid with Distributed Resources 4% Other 6% Total Project Backlog by Solution Energy Infrastructure 48% Civilian Agency 9% Defense Dept. and Related 23% Public Sector 15% K-12 Schools 4% Higher Education 8% Public Housing 1% Healthcare 2% Commercial & Industrial 12% Domestic Utility / IPP3 6% International Utility / IPP3 17% Other 3% Total Project Backlog by Customer Segment U.S. Federal Government 32% MUSH 30%

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![](a2025q2supplementalslide010.jpg)

Sustainable & Profitable Business Model 10 Expected to Expand Earnings at a Faster Rate than Revenue FY 2025 guidance, as reaffirmed August 4, 2025 Revenue ($M) $1,032 $1,216 $1,824 $1,375 $1,770 $1,850 2020 2021 2022 2023 2024 2025 Guidance $1,950 2025 Guidance • High-End 13.6% 5 - Year CAGR • Low-End 12.4% 5 - Year CAGR $118 $153 $205 $163 $225 $225 2020 2021 2022 2023 2024 2025 Guidance Adjusted EBITDA ($M) $245 2025 Guidance • High-End 15.7% 5 - Year CAGR • Low-End 13.8% 5 - Year CAGR

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Destination: Net Zero Since 2010, Ameresco's renewable energy assets & customer projects delivered a Carbon Emission Reduction equivalent to: 125+ Million Metric Tons of CO2 11 Carbon dioxide emissions from… ~ 44 billion miles driven by an average passenger vehicle Carbon sequestered by… ~17 million acres of U.S. forests in one year or Ameresco's 2024 Carbon Emission Reduction of approximately 17M Metric Tons of CO2 is equal to one of… Note: Annual figures rounded from historic reporting. These preliminary data estimates are derived from a methodology that leverages data captured on Ameresco assets owned and operating and customer projects. The annual carbon impact is calculated using these Ameresco inputs and source GHG emission factors published by the US EPA eGrid database to calculate the avoided carbon emissions of any given asset or project. 11

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ameresco.com© 2025 Ameresco, Inc. All rights reserved. to Our Customers, Employees, and Shareholders Thank You

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13 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 to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table at the end of this presentation titled "GAAP to Non-GAAP Reconciliation." We understand that, although measures similar to these Non- GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA and Adjusted EBITDA Margin We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue. Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance. Non-GAAP Net Income and EPS We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations. Adjusted Cash from Operations We define adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations.

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GAAP to Non-GAAP Reconciliation 14 (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 (450)$-$(975) (2,855) Plus (Less): Income tax provision (benefit) (2,900)$- (1,712) - Plus: Other expenses, net 15,156$15,759 33,266 29,930 Plus: Depreciation and amortization 25,199$20,375 49,139 39,213 Plus: Stock-based compensation 3,750$3,678 6,595 6,704 Plus: Contingent consideration, restructuring and other charges 2,528$309 3,088 897 Adjusted EBITDA 56,147$45,131$96,782 75,962$ Adjusted EBITDA margin 11.9% 10.3% 11.7% 10.3% Non-GAAP net income and EPS: Net income attributable to common shareholders 12,864$5,010$7,381$2,073$ Adjustment for accretion of tax equity financing fees (27)$(27) (54) (54) Impact of redeemable non-controlling interests (450)$- (975) (2,855) Plus: Contingent consideration, restructuring and other charges 2,528$309 3,088 897 Income Tax effect of Non-GAAP adjustments (657)$(80) (657) (233) Non-GAAP net income 14,258$5,212$8,783$(172)$ Earnings per share: Diluted net income per common share 0.24$0.09$0.14$0.04$ Effect of adjustments to net income 0.03 0.01 0.02 (0.04) Non-GAAP EPS 0.27$0.10$0.16$-$ Adjusted cash from operations Cash flows from operating activities (26,874)$53,314$(55,177)$74,131$ Plus: proceeds from sales of ITC 70,788 - 70,788 - Plus: proceeds from Federal ESPC projects 5,684 100,547 35,415 120,128 Adjusted cash from operations 49,598$153,861$51,026$194,259$2025 2024 2025 2024 Six Months Ended June 30,Three Months Ended June 30,

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GAAP to Non-GAAP Reconciliation (continued) 15 \* Adjusted EBITDA by Line of Business includes corporate expenses allocated according to revenue share $000 USD Projects Operating Assets O&M Other Consolidated Adjusted EBITDA: Net income attributable to common shareholders 5,326$(2,458)$3,380$1,133$7,381$ Impact from redeemable non-controlling interests -$(975)$-$-$(975)$ Plus (less): Income tax provision (benefit) 1,262$(3,225)$138$113$(1,712)$ Plus: Other expenses, net 8,967$22,853$607$839$33,266$ Plus: Depreciation and amortization 1,941$46,345$539$314$49,139$ Plus: Stock-based compensation 4,872$956$422$345$6,595$ Plus: Restructuring and other charges 2,663$397$23$5$3,088$ Adjusted EBITDA 25,031$63,893$5,109$2,749$96,782$ Adjusted EBITDA margin 4.1% 53.4% 9.7% 6.4% 11.7% Six Months Ended June 30, 2025

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GAAP to Non-GAAP Reconciliation (continued) 16 ($ 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) (51,160) (11,471) (75,568) (51,640) (21,955) Proceeds from sales of ITC Proceeds from Federal ESPC projects 20,976 16,125 16,385 22,374 26,316 24,964 35,167 38,869 48,303 42,673 36,582 33,082 43,906 44,667 39,598 43,189 32,769 83,802 61,198 72,402 Adjusted Cash from Operations 25,317 (794) 1,316 (2,279) 18,662 14,268 3,381 19,237 8,966 (3,130) (489) 13,016 69,003 23,506 (18,496) (7,971) 21,298 8,234 9,558 50,447 Rolling 8-quarter Adjusted Cash from Operations 9,981 9,412 7,372 9,595 7,550 8,481 9,888 7,845 7,553 7,327 9,239 15,531 16,686 13,952 10,551 12,092 13,513 14,769 19,447 ($ in Thousands) 2021 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cash Flow from Operations (10,193) (18,796) (38,724) (57,758) (19,862) (55,952) (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) (26,874) Proceeds from sales of ITC 70,788 Proceeds from Federal ESPC projects 60,987 54,331 33,520 36,640 44,026 45,031 64,788 56,943 52,134 64,495 42,309 34,390 30,604 47,035 19,581 100,547 9,271 35,380 29,731 5,684 Adjusted Cash from Operations 50,794 35,535 (5,204) (21,118) 24,163 (10,921) (211,333) 25,220 86,808 (623) 101,081 (58,231) 24,032 17,464 40,398 153,861 34,362 53,756 1,427 49,598 Rolling 8-quarter Adjusted Cash from Operations 17,171 18,675 20,336 18,693 19,051 16,657 (10,955) (14,108) (9,606) (14,126) (840) (5,479) (5,496) (1,948) 29,519 45,599 39,043 45,840 33,384 46,862 1 Starting in 2025, proceeds from the sale of transferable ITCs are classified as investing activities in accordance with recent interpretations under US GAAP. These amounts are added back to non-GAAP Adjusted Cash from Operations to support period-over-period comparability. 1 1

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