ameresco.com © 2025 Ameresco, Inc. All rights reserved. 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 stat ...

Financial Performance - Total revenue for Q3 2025 was $526.0 million, representing a 5% increase year-over-year[6] - Net income attributable to common shareholders was $18.5 million, with both GAAP and Non-GAAP EPS at $0.35[4] - Adjusted EBITDA increased by 13% to $70.4 million, outpacing revenue growth[6] - Revenues for Q3 2025 reached $525.987 million, a 5% increase from $500.873 million in Q3 2024[26] - Gross profit for Q3 2025 was $84.329 million, up from $77.139 million in Q3 2024, reflecting a gross margin improvement[26] - Net income attributable to common shareholders for Q3 2025 was $18.532 million, compared to $17.599 million in Q3 2024, representing an increase of 5.3%[26] - The company reported an operating income of $42.350 million for Q3 2025, compared to $35.159 million in Q3 2024, an increase of 20.3%[26] - Non-GAAP net income for the three months ended September 30, 2025, was $18,780,000, compared to $16,843,000 in 2024, indicating an increase of 11.5%[32] - The diluted net income per common share for the three months ended September 30, 2025, was $0.35, up from $0.33 in 2024[32] - Net income for the nine months ended September 30, 2025, was $31,753,000, compared to $16,030,000 for the same period in 2024, representing a 98.5% increase[28] - Adjusted EBITDA for the nine months ended September 30, 2025, was $167,183,000, up from $138,156,000 in 2024, reflecting a 21.0% growth[31] Revenue and Backlog - Total project backlog reached $5.1 billion, with $2.5 billion contracted, enhancing long-term revenue visibility[5] - Energy Asset revenue grew 6% to $62.5 million, driven by the expansion of the operating asset portfolio[6] - O&M revenue increased by 8%, reflecting solid performance in that segment[6] - The outlook indicates a long-term target growth rate of 10% for revenue and 20% for adjusted EBITDA[10] - The company reaffirmed its 2025 guidance, targeting revenue of $1.9 billion and adjusted EBITDA of $235 million[9] Assets and Liabilities - Total current assets increased to $1.420 billion as of September 30, 2025, compared to $1.301 billion at December 31, 2024, marking a growth of 9.1%[22] - Total assets grew to $4.426 billion as of September 30, 2025, up from $4.158 billion at December 31, 2024, indicating a 6.4% increase[24] - Long-term debt and financing lease liabilities increased to $1.717 billion as of September 30, 2025, compared to $1.484 billion at December 31, 2024, reflecting a rise of 15.7%[23] - Cash and cash equivalents decreased to $94.551 million as of September 30, 2025, down from $108.516 million at December 31, 2024[22] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $(37,465,000), a significant decrease from $99,222,000 in 2024[28] - The company reported a net increase in cash, cash equivalents, and restricted cash of $17,218,000 for the nine months ended September 30, 2025, compared to $50,715,000 in 2024[29] - Adjusted cash from operations for the nine months ended September 30, 2025, was $115,357,000, compared to $228,621,000 in 2024, showing a decline of 49.5%[32] - Capital investments in energy assets for the nine months ended September 30, 2025, totaled $(283,370,000), down from $(341,794,000) in 2024[28] - The company recorded a cash flow from financing activities of $310,972,000 for the nine months ended September 30, 2025, compared to $305,058,000 in 2024[29] Future Projections - Adjusted EBITDA for the year ended December 31, 2025, is projected to be between $225 million and $245 million[33] - Operating income is expected to range from $113 million to $132 million for the same period[33] - Depreciation and amortization expenses are estimated to be between $103 million and $105 million[33] - Stock-based compensation is projected to be between $14 million and $16 million[33] - Restructuring and other charges are anticipated to be between $(5) million and $(8) million[33] Operational Insights - The company anticipates continued growth in revenues and profitability driven by demand for energy efficiency and renewable energy solutions[20] - Non-GAAP financial measures are provided as supplemental information and should not be considered as alternatives to GAAP measures[35] - Non-GAAP net income and EPS exclude certain items not representative of ongoing operations, indicating operational strength[39] - Adjusted cash from operations includes cash flows from ITC sales and Federal ESPC projects, providing a clearer measure of liquidity[41] - Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of revenue, used for evaluating operating performance[37] - Management uses adjusted EBITDA for planning, resource allocation, and evaluating business strategies[38]

Group 1: Company Overview - Nucor Corporation (NYSE:NUE) is recognized as a leading infrastructure stock with significant upside potential [1] - The company specializes in manufacturing and selling steel and steel products, operating in three segments: Steel Mills, Steel Products, and Raw Materials [3] Group 2: Recent Developments - On October 17, Ameresco Inc. (NYSE:AMRC) announced the successful development and commercial operation of a large-scale Battery Energy Storage System (BESS) for Nucor in Kingman, Arizona [1] - The BESS has a capacity of 50MW/200 MWh and is a crucial component of Nucor's expansion at its Kingman bar mill, which aims to increase annual production capacity to 600,000 tons [2][1] - The BESS is the largest behind-the-meter project in Arizona and ranks as the fourth largest BTM installation in the US, featuring 58 Tesla Megapack 2XL units [3]

FRAMINGHAM, Mass. & KINGMAN, Ariz.--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition, today announced the development and commercial operation of a 50MW/200 MWh battery energy storage system (BESS), the largest behind-the-meter (BTM) project in Arizona. Achieving commercial operation in October 2025, this milestone marks a significant advancement in the state's energy infrastructure. The BESS was dev. ...

