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Ameresco
Ameresco (AMRC) investor relations material
Ameresco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved record Q4 2025 revenue of $581 million, up 9% year-over-year, capping a year of strong operational and financial performance, with annual revenue reaching $1.932 billion and adjusted EBITDA of $237.2 million.
Recurring business lines contributed 64% of adjusted EBITDA, supporting stability and predictability in earnings.
Project backlog grew to over $5 billion, with total awarded and contracted revenue visibility exceeding $10 billion.
European operations delivered strong growth, supported by acquisitions and partnerships, providing diversification from U.S. policy risks.
Placed 121 MWe of energy assets in service during 2025, exceeding guidance.
Financial highlights
Q4 2025 revenue was $581 million, with project revenue up 11% to $465.9 million, energy asset revenue up 5% to $60.7 million, and recurring O&M revenue up 11%.
Full year 2025 revenue reached $1.932 billion; adjusted EBITDA was $237.2 million (12.3% margin); non-GAAP net income was $48.6 million, with non-GAAP EPS of $0.90.
Net income attributable to common shareholders was $44.3 million for 2025 and $18.4 million for Q4; GAAP EPS was $0.83 for the year and $0.34 for Q4.
Gross margin improved to 16.2% in Q4, both sequentially and year-over-year.
Adjusted cash from operations for 2025 was $151.7 million; Q4 adjusted cash from operations was $36.4 million.
Outlook and guidance
FY 2026 revenue guidance is $2.0–$2.2 billion, with adjusted EBITDA of $270–$295 million, representing 9% and 19% growth at midpoints.
Revenue expected to be seasonally weighted, with ~60% in the second half of 2026; Q1 expected to be lowest due to project timing and severe weather.
First quarter 2026 EPS expected to be negative by approximately $0.30 due to linear cost structure and seasonality.
Expect to place 100–120 MWe of energy assets in service in 2026, including 2 RNG plants.
Capex for 2026 expected at $300–$350 million, primarily funded by energy asset debt, tax equity, or tax credit sales.
Energy asset debt capacity for 2026 capex
Drivers of 2026 gross margin expansion
Mitigating Q1 negative EPS impact long-term
Europe growth strategy: organic, M&A, or JV?
Data center project conversion to backlog timing?
Margin drivers: project mix or execution discipline?
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Next Ameresco earnings date
Q1 20264 May, 2026
Ameresco
Next Ameresco earnings date
Q1 20264 May, 2026
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Frequently asked questions
Ameresco, Inc. provides energy efficiency and renewable energy solutions for businesses, governments, and institutions. Its services include energy infrastructure upgrades, energy procurement, and the development, construction, and operation of renewable energy plants. The company serves clients in sectors such as education, healthcare, and public housing. Ameresco, Inc. is headquartered in Framingham, Massachusetts, and its shares are listed on the NYSE.
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