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Ameresco (AMRC) investor relations material
Ameresco Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 8% year-over-year to $472.3M, with adjusted EBITDA up 24% to $56.1M and net income attributable to common shareholders rising to $12.9M; EPS increased to $0.24.
Growth was driven by a diversified customer base, expanding technology portfolio, and strong performance in Europe and the Energy Asset business.
Project backlog reached a record $5.1B, diversified across energy efficiency, solar, thermal, and various customer segments.
Over $550M in new project awards were added during the quarter.
71% of adjusted EBITDA year-to-date came from recurring lines of business, highlighting a stable revenue base.
Financial highlights
Q2 2025 revenue increased 8% year-over-year to $472.3M, with gross margin at 15.5% and adjusted EBITDA at $56.1M (11.9% margin).
Net income attributable to common shareholders was $12.9M; non-GAAP EPS $0.27, up from $0.10 a year ago.
Adjusted cash from operations for Q2 was $49.6M.
Energy asset revenue rose 18% year-over-year; recurring O&M revenue maintained steady growth.
Gross margin improved both sequentially and year-over-year.
Outlook and guidance
FY 2025 revenue guidance reaffirmed at $1.77B–$1.95B, with adjusted EBITDA guidance at $225M–$245M.
Gross margin expected between 15.5% and 16.0% for FY 2025; non-GAAP EPS guidance is $0.70–$0.90.
Backlog and recurring revenue provide 12–36 months of forward visibility.
Q4 expected to be heavier than Q3 in revenue due to project timing; new RNG plant to impact Q4 and beyond.
Guidance excludes potential impact of accounting changes related to sale-leaseback arrangements.
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