Core Insights - Ameresco, Inc. has been recognized in Fortune's 2025 "Change the World" list for its measurable social and environmental impact [1] - The recognition is specifically for the Kpono Project in O'ahu, Hawai'i, which is the largest solar-plus-battery storage facility on the island [1] - The Kpono Project provides power to approximately 10,000 homes [1]

Core Insights - Ameresco, Inc. has successfully completed a comprehensive building infrastructure rehabilitation and optimization project in collaboration with the Art Institute of Chicago [1] Group 1: Project Details - The multi-phase initiative has significantly improved air quality, humidity control, and overall building performance [1] - Advanced technologies were introduced as part of the project to enhance building efficiency [1]

Core Insights - Terra Innovatum and GSR III Acquisition Corp have signed a memorandum of understanding with Ameresco to establish a framework for the deployment of SOLO™ micro-modular reactors, aiming for 50 units across federal and commercial sites [1][3][5] Company Overview - Terra Innovatum is focused on making nuclear power accessible through scalable and safe micro-reactor solutions, specifically the SOLO™ Micro-Modular Reactor [4][5] - The SOLO™ reactor is designed to address global energy shortages and is built from readily available components, ensuring rapid deployment and cost predictability [6] Strategic Collaboration - The partnership with Ameresco is expected to leverage their extensive industry network and expertise to identify suitable sites for the SOLO™ reactors, facilitating a diversified path to market [3][5] - Ameresco's experience in delivering energy solutions will support the critical energy needs of federal and commercial customers, enhancing mission readiness and energy assurance [3][6] Market Potential - SOLO™ is anticipated to be available globally within the next three years, with applications in various sectors including data centers, remote towns, and hard-to-abate industries like cement and steel manufacturing [6][7] - The modular design of SOLO™ allows for scalable power delivery, with the potential to generate up to 1GW or more of CO2-free power, making it a viable alternative to fossil fuel-based thermal plants [7]

Core Insights - Terra Innovatum and GSR III Acquisition Corp have signed a memorandum of understanding with Ameresco to establish a framework for the deployment of SOLO™ micro-modular reactors, aiming for 50 units across federal and commercial sites [1][3] Company Overview - Terra Innovatum is focused on making nuclear power accessible through scalable and safe micro-reactor solutions, delivering energy at a capacity of 1 MWe at a time [4] - The company aims to address global energy shortages by leveraging advanced nuclear technology with the SOLO™ Micro-Modular Reactor (SMR™) [5] Technology and Deployment - The SOLO™ reactor is engineered to meet global energy demands and is expected to be available globally within the next three years, having been developed over six years [6] - SOLO™ is designed to utilize readily available commercial components, ensuring rapid deployment and minimizing supply chain risks [6] - The reactor supports both Low Enriched Uranium (LEU+) and High-Assay Low-Enriched Uranium (HALEU), allowing for future fuel supply transitions [6] Applications and Benefits - SOLO™ offers versatile applications, providing CO2-free power solutions for data centers, remote towns, and large-scale industrial operations in sectors like cement, oil and gas, and mining [7] - The modular design allows for scaling up to deliver over 1 GW of CO2-free power, making it suitable for replacing fossil fuel-based thermal plants [7] - In addition to electricity generation, SOLO™ can produce radioisotopes for medical applications, particularly in oncology research and cancer treatment [7]

Core Insights - Ameresco, Inc. has initiated a building retrofit project at the Olympia Armory, emphasizing its role as a leading energy solutions provider in the energy transition [1] - The project is valued at approximately $17 million and will be executed in multiple phases, starting with safety upgrades and accessibility improvements [1] Company Overview - Ameresco, Inc. is focused on helping customers navigate the energy transition through innovative energy solutions [1] - The company is actively engaging with local officials and community members, highlighting its commitment to community involvement [1] Project Details - The Olympia Armory retrofit project will address safety requirements and enhance accessibility as part of its initial phase [1] - The project represents a significant investment in local infrastructure, showcasing Ameresco's dedication to adaptive reuse and sustainable development [1]

Core Viewpoint - Shares of renewable energy company Amoresco are experiencing a significant rally, reaching a more than 10-month high following an upgrade by Jeffries, which raised the price target from $19 to $39, indicating a positive outlook for the company's growth potential [1][4]. Company Overview - Amoresco is characterized as an overlooked company with a market cap nearing $2 billion, facing challenges in recent years due to uncertainties in the renewable energy sector and changes in government policy [3]. - The company is described as agnostic in its approach to renewable energy, seeking various solutions to enhance efficiency and security for its partners, including reducing water waste and utilizing diverse energy sources like wind and hydro power [5][6]. Analyst Insights - Jeffries upgraded Amoresco to a "buy" rating, believing the company has moved past execution risks and uncertainties related to the Inflation Reduction Act, with expectations of EBIT growth rebounding [4]. - UBS has also upgraded Amoresco, citing a similar sentiment regarding the resolution of peak uncertainties related to federal government contracts [7]. - Multiple analysts, including Baird and BNP Paribas, have issued buy ratings, reflecting a growing optimism surrounding Amoresco [10]. Market Performance - The stock has shown a recovery from its April lows, with analysts suggesting that upcoming data center announcements and a revival in project business could serve as catalysts for further stock appreciation [4]. - Year-to-date, Amoresco's stock has risen nearly 50%, indicating strong performance compared to the S&P 500 [11].