Q4 2025 Supplemental Information March 2, 2026 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, new and expanding market opportunities, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rat ...

Financial Performance & Revenue - Q2 2025 revenue breakdown: Projects contribute $358.1 million, Energy & incentive revenue from owned energy assets plus recurring O&M from projects is $90.9 million, and other sources including services, software and integrated PV account for $23.3 million[5] - Year-to-date 2025, total revenue is $825 million, with projects accounting for 74%, assets for 15%, O&M for 6%, and other sources for 5%[7] - Year-to-date 2025, adjusted EBITDA is $97 million, with assets contributing 66%, projects 26%, O&M 5%, and other sources 3%[7] - Ameresco's total debt is $1.82 billion, of which $1.50 billion is energy asset debt[14, 15] - Of the energy asset debt, $0.99 billion is associated with operating energy assets, and $0.51 billion is associated with energy assets in development & construction[16] Energy Assets & Backlog - Operating energy assets total 749 MWe, comprising 56% solar (421 MW), 22% battery (166 MW), 11% non-RNG biogas (83 MWe), 9% RNG biogas (70 MWe), and 1% other[10, 11] - Energy assets in development & construction total 615 MWe, with 40% battery, 23% firm generation, 22% solar, and 15% biogas[11] - The company has a diversified total project backlog of $5.1 billion as of June 30, 2025, with $2.4 billion in awarded project backlog and $2.7 billion in contracted project backlog[21, 23] - The operating energy assets have a $1.3 billion backlog with a 15.1 year weighted average PPA remaining, plus an additional estimated revenue from market price RNG of $1.45 billion[21] Sustainability Impact - Since 2010, Ameresco's renewable energy assets & customer projects delivered a carbon emission reduction equivalent to over 125 million metric tons of CO2[30]

Financial Performance - Q1 2025 - Projects contributed $251.5 million to revenue [6], while recurring revenue streams from energy assets and O&M amounted to $81.5 million [6] - Adjusted EBITDA for Q1 2025 was $41 million [8] - 78% of the Adjusted EBITDA came from recurring lines of business [7, 8] - The Adjusted EBITDA margin was 11.5% [41] Energy Asset Portfolio - The company has 742 MWe of operating energy assets [10, 11], including 414 MW of solar (56%) [10, 11], 166 MW of battery (22%) [10, 11], 70 MWe of RNG biogas (9%) [10, 11], and 83 MWe of Non-RNG biogas (11%) [10, 11] - Energy assets in development and construction total 618 MWe [11], with 23% allocated to solar, 15% to biogas, 40% to battery, and 23% to EaaS [11] Backlog and Future Revenue - The total project backlog is $4.9 billion as of March 31, 2025 [21, 22] - The awarded project backlog is $2.6 billion [19], with an additional contracted project backlog of $3.3 billion [19] - The company anticipates $1.87 billion in additional revenue from market price RNG [19] Debt and Leverage - Total debt stands at $1.72 billion [13, 14], with $1.45 billion attributed to energy asset debt [13, 14] - Of the energy asset debt, $1.02 billion is associated with operating energy assets [15], and $0.43 billion is linked to energy assets in development and construction [15]

Financial Performance & Revenue - Q4 2024 revenue breakdown: Projects accounted for $418.3 million, Recurring revenue (energy & incentive) was $84.1 million, and Other (services, software, integrated PV) contributed $30.2 million[5] - Fiscal Year 2024 revenue reached $1.8 billion, with Projects contributing 76%, Assets 12%, O&M 6%, and Other 6%[8] - Adjusted EBITDA for Fiscal Year 2024 was $225.3 million, with Recurring revenue streams accounting for 59%[8] - Ameresco forecasts revenue between $1.85 billion and $1.95 billion for FY 2025, representing a 5-year CAGR between 12.4% and 13.6%[24] - The company anticipates adjusted EBITDA between $225 million and $245 million for FY 2025, indicating a 5-year CAGR between 13.8% and 15.7%[25] Energy Assets & Debt - As of December 31, 2024, the company had 731 MWe of operating energy assets, including 403 MW of Solar (55%), 166 MW of Battery (23%), 83 MW of non-RNG biogas (11%), 70 MW of RNG biogas (10%), and 9 MW of Other (1%)[11, 12] - Energy assets in development & construction totaled 637 MWe, comprising EaaS (22%), Battery (39%), Solar (25%), and Biogas (15%)[13] - Total debt stood at $1.63 billion, with $1.39 billion attributed to Energy Asset Debt and $0.24 billion to Corporate Debt[17, 18] - Of the Energy Asset Debt, $1.04 billion was associated with operating energy assets, and $0.35 billion was linked to energy assets in development & construction[17, 18] Backlog & Sustainability - The company possesses a substantial forward visibility with a $2.5 billion Awarded Project Backlog and a $3.3 billion Contracted Project Backlog[21] - Operating Energy Assets contribute a $1.4 billion backlog with a 15.2-year weighted average PPA remaining, plus $2.3 billion in O&M backlog with a 16.7-year weighted average lifetime[21] - Ameresco estimates an additional $1.8 billion in revenue from market price RNG over a 20-year period[21] - Since 2010, Ameresco's renewable energy assets & customer projects have delivered a Carbon Emission Reduction equivalent to over 125 million Metric Tons of CO2[27